Goosehead Insurance (GSHD - Free Report) came out with quarterly earnings of $0.64 per share, beating the Zacks Consensus Estimate of $0.52 per share. This compares to earnings of $0.49 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +23.08%. A quarter ago, it was expected that this insurance company would post earnings of $0.2 per share when it actually produced earnings of $0.3, delivering a surprise of +50%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Goosehead, which belongs to the Zacks Insurance - Multi line industry, posted revenues of $113.39 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 9.70%. This compares to year-ago revenues of $94.03 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Goosehead shares have lost about 27% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Goosehead?While Goosehead has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Goosehead was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.59 on $106.96 million in revenues for the coming quarter and $2.18 on $418.27 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Multi line is currently in the bottom 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Oscar Health, Inc. (OSCR - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This company is expected to post quarterly earnings of $0.45 per share in its upcoming report, which represents a year-over-year change of +150.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Oscar Health, Inc.'s revenues are expected to be $4.89 billion, up 70.9% from the year-ago quarter.
Equity Lifestyle Properties (ELS - Free Report) came out with quarterly funds from operations (FFO) of $0.74 per share, beating the Zacks Consensus Estimate of $0.72 per share. This compares to FFO of $0.69 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +2.78%. A quarter ago, it was expected that this resort community operator would post FFO of $0.84 per share when it actually produced FFO of $0.84, delivering no surprise.
Over the last four quarters, the company has surpassed consensus FFO estimates two times.
Equity Lifestyle Properties, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $397.82 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.02%. This compares to year-ago revenues of $376.87 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Equity Lifestyle Properties shares have added about 7.1% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Equity Lifestyle Properties?While Equity Lifestyle Properties has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Equity Lifestyle Properties was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $0.79 on $398.99 million in revenues for the coming quarter and $3.18 on $1.57 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, LXP Industrial (LXP - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.
This real estate investment trust is expected to post quarterly earnings of $0.83 per share in its upcoming report, which represents a year-over-year change of +3.8%. The consensus EPS estimate for the quarter has been revised 0.8% higher over the last 30 days to the current level.
LXP Industrial's revenues are expected to be $88.12 million, up 0.5% from the year-ago quarter.
Knight-Swift Transportation Holdings oznámila za 2. čtvrtletí zisk 0,63 USD na akcii, nad odhadem 0,49 USD. Tržby dosáhly 2,1 miliardy USD a také překonaly očekávání.
Knight-Swift Transportation Holdings (KNX - Free Report) came out with quarterly earnings of $0.63 per share, beating the Zacks Consensus Estimate of $0.49 per share. This compares to earnings of $0.35 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +28.57%. A quarter ago, it was expected that this trucking company would post earnings of $0.09 per share when it actually produced earnings of $0.09, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Knight-Swift, which belongs to the Zacks Transportation - Truck industry, posted revenues of $2.1 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.26%. This compares to year-ago revenues of $1.86 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Knight-Swift shares have added about 46.7% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Knight-Swift?While Knight-Swift has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Knight-Swift was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.68 on $2.1 billion in revenues for the coming quarter and $2.04 on $8.02 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Truck is currently in the top 3% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
ArcBest (ARCB - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.
This freight transportation and logistics company is expected to post quarterly earnings of $2.18 per share in its upcoming report, which represents a year-over-year change of +60.3%. The consensus EPS estimate for the quarter has been revised 9% higher over the last 30 days to the current level.
ArcBest's revenues are expected to be $1.19 billion, up 16.8% from the year-ago quarter.
Equity Residential (EQR - Free Report) came out with quarterly funds from operations (FFO) of $1.02 per share, beating the Zacks Consensus Estimate of $1.01 per share. This compares to FFO of $0.99 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +0.99%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.95 per share when it actually produced FFO of $0.99, delivering a surprise of +4.21%.
Over the last four quarters, the company has surpassed consensus FFO estimates two times.
Equity Residential, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $785.05 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.08%. This compares to year-ago revenues of $768.83 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Equity Residential shares have added about 8.3% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Equity Residential?While Equity Residential has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Equity Residential was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.04 on $793.72 million in revenues for the coming quarter and $4.07 on $3.16 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Mid-America Apartment Communities (MAA - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.
This real estate investment trust is expected to post quarterly earnings of $2.08 per share in its upcoming report, which represents a year-over-year change of -3.3%. The consensus EPS estimate for the quarter has been revised 0.3% higher over the last 30 days to the current level.
Mid-America Apartment Communities' revenues are expected to be $557.28 million, up 1.3% from the year-ago quarter.
DEXE spadl zhruba o 85 % z červencového maxima 48,89 USD poté, co dvě peněženky spojené s projektem poslaly na Binance tokeny v hodnotě 6 milionů USD nebo více. Objem obchodů při výprodeji vyskočil téměř o 300 %.
DEXE fell roughly 85% from its July 13 all-time high of $48.89, trading near $4-5. Two wallets tied to the DeXe project deposited a combined $6 million or more in DEXE to Binance shortly before the collapse. Trading volume jumped nearly 300% during the sell-off, pointing to concentrated selling rather than a market-wide event. No hack or exploit has surfaced, but traders are calling the move a rug pull. DEXE, the governance token of the DeXe Protocol, lost most of its value in a matter of hours on July 22 after two wallets connected to the project sent a combined $6 million or more in tokens to Binance. The token had rocketed from $1.80 in February to nearly $48 in early July, then reversed just as fast, dropping to around $4 and wiping out roughly 85% of its value from the peak. The speed of the collapse, paired with the size of the deposits, has traders across crypto forums asking whether this was an orderly correction or an inside job.
A ChangeNOW Listing Sparked an 18x Squeeze in Four Days DeXe Protocol builds no-code infrastructure for launching decentralized autonomous organizations, letting communities manage treasuries and voting on-chain without writing custom code. The token itself had traded quietly for years before a July 9 listing on the instant-swap platform ChangeNOW gave it fresh exposure. Within a day, DEXE broke out of a bullish pennant pattern, a setup traders watch for continuation after a sharp initial move. That breakout ran straight into a wall of short positions built up during the prior grind, and the forced buying from traders covering those shorts added fuel to a rally that was already accelerating. By July 13, DEXE had printed a record $48.89, an 18-fold gain in about five months.
On-chain activity backed up the price action rather than contradicting it. Network growth hit one of its largest single-day spikes of the year, with more than 160 new wallets created, while whale transactions above $100,000 climbed to their fourth-highest daily count in 2026. Fresh wallets don’t show up like that on their own. Someone was buying, and buying hard.
Two Wallets Sent $6 Million to Binance Hours Before the Drop On-chain data shows the deposits originated from two Gnosis Safe multisig wallets, a structure typically used by project teams and treasuries rather than individual holders. One safe moved 371,309 DEXE, worth close to $3.9 million, into an intermediate wallet roughly 14 hours before the crash, which then forwarded $3.68 million of that to a Binance hot wallet. A second safe sent 253,690 DEXE, worth about $2.66 million, through the same pattern, landing $2.51 million on Binance shortly after. Combined, the two transfers put roughly $6.2 million of DEXE onto the exchange within hours of the collapse. Team wallets don’t move that fast for no reason.
The price action lines up with that reading. DEXE bled out in stages rather than falling in one clean drop: first a slide of roughly 10%, then a pullback near 30%, then a steeper plunge of around 58%, before a final capitulation leg pushed it into the $4 handle. Trading volume surged close to 290% versus recent averages during the worst of the move, confirming that this was a concentrated liquidation event and not gradual profit-taking.
Date Price Level Event July 9 ~$8 ChangeNOW listing sparks initial buying July 10 Breakout Pennant breakout triggers short squeeze July 13 $48.89 All-time high printed July 22 (morning) ~$36 to $4.50 Team-linked wallets deposit $6M+ to Binance, price collapses July 22 (current) ~$4.80 Attempting to stabilize, still down over 85% from peak RSI Near 30 and a Flattening MACD Point to a Slowing Selloff Looking at the 30-minute chart, DEXE opened the session near $36 and pushed briefly to almost $50 before the selling took over completely, dropping the price to around $4.80. The relative strength index, a gauge that measures whether a token has been bought or sold too aggressively over the recent period, sank to around 30, which is deep in oversold territory. A reading this low usually signals that sellers have pushed the move further than fundamentals justify in the short term, though in a post-blow-off collapse like this one, oversold readings can persist for a while rather than triggering an immediate bounce.
The MACD indicator, which tracks the gap between two moving averages to flag momentum shifts, has curled back toward positive territory after bottoming out around minus six, suggesting the pace of the decline is slowing even though the broader trend remains firmly bearish. For now, price is holding just under $5. That’s the line I’m watching. Lose it on a daily close and there’s very little chart structure left to slow the next leg down. Hold it, and this starts looking like a bounce setup rather than a falling knife.
Santiment Flagged DEXE’s Selloff Risk a Day Before It Hit The pattern is familiar to anyone who’s traded through a few of these cycles. A listing catalyst turns into a squeeze, the squeeze turns into a chart everyone suddenly has an opinion on, and the people who bought at $8 start looking for buyers at $40. Here, those buyers were retail traders who caught the July euphoria. The wallets selling into them belonged to the project itself.
🔗 Live Chart https://t.co/ku4h5fqY04
👍 Uniswap and Curve have just broken their 2026-high in exchange outflows, with about 8.4M $UNI and 9.8M $CRV leaving exchanges in just 24 hours. This reduces near-term sell pressure just as Uniswap’s fee and burn narrative, Robinhood Chain… pic.twitter.com/ZGMPu2CYpn
— Santiment Intelligence (@SantimentData) July 21, 2026
Santiment flagged this exact risk a day before the crash, warning that DEXE and INJ carried elevated selloff risk after large token volumes moved onto exchanges. The warning noted that DEXE still carries a legitimate governance-token utility story, but that large exchange inflows leave any rally fragile until that supply gets absorbed by the market. INJ, by contrast, has additional support from regulated-access developments including Binance.US spot trading and CFTC-regulated futures, something DEXE lacks.
Whether the Binance Wallets Are Done Selling Is the Open Question For DEXE holders, the immediate question is whether the wallets that deposited to Binance have finished selling or whether more supply is still sitting on the exchange waiting to hit the market. Call it what you want. A rug pull, technically, means the team drains liquidity and disappears, and nobody’s disappeared here. What actually happened looks more like insiders cashing out into a blow-off top than an exit scam. Either label lands the same way for anyone who bought near $48.
The DeXe team has not issued a public statement addressing the wallet deposits or the crash as of this writing. Traders holding the token or considering an entry should treat the “rug pull” label circulating on social media as an accusation rather than a confirmed fact, while also recognizing that a governance token with an unclear maximum supply and a codebase that has seen little recent development carries real structural risk independent of this single event.
e.l.f. Beauty v posledním obchodním dni klesla o 1,09 % na 79,03 USD, což bylo horší než pokles S&P 500 o 0,14 %. Před zveřejněním výsledků trh očekává EPS 0,71 USD a tržby 425,66 milionu USD.
In the latest close session, e.l.f. Beauty (ELF - Free Report) was down 1.09% at $79.03. The stock's performance was behind the S&P 500's daily loss of 0.14%. Elsewhere, the Dow lost 0.01%, while the tech-heavy Nasdaq lost 0.57%.
Coming into today, shares of the cosmetics company had gained 25.85% in the past month. In that same time, the Consumer Staples sector gained 1.73%, while the S&P 500 gained 0.25%.
Analysts and investors alike will be keeping a close eye on the performance of e.l.f. Beauty in its upcoming earnings disclosure. The company is expected to report EPS of $0.71, down 20.22% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $425.66 million, indicating a 20.33% growth compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $3.31 per share and a revenue of $1.86 billion, representing changes of +5.75% and +13.57%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for e.l.f Beauty. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.12% higher. Right now, e.l.f. Beauty possesses a Zacks Rank of #3 (Hold).
Investors should also note e.l.f. Beauty's current valuation metrics, including its Forward P/E ratio of 24.11. This expresses no noticeable deviation compared to the average Forward P/E of 24.11 of its industry.
Also, we should mention that ELF has a PEG ratio of 2.27. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Cosmetics stocks are, on average, holding a PEG ratio of 0.81 based on yesterday's closing prices.
The Cosmetics industry is part of the Consumer Staples sector. This industry, currently bearing a Zacks Industry Rank of 172, finds itself in the bottom 31% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
SL Green (SLG - Free Report) came out with quarterly funds from operations (FFO) of $1.43 per share, beating the Zacks Consensus Estimate of $1.19 per share. This compares to FFO of $1.63 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +20.17%. A quarter ago, it was expected that this commercial real estate investment trust would post FFO of $1.06 per share when it actually produced FFO of $0.84, delivering a surprise of -20.75%.
Over the last four quarters, the company has surpassed consensus FFO estimates three times.
SL Green, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $171.85 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.21%. This compares to year-ago revenues of $147.54 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
SL Green shares have added about 10.8% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for SL Green?While SL Green has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for SL Green was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.16 on $174.14 million in revenues for the coming quarter and $4.61 on $687.33 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Rexford Industrial (REXR - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 23.
This industrial real estate investment trust is expected to post quarterly earnings of $0.60 per share in its upcoming report, which represents a year-over-year change of +1.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Rexford Industrial's revenues are expected to be $246.07 million, down 1.4% from the year-ago quarter.
Blue Bird zakončil poslední seanci na 80,20 USD, což znamenalo pokles o 1,33 % za den. Před výsledky analytici čekají EPS 1,22 USD a tržby 498,7 mil. USD.
Blue Bird (BLBD - Free Report) ended the recent trading session at $80.20, demonstrating a -1.33% change from the preceding day's closing price. The stock fell short of the S&P 500, which registered a loss of 0.14% for the day. On the other hand, the Dow registered a loss of 0.01%, and the technology-centric Nasdaq decreased by 0.57%.
Coming into today, shares of the school bus maker had gained 10.26% in the past month. In that same time, the Auto-Tires-Trucks sector lost 4.03%, while the S&P 500 gained 0.25%.
The investment community will be closely monitoring the performance of Blue Bird in its forthcoming earnings report. In that report, analysts expect Blue Bird to post earnings of $1.22 per share. This would mark year-over-year growth of 2.52%. Meanwhile, the latest consensus estimate predicts the revenue to be $498.7 million, indicating a 25.3% increase compared to the same quarter of the previous year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $4.74 per share and revenue of $1.74 billion. These totals would mark changes of +8.22% and +17.88%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Blue Bird. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 3.45% higher. Currently, Blue Bird is carrying a Zacks Rank of #3 (Hold).
Investors should also note Blue Bird's current valuation metrics, including its Forward P/E ratio of 17.15. Its industry sports an average Forward P/E of 19.24, so one might conclude that Blue Bird is trading at a discount comparatively.
It's also important to note that BLBD currently trades at a PEG ratio of 1.04. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The average PEG ratio for the Automotive - Domestic industry stood at 1.04 at the close of the market yesterday.
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 105, putting it in the top 43% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
Waste Connections ve 2. čtvrtletí vykázala zisk 1,5 USD na akcii a tržby 2,56 miliardy USD, obojí nad odhady. Zisk meziročně vzrostl z 1,29 USD na akcii.
Waste Connections (WCN - Free Report) came out with quarterly earnings of $1.5 per share, beating the Zacks Consensus Estimate of $1.35 per share. This compares to earnings of $1.29 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +11.11%. A quarter ago, it was expected that this solid waste services provider would post earnings of $1.19 per share when it actually produced earnings of $1.23, delivering a surprise of +3.36%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Waste Connections, which belongs to the Zacks Waste Removal Services industry, posted revenues of $2.56 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.06%. This compares to year-ago revenues of $2.41 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Waste Connections shares have lost about 4% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Waste Connections?While Waste Connections has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Waste Connections was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.51 on $2.59 billion in revenues for the coming quarter and $5.49 on $10 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Waste Removal Services is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Select Water Solutions, Inc. (WTTR - Free Report) , is yet to report results for the quarter ended June 2026.
This company is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of +10%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Select Water Solutions, Inc.'s revenues are expected to be $365.9 million, up 0.5% from the year-ago quarter.
SpaceX plánuje na 23. července 13. testovací let Starshipu po několika zrušených pokusech. Úspěch je klíčový pro komercializaci rakety a další růst firmy.
SpaceX (SPCX -6.70%) is once again looking to launch a test flight of its Starship megarocket. Investors should be paying very close attention, as the impact on SpaceX’s stock price should be meaningful.
After several aborted attempts, the company is looking to complete the rocket’s thirteenth test flight on July 23. As with most SpaceX launches, the attempt will be livestreamed via the company’s website.
“The booster’s primary test objective will be executing a successful launch, ascent, stage separation, boostback burn, and landing burn at an offshore landing point in the Gulf of America,” SpaceX explains. “There have been several modifications to hardware and software to address issues seen on the previous flight.”
The impact of this test flight for SpaceX cannot be overstated. In many ways, SpaceX’s long-term growth plans hinge on the company’s ability to successfully commercialize its Starship rocket.
If you’re a current or potential SpaceX investor, there are two things you need to know.
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1. Starship is critical for SpaceX growth plansIn its IPO prospectus filed earlier this year, SpaceX was not shy about predicting its growth potential.
“We believe we have identified the largest actionable total addressable market in human history,” the company boasted. “We estimate that our quantifiable TAM is $28.5 trillion.”
Digging deeper, it may be surprising to learn that SpaceX attributes just $370 billion to what it calls “space-enabled solutions”. That bucket includes the total revenue potential of commercializing its Starship rockets.
With a market cap well above $2 trillion, successfully commercializing rockets may not seem critical to SpaceX’s long-term plan, given its relatively low growth potential. But investors must understand that the success of SpaceX’s Starship rocket will enable other growth opportunities that are much more lucrative long term. In other words, Starship’s value won’t be relegated to payload fees alone.
For example, SpaceX attributes $1.6 trillion of its total addressable market to its Starlink internet service. If successful, its Starship rocket would dramatically increase the number of satellites SpaceX can launch in any given year while also lowering the cost of getting them into space.
In other words, SpaceX’s Starship rocket will increase the odds that SpaceX will be able to realize as much of its claimed $1.6 trillion opportunity as possible.
Meanwhile, SpaceX attributes a massive $26.5 trillion of its total $28.5 trillion addressable market to a single opportunity: AI. While this bucket contains many smaller opportunities, one of SpaceX’s biggest growth catalysts should be the realization of orbital data centers.
Orbital data centers are exactly what they sound like: data centers that operate in space. In space, data centers can take better advantage of solar energy and low ambient temperatures, lowering ongoing operating costs.
There are many technical challenges to getting data centers to operate successfully in space. One of the biggest, however, is simply getting these systems into space economically. If successful, SpaceX’s Starship rocket would meaningfully improve the company’s chances of doing so.
Image Source: Getty Images
2. Competition for Starship is heating upSpaceX’s rocket program is arguably the most advanced rocket program on the planet. But there’s rising investment across the industry, which will create more competition for SpaceX over the coming months and years.
Government entities like China’s CNSA and India’s ISRO are pursuing their own rocket developments. Meanwhile, private companies, including Blue Origin, Rocket Lab (RKLB +0.91%), and Relativity Space are also aggressively pursuing the development of their own rocket systems.
SpaceX’s rocket program, however, is unique in terms of its vertical integration.
“SpaceX has also effectively achieved a high degree of vertical integration,” observes Government Technology, a public sector magazine. “It owns almost all parts of its supply chain, designing, building, and testing all its major hardware components in-house, with a minimal use of suppliers. That gives it not just control over its hardware but considerably lower costs, and the price tag is the top consideration for launch contracts.”
It’s hard to disagree about SpaceX’s success, both in terms of its launch achievements and its cost competitiveness. But it’s also clear that competition is heating up.
If SpaceX’s upcoming test flight is successful, that will help clear the path for the full commercialization of Starship. In this scenario, SpaceX will once again put itself ahead of the pack in terms of both technology and launch costs. Both of those factors will prove critical to the company’s ability to execute on its long-term growth potential.
SpaceX’s rocket program is arguably the most advanced rocket program on the planet. But there’s rising investment across the industry, a fact that will create more competition for SpaceX over the coming months and years.
Tesla ve 2. čtvrtletí vykázala solidní tržby, ale zisk výrazně zaostal za odhady trhu. Krátkodobě jí pomohly silné prodeje aut kvůli vyšším cenám benzínu.
SummaryTesla, Inc. delivered a solid revenue result in Q2, but earnings fell dramatically short of street estimates.Short-term performance was driven by strong auto sales amid high gas prices, shifting focus from long-term autonomous ambitions.TSLA stock trades at a substantial premium to the auto space and tech giants, but recent results don't justify this valuation. jetcityimage/iStock Editorial via Getty Images
After the bell on Wednesday, we received second quarter results from Tesla, Inc. (TSLA). The electric vehicle maker had a strong sales period thanks to higher gas prices amidst the U.S.
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Investors are always reminded that before making any investment, you should do your own proper due diligence on any name directly or indirectly mentioned in this article. Investors should also consider seeking advice from a broker or financial adviser before making any investment decisions. Any material in this article should be considered general information, and not relied on as a formal investment recommendation.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Alphabet oznámil výsledky za 2. čtvrtletí 2026 a zdůraznil silný růst tržeb tažený hlavními službami a novými iniciativami. Firma dál sází na AI a cloud.
Editor’s Note: The transcripts have been removed and were published in error.
Alphabet (NASDAQ:GOOGL) released second-quarter financial results and hosted an earnings call on Wednesday. Read the complete transcript below.
Benzinga APIs provide real-time access to earnings call transcripts and financial data. Visit https://www.benzinga.com/apis/ to learn more.
The full earnings call is available at https://abc.xyz/investor/events/event-details/2026/2026-Q2-Earnings-Call-2026-GgTAq7Is0z/default.aspx
SummaryAlphabet Inc reported its financial performance for the second quarter of 2026, highlighting strong revenue growth driven by its core services and new initiatives.
The company emphasized its strategic focus on AI technology, particularly through the development and implementation of AI-driven solutions like Gemini, which aims to solve complex problems across various sectors.
YouTube TV was highlighted as a key product with expanding service plans, reflecting the company’s commitment to diversifying its revenue streams beyond traditional advertising.
Alphabet Inc announced continued investment in its cloud services, aiming to leverage AI capabilities to enhance its offerings and maintain competitive advantage.
Management expressed optimism about the future, focusing on the potential of AI to drive growth and innovation, while also addressing the company’s mission to tackle solvable diseases with new technology.
Market News and Data brought to you by Benzinga APIs
Google CEO Sundar Pichai. Bloomberg/Getty Images Imagine making nearly $100 billion extra and dedicating exactly one vague sentence to it. That's just what Google parent Alphabet did in its second quarter earnings report.
The tech giant reported that its "other income" totaled $98 billion in the second quarter, noting it came from unrealized gains on its investments.
Analysts didn't ask Alphabet executives about the gain on its earnings call. Instead, they focused on its rising capital expenditures and position in the AI race. The tech giant's stock closed down about 1.24%.
It's not the first time Alphabet has done this. In April 2025, the company disclosed a similar $8 billion paper gain. Google has no obligation to disclose exactly where those gains come from, and it doesn't.
The gains are almost certainly related to very savvy investments the company has made in companies like SpaceX, Anthropic, and Databricks.
Google was an early SpaceX investor, buying about 7% of the company in 2015. SpaceX also uses Google Cloud for its Starlink service. SpaceX is currently worth about $1.5 trillion dollars since its IPO last month. Google invested in SpaceX when it was worth only about $12 billion — that's a 133x return.
Google is also heavily invested in Anthropic, owning about a 14% stake in the company as of last March, according to filings seen by the New York Times. The AI lab was valued at almost $1 trillion in a massive $65 billion funding round in May. Some investors think it's already worth $1.2 trillion.
Additionally, Google is an investor in Databricks, which was valued at $188 billion in a funding round earlier this month.
Google, SpaceX, Anthropic, and Databricks didn't respond to requests for comment.
Google's investing chops are certainly impressive. But investors are more concerned about Google's own prospects.
The tech giant hiked its capital expenditures to a maximum of $205 billion this year as it races to compete on AI. While Google has strong advantages in distribution and chipmaking, its efforts to build a leading AI model haven't paid off.
It keeps delaying its next big AI chatbot, which some rivals are mocking online.
Still, many analysts remain bullish on Google's fundamentals. Its revenue jumped by almost 25% compared to last year on the back of strong ads and cloud sales, which are also being boosted by AI.
"Another impressive quarter for Google," said Emarketer principal analyst Nate Elliott.
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Charles Rollet is BI's tech correspondent in San Francisco. Prior to joining BI, Charles worked at TechCrunch covering startups and VC. Charles is based in the Bay Area, where he enjoys hiking with his dogs. You can contact Charles securely on Signal at charlesrollet.12 or +1-628-282-2811.
In the latest trading session, Amazon (AMZN - Free Report) closed at $244.85, marking a -1.09% move from the previous day. The stock trailed the S&P 500, which registered a daily loss of 0.14%. Elsewhere, the Dow lost 0.01%, while the tech-heavy Nasdaq lost 0.57%.
The online retailer's shares have seen an increase of 5.74% over the last month, surpassing the Retail-Wholesale sector's gain of 0.45% and the S&P 500's gain of 0.25%.
The investment community will be closely monitoring the performance of Amazon in its forthcoming earnings report. The company is scheduled to release its earnings on July 30, 2026. In that report, analysts expect Amazon to post earnings of $1.82 per share. This would mark year-over-year growth of 8.33%. Meanwhile, the latest consensus estimate predicts the revenue to be $196.85 billion, indicating a 17.38% increase compared to the same quarter of the previous year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $8.93 per share and a revenue of $826.74 billion, indicating changes of +24.55% and +15.32%, respectively, from the former year.
Investors should also take note of any recent adjustments to analyst estimates for Amazon. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.49% higher within the past month. At present, Amazon boasts a Zacks Rank of #2 (Buy).
In the context of valuation, Amazon is at present trading with a Forward P/E ratio of 27.72. For comparison, its industry has an average Forward P/E of 17.14, which means Amazon is trading at a premium to the group.
Meanwhile, AMZN's PEG ratio is currently 1.6. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Internet - Commerce industry held an average PEG ratio of 1.12.
The Internet - Commerce industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 161, which puts it in the bottom 35% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
Nvidia darovala Naval Postgraduate School superpočítač s nejnovějšími čipy GB300 Grace Blackwell. Jde o první přímé využití jejích nejpokročilejších serverů v americké armádě.
An NVIDIA logo and a computer motherboard appear in this illustration taken August 25, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab
SAN FRANCISCO, July 22 (Reuters) - Nvidia (NVDA.O), opens new tab and the Naval Postgraduate School (NPS) on Wednesday said that the AI chip leader has donated a supercomputer with its latest chips to a nonprofit linked to the institution.
The NPS is operated by the U.S. Navy and offers masters and doctoral degrees in fields such as computer science and aerospace engineering, among others, with an emphasis on their applications in warfare. Nvidia donated a system based on its GB300 "Grace Blackwell" servers, its most advanced AI computers, to the NPS Foundation, a nonprofit connected to the school.
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Nvidia and the NPS did not disclose the size of the system, but confirmed it has been installed at the NPS campus in Monterey, California, where Adm. Samuel J. Paparo, commander of U.S. Pacific Command, and Nvidia CEO Jensen Huang planned to hold an event to announce the system.
While Nvidia's Blackwell chips are planned for use in U.S. government supercomputers built by the U.S. Department of Energy, the donation on Wednesday is the first direct use of Nvidia's most advanced servers by the U.S. military.
“AI will be a backbone of America’s defense,” Huang said in a statement.
Both the U.S. and China are racing to deploy AI for military purposes ranging from developing targeting lists to drone warfare.
“As we modernize our technology, we must also modernize how we educate our leaders,” Adm. Paparo said in a statement. “Access to advanced computing capability means NPS students and faculty understand the opportunities and responsibilities that come with these technologies.”
One of AI's strengths is the ability to work through complex, fast-changing problems much faster than traditional computer simulation techniques.
“Initially, we will need to carefully manage demand as we bring this capability online,” Trenton Hancock, chief information officer at NPS, said in a statement. “But what this system really gives us is the ability to explore more complex, real-world problems, especially those that mirror the challenges our operational fleet faces every day.”
Reporting by Stephen Nellis in San Francisco; Editing by Chizu Nomiyama
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Intel oznámil prvního veřejně jmenovaného externího zákazníka pro své služby foundry: Fortinet využije jeho výrobu pro čip SP6 na procesu Intel 4. Akcie v úterý uzavřely na 105,40 USD po růstu o více než 8 %.
Intel (INTC -2.47%) CEO Lip-Bu Tan told CNBC in May that "multiple customers" were working with the company's foundry business, but that it was his personal policy not to name them. On Tuesday, Intel finally named one.
Cybersecurity specialist Fortinet will use Intel's foundry (the business that manufactures chips for other companies) to produce its next-generation security chip, called the SP6, the two companies announced. The chip will be built on the Intel 4 process, and Fortinet becomes the first named outside customer for the foundry since Tan took over in March 2025.
Investors saw plenty to like. Intel shares jumped more than 8% on Tuesday to close at $105.40, adding to a run that has lifted the stock more than 300% over the past year.
And the timing raises the stakes. Intel reports second-quarter results after the market closes on Thursday, July 23.
So what does the Fortinet deal actually prove -- and what should investors watch for in the report?
Image source: Intel.
A name matters more than the chip Intel's foundry effort has never lacked announcements. What it has lacked is named, committed customers. And Intel has yet to land a major one for its most advanced manufacturing processes, known as 14A and 18A.
That history is what makes the Fortinet deal both encouraging and limited.
On the positive side, a company has now publicly committed a next-generation product to Intel's manufacturing. That is the kind of outside validation the foundry strategy has been missing, and it arguably makes the next customer conversation easier. Fortinet is a credible name, too. The cybersecurity company's dedicated security chips serve a market where demand has been climbing for years.
However, the SP6 will be built on Intel 4. That's an older, less advanced process, introduced in 2023 for the compute tile in Intel's own Core Ultra PC chips -- not the leading-edge technology Intel's turnaround ultimately depends on. A named customer on Intel 4 is progress. It isn't the marquee win that would prove Intel can manufacture the industry's most advanced chips in large quantities.
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The economics are still tiny The deal's financial weight is the other reason to stay level-headed. In the first quarter, Intel Foundry generated $5.4 billion of revenue, up 16% year over year. But nearly all of that came from making Intel's own products. External foundry revenue (money from manufacturing chips for outside customers) was just $174 million in the quarter. That's a sliver for a company that posted $13.6 billion in total revenue.
Demand for Intel's own chips, at least, is trending the right way -- even as the company confirmed this week that it is trimming jobs in that same data center unit. First-quarter revenue in the company's data center and artificial intelligence (AI) segment rose 22% year over year, faster than the company's overall 7% growth rate.
"The next wave of AI will bring intelligence closer to the end user," Tan said in the company's first-quarter earnings release, adding that the shift "is significantly increasing the need for Intel's CPUs and wafer and advanced packaging offerings."
Even so, Intel's reported bottom line is still in the red while it builds out capacity. The company posted a net loss of $3.7 billion in the first quarter -- though $4.1 billion of restructuring and impairment charges, largely a writedown of Mobileye goodwill, more than accounted for it. On a non-GAAP basis, which strips out those and other items, Intel earned $1.5 billion.
That's what makes Thursday's report the more important event of the week. Investors should watch three things: the trajectory of external foundry revenue, the size of the net loss, and any sign that a significant leading-edge customer is getting closer.
And the stock's run complicates the setup. After rising more than 300% in a year, Intel trades at nearly 90 times forward earnings -- a multiple that assumes the turnaround works, not one that leaves room for it to stumble. For a company still in the red on a reported basis, that is a lot of confidence to carry into an earnings report. And Tuesday's move, which came amid a broad chip-sector rally, showed how eager the market is to reward any scrap of foundry progress.
The Fortinet announcement is the first outside proof point of the Tan era, and I don't want to diminish it. A foundry needs customers willing to say so publicly, and now Intel has one. But the deal contributes a signal -- Intel didn't disclose what it contributes in dollars. At this valuation, Intel needs to deliver both. I'd want to see Thursday's numbers (external foundry revenue in particular) before paying nearly 90 times forward earnings for a turnaround still finding its footing.
IBM (IBM - Free Report) came out with quarterly earnings of $2.93 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $2.8 per share a year ago. These figures are adjusted for non-recurring items.
A quarter ago, it was expected that this technology and consulting company would post earnings of $1.81 per share when it actually produced earnings of $1.91, delivering a surprise of +5.52%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
IBM, which belongs to the Zacks Computer - Integrated Systems industry, posted revenues of $17.16 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.03%. This compares to year-ago revenues of $16.98 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
IBM shares have lost about 28.9% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for IBM?While IBM has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for IBM was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.83 on $17.03 billion in revenues for the coming quarter and $12.13 on $70.75 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Computer - Integrated Systems is currently in the top 7% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, NCR Voyix (VYX - Free Report) , has yet to report results for the quarter ended June 2026.
This maker of ATMs and other hardware and software to handle payments is expected to post quarterly earnings of $0.16 per share in its upcoming report, which represents a year-over-year change of -15.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
NCR Voyix's revenues are expected to be $517.5 million, down 22.3% from the year-ago quarter.
Globe Life (GL - Free Report) came out with quarterly earnings of $3.61 per share, missing the Zacks Consensus Estimate of $3.67 per share. This compares to earnings of $3.27 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -1.64%. A quarter ago, it was expected that this life and health insurance company would post earnings of $3.46 per share when it actually produced earnings of $3.43, delivering a surprise of -0.87%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Globe Life, which belongs to the Zacks Insurance - Accident and Health industry, posted revenues of $1.59 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.22%. This compares to year-ago revenues of $1.5 billion. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Globe Life shares have added about 31.8% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Globe Life?While Globe Life has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Globe Life was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.71 on $1.61 billion in revenues for the coming quarter and $15.64 on $6.4 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Accident and Health is currently in the top 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Trupanion (TRUP - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.
This provider of medical insurance covering cats and dogs is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of -50%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Trupanion's revenues are expected to be $389.65 million, up 10.2% from the year-ago quarter.
Aztec popsal Fee Juice jako gas pro transakční poplatky a uvedl, že může být veřejný i soukromý. V aplikacích navíc může být poplatek abstraktován a placen v libovolném tokenu.
Gas on AztecGas on Aztec is known as Fee Juice and is used to pay for transaction costs. This is the same as $ETH on Ethereum. Some apps will handle transaction costs for you under the hood, but if you are using a browser extension wallet, you will not be able to send transactions without it. Fee Juice can be obtained by bridging the $AZTEC token on Ethereum to the Aztec Network L2. This means that under the hood, all activity that happens on Aztec is underpinned by the $AZTEC token bridged into the network. Some bridges like Shield (by human.tech) handle this for you, allowing you to allocate a portion of your bridged transaction to convert into Fee Juice and land in your wallet automatically.
Public vs Private AssetsAssets and transactions on the Aztec Network can be either public or private. If you bridge publicly, your tokens will arrive as public, traceable tokens visible to all. Privately bridging, on the other hand, will give you private assets that are visible only to you. These assets can then be sent privately to another user or wallet without ever revealing who you are, what tokens were sent, how many, or who the recipient is.
Public vs Private GasLike tokens on the Aztec Network, Fee Juice (gas) can also be public or private. The reason for this is that even if what you are sending is private, the gas you spend to execute that transaction could still be visible if you are using public Fee Juice, potentially revealing transaction patterns and activity. Private Fee Juice keeps your entire transaction footprint hidden. When you send a private transaction, you can use private Fee Juice, and when you send a public transaction, you can use public Fee Juice, which means your transaction costs are always aligned with the type of transaction you're making.
Fee Juice in AppsAztec has native fee abstraction, which means apps could let you pay for transactions in any token you want, or cover your fees entirely. Apps like Nyx may choose to cover part or all of a user's transaction costs, or allow you to pay in tokens that are convenient for you. This means you will most likely never see Fee Juice in an app; instead, you'll pay in whatever makes sense for what you're doing, on your terms. Similarly, you might never even see an Aztec wallet at all, because the app itself becomes your interface that you connect to using your MetaMask wallet.
Fee Juice in Browser WalletsIf you're using a browser extension like Azguard, you'll manage Fee Juice directly in your wallet alongside your private and public balances, converting between tokens as needed to cover transaction costs.
When you bridge tokens in, you'll need enough Fee Juice to cover the cost of your first transaction, then you'll need to monitor how much Fee Juice you have available to make transactions. Browser wallets will allow you to send either publicly or privately to other users and will default to using either public or private Fee Juice depending on the type of transaction. Both private Fee Juice and public Fee Juice will appear by default in your token list.
Wrapping upHow you handle Fee Juice depends on where you're transacting: apps can abstract it away entirely and let you pay in any token, while a browser wallet like Azguard puts it in your hands to manage across public and private balances. Match your gas to your transaction, keep private activity private down to the fee, and you move on your terms.
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Aztec Network
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21 Jul
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xx min read
Introducing Alpha V5The Aztec Network today activated Alpha V5, a major protocol upgrade passed by token-holder governance and executed onchain. Alpha V5 reduces private-transaction proving times by more than 2x compared to the previous version, lowers the cost of a fully private transaction by roughly 50%, resolves the critical issues found in V4, and sees the first wave of apps go live. Users can now send private transactions and earn yield on Aave simply by connecting their Ethereum wallets on Nyx, bridge from Ethereum to Aztec using Shield or TRAIN, privately collect NFTs on RavenHouse, or play Dark Forest Aztec, a hidden-information strategy game in a universe that lives entirely onchain.
"Alpha V5 continues Aztec's work at the frontier of client-side proving, with cryptographic breakthroughs that cut proving times by more than half this release," said Zac Williamson, Co-founder, Aztec Foundation. "We believe Aztec is now the fastest system in the world for proving a fully private transaction entirely on a user's own device, and every release moves the industry closer to private transactions at public transaction speeds."
As the only decentralized privacy L2, Aztec is the credibly neutral privacy layer for Ethereum. Aztec allows anyone to write smart contracts that include both private and public aspects – every private transaction is proven on the user's own device, so no operator, sequencer, or intermediary can see the data. The Alpha V5 proving improvements come from cryptographic advances that make this client-side proving faster than any prior release. The network remains in alpha, but with V5 it is ready for teams to begin building and deploying applications.
Performance - 2.5 second fully private transactions Making private transactions practical comes down to how quickly a proof can be generated on a user's own device, without offloading that work to a server that would learn what the user is doing. On Alpha V5, proving a private token transfer natively now takes approximately 2.5 seconds on a consumer laptop, down from 5.2 seconds on V4, and about 6.8 seconds in a browser, down from 12.5 seconds. Across every measured transaction flow, client-side proving times improved by approximately 2x compared with V4.
Bench machine: an M2 MacBook (12 cores, throttled to 8). "Native" runs Aztec's C++ proving binary; "WASM" runs the same prover in a browser engine (Node on V8).
Alpha V5 lowers ECDSA signature-verification cost by approximately 2x, speeds up Poseidon2 hashing by approximately 3x, and reduces the protocol circuit gate count by approximately 50% (gate count is the number of individual operations a proving circuit must perform, and it is the main driver of how long a proof takes to generate). Each of these lowers the amount of work a device performs to prove a transaction, and the reduction in gate count in particular compounds across every proof the network generates.
Apps - send, receive, and earn privately on EthereumAlpha V5 launches the first wave of apps on a network where privacy is built into the protocol rather than managed by an operator. On other networks that claim privacy, transactions still pass through an operator or node that reads them in plaintext, or depend on a viewing key that a third party holds, so users rely on someone else to protect their data and to decide when it gets disclosed. On Aztec, every private transaction is proven on the user's own device, so the app, the sequencer, and any operator never need to see the underlying data. Nyx is one of these apps, allowing users to privately send transactions and privately earn yield on Aave.
"On Ethereum, everything you do is public. That's why we built Nyx: a private account governed by your Ethereum wallet", said Nikhil, Co-founder of Nyx. "Now you can send, receive and earn in private. Nyx was the first app live on the Aztec Alpha, and we're excited to expand participation to more users with the added stability of Alpha V5."
Other apps on Alpha V5 include Azguard and Nethermind (wallets), Shield, TRAIN, and RavenHouse (bridges), and the Aztecscan block explorers. Also launching is Dark Forest Aztec, a game where users explore a universe, control planets, manage planetary energy, expand territory, and launch attacks through strategic play with private state and hidden actions.
Dark Forest Aztec private universe-building gameplayLower costs, higher security Transaction fees on Aztec come from two main sources: the cost of proving a transaction and the cost of verifying the rollup proof on Ethereum. Alpha V5 reduces both. It lowers the network's proving-cost parameter by 50%, and it reduces the L1 gas required to verify a rollup proof by approximately 40%. Because rollup proofs are verified on Ethereum and that cost is shared across all transactions in a batch, the L1 reduction lowers fees for every user, while the lower proving-cost parameter reduces the per-transaction proving fee directly. Together, these bring the average cost of a fully private token transfer to under a $0.05 transaction cost.
Alpha V5 also hardens the network on several fronts. It resolves critical vulnerabilities found in Alpha V4 along with additional bugs discovered since launch. Aztec's bug bounty program on Cantina also drew more than 234 security researchers to participate. The network remains in alpha, and further bugs may surface as usage grows, but each release has closed the issues found in the last and strengthened the protocol against new ones. With the critical V4 issues resolved and these safeguards in place, Alpha V5 is stable enough for teams to begin building and deploying applications.
AvailabilityAlpha V5 is live now, view the Alpha V5 landing page for a full list of features, performance updates, and live apps to explore.
About AztecAztec is the only decentralized, privacy-first Layer 2 on Ethereum. Developers write private and public logic in the same smart contract, and private functions are executed and proven on the user's own device, so no operator sees the underlying data. The protocol is upgraded through onchain governance, and the network settles to Ethereum. For more information, visit aztec.network.
Aztec Network
Aztec Network
30 Jun
•
xx min read
Inside an Aztec TransactionOn Ethereum today, each transaction reveals everything publicly. The token you moved, the size, the timing, the wallet it came from, every action you take. Given the limitations of this type of transparent network, the industry is now focusing on bringing privacy onchain as a top priority. The response to this has mostly been to enable private transactions that shield transfers in various ways. But when we look at how privacy works on Web2, it’s clear that users and developers need granular privacy controls: the ability to decide what is public or private and who is able to see different types of data.
Aztec was built so that one transaction can carry two halves. A private half that runs on your own device and never leaves it, and a public half that the network runs in the open. Apps can choose which aspects are private or public, and users can choose what they want to reveal and when.
This article will follow an example transaction on Aztec: a vote in an onchain election built on Aztec, where who you are and which candidate you chose stay private, while the running tally for each candidate stays public for anyone to verify.
Public and private in one movePicture the vote you cast in our example as two aspects that seamlessly weave together. In the first step, you act in private: an app records your vote on your device and hands the network a proof that the vote is valid without revealing it. In the second, the network acts in public: it checks that proof, then adds one to the chosen candidate's public tally. It is one transaction: one part stays with you, one part goes to the network. Both parts end up recorded onchain, in two separate state trees, one private and one public. The walkthrough below follows how these two aspects work together and what this means for how your transaction lands onchain.
It starts on your deviceYou open the voting app and connect an Aztec wallet. That first step looks like any onchain app. The difference is inside the wallet. An Aztec wallet carries a private execution environment, the PXE, pronounced "pixie", which runs on your phone or in your browser. The PXE is where the private half of your transaction executes, and where the proof of that work gets made, on your hardware, under your exclusive control.
Every account on Aztec is a smart contract rather than a bare key. That design, account abstraction, allows a wallet to authorize a transaction however its owner chooses without writing an identity onto the network for everyone to read. The wallet is the front door, and on Aztec you can decide if the door is open or closed, who you share your information with.
The private half runs on your deviceThe voting app is a smart contract with two kinds of functions. The private functions run first, and they run inside your PXE. Your identity and the candidate you picked are the private inputs, and they stay on your device.
The only thing to leave your device is a proof confirming the legitimacy of your vote. Aztec's client-side proving system, Chonk, takes the private execution and produces a zero-knowledge proof: a compact cryptographic receipt that your vote followed the rules, that you are eligible, and have not voted before, while revealing nothing about who you are or who you voted for. Think of it as a sealed ballot the network can confirm is valid without opening it. The network learns only that a legitimate vote happened. It does not learn how you voted, or even which account voted.
This is the part that used to be too slow to be practical. Generating a proof on a phone was the bottleneck every privacy app hit. Aztec’s Chonk is purpose-built for fast proving on low-memory devices, both natively and in the browser, so the private half runs on the device in your hand instead of on someone else's server.
The public half runs in the openSome elements of a vote should be public. The tally is shared infrastructure, the number everyone relies on to trust the result. Thanks to programmable privacy on Aztec, the app marks that part public. Public functions live on the network and run in the open, the way functions do on Ethereum.
On Aztec, private and public logic live in the same contract, and the developer decides which is which, function by function and variable by variable. Programmable privacy is a dimmer, not a switch. The voting app turns it up on the individual ballot and turns it down on the running tally. That boundary is a design decision written into the contract, and it is the thing no transparent chain and no fixed-privacy chain can offer.
The network checks the proof and runs the public partYour vote leaves your device as a bundle: the zero-knowledge proof of the private half, plus the call to the public function that updates the count. It goes to Aztec's sequencers, a decentralized set of thousands of independent operators, with more than 3,500 of them running the network today.
The sequencers do two jobs at once. They verify the proof of your private vote, confirming it is valid and eligible without seeing the choice behind it, and they run the public function that adds one to the chosen candidate and updates the public tally. Your ballot stays sealed. The count goes up by one for everyone to see. The same proof guarantees you cannot vote twice, even though no one learns which ballot is yours.
Two state trees, both onchainAztec has two main state trees, and both live onchain. One holds private state, the other holds public state, so the full record of what happened sits on the network rather than on any one person's laptop. The two trees store each record in two different ways depending on if it needs to be private or public.
The private tree uses a UTXO model, the same note-based design used by Zcash. In this model, state is written as commitments: each entry is a sealed record that a valid vote was cast, with the voter and the choice kept private. Just like with Zcash or Bitcoin, you do not edit a private entry in place. You write a new one, and the design stops the same vote from being cast twice (old state is nullified). The vote stays private, and the record of a legitimate vote happening is onchain for the network to check.
The public tree uses an account-based model, the same shape Ethereum uses: values that update in place, readable by anyone. This is where each candidate's tally lives.
One transaction wrote information to both trees. The private tree recorded that you voted, sealed. The public tree recorded the new totals, in the open. Everything is onchain. The difference between the two trees is how much each one reveals.
Every private app on Aztec writes into that same private tree. A vote, a payment, and a payroll run all land in one shared record of activity, so each user's privacy grows stronger as the network grows, instead of splitting into a separate pool for every app.
A block is proposed, and Ethereum records itAztec is an L2 on Ethereum, so everything settles to Ethereum L1. A sequencer on Aztec gathers transactions into a proposed block. Other sequencers validate it before it goes to Ethereum's pending chain. At that point the block sits on Ethereum, ordered and recorded, waiting for its proof. The network has agreed on what happened and the proposed block is just waiting a final proof.
Anyone can prove itProving a block is its own job, and on Aztec, it belongs to no one in particular. A decentralized, permissionless set of provers competes to take a full epoch, a 32-block stretch of the chain, and compresses it into a single zero-knowledge proof of the entire epoch. Anyone with the hardware can run a prover and bid for the work. There is no privileged operator, no committee you have to trust, no outside network holding a key.
That openness is the whole point of a privacy layer. A system that protects your data but routes it through one trusted server has only moved the exposure rather than removed it. Aztec keeps proving permissionless and your private inputs on your device, thereby avoiding any exposure.
The economics land in the voter's favor too. As an L2 network, Aztec spreads the cost of that one L1 proof across thousands of transactions in the rollup, so a vote costs pennies, not the millions of gas a private proof would cost verified alone on Ethereum.
Settled on Ethereum, verifiable by anyoneA prover then posts the epoch proof to Ethereum's proven chain, and the Aztec state is final. Ethereum verifies one proof and inherits the correctness of everything inside it. Aztec extends Ethereum and settles to Ethereum, so your hybrid transaction carries Ethereum's security without carrying Ethereum's enforced transparency.
Anyone can now verify that the result is valid and that every counted vote was legitimate. No one can see how any individual voted. The tally is on the shared ledger where it belongs, and your ballot stayed yours the whole way through.
What this unlocksFor the voter, their ballot was never a broadcast. The candidate you chose stayed yours, with no record tying your wallet to a name for anyone to read later, and you can still check that your vote was counted and the result is honest. You took part without your choice becoming data for systems built to act on it.
For a founder, the election app in this walkthrough is easy to implement without needing to build extensive custom code. Secret ballots with a public, verifiable count, in one contract, is a product category that opens up only because the boundary is programmable. You can build governance, elections, and polls where people vote without fear and the result still proves itself. And of course you can build anything that requires both public and private state to work seamlessly together.
For an infrastructure provider, the same machinery serves clients who need a result they can stand behind without exposing the people who produced it. Selective disclosure lets a client prove exactly what a counterparty needs to see, the count and the integrity of the process, and protect everything else, on their own terms. That is a guarantee a transparent chain cannot make.
A real vote needs two things at once: a secret ballot and a count anyone can check. A transparent chain makes you give up the first to get the second. On Aztec, you get both. The tally settled on Ethereum for anyone to verify, and how you voted stayed yours. The infrastructure is in place, what will you create with it?
->Review the Aztec Basics ->Head to the docs and start building today
Aztec Network
Aztec Network
23 Jun
•
xx min read
The Devil's Bargain - Privacy Without Credible Neutrality Crypto is in a long night. It is no secret that the industry is facing challenging circumstances and there has been a clear consolidation of the industry. Right now we are seeing a focus on real traction, demonstrable value projects shipping practical solutions that will meaningfully reach users.
Some of that discipline is overdue. However, in times like these the properties that made crypto structurally different begin to look expendable. Decentralization slows you down. It makes upgrades harder. It makes institutional sales harder. It removes the control surfaces that the existing financial world knows how to buy.
We used to accept those costs as the price of building something durable. But, in a famine, they look like unaffordable affectations. Discarding them wholesale, however, is like selling the land out from under our feet.
Permissionless, uncensorable transaction networks with rich composability - this is the clay from which our industry was grown. The long term commercial health of our industry depends on preserving these properties in an age of privacy and institutional adoption.
These trade-offs become more challenging and pernicious when privacy is involved. Privacy is the narrative for crypto in 2026, and for good reason. It’s the missing piece that will deliver the traction and real use-cases that the industry so desperately needs.
The challenges of decentralization multiply under the constraints of privacy and what we are seeing in the industry is not a pivot, but a complete capitulation of all of the differentiable value that made crypto valuable.
I have spent nearly a decade building a network that marries programmable privacy with decentralization. A network where users keep their data, where applications are composable with one another, where transactions can settle without a privileged party learning everyone’s business or deciding which products are allowed to exist. That required new cryptography, new programming models, new state architecture, new wallets, and a fairly insane number of tradeoffs that are invisible until you try to build the thing yourself. There are easier products to ship.
A centralized privacy service can give institutions something legible quickly, replicating how the existing financial sector works: a responsible operator, a viewing key, a way to block transactions, a way to explain the whole thing to a risk committee. Some of these products will be useful. Some will be good businesses. But they are not the thing we came here to build.
The Devil’s BargainInstitutional and enterprise adoption is one of the core growth areas in this crypto-winter and the playbook is simple: use the language of crypto as a skin-suit to sell products and services that pattern match onto existing financial rails, with their need for complete visibility, censorship, centralized network operators and all of the liabilities this incurs.
This is a tempting bargain because it shortens the path to adoption. It gives buyers and regulators a shape they understand. A company. A contract. A switch. But the moment you accept that bargain, the system changes character. It may still be encrypted. It may still contain proofs. It may still call itself private. But, it now behaves like and is an operated service.
There is a party with privileged knowledge and privileged control. Builders must shape themselves around it. Institutions negotiate with it. Regulators may pressure it. Attackers target it. Users ultimately depend on it. By a backdoor I mean something specific: a network or protocol-level viewing key where the product developer does not control who can see their users’ data, especially when paired with network-level controls that can block transactions or ban smart contracts entirely. I do not mean application-level controls. I do not mean user-authorised disclosure. I do not mean a dapp deciding that users must prove something before using it. Regulated applications will need rules. The issue is that the disclosure boundary of your application belongs to somebody else, and the same layer that sees can also decide whether your users are allowed to transact. In short, users lack a platform that has credible neutrality.
The Platform RiskPrivacy on top of centralized rails is fatal. If one party can see everything and stop anything, that party may be treated as responsible for seeing and stopping.
This compounds into substantial platform risk. If an entity builds on top of such a system they must surrender visibility and control to the network operator to satisfy their liabilities without consideration for yours. Decentralization and ultimately credible neutrality is the difference between whether you own durable infrastructure or are renting a service whose rules can change on a whim. Worse, you cannot “just build things”. For novel transaction flows approval must be sought and granted. Tell me, would Ethereum have grown if every smart contract deployment required approval from the Ethereum Foundation?
Privacy needs the same freedom. A private credit market, for example, touches identity, collateral, repayment history, payment flows, liquidation logic, lender disclosures, auditor access and borrower privacy. If every component lives inside a different permissioned service, each with its own operator and viewing assumptions, that is a bureaucratic friction that negates blockchain’s core value proposition; composability.
A decentralized and credibly neutral privacy network prevents the settlement layer from becoming the single place where all surveillance and censorship obligations naturally accumulate. It allows product developers to scope their code to satisfy their own narrow requirements without consideration for the obligations of a centralized operator.
Building for credible neutralityA lot of today’s privacy narrative treats architecture as if it were a detail. It is not. You cannot take a transparent ledger, staple confidentiality onto the edge, add a viewing key for comfort, and expect to get programmable private infrastructure.
If the state model is not private from the ground up you get wrappers, third party tools, data custodians, ad hoc disclosure paths and a pile of assumptions that every application drags into the next. Developers do not get a normal programming model where private contracts can call private contracts and users keep state on their own devices. They do not get composability.
The difference matters. In a real private execution environment, users generate transactions locally. They do not outsource their intent to a third party who learns what they are doing. Private contracts interact through a state model designed for privacy. The network settles proofs without becoming the party that knows everyone’s business. Privacy is part of the architecture.
This is why Aztec has taken so long. We built something that makes programmable private state and decentralised settlement live inside the same system. That means proving systems that run on consumer hardware, a transaction architecture built around local private execution, and a programming model where privacy is idiomatic and just works out of the box.
A centralized service can skip much of this. It can hold the key, run the prover, approve the flow and call the result privacy. It gets to market faster because it is not trying to arrive at the same place.
The edgeAdding decentralization does not make obligations disappear. Applications, issuers, frontends, custodians and regulated businesses will continue to exist in a web of obligations and responsibilities. Anyone pretending otherwise is unserious.
The question is where those obligations live. If they are pushed into the settlement layer, the settlement layer is no longer credibly neutral. It needs visibility into everyone and controls over everyone.
The better answer is selective disclosure. Users and applications should prove specific facts to specific parties for specific purposes. A regulated application may need to know that a user passed a check, that a transaction satisfies a policy, or that an auditor can inspect a particular flow. None of that requires the base network to hold a permanent key into everyone’s activity.
This will be harder to explain to the existing world. New infrastructure always fails to fit the categories built for the old infrastructure. Bitcoin did not arrive as a neatly regulated bank product. Ethereum did not wait for every lawyer to understand smart contracts. Stablecoins and DeFi forced institutions, regulators and users to develop new language around rails that kept existing.
If the standard for privacy infrastructure is to plug into the old world without changing anything, the answer will always be a service with a backdoor. And the result will be to catch crumbs falling from the tables of the old world.
The market worth buildingThe market we should be building is, well, a market. A private financial system that compounds: assets, liquidity, identity, credentials, credit and applications interacting through a shared settlement layer without forcing users to surrender their data to whoever sits in the middle.
Traditional finance is built out of vertically integrated information silos. Those silos are its moat. Banks, exchanges, custodians, payment processors and data brokers all benefit from controlling the information that flows through them. A global private settlement layer attacks that advantage directly. It lets liquidity and credentials move while outsourcing information custody to neutral cryptographic infrastructure.
A company wants a moat. A settlement layer wants surface area. A permissioned privacy provider can ration access, raise fees, exclude applications, shape disclosure rules and define acceptable use around its own risk tolerance. These are products pretending to be networks, and not durable financial infrastructure. What bothers me is this compounding category confusion. Networks adding protocol-level viewing keys and transaction controls are using the same language as decentralised programmable privacy, and commentators are treating them as variations of the same thing. They are not.
We have spent nine years walking the hard road. Now, just as we are close, the market has lost faith. Everyone is reaching for whatever lifeline looks immediate. Some of those lifelines will be real. Some will make money. But if crypto responds to its long night by rebuilding financial privacy as permissioned services, then we will have survived by surrendering the property that made the industry worth building.
Markets can grow when the platform is removed from the position where it can dictate the rules. It would be perverse to forget that lesson while building privacy, the domain where control over information matters most.
The land we tillCrypto is in a famine. The land is struggling. We could sell our land for a pittance and survive the season. But the famine will pass, and when it does the land will blossom again. Without the land we are nothing.
We have struggled immensely to create a permissionless network that can marry privacy with decentralisation: an indestructible network whose users cannot be surveilled and whose transactions cannot be censored. This is the soil we have to grow our crops. To surrender a backdoor or a centralized operator for temporary relief is to sell our land for the price of a stablecoin. And we cannot sell the land.
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Aztec Network
Aztec Network
2 Jun
•
xx min read
Who controls your privacy off-switch?Privacy has become a baseline requirement for L1s and L2s who care about bringing real-world users onchain. Users don't want their activity broadcast to competitors or the general public, but applications operating at scale also need some form of auditability, whether for regulators, compliance requirements, or tax reporting. Selective disclosure resolves that tension: privacy by default, with the ability to prove specific facts when required. What separates these networks is not whether they offer that switch, but who gets to hold it.
Aztec, Canton, Starknet, Tempo, and zkSync all offer some form of privacy with selective disclosure, but under the hood they make fundamentally different architectural decisions about who can see your data and who can turn your privacy off. Those decisions determine whether your privacy stays under your own control or sits behind a switch that someone else operates.
Three questions reveal where these networks actually diverge:
Who sees your data?Who can prove the network followed its own rules?Who controls when something gets disclosed?The answers determine whether your privacy off-switch is held by a policy, by an operator's good behavior, or by you alone through a cryptographic proof. As you'll see in this post, there are legitimate reasons to use each one with different tradeoffs. Aztec is the only network, however, where that switch stays in the user's hands, answering all three questions without putting a permissioned set of operators or a standing viewing key in control of your privacy. That gives developers the flexibility to build apps that comply with applicable laws while still keeping full privacy under the user's control.
This article will compare the privacy approaches of Aztec, Canton, Starknet, Tempo, and zkSync to give developers insight into the privacy tradeoffs of each network.
TL;DRHere’s how each network handles the selective disclosure privacy off-switch, and who has control over your privacy:
Aztec: Only you can see your data, client-side proofs settled to Ethereum let anyone verify every transaction without trusting an operator, and the off-switch stays in your hands, allowing you selectively share information.Canton: Participant nodes read your data in plaintext, no outside party can verify the global ledger, and your off-switch sits with those nodes rather than with you, since disclosure depends on them staying honest.Starknet: No operator ever sees your plaintext because proofs are generated client-side, and those proofs verify the rules, but your off-switch is a standing viewing key that a designated auditor can use to decrypt and trace your entire history on request.Tempo: The zone operator sees every transaction in plaintext, mainnet validity proofs let anyone verify the zone ran correctly, and the operator holds the off-switch, so you are private from the public but not from the operator. zkSync: The operator reads every transaction in plaintext while a validity proof on Ethereum proves it cannot forge state, and the operator holds the off-switch over who sees what, giving you privacy from the outside world but not from the operator.The Comparison In One View
Comparing your privacy off-switch Each of these networks offers privacy with selective disclosure, but each rests on a different network design with its own tradeoffs. We have ordered them by who holds your privacy off-switch, starting with designs where a third party controls access to your data and ending with designs where that control stays with you. At the top, the switch sits behind a policy promise and an honest operator, and further down it is replaced by proofs that the user generates and controls.
CantonCanton keeps data private by controlling viewing permissions for the various actors on its network. A transaction splits into per-participant views, so each party receives only the sub-transactions that name it, and the parts it is not entitled to never reach it. The sequencer and mediator move those views without reading them, which is real privacy against those roles.
However, the data is still read in plaintext by the participant nodes that host the relevant parties, and in the common regulated-asset pattern where the issuer is a signatory on its own token, the issuer's node sees every transfer. The harder gap is verification, because no third party can reconstruct the global ledger, so correctness rests on the confirming nodes staying honest and their keys staying safe. In practice the off-switch sits with those nodes rather than with you, since you cannot see when your data is read and cannot stop it.
TempoTempo is designed for payments and uses validity proofs to verify that each zone is executing correctly, while still giving the zone operator full plaintext visibility into every transaction within that zone. Privacy comes from Tempo Zones, which are parallel execution environments connected to the Tempo mainnet.
By design, the zone operator has visibility into all transactions within the zone, while users see only their own and the public sees only a proof that the zone is valid. Token issuers set compliance controls, allowlists, blocklists, and freezes, enforced across zones. The mainnet checks each zone's validity, so execution is verified, while the operator still reads every transaction in plaintext and holds the off-switch over what is revealed. Your privacy is from the public, not from the operator.
zkSync PrividiumzkSync Prividium adds the verifiability piece that Canton lacks. Every batch produces a validity proof settled to Ethereum, so a compromised operator cannot forge state or mint tokens from nothing without also forging a proof, which it cannot do. The tradeoff is that the operator processes every transaction in plaintext and decides who sees what, which means the off-switch stays with the operator and your privacy is from the outside world rather than from the operator itself.
This tradeoff has legitimate uses in high-trust institutional environments. If Bank of America, JPMorgan, and Wells Fargo are transacting on a shared network, a zone where BofA's infrastructure processes BofA-originated transactions satisfies internal control requirements while still delivering genuine ZK privacy from the other banks and the rest of the world. Where this model breaks down is in lower-trust environments where giving an operator full plaintext access and the switch that comes with it holds back product design possibilities.
Starknet STRK20Starknet's STRK20 breaks from relying on an operator for privacy. It shields ERC-20 balances and transfers in a privacy pool, and every private transaction carries a zero-knowledge proof generated client-side, so no operator sees your plaintext in order to build it.
Disclosure is where STRK20 diverges from Aztec. To join the Starknet Privacy Pool, you register an encrypted viewing key onchain, and it sits there for the life of your participation. On a regulatory request, a designated auditing entity can decrypt that key and trace your complete transaction history, forwards and backwards. StarkWare calls this ‘not a backdoor’ but a carefully scoped access mechanism, and the safeguard is a policy promise that the auditor decrypts only when required. The privacy is cryptographic, but the off-switch is a standing key that someone else holds and can flip whether or not you are watching.
AztecOn Aztec your private state lives as encrypted private data that only you can decrypt. The contract developer can choose what state is public and what is private, and whether your encrypted private data is emitted onchain as a private log or shared off-chain instead.
Your transactions get proven client-side on your own device, so no sequencer or operator sees your unencrypted private data. Those proofs settle to Ethereum, which gives the same integrity anchor marketed by Prividium, with every transaction verified and no forged state, but without a single operator who reads your data. The base protocol decentralizes sequencing, proving, and governance, so there is no operator to choose and trust in the first place.
Disclosure is your choice too: you decide who learns your private data, and whether they learn it in encrypted or decrypted form. To grant discovery without readability, you share an app-specific tagging secret that lets an auditor find your data in encrypted form without being able to decrypt and read it. This is enough to prove things calculated from that data, such as a tax basis or a profit and loss figure. Granting permission to actually read the data works differently. There's no per-contract read key you can hand out, because decryption uses your master viewing key, which would unlock all your data across every contract. So instead of sharing a key, you share the data itself, plus a proof that your plaintext is what encrypts to the on-chain ciphertext.
Aztec has true selective disclosure in that you can selectively share it, and nothing else you don’t need to. This is app specific, meaning that private data discoverability access on one app does not grant access on another. Most importantly, the off-switch stays in your hands, and you never need to trust the network to handle access to any of your private data and activity.
This is not just conceptual: here is a working proof-of-concept of this model on Aztec. PrivPNL takes you from private DEX trades through a tagging-key disclosure to a browser-generated ZK proof of your PnL. The auditor verifies a proof while the prover only has to reveal the amount they owe, and your portfolio stays private.
Users need to hold their own off-switch, not a promise to look awayCanton keeps the switch with the participant nodes that read your data in plaintext, so disclosure rests on those nodes staying honest rather than on anything you control. Tempo similarly gives the off-switch to a zone-based node operator, but allows you to verify the correctness of transactions using validity proofs. Prividium hardens that promise with a proof settled to Ethereum, a real improvement, but the operator still reads every transaction and still decides who sees what. This can work well for large institutions, but small to medium sized enterprises are left with the same privacy as their current banks unless they run their own Prividium nodes. STRK20 moves the switch into a standing viewing key and asks you to trust that a designated auditor reaches for it only when needed. In each of these models the real question is not whether your privacy can be switched off, but who gets to do the switching, and whether you would even know it happened.
Aztec takes the operator and the standing key out of the question entirely. You keep the data, you generate the proof, and you disclose the result, one fact at a time and only when you choose to. The off-switch never leaves your hands, and no operator, auditor, or node can reach it on your behalf. This is one of the benefits of a network that offers fully programmable, privacy-preserving smart contracts that put you in control.
Selective disclosure is how privacy survives contact with a regulator, and the model you pick decides who can open your history when you are not looking. On Aztec, that answer is no one but you.
Let's BuildDive into the technical details: Try a live demo of selective disclosure on Aztec and read the technical article on how it was built.
Integrate with Aztec: Reach out if you are interested in integrating privacy into your project.
Bill McDermott uvedl, že ServiceNow má „kill switch“ pro zdivočelé AI agenty a AI adopce posiluje jeho konkurenceschopnost. Firma zároveň zvýšila celoroční výhled.
ServiceNow CEO Bill McDermott said on Wednesday that the rapid adoption of artificial intelligence is strengthening the company's competitive position.
His comments come just one day after OpenAI disclosed that one of its advanced AI agents escaped a controlled testing environment during a cybersecurity evaluation and compromised the infrastructure of AI startup Hugging Face before it was detected and contained.
"We have a kill switch that stops AI agents that go rogue, so those things don't need to happen, and they wouldn't happen when companies run ServiceNow," McDermott said on CNBC's "Mad Money."
ServiceNow offers a suite of software applications and tools used by companies to manage and automate workflows across IT, human resources, and customer service operations. It's also expanded its cybersecurity presence, in part through the acquisitions of Veza and Armis. Both deals closed this year.
Agentic systems are an increasingly popular corner of AI, going beyond a more simplistic chatbot that answers queries with a written response. These advanced systems are capable of executing multi-step tasks with little to no human intervention.
McDermott said ServiceNow's AI Control Tower is its system that gives companies a central place to monitor, manage, and secure the growing number of AI agents, helping businesses move "from AI chaos to AI discipline."
Shares of ServiceNow rose in extended trading after the company reported better-than-expected earnings and revenue. Even after the jump, however, the stock remains down more than 30% this year after software shares sold off during what investors dubbed the "SaaSpocalypse" amid concerns that advances in AI would disrupt the industry's traditional seat-based business model.
McDermott dismissed concerns that growing AI competition could pressure ServiceNow's profits or cause customers to shorten contract terms.
"If you look at the terms of our contracts, they've actually gotten longer," McDermott said.
Instead, he argued that broader AI adoption should increase demand for ServiceNow's software.
"There's going to be more AI. There's going to be more incidents, and all these things drive more and more volume to ServiceNow," he said. "That's why we increased the full-year guide."
OpenAI did not immediately respond to CNBC's request for comment but said earlier that AI is accelerating the discovery and exploitation of vulnerabilities, which means model security and safety need to keep up.
"We are strengthening the containment, monitoring, access controls, and evaluation practices used during model development," the ChatGPT maker said.
ServiceNow koupil zhruba 5% podíl v BusinessNext v transakci, která oceňuje indickou softwarovou firmu na 700 milionů USD. BusinessNext zároveň získal 40 milionů USD v rámci kola Series C.
CompaniesJuly 22 (Reuters) - ServiceNow (NOW.N), opens new tab has acquired roughly 5% of BusinessNext in a deal that values the software provider at $700 million, as the Indian company looks to expand its autonomous banking tools through a partnership with the U.S.-based software giant.
BusinessNext said on Wednesday it raised $40 million in a Series C round from ServiceNow Ventures, a venture capital arm of the company.
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Here are some details:
BusinessNext CEO Nishant Singh told Reuters that the funding will primarily be allocated to strengthening the company's sales efforts, initially focusing on expanding distribution in Southeast Asia and Australia.
"Every company has to go to an IPO. Right now, we're not looking at the IPO part," he said, adding that BusinessNext's ambition "right now is to run in every bank in the world."
The deal comes as banks are increasingly adopting AI tools offered by companies like BusinessNext to customize services, address customer queries and automate operations, helping them in saving time and attract more customers.
BusinessNext competes with companies like Freshworks (FRSH.O), opens new tab and has more than 120 customers including India's largest lender State Bank of India (SBI.NS), opens new tab and HDFC Bank (HDBK.NS), opens new tab.
The company said this partnership that will allow for enhanced monitoring of BusinessNext's AI agents through ServiceNow's AI control tower, a centralized platform for managing and governing AI models and agents across an enterprise.
Singh said BusinessNext has been "above $50 million for a couple of years now" in annual revenue, adding that the company has nearly 1,300 employees.
On Wednesday, ServiceNow raised its forecast for annual subscription revenue for the second time after beating second-quarter revenue and profit estimates, driven by growing demand for its AI-powered software.
Reporting by Jaspreet Singh in Bengaluru; Editing by Shailesh Kuber
Our Standards: The Thomson Reuters Trust Principles., opens new tab
AvalonBay Communities (AVB - Free Report) came out with quarterly funds from operations (FFO) of $2.86 per share, beating the Zacks Consensus Estimate of $2.8 per share. This compares to FFO of $2.82 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +2.14%. A quarter ago, it was expected that this apartment building owner would post FFO of $2.8 per share when it actually produced FFO of $2.83, delivering a surprise of +1.07%.
Over the last four quarters, the company has surpassed consensus FFO estimates three times.
AvalonBay, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $777.77 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.31%. This compares to year-ago revenues of $760.2 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
AvalonBay shares have added about 5.2% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for AvalonBay?While AvalonBay has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for AvalonBay was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $2.81 on $784 million in revenues for the coming quarter and $11.28 on $3.12 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, UMH Properties (UMH - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.
This real estate investment trust is expected to post quarterly earnings of $0.24 per share in its upcoming report, which represents a year-over-year change of +4.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
UMH Properties' revenues are expected to be $72.33 million, up 8.5% from the year-ago quarter.
CN a Union Pacific uzavřely závazné memorandum, které rozšiřuje jejich provozní práva v Chicagu a otevírá nové přepravní možnosti mezi Kanadou a Mexikem.
Agreement expands operating rights in Chicago and creates new Canada-Mexico service opportunities for customers July 22, 2026 18:50 ET | Source: Canadian National Railway Company
MONTREAL, July 22, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) and Union Pacific (NYSE: UNP) today announced the signing of a binding Memorandum of Understanding that will strengthen rail service across North America, improving both railroads' ability to serve customers.
The agreement provides Union Pacific with expanded operating rights over CN's Elgin, Joliet & Eastern Railway (EJ&E) corridor through Chicago, while granting CN new rights over Union Pacific's network between Memphis, Tennessee, and Eagle Pass, Texas, to support freight movements between Canada and Mexico.
“We are thrilled to have an agreement with Union Pacific to expand CN’s access to Mexico. This is a natural extension of our north-south franchise and will open new routes for customers, provide greater choice and strengthen connections between Canada and Mexico,” said Tracy Robinson, President and CEO of CN. “By extending our reach, we are creating new opportunities for growth while continuing to deliver the safe, reliable service our customers expect. This is another example of CN’s commitment to strengthening rail competitiveness across North America.”
"I’ve seen the benefits first-hand of what the EJ&E route around Chicago can do for a railroad, and we look forward to having access to the quickest way around Chicago,” said Jim Vena, CEO of Union Pacific.
Forward-Looking Statements
Certain statements by CN and Union Pacific included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The companies caution that their assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements reflect information as of the date on which they are made. The companies assume no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN or Union Pacific do update any forward-looking statement, no inference should be made that they will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.
Contacts:
MediaInvestment CommunityAshley MichnowskiJamie LockwoodSenior ManagerVice-PresidentMedia RelationsInvestor Relations & Special Projects(438) 596-4329(514) [email protected]@cn.ca
ABOUT UNION PACIFIC
Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.
Union Pacific Media Contact: [email protected]
www.up.com
www.facebook.com/unionpacific
www.twitter.com/unionpacific
CN a Union Pacific uzavřely závazné memorandum, které CN zajistí širší přístup na trh v souvislosti s plánovanou fúzí Union Pacific s Norfolk Southern. Dohoda posiluje konkurenci a rozšiřuje přítomnost CN na Středozápadě.
July 22, 2026 18:51 ET | Source: Canadian National Railway Company
MONTREAL, July 22, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) and Union Pacific (NYSE: UNP) announced today that they have signed a binding Memorandum of Understanding establishing a framework for CN to secure competitive access in connection with the proposed transaction between Union Pacific and Norfolk Southern (NYSE: NSC).
The settlement agreement preserves customer options and resolves terminal railroad ownership issues, while expanding CN’s presence in the Midwest and reaffirming gateway protections for all customers and railroads.
Under the settlement agreement, which is contingent on the Surface Transportation Board’s (STB) approval and closing of the merger:
CN gains access to shipper facilities where Class I railroad options would be reduced from 2-to-1 or 3-to-2, where commercially and operationally feasible.CN acquires Norfolk Southern's ownership interests in the Kansas City Terminal Railway Company (KCT) and the Terminal Railroad Association of St. Louis (TRRA). CN gains new access in the Midwest through overhead rights between Tuscola, Illinois, and East St. Louis, Illinois, and rights to serve customers between St. Louis, Missouri, and Kansas City, Missouri. For the first time, CN will have a footprint in the heart of Kansas City, with usage of Union Pacific’s Neff Yard. CN will not oppose the Union Pacific-Norfolk Southern merger. Both parties will collaborate through the STB process to ensure that this agreement takes effect. “From day one, we’ve said our merger with Norfolk Southern will preserve and enhance competitive options and create a stronger railroad industry that delivers better service for customers,” said Union Pacific CEO Jim Vena. “This settlement agreement reinforces those commitments by giving expanded access and operating rights to a tough competitor.”
“As the rail industry considers significant structural change, it is essential that customers continue to benefit from meaningful competition and choice,” said CN President and CEO Tracy Robinson. “This framework would preserve competitive access to key markets, including Kansas City, while positioning CN to continue providing reliable and efficient options for customers across North America.”
Forward-Looking Statements
Certain statements by CN and Union Pacific included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The companies caution that their assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements reflect information as of the date on which they are made. The companies assume no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN or Union Pacific do update any forward-looking statement, no inference should be made that they will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.
Contacts:
MediaInvestment CommunityAshley MichnowskiJamie LockwoodSenior ManagerVice-PresidentMedia RelationsInvestor Relations & Special Projects(438) 596-4329(514) 399-0052 [email protected]@cn.ca ABOUT UNION PACIFIC
Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.
Union Pacific Media Contact: [email protected]
www.up.com
www.facebook.com/unionpacific
www.twitter.com/unionpacific
Crown Castle (CCI - Free Report) came out with quarterly funds from operations (FFO) of $1.13 per share, beating the Zacks Consensus Estimate of $1 per share. This compares to FFO of $1.02 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +13.00%. A quarter ago, it was expected that this operator of wireless communications towers would post FFO of $1.01 per share when it actually produced FFO of $1.02, delivering a surprise of +0.99%.
Over the last four quarters, the company has surpassed consensus FFO estimates four times.
Crown Castle, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $1.01 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.52%. This compares to year-ago revenues of $1.06 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Crown Castle shares have lost about 14.3% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Crown Castle?While Crown Castle has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Crown Castle was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.20 on $1.02 billion in revenues for the coming quarter and $4.43 on $4.13 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Easterly Government Properties (DEA - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 3.
This property management company is expected to post quarterly earnings of $0.79 per share in its upcoming report, which represents a year-over-year change of +6.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Easterly Government Properties' revenues are expected to be $91.34 million, up 8.4% from the year-ago quarter.
In the latest trading session, UiPath (PATH - Free Report) closed at $10.70, marking a -11.13% move from the previous day. The stock fell short of the S&P 500, which registered a loss of 0.14% for the day. On the other hand, the Dow registered a loss of 0.01%, and the technology-centric Nasdaq decreased by 0.57%.
Prior to today's trading, shares of the enterprise automation software developer had gained 18.5% outpaced the Computer and Technology sector's loss of 4.82% and the S&P 500's gain of 0.25%.
The upcoming earnings release of UiPath will be of great interest to investors. The company's earnings per share (EPS) are projected to be $0.15, reflecting no change from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $397.59 million, up 9.91% from the prior-year quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $0.8 per share and revenue of $1.78 billion. These totals would mark changes of +11.11% and +10.4%, respectively, from last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for UiPath. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. UiPath is holding a Zacks Rank of #2 (Buy) right now.
Digging into valuation, UiPath currently has a Forward P/E ratio of 15.05. This represents a discount compared to its industry average Forward P/E of 19.55.
We can additionally observe that PATH currently boasts a PEG ratio of 0.72. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Internet - Software industry had an average PEG ratio of 1.06 as trading concluded yesterday.
The Internet - Software industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 104, this industry ranks in the top 43% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Molina (MOH - Free Report) came out with quarterly earnings of $1.51 per share, beating the Zacks Consensus Estimate of $1.37 per share. This compares to earnings of $5.48 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +10.22%. A quarter ago, it was expected that this provider of Medicaid-related services would post earnings of $1.57 per share when it actually produced earnings of $2.35, delivering a surprise of +49.68%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Molina, which belongs to the Zacks Medical - HMOs industry, posted revenues of $10.87 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.08%. This compares to year-ago revenues of $11.43 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Molina shares have added about 30.5% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Molina?While Molina has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Molina was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.01 on $11.06 billion in revenues for the coming quarter and $5.23 on $44.41 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - HMOs is currently in the top 10% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
The Joint Corp. (JYNT - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026.
This company is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of +283.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
The Joint Corp.'s revenues are expected to be $14.7 million, up 10.7% from the year-ago quarter.
First BanCorp. (FBP) Q2 2026 Earnings Call July 22, 2026 10:00 AM EDT
Company Participants
Ramon Rodriguez - Senior Vice President of Corporate Strategy / Investor Relations
Aurelio Alemán-Bermúdez - President, CEO & Director
Said Ortiz - Executive VP & CFO
Conference Call Participants
Arren Cyganovich - Truist Securities, Inc., Research Division
Kelly Motta - Keefe, Bruyette, & Woods, Inc., Research Division
Stephen Moss - Raymond James & Associates, Inc., Research Division
Manuel Navas - Piper Sandler & Co., Research Division
Presentation
Operator
Good morning, and welcome to the First BanCorp. Second Quarter 2026 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the call over to Ramon Rodriguez, First BanCorp.'s Corporate Strategy and Investor Relations Officer. Thank you. Please go ahead.
Ramon Rodriguez
Senior Vice President of Corporate Strategy / Investor Relations
Thank you, [ Julianne ]. Good morning, everyone, and thank you for joining First BanCorp.'s conference call and webcast to discuss the company's financial results for the second quarter of 2026. I'm here with Aurelio Aleman, President and Chief Executive Officer; and Said Ortiz, CFO, Chief Financial Officer. Before we begin today's call, it is my responsibility to inform you that this call may involve certain forward-looking statements such as projections of revenue, earnings and capital structure as well as statements on the plans and objectives of the company's business. The company's actual results could differ materially from the forward-looking statements made due to the important factors described in the company's SEC filings. The company assumes no obligation to update any forward-looking statements made during the call. If anyone does not already have a copy of the webcast presentation or press release, you can access them at our website at fbbinvestor.com. At this time, I'd like to turn the call over to our CEO, Aurelio Aleman.
RPM International oznámila rekordní čtvrtletní EBIT a růst tržeb i upraveného provozního zisku ve všech třech segmentech. CFO Russell L. Gordon mezitím prodal 1 137 akcií kvůli daňové povinnosti po vestingu akciových jednotek.
Russell L. Gordon, VP and CFO of RPM International Inc. (RPM +5.81%), reported a disposition of 1,137 shares of common stock on July 19, 2026, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueTransaction value~$119,500Shares sold1,137Post-transaction shares (directly held)80,281Post-transaction value$8.16 millionKey questionsWhat were the mechanics behind this transaction?
The transaction was a non-discretionary sale of 1,137 shares at $105.08 per share to cover tax liabilities stemming from the vesting of performance stock units granted in 2023. This disposition was part of a pre-arranged tax-withholding process and does not reflect a discretionary trade based on the executive's view of the company's valuation.What is the insider's remaining equity exposure?
After this transaction, Gordon holds 80,281 shares directly. The CFO also holds 219,800 direct derivative securities, which include stock appreciation rights granted between 2017 and 2026 that vest in four equal annual installments.How does this activity align with the company's financial profile?
RPM International Inc. provides specialty chemicals for construction and industrial markets. As of the July 20, 2026, market close, the company had a market capitalization of $13 billion, with trailing twelve-month revenue of $7.7 billion and net income of $665.9 million.Company OverviewMetricValueShare Price (as of market close 2026-07-20)$101.63Market Capitalization$13.0 billionRevenue (TTM)$7.7 billionNet Income (TTM)$665.9 millionCompany SnapshotRPM International Inc. manufactures and distributes specialty chemicals for construction, industrial, specialty, and consumer markets, including waterproofing and coating systems, sealants, air barriers, roofing solutions, and resin flooring systems across four operating segments.The company generates revenue through the development and sale of high-performance specialty chemical products that address specific application needs in construction, building maintenance, industrial manufacturing, and consumer home improvement sectors.RPM serves a diverse customer base, including construction contractors, building maintenance professionals, industrial manufacturers, and residential consumers seeking specialized chemical solutions for waterproofing, sealing, bonding, and protective coating applications.RPM International Inc. is a $13.0 billion market capitalization specialty chemicals manufacturer generating $7.7 billion in TTM revenue. The company maintains a diversified portfolio across construction, industrial, and consumer markets, leveraging proprietary formulations and established distribution networks to compete in fragmented specialty chemical segments. RPM's strategic positioning in high-growth end markets such as building weatherization, infrastructure maintenance, and industrial flooring solutions provides sustainable competitive advantages through product differentiation and customer relationships.
What this transaction means for investorsThe performance shares that triggered this filing were granted in 2023 and paid out this month, which means the vesting rewards three years of results that just culminated in a strong finish. Gordon kept 80,281 shares plus a large stack of appreciation rights, and ultimately, nothing about a withholding trade signals his view of the stock.
The timing does line up with news, though. RPM just capped fiscal 2026 with record fourth-quarter results, each of its three segments growing sales and adjusted operating profit, and CEO Frank Sullivan noted the quarter marked "the 16th time in the past 18 quarters” the company hit record adjusted EBIT — despite eight straight quarters of weak do-it-yourself demand. Against the records, long-term investors should keep an eye on this dynamic and the consumer softness. RPM keeps setting profit highs on cost discipline and its construction and coatings segments, but a persistently weak DIY market is the drag that has offset its efficiency, and with shares down about 4% in the past year, it’s clear investors are craving more.
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Jonathan Ponciano is a contributing stock market analyst at The Motley Fool. He has nearly a decade of experience as a financial journalist, most recently as an editor and senior reporter at Forbes focused on markets, technology, and entrepreneurship. Jonathan has also written for Investopedia and the Los Angeles Business Journal. He holds a dual B.A. in Business Journalism and Economics from the University of North Carolina at Chapel Hill and an M.B.A. from Columbia Business School. A North Carolina native now based in New York City, Jonathan has also lived in Mexico City and Los Angeles.
Akcie AppLovin uzavřely se ztrátou 3,78 % na 412,48 USD, což bylo horší než denní pokles indexu S&P 500 o 0,14 %. Za poslední měsíc akcie odepsaly 8,21 %.
AppLovin (APP - Free Report) ended the recent trading session at $412.48, demonstrating a -3.78% change from the preceding day's closing price. This move lagged the S&P 500's daily loss of 0.14%. Meanwhile, the Dow experienced a drop of 0.01%, and the technology-dominated Nasdaq saw a decrease of 0.57%.
Shares of the mobile app technology company witnessed a loss of 8.21% over the previous month, trailing the performance of the Business Services sector with its gain of 4.1%, and the S&P 500's gain of 0.25%.
Market participants will be closely following the financial results of AppLovin in its upcoming release. The company plans to announce its earnings on August 5, 2026. The company is expected to report EPS of $3.72, up 64.6% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $1.94 billion, indicating a 53.99% growth compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $15.93 per share and a revenue of $8.24 billion, indicating changes of +58.67% and +41.98%, respectively, from the former year.
It is also important to note the recent changes to analyst estimates for AppLovin. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.28% decrease. Right now, AppLovin possesses a Zacks Rank of #3 (Hold).
Looking at its valuation, AppLovin is holding a Forward P/E ratio of 26.92. Its industry sports an average Forward P/E of 16.41, so one might conclude that AppLovin is trading at a premium comparatively.
One should further note that APP currently holds a PEG ratio of 0.7. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Technology Services industry had an average PEG ratio of 1.44 as trading concluded yesterday.
The Technology Services industry is part of the Business Services sector. At present, this industry carries a Zacks Industry Rank of 98, placing it within the top 40% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
Akcie Constellation Energy ve středu vzrostly o 4,66 % po zprávách o 30leté jaderné dohodě o spolupráci mezi USA a Saúdskou Arábií a o plánu vlády podpořit výstavbu elektráren za 200 milionů USD.
Constellation Energy (CEG +4.66%) stock was true to its name on Wednesday, as investors energetically traded it almost 5% higher. This was part of a broader rally in nuclear stocks, on the back of a splashy deal signed between the U.S. government and a key ally, plus reports of a new top-down initiative to spur power plant build-outs in this country.
The Saudi deal The Trump administration announced Wednesday that it had signed a long-term deal to help develop nuclear technology with Saudi Arabia. The 30-year pact formalizes nuclear cooperation between the two nations and pushes several U.S. energy companies into leading roles in build-outs in the strategic Middle Eastern country.
Image source: Getty Images.
It's important to note that Constellation isn't likely to be one of the main companies involved in the work, as its concentration is on domestic energy generation. Yet as the No. 1 operator of American nuclear plants, it could serve in an advisory or training capacity.
Besides, the government's striking this deal is yet another strong indication of its desire to promote and support the nuclear power industry.
Today's Change
(
4.66
%) $
12.23
Current Price
$
274.45
Continued domestic push Separately, Bloomberg reported that the administration is also planning to launch a new, $200 million program to support the construction of power plants within our borders. A key goal of this initiative, not surprisingly, is to satisfy the considerable power needs of artificial intelligence (AI)-ready data centers.
As nuclear plants produce considerable clean power, they are considered ideal facilities for such a push.
The Bloomberg article, which cited a document its reporters had seen, mentioned small modluar reactor (SMR) specialists Oklo and X-Energy as participants on the energy industry side, and Microsoft and Nvidia as partners from the tech sector.
Constellation was not mentioned in the article, as it operates full-scale nuclear facilities and not SMRs. Even if it doesn't end up playing a role in the program, it's sure to benefit from this latest top-down effort to boost the nation's power-generating capacity.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Constellation Energy, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.
LiveRamp oznámila, že výsledky za 1. fiskální čtvrtletí 2027 zveřejní 5. srpna po uzavření trhu. Kvůli čekající transakci s Publicis Groupe neuskuteční konferenční hovor ani neposkytne výhled.
SAN FRANCISCO, July 22, 2026 (GLOBE NEWSWIRE) -- LiveRamp® (NYSE: RAMP), the leading global data collaboration platform, today announced that its fiscal 2027 first quarter financial results will be released on Wednesday, August 5, 2026 after the financial markets close.
In light of the previously announced and still pending transaction with Publicis Groupe, LiveRamp will not host an earnings conference call or provide financial guidance in conjunction with the earnings release.
To automatically receive LiveRamp financial news by email, please visit the company’s Investor Relations website and subscribe to email alerts.
About LiveRamp
LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp’s data collaboration network seamlessly unites data across advertisers, platforms, publishers, data providers, and commerce media networks—unlocking deep insights, delivering transformational consumer experiences, and driving measurable growth.
Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating innovation. Trusted by many of the world’s leading brands, retailers, financial services providers, and healthcare innovators, LiveRamp is helping shape the future of responsible data collaboration in an AI-driven, outcomes-focused world where advertisers reach intended audiences and consumers receive more relevant advertising messages.
LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.
For more information, contact:
Drew Borst
LiveRamp Investor Relations [email protected]
3 Mid-Cap to Mega-Cap Stocks Have Announced Significant BuybacksSEI Investments NASDAQ: SEIC reported what executives described as an “outstanding” second quarter of 2026, with quarterly records for revenue, adjusted operating profit and adjusted earnings per share.
Chief Executive Officer Ryan Hicke said revenue rose 15% from the prior year, adjusted operating profit increased 36% and adjusted EPS grew 38%. Hicke told analysts the results reflected changes made over the past several years, including more disciplined capital allocation, an evolved value proposition and execution of strategic goals laid out at the company’s investor day.
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“This quarter is less about what happened during the last three months and more a reflection of the changes we have made over the past few years,” Hicke said.
Operating Leverage Drives Earnings Growth Chief Financial and Chief Operating Officer Sean Denham said the increase in adjusted EPS was driven primarily by core operating performance, including mid-teens revenue growth, 500 basis points of margin expansion and a 3% reduction in share count.
The quarter also included investment-related gains. Denham said SEI’s consolidated co-investment in an LSV hedge fund contributed $7.5 million through the net gain on variable interest entities line item. He said SEI invested $50 million in that strategy last year, and it has generated more than $12 million of gains over the last 12 months after excluding non-controlling interests. SEI also recognized nearly $4 million of mark-to-market gains across several other co-investments during the quarter.
Denham said revenue and operating profit increased across most of SEI’s businesses. Investment Managers Services generated 17% revenue growth, reflecting the conversion of prior sales into revenue. Private Banking revenue increased 11%, driven by growth within the existing client base. Advisors revenue rose 30%, benefiting from higher market values and the contribution from Stratos.
Institutional was the exception, with operating profit roughly flat from the prior year as SEI continued investing in asset management initiatives.
Sales Events Remain Elevated SEI reported $43 million of sales events during the quarter, following a record $67 million in the first quarter. Year-to-date sales events totaled $110 million.
Hicke said Investment Managers Services generated more than $32 million of sales events, driven by both new client wins and expanded relationships with existing clients. Denham said about three-quarters of IMS sales events came from alternative investments.
Private Banking produced more than $13 million of sales events, with activity tied to new regional bank wins, conversions from TRUST 3000 to the SEI Wealth Platform, and demand for professional services, including SEI Data Cloud. Denham said Private Banking also executed contract renewals representing $13 million of annualized revenue during the quarter, following $34 million in the first quarter.
Across Advisors and Institutional, net sales events were modestly negative. Denham said SEI continues to see demand for newer offerings such as ETFs and separately managed accounts, though those products generally carry lower fee rates than traditional mutual funds.
Private Markets, ETFs and Stratos Highlight Growth Plans Hicke pointed to several growth investments that he said currently contribute little to financial results but could become meaningful over time. One focus is expanding private markets into retail and retirement channels. He said SEI’s registered transfer agency, fund administration platform and trust company create a “full-stack capability” for managers seeking administration, transfer agency, investor servicing, compliance and operational infrastructure.
Hicke said SEI believes its retail alternatives and private markets retirement initiatives have the potential to become a business generating more than $100 million of annual run-rate revenue within five years.
SEI also continues to expand its asset management strategy. Hicke said the company launched its latest active factor ETF, SEUS, bringing its ETF lineup to 10 funds. He said SEI’s ETF business has grown from $3 billion to more than $8 billion over the past 12 months. He also cited SEI’s recently announced partnership with Carlyle as an example of product development tied to market opportunity.
Stratos, SEI’s advisor-focused platform, also remains a focus. Hicke said SEI advisors are showing interest in succession, liquidity and growth solutions without leaving the company’s ecosystem. Denham said Stratos contributed $21 million of revenue in the quarter, up 11% from the first quarter, and generated $2 million of operating profit before non-controlling interests. Excluding acquisition-related intangible amortization, Stratos EBITDA exceeded $9 million.
Technology and AI Investments Continue Management also emphasized investments in data, automation and artificial intelligence. Hicke said enhancements to SEI Data Cloud and the IMS platform are helping clients access information faster, simplify integrations, reduce operational complexity and make better use of data.
Sneha Shah, a member of SEI’s executive management team, said clients are asking SEI for help as they rethink operating models and evaluate where to use partners. She said SEI is seeing demand for SEI Data Cloud services and professional services tied to AI readiness.
Denham said SEI’s relationship with IBM is intended to support automation and help the company co-create agents for labor-intensive processes. Hicke said the IBM relationship is an enterprise-wide initiative, starting with IMS and expanding to other areas of the company.
Capital Returns and Outlook SEI ended the quarter with nearly $400 million of cash. The company repurchased $112 million of stock during the quarter at an average price of $87. Denham said repurchase activity was lower than in the first quarter, when market volatility created what SEI viewed as a significant opportunity, but said the company expects repurchases to increase from second-quarter levels.
Asked about balancing buybacks with acquisitions, Denham said SEI has roughly a $600 million revolving credit facility that is essentially untouched, giving the company capacity to support M&A activity, including Stratos-related opportunities.
SEI did not provide formal guidance. In response to an analyst question about sustaining low- to mid-teens revenue growth, Hicke said the company does not give guidance but described pipelines as “as strong as they’ve ever been” and said management is encouraged by what it sees for second-half revenue.
About SEI Investments (NASDAQ:SEIC)SEI Investments Company is a global provider of asset management, investment processing, and investment operations solutions. The firm offers a range of services designed to help financial institutions, private banks, wealth managers and family offices streamline back-office functions and enhance front-office capabilities. SEI's technology platforms support various stages of the investment lifecycle, including trade execution, performance reporting, risk analytics and client communications.
The company's core offerings include outsourced fund administration, custody and trust services, managed account solutions, and wealth management technology.
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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Alaska Air Group, Inc. (ALK) Q2 2026 Earnings Call July 22, 2026 11:30 AM EDT
Company Participants
Ryan St. John - Vice President of Finance, Planning & Investor Relations
Benito Minicucci - President, CEO & Director and CEO of Alaska Airlines
Andrew Harrison - Chief Commercial Officer & Executive VP
Shane Tackett - CFO & President of Alaska Airlines
Emily Halverson - VP of Finance and Treasury, Controller & Principal Accounting Officer of Alaska Airlines, Inc
Andrew Harrison - Executive VP & Chief Commercial Officer of Alaska Airlines Inc
Conference Call Participants
Atul Maheswari - UBS Investment Bank, Research Division
Duane Pfennigwerth - Evercore ISI Institutional Equities, Research Division
Conor Cunningham - Melius Research LLC
Savanthi Syth - Raymond James Ltd., Research Division
Brandon Oglenski - Barclays Bank PLC, Research Division
Catherine O'Brien - Goldman Sachs Group, Inc., Research Division
Thomas Fitzgerald - TD Cowen, Research Division
Michael Goldie - BMO Capital Markets Equity Research
Scott Group - Wolfe Research, LLC
Andrew Didora - BofA Securities, Research Division
Presentation
Operator
Good morning, ladies and gentlemen, and welcome to the Alaska Air Group 2026 Second Quarter Earnings Call. [Operator Instructions] Today's call is being recorded and will be accessible for future playback at alaskaair.com. [Operator Instructions]
I would now like to turn the call over to Alaska Air Group's Vice President of Finance, Planning and Investor Relations, Ryan St. John.
Ryan St. John
Vice President of Finance, Planning & Investor Relations
Thank you, operator, and good morning. Thanks for joining us today to discuss our second quarter 2026 earnings results. Yesterday, we issued our earnings release along with several accompanying slides detailing our results, which are available at investor.alaskaair.com. On today's call, you'll hear updates from Ben, Andrew and Shane. Several others of our management team are also on the line to answer your questions during the Q&A portion of the call.
Progress Software se dohodla na koupi téměř všech aktiv AI a datové platformy Domo za 400 milionů USD v hotovosti. Akvizice má rozšířit nabídku Progress v oblasti AI a dat.
Acquisition further strengthens the capabilities of Progress data platform offerings to provide organizations the context and control to securely turn fragmented enterprise knowledge into governed, AI-ready intelligence—improving accuracy, speed and cost.
BURLINGTON, Mass., July 22, 2026 (GLOBE NEWSWIRE) -- Progress Software (Nasdaq: PRGS), an AI infrastructure software leader, today announced that it entered into an agreement to acquire substantially all of the assets and assume certain liabilities of Domo, including its AI and data products platform.
The acquisition aligns with Progress’ strategy to deliver the context and control for AI so customers can achieve their business goals with confidence. Domo’s agentic platform for the intelligent enterprise complements and significantly broadens Progress’ data platform offerings, creating powerful synergies to deliver innovative, secure and scalable AI data readiness solutions worldwide.
“Effective AI starts with accurate, trusted data and content to provide the context for accurate and verifiable outcomes,” said Yogesh Gupta, CEO of Progress Software. “Domo is a leading AI and data platform that enables businesses to access, integrate and leverage their data at scale. Domo’s product capabilities, coupled with their team’s expertise in cloud architectures and analytics, are highly complementary to our expanding Progress data platform capabilities that significantly improve the security, governance and cost of our customers’ AI initiatives.”
Domo will add a customer base of over 2,400 businesses, as well as a global and strategic ecosystem of cloud data warehouse technology partnerships.
“We have built Domo around the simple idea that trusted data should help people make better decisions and take action,” said Josh James, founder and CEO of Domo. “The addition of our product capabilities to the Progress data platform will give customers a stronger foundation for building AI that understands their business, works from governed data and can be trusted to support meaningful decisions.”
The proposed acquisition of Domo’s AI and data platform business is another example of the continued execution of Progress’ Total Growth Strategy. Progress continues to maintain financial discipline while seeking to acquire strong businesses with products that complement its existing AI solutions portfolio, include a robust customer base with strong retention rates and solid recurring revenue, and align with its company culture.
Reiterating Guidance
Based on currently available information, Progress anticipates revenue and non-GAAP earnings per share for its fiscal third quarter will be within or above the high end of previously issued guidance provided on June 30, 2026. The company will discuss full financial results of its third quarter on a conference call on September 30, 2026.
Transaction Details
The transaction is structured as an asset purchase where Progress intends to acquire substantially all of the assets and assume certain liabilities of Domo for a cash purchase price of $400 million. The acquisition is currently expected to close within Progress’ fiscal year, ending November 30, 2026, subject to obtaining regulatory approvals and the satisfaction of other customary closing conditions as set forth in the definitive agreement.
Progress expects to finance the transaction with a combination of cash and Progress’ existing revolving credit facility.
Conference Call
Progress will host a conference call to review details of the transaction at 5 p.m. EDT today, Wednesday, July 22, 2026. A live webcast of the call will be available using this link. To access the conference call by phone, please use this link to retrieve dial-in details. Attendees must register for the conference call, and an archived version and support materials will be available on the Progress Investor Relations webpage shortly after the conference call concludes.
Advisors
Citi is serving as the exclusive financial advisor for Progress on this transaction, and DLA Piper LLP (US) is serving as Progress’ legal counsel. Jefferies LLC is serving as the exclusive financial advisor to Domo, and Goodwin Procter LLP is serving as legal counsel.
About Progress Software
Progress Software (Nasdaq: PRGS) provides the context and control organizations need to reliably extract value from AI — context drawn from an organization's data, content and workflows, and control over the security, governance and cost of their AI initiatives. Learn how hundreds of thousands of businesses, powering the work of tens of millions of professionals worldwide, realize value from trusted, enterprise-ready AI at www.progress.com.
About Domo
Domo (Nasdaq: DOMO) is an AI and Data Products platform that helps companies of all sizes leverage data and AI to drive value in today’s data-driven world. Built around our customers’ preferred data foundation, powered by our award-winning Domo.AI solution, and enriched with our partner ecosystem, the Domo platform enables users to prepare, visualize, automate, distribute, and build end-to-end data products that provide solutions across the entire data journey. From hydrating your data foundation, to building fully embedded applications that can be shared with your employees and customers, to deploying AI models across a variety of providers, Domo gives users the ability to build data products that generate measurable value for the business.
Note Regarding Forward-Looking Statements
This press release contains statements that are “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. Progress has identified some of these forward-looking statements with words like “believe,” “may,” “could,” “would,” “might,” “should,” “expect,” “intend,” “plan,” “target,” “anticipate” and “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Risks, uncertainties and other important factors that could cause actual results to differ from those expressed or implied in the forward-looking statements include: Progress’ ability to close the proposed transaction, the expected time of closing or the expected benefits therefore; uncertainties as to the effects of disruption from the acquisition of Domo making it more difficult to maintain relationships with employees, licensees, other business partners or governmental entities; other business effects, including the effects of industry, economic or political conditions outside of Progress’ control; transaction costs; actual or contingent liabilities; uncertainties as to whether anticipated synergies or tax benefits will be realized; and uncertainties as to whether Domo’s business will be successfully integrated with Progress’ business. For further information regarding risks and uncertainties associated with Progress’ business, please refer to Progress’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended November 30, 2025. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.
Non-GAAP Financial Information
This press release contains certain non-GAAP financial measures. These measures are provided solely as supplemental information and are not intended to be considered in isolation or as a substitute for the comparable GAAP measures; these measures reflect assumptions and expected synergies from the transaction and are subject to risks and uncertainties. Progress is unable to provide a reconciliation of the projected non-GAAP measures provided herein to the relevant projected GAAP measures without unreasonable effort because certain items necessary to calculate such GAAP measures are inherently uncertain and dependent on future events.
Progress is a trademark or registered trademark of Progress Software Corporation and/or its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.
Medpace Holdings (MEDP) ve středu po uzavření trhu vyskočila o dvouciferné procento díky silnému růstu zakázek. Poměr book-to-bill dosáhl 1,13x, nad očekáváním 0,95x až 1,01x.
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Newly Public Memory-Chip Maker SK Hynix Soars Nearly 14%, Leads 18 To Today's Best Stock Lists
Super Micro Soars Late On Booming Margins, Orders; Dell, HP Enterprise Also Rally
Stock Market Rally Defies Rising Oil, Bond Yields; Chips Lead As Seagate, Micron Make Bullish Moves Medpace Holdings (MEDP) stock surged by double digits late Wednesday, helped by a big bookings beat, rebounding from a poor start to the year. The contract research organization, or CRO, put up a book-to-bill ratio of 1.13x, easily above expectations for 0.95x to 1.01x, according to Leerink Partners analyst Michael Cherny. That means Medpace received more new orders than it…
Kinder Morgan (KMI - Free Report) came out with quarterly earnings of $0.37 per share, beating the Zacks Consensus Estimate of $0.31 per share. This compares to earnings of $0.28 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +19.36%. A quarter ago, it was expected that this oil and natural gas pipeline and storage company would post earnings of $0.38 per share when it actually produced earnings of $0.48, delivering a surprise of +26.32%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Kinder Morgan, which belongs to the Zacks Oil and Gas - Production and Pipelines industry, posted revenues of $4.48 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.33%. This compares to year-ago revenues of $4.04 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Kinder Morgan shares have added about 17.8% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Kinder Morgan?While Kinder Morgan has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Kinder Morgan was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.33 on $4.42 billion in revenues for the coming quarter and $1.49 on $18.17 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Production and Pipelines is currently in the bottom 11% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Enbridge (ENB - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 31.
This oil and natural gas transportation and power transmission company is expected to post quarterly earnings of $0.44 per share in its upcoming report, which represents a year-over-year change of -6.4%. The consensus EPS estimate for the quarter has been revised 1% lower over the last 30 days to the current level.
Enbridge's revenues are expected to be $11.03 billion, up 2.6% from the year-ago quarter.
PulteGroup oznámila výsledky za 2. čtvrtletí 2026. Na konferenčním hovoru vedení shrnulo provozní a finanční výsledky za období končící 30. června 2026.
PulteGroup, Inc. (PHM) Q2 2026 Earnings Call July 22, 2026 8:30 AM EDT
Company Participants
James Zeumer - Vice President of Investor Relations
Ryan Marshall - President, CEO & Director
James Ossowski - Executive VP & CFO
Conference Call Participants
John Lovallo - UBS Investment Bank, Research Division
Richard Reid - Wells Fargo Securities, LLC, Research Division
Matthew Bouley - Barclays Bank PLC, Research Division
Stephen Kim - Evercore ISI Institutional Equities, Research Division
Alan Ratner - Zelman & Associates LLC
Michael Dahl - RBC Capital Markets, Research Division
Anthony Pettinari - Citigroup Inc., Research Division
Trevor Allinson - Wolfe Research, LLC
Jonathan Bettenhausen - Truist Securities, Inc., Research Division
Rafe Jadrosich - BofA Securities, Research Division
Susan Maklari - Goldman Sachs Group, Inc., Research Division
Kenneth Zener - Seaport Research Partners
Ryan Gilbert - BTIG, LLC, Research Division
Presentation
Operator
Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the PulteGroup, Inc. Q2 2026 Earnings Conference Call. [Operator Instructions]
Thank you. I would now like to turn the call over to Jim Zeumer. Please go ahead.
James Zeumer
Vice President of Investor Relations
Thank you, Jordan. Good morning. I want to welcome everyone to today's call to review PulteGroup's operating and financial results for our second quarter ended June 30, 2026. Joining me on today's call are Ryan Marshall, President and CEO; Jim Ossowski, Executive Vice President and CFO; and David Carrier, Senior VP, Finance.
In advance of this call, a copy of our Q2 earnings release and this morning's webcast presentation have been posted to our corporate website at pultegroup.com. We will also post an audio replay of this call later today. I would highlight that today's presentation includes forward-looking statements about the company's expected future performance. Actual results could differ materially from those suggested by our comments
QuantumScape oznámila výsledky za 2. čtvrtletí 2026, které skončilo 30. června. Firma zároveň zveřejnila dopis akcionářům s finančními výsledky a obchodním přehledem.
SAN JOSE, Calif., July 22, 2026 (GLOBE NEWSWIRE) -- QuantumScape Corporation (NASDAQ: QS), a global leader in next-generation solid-state lithium-metal battery technology, today announced its business and financial results for the second quarter of 2026, which ended June 30.
The company posted a letter to shareholders on its Investor Relations website, ir.quantumscape.com, that details second-quarter financial results and provides a business update.
QuantumScape will host a live webcast today at 2 p.m. Pacific Time (5 p.m. Eastern Time), accessible via its IR Events page. Siva Sivaram, chief executive officer, and Kevin Hettrich, chief financial officer, will participate on the call.
An archive of the webcast will be available shortly after the call for 12 months.
About QuantumScape Corporation
QuantumScape is on a mission to revolutionize energy storage to enable a sustainable future. The company’s next-generation batteries are designed to enable greater energy density, faster charging and enhanced safety to support the transition away from legacy energy sources toward a lower carbon future. For more information, visit www.quantumscape.com.
Penske Automotive Group obdržela nevyžádanou předběžnou nezávaznou nabídku na odkup zbývajících akcií za 210 USD za akcii. Penske Corporation a Mitsui už společně drží 72,6 % akcií.
, /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, announced its Board of Directors ("Board") today received an unsolicited, preliminary and non-binding proposal ("Proposal") from Penske Corporation ("PC") and Mitsui & Co., Ltd. ("Mitsui") to acquire the remaining shares of the Company's common stock that they and their affiliates do not currently own for cash consideration of $210 per share. PC and Mitsui and their affiliates currently beneficially own collectively 72.6% of the Company's outstanding common stock. A copy of the Proposal is available as an exhibit to the Company's Current Report on Form 8-K which will be publicly filed today with the Securities and Exchange Commission.
The Board has established a special committee comprised of disinterested and independent directors to review and consider the Proposal. The special committee is authorized to retain advisors, including independent legal and financial advisors, to assist it in its work. There can be no assurance as to whether an agreement relating to any proposed transaction will be reached or as to the terms thereof if an agreement is reached. The Company does not intend to comment further or disclose any developments regarding the Proposal unless and until it deems further disclosure is appropriate or required. The Company's shareholders do not need to take any action at this time.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs over 28,800 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs nearly 41,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 387,500 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance, expectations, and future plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, whether and on what terms any transaction will be consummated, those related to macro-economic, geo-political and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions ("PTS") and Premier Truck Group, and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, tariffs and non-tariff trade barriers, any shortages of vehicle components, international conflicts, challenges in sourcing labor, labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; risks to our reputation and those of our manufacturer partners; changes in the retail model from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the impact of tariffs targeting imported vehicles and parts, as well as changes or increases in tariffs, trade restrictions, trade disputes, or non-tariff trade barriers; the rate of inflation, including its impact on vehicle affordability; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes, or work stoppages by its employees, a reduction in PTS' asset utilization rates, the cost of acquiring and the continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various regulations concerning its vehicle fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicle sales, including those related to the sales process, emissions standards, or electrification; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; risks and uncertainties relating to an unsolicited, preliminary and non-binding take private proposal received from Penske Corporation and Mitsui & Co., Ltd. and their affiliates to acquire all of the shares of the Company not already owned by them, including the possibility that any such transaction may not be pursued, approved, or consummated on the proposed terms, within any anticipated timeframe, or at all; the outcome of legal and administrative matters and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2025, its Form 10-Q for the quarterly period ended March 31, 2026, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
July 22, 2026 16:30 ET | Source: Enovix Corporation
FREMONT, Calif., July 22, 2026 (GLOBE NEWSWIRE) -- Enovix Corporation (Nasdaq: ENVX) (“Enovix”), a developer and manufacturer of advanced lithium-ion batteries, including proprietary silicon-anode architectures, today announced it will report financial results for the second quarter of 2026 on Wednesday, August 12, 2026, after the close of the market.
Enovix will hold a live audio-only call at 2:00 PM PT / 5:00 PM ET on August 12, 2026, to discuss the company’s recent business updates, commercialization progress, operational milestones, and financial results. To join the call, participants must use the following link to register: https://enovix-q2-2026.open-exchange.net/ This link will also be available via the Investor Relations section of Enovix’s website at https://ir.enovix.com. Investors may submit questions on the registration page that they would like addressed on the call by Enovix management.
About Enovix
Enovix develops and manufactures advanced lithium-ion batteries, including proprietary silicon-anode architectures for smartphones, smart eyewear, defense, industrial and emerging edge-AI applications. Its silicon-anode architecture enables higher energy density and performance in space-constrained devices while maintaining safety and reliability, supporting commercialization across consumer and industrial markets.
Enovix is headquartered in Silicon Valley with facilities in India, South Korea and Malaysia, serving customers globally. For more information visit https://enovix.com and follow us on LinkedIn.
FDA přijala k přezkumu žádost Revolution Medicines o schválení daraxonrasibu pro dříve léčený metastatický karcinom pankreatu. Žádost stojí na výsledcích fáze 3 RASolute 302.
REDWOOD CITY, Calif., July 22, 2026 (GLOBE NEWSWIRE) -- Revolution Medicines, Inc. (Nasdaq: RVMD), a late-stage clinical oncology company developing targeted therapies for patients with RAS-addicted cancers, today announced that the U.S. Food and Drug Administration (FDA) accepted for review the company’s New Drug Application (NDA) for daraxonrasib, an oral RAS(ON) multi-selective inhibitor, for previously treated metastatic pancreatic ductal adenocarcinoma (PDAC).
“The FDA’s acceptance of the daraxonrasib NDA is an important step in the regulatory review process and brings us closer to the possibility of offering patients a new targeted medicine for previously treated metastatic pancreatic cancer,” said Mark A. Goldsmith, M.D., Ph.D., chief executive officer and chairman of Revolution Medicines. “Daraxonrasib is an oral targeted medicine designed to inhibit RAS, the main cause of pancreatic cancer, and the application is supported by unprecedented results from the Phase 3 RASolute 302 trial. These findings underscore the potential for daraxonrasib to become a new standard of care and to help define a new class of RAS‑targeted medicines for this disease. We look forward to continuing to work closely with the FDA as the agency reviews the application, and with other global regulatory authorities as we advance our efforts to bring daraxonrasib to patients as quickly as possible.”
The NDA is based on results from the global, randomized Phase 3 RASolute 302 trial, evaluating daraxonrasib versus standard of care cytotoxic chemotherapy in patients with previously treated metastatic PDAC, with or without an identified tumor RAS mutation. The trial met all primary and key secondary endpoints, including unprecedented improvements in overall survival and progression-free survival. In addition, daraxonrasib exhibited a manageable safety profile and patients treated with daraxonrasib reported significantly delayed deterioration in cancer-related pain, overall global health status and quality of life, compared to those treated with chemotherapy. Results from the RASolute 302 trial were presented at the 2026 American Society of Clinical Oncology Annual Meeting with simultaneous publication in The New England Journal of Medicine.
Daraxonrasib was selected for the FDA Commissioner’s National Priority Voucher pilot program, which is designed to accelerate the review of medicines that address key national health priorities. The FDA previously granted daraxonrasib Breakthrough Therapy Designation and Orphan Drug Designation for the treatment of patients with previously treated metastatic PDAC.
The Company recently announced that the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use has begun a phased review of daraxonrasib, allowing data to be evaluated as they become available before submission of a full marketing authorization application. Daraxonrasib has also received orphan medicine designation for the treatment of pancreatic cancer, and high-priority status under EMA’s Cancer Medicines Pathfinder project based on its potential to address a significant unmet need.
About Pancreatic Cancer and Pancreatic Ductal Adenocarcinoma
Pancreatic cancer is one of the most lethal malignancies, characterized by its typically late-stage diagnosis, resistance to standard chemotherapy, and high mortality rate. In the U.S., recent estimates indicate that annually approximately 60,000 people will be diagnosed with pancreatic cancer, and about 50,000 people will die from this aggressive disease.1 Due to the lack of early symptoms and detection methods, most patients are diagnosed with pancreatic ductal adenocarcinoma (PDAC) at an advanced or metastatic stage. Metastatic PDAC remains one of the most common causes of cancer-related deaths in the U.S., with a five-year survival rate of approximately 3%.2,3
About Daraxonrasib
Daraxonrasib is an investigational, oral RAS(ON) multi-selective, noncovalent tri-complex inhibitor that works by suppressing RAS signaling through inhibition of the interaction between both wild-type and mutant RAS(ON) proteins and their downstream effectors. It is designed to target cancers driven by a broad range of common RAS genotypes, including pancreatic ductal adenocarcinoma (PDAC), non-small cell lung cancer (NSCLC), and colorectal cancer. Daraxonrasib is being advanced through a global Phase 3 registrational program comprising four trials, including the completed RASolute 302 trial and three additional trials in patients with PDAC and metastatic RAS mutant NSCLC.
About the RASolute 302 Clinical Trial
RASolute 302 (NCT06625320) is a global, randomized Phase 3 registrational clinical trial designed to evaluate the efficacy and safety of daraxonrasib as a monotherapy in patients with previously treated metastatic pancreatic ductal adenocarcinoma (PDAC). In the trial, patients were randomized to receive either an oral dose of 300 mg daraxonrasib once daily or investigator’s choice of four different cytotoxic chemotherapy regimens, which represent standard of care across the globe. The trial enrolled patients with metastatic PDAC harboring a wide range of RAS variants, including those with RAS G12 mutations (such as G12D, G12V, and G12R), as well as patients without an identified tumor RAS mutation (wild type).
The primary endpoints of the RASolute 302 trial were progression-free survival (PFS), as assessed by a Blinded Independent Central Review according to RECIST 1.1, and overall survival (OS) in patients with tumors harboring RAS G12 mutations. Secondary endpoints included PFS and OS in all enrolled patients (the intent-to-treat population) encompassing patients with and without identified tumor RAS mutations, as well as objective response rate, duration of response, and patient-reported quality of life.
About Revolution Medicines, Inc.
Revolution Medicines is a company developing novel targeted therapies for patients with RAS-addicted cancers. The company’s R&D pipeline comprises RAS(ON) inhibitors designed to suppress diverse oncogenic variants of RAS proteins. The company’s RAS(ON) inhibitors daraxonrasib (RMC-6236), a RAS(ON) multi-selective inhibitor; elironrasib (RMC-6291), a RAS(ON) G12C-selective inhibitor; zoldonrasib (RMC-9805), a RAS(ON) G12D-selective inhibitor; and RMC-5127, a RAS(ON) G12V-selective inhibitor, are currently in clinical development. Additional development opportunities in the company’s pipeline focus on RAS(ON) mutant-selective inhibitors, including RMC-0708 (Q61H) and RMC-8839 (G13C). For more information, please visit www.revmed.com and follow us on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not historical facts may be considered “forward-looking statements,” including without limitation statements regarding the broad potential of RAS(ON) inhibition and the potential for a new class of RAS-targeted therapy to emerge; treatment practices for pancreatic cancer and the potential for daraxonrasib to become a standard of care; the company’s regulatory interactions; the company’s ability to bring daraxonrasib to patients; and progression of clinical studies and findings from these studies, including the tolerability, safety, and potential efficacy of the company’s candidates being studied.
Forward-looking statements are typically, but not always, identified by the use of words such as “aims,” “anticipate,” "believe," "estimate," "expect," "plan," “potential,” “project,” “up to,” "will" and other similar terminology indicating future results. Such forward-looking statements are subject to substantial risks and uncertainties that could cause the company’s development programs, future results, performance, or achievements to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include without limitation risks and uncertainties inherent in the drug development process, including the company’s programs’ development stages, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, the company’s ability to successfully establish, protect and defend its intellectual property, other matters that could affect the sufficiency of the company’s capital resources to fund operations, reliance on third parties for manufacturing and development efforts, changes in the competitive landscape, and the effects on the company’s business of the global events, such as international conflicts or global pandemics. For a further description of the risks and uncertainties that could cause actual results to differ from those anticipated in these forward-looking statements, as well as risks relating to the business of Revolution Medicines in general, see Revolution Medicines’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on May 6, 2026, and its future periodic reports to be filed with the SEC. Except as required by law, Revolution Medicines undertakes no obligation to update any forward-looking statements to reflect new information, events, or circumstances, or to reflect the occurrence of unanticipated events.
References
1 Siegel RL, Giaquinto AN, Jemal A. Cancer statistics, 2024. CA Cancer J Clin. 2024;74(1):12-49. doi:10.3322/caac.21820
2 Halbrook CJ, Lyssiotis CA, Pasca di Magliano M, Maitra A. Pancreatic cancer: Advances and challenges. Cell. 2023;186(8):1729-1754. doi:10.1016/j.cell.2023.02.014
3 American Cancer Society. Survival Rates for Pancreatic Cancer. Available at: https://www.cancer.org/cancer/types/pancreatic-cancer/detection-diagnosis-staging/survival-rates.html. Accessed July 2026.
Hillman Solutions uzavřela refinancování svého dluhu novým termínovaným úvěrem B za 735 milionů USD a revolvingovým úvěrem ABL za 375 milionů USD. Splatnost dluhu se prodloužila až do července 2033 a 2031.
CINCINNATI, July 22, 2026 (GLOBE NEWSWIRE) -- Hillman Solutions Corp. (Nasdaq: HLMN) (the "Company", “Hillman Group”, or "Hillman"), a leading provider of hardware and related products, announced the closing of the refinancing of its existing credit facilities, consisting of a new $735 million senior secured Term Loan B ("Term Loan B") and a $375 million asset-based revolving credit facility ("ABL Revolver").
Proceeds from the Term Loan B were primarily used to refinance the Company's existing term loan, repay amounts outstanding under its existing revolving credit facility, and pay related fees and expenses.
The Term Loan B matures in July 2033 and is currently priced at SOFR +200 basis points. The ABL Revolver, which currently has a zero balance, matures in July 2031 and is currently priced at SOFR +125 basis points. The pricing of both the Term Loan B and the ABL Revolver are consistent with the previous credit facilities.
"This refinancing meaningfully extends our debt maturity profile and enhances our financial flexibility,” said Jon Michael Adinolfi, Chief Executive Officer of Hillman. "It reflects the continued strength of our business and positions us well to invest in our core operations and pursue value-creating growth opportunities. These transactions give us a capital structure that supports our long-term strategic priorities including acquisitions."
Jefferies Finance LLC acted as Lead Left Arranger for the Term Loan B with U.S. Bank, BofA Securities, PNC Capital Markets LLC, and Fifth Third Bank, N.A. acting as Joint Lead Arrangers, and First Financial Bank also participating in the syndicate.
U.S. Bank acted as lead arranger and administrative agent for the ABL Revolver, with Bank of America, N.A., PNC Bank N.A., and Fifth Third Bank, N.A. acting as Joint Lead Arrangers, and First Financial Bank also participating in the syndicate.
About Hillman Solutions Corp.
Founded in 1964 and headquartered in Cincinnati, Hillman is a leading provider of hardware and related products serving retail, pro distribution, and industrial MRO customers. Over the last 60-plus years, Hillman has built a legacy of service and growth by forming strategic partnerships with North America's leading home improvement, hardware, and farm and fleet retailers. Hillman differentiates itself from the competition with its dedicated field sales team of 1,200+ associates, direct-to-store distribution capabilities, and world class global sourcing and supply chain expertise. The company offers an extensive product portfolio of more than 111,000 SKUs, including fasteners (power screws, nuts, bolts), hardware (builder's hardware, door hardware, rope & chain, accessories), project gear & supplies (gloves, work gear, paint & cleaning sundries), and key and engraving services (key duplication, auto keys, and engraving). Hillman is committed to delivering exceptional customer service, innovative products, and dependable solutions to its customers and regularly earns vendor of the year recognition from top customers. For more information on Hillman, visit www.hillman.com.
Forward-Looking Statements
All statements made in this press release that are considered to be forward-looking are made in good faith by the Company and are intended to qualify for the safe harbor from liability established by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. You should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," “target”, “goal”, "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance and statements relating to the Transaction, which may not be consummated on the terms described in this press release, or at all. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) unfavorable economic conditions that may affect our and our customers’, suppliers’ and other business partners’ operations, financial condition and cash flows including spending on home renovation or construction projects, inflation, recessions, instability in the financial markets or credit markets; (2) increased supply chain costs, including tariffs, raw materials, sourcing, transportation and energy; (3) the highly competitive nature of the markets that we serve; (4) the ability to continue to innovate with new products and services; (5) seasonality; (6) large customer concentration; (7) the ability to recruit and retain qualified employees; (8) the outcome of any legal proceedings that may be instituted against the Company; (9) adverse changes in currency exchange rates; or (10) regulatory changes and potential legislation that could adversely impact financial results. The foregoing list of factors is not exclusive, and readers should also refer to those risks that are included in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K filed on February 17, 2026. Given these uncertainties, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements.
Except as required by applicable law, the Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements in this communication to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Contact:
Michael Koehler
Vice President – Corporate Development, Investor Relations, Treasury
513-826-5495 [email protected]
Fulton Financial ve 2. čtvrtletí 2026 zvýšila čistý zisk pro kmenové akcionáře na 99,9 mil. USD, tedy 0,52 USD na akcii. Zisk podpořila akvizice Blue Foundry Bancorp.
, /PRNewswire/ -- Fulton Financial Corporation (NASDAQ: FULT) ("Fulton" or the "Corporation") reported net income available to common shareholders of $99.9 million, or $0.52 per diluted share, for the second quarter of 2026, an increase of $7.7 million, or $0.01 per diluted share, in comparison to the first quarter of 2026. Operating net income available to common shareholders for the three months ended June 30, 2026 was $115.9 million(1), or $0.60 per diluted share(1), an increase of $16.2 million, or $0.05 per diluted share, in comparison to the first quarter of 2026.
FFC Net income available to common shareholders for the six months ended June 30, 2026 was $192.1 million, or $1.02 per diluted share, an increase of $5.0 million, and unchanged on a per diluted share basis, in comparison to the six months ended June 30, 2025. Operating net income available to common shareholders for the six months ended June 30, 2026, was $215.5 million(1), or $1.15 per diluted share(1), an increase of $19.4 million, or $0.08 per diluted share, in comparison to the six months ended June 30, 2025.
"During the quarter, we achieved record financial results and successfully completed the acquisition of Blue Foundry Bancorp," said Curtis J. Myers, Fulton Chairman, CEO, and President. "With the successful integration of Blue Foundry Bank already occurring earlier this month, we are well positioned to deepen existing relationships and drive growth in this expanded footprint. Our ongoing strong performance is due to high demand for our community banking approach and the commitment of our dedicated team members to making banking personal. Our sustained focus on executing our strategic priorities is creating long-term value for our shareholders."
Blue Foundry Bancorp Transaction(2)
On April 1, 2026, the Corporation completed its acquisition of Blue Foundry Bancorp and Blue Foundry Bank became a wholly owned subsidiary of the Corporation. On July 11, 2026, Blue Foundry Bank merged with and into Fulton Bank. As a result of the Blue Foundry Bancorp Transaction, the Corporation acquired total assets with preliminary fair values of approximately $2.1 billion including total loans with a preliminary fair value of approximately $1.6 billion and investments with a fair value of $226.5 million. The Corporation assumed total liabilities with a fair value of $1.8 billion including total deposits with a fair value of $1.5 billion and borrowings with a fair value of $276.0 million. Financial Highlights
Second quarter of 2026 operating results of $0.60 per diluted share(1) were impacted by the following items:
Net interest margin remained solid at 3.60%, representing a two basis point increase from the prior quarter. Non-interest income increased $9.5 million to $79.3 million compared to $69.8 million in the prior quarter. Non-interest expense increased $30.7 million to $231.0 million compared to $200.3 million in the prior quarter. Operating non-interest expense increased $19.9 million to $210.6 million(1) compared to $190.7 million in the prior quarter. Provision for credit losses was $4.9 million resulting in an allowance for credit losses attributable to net loans of $382.6 million, or 1.48% of total net loans as of June 30, 2026. The initial allowance for credit losses on loans acquired in the Blue Foundry Bancorp Transaction was $31.0 million. Common equity tier 1 capital ratio(3) increased to approximately 12.1% compared to 11.9% in the prior quarter. During the second quarter of 2026, 525,000 shares of the Corporation's common stock were repurchased under the 2026 Repurchase Program(4) at a cost of $11.1 million or an average of $21.19 per share. As of June 30, 2026, the Corporation repurchased $35.6 million of common stock under the 2026 Repurchase Program. The following items highlight notable changes in the components of net income in the second quarter of 2026 compared to the first quarter of 2026:
Net interest income increased $22.2 million to $284.3 million driven by a $17.5 million increase attributable to the Blue Foundry Bancorp Transaction. A $32.6 million increase in interest income on net loans, a $2.9 million increase in interest income on investment securities and a $2.6 million increase in interest income in other interest-earning assets were partially offset by a $10.9 million increase in interest expense on deposits and a $4.9 million increase in interest expense on borrowings and other interest-bearing liabilities. Purchase loan mark accretion from loans acquired in the Republic Transaction(5) was $9.9 million in the second quarter of 2026 compared to $10.3 million in the prior quarter. Purchase loan mark accretion from loans acquired in the Blue Foundry Bancorp Transaction was $5.2 million in the second quarter of 2026. Interest expense on borrowings and other interest-bearing liabilities included approximately $2.4 million from the Corporation's $195.0 million aggregate principal amount of outstanding 3.250% Fixed-to-Floating Rate Subordinated Notes due 2030 that were redeemed on June 15, 2026. Non-interest income before investment securities gains (losses) was $79.3 million compared to $69.8 million in the prior quarter. The $9.5 million increase was primarily attributable to a $7.3 million increase in income from equity method investments, reflected in other income, that included $6.9 million of income recognized from an equity method investment that was sold during the quarter. Compared to the prior quarter, mortgage banking income increased by $1.0 million. Non-interest expense was $231.0 million compared to $200.3 million in the prior quarter. The $30.7 million increase was primarily due to an $11.2 million increase in acquisition-related expenses and a $10.3 million increase in salaries and employee benefits expense driven by a $6.2 million increase as a result of the Blue Foundry Bancorp Transaction and a $3.5 million increase in incentive compensation expense. Increases of $2.2 million and $1.8 million in other outside services expense and data processing and software expense, respectively, were primarily driven by the Blue Foundry Bancorp Transaction. Other non-interest expense for the second quarter of 2026 included a $2.1 million charge incurred related to merging two employee pension plans and $0.8 million of debt extinguishment costs. Balance Sheet Summary
Total net loans increased $1.7 billion to $25.9 billion compared to $24.3 billion as of March 31, 2026. The increase was primarily due to a $1.6 billion increase in loans, based on preliminary fair values, as a result of the Blue Foundry Bancorp Transaction. Excluding the Blue Foundry Bancorp Transaction, net loans increased $102.6 million with an increase of $206.9 million in consumer loans(6), partially offset by a decrease of $104.3 million in commercial loans(6). Deposits totaled $28.3 billion, a $1.5 billion increase compared to $26.8 billion as of March 31, 2026. The increase was primarily due to a $1.2 billion increase in deposits as a result of the Blue Foundry Bancorp Transaction. Excluding the Blue Foundry Bancorp Transaction, net deposits increased $249.2 million due to increases of $257.4 million in brokered deposits, $189.4 million in savings deposits and $76.4 million in time deposits, partially offset by decreases of $155.6 million in interest-bearing demand deposits and $118.5 million in noninterest-bearing demand deposits. On May 5, 2026, the Corporation issued $300.0 million aggregate principal amount of 5.950% Fixed-to-Floating Rate Subordinated Notes due 2036. On June 15, 2026, the Corporation redeemed $195.0 million aggregate principal amount of outstanding 3.250% Fixed-to-Floating Rate Subordinated Notes due 2030. Provision for Credit Losses and Asset Quality
The provision for credit losses totaled $4.9 million in the second quarter of 2026 compared to $14.4 million in the first quarter of 2026. The allowance for credit losses attributable to net loans was $382.6 million, or 1.48% of total net loans as of June 30, 2026, compared to $367.5 million, or 1.51% of total net loans as of March 31, 2026. The increase was largely due to a $28.7 million increase in the allowance for credit losses as a result of the Blue Foundry Bancorp Transaction. Non-performing assets were $187.1 million, or 0.54% of total assets, as of June 30, 2026, in comparison to $177.5 million, or 0.55% of total assets, as of March 31, 2026. Non-performing assets include $16.4 million from the Blue Foundry Bancorp Transaction. Annualized net charge-offs for the second quarter of 2026 were 0.34% of total average loans in comparison to 0.25% in the prior quarter. Additional information on Fulton is available at www.fultonbank.com.
(1)
Financial measure derived by methods other than generally accepted accounting principles ("GAAP"). Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of the press release.
(2)
On April 1, 2026, the Corporation completed its previously announced acquisition of Blue Foundry Bancorp (the "Blue Foundry Bancorp Transaction"). Following the Blue Foundry Bancorp Transaction, Blue Foundry Bank, a New Jersey-chartered stock savings bank and wholly owned subsidiary of Blue Foundry Bancorp, operated as a separate, wholly owned subsidiary of the Corporation until Blue Foundry Bank merged with and into the Corporation's wholly owned subsidiary Fulton Bank, National Association ("Fulton Bank") on July 11, 2026, with Fulton Bank continuing as the surviving bank.
(3)
Regulatory capital ratios as of June 30, 2026 are preliminary estimates and prior periods are actual.
(4)
The 2026 Repurchase Program represents the authorization, commencing on January 1, 2026 and expiring on January 31, 2027, to repurchase up to $150 million, excluding fees, commissions, excise tax and other ancillary expenses, of the Corporation's common stock. Under this authorization, up to $25 million of the $150 million authorization may be used to repurchase the Corporation's preferred stock, outstanding subordinated notes due 2030 or outstanding subordinated notes due 2035. As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases may be made from time to time under the 2026 Repurchase Program in open market or privately negotiated transactions, including without limitation, through accelerated share repurchase transactions. The 2026 Repurchase Program may be discontinued at any time.
(5)
On April 26, 2024, Fulton Bank acquired substantially all of the assets and assumed substantially all of the deposits and certain liabilities of Republic First Bank, doing business as Republic Bank ("Republic Bank"), from the Federal Deposit Insurance Corporation (the "FDIC"), as receiver for Republic Bank (the "Republic Transaction"), pursuant to the terms of the Purchase and Assumption Agreement - Whole Bank, All Deposits, effective as of April 26, 2024 among the FDIC, as receiver of Republic Bank, the FDIC and Fulton Bank.
(6)
Commercial loans, excluding those acquired in the Blue Foundry Bancorp Transaction, include decreases of $54.9 million in commercial and industrial loans, $29.7 million in commercial construction loans, reflected in real estate - construction, $18.8 million in real estate - commercial mortgage loans and $1.0 million in leases and other loans. Consumer loans, excluding those acquired in the Blue Foundry Bancorp Transaction, include increases of $132.3 million in real estate - residential mortgage loans, $48.7 million in real estate - home equity loans, $20.9 million in residential construction loans, reflected in real estate - construction and $5.0 million in consumer loans.
Note: Some numbers contained in this document may not sum due to rounding.
Forward-Looking Statements
This press release may contain forward-looking statements with respect to the Corporation's financial condition, results of operations and business. Forward-looking statements are any statement that does not relate to historical or current facts and can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," "projects," the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation's future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation's business or financial results.
Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation's business, plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation's control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Numerous factors could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, including, but not limited to, the following: the impact of adverse conditions in the economy and financial markets; trade policies and the imposition of tariffs and retaliatory tariffs; the impacts of events affecting the financial services industry; the effects of actions by the federal government, including those of the Board of Governors of the Federal Reserve System and other government agencies, that impact the money supply and market interest rates; the effects of market interest rates and the relative balances of interest rate-sensitive assets to interest rate-sensitive liabilities on net interest margin and net interest income; the composition of the Corporation's loan portfolio and potential exposure to increased credit risk; the effects of changes in interest rates; investment securities gains and losses, including declines in the fair value of securities; disruptions in liquidity markets; capital and liquidity strategies; the Corporation's ability to generate capital internally or raise capital on favorable terms; the effects of competition; possible goodwill impairment charges; the impact of operational risks; the loss of, or failure to safeguard, confidential or proprietary information; the Corporation's failure to identify and promptly address cybersecurity risks; the impact of failures of the Corporation's third-party vendors to perform in accordance with contractual arrangements; the effects of concerns about other financial institutions on the Corporation; potential losses in connection with repurchase and indemnification payments related to sold loans; the effects of climate change on the Corporation's business and results of operations; the effects of increases in non-performing assets; the determination of the allowance for credit losses; the effects of the extensive level of regulation and supervision to which the Corporation and Fulton Bank are subject; changes in law, regulation and government policy; the continuing impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act; potential negative consequences resulting from regulatory violations, investigations and examinations; the effects of adverse outcomes in litigation and governmental or administrative proceedings; the effects of changes in U.S. federal, state or local tax laws; the effects of the significant amounts of time and expense associated with regulatory compliance and risk management; the Corporation's ability to realize anticipated reductions in non-interest expense and increases in revenue from strategic initiatives implemented from time to time; risks related to the acquisition of Blue Foundry Bancorp; completed and potential future acquisitions may affect costs and the Corporation may not be able to successfully integrate the acquired business or realize the anticipated benefits from such acquisitions; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism, military conflicts, wars and other international hostilities; public health crises and pandemics; the Corporation's ability to achieve its growth plans; the Corporation's ability to attract and retain talented personnel; the effects of competition from financial service companies and other companies offering bank services; the Corporation's ability to keep pace with technological changes; the Corporation's reliance on its subsidiaries for substantially all of its revenues; and the effects of negative publicity on the Corporation's reputation. For additional information about factors that could cause actual results to differ materially from those described in forward-looking statements, refer to the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and other current and periodic reports, which have been, or will be, filed with the Securities and Exchange Commission (the "SEC") and are, or will be, available in the Investor Relations section of the Corporation's website (www.fultonbank.com) and on the SEC's website (www.sec.gov).
Non-GAAP Financial Measures
The Corporation uses certain financial measures in this press release that have been derived from methods other than GAAP. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this press release.
FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
(dollars in thousands, except per share and shares data)
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Ending Balances
Investment securities(1)
$ 5,122,759
$ 4,861,967
$ 4,833,744
$ 5,045,270
$ 5,093,027
Net loans
25,934,293
24,266,345
24,144,884
24,041,489
24,012,539
Total assets
34,556,720
32,237,438
32,118,400
31,995,086
32,040,448
Deposits
28,250,342
26,768,335
26,589,407
26,332,490
26,138,067
Shareholders' equity
3,815,813
3,505,283
3,490,447
3,413,598
3,329,246
Average Balances
Investment securities(1)
4,983,015
4,785,276
4,921,669
5,025,072
5,084,371
Net loans
25,883,823
24,225,655
24,053,089
24,020,322
23,899,743
Total assets
34,193,608
31,999,228
32,013,163
31,924,038
31,901,574
Deposits
28,014,666
26,451,094
26,537,659
26,298,680
26,125,602
Shareholders' equity
3,788,421
3,543,911
3,464,539
3,361,368
3,304,015
Income Statement
Net interest income
284,252
262,023
266,042
264,198
254,921
Provision for credit losses
4,897
14,442
2,948
10,245
8,607
Non-interest income
79,306
69,841
69,980
70,407
69,148
Non-interest expense
230,954
200,294
212,986
196,574
192,811
Income before taxes
127,707
117,128
120,088
127,786
122,651
Net income available to common shareholders
99,852
92,199
96,408
97,892
96,636
Per Share
Net income available to common shareholders (basic)
$0.52
$0.51
$0.53
$0.54
$0.53
Net income available to common shareholders (diluted)
$0.52
$0.51
$0.53
$0.53
$0.53
Operating net income available to common shareholders(2)
$0.60
$0.55
$0.55
$0.55
$0.55
Cash dividends
$0.19
$0.19
$0.19
$0.18
$0.18
Common shareholders' equity
$18.92
$18.52
$18.33
$17.81
$17.20
Common shareholders' equity (tangible)(2)
$15.61
$15.12
$14.92
$14.39
$13.78
Weighted average shares (basic)
191,386
179,720
180,405
181,658
182,261
Weighted average shares (diluted)
192,997
181,655
182,197
183,349
183,813
(1) Includes related unrealized holding gains (losses) for available for sale ("AFS") securities.
(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Asset Quality
Net charge-offs to average loans (annualized)
0.34 %
0.25 %
0.24 %
0.18 %
0.20 %
Non-performing loans to total net loans
0.70 %
0.72 %
0.76 %
0.83 %
0.89 %
Non-performing assets to total assets
0.54 %
0.55 %
0.58 %
0.63 %
0.67 %
ACL - loans(1) to total loans
1.48 %
1.51 %
1.51 %
1.57 %
1.57 %
ACL - loans(1) to non-performing loans
211 %
209 %
198 %
189 %
177 %
Profitability
Return on average assets
1.20 %
1.20 %
1.23 %
1.25 %
1.25 %
Operating return on average assets(2)
1.39 %
1.30 %
1.27 %
1.29 %
1.30 %
Return on average common shareholders' equity
11.14 %
11.16 %
11.69 %
12.26 %
12.46 %
Operating return on average common shareholders' equity (tangible)(2)
15.71 %
14.76 %
14.86 %
15.79 %
16.26 %
Net interest margin
3.60 %
3.58 %
3.59 %
3.57 %
3.47 %
Efficiency ratio(2)
57.3 %
56.7 %
60.0 %
56.5 %
57.1 %
Non-interest expense to total average assets
2.71 %
2.54 %
2.64 %
2.44 %
2.42 %
Operating non-interest expense to total average assets(2)
2.47 %
2.42 %
2.53 %
2.38 %
2.36 %
Capital Ratios(3)
Tangible common equity ratio ("TCE")(2)
8.8 %
8.6 %
8.5 %
8.3 %
8.0 %
Tier 1 leverage ratio
9.9 %
9.9 %
9.7 %
9.6 %
9.4 %
Common equity Tier 1 capital ratio
12.1 %
11.9 %
11.8 %
11.6 %
11.3 %
Tier 1 risk-based capital ratio
12.8 %
12.7 %
12.6 %
12.4 %
12.1 %
Total risk-based capital ratio
15.9 %
15.2 %
15.2 %
15.0 %
14.7 %
(1) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet
("OBS") credit exposures.
(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.
(3) Regulatory capital ratios as of June 30, 2026 are preliminary estimates and prior periods are actual.
(1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.
(2) Includes equipment lease financing, overdraft and net origination fees and costs.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands, except per share and share data)
Three months ended
Six months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Jun 30
2026
2026
2025
2025
2025
2026
2025
Net Interest Income:
Interest income
$ 428,154
$ 390,056
$ 403,416
$ 411,006
$ 402,761
$ 818,210
$ 802,452
Interest expense
143,902
128,033
137,374
146,808
147,840
271,935
296,345
Net Interest Income
284,252
262,023
266,042
264,198
254,921
546,275
506,107
Provision for credit losses
4,897
14,442
2,948
10,245
8,607
19,339
22,505
Net Interest Income after Provision
279,355
247,581
263,094
253,953
246,314
526,936
483,602
Non-Interest Income:
Wealth management
23,139
24,496
23,879
22,639
22,281
47,635
44,066
Commercial banking:
Merchant and card
7,496
6,343
6,847
7,327
7,376
13,839
13,967
Cash management
8,817
8,363
8,374
8,335
8,376
17,180
16,175
Capital markets
3,530
3,614
3,730
2,908
2,945
7,144
5,356
Other commercial banking
4,979
4,486
5,162
4,595
4,734
9,465
9,262
Total commercial banking
24,822
22,806
24,113
23,165
23,431
47,628
44,760
Consumer banking:
Card
8,596
7,887
8,366
8,246
7,958
16,483
15,502
Overdraft
3,858
3,798
4,109
4,153
3,817
7,656
7,112
Other consumer banking
2,891
2,491
2,967
2,775
2,753
5,382
4,982
Total consumer banking
15,345
14,176
15,442
15,174
14,528
29,521
27,596
Mortgage banking
4,938
3,955
3,636
3,711
3,991
8,893
7,130
Other
11,062
4,408
2,910
5,718
4,917
15,470
12,830
Non-interest income before investment securities (losses) gains
79,306
69,841
69,980
70,407
69,148
149,147
136,382
Investment securities (losses) gains, net
—
—
—
—
—
—
(2)
Total Non-Interest Income
79,306
69,841
69,980
70,407
69,148
149,147
136,380
Non-Interest Expense:
Salaries and employee benefits
120,184
109,917
121,632
111,265
107,123
230,101
210,649
Data processing and software
20,419
18,662
19,695
18,535
18,262
39,081
36,861
Net occupancy
17,841
18,229
17,554
15,954
16,410
36,070
34,617
Other outside services
14,999
12,750
13,105
12,951
12,009
27,749
23,846
Intangible amortization
5,910
5,349
5,365
5,368
5,460
11,260
11,729
FDIC insurance
4,430
4,249
4,540
5,089
4,951
8,679
10,549
Equipment
4,086
3,924
4,001
3,926
4,100
8,010
8,249
Marketing
2,818
2,331
1,694
2,470
2,604
5,149
5,124
Professional fees
2,342
2,239
2,088
2,320
2,163
4,581
1,085
Acquisition-related expenses
13,839
2,644
802
—
—
16,483
380
Other
24,086
20,000
22,510
18,696
19,729
44,085
39,181
Total Non-Interest Expense
230,954
200,294
212,986
196,574
192,811
431,248
382,270
Income Before Income Taxes
127,707
117,128
120,088
127,786
122,651
244,835
237,712
Income tax expense
25,293
22,367
21,118
27,332
23,453
47,660
45,527
Net Income
102,414
94,761
98,970
100,454
99,198
197,175
192,185
Preferred stock dividends
(2,562)
(2,562)
(2,562)
(2,562)
(2,562)
(5,124)
(5,124)
Net Income Available to Common Shareholders
$ 99,852
$ 92,199
$ 96,408
$ 97,892
$ 96,636
$ 192,051
$ 187,061
Three months ended
Six months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Jun 30
2026
2026
2025
2025
2025
2026
2025
PER SHARE:
Net income available to common shareholders:
Net income available to common shareholders (basic)
$0.52
$0.51
$0.53
$0.54
$0.53
$1.03
$1.03
Net income available to common shareholders (diluted)
$0.52
$0.51
$0.53
$0.53
$0.53
$1.02
$1.02
Cash dividends
$0.19
$0.19
$0.19
$0.18
$0.18
$0.38
$0.36
Weighted average shares (basic)
191,386
179,720
180,405
181,658
182,261
185,585
182,220
Weighted average shares (diluted)
192,997
181,655
182,197
183,349
183,813
187,377
183,999
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
Three months ended
June 30, 2026
March 31, 2026
June 30, 2025
Average
Yield/
Average
Yield/
Average
Yield/
Balance
Interest(1)
Rate
Balance
Interest(1)
Rate
Balance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans(2)
$ 25,883,823
$ 374,426
5.80 %
$ 24,225,655
$ 341,843
5.70 %
$ 23,899,742
$ 349,490
5.86 %
Investment securities(3)
5,233,693
47,661
3.64 %
5,001,079
44,771
3.58 %
5,390,953
49,463
3.67 %
Other interest-earning assets
997,586
10,377
4.17 %
773,171
7,745
4.05 %
682,075
8,197
4.82 %
Total Interest-Earning Assets
32,115,102
432,464
5.40 %
29,999,905
394,359
5.31 %
29,972,770
407,150
5.44 %
Noninterest-earning assets:
Cash and due from banks
310,904
300,074
277,880
Premises and equipment
189,791
173,203
186,989
Other assets
1,978,494
1,896,687
1,848,891
Less: ACL - loans(4)
(400,683)
(370,641)
(384,956)
Total Assets
$ 34,193,608
$ 31,999,228
$ 31,901,574
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Demand deposits
$ 8,279,932
$ 32,443
1.57 %
$ 7,774,121
$ 29,036
1.51 %
$ 7,800,881
$ 34,745
1.79 %
Savings deposits
9,128,400
47,299
2.08 %
8,684,478
44,663
2.09 %
8,219,637
47,462
2.32 %
Brokered deposits
887,546
8,589
3.88 %
856,823
8,210
3.89 %
688,957
7,495
4.36 %
Time deposits
4,540,334
38,406
3.39 %
4,015,644
33,896
3.42 %
4,112,130
39,492
3.85 %
Total Interest-Bearing Deposits
22,836,212
126,737
2.23 %
21,331,066
115,805
2.20 %
20,821,605
129,194
2.49 %
Borrowings and other interest-bearing liabilities
1,744,871
17,165
3.95 %
1,359,113
12,228
3.65 %
1,756,246
18,646
4.26 %
Total Interest-Bearing Liabilities
24,581,083
143,902
2.35 %
22,690,179
128,033
2.29 %
22,577,851
147,840
2.62 %
Noninterest-bearing liabilities:
Demand deposits
5,178,454
5,120,028
5,303,997
Other liabilities
645,650
645,110
715,711
Total Liabilities
30,405,187
28,455,317
28,597,559
Total Deposits
28,014,666
1.81 %
26,451,094
1.78 %
26,125,602
1.98 %
Total interest-bearing liabilities and non-interest bearing deposits (cost of funds)
29,759,537
1.94 %
27,810,207
1.87 %
27,881,848
2.13 %
Shareholders' equity
3,788,421
3,543,911
3,304,015
Total Liabilities and Shareholders' Equity
$ 34,193,608
$ 31,999,228
$ 31,901,574
Net interest income/net interest margin (fully taxable equivalent)
288,562
3.60 %
266,326
3.58 %
259,310
3.47 %
Tax equivalent adjustment
(4,310)
(4,303)
(4,389)
Net Interest Income
$ 284,252
$ 262,023
$ 254,921
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
(2) Average balances include non-performing loans.
(3) Average balances include amortized historical cost for AFS securities; the related unrealized holding gains (losses) are included in other assets.
(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities.
FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)
(dollars in thousands)
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Loans, by type:
Real estate - commercial mortgage
$ 10,887,986
$ 9,930,713
$ 9,785,717
$ 9,721,395
$ 9,652,320
Commercial and industrial
4,602,800
4,522,694
4,473,522
4,494,662
4,530,085
Real estate - residential mortgage
7,189,941
6,696,646
6,646,318
6,560,413
6,448,443
Real estate - home equity
1,298,632
1,235,977
1,223,293
1,191,465
1,179,109
Real estate - construction
962,625
926,026
1,014,343
1,125,130
1,172,138
Consumer
592,106
576,852
577,136
590,658
599,505
Leases and other loans(1)
349,733
336,747
332,760
336,599
318,142
Total Net Loans
$ 25,883,823
$ 24,225,655
$ 24,053,089
$ 24,020,322
$ 23,899,742
Deposits, by type:
Noninterest-bearing demand
$ 5,178,454
$ 5,120,028
$ 5,243,390
$ 5,239,393
$ 5,303,997
Interest-bearing demand
8,279,932
7,774,121
7,984,980
7,876,227
7,800,881
Savings
9,128,400
8,684,478
8,519,075
8,391,379
8,219,637
Total demand and savings
22,586,786
21,578,627
21,747,445
21,506,999
21,324,515
Brokered
887,546
856,823
803,755
694,486
688,957
Time
4,540,334
4,015,644
3,986,459
4,097,195
4,112,130
Total Deposits
$ 28,014,666
$ 26,451,094
$ 26,537,659
$ 26,298,680
$ 26,125,602
Borrowings, by type:
Federal funds purchased
$ —
$ —
$ 54
$ —
$ 1,099
Federal Home Loan Bank advances
475,983
221,039
237,880
484,022
712,198
Senior debt and subordinated debt
509,493
367,679
367,598
367,517
367,438
Other borrowings and other interest-bearing liabilities
759,395
770,395
740,305
713,456
675,511
Total Borrowings
$ 1,744,871
$ 1,359,113
$ 1,345,837
$ 1,564,995
$ 1,756,246
(1) Includes equipment lease financing, overdraft and net origination fees and costs.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
Six months ended June 30,
2026
2025
Average
Yield/
Average
Yield/
Balance
Interest(1)
Rate
Balance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans(2)
$ 25,059,319
$ 716,268
5.75 %
$ 23,953,003
$ 697,115
5.86 %
Investment securities(3)
5,118,030
92,432
3.61 %
5,295,507
96,706
3.65 %
Other interest-earning assets
885,999
18,122
4.12 %
737,302
17,361
4.74 %
Total Interest-Earning Assets
31,063,348
826,822
5.35 %
29,985,812
811,182
5.44 %
Noninterest-Earning assets:
Cash and due from banks
305,519
289,822
Premises and equipment
181,545
189,108
Other assets
1,937,815
1,856,900
Less: ACL - loans(4)
(385,745)
(385,241)
Total Assets
$ 33,102,482
$ 31,936,401
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Demand deposits
$ 8,028,425
$ 61,480
1.54 %
$ 7,777,364
$ 68,934
1.79 %
Savings deposits
8,907,666
91,961
2.08 %
8,134,377
92,563
2.29 %
Brokered deposits
872,269
16,798
3.88 %
796,243
17,533
4.44 %
Time deposits
4,279,437
72,304
3.41 %
4,081,913
81,055
4.00 %
Total Interest-Bearing Deposits
22,087,797
242,543
2.21 %
20,789,897
260,085
2.52 %
Borrowings and other interest-bearing liabilities
1,553,057
29,392
3.82 %
1,755,577
36,260
4.17 %
Total Interest-Bearing Liabilities
23,640,854
271,935
2.32 %
22,545,474
296,345
2.65 %
Noninterest-Bearing liabilities:
Demand deposits
5,149,402
5,357,731
Other liabilities
645,385
753,988
Total Liabilities
29,435,641
28,657,193
Total Deposits
27,237,199
1.80 %
26,147,628
2.01 %
Total interest-bearing liabilities and non-interest bearing deposits (cost of funds)
28,790,256
1.90 %
27,903,205
2.14 %
Shareholders' equity
3,666,841
3,279,208
Total Liabilities and Shareholders' Equity
$ 33,102,482
$ 31,936,401
Net interest income/net interest margin (fully taxable equivalent)
554,887
3.59 %
514,837
3.45 %
Tax equivalent adjustment
(8,612)
(8,730)
Net Interest Income
$ 546,275
$ 506,107
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
(2) Average balances include non-performing loans.
(3) Average balances include amortized historical cost for AFS; the related unrealized holding gains (losses) are included in other assets.
(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities.
FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)
(dollars in thousands)
Six months ended June 30,
2026
2025
Loans, by type:
Real estate - commercial mortgage
$ 10,403,830
$ 9,653,793
Commercial and industrial
4,571,311
4,569,027
Real estate - residential mortgage
6,944,657
6,408,432
Real estate - home equity
1,267,478
1,169,961
Real estate - construction
944,248
1,233,770
Consumer
584,521
607,578
Leases and other loans(1)
343,274
310,442
Total Net Loans
$ 25,059,319
$ 23,953,003
Deposits, by type:
Noninterest-bearing demand
$ 5,149,402
$ 5,357,731
Interest-bearing demand
8,028,425
7,777,364
Savings
8,907,666
8,134,377
Total demand and savings
22,085,493
21,269,472
Brokered
872,269
796,243
Time
4,279,437
4,081,913
Total Deposits
$ 27,237,199
$ 26,147,628
Borrowings, by type:
Federal funds purchased
$ —
$ 552
Federal Home Loan Bank advances
349,215
710,790
Senior debt and subordinated debt
438,978
367,398
Other borrowings and other interest-bearing liabilities
764,865
676,837
Total Borrowings
$ 1,553,058
$ 1,755,577
(1) Includes equipment lease financing, overdraft and net origination fees and costs.
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
(dollars in thousands)
Three months ended
Six months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Jun 30
Jun 30
2026
2026
2025
2025
2025
2026
2025
Allowance for credit losses related to net loans:
Balance at beginning of period
$ 367,489
$ 364,462
$ 376,258
$ 377,337
$ 379,677
$ 364,462
$ 379,156
Initial allowance for credit losses on purchased loans
30,993
3,351
—
—
—
34,344
—
Loans charged off:
Real estate - commercial mortgage
(10,789)
(4,102)
(14,104)
(3,906)
(6,402)
(14,891)
(18,508)
Commercial and industrial
(12,015)
(10,545)
(5,295)
(5,847)
(5,780)
(22,560)
(9,645)
Real estate - residential mortgage
(121)
(391)
(58)
(394)
(258)
(512)
(601)
Consumer and home equity
(2,119)
(2,164)
(2,212)
(2,527)
(1,885)
(4,284)
(4,078)
Real estate - construction
—
—
—
(5,286)
(100)
—
(100)
Leases and other loans(1)
(966)
(1,116)
(1,140)
(1,479)
(1,491)
(2,081)
(3,018)
Total loans charged off
(26,010)
(18,318)
(22,809)
(19,439)
(15,916)
(44,328)
(35,950)
Recoveries of loans previously charged off:
Real estate - commercial mortgage
1,629
701
633
4,307
133
2,330
507
Commercial and industrial
1,280
740
6,592
3,205
2,628
2,020
8,580
Real estate - residential mortgage
197
72
230
33
203
268
377
Consumer and home equity
484
584
861
726
899
1,068
1,559
Real estate - construction
—
884
—
47
99
884
181
Leases and other loans(1)
404
429
146
192
240
834
441
Total recoveries of loans previously charged off
3,994
3,410
8,462
8,510
4,202
7,404
11,645
Net loans charged off
(22,016)
(14,908)
(14,347)
(10,929)
(11,714)
(36,924)
(24,305)
Provision for credit losses(2)
6,308
14,584
2,551
9,850
9,374
20,892
22,486
Other
(194)
—
—
—
—
(194)
—
Balance at end of period
$ 382,580
$ 367,489
$ 364,462
$ 376,258
$ 377,337
$ 382,580
$ 377,337
Net charge-offs to average loans(3)
0.34 %
0.25 %
0.24 %
0.18 %
0.20 %
0.30 %
0.20 %
Provision for credit losses related to OBS Credit Exposures
Provision for credit losses(2)
$ (1,411)
$ (142)
$ 397
$ 395
$ (767)
$ (1,553)
$ 19
NON-PERFORMING ASSETS:
Non-accrual loans
$ 146,457
$ 142,035
$ 153,872
$ 150,137
$ 182,942
Loans 90 days past due and accruing
34,815
33,816
29,924
48,597
29,949
Total non-performing loans
181,272
175,851
183,796
198,734
212,891
Other real estate owned
5,791
1,648
1,365
2,305
2,706
Total non-performing assets
$ 187,063
$ 177,499
$ 185,161
$ 201,039
$ 215,597
NON-PERFORMING LOANS, BY TYPE:
Commercial and industrial
$ 39,466
$ 47,759
$ 47,756
$ 48,817
$ 45,565
Real estate - commercial mortgage
66,445
64,890
74,981
87,789
90,852
Real estate - residential mortgage
56,821
47,826
45,569
44,689
37,703
Consumer and home equity
12,387
12,339
11,875
12,658
11,109
Real estate - construction
6,135
3,000
2,267
3,461
25,602
Leases and other loans(2)
18
37
1,348
1,320
2,060
Total non-performing loans
$ 181,272
$ 175,851
$ 183,796
$ 198,734
$ 212,891
(1) Includes equipment lease financing, overdrafts and net origination fees and costs.
(2) The sum of these amounts are reflected in the provision for credit losses in the Condensed Consolidated Statements of Income.
(3) Quarterly results are annualized.
FULTON FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)
(dollars in thousands, except per share and share data)
Explanatory note:
This press release contains supplemental financial information, as detailed below, that has been derived by methods other than GAAP. The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Operating net income available to common shareholders
Net income available to common shareholders
$ 99,852
$ 92,199
$ 96,408
$ 97,892
$ 96,636
Less: Other (1)
—
—
(4,989)
(738)
(9)
Plus: Core deposit intangible amortization
5,816
5,255
5,255
5,255
5,346
Plus: Acquisition-related expense
13,839
2,644
802
—
—
Plus: FDIC special assessment
—
—
(95)
—
—
Plus: FultonFirst implementation and asset disposals
(189)
1,556
2,795
(207)
(270)
Plus: Debt extinguishment costs
787
—
—
—
—
Less: Tax impact of adjustments
(4,253)
(1,985)
(791)
(905)
(1,064)
Operating net income available to common shareholders (numerator)
$ 115,852
$ 99,669
$ 99,385
$ 101,297
$ 100,639
Weighted average shares (diluted) (denominator)
192,997
181,655
182,197
183,349
183,813
Operating net income available to common shareholders, per share (diluted)
$ 0.60
$ 0.55
$ 0.55
$ 0.55
$ 0.55
Common shareholders' equity (tangible), per share
Shareholders' equity
$ 3,815,813
$ 3,505,283
$ 3,490,447
$ 3,413,598
$ 3,329,246
Less: Preferred stock
(192,878)
(192,878)
(192,878)
(192,878)
(192,878)
Less: Goodwill and intangible assets
(633,485)
(607,647)
(612,996)
(618,361)
(623,729)
Tangible common shareholders' equity (numerator)
$ 2,989,450
$ 2,704,758
$ 2,684,573
$ 2,602,359
$ 2,512,639
Shares outstanding, end of period (denominator)
191,461
178,843
179,895
180,865
182,379
Common shareholders' equity (tangible), per share
$ 15.61
$ 15.12
$ 14.92
$ 14.39
$ 13.78
(1) Includes loan recovery adjustments of $5.0 million and $0.6 million in the fourth quarter of 2025 and the third quarter of 2025, respectively, reflected in the provision for credit losses related to a loan acquired in the Republic Transaction.
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Operating return on average assets
Net income
$ 102,414
$ 94,761
$ 98,970
$ 100,454
$ 99,198
Less: Other (1)
—
—
(4,989)
(738)
(9)
Plus: Core deposit intangible amortization
5,816
5,255
5,255
5,255
5,346
Plus: Acquisition-related expense
13,839
2,644
802
—
—
Plus: FDIC special assessment
—
—
(95)
—
—
Plus: FultonFirst implementation and asset disposals
(189)
1,556
2,795
(207)
(270)
Plus: Debt extinguishment costs
787
—
—
—
—
Less: Tax impact of adjustments
(4,253)
(1,985)
(791)
(905)
(1,064)
Operating net income (numerator)
$ 118,414
$ 102,231
$ 101,947
$ 103,859
$ 103,201
Total average assets
$ 34,193,608
$ 31,999,228
$ 32,013,163
$ 31,924,038
$ 31,901,574
Less: Average net core deposit intangible
(66,665)
(54,629)
(60,726)
(65,999)
(71,282)
Total operating average assets (denominator)
$ 34,126,943
$ 31,944,599
$ 31,952,437
$ 31,858,039
$ 31,830,292
Operating return on average assets(2)
1.39 %
1.30 %
1.27 %
1.29 %
1.30 %
Operating return on average common shareholders' equity (tangible)
Net income available to common shareholders
$ 99,852
$ 92,199
$ 96,408
$ 97,892
$ 96,636
Less: Other (1)
—
—
(4,989)
(738)
(9)
Plus: Intangible amortization
5,910
5,349
5,365
5,368
5,460
Plus: Acquisition-related expense
13,839
2,644
802
—
—
Plus: FDIC special assessment
—
—
(95)
—
—
Plus: FultonFirst implementation and asset disposals
(189)
1,556
2,795
(207)
(270)
Plus: Debt extinguishment costs
787
—
—
—
—
Less: Tax impact of adjustments
(4,273)
(2,005)
(814)
(929)
(1,088)
Adjusted net income available to common shareholders (numerator)
$ 115,926
$ 99,743
$ 99,472
$ 101,386
$ 100,729
Average shareholders' equity
$ 3,788,421
$ 3,543,911
$ 3,464,539
$ 3,361,368
$ 3,304,015
Less: Average preferred stock
(192,878)
(192,878)
(192,878)
(192,878)
(192,878)
Less: Average goodwill and intangible assets
(635,278)
(610,262)
(615,600)
(620,986)
(626,383)
Average tangible common shareholders' equity (denominator)
$ 2,960,265
$ 2,740,771
$ 2,656,061
$ 2,547,504
$ 2,484,754
Operating return on average common shareholders' equity (tangible)(2)
15.71 %
14.76 %
14.86 %
15.79 %
16.26 %
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity
$ 3,815,813
$ 3,505,283
$ 3,490,447
$ 3,413,598
$ 3,329,246
Less: Preferred stock
(192,878)
(192,878)
(192,878)
(192,878)
(192,878)
Less: Goodwill and intangible assets
(633,485)
(607,647)
(612,996)
(618,361)
(623,729)
Tangible common shareholders' equity (numerator)
$ 2,989,450
$ 2,704,758
$ 2,684,573
$ 2,602,359
$ 2,512,639
Total assets
$ 34,556,720
$ 32,237,438
$ 32,118,400
$ 31,995,086
$ 32,040,448
Less: Goodwill and intangible assets
(633,485)
(607,647)
(612,996)
(618,361)
(623,729)
Total tangible assets (denominator)
$ 33,923,235
$ 31,629,791
$ 31,505,404
$ 31,376,725
$ 31,416,719
Tangible common equity to tangible assets
8.81 %
8.55 %
8.52 %
8.29 %
8.00 %
(1) Includes loan recovery adjustments of $5.0 million and $0.6 million in the fourth quarter of 2025 and the third quarter of 2025, respectively, reflected in the provision for credit losses related to a loan acquired in the Republic Transaction.
(2) Results are annualized.
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Efficiency ratio
Non-interest expense
$ 230,954
$ 200,294
$ 212,986
$ 196,574
$ 192,811
Less: Acquisition-related expense
(13,839)
(2,644)
(802)
—
—
Less: FDIC special assessment
—
—
95
—
—
Less: FultonFirst implementation and asset disposals
189
(1,556)
(2,795)
207
270
Less: Debt extinguishment costs
(787)
—
—
—
—
Less: Intangible amortization
(5,910)
(5,349)
(5,365)
(5,368)
(5,460)
Operating non-interest expense (numerator)
$ 210,607
$ 190,745
$ 204,119
$ 191,413
$ 187,621
Net interest income
$ 284,252
$ 262,023
$ 266,042
$ 264,198
$ 254,921
Tax equivalent adjustment
4,310
4,303
4,416
4,436
4,389
Plus: Total non-interest income
79,306
69,841
69,980
70,407
69,148
Less: Other revenue
—
—
11
(138)
(9)
Plus: Investment securities (gains) losses, net
—
—
—
—
—
Total revenue (denominator)
$ 367,868
$ 336,167
$ 340,449
$ 338,903
$ 328,449
Efficiency ratio
57.3 %
56.7 %
60.0 %
56.5 %
57.1 %
Operating non-interest expense to total average assets
Non-interest expense
$ 230,954
$ 200,294
$ 212,986
$ 196,574
$ 192,811
Less: Intangible amortization
(5,910)
(5,349)
(5,365)
(5,368)
(5,460)
Less: Acquisition-related expense
(13,839)
(2,644)
(802)
—
—
Less: FDIC special assessment
—
—
95
—
—
Less: FultonFirst implementation and asset disposals
189
(1,556)
(2,795)
207
270
Less: Debt extinguishment costs
(787)
—
—
—
—
Operating non-interest expense (numerator)
$ 210,607
$ 190,745
$ 204,119
$ 191,413
$ 187,621
Total average assets (denominator)
$ 34,193,608
$ 31,999,228
$ 32,013,163
$ 31,924,038
$ 31,901,574
Operating non-interest expenses to total average assets(1)
2.47 %
2.42 %
2.53 %
2.38 %
2.36 %
(1) Results are annualized.
Six months ended
Jun 30
Jun 30
2026
2025
Operating net income available to common shareholders
Net income available to common shareholders
$ 192,051
$ 187,061
Less: Other
—
(131)
Plus: Core deposit intangible amortization
11,070
11,501
Plus: Acquisition-related expense
16,483
380
Plus: FultonFirst implementation and asset disposals
1,367
(317)
Plus: Debt extinguishment costs
787
—
Less: Tax impact of adjustments
(6,238)
(2,401)
Operating net income available to common shareholders (numerator)
$ 215,520
$ 196,093
Weighted average shares (diluted) (denominator)
187,377
183,999
Operating net income available to common shareholders, per share (diluted)
Century Communities za 2. čtvrtletí vykázala čistý zisk 36,1 mil. USD, tedy 1,26 USD na akcii, a tržby 927,2 mil. USD. Počet otevřených komunit vzrostl na rekordních 330.
- Deliveries of 2,506 Homes Generating $927.2 Million in Total Revenues -
- Net New Home Contracts of 2,615 -
- Ending Community Count Increased Sequentially to 330, a Company Record -
- Net Income of $36.1 Million, or $1.26 Per Diluted Share -
- Book Value Per Share of $90.24, a Company Record -
, /PRNewswire/ -- Century Communities, Inc. (NYSE: CCS), one of the nation's largest homebuilders, today announced financial results for its second quarter ended June 30, 2026.
Second Quarter 2026 Highlights
Net income of $36.1 million, or $1.26 per diluted share Adjusted net income of $37.3 million, or $1.30 per diluted share Total revenues of $927.2 million Community count of 330, a Company record Deliveries of 2,506 homes Net new home contracts of 2,615 Homebuilding gross margin of 18.1% Adjusted homebuilding gross margin of 20.0% Repurchased 352,811 shares of common stock for $19.6 million "We delivered strong second quarter results despite continued headwinds from macro challenges and weak consumer sentiment, with earnings per diluted share of $1.26 increasing by 11% on a year-over-year basis and 50% sequentially," said Dale Francescon, Executive Chairman. "We continued to invest in our business and ended the quarter with 330 open communities, a Company record. Our balance sheet remains strong with $2.6 billion of stockholders' equity and $802 million of liquidity, and we repurchased 352,811 shares of our common stock for $19.6 million at a 38% discount to our Company record book value per share of $90.24 while maintaining our quarterly cash dividend of $0.32 per share and continuing to position Century for future growth."
Rob Francescon, Chief Executive Officer and President, said, "Our deliveries of 2,506 homes grew by 25% on a sequential basis and exceeded our guidance on stronger order activity, with our net orders of 2,615 homes increasing by 3% on a year-over-year basis and 10% sequentially. Our net orders were relatively stable throughout the quarter, with our traffic posting a sequential gain of 9% in the second quarter. Our adjusted homebuilding gross margin of 20.0% increased by 30 basis points on a sequential basis, benefitting from lower incentives and direct costs as we controlled our costs and inventory levels."
Second Quarter 2026 Results
Net income for the second quarter 2026 was $36.1 million, or $1.26 per diluted share. Adjusted net income was $37.3 million, or $1.30 per diluted share.
Total revenues were $927.2 million, with second quarter home sales revenues totaling $897.5 million. Deliveries totaled 2,506 homes. The average sales price of home deliveries for the second quarter 2026 was $358,200.
Net new home contracts in the second quarter 2026 were 2,615, and at the end of the second quarter 2026, the Company had 1,264 homes in backlog, representing $469.3 million of backlog dollar value.
Adjusted homebuilding gross margin percentage, excluding interest and purchase price accounting, was 20.0% in the second quarter of 2026, and homebuilding gross margin was 18.1%. Selling, general, and administrative expenses as a percent of home sales revenues was 14.2% in the quarter. Adjusted EBITDA and EBITDA for the second quarter 2026 were $78.2 million and $71.0 million, respectively.
Financial services revenues and pre-tax income were $25.4 million and $9.9 million, respectively, in the second quarter 2026.
Balance Sheet and Liquidity
The Company ended the second quarter 2026 with a strong financial position, including $2.6 billion of stockholders' equity and $802.4 million of total liquidity, including $132.0 million of cash, including cash equivalents and cash held in escrow.
Book value per share was $90.24, a Company record, as of June 30, 2026.
During the second quarter, consistent with Century's disciplined capital allocation approach to enhance the long-term value of the Company and return capital to our stockholders, Century maintained its quarterly cash dividend of $0.32 per share and repurchased 352,811 shares of common stock for $19.6 million.
As of June 30, 2026, homebuilding debt to capital equaled 34.2% and net homebuilding debt to net capital equaled 31.9%.
Full Year 2026 Outlook
Scott Dixon, Chief Financial Officer of the Company, commented, "We are raising the midpoint and low end of our full year 2026 home delivery guidance to be in the range of 9,750 to 10,500 homes, with our home sales revenues expected to be in the range of $3.5 billion to $3.8 billion."
Webcast and Conference Call
The Company will host a webcast and conference call on Wednesday, July 22, 2026, at 5:00 p.m. Eastern time, 3:00 p.m. Mountain time, to review the Company's second quarter 2026 results, provide commentary, and conduct a question-and-answer session. To participate in the call, please dial 833-461-5787 (domestic) or 585-542-9983 (international) and enter the conference ID 338 306 020. The live webcast will be available at www.centurycommunities.com in the Investors section. A replay of the webcast will be available on the Company's website for at least one year.
About Century Communities
Century Communities, Inc. (NYSE: CCS) is one of the nation's largest homebuilders and a recognized industry leader in online home sales. Newsweek has named the Company one of America's Most Trustworthy Companies for three consecutive years, and Century Communities has also been designated as one of U.S. News & World Report's Best Companies to Work For (2025-2026). Through its Century Communities and Century Complete brands, Century's mission is to build attractive, high-quality homes at affordable prices to provide its valued customers with A HOME FOR EVERY DREAM®. Century is engaged in all aspects of homebuilding — including the acquisition, entitlement and development of land, along with the construction, innovative marketing and sale of quality homes designed to appeal to a wide range of homebuyers. The Company operates in 16 states and over 45 markets across the U.S., and also offers mortgage, title, insurance brokerage, and escrow services in select markets through its Inspire Home Loans, Parkway Title, IHL Home Insurance Agency, and IHL Escrow subsidiaries. To learn more about Century Communities, please visit www.centurycommunities.com.
Non-GAAP Financial Measures
In addition to the Company's operating results presented in accordance with United States generally accepted accounting principles (GAAP), this press release includes the following non-GAAP financial measures: adjusted net income, adjusted diluted earnings per share, adjusted homebuilding gross margin, EBITDA, adjusted EBITDA, and ratio of net homebuilding debt to net capital. These non-GAAP financial measures should not be used as a substitute for the Company's operating results presented in accordance with GAAP, and an analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. Please refer to the reconciliation of each of the above referenced non-GAAP financial measures following the historical financial information presented in this press release.
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, and, as such, may involve known and unknown risks, uncertainties and assumptions. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "intend," "estimate," "plan," "continue," "will," "may," "should," "potential," "guidance" and "outlook" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements in this release include the Company's operating and financial guidance for 2026, including anticipated home deliveries and home sales revenues. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on historical information available at the time the statements are made and are based on management's reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company's control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. The following important factors could cause actual results to differ materially from those expressed in the forward-looking statements: changes in general economic conditions, including interest rates, inflation, and employment levels; consumer confidence and affordability concerns; the impact of geopolitical conflicts including in the Middle East, tariffs and increased costs, immigration reform and enforcement, global supply chain disruptions, labor, land and raw material or other resource shortages and delays, and municipal and utility delays on the Company's business, industry and the broader economy; the availability and cost of financing; home incentive levels; the ability to identify and acquire desirable land and dispose of land when appropriate; availability and pricing for land, labor and raw materials and other resources; reliance on contractors and key personnel; the effect of competition; risks associated with the Company's mortgage lending business and increased use of adjustable-rate mortgages; risks associated with the Company's multi-family rental businesses; future impairment and restructuring charges; the effect of tax changes; the effect of recent federal housing legislation; and the other factors included in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law.
Century Communities, Inc.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Revenues
Homebuilding Revenues
Home sales revenues
$
897,528
$
976,467
$
1,631,634
$
1,860,204
Land sales and other revenues
4,255
483
37,426
1,445
Total homebuilding revenues
901,783
976,950
1,669,060
1,861,649
Financial services revenues
25,444
23,774
47,840
42,308
Total revenues
927,227
1,000,724
1,716,900
1,903,957
Homebuilding Cost of Revenues
Cost of home sales revenues
(735,368)
(804,522)
(1,338,659)
(1,512,437)
Cost of land sales and other revenues
(1,678)
(69)
(24,249)
(897)
Total homebuilding cost of revenues
(737,046)
(804,591)
(1,362,908)
(1,513,334)
Financial services costs
(15,548)
(17,550)
(30,299)
(33,724)
Selling, general, and administrative expense
(127,416)
(128,837)
(243,498)
(249,596)
Other income (expense), net
1,851
(2,663)
2,204
(7,702)
Income before income tax expense
49,068
47,083
82,399
99,601
Income tax expense
(12,920)
(12,229)
(21,842)
(25,363)
Net income
$
36,148
$
34,854
$
60,557
$
74,238
Earnings per share:
Basic
$
1.26
$
1.15
$
2.09
$
2.43
Diluted
$
1.26
$
1.14
$
2.09
$
2.40
Weighted average common shares outstanding:
Basic
28,637,901
30,366,109
28,912,225
30,582,376
Diluted
28,653,398
30,680,708
28,933,927
30,912,086
Century Communities, Inc.
Consolidated Balance Sheets
(in thousands, except share amounts)
June 30,
December 31,
2026
2025
Assets
(unaudited)
(audited)
Cash and cash equivalents
$
92,334
$
109,443
Cash held in escrow
39,709
48,571
Accounts receivable
64,824
57,242
Inventories
3,598,982
3,361,158
Mortgage loans held for sale
233,347
299,145
Prepaid expenses and other assets
511,559
435,683
Property and equipment, net
73,090
69,368
Deferred tax assets, net
36,317
38,176
Goodwill
41,109
41,109
Total assets
$
4,691,271
$
4,459,895
Liabilities and stockholders' equity
Liabilities:
Accounts payable
$
151,298
$
114,416
Accrued expenses and other liabilities
290,348
310,602
Notes payable
1,121,745
1,102,376
Revolving line of credit
329,600
51,500
Mortgage repurchase facilities
232,529
289,269
Total liabilities
2,125,520
1,868,163
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none outstanding
—
—
Common stock, $0.01 par value, 100,000,000 shares authorized, 28,432,620 and 29,050,515 shares issued
and outstanding at June 30, 2026 and December 31, 2025, respectively
284
291
Additional paid-in capital
318,276
385,962
Retained earnings
2,247,191
2,205,479
Total stockholders' equity
2,565,751
2,591,732
Total liabilities and stockholders' equity
$
4,691,271
$
4,459,895
Century Communities, Inc.
Homebuilding Operational Data
(Unaudited)
Net New Home Contracts
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
2026
2025
% Change
West
309
323
(4.3)
%
645
715
(9.8)
%
Mountain
440
336
31.0
%
866
798
8.5
%
Texas
568
504
12.7
%
1,041
1,003
3.8
%
Southeast
386
384
0.5
%
745
771
(3.4)
%
Century Complete
912
999
(8.7)
%
1,697
1,951
(13.0)
%
Total
2,615
2,546
2.7
%
4,994
5,238
(4.7)
%
New Home Deliveries
(dollars in thousands)
Three Months Ended June 30,
2026
2025
% Change
Homes
Average Sales
Price
Homes
Average Sales
Price
Homes
Average Sales
Price
West
322
$
568.9
335
$
602.5
(3.9)
%
(5.6)
%
Mountain
416
476.5
396
521.0
5.1
%
(8.5)
%
Texas
527
290.8
501
294.2
5.2
%
(1.2)
%
Southeast
362
383.2
401
429.9
(9.7)
%
(10.9)
%
Century Complete
879
255.1
954
260.5
(7.9)
%
(2.1)
%
Total / Weighted Average
2,506
$
358.2
2,587
$
377.5
(3.1)
%
(5.1)
%
Six Months Ended June 30,
2026
2025
% Change
Homes
Average Sales
Price
Homes
Average Sales
Price
Homes
Average Sales
Price
West
599
$
568.8
638
$
601.0
(6.1)
%
(5.4)
%
Mountain
760
471.5
825
522.6
(7.9)
%
(9.8)
%
Texas
898
288.3
958
296.5
(6.3)
%
(2.8)
%
Southeast
677
388.2
704
435.7
(3.8)
%
(10.9)
%
Century Complete
1,585
259.3
1,746
260.5
(9.2)
%
(0.5)
%
Total / Weighted Average
4,519
$
361.1
4,871
$
381.9
(7.2)
%
(5.4)
%
Century Communities, Inc.
Homebuilding Operational Data
(Unaudited)
Selling Communities
As of June 30,
Increase/Decrease
2026
2025
Amount
% Change
West
40
36
4
11.1
%
Mountain
53
51
2
3.9
%
Texas
89
75
14
18.7
%
Southeast
36
43
(7)
(16.3)
%
Century Complete
112
122
(10)
(8.2)
%
Total
330
327
3
0.9
%
Backlog
(dollars in thousands)
As of June 30,
2026
2025
% Change
Homes
Dollar Value
Average Sales
Price
Homes
Dollar Value
Average Sales
Price
Homes
Dollar Value
Average Sales
Price
West
165
$
94,173
$
570.7
236
$
142,012
$
601.7
(30.1)
%
(33.7)
%
(5.2)
%
Mountain
214
110,273
515.3
122
66,572
545.7
75.4
%
65.6
%
(5.6)
%
Texas
279
83,386
298.9
222
67,939
306.0
25.7
%
22.7
%
(2.3)
%
Southeast
168
71,714
426.9
174
75,720
435.2
(3.4)
%
(5.3)
%
(1.9)
%
Century Complete
438
109,726
250.5
463
113,747
245.7
(5.4)
%
(3.5)
%
2.0
%
Total / Weighted Average
1,264
$
469,272
$
371.3
1,217
$
465,990
$
382.9
3.9
%
0.7
%
(3.0)
%
Lot Inventory
As of June 30,
2026
2025
% Change
Owned
Controlled
Total
Owned
Controlled
Total
Owned
Controlled
Total
West
3,546
2,488
6,034
3,948
3,097
7,045
(10.2)
%
(19.7)
%
(14.4)
%
Mountain
7,491
2,203
9,694
8,905
1,344
10,249
(15.9)
%
63.9
%
(5.4)
%
Texas
13,725
2,981
16,706
14,900
5,493
20,393
(7.9)
%
(45.7)
%
(18.1)
%
Southeast
4,864
6,247
11,111
5,095
8,392
13,487
(4.5)
%
(25.6)
%
(17.6)
%
Century Complete
4,055
12,528
16,583
4,571
12,956
17,527
(11.3)
%
(3.3)
%
(5.4)
%
Total
33,681
26,447
60,128
37,419
31,282
68,701
(10.0)
%
(15.5)
%
(12.5)
%
% of Total
56.0 %
44.0 %
100.0 %
54.5 %
45.5 %
100.0 %
Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Adjusted net income and adjusted diluted earnings per share ("Adjusted EPS") are non-GAAP financial measures that the Company believes are useful to management, investors and other users of its financial information in evaluating its operating results and understanding its operating trends without the effect of specified factors that management believes affect comparability. The Company believes excluding specified factors that management believes affect comparability provides more comparable assessment of its financial results from period to period. The Company defines adjusted net income as consolidated net income before (i) income tax expense; (ii) inventory impairment; (iii) abandonment of lot option contracts; (iv) restructuring costs; (v) loss on debt extinguishment; (vi) impairment on other investment; and (vii) purchase price accounting for acquired work in process inventory; in each case, as applicable during a period, less adjusted income tax expense, calculated using the Company's estimated annual effective tax rate after discrete items for the applicable period. Adjusted EPS is calculated by dividing adjusted net income by weighted average common shares – diluted.
Adjusted Net Income and Adjusted Diluted Earnings Per Share
(in thousands, except share and per share amounts)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Numerator
Net income
$
36,148
$
34,854
$
60,557
$
74,238
Denominator
Weighted average common shares outstanding - basic
28,637,901
30,366,109
28,912,225
30,582,376
Dilutive effect of stock-based compensation awards
15,497
314,599
21,702
329,710
Weighted average common shares outstanding - diluted
28,653,398
30,680,708
28,933,927
30,912,086
Earnings per share:
Basic
$
1.26
$
1.15
$
2.09
$
2.43
Diluted
$
1.26
$
1.14
$
2.09
$
2.40
Adjusted earnings per share
Numerator
Net income
$
36,148
$
34,854
$
60,557
$
74,238
Income tax expense
12,920
12,229
21,842
25,363
Income before income tax expense
49,068
47,083
82,399
99,601
Inventory impairment
—
7,360
—
7,771
Abandonment of lot option contracts(1)
1,125
2,642
2,079
4,148
Restructuring costs
—
—
—
1,505
Purchase price accounting for acquired work in process inventory
613
2,041
1,301
3,933
Adjusted income before income tax expense
50,806
59,126
85,779
116,958
Adjusted income tax expense(2)
(13,467)
(15,056)
(22,738)
(29,783)
Adjusted net income
$
37,339
$
44,070
$
63,041
$
87,175
Denominator - Diluted
28,653,398
30,680,708
28,933,927
30,912,086
Adjusted diluted earnings per share
$
1.30
$
1.44
$
2.18
$
2.82
(1)
Beginning in the third quarter of 2025, the Company added "Abandonment of lot option contracts" as an adjustment in its non-GAAP adjusted net income calculation. Accordingly, the corresponding prior period information has been recast to conform to the current presentation and calculation.
(2)
The tax rates used in calculating adjusted net income for the three and six months ended June 30, 2026 were each 26.5%, respectively, which are reflective of our GAAP tax rates for the six months ended June 30, 2026. The tax rates used in calculating adjusted net income for the three and six months ended June 30, 2025 were each 25.5%, respectively, which are reflective of our GAAP tax rates for the six months ended June 30, 2025.
Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Adjusted homebuilding gross margin excluding inventory impairment (if applicable), interest in cost of home sales revenues, and purchase price accounting for acquired work in process inventory (if applicable), is not a measurement of financial performance under GAAP; however, the Company's management believes that this information is meaningful as it isolates the impact that inventory impairment, indebtedness, and acquisitions have on homebuilding gross margin and permits the Company's stockholders to make better comparisons with the Company's competitors, who adjust gross margins in a similar fashion. This non-GAAP financial measure should not be used as a substitute for the Company's GAAP operating results. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.
and purchase price accounting for acquired work in process inventory
$
323,788
19.8
%
$
386,460
20.8
%
(1)
Beginning in the fourth quarter of 2025, inventory impairment was reclassified to be included in cost of home sales revenues in the Company's consolidated statements of operations rather than presented as a separate line item and prior year amounts have been reclassified to conform to this presentation.
Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
EBITDA and Adjusted EBITDA
EBITDA and adjusted EBITDA are non-GAAP financial measures the Company uses as supplemental measures in evaluating operating performance. The Company defines EBITDA as net income before (i) income tax expense, (ii) interest in cost of home sales revenues, (iii) other interest expense (income), and (iv) depreciation and amortization expense. The Company defines adjusted EBITDA as EBITDA before inventory impairment, abandonment of lot option contracts, stock-based compensation expense, restructuring costs, loss on debt extinguishment, impairment on other investment, and purchase price accounting for acquired work in process inventory, in each case as applicable during a period. The Company believes EBITDA and adjusted EBITDA provide an indicator of general economic performance that is not affected by fluctuations in interest rates or effective tax rates, levels of depreciation or amortization, and other specified factors that management believes affect comparability. Accordingly, the Company's management believes that these measurements are useful for comparing general operating performance from period to period. EBITDA and adjusted EBITDA should be considered in addition to, and not as a substitute for, consolidated net income in accordance with GAAP as a measure of performance. The presentation of adjusted EBITDA should not be construed as an indication that the Company's future results will be unaffected by unusual or other specified factors that management believes affect comparability. Each of EBITDA and adjusted EBITDA is limited as an analytical tool, and should not be considered in isolation or as a substitute for analysis of the Company's results of operations as reported under GAAP.
(in thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
2026
2025
% Change
Net income
$
36,148
$
34,854
3.7
%
$
60,557
$
74,238
(18.4)
%
Income tax expense
12,920
12,229
5.7
%
21,842
25,363
(13.9)
%
Interest in cost of home sales revenues
16,342
14,204
15.1
%
29,512
26,989
9.3
%
Interest expense (income)
218
(1,229)
(117.7)
%
387
(431)
(189.8)
%
Depreciation and amortization expense
5,389
6,434
(16.2)
%
10,741
12,862
(16.5)
%
EBITDA
$
71,017
$
66,492
6.8
%
$
123,039
$
139,021
(11.5)
%
Inventory impairment
—
7,360
(100.0)
%
—
7,771
(100.0)
%
Abandonment of lot option contracts (1)
1,125
2,642
(57.4)
%
2,079
4,148
(49.9)
%
Stock-based compensation expense (2)
5,400
7,941
(32.0)
%
7,180
8,233
(12.8)
%
Restructuring costs
—
—
—
%
—
1,505
(100.0)
%
Purchase price accounting for acquired work in process inventory
613
2,041
(70.0)
%
1,301
3,933
(66.9)
%
Adjusted EBITDA
$
78,155
$
86,476
(9.6)
%
$
133,599
$
164,611
(18.8)
%
(1)
Beginning in the third quarter of 2025, the Company added "Abandonment of lot option contracts" as an adjustment in its non-GAAP adjusted EBITDA calculation. Accordingly, the corresponding prior period information has been recast to conform to the current presentation and calculation.
(2)
Beginning in the fourth quarter of 2025, the Company added "Stock-based compensation expense" as an adjustment in its non-GAAP adjusted EBITDA calculation. Accordingly, the corresponding prior period information has been recast to conform to the current presentation and calculation.
Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Ratio of Net Homebuilding Debt to Net Capital
The following table presents the Company's ratio of net homebuilding debt to net capital, which is a non-GAAP financial measure. The Company calculates this by dividing net homebuilding debt (homebuilding debt less cash and cash equivalents, and cash held in escrow) by net capital (net homebuilding debt plus total stockholders' equity). Homebuilding debt is total debt minus outstanding borrowings under construction loan agreement and mortgage repurchase facilities. The most directly comparable GAAP measure is the ratio of homebuilding debt to capital. The Company believes the ratio of net homebuilding debt to net capital is a relevant and useful financial measure to investors in understanding the leverage employed in its operations and as an indicator of the Company's ability to obtain external financing.
(in thousands)
June 30,
December 31,
2026
2025
Notes payable
$
1,121,745
$
1,102,376
Revolving line of credit
329,600
51,500
Construction loan agreements
(118,982)
(90,269)
Total homebuilding debt
1,332,363
1,063,607
Total stockholders' equity
2,565,751
2,591,732
Total capital
$
3,898,114
$
3,655,339
Homebuilding debt to capital
34.2 %
29.1 %
Total homebuilding debt
$
1,332,363
$
1,063,607
Cash and cash equivalents
(92,334)
(109,443)
Cash held in escrow
(39,709)
(48,571)
Net homebuilding debt
1,200,320
905,593
Total stockholders' equity
2,565,751
2,591,732
Net capital
$
3,766,071
$
3,497,325
Net homebuilding debt to net capital
31.9 %
25.9 %
Contact Information:
Tyler Langton, Senior Vice President of Investor Relations and Finance
303-268-8345
[email protected]
Raymond James Financial vykázala rekordní čtvrtletní tržby ve výši 3,93 miliardy USD a zisk 595 milionů USD, tedy 3,01 USD na akcii. Čistý přírůstek nových aktiv v domácí divizi Private Client Group dosáhl 21,7 miliardy USD.
ST. PETERSBURG, Fla., July 22, 2026 (GLOBE NEWSWIRE) --
Record quarterly net revenues of $3.93 billion, up 16% over the prior year’s fiscal third quarter and 2% over the preceding quarter Quarterly net income available to common shareholders of $595 million, or record $3.01 per diluted share, up 42% over the prior year’s fiscal third quarter and 11% over the preceding quarter; quarterly adjusted net income available to common shareholders of $620 million(1), or record $3.14 per diluted share(1)Domestic Private Client Group net new assets(2) of $21.7 billion for the fiscal third quarter, or annualized growth from beginning of quarter assets of 5.5%Record client assets under administration of $1.92 trillion, up 17% over June 2025 and 9% over March 2026Record quarter-end Private Client Group assets in fee-based accounts of $1.15 trillion, up 22% over June 2025 and 11% over March 2026Record net bank loans of $56.2 billion, up 13% over June 2025 and 3% over March 2026; Securities-based loans of $24.8 billion, up 34% over June 2025 and 8% over March 2026 Annualized return on common equity and annualized adjusted return on tangible common equity of 18.8% and 23.5%(1), respectively, for the fiscal third quarter Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.93 billion and net income available to common shareholders of $595 million, or $3.01 per diluted share, for the fiscal third quarter ended June 30, 2026. Quarterly adjusted net income available to common shareholders, which excluded $25 million of acquisition-related expenses, net of tax, was $620 million(1), or $3.14 per diluted share(1).
“Results through the first nine months of the fiscal year were strong, with records set for net revenues, pre-tax income, net income and earnings per share, reflecting the continued execution of our long-term strategies and the strength of a culture built on putting people first and earning trust over generations,” said CEO Paul Shoukry. “Our consistent performance reflects our long-term approach, the resiliency of our diversified business model and the commitment of our associates and advisors to serving clients with integrity. These results were anchored by continued strength in the Private Client Group, where fee-based assets reached a quarter-end record of $1.15 trillion and annualized domestic PCG net new asset growth was 6.6% for the first nine months of the fiscal year. As we enter the fiscal fourth quarter, we do so with significant momentum, supported by historically strong business drivers, robust financial advisor recruiting and strong investment banking pipelines, as well as ample capital and liquidity to support continued growth.”
Record quarterly net revenues increased 16% over the prior year’s fiscal third quarter and 2% over the preceding quarter, largely driven by continued growth in asset management and related administrative fees which grew to approximately $2.1 billion. Quarterly pre-tax income increased 2% over the preceding quarter while net income available to common shareholders increased 10% largely due to a lower effective tax rate. For the fiscal third quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 18.8% and 23.5%(1), respectively.
For the first nine months of the fiscal year, record net revenues of $11.5 billion increased 11%, record earnings per diluted share of $8.52 increased 16%, and record adjusted earnings per diluted share of $8.83(1) increased 17% over the first nine months of fiscal 2025. The Private Client Group and Asset Management segments generated record net revenues in the first nine months of fiscal 2026. The Asset Management and Bank segments produced record pre-tax income during the same period. Annualized return on common equity was 18.1% and annualized adjusted return on tangible common equity was 22.0%(1).
Segment Results
Private Client Group
Record quarterly net revenues of $2.84 billion, up 14% over the prior year’s fiscal third quarter and 1% over the preceding quarter Quarterly pre-tax income of $423 million, up 3% over the prior year’s fiscal third quarter and 2% over the preceding quarter Domestic Private Client Group net new assets(2) of $21.7 billion for the fiscal third quarter, or annualized growth from beginning of the quarter assets of 5.5% Record Private Client Group assets under administration of $1.86 trillion, up 18% over June 2025 and 9% over March 2026 Record quarter-end Private Client Group assets in fee-based accounts of $1.15 trillion, up 22% over June 2025 and 11% over March 2026 Total clients’ domestic cash sweep and Enhanced Savings Program balances of $58.8 billion, up 7% over June 2025 and 2% over March 2026 Record quarterly net revenues rose 14% year-over-year, primarily driven by higher asset management and related administrative fees, which grew 19% to $1.73 billion mainly due to market appreciation and net inflows into PCG fee-based accounts. Pre-tax income grew 3% over the year-ago quarter as the asset management fee revenue growth was partially offset by the impact of lower interest rates and investments in leading growth, including record recruiting results.
Capital Markets
Quarterly net revenues of $477 million, up 25% over the prior year’s fiscal third quarter and 3% over the preceding quarter Quarterly investment banking revenues of $285 million, up 40% over the prior year’s fiscal third quarter and 5% over the preceding quarter Quarterly pre-tax income of $48 million Quarterly net revenues increased 25% over the prior-year period, driven predominantly by higher M&A and advisory revenues and higher debt and equity underwriting revenues. Sequentially, quarterly net revenues grew 3%, largely due to higher M&A and advisory and debt underwriting revenues.
Asset Management
Record quarterly net revenues of $362 million, up 24% over the prior year’s fiscal third quarter and 11% over the preceding quarter Quarterly pre-tax income of $143 million, up 14% over the prior year’s fiscal third quarter and 4% over the preceding quarter Record financial assets under management of $345 billion, up 31% over June 2025 and 22% over March 2026, including $36 billion from the acquisition of Clark Capital(3) completed in the quarter Record quarterly net revenues increased 24% year-over-year, primarily driven by higher financial assets under management from market appreciation, net inflows into Private Client Group fee-based accounts, and the addition of Clark Capital(3).
Bank
Quarterly net revenues of $488 million, up 7% over the prior year’s fiscal third quarter and up slightly over the preceding quarter Record quarterly pre-tax income of $206 million, up 67% over the prior year’s fiscal third quarter and 24% over the preceding quarter Record net bank loans of $56.2 billion, up 13% over June 2025 and 3% over March 2026 Bank segment net interest income increased 7% over the prior year’s fiscal third quarter and approximated the preceding quarter Quarterly bank loan benefit for credit losses of $26 million Record net bank loans grew 13% over the prior year quarter, driven by continued growth in securities-based and residential mortgage loans, which rose by 34% and 13%, respectively. Net interest margin of 2.71% for the quarter was down 3 basis points compared to the prior year’s fiscal third quarter and 10 basis points compared to the preceding quarter. The credit quality of the loan portfolio remains strong.
Other Matters
The effective tax rate for the quarter was 20.7%, which reflects the favorable impact of nontaxable gains on our corporate-owned life insurance portfolio in the quarter.
During the fiscal third quarter, the firm repurchased $400 million of common stock at an average price of $152 per share. As of June 30, 2026, $1.1 billion remained available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 22.5%(4) and the tier 1 leverage ratio was 11.7%(4), both well above regulatory requirements.
A conference call to discuss the results will take place today, Wednesday, July 22, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location for 30 days. For a listen-only connection to the conference call, please dial: 888-330-3573 (conference code: 3778589).
Click here to view full earnings results, earnings supplement, and earnings presentation.
About Raymond James Financial, Inc.
Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.92 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.
Forward-Looking Statements
Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions, including Clark Capital Management Group, Inc. (“Clark Capital”), and our level of success integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.
Mark Miller to Retire as Chief Executive Officer. Mark Jones, Jr. to Become President and Chief Executive Officer Effective January 1, 2027 July 22, 2026 16:05 ET | Source: Goosehead Insurance, Inc.
WESTLAKE, Texas, July 22, 2026 (GLOBE NEWSWIRE) -- Goosehead Insurance, Inc. ("Goosehead" or the "Company") (NASDAQ: GSHD), a rapidly growing, independent personal lines insurance agency, today announced that Mark Miller will retire as Chief Executive Officer effective December 31, 2026. Mark Jones, Jr., currently President and Chief Operating Officer, will succeed Mr. Miller as President and Chief Executive Officer effective January 1, 2027. Mr. Miller will continue to serve on Goosehead's Board of Directors.
Since joining Goosehead in 2022, Mr. Miller has led the Company through an important period of operational advancement, strengthening the executive leadership team, enhancing execution across the business, and helping position Goosehead for its next phase of growth.
"Mark Miller has been an exceptional leader and partner whose impact on Goosehead will extend well beyond his tenure as CEO," said Mark Jones, Co-Founder and Executive Chairman of Goosehead. "On behalf of our Board of Directors, I want to thank Mark for his leadership, integrity, and commitment to this company. We are equally confident that Mark Jones, Jr. is the right leader to guide Goosehead into its next chapter."
The leadership transition reflects the Company's long-term succession planning process. Mr. Jones, Jr. joined Goosehead in 2016 and has held executive leadership roles across finance and operations, most recently serving as President and Chief Operating Officer. Over the past decade, he has helped shape the Company's financial strategy, strengthen operational execution, and lead key strategic initiatives that support Goosehead's continued growth.
"It has been a privilege to serve as Goosehead's Chief Executive Officer," said Mark Miller. "I am incredibly proud of what our team has accomplished together and grateful for the opportunity to lead this remarkable company. I have complete confidence in Mark Jr., our leadership team, and Goosehead's future."
As President and Chief Executive Officer, Mr. Jones, Jr. will lead the continued execution of Goosehead's long-term strategy, with a focus on expanding the Company's technology platform, growing its distribution network, delivering exceptional client service, and creating long-term value for shareholders.
"Goosehead has an exceptional team, a differentiated business model, and tremendous opportunities ahead," said Mark Jones, Jr. "I look forward to building on the momentum we've created and continuing to execute our strategy for the benefit of our clients, partners, teammates, and shareholders."
About Goosehead
Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 200 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, expectations regarding the Company's leadership transition, strategic priorities, future growth, and business outlook. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the Company's filings with the Securities and Exchange Commission. Goosehead undertakes no obligation to update any forward-looking statements except as required by law.
Contacts
Investor Contact:
Maddie Middleton
Senior Director of Investor Relations [email protected]
Goosehead Insurance oznámila za 2. čtvrtletí růst tržeb o 21 % na 113,4 mil. USD a čistého zisku na 17,0 mil. USD. Společnost zároveň zvýšila celoroční výhled organického růstu tržeb na 12 % až 19 %.
– Total Revenue Increased 21% and Core Revenue* Grew 10% over the Prior-Year Period –
– Total Written Premium increased 14% to $1.34 billion over the Prior-Year Period –
– Net Income of $17.0 million versus Net Income of $8.3 million a year ago –
– Adjusted EBITDA* up 30% over Prior-Year Period to $37.9 million –
– Policies in force growth accelerated to 15% from 14% in the Prior Quarter –
WESTLAKE, Texas, July 22, 2026 (GLOBE NEWSWIRE) -- Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the second quarter ended June 30, 2026.
Second Quarter 2026 Highlights
Total Revenues grew 21% over the prior-year period to $113.4 million in the second quarter of 2026Second quarter Core Revenues* of $95.6 million increased 10% over the prior-year periodSecond quarter net income of $17.0 million increased from net income of $8.3 million a year agoEPS of $0.42 per share increased 106% and Adjusted EPS* of $0.64 per share increased 32%, over the prior-year periodNet income margin for the second quarter was 15%Adjusted EBITDA* of $37.9 million increased 30% from $29.2 million in the prior-year periodAdjusted EBITDA Margin* increased 2 percentage points over the prior-year period to 33%Total written premiums placed for the second quarter increased 14% over the prior-year period to $1.34 billionPolicies in force grew 15% from the prior-year period to approximately 2.1 millionCorporate agent headcount of 583 increased 22% compared to the prior-year periodTotal franchise producers of 2,190 increased 5% from the prior-year period *Core Revenue, Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EPS to basic earnings per share and Adjusted EBITDA to net income, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release.
“Today we are proud to announce our second quarter results which reflect accelerating momentum across our entire business,” said Mark Miller, CEO. “We delivered strong new business growth in every channel while improving client retention, accelerating premium and policy in force growth rates, and increasing productivity. Our distribution force is healthier than ever, our technology continues to evolve at a significant pace, and the product market is more favorable than it has been in years. We believe Goosehead is well-positioned for continued durable growth and profitability.”
Second Quarter 2026 Results
For the second quarter of 2026, total revenues were $113.4 million, an increase of 21% compared to the corresponding period in 2025. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other franchise revenues, were $95.6 million, a 10% increase from $86.8 million in the prior-year period. Core Revenues are the most reliable revenue stream for the Company, consisting of New Business Commissions, Agency Fees, New Business Royalty Fees, Renewal Commissions, and Renewal Royalty Fees. Core Revenue growth was driven primarily by more policies in their renewal term, supported by an 86% Client Retention rate, and by more new policies placed, driven by growth in the number of Corporate and Franchise sales agents and improved Franchise productivity. This was partially offset by the prior-year recognition of $3.0 million of Renewal Commissions and $1.0 million of Renewal Royalty Fees tied to the release of a constraint on variable consideration for policies placed in earlier periods. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 14% in the second quarter compared to the corresponding period in prior year.
Total operating expenses for the second quarter of 2026 were $86.8 million, up from $78.4 million in the prior-year period. Adjusted total operating expenses* for the second quarter of 2026 were $75.4 million, up 16% from $64.9 million in the prior-year period. Employee compensation and benefits increased to $54.3 million from $50.4 million in the prior-year period. Adjusted employee compensation and benefits* increased to $49.6 million from $44.4 million in the prior-year period. The increases were primarily due to investments in corporate producers and technology functions. Equity-based compensation decreased to $4.8 million for the period, compared to $6.0 million in the prior-year period. General and administrative expenses increased to $28.4 million from $24.6 million in the prior-year period. Adjusted general and administrative expenses*, increased to $25.4 million from $20.0 million primarily due to investments in technology and professional services to drive growth and continue to improve the client experience. Bad debt expense of $0.5 million decreased compared to the prior-year period.
Net income in the second quarter of 2026 was $17.0 million versus net income of $8.3 million in the prior-year period. Earnings per share and Net Income Margin for the second quarter of 2026 were $0.42 and 15%, respectively. Adjusted EPS* for the second quarter of 2026 was $0.64 per share. Total Adjusted EBITDA* was $37.9 million for the second quarter of 2026 compared to $29.2 million in the prior-year period. Adjusted EBITDA Margin* of 33% increased 2 percentage points in the quarter.
*Adjusted total operating expenses, adjusted employee compensation and benefits, adjusted general and administrative expenses, adjusted EPS, adjusted EBITDA, and adjusted EBITDA Margin are non-GAAP measures. For the definition and reconciliation of each non-GAAP measure, see “Reconciliation of Non-GAAP Measures to GAAP” below.
Liquidity and Capital Resources
As of June 30, 2026, the Company had cash and cash equivalents of $23.7 million. We have a line of credit of $75.0 million, of which $26.0 million was drawn as of June 30, 2026. Total outstanding notes payable was $323.0 million as of June 30, 2026. During the quarter ended June 30, 2026, the Company repurchased and retired 95 thousand shares at an average share price of $40.95. As of June 30, 2026, $144.6 million remained available under the share repurchase authorization.
2026 Outlook
We have increased our guidance for the full year 2026 as follows:
Total revenues are now expected to grow organically between 12% and 19%.Total written premiums are expected to grow between 12% and 20%. Conference Call Information
Goosehead will host a conference call and webcast today at 4:30 PM ET to discuss these results.
To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details.
In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.gooseheadinsurance.com.
A webcast replay of the call will be available at http://ir.gooseheadinsurance.com for one year following the call.
About Goosehead
Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 200 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.
Forward-Looking Statements
This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.
Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, conditions impacting insurance carriers or other parties with which Goosehead does business, the loss of one or more key executives or an inability to attract and retain qualified personnel and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended December 31, 2025 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.
Goosehead Insurance, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 Revenues: Commissions and agency fees $49,455 $38,076 $88,140 $67,499 Franchise revenues 63,839 55,772 118,113 101,744 Interest income 95 179 212 368 Total revenues 113,389 94,027 206,465 169,611 Operating Expenses: Employee compensation and benefits 54,328 50,388 104,855 98,722 General and administrative expenses 28,420 24,647 52,389 42,206 Bad debts 504 550 877 957 Depreciation and amortization 3,545 2,782 6,757 5,452 Total operating expenses 86,797 78,367 164,878 147,337 Income from operations 26,592 15,660 41,587 22,274 Other Income: Interest expense (5,714) (6,303) (11,186) (12,126)Other income 260 815 527 983 Income before taxes 21,138 10,172 30,928 11,131 Tax expense 4,124 1,889 5,869 202 Net Income 17,014 8,283 25,059 10,929 Less: net income attributable to noncontrolling interests 6,949 3,133 10,105 3,437 Net Income attributable to Goosehead Insurance, Inc. $10,065 $5,150 $14,954 $7,492 Earnings per share: Basic $0.42 $0.20 $0.62 $0.30 Diluted $0.41 $0.18 $0.60 $0.27 Weighted average shares of Class A common stock outstanding: Basic 23,718 25,216 23,992 25,005 Diluted 35,710 38,553 36,173 38,542 Goosehead Insurance, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 Revenues: Core Revenue: Renewal Commissions(1) $21,034 $23,119 $39,196 $40,071 Renewal Royalty Fees(2) 52,507 45,381 96,101 82,625 New Business Commissions(1) 9,613 7,559 17,065 13,314 New Business Royalty Fees(2) 9,396 7,820 17,282 14,749 Agency Fees(1) 3,083 2,906 5,468 5,146 Total Core Revenue 95,633 86,785 175,112 155,905 Cost Recovery Revenue: Initial Franchise Fees(2) 1,360 1,247 2,969 2,589 Interest Income 95 179 212 368 Total Cost Recovery Revenue 1,455 1,426 3,181 2,957 Ancillary Revenue: Contingent Commissions(1) 15,725 4,492 26,411 8,968 Other Franchise Revenues(2) 576 1,324 1,761 1,781 Total Ancillary Revenue 16,301 5,816 28,172 10,749 Total Revenues 113,389 94,027 206,465 169,611 Adjusted Operating Expenses: Adjusted employee compensation and benefits 49,572 44,372 93,882 86,470 Adjusted general and administrative expenses 25,365 19,953 49,334 37,512 Bad debts 504 550 877 957 Adjusted Total Operating Expenses 75,441 64,875 144,093 124,939 Adjusted EBITDA 37,948 29,152 62,372 44,672 Adjusted EBITDA Margin 33% 31% 30% 26% Interest expense (5,714) (6,303) (11,186) (12,126)Depreciation and amortization (3,545) (2,782) (6,757) (5,452)Tax expense (4,124) (1,889) (5,869) (202)Equity-based compensation (4,756) (6,016) (10,973) (12,253)Impairment and other gains and losses — (4,694) — (4,694)Contract termination costs (3,055) — (3,055) — Other income 260 815 527 983 Net Income $17,014 $8,283 $25,059 $10,929 Net Income Margin 15% 9% 12% 6% (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in "Commissions and agency fees" as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q.
(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in "Franchise revenues" as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q.
Goosehead Insurance, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except par value amounts)
June 30, December 31, 2026 2025 Assets Current Assets: Cash and cash equivalents $23,655 $34,390 Restricted cash 3,830 3,547 Commissions and agency fees receivable, net 24,726 36,613 Receivable from franchisees, net 18,531 11,141 Prepaid expenses 14,616 7,552 Total current assets 85,358 93,243 Receivable from franchisees, net of current portion 1,650 2,936 Property and equipment, net of accumulated depreciation 21,766 21,549 Right-of-use asset 31,264 34,087 Intangible assets, net of accumulated amortization 48,364 39,700 Deferred income taxes, net 209,795 216,371 Other assets 8,645 6,978 Total assets $406,842 $414,864 Liabilities and Stockholders’ Equity Current Liabilities: Accounts payable and accrued expenses $30,115 $33,629 Premiums payable 3,830 3,547 Lease liability 9,305 8,666 Contract liabilities 2,790 3,241 Note payable 2,993 2,993 Liabilities under tax receivable agreement 6,237 6,237 Total current liabilities 55,270 58,313 Lease liability, net of current portion 46,160 51,168 Note payable, net of current portion 314,379 289,461 Contract liabilities, net of current portion 11,289 13,025 Liabilities under tax receivable agreement, net of current portion 168,275 165,685 Total liabilities 595,373 577,652 Class A common stock, $0.01 par value per share - 300,000 shares authorized, 23,803 shares issued and outstanding as of June 30, 2026, 24,653 shares issued and outstanding as of December 31, 2025 238 247 Class B common stock, $0.01 par value per share - 50,000 shares authorized, 11,713 issued and outstanding as of June 30, 2026, 11,935 shares issued and outstanding as of December 31, 2025 117 119 Additional paid in capital 5,645 37,486 Accumulated deficit (118,402) (133,356)Total stockholders' equity (112,402) (95,504)Noncontrolling interests (76,129) (67,284)Total equity (188,531) (162,788)Total liabilities and equity $406,842 $414,864 Goosehead Insurance, Inc.
Reconciliation of Non-GAAP Measures to GAAP
This release includes certain financial performance measures that are not required by, nor presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The Company refers to these measures as “non-GAAP financial measures.” The Company uses these non-GAAP financial measures when planning, monitoring and evaluating its performance and considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization and certain other items that the Company believes are not representative of its core business. The Company uses these non-GAAP financial measures for business planning purposes and in measuring its performance relative to that of its competitors.
These non-GAAP financial measures are defined by the Company as follows:
"Core Revenue" is a supplemental measure of our performance and includes Renewal Commissions, Renewal Royalty Fees, New Business Commissions, New Business Royalty Fees, and Agency Fees. We believe that Core Revenue is an appropriate measure of operating performance because it summarizes all of our revenues from sales of individual insurance policies."Cost Recovery Revenue" is a supplemental measure of our performance and includes Initial Franchise Fees and Interest Income. We believe that Cost Recovery Revenue is an appropriate measure of operating performance because it summarizes revenues that are viewed by management as cost recovery mechanisms."Ancillary Revenue" is a supplemental measure of our performance and includes Contingent Commissions and Other Franchise Revenues. We believe that Ancillary Revenue is an appropriate measure of operating performance because it summarizes revenues that are ancillary to our core business."Adjusted EBITDA" is a supplemental measure of the Company's performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of items that do not relate to business performance. Adjusted EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation and amortization, adjusted to exclude equity-based compensation, impairment and other gains and losses, contract termination costs, and other non-operating items, including, among other things, certain non-cash charges and certain non-recurring or non-operating gains or losses."Adjusted EBITDA Margin" is Adjusted EBITDA as defined above, divided by total revenue. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level."Adjusted EPS" is a supplemental measure of our performance, defined as earnings per share (the most directly comparable GAAP measure) before non-recurring or non-operating income and expenses. Adjusted EPS is a useful measure to management and our investors because it eliminates the impact of items that do not relate to business performance and helps measure our profitability on a consolidated level.“Adjusted total operating expenses” is defined as Total operating expenses (the most directly comparable GAAP measure) before equity-based compensation, depreciation and amortization, impairment and other gains and losses, and contract termination costs. This measure is useful to management and our investors as it eliminates the impact of certain non-cash and non-recurring charges.“Adjusted employee compensation and benefits” is defined as Employee compensation and benefits (the most directly comparable GAAP measure) before equity-based compensation. This measure is useful to management and our investors as it eliminates the impact of certain non-cash compensation charges.“Adjusted general and administrative expenses” is defined as general and administrative expenses (the most directly comparable GAAP measure) before impairment and other gains and losses and contract termination costs. This measure is useful to management and our investors as it eliminates the impact of certain non-cash and non-recurring charges. While the Company believes that these non-GAAP financial measures are useful in evaluating its business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues, net income, or earnings per share, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in the Company’s industry, may calculate such measures differently, which reduces their usefulness as comparative measures.
The following tables show a reconciliation from total revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025Total Revenues$113,389 $94,027 $206,465 $169,611 Core Revenue: Renewal Commissions(1)$21,034 $23,119 $39,196 $40,071Renewal Royalty Fees(2) 52,507 45,381 96,101 82,625New Business Commissions(1) 9,613 7,559 17,065 13,314New Business Royalty Fees(2) 9,396 7,820 17,282 14,749Agency Fees(1) 3,083 2,906 5,468 5,146Total Core Revenue 95,633 86,785 175,112 155,905Cost Recovery Revenue: Initial Franchise Fees(2) 1,360 1,247 2,969 2,589Interest Income 95 179 212 368Total Cost Recovery Revenue 1,455 1,426 3,181 2,957Ancillary Revenue: Contingent Commissions(1) 15,725 4,492 26,411 8,968Other Franchise Revenues(2) 576 1,324 1,761 1,781Total Ancillary Revenue 16,301 5,816 28,172 10,749Total Revenues$113,389 $94,027 $206,465 $169,611 (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in "Commissions and agency fees" as shown on the Condensed Consolidated Statements of Operations.
(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in "Franchise revenues" as shown on the Condensed Consolidated Statements of Operations.
The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 Net Income $17,014 $8,283 $25,059 $10,929 Interest expense 5,714 6,303 11,186 12,126 Depreciation and amortization 3,545 2,782 6,757 5,452 Tax expense 4,124 1,889 5,869 202 Equity-based compensation 4,756 6,016 10,973 12,253 Impairment and other gains and losses — 4,694 — 4,694 Contract termination costs 3,055 — 3,055 — Other income (260) (815) (527) (983)Adjusted EBITDA $37,948 $29,152 $62,372 $44,672 Net Income Margin(1) 15% 9% 12% 6%Adjusted EBITDA Margin(2) 33% 31% 30% 26% (1) Net Income Margin is calculated as Net Income divided by Total Revenue: ($17,014/$113,389) and ($8,283/$94,027) for the three months ended June 30, 2026 and 2025, respectively. Net Income Margin is calculated as Net Income divided by Total Revenue ($25,059/$206,465) and ($10,929/$169,611) for the six months ended June 30, 2026 and 2025, respectively.
(2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue: ($37,948/$113,389), and ($29,152/$94,027) for the three months ended June 30, 2026 and 2025, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($62,372/$206,465), and ($44,672/$169,611) for the six months ended June 30, 2026 and 2025, respectively.
The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025:
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025Earnings per share - basic (GAAP) $0.42 $0.20 $0.62 $0.30Add: equity-based compensation(1) 0.13 0.16 0.31 0.33Add: impairment and other gains and losses(2) — 0.13 — 0.13Add: contract termination costs(3) 0.09 — 0.09 —Adjusted EPS (non-GAAP) $0.64 $0.49 $1.02 $0.76 (1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares: [$4.8 million/(23.7 million + 11.8 million)] and [$6.0 million/ (25.2 million + 12.3 million)] for the three months ended June 30, 2026 and 2025, respectively. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares: [$11.0 million/ (24.0 million + 11.9 million)] and [$12.3 million/(25.0 million + 12.5 million)] for the six months ended June 30, 2026 and 2025, respectively.
(2) Calculated as impairment and other gains and losses divided by sum of weighted average Class A and Class B shares [$4.7 million/(25.2 million + 12.3 million)] for the three months ended June 30, 2025 and [$4.7 million/(25.0 million + 12.5 million)] for the six months ended June 30, 2025. No impairment and other gains and losses were recorded for the three and six months ended June 30, 2026.
(3) Calculated as contract termination costs divided by sum of weighted average Class A and Class B shares [$3.1 million/(23.7 million + 11.8 million)] for the three months ended June 30, 2026 and [$3.1 million/(24.0 million + 11.9 million)] for the six months ended June 30, 2026. No contract termination costs were recorded for the three and six months ended June 30, 2025.
The following table shows a reconciliation of total operating expenses to adjusted total operating expenses (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 Total operating expenses $86,797 $78,367 $164,878 $147,337 Less: Depreciation and amortization (3,545) (2,782) (6,757) (5,452)Less: Equity-based compensation (4,756) (6,016) (10,973) (12,253)Less: Impairment and other gains and losses — (4,694) — (4,694)Less: Contract termination costs (3,055) — (3,055) — Adjusted total operating expenses $75,441 $64,875 $144,093 $124,938 The following table shows a reconciliation of employee compensation and benefits to adjusted employee compensation and benefits (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 Employee compensation and benefits $54,328 $50,388 $104,855 $98,722 Less: Equity-based compensation (4,756) (6,016) (10,973) (12,253)Adjusted employee compensation and benefits $49,572 $44,372 $93,882 $86,469 The following table shows a reconciliation of general and administrative expenses to adjusted general and administrative expenses (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 General and administrative expenses $28,420 $24,647 $52,389 $42,206 Less: Impairment and other gains and losses — (4,694) — (4,694)Less: Contract termination costs (3,055) — (3,055) — Adjusted general and administrative expenses $25,365 $19,953 $49,334 $37,512 Goosehead Insurance, Inc.
Key Performance Indicators
June 30, 2026 December 31, 2025 June 30, 2025Corporate sales agents < 1 year tenured 323 261 282 Corporate sales agents > 1 year tenured 260 228 197 Operating franchises < 1 year tenured 69 87 95 Operating franchises > 1 year tenured 829 922 980 Franchise Producers < 1 Year 607 545 532 Franchise Producers > 1 Year 1,583 1,568 1,553 Total Franchise Producers 2,190 2,113 2,085 QTD Corporate Agent Productivity < 1 Year (1) $18,936 $13,728 $18,612 QTD Corporate Agent Productivity > 1 Year (1) $27,907 $22,735 $30,709 QTD Franchise Productivity < 1 Year (2) $30,253 $16,101 $17,837 QTD Franchise Productivity > 1 Year (2) $48,042 $34,413 $36,287 Policies in Force (in thousands) 2,053 1,900 1,793 Client Retention 86% 85% 84%Premium Retention 88% 90% 95%QTD Written Premium (in thousands) $1,335,338 $1,090,130 $1,175,909 Customer Satisfaction Score (CSAT) (3) 4.1 — — (1) - Corporate Productivity is New Business Production per Agent (Corporate): The New Business Revenue collected related to corporate sales, divided by the average number of full-time corporate sales agents for the same period. This calculation excludes interns, part-time sales agents and partial full-time equivalent sales managers.
(2) - Franchise Productivity is New Business Production per Agency: The gross commissions paid by Carriers and Agency Fees received related to policies in their first term sold by franchise sales agents, prior to paying Royalty Fees to the Company, divided by the average number of franchises for the same period.
(3) CSAT: Customer Satisfaction Score; the average of all client responses to a single survey question asking clients to rate their most recent interaction with us on a scale of 1 to 5, where 5 is most satisfied and 1 is least satisfied. The current period reflects all responses from October 1, 2025 through the end of the current period. It will be presented on a trailing twelve-month basis beginning with the period ending September 30, 2026.
Home BancShares zvýšila čtvrtletní hotovostní dividendu na 0,23 USD na akcii, což je o 9,5 % více než v předchozím čtvrtletí. Výplata proběhne 2. září 2026 pro akcionáře z rozhodného dne 12. srpna 2026.
July 22, 2026 17:15 ET | Source: Home BancShares, Inc.
CONWAY, Ark., July 22, 2026 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB), parent company of Centennial Bank, today announced that its Board of Directors has declared a regular $0.23 per share quarterly cash dividend payable September 2, 2026, to shareholders of record August 12, 2026. This cash dividend represents a $0.02, or 9.5%, increase over the $0.21 cash dividend paid during the second quarter of 2026 and a $0.03, or 15.0%, increase over the $0.20 cash dividend paid during the third quarter of 2025.
"A strong capital foundation is one of the key advantages of our franchise and provides us with the flexibility to invest in the future of the Company while rewarding our shareholders. Our consistent peer-leading profitability and performance metrics have enabled us to build capital, support growth, and return value to shareholders. This dividend increase reflects our confidence in the long-term earnings power of Home BancShares and our continued commitment to delivering value to those who have invested in our success," said John Allison, Chairman.
Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, Tennessee, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.”
FOR MORE INFORMATION CONTACT:
Donna Townsell
Senior Executive Vice President &
Director of Investor Relations
(501) 328-4625
ELS ve 2. čtvrtletí zvýšil zisk na akcii na 0,50 USD z 0,42 USD a FFO na 0,77 USD z 0,69 USD. Zároveň potvrdil celoroční výhled Normalized FFO v rozmezí 3,13 až 3,23 USD na akcii.
, /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and six months ended June 30, 2026. All per share results are reported on a fully diluted basis unless otherwise noted.
FINANCIAL RESULTS
($ in millions, except per share data)
Quarters Ended June 30,
2026
2025
$ Change
% Change (1)
Net Income per Common Share
$ 0.50
$ 0.42
$ 0.08
19.1 %
Funds from Operations ("FFO") per Common Share and OP Unit
$ 0.77
$ 0.69
$ 0.08
11.7 %
Normalized Funds from Operations ("Normalized FFO") per Common Share and OP Unit
$ 0.74
$ 0.69
$ 0.05
7.7 %
Six Months Ended June 30,
2026
2025
$ Change
% Change (1)
Net Income per Common Share
$ 1.05
$ 0.99
$ 0.06
6.6 %
FFO per Common Share and OP Unit
$ 1.60
$ 1.52
$ 0.08
5.1 %
Normalized FFO per Common Share and OP Unit
$ 1.58
$ 1.52
$ 0.06
3.6 %
_____________________
1.
Calculations prepared using actual results without rounding.
Operations Update
Normalized FFO per Common Share and OP Unit for the quarter ended June 30, 2026 was $0.74, representing a 7.7% increase compared to the same period in 2025, performing above the midpoint of our previous guidance range of $0.69 to $0.75. Core Portfolio operations for the quarter ended June 30, 2026 generated 6.5% growth in income from property operations, excluding property management. These results reflect outperformance of our guidance for Core property operating revenues, Core property operating expenses, excluding property management, and Core income from property operations, excluding property management. Normalized FFO for the six months ended June 30, 2026 was $1.58 per Common Share and OP Unit, representing a 3.6% increase compared to the same period in 2025. For the six months ended June 30, 2026, Core property operating revenues increased 4.3%, Core property operating expenses, excluding property management, increased 2.3% and Core income from property operations, excluding property management, increased 5.7%, each as compared to the same period in 2025.
MH
Core MH base rental income for the quarter ended June 30, 2026 increased 5.8% compared to the same period in 2025. Occupied sites increased by 13 sites and new and used home sales totaled 235 during the quarter ended June 30, 2026. Core MH base rental income for the six months ended June 30, 2026 increased 5.7% compared to the same period in 2025. Occupied sites increased by 67 sites and new and used home sales totaled 463 during the six months ended June 30, 2026.
RV and Marina
Core RV and marina base rental income for the quarter ended June 30, 2026 increased 1.8% compared to the same period in 2025. Core RV and marina annual base rental income increased 5.4% for the quarter ended June 30, 2026 compared to the same period in 2025. Core RV and marina base rental income for the six months ended June 30, 2026 increased 0.1% compared to the same period in 2025. Core RV and marina annual base rental income increased 4.8% for the six months ended June 30, 2026 compared to the same period in 2025.
Property Operating Expenses
Core property operating expenses, excluding property management, for the quarter ended June 30, 2026 increased 2.9% compared to the same period in 2025. For the six months ended June 30, 2026, Core property operating expenses, excluding property management, increased 2.3% compared to the same period in 2025.
Guidance Update
Third quarter and full year 2026 guidance presented below represent management's estimate of a range of possible outcomes. The midpoint of the ranges reflect management's estimate of the most likely outcome based on our current view of existing market conditions and assumptions. Actual results could vary materially from management's estimate if any of our assumptions are incorrect. See Forward-Looking Statements in this press release for factors impacting our 2026 guidance assumptions. See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for additional information.
Income from property operations, excluding property management
5.7 %
6.0 %
______________________
1.
Core RV and marina annual base rental income represents approximately 73.2% and 75.4% of third quarter 2026 and full year 2026 RV and marina base rental income guidance, respectively. Core RV and marina annual base rental income third quarter 2026 growth rate range is 4.6% to 5.2% and the full year 2026 growth rate range is 4.3% to 5.3%. Our guidance provided on April 21, 2026 factored in a Core RV and marina annual base rental income growth rate range of 4.2% to 5.2% for full year 2026.
2.
Prior guidance issued on April 21, 2026.
About Equity LifeStyle Properties
We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of June 30, 2026, we own or have an interest in 453 properties in 35 states and British Columbia consisting of 173,559 sites.
For additional information, please contact our Investor Relations Department at (800) 247-5279 or at [email protected].
Conference Call
A live audio webcast of our conference call discussing these results will take place tomorrow, Thursday, July 23, 2026, at 11:00 a.m. Central Time. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.
Forward-Looking Statements
In addition to historical information, this press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "estimate," "guidance," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, including our guidance concerning Net Income, FFO and Normalized FFO per share data, and certain growth rates, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting. For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
Supplemental Financial Information
Financial Highlights (1)(2)
(In millions, except Common Shares and OP Units outstanding and per share and ratio data, unaudited)
As of and for the Quarters Ended
June 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
June 30,
2025
Operating Information
Total revenues
$ 397.8
$ 397.6
$ 373.9
$ 393.3
$ 376.9
Consolidated net income
$ 99.5
$ 111.5
$ 103.8
$ 100.4
$ 83.5
Net income available for Common Stockholders
$ 96.3
$ 107.9
$ 100.5
$ 97.1
$ 79.7
Adjusted EBITDAre
$ 182.6
$ 201.1
$ 189.6
$ 183.3
$ 170.0
FFO available for Common Stock and OP Unit holders
$ 154.5
$ 166.1
$ 156.7
$ 154.1
$ 138.3
Normalized FFO available for Common Stock and OP Unit holders
$ 148.3
$ 167.3
$ 157.6
$ 150.5
$ 137.7
Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders
$ 121.6
$ 149.1
$ 131.7
$ 124.2
$ 115.2
Common Shares and OP Units Outstanding (In thousands) and Per Share Data
Common Shares and OP Units, end of the period
200,405
200,377
200,284
200,278
200,272
Weighted average Common Shares and OP Units outstanding - Fully Diluted
200,209
200,176
200,162
200,126
200,095
Net Income per Common Share - Fully Diluted (3)
$ 0.50
$ 0.56
$ 0.52
$ 0.50
$ 0.42
FFO per Common Share and OP Unit - Fully Diluted
$ 0.77
$ 0.83
$ 0.78
$ 0.77
$ 0.69
Normalized FFO per Common Share and OP Unit - Fully Diluted
$ 0.74
$ 0.84
$ 0.79
$ 0.75
$ 0.69
Dividends per Common Share
$ 0.5425
$ 0.5425
$ 0.5150
$ 0.5150
$ 0.5150
Balance Sheet
Total assets
$ 5,801
$ 5,749
$ 5,745
$ 5,747
$ 5,721
Total liabilities
$ 3,984
$ 3,928
$ 3,931
$ 3,935
$ 3,908
Market Capitalization
Total debt (4)
$ 3,336
$ 3,314
$ 3,346
$ 3,302
$ 3,273
Total market capitalization (5)
$ 16,252
$ 15,822
$ 15,485
$ 15,459
$ 15,624
Ratios
Total debt / total market capitalization
20.5 %
20.9 %
21.6 %
21.4 %
20.9 %
Total debt / Adjusted EBITDAre (6)
4.4
4.5
4.5
4.5
4.5
Interest coverage (7)
5.6
5.6
5.7
5.8
5.6
Fixed charges (8)
5.6
5.6
5.7
5.7
5.5
____________________
1.
See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for definitions of fixed charges, FFO, Normalized FFO, FAD, Income from property operations excluding property management, EBITDAre, Adjusted EBITDAre, and a reconciliation of Consolidated net income to Income from property operations.
2.
See page 6 for a reconciliation of Net income available for Common Stockholders to Non-GAAP financial measures FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.
3.
Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.
4.
Excludes Deferred financing costs, net of approximately $22.5 million as of June 30, 2026.
5.
See page 14 for the calculation of market capitalization as of June 30, 2026.
6.
Calculated using trailing twelve months Adjusted EBITDAre.
7.
Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period.
8.
Calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.
Consolidated Balance Sheets
(In thousands, except share and per share data)
June 30, 2026
December 31, 2025
(unaudited)
Assets
Investment in real estate:
Land
$ 2,104,661
$ 2,088,174
Land improvements
4,927,773
4,784,223
Buildings and other depreciable property
1,380,544
1,306,317
8,412,978
8,178,714
Accumulated depreciation
(2,941,941)
(2,838,344)
Net investment in real estate (1)
5,471,037
5,340,370
Cash and restricted cash
35,629
26,132
Notes receivable, net (1)
31,003
93,358
Investment in unconsolidated joint ventures (1)
40,304
85,041
Deferred commission expense
57,374
58,149
Other assets, net
165,328
142,343
Total Assets
$ 5,800,675
$ 5,745,393
Liabilities and Equity
Liabilities:
Mortgage notes payable, net
$ 2,747,378
$ 2,779,158
Term loans, net
437,863
437,455
Unsecured line of credit
127,500
105,000
Accounts payable and other liabilities
182,135
152,536
Deferred membership revenue
217,419
221,498
Accrued interest payable
10,889
11,333
Rents and other customer payments received in advance and security deposits
152,166
120,441
Distributions payable
108,720
103,146
Total Liabilities
3,984,070
3,930,567
Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; none issued and outstanding
—
—
Common stock, $0.01 par value, 600,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 193,972,195 and 193,835,561 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
1,988
1,988
Paid-in capital
1,984,545
1,981,540
Distributions in excess of accumulated earnings
(231,263)
(225,045)
Accumulated other comprehensive income/(loss)
2,900
(2,208)
Total Stockholders' Equity
1,758,170
1,756,275
Non-controlling interests – Common OP Units
58,435
58,551
Total Equity
1,816,605
1,814,826
Total Liabilities and Equity
$ 5,800,675
$ 5,745,393
______________________
1.
On April 30, 2026, we acquired the remaining 20% ownership interests in certain RVC joint ventures for cash consideration of $4.4 million, which resulted in the consolidation of seven RV properties and one land parcel. As of June 30, 2026, the impact of consolidation resulted in an increase of $102.9 million in Net investment in real estate and decreases of $56.1 million in Notes receivable, net and $42.5 million in Investment in unconsolidated joint ventures, as compared to December 31, 2025.
Consolidated Statements of Income
(In thousands, unaudited)
Quarters Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Revenues:
Rental income
$ 330,430
$ 313,287
$ 669,476
$ 640,493
Annual membership subscriptions
18,819
16,902
37,118
33,244
Membership upgrade revenue
3,120
3,120
6,240
6,172
Other income
15,252
16,473
29,348
32,028
Gross revenues from home sales, brokered resales and ancillary services
22,805
22,798
41,901
43,721
Interest income
1,580
2,202
3,771
4,440
Income from other investments, net
5,809
2,084
7,583
4,102
Total revenues
397,815
376,866
795,437
764,200
Expenses:
Property operating and maintenance
132,267
127,845
253,307
246,411
Real estate taxes
21,826
21,845
43,926
43,488
Membership sales and marketing
4,551
4,062
8,388
7,993
Property management
21,845
20,723
40,516
41,153
Depreciation and amortization
53,637
52,649
106,773
103,591
Cost of home sales, brokered resales and ancillary services
16,903
16,476
30,503
30,168
Home selling expenses and ancillary operating expenses
7,618
6,988
14,441
13,156
General and administrative (1)
11,872
10,455
22,973
19,694
Casualty-related charges/(recoveries), net (2)
(7,094)
(541)
(7,026)
(324)
Other expenses
1,209
(59)
2,442
1,819
Interest and related amortization
33,824
32,200
67,469
63,336
Total expenses
298,458
292,643
583,712
570,485
Income before other items
99,357
84,223
211,725
193,715
Gain/(Loss) on sale of real estate and impairment, net
(507)
(683)
(507)
(683)
Equity in income/(loss) of unconsolidated joint ventures
668
(47)
(209)
4,854
Consolidated net income
99,518
83,493
211,009
197,886
Income allocated to non-controlling interests – Common OP Units
(3,194)
(3,777)
(6,781)
(8,978)
Redeemable perpetual preferred stock dividends
(8)
(8)
(8)
(8)
Net income available for Common Stockholders
$ 96,316
$ 79,708
$ 204,220
$ 188,900
______________________
1.
Includes $0.9 million and $2.0 million related to non-operating legal expenses during the quarter and six months ended June 30, 2026, respectively.
2.
Casualty-related charges/(recoveries), net for the quarter and six months ended June 30, 2026 includes insurance recovery revenue of $7.1 million for reimbursement of capital expenditures.
Non-GAAP Financial Measures
This document contains certain Non-GAAP measures used by management that we believe are helpful to understand our business. We believe investors should review these Non-GAAP measures along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT's operating performance. Our definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to make cash distributions. For definitions and reconciliations of Non-GAAP measures to our financial statements as prepared under GAAP, refer to both Reconciliation of Net Income to Non-GAAP Financial Measures on page 6 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 16-19.
Selected Non-GAAP Financial Measures (1)
(In millions, except per share data, unaudited)
Quarter Ended
June 30, 2026
Income from property operations, excluding property management - Core Portfolio (2)
$ 206.1
Income from property operations, excluding property management - Non-Core Portfolio (2)
2.9
Property management and general and administrative
(32.9)
Other income and expenses
6.0
Interest and related amortization
(33.8)
Normalized FFO available for Common Stock and OP Unit holders (3)
$ 148.3
Other items (4)
(0.9)
Insurance proceeds due to catastrophic weather events, net
7.1
FFO available for Common Stock and OP Unit holders (3)
$ 154.5
FFO per Common Share and OP Unit
$ 0.77
Normalized FFO per Common Share and OP Unit
$ 0.74
Normalized FFO available for Common Stock and OP Unit holders
$ 148.3
Non-revenue producing improvements to real estate
(26.7)
FAD for Common Stock and OP Unit holders (3)
$ 121.6
Weighted average Common Shares and OP Units - Fully Diluted
200.2
______________________
1.
See page 6 for a reconciliation of Net income available for Common Stockholders to FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.
2.
See pages 8-9 for details of the Core Portfolio Income from Property Operations, excluding property management. See page 10 for details of the Non-Core Portfolio Income from Property Operations, excluding property management.
3.
Amounts may not foot due to rounding.
4.
Represents expenses of $0.9 million related to non-operating legal expenses during the quarter ended June 30, 2026.
Reconciliation of Net Income to Non-GAAP Financial Measures
(In thousands, except per share data, unaudited)
Quarters Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net income available for Common Stockholders
$ 96,316
$ 79,708
$ 204,220
$ 188,900
Income allocated to non-controlling interests – Common OP Units
3,194
3,777
6,781
8,978
Depreciation and amortization
53,637
52,649
106,773
103,591
Depreciation on unconsolidated joint ventures
890
1,466
2,367
2,797
(Gain)/Loss on sale of real estate and impairment, net
507
683
507
683
FFO available for Common Stock and OP Unit holders
154,544
138,283
320,648
304,949
Insurance proceeds due to catastrophic weather events, net
(7,078)
(593)
(7,011)
(593)
Other items (1)
860
—
1,985
—
Normalized FFO available for Common Stock and OP Unit holders
148,326
137,690
315,622
304,356
Non-revenue producing improvements to real estate
(26,726)
(22,460)
(44,880)
(38,598)
FAD for Common Stock and OP Unit holders
$ 121,600
$ 115,230
$ 270,742
$ 265,758
Net Income per Common Share - Basic
$ 0.50
$ 0.42
$ 1.05
$ 0.99
Net Income per Common Share - Fully Diluted (2)
$ 0.50
$ 0.42
$ 1.05
$ 0.99
FFO per Common Share and OP Unit - Basic
$ 0.77
$ 0.69
$ 1.60
$ 1.52
FFO per Common Share and OP Unit - Fully Diluted
$ 0.77
$ 0.69
$ 1.60
$ 1.52
Normalized FFO per Common Share and OP Unit - Basic
$ 0.74
$ 0.69
$ 1.58
$ 1.52
Normalized FFO per Common Share and OP Unit - Fully Diluted
$ 0.74
$ 0.69
$ 1.58
$ 1.52
Weighted average Common Shares outstanding - Basic
193,727
190,992
193,702
190,958
Weighted average Common Shares and OP Units outstanding - Basic
200,164
200,060
200,144
200,044
Weighted average Common Shares and OP Units outstanding - Fully Diluted
200,209
200,095
200,193
200,084
____________________
1.
Represents expenses of $0.9 million and $2.0 million related to non-operating legal expenses during the quarter ended and six months ended June 30, 2026, respectively.
2.
Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.
Income from Property Operations - Total Portfolio (1)
Income from property operations, excluding property management
$ 209.0
$ 196.0
$ 436.6
$ 414.0
RV and marina base rental income:
Annual
$ 84.5
$ 79.8
$ 166.8
$ 158.2
Seasonal
6.9
7.7
32.2
36.3
Transient
19.1
18.6
32.7
33.2
Total RV and marina base rental income
$ 110.5
$ 106.1
$ 231.7
$ 227.7
______________________
1.
Excludes property management expenses.
2.
MH base rental income, Rental home income, RV and marina base rental income and Utility income, net of bad debt expense, are presented in Rental income in the Consolidated Statements of Income on page 3. Bad debt expense is presented in Insurance and other in this table.
3.
Includes approximately $2.2 million and $4.0 million of business interruption income from Hurricane Ian during the quarter and six months ended June 30, 2025, respectively.
Income from Property Operations - Core Portfolio (1)
Income from property operations, excluding property management
$ 2.9
$ 5.9
______________________
1.
Excludes property management expenses.
2.
Includes bad debt expense for the periods presented.
Home Sales and Rental Home Operations
(In thousands, except home sale volumes and occupied rentals, unaudited)
Home Sales - Select Data
Quarters Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Total new home sales volume
98
117
185
234
New home sales gross revenues
$ 9,028
$ 9,444
$ 16,736
$ 18,873
Total used home sales volume
137
85
279
142
Used home sales gross revenues
$ 698
$ 761
$ 1,526
$ 1,535
Brokered home resales volume
143
126
256
224
Brokered home resales gross revenues
$ 558
$ 454
$ 939
$ 850
Rental Homes - Select Data
Quarters Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Rental operations revenues (1)
$ 9,921
$ 8,749
$ 19,641
$ 17,143
Rental home operations expense (2)
1,420
1,300
2,767
2,446
Depreciation on rental homes (3)
2,799
2,878
5,441
5,123
Occupied rentals: (4)
New
1,962
1,816
Used
184
189
Total occupied rental sites
2,146
2,005
As of June 30, 2026
As of June 30, 2025
Cost basis in rental homes: (5)
Gross
Net of
Depreciation
Gross
Net of
Depreciation
New
$ 281,885
$ 237,937
$ 227,739
$ 188,686
Used
16,464
13,408
10,010
6,513
Total rental homes
$ 298,349
$ 251,345
$ 237,749
$ 195,199
______________________
1.
For the quarters ended June 30, 2026 and 2025, approximately $6.0 million and $5.2 million, respectively, of the rental operations revenue is included in the MH base rental income in the Income from Property Operations - Core Portfolio on pages 8-9. The remainder of the rental operations revenue for the quarters ended June 30, 2026 and 2025 is included in Rental home income in the Income from Property Operations - Core Portfolio on pages 8-9.
2.
Rental home operations expense is included in Rental home operating and maintenance in the Income from Property Operations - Total Portfolio on page 7. Rental home operations expense is included in Rental home operating and maintenance in the Income from Property Operations - Core Portfolio on pages 8-9.
3.
Depreciation on rental homes in our Core Portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 3.
4.
Includes occupied rental sites as of the end of the period in our Core Portfolio.
5.
Includes both occupied and unoccupied rental homes in our Core Portfolio.
Total Sites
(Unaudited)
Summary of Total Sites as of June 30, 2026
Sites (1)
MH sites (2)
75,900
RV sites:
Annual (2)
34,300
Seasonal
9,800
Transient (2)
20,700
Marina slips
6,900
Membership (3)
26,000
Total
173,600
______________________
1.
MH sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina sites are leased to customers generally for one to six months. Transient RV and marina sites are sites without an annual or seasonal reservation and are available to be leased to customers on a short-term basis.
2.
MH, Annual RV and Transient RV sites include approximately 2,100, 200 and 300 joint venture sites, respectively.
3.
Sites primarily utilized by approximately 107,900 members. Includes approximately 6,000 sites rented on an annual basis.
Membership Campgrounds - Select Data
Years Ended December 31,
Six Months
Ended June 30,
Campground and Membership Revenue (1)
($ in thousands, unaudited)
2022
2023
2024
2025
2026
Annual membership subscriptions
$ 63,215
$ 65,379
$ 65,883
$ 69,266
$ 37,118
Annual RV base rental income
$ 25,945
$ 27,842
$ 29,282
$ 30,546
$ 16,079
Seasonal/Transient RV base rental income
$ 24,316
$ 20,996
$ 21,338
$ 19,959
$ 7,930
Membership upgrade revenue
$ 12,958
$ 14,719
$ 16,433
$ 12,412
$ 6,240
Utility and other income
$ 2,626
$ 2,544
$ 2,360
$ 2,390
$ 1,019
Membership Count
Total Memberships (2)
128,439
121,002
113,553
108,731
107,857
Paid Membership Origination
23,237
20,758
19,539
17,150
8,768
Promotional Membership Origination
28,178
25,232
23,552
23,002
10,838
Membership Upgrade Volume (3)
4,068
3,858
4,086
5,945
2,587
Campground Metrics
Membership Campground Count
82
82
82
82
82
Membership Campground RV Site Count
25,800
26,000
26,000
26,000
26,000
Annual Site Count (4)
6,390
6,154
5,902
6,014
6,017
______________________
1.
Membership upgrade product offerings include two- to four-year term subscription products with increased annual dues. The revenue associated with these subscription products is recognized as Annual membership subscriptions.
2.
Members who have entered into annual subscriptions with us that entitle them to use certain properties on a continuous basis for up to 21 days.
3.
Upgraded memberships provide enhanced benefits, including but not limited to longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties.
4.
Sites that have been rented by members for an entire year.
Market Capitalization
(In millions, except share and OP Unit data, unaudited)
Capital Structure as of June 30, 2026
Total
Common
Shares/Units
% of Total
Common
Shares/Units
Total
% of Total
% of Total
Market
Capitalization
Secured Debt
$ 2,768
83.0 %
Unsecured Debt
568
17.0 %
Total Debt (1)
$ 3,336
100.0 %
20.5 %
Common Shares
193,972,195
96.8 %
OP Units
6,433,299
3.2 %
Total Common Shares and OP Units
200,405,494
100.0 %
Common Stock price at June 30, 2026
$ 64.45
Fair Value of Common Shares and OP Units
$ 12,916
100.0 %
Total Equity
$ 12,916
100.0 %
79.5 %
Total Market Capitalization
$ 16,252
100.0 %
______________________
1.
Excludes Deferred financing costs, net of approximately $22.5 million.
Debt Maturity Schedule
Debt Maturity Schedule as of June 30, 2026
(In thousands, unaudited)
Year
Outstanding
Debt
Weighted
Average
Interest Rate
% of Total
Debt
Weighted
Average
Years to
Maturity
Secured Debt
2026
—
— %
— %
—
2027
—
— %
— %
—
2028
187,577
4.19 %
5.62 %
2.2
2029
270,228
4.92 %
8.10 %
3.2
2030
275,385
2.69 %
8.26 %
3.7
2031
228,619
2.45 %
6.85 %
4.9
2032
202,000
2.47 %
6.06 %
6.2
2033
339,710
4.83 %
10.19 %
7.3
2034
198,956
3.44 %
5.97 %
7.9
2035
184,870
2.64 %
5.54 %
9.2
Thereafter
880,414
4.21 %
26.39 %
12.6
Total
$ 2,767,759
3.77 %
82.98 %
7.8
Unsecured Term Loans
2026
—
— %
— %
—
2027
200,000
4.88 %
6.00 %
0.6
2028
—
— %
— %
—
2029
—
— %
— %
—
2030
240,000
4.74 %
7.20 %
3.9
Thereafter
—
— %
— %
—
Total
$ 440,000
4.81 %
13.20 %
2.4
Total Secured and Unsecured
$ 3,207,759
3.91 %
96.18 %
7.0
Line of Credit Borrowing (1)
127,500
4.97 %
3.82 %
—
Deferred financing costs, net
(22,518)
Total Debt, Net
$ 3,312,741
4.12% (2)
100.00 %
_____________________
1.
The floating interest rate on the line of credit is SOFR plus 0.10% plus 1.25% to 1.65%. During the quarter ended June 30, 2026, the effective interest rate on the line of credit borrowings was 4.97%.
2.
Reflects effective interest rate for the quarter ended June 30, 2026, including interest associated with the line of credit and amortization of deferred financing costs.
Non-GAAP Financial Measures Definitions and Reconciliations
The following Non-GAAP financial measures definitions do not include adjustments in respect to membership upgrade revenue: (i) FFO; (ii) Normalized FFO; (iii) EBITDAre; (iv) Adjusted EBITDAre; (v) Property operating revenues; (vi) Property operating expenses, excluding property management; and (vii) Income from property operations, excluding property management.
FUNDS FROM OPERATIONS (FFO). We define FFO as net income, computed in accordance with GAAP, excluding gains or losses from sales of properties, depreciation and amortization related to real estate, impairment charges and adjustments to reflect our share of FFO of unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis. We compute FFO in accordance with our interpretation of standards established by the National Association of Real Estate Investment Trusts ("NAREIT"), which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.
We believe FFO, as defined by the Board of Governors of NAREIT, is generally a measure of performance for an equity REIT. While FFO is a relevant and widely used measure of operating performance for equity REITs, it does not represent cash flow from operations or net income as defined by GAAP, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance.
NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties, defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount.
FUNDS AVAILABLE FOR DISTRIBUTION (FAD). We define FAD as Normalized FFO less non-revenue producing capital expenditures.
We believe that FFO, Normalized FFO and FAD are helpful to investors as supplemental measures of the performance of an equity REIT. We believe that by excluding the effect of gains or losses from sales of properties, depreciation and amortization related to real estate and impairment charges, which are based on historical costs and may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We further believe that Normalized FFO provides useful information to investors, analysts and our management because it allows them to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our normal operations. For example, we believe that excluding the early extinguishment of debt and other miscellaneous non-comparable items from FFO allows investors, analysts and our management to assess the sustainability of operating performance in future periods because these costs do not affect the future operations of the properties. In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items.
INCOME FROM PROPERTY OPERATIONS, EXCLUDING PROPERTY MANAGEMENT. We define Income from property operations, excluding property management as rental income, membership subscriptions and upgrade sales, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses, excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our properties, excluding items that are not directly related to the operation of the properties. For comparative purposes, we present bad debt expense within Insurance and other in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our properties.
The following table reconciles Net income available for Common Stockholders to Income from property operations:
Quarters Ended
Six Months Ended
June 30,
June 30,
(amounts in thousands)
2026
2025
2026
2025
Net income available for Common Stockholders
$ 96,316
$ 79,708
$ 204,220
$ 188,900
Redeemable perpetual preferred stock dividends
8
8
8
8
Income allocated to non-controlling interests – Common OP Units
3,194
3,777
6,781
8,978
Consolidated net income
99,518
83,493
211,009
197,886
Equity in (income)/loss of unconsolidated joint ventures
(668)
47
209
(4,854)
(Gain)/Loss on sale of real estate and impairment, net
507
683
507
683
Gross revenues from home sales, brokered resales and ancillary services
(22,805)
(22,798)
(41,901)
(43,721)
Interest income
(1,580)
(2,202)
(3,771)
(4,440)
Income from other investments, net
(5,809)
(2,084)
(7,583)
(4,102)
Property management
21,845
20,723
40,516
41,153
Depreciation and amortization
53,637
52,649
106,773
103,591
Cost of home sales, brokered resales and ancillary services
16,903
16,476
30,503
30,168
Home selling expenses and ancillary operating expenses
7,618
6,988
14,441
13,156
General and administrative (1)
11,872
10,455
22,973
19,694
Casualty-related charges/(recoveries), net (2)
(7,094)
(541)
(7,026)
(324)
Other expenses
1,209
(59)
2,442
1,819
Interest and related amortization
33,824
32,200
67,469
63,336
Income from property operations, excluding property management
208,977
196,030
436,561
414,045
Property management
(21,845)
(20,723)
(40,516)
(41,153)
Income from property operations
$ 187,132
$ 175,307
$ 396,045
$ 372,892
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We define EBITDAre as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, gains or losses from sales of properties, impairment charges, and adjustments to reflect our share of EBITDAre of unconsolidated joint ventures. We compute EBITDAre in accordance with our interpretation of the standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.
We define Adjusted EBITDAre as EBITDAre excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items.
We believe that EBITDAre and Adjusted EBITDAre may be useful to an investor in evaluating our operating performance and liquidity because the measures are widely used to measure the operating performance of an equity REIT.
______________________
1.
Includes $0.9 million and $2.0 million related to non-operating legal expenses during the quarter and six months ended June 30, 2026, respectively.
2.
Casualty-related charges/(recoveries), net for the quarter and six months ended June 30, 2026 includes insurance recovery revenue of $7.1 million for reimbursement of capital expenditures.
The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:
Quarters Ended
Six Months Ended
June 30,
June 30,
(amounts in thousands)
2026
2025
2026
2025
Consolidated net income
$ 99,518
$ 83,493
$ 211,009
$ 197,886
Interest income
(1,580)
(2,202)
(3,771)
(4,440)
Real estate depreciation and amortization
53,637
52,649
106,773
103,591
Other depreciation and amortization
1,138
1,220
2,321
2,454
Interest and related amortization
33,824
32,200
67,469
63,336
(Gain)/Loss on sale of real estate and impairment, net
507
683
507
683
Adjustments to our share of EBITDAre of unconsolidated joint ventures
1,736
2,501
4,429
4,608
EBITDAre
188,780
170,544
388,737
368,118
Other items (1)
860
—
1,985
—
Insurance proceeds due to catastrophic weather events, net
(7,078)
(593)
(7,011)
(593)
Adjusted EBITDAre
$ 182,562
$ 169,951
$ 383,711
$ 367,525
CORE PORTFOLIO or CORE. The Core properties include properties we owned and operated during all of 2025 and 2026. We believe Core is a measure that is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations.
NON-CORE PORTFOLIO or NON-CORE. The Non-Core properties in 2026 include properties that were not owned and operated during all of 2025 and 2026, including six properties in Florida impacted by Hurricane Ian, two properties in California that were impacted by storm and flooding events and seven acquired RVC properties. The 2026 guidance reflects Non-Core properties in 2026, which includes properties not owned and operated during all of 2025 and 2026.
NON-REVENUE PRODUCING IMPROVEMENTS. Represents capital expenditures that do not directly result in increased revenue or expense savings and are primarily comprised of common area improvements, furniture and mechanical improvements.
FIXED CHARGES. Fixed charges consist of interest expense, amortization of note premiums and debt issuance costs. The fixed charges ratio is calculated by dividing the trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.
______________________
1.
Represents expenses of $0.9 million and $2.0 million related to non-operating legal expenses during the quarter ended and six months ended June 30, 2026, respectively.
FORWARD-LOOKING NON-GAAP MEASURES. The following table reconciles Net Income per Common Share - Fully Diluted guidance to FFO per Common Share and OP Unit - Fully Diluted guidance and Normalized FFO per Common Share and OP Unit - Fully diluted guidance:
(Unaudited)
Third Quarter
2026
Full Year
2026
Net Income per Common Share - Fully Diluted
$0.48 to $0.54
$2.05 to $2.15
Depreciation and amortization
0.28
1.10
Gain on sale of real estate and impairment, net
—
—
FFO per Common Share and OP Unit - Fully Diluted (1)
$0.76 to $0.82
$3.15 to $3.25
Other
—
(0.03)
Normalized FFO per Common Share and OP Unit - Fully Diluted (1)
$0.76 to $0.82
$3.13 to $3.23
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1.
Amounts may not foot due to rounding.
This press release includes certain forward-looking information, including Core and Non-Core Income from property operations, excluding property management, that is not presented in accordance with GAAP. In reliance on the exception in Item 10(e)(1)(i)(B) of Regulation S-K, we do not provide a quantitative reconciliation of such forward-looking information to the most directly comparable financial measure calculated and presented in accordance with GAAP, where we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This includes, for example, (i) scheduled or implemented rate increases on community, resort and marina sites; (ii) scheduled or implemented rate increases in annual payments under membership subscriptions; (iii) occupancy changes; (iv) costs to restore property operations and potential revenue losses following storms or other unplanned events; and (v) other nonrecurring/unplanned income or expense items, which may not be within our control, may vary between periods and cannot be reasonably predicted. These unavailable reconciling items could significantly impact our future financial results.
