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Russell J. Weiner, Chief Executive Officer of Domino's Pizza, Inc. (DPZ -2.00%), reported a sale of 10,850 shares of common stock on July 17, 2026, according to an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$3.6 millionShares sold10,850Post-transaction shares (total)47,161Post-transaction shares (directly held)43,828Post-transaction shares (indirectly held)3,333Post-transaction value$15.2 millionTransaction value based on SEC Form 4 weighted average sale price ($330.83); post-transaction value based on July 17, 2026, market close ($322.18).

Key questionsWhat was the structural nature of this disposition?
Russell J. Weiner employed an exercise-and-sell strategy, converting 10,850 options with a strike price of $136.89 into common stock, then immediately liquidating the shares at $330.83. This method allows executives to realize gains from equity compensation without an initial cash outlay for the exercise price.How is the insider's remaining equity distributed?
Following the transaction, the Chief Executive Officer retains 43,828 shares in direct ownership. Indirect exposure is maintained through 1,120 shares held by the Russell Weiner Trust Agreement U/A DTD 09/03/2003 and 2,213 shares held by the Russell J. Weiner 2023 Grantor Trust, totaling a $15.2 million stake.What governed the timing and execution of this trade?
The transaction was non-discretionary at the time of execution, as it was governed by a Rule 10b5-1 trading plan established on March 13, 2025, more than a year prior. This structural insulation means the trade was pre-scheduled regardless of the -31% one-year return for the stock as of the July 17, 2026, transaction date.What is the company's current financial profile relative to this activity?
Domino's Pizza continues to operate as a major global pizza purveyor with trailing twelve-month revenue of $5.0 billion and net income of $596.5 million. As of July 20, 2026, market close, the company had a market capitalization of $10.9 billion, with insiders collectively holding a 0.14% ownership stake.Company OverviewMetricValueShare Price (as of market close 2026-07-20)$328.97Market Capitalization$10.9 billionRevenue (TTM)$5.0 billionNet Income (TTM)$596.5 millionCompany SnapshotDomino's Pizza operates as a leading international and domestic pizza purveyor, generating revenue through the sale of Domino‘s-branded pizzas and complementary menu items, including oven-baked sandwiches, distributed across a vast network of corporate-owned and franchised outlets.The company operates through three distinct business segments—U.S. Stores, International Franchise, and Supply Chain—leveraging a franchise-based model that generates revenue from both direct store operations and royalties and fees from independent franchisees.Domino's serves consumers seeking convenient, value-oriented pizza delivery and carryout, with a primary customer base spanning residential and commercial markets across North America and internationally.Domino's Pizza has a market capitalization of $10.9 billion, TTM revenue of $5.0 billion, and net income of $596.5 million, positioning it as a significant player in the global quick-service restaurant sector. The company's franchise-centric operating model provides scalability and recurring revenue streams while minimizing capital intensity. Domino's competitive advantages include its established brand recognition, extensive distribution network spanning both domestic and international markets, and operational efficiency driven by technology-enabled ordering and delivery systems.

What this transaction means for investorsSince this transaction is part of a pre-planned, exercise-and-sell compensation strategy for Domino’s and its CEO, investors shouldn’t worry too much about it. We shouldn’t take this sale to heart too much in relation to DPZ stock or its recent performance.

From a Foolish perspective on Domino’s stock, I believe it is time for investors to start paying close attention to the steady-Eddie compounder. After completely reinventing its pizza in 2009, Domino’s went on to generate annualized total returns of 26% since -- even after the stock’s 34% pullback over the last year. While sales growth has slowed -- and the market may be sneaking up on saturation with over 22,500 locations globally -- the recent drawdown has Domino’s trading at a valuation it hasn’t seen since 2013.

Currently trading at just 17 times free cash flow (FCF), Domino’s would need to compound FCF by 5% annually over the long haul to live up to this discounted valuation, according to a reverse discounted cash flow calculation, which isn’t outrageous. Furthermore, the company has grown its dividend payments by 12% annually over the last decade, but these payments still use only 37% of Domino’s FCF, leaving ample room for further increases, and the 2.3% yield should be very secure. It may not be the most exciting investment right now, but Domino’s could be an excellent dividend-paying cornerstone for investors seeking more stability than many of today’s most popular AI or data center stocks offer.

Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Domino's Pizza. The Motley Fool has a disclosure policy.

HARTSVILLE, S.C., July 22, 2026 (GLOBE NEWSWIRE) -- Sonoco Products Company (“Sonoco” or the “Company”) (NYSE: SON), a Mid-cap Value global packaging company, today reported financial results for the second quarter ended June 28, 2026.

Summary:

Net sales in the second quarter were $1.9 billion Industrial Paper Packaging segment results exceeded expectations as North America uncoated recycled paperboard (URB) trade ton sales volume grew 6%EMEA/APAC paper cans sales volume up 9% Reported GAAP net income of $105 million, or $1.05 diluted earnings per share, compared to $493 million, or $4.96, in the same period in 2025, which included a gain from the sale of the Thermoformed and Flexibles Packaging and global Trident (“TFP”) business totaling $425 millionImproved quarterly adjusted net income by 10.6% to $151 million compared to the same period in 2025, and reported adjusted diluted earnings per share of $1.51Reported GAAP operating profit of $193 million in the second quarter of 2026, compared with $176 million in the same period in 2025Second quarter adjusted operating profit of $242 million and adjusted EBITDA of $324 millionGenerated a second quarter record operating cash flow of $301 million, and used $(67) million of operating cash flow year-to-date, which included approximately $103 million in one-time taxes paid in 2026 on gains from the sales of the divested TFP and ThermoSafe businesses in 2025 2026 Guidance:

Reaffirming full-year 2026 guidance for sales, adjusted EBITDA, adjusted earnings per share and operating cash flow as reported with our April first quarter results. *Note: References in today’s news release to 2025 consolidated “net sales,” “operating profit,” and “adjusted operating profit,” and Consumer Packaging “segment operating profit” and “segment adjusted EBITDA,” do not include results of TFP, which was sold in April 2025 and is accounted for as discontinued operations in periods prior to the sale. “GAAP” refers to U.S. generally accepted accounting principles.

     Second Quarter2026Consolidated Results
 (Dollars in millions except per share data)
           Three Months Ended Six Months Ended GAAP ResultsJune 28, 2026June 29, 2025Change June 28, 2026June 29, 2025Change Net sales1 $1,885$1,910(1.3)% $3,562$3,620(1.6)% Net sales related to discontinued operations — —NM  — 321NM Operating profit1 193 1769.8%  320 3035.8% Operating profit related to discontinued operations — 626NM  — 664NM Net income attributable to Sonoco 105 493(78.7)%  172 548(68.5)% EPS (diluted) 1.05 4.96(78.8)%  1.73 5.51(68.6)%           Three Months Ended Six Months Ended Non-GAAP Results2June 28, 2026June 29, 2025Change June 28, 2026June 29, 2025Change Adjusted operating profit1$242$247(1.8)% $443$460(3.6)% Adjusted EBITDA 324 328(1.2)%  601 666(9.8)% Adjusted net income attributable to Sonoco 151 13610.6%  270 273(1.1)% Adjusted EPS (diluted) 1.51 1.3710.2%  2.71 2.74(1.1)% NM = Not Meaningful        1Excludes results of discontinued operations. 2See the Company’s definitions of non-GAAP financial measures, explanations as to why they are used, and reconciliations to the most directly comparable GAAP financial measures later in this release.   Second quarter 2026 net sales of $1.9 billion were down (1.3)% compared to the corresponding prior-year quarter, driven primarily by the November 3, 2025 divestiture of the ThermoSafe business. Additionally, net sales benefited from higher prices implemented to offset the effects of inflation and tariffs and from the favorable impact of foreign exchange rates, partially offset by lower volume/mix. GAAP operating profit for the second quarter was up 9.8% to $193 million compared to the corresponding prior-year quarter, due to productivity savings from fixed cost reduction initiatives and procurement savings. These positive factors were offset by the absence of operating profit from the divested ThermoSafe business and lower volume/mix. Effective tax rates on GAAP income from continuing operations before income taxes and adjusted income from continuing operations before income taxes, were 27.8% and 23.8%, respectively, in the second quarter, compared to 37.3% and 25.6%, respectively, in the same period in 2025. “Our Sonoco team delivered solid second quarter results that met our expectations and exceeded consensus estimates as productivity and cost control initiatives helped offset global inflation headwinds stemming from higher logistics, chemicals, resins and other raw material costs,” said Howard Coker, President and Chief Executive Officer. “Results from our Industrial Paper Packaging segment exceeded expectations with operating profit up 4% during the period and up 29% from the first quarter. The Industrial segment improvement was primarily driven by productivity gains which more than offset price/cost headwinds. North America URB trade tons grew 6% which boosted mill utilization to 95%, while the segment’s volume/mix was flat. Our Consumer Packaging segment operating profit declined approximately 5% during the period but was up 22% sequentially from the first quarter. Productivity and cost containment initiatives boosted Consumer segment results. Paper can volumes were up 9% in EMEA/APAC due to rising snack demand, but overall segment volumes were down 1.8% driven primarily by lower metal aerosol cans and adhesive and sealant tube demand.”

Paul Joachimczyk, Sonoco’s Chief Financial Officer, added, “Our businesses continue to demonstrate tremendous cash-generating capabilities, delivering a record second-quarter operating cash flow of $301 million and free cash flow of $237 million, increases of 56% and 139%, respectively, compared to the prior year. These results reflect disciplined working capital management and the earnings power of our portfolio. Year-to-date operating cash flow includes approximately $103 million of one-time tax payments related to gains from our 2025 divestitures, highlighting that our underlying cash flow performance is strong and supports our confidence in reaffirming full-year guidance.”

Second Quarter 2026 Segment Results
(Dollars in millions except per share data)

Sonoco reports its financial results in two reportable segments: Consumer Packaging (“Consumer”) and Industrial Paper Packaging (“Industrial”).

As previously announced, effective January 1, 2026, results of the Company’s industrial and specialty plastics business (“Industrial Plastics”), the only business remaining in the All Other group of businesses following the November 2025 divestiture of ThermoSafe, are now included in the Industrial segment. Therefore, the Company no longer provides results of the All Other group of businesses.

  Three Months Ended Six Months Ended ConsumerJune 28, 2026 June 29, 2025Change June 28, 2026 June 29, 2025Change            Net sales1$1,242  $1,227 1.2% $2,339  $2,294 2.0% Segment operating profit1$152  $160 (5.4)% $277  $301 (7.9)% Segment operating profit margin1 12.2%  13.1%   11.9%  13.1%  Segment Adjusted EBITDA1, 2$207  $213 (3.1)% $383  $403 (4.9)% Segment Adjusted EBITDA margin1, 2 16.6%  17.4%   16.4%  17.6%  Consumer segment net sales grew 1.2%, reflecting successful pricing actions to recover inflation and tariff-related costs, along with favorable foreign exchange. Volume trends remained below prior-year levels.Solid manufacturing productivity improvements and disciplined cost management helped mitigate the impact of softer volumes on segment operating profit and adjusted EBITDA.   Three Months Ended Six Months Ended IndustrialJune 28, 2026 June 29, 2025Change June 28, 2026 June 29, 2025Change            Net sales3$643  $617 4.2% $1,223  $1,205 1.5% Segment operating profit3$89  $86 4.0% $159  $162 (2.2)% Segment operating profit margin 13.9%  13.9%   13.0%  13.5%  Segment Adjusted EBITDA2, 3$122  $119 2.9% $222  $226 (1.9)% Segment Adjusted EBITDA margin2 19.0%  19.2%   18.1%  18.8%  Industrial segment net sales increased 4.2% to $643 million, reflecting successful pricing actions and favorable foreign exchange.Segment operating profit margin remained resilient at 13.9%, consistent with the prior year, while adjusted EBITDA margin of 19.0% benefited from strong productivity initiatives related to procurement savings and fixed cost reduction that helped offset higher raw material, freight and other operating costs. 1 Excludes results of discontinued operations.
2 Segment adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. See the Company’s reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures later in this release.
3 Net sales, segment operating profit, and segment adjusted EBITDA for the three months ended June 29, 2025 include results from Industrial Plastics of $29 million, $5 million, and $6 million, respectively, previously included in All Other, to provide clearer year-over-year comparisons.

Balance Sheet and Cash Flow Highlights

The Company maintained strong liquidity of $1.3 billion at June 28, 2026, consisting of $1.1 billion of available borrowing capacity under its revolving credit facility and cash on hand.Cash and cash equivalents were $169 million as of June 28, 2026, compared to $378 million, as of December 31, 2025.Total debt and net debt were $4.5 billion and $4.3 billion, respectively, as of June 28, 2026, primarily reflecting seasonal working capital requirements within the Company's metal packaging business.Cash flow from operating activities for the period ended June 28, 2026 was a use of $(67) million, compared to a use of $(15) million in the same period of 2025. The main drivers of the year-over-year change in operating cash flow were a one-time payment of taxes in 2026 on the gains from the 2025 divestitures of the TFP and ThermoSafe businesses and the seasonal need for working capital for the Company’s metal packaging business.Capital expenditures, net of proceeds from sales of fixed assets, for 2026 were $124 million, compared to $186 million last year.Free Cash Flow for the period ended June 28, 2026 improved to $(191) million compared to $(201) million in the same period in 2025, reflecting the factors impacting operating cash flow discussed above.The Company returned $106 million to shareholders through dividends during the first half of 2026, compared to $104 million in the prior year period. Guidance(1)         

Full-Year 2026

Net Sales: $7.25 billion to $7.75 billion, in line with previous guidanceAdjusted EPS(2): Maintaining annual adjusted EPS guidance of $5.80 to $6.20 per diluted share and continuing to expect results toward the low end of the rangeAdjusted EBITDA(2): Guidance of $1.25 billion to $1.35 billion is unchanged from previous guidanceCash flow from operating activities: Guidance remains unchanged at $700 million to $800 million, including the effect of payments of prior year taxes on gains from divestitures and restructuring costs Commenting on Sonoco’s outlook, Howard Coker said, “Entering the second half of the year we are encouraged that several key indicators are strengthening in our favor as we begin our busiest period of the year. Demand for our URB in North America is very strong as a result of entering new markets, such as saturating URB for laminated products, along with share gains that have expanded our backlogs and require that we import paper from our Europe and Latin America mills through the third quarter. In our Consumer segment, projected paper can growth in Europe, Asia, and South America has us exploring additional capacity expansion plans while customer promotions and new product launches are projected to lift both paper and metal can volumes as we enter the important seasonal pack season in both the U.S. and EMEA. While we remain mindful of external macroeconomic risks, we are confident in our strategy, portfolio and ability to execute through economic cycles.”

Joachimczyk added, “As pricing actions and contract resets take effect, we expect improved margin performance across our portfolio. Combined with ongoing productivity initiatives, disciplined cost management and execution of our profitability performance plan, we remain confident in achieving our long-term goal of improving margins by 200 basis points by the end of 2028.”

(1)Although the Company believes the assumptions reflected in the range of guidance are reasonable, given the uncertainty regarding the future performance of the overall economy, the effects of tariffs, trade policy and inflation, the challenges in global supply chains, potential changes in raw material prices, other costs, and the Company’s effective tax rate, as well as other risks and uncertainties, including those related to the integration of Eviosys and described below, actual results could vary substantially. Further information can be found in the section entitled “Forward-looking Statements” in this release.

(2) Full year 2026 GAAP guidance is not provided in this release due to the likely occurrence of one or more of the following, the timing and magnitude of which we are unable to reliably forecast without unreasonable efforts: restructuring costs and restructuring-related impairment charges, acquisition/divestiture-related costs, gains or losses from the sale of businesses and the income tax effects of these items and/or other income tax-related events. These items could have a significant impact on the Company’s future GAAP financial results. Accordingly, quantitative reconciliations of Adjusted EPS and Adjusted EBITDA guidance and net debt/Adjusted EBITDA targets to the nearest comparable GAAP measures have been omitted in reliance on the exception provided by Item 10 of Regulation S-K.        

Earnings Conference Call Webcast
Sonoco’s management will host a conference call to discuss its second quarter 2026 results on Thursday, July 23, 2026, at 8:00 a.m. Eastern Time. The Company will provide prepared remarks, a presentation and host a question-and-answer session during the call. A live audio webcast of the call along with supporting materials will be available on the Sonoco Investor Relations website at https://investor.sonoco.com/. A webcast replay will be available on the Company’s website for at least 30 days following the call.

  Time:Thursday, July 23, 2026, at 8:00 a.m. Eastern Time
  Audience
Dial-In:To listen via telephone, please register in advance at:
https://events.q4inc.com/analyst/818434126?pwd=xd1mxKQrAfter registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call.

  Webcast Link:https://events.q4inc.com/attendee/818434126  Contact Information: 
Roger Schrum
Head of Investor Relations and Communications
[email protected]        
843-339-6018

About Sonoco
Sonoco (NYSE: SON) is a Mid-cap Value global packaging company. With sales of $7.5 billion from continuing operations in 2025, the Company has approximately 22,000 employees working in 265 operations in 37 countries, serving some of the world’s best-known brands. Guided by our purpose of Better Packaging. Better Life., we strive to foster a culture of innovation, collaboration and excellence to provide solutions that better serve all our stakeholders and support a more sustainable future. A Fortune 500 company, Sonoco was proudly named one of the World’s Most Admired Companies by Fortune in 2026 as well as one of America’s Most Trustworthy and Responsible Companies by Newsweek and USA Today’s Climate Leaders in 2025. For more information on the Company, visit our website at www.sonoco.com.

Forward-looking Statements
Statements included herein that are not historical in nature, are intended to be, and are hereby identified as “forward- looking statements” for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. In addition, the Company and its representatives may from time to time make other oral or written statements that are also “forward-looking statements.” Words such as “achieve,” “believe,” “can,” “continue,” “continuing,” “could,” “deliver,” “enhance,” “expect,” “forecast,” “focus,” “future,” “goal,” “guidance,” “improvement,” “likely,” “may,” “might,” “ongoing,” “outlook,” “plan,” “projected,” “remain,” “seek,” “should,” “strategy,” “target,” “will,” “would,” “working,” or the negative thereof, and similar expressions identify forward-looking statements.

Forward-looking statements in this communication include statements regarding, but not limited to: the Company’s future operating and financial performance, including full year 2026 outlook and the anticipated drivers thereof and cash flow in 2026; the Company’s ability to improve its competitive position and drive cost savings, including through its profitability performance plan; price/cost, customer demand and volume outlook; the continued focus on planned structural and operational savings actions to achieve long-term margin improvement goals; the effectiveness of and expected benefits from the Company’s strategy and strategic initiatives, including with respect to sustainable growth, margin improvement, and capital allocation, and focused metal and paper packaging portfolio; the effects of the changing macroeconomic and geopolitical environment, including trade policies and tariffs, market conditions, inflation and interest costs on the Company, its supply chain and its customers, and the Company’s ability to manage risks related thereto; and the Company’s ability to execute through economic cycles.

Such forward-looking statements are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management. Such information includes, without limitation, discussions as to guidance and other estimates, perceived opportunities, expectations, beliefs, plans, strategies, goals and objectives concerning our future financial and operating performance. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict.

Therefore, actual results may differ materially from those expressed or forecasted in such forward-looking statements.

Such risks, uncertainties and assumptions include, without limitation, those related to: the Company’s ability to execute on its strategy, including with respect to the integration of the Eviosys operations, divestitures, cost management, productivity improvements, restructuring and capital expenditures, and achieve the benefits it expects therefrom; conditions in the credit markets; the ability to retain key employees and successfully integrate Eviosys; the ability to realize estimated cost savings, synergies or other anticipated benefits of the Eviosys acquisition, or that such benefits may take longer to realize than expected; diversion of management’s attention; the potential impact of the consummation of the Eviosys acquisition on relationships with clients and other third parties; lower-than-projected financial performance of the Company’s European business, including as a result of loss or reduction in business from key customers, changes in our pricing model, or adverse changes in the macroeconomic or competitive environment in European markets; risks related to the impairment of goodwill and other intangibles; the operation of new manufacturing capabilities; the Company’s ability to achieve anticipated cost and energy savings; the availability, transportation and pricing of raw materials, energy and transportation, including the impact of changes in tariff or other trade policies or sanctions and escalating trade wars, and the impact of war, general regional instability and other geopolitical tensions (such as the ongoing conflicts between Russia and Ukraine and in the Middle East, the potential escalation of tensions between China and Taiwan and recent events in Venezuela), and the Company’s ability to continue to pass raw material, energy and transportation price increases and surcharges through to customers or otherwise manage these commodity pricing risks; the costs of labor; the effects of inflation, changes related to tariffs or other trade policies and global regulations, as well as the overall uncertainty surrounding international trade relations; fluctuations in consumer demand, volume softness, and other macroeconomic factors on the Company and the industries in which it operates and that it serves; the impact of changing laws and regulations, in the United States, on the Company; the Company’s ability to meet its environmental, sustainability and similar goals and other social and governance goals, including challenges in implementation thereof; natural disasters, severe weather events, and other unexpected disruptions to facility operations; and the other risks, uncertainties and assumptions discussed in the Company’s filings with the Securities and Exchange Commission, including its most recent reports on Forms 10-K and 10-Q, particularly under the heading “Risk Factors.” The Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed herein might not occur.

References to our Website Address

References to our website address and domain names throughout this release are for informational purposes only, or to fulfill specific disclosure requirements of the Securities and Exchange Commission’s rules or the New York Stock Exchange Listing Standards. These references are not intended to, and do not, incorporate the contents of our website by reference into this release.

 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)(Dollars and shares in thousands except per share data)         Three Months Ended Six Months Ended  June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025Net sales $1,885,485  $1,910,441  $3,561,927  $3,619,669 Cost of sales  1,493,108   1,504,164   2,823,922   2,859,705 Gross profit  392,377   406,277   738,005   759,964 Selling, general and administrative expenses  200,247   218,775   401,785   427,838 Restructuring/Asset impairment charges, net  1,933   9,752   17,066   23,333 Gain/(Loss) on divestiture of business  2,640   (2,083)  775   (6,266)Operating profit  192,837   175,667   319,929   302,527 Non-operating pension costs  2,920   2,982   5,416   6,103 Interest expense  45,478   64,367   89,972   120,394 Interest income  4,064   4,122   12,715   11,470 Other expense, net  (6,191)  (6,559)  (18,499)  (13,076)Income from continuing operations before income taxes  142,312   105,881   218,757   174,424 Provision for income taxes  39,551   39,500   49,061   60,647 Income before equity in earnings of affiliates  102,761   66,381   169,696   113,777 Equity in earnings of affiliates, net of tax  2,263   2,270   2,953   4,191 Net income from continuing operations  105,024   68,651   172,649   117,968 Net income from discontinued operations  —   424,548   —   429,720 Net income  105,024   493,199   172,649   547,688 Net (income)/loss from continuing operations attributable to noncontrolling interests  (130)  224   (154)  164 Net income attributable to Sonoco $104,894  $493,423  $172,495  $547,852          Weighted average common shares outstanding – diluted  99,781   99,539   99,748   99,453          Diluted earnings from continuing operations per common share $1.05  $0.69  $1.73  $1.19 Diluted earnings from discontinued operations per common share  —   4.27   —   4.32 Diluted earnings attributable to Sonoco per common share $1.05  $4.96  $1.73  $5.51 Dividends per common share $0.54  $0.53  $1.07  $1.05   CONDENSED STATEMENTS OF INCOME FOR DISCONTINUED OPERATIONS (Unaudited)(Dollars and shares in thousands except per share data)       Three Months Ended Six Months Ended  June 29, 2025 June 29, 2025     Net sales$— $320,678Cost of sales —  250,854Gross profit —  69,824Selling, general, and administrative expenses —  31,607Restructuring/Asset impairment charges, net —  426Gain on divestiture of business 625,773  625,773Operating profit 625,773  663,564Other expense, net —  182Interest expense —  24,911Interest income —  281Income from discontinued operations before income taxes 625,773  638,752Provision for income taxes 201,225  209,032Net income from discontinued operations 424,548  429,720Net income from discontinued operations attributable to noncontrolling interests —  —Net income attributable to discontinued operations$424,548 $429,720Weighted average common shares outstanding – diluted 99,539  99,453Diluted earnings from discontinued operations per common share$4.27 $4.32  FINANCIAL SEGMENT INFORMATION (Unaudited)(Dollars in thousands)       Three Months Ended Six Months Ended   June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025Net sales:        Consumer Packaging$1,241,839  $1,227,033  $2,338,914  $2,293,626  Industrial Paper Packaging 643,646   617,661   1,223,013   1,205,193  Total reportable segments 1,885,485   1,844,694   3,561,927   3,498,819  All Other —   65,747   —   120,850  Net sales$1,885,485  $1,910,441  $3,561,927  $3,619,669                    Operating profit:        Consumer Packaging$151,705  $160,353  $277,354  $301,124  Industrial Paper Packaging 89,379   85,934   158,625   162,265  Segment operating profit 241,084   246,287   435,979   463,389  All Other —   8,406   —   15,125  Corporate        Restructuring/Asset impairment charges, net (1,933)  (9,752)  (17,066)  (23,333) Amortization of acquisition intangibles (45,570)  (44,193)  (89,890)  (86,154) Gain/(Loss) on divestiture of business 2,640   (2,083)  775   (6,266) Acquisition, integration, and divestiture-related costs (2,083)  (11,161)  (8,421)  (38,427) Other operating charges, net (1,301)  (11,837)  (1,448)  (21,807) Operating profit$192,837  $175,667  $319,929  $302,527   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(Dollars in thousands)       Six Months Ended   June 28, 2026 June 29, 2025      Net income$172,649  $547,688 Net loss/(gain) on divestiture of business, disposition of assets, and asset impairments 4,248   (612,543)Depreciation and amortization 256,125   250,967 Pension and postretirement plan contributions, net of non-cash expense (2,556)  (1,727)Changes in working capital (301,117)  (263,420)Changes in tax accounts (98,182)  142,031 Other operating activity (98,475)  (77,649)Net cash used by operating activities (67,308)  (14,653)      Purchases of property, plant and equipment, net (123,873)  (186,393)Proceeds from the sale of business, net1 (13,076)  1,814,930 Cost of acquisitions, net of cash acquired2 —   16,528 Net debt proceeds/(repayments) 116,078   (1,668,876)Cash dividends (105,790)  (103,558)Payments for share repurchases (7,011)  (10,576)Other (outflow)/inflow, including effects of exchange rates on cash (8,770)  39,338 Net decrease in cash and cash equivalents (209,750)  (113,260)Cash and cash equivalents at beginning of period 378,398   443,060 Cash and cash equivalents at end of period$168,648  $329,800 12026 includes payments of $15,211 and $1,865 to the buyers of TFP and ThermoSafe, respectively, for final net working capital settlements on these 2025 divestitures.22025 includes a cash receipt of $16,528 for the final net working capital settlement related to the 2024 acquisition of Eviosys.  CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)(Dollars in thousands)   June 28, 2026 December 31, 2025Assets   Current Assets:    Cash and cash equivalents$168,648 $378,398 Trade accounts receivable, net of allowances 1,011,392  842,810 Other receivables 184,121  178,755 Inventories, net 1,255,419  1,121,009 Prepaid expenses 167,778  125,352  Total Current Assets 2,787,358  2,646,324Property, plant and equipment, net 2,707,744  2,797,800Goodwill 2,463,738  2,511,611Other intangible assets, net 2,533,392  2,683,474Right of use asset-operating leases 302,699  307,450Deferred income taxes and other assets 179,152  215,675  Total Assets$10,974,083 $11,162,334Liabilities and Equity   Current Liabilities:    Payable to suppliers, accrued expenses and other payables$1,794,492 $1,861,904 Notes payable and current portion of long-term debt 968,752  537,952 Accrued taxes 38,583  128,821  Total Current Liabilities 2,801,827  2,528,677Long-term debt, net of current portion 3,484,464  3,788,973Noncurrent operating lease liabilities 259,244  263,192Pension and other postretirement benefits 169,527  177,976Deferred income taxes and other liabilities 660,498  771,684  Total Liabilities 7,375,560  7,530,502  Total Equity 3,598,523  3,631,832  Total Liabilities and Equity$10,974,083 $11,162,334 NON-GAAP FINANCIAL MEASURES

The Company’s results, determined in accordance with U.S. generally accepted accounting principles, are referred to as “as reported” or “GAAP” results. The Company uses certain financial performance measures, both internally and externally, that are not in conformity with GAAP (referred to as “non-GAAP financial measures”) to assess and communicate the financial performance of the Company. These non-GAAP financial measures, which are identified using the term “Adjusted” (for example, “Adjusted Operating Profit,” “Adjusted Net Income Attributable to Sonoco,” and “Adjusted Diluted EPS”), reflect adjustments to the Company’s GAAP operating results to exclude amounts, including the associated tax effects where applicable, relating to:

restructuring/asset impairment charges1;acquisition, integration and divestiture-related costs;gains or losses from the divestiture of businesses;losses from the early extinguishment of debt;non-operating pension costs;amortization expense on acquisition intangibles;changes in last-in, first-out (“LIFO”) inventory reserves;certain income tax events and adjustments;derivative gains/losses;other non-operating income and losses; andcertain other items, if any. 1Restructuring and restructuring-related asset impairment charges are a recurring item as the Company’s restructuring programs usually require several years to fully implement, and the Company is continually seeking to take actions that could enhance its efficiency. Although recurring, these charges are subject to significant fluctuations from period to period due to the varying levels of restructuring activity, the inherent imprecision in the estimates used to recognize the impairment of assets, and the wide variety of costs and taxes associated with severance and termination benefits in the countries in which the restructuring actions occur.

The Company’s management believes the exclusion of the amounts related to the above-listed items improves the period-to-period comparability and analysis of the underlying financial performance of the business.

In addition to the “Adjusted” results described above, the Company also uses Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA Margin, and Net Debt. Adjusted EBITDA is defined as net income excluding the following: interest expense; interest income; provision for income taxes; depreciation and amortization expense; non-operating pension costs; net income/loss attributable to noncontrolling interests; restructuring/asset impairment charges; changes in LIFO inventory reserves; gains/losses from the divestiture of businesses; acquisition, integration and divestiture-related costs; other income; derivative gains/losses; and other non-GAAP adjustments, if any, that may arise from time to time. Segment Adjusted EBITDA is defined as segment operating profit plus depreciation and amortization expense and equity in earnings of affiliates, net of tax. Segment Adjusted EBITDA Margin is defined as Segment Adjusted EBITDA divided by segment net sales. Net Debt is defined as the total of the Company’s short and long-term debt less cash and cash equivalents.

Segment Adjusted EBITDA is reconciled to the closest GAAP measure of segment profitability, segment operating profit as the Company does not calculate net income by segment. Segment operating profit is the measure of segment profit or loss reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing their performance in accordance with Accounting Standards Codification 280 - “Segment Reporting,” as prescribed by the Financial Accounting Standards Board.

Segment results, which are reviewed by the Company’s management to evaluate segment performance, do not include the following: restructuring/asset impairment charges; amortization of acquisition intangibles; acquisition, integration and divestiture-related costs; changes in LIFO inventory reserves; gains/losses from the sale of businesses; gains/losses from derivatives; or certain other items, if any, the exclusion of which the Company believes improves the comparability and analysis of the ongoing operating performance of the business. Accordingly, the term “segment operating profit” is defined as the segment’s portion of “operating profit” excluding those items. All other general corporate expenses have been allocated as operating costs to each of the Company’s reportable segments, except for costs related to discontinued operations.

The Company’s non-GAAP financial measures are not calculated in accordance with, nor are they an alternative for, measures conforming to GAAP, and they may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles.

The Company presents these non-GAAP financial measures to provide investors with information to evaluate Sonoco’s operating results in a manner similar to how management evaluates business performance. The Company consistently applies its non-GAAP financial measures presented herein and uses them for internal planning and forecasting purposes, to evaluate its ongoing operations, and to evaluate the ultimate performance of management and each business unit against plans/forecasts. In addition, these same non-GAAP financial measures are used in determining incentive compensation for the entire management team and in providing earnings guidance to the investing community.

Material limitations associated with the use of such measures include that they do not reflect all period costs included in operating expenses and may not be comparable with similarly named financial measures of other companies. Furthermore, the calculations of these non-GAAP financial measures are based on subjective determinations of management regarding the nature and classification of events and circumstances that the investor may find material and view differently.

To compensate for any limitations in such non-GAAP financial measures, management believes that it is useful in evaluating the Company’s results to review both GAAP information, which includes all of the items impacting financial results, and the related non-GAAP financial measures that exclude certain elements, as described above. Further, Sonoco management does not, nor does it suggest that investors should, consider any non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Whenever reviewing a non-GAAP financial measure, investors are encouraged to review and consider the related reconciliation to understand how it differs from the most directly comparable GAAP measure.

Free Cash Flow

The Company uses the non-GAAP financial measure of “Free Cash Flow,” which it defines as cash flow from operations minus net capital expenditures. Net capital expenditures are defined as capital expenditures minus proceeds from the disposition of capital assets. Free Cash Flow may not represent the amount of cash flow available for general discretionary use because it excludes non-discretionary expenditures, such as mandatory debt repayments and required settlements of recorded and/or contingent liabilities not reflected in cash flow from operations.

QUARTERLY RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

The following tables reconcile the Company’s non-GAAP financial measures to their most directly comparable GAAP financial measures in the Company’s Condensed Consolidated Statements of Income for the three-month periods ended June 28, 2026 and June 29, 2025.

Adjusted Operating Profit, Adjusted Income from Continuing Operations Before Income Taxes, Adjusted Provision for Income Taxes, Adjusted Net Income Attributable to Sonoco, and Adjusted Diluted EPS

 For the three-month period ended June 28, 2026Dollars in thousands, except per share dataOperating ProfitIncome from Continuing Operations Before Income TaxesProvision for Income TaxesNet Income Attributable to SonocoDiluted EPSAs Reported (GAAP)$192,837 $142,312 $39,551 $104,894 $1.05 Acquisition, integration and divestiture-related costs1 2,083  2,083  (199) 2,282  0.02 Changes in LIFO inventory reserves 1,154  1,154  285  869  0.01 Amortization of acquisition intangibles 45,570  45,570  10,038  35,532  0.36 Restructuring/Asset impairment charges, net 1,933  1,940  17  1,930  0.02 Gain on divestiture of business2 (2,640) (2,640) (650) (1,990) (0.02)Non-operating pension costs —  2,920  749  2,171  0.02 Net losses from derivatives 254  254  63  191  — Other adjustments 1,231  1,231  (3,417) 4,648  0.05 Total adjustments 49,585  52,512  6,886  45,633  0.46 Adjusted$242,422 $194,824 $46,437 $150,527 $1.51 Due to rounding, individual items may not sum appropriately.    1 Acquisition, integration and divestiture-related costs relate primarily to the Company’s December 2024 acquisition of Eviosys.
2 Gain on divestiture of business reflects the gain of $2,640 from the sale of a recycling facility in Savannah, Georgia.

   For the three-month period ended June 29, 2025Dollars in thousands, except per share dataOperating ProfitIncome from Continuing Operations Before Income TaxesProvision for Income TaxesNet Income Attributable to SonocoDiluted EPSAs Reported (GAAP)1$175,667$105,881$39,500 $493,423 $4.96 Acquisition, integration and divestiture-related costs2 11,161 11,161 2,120  9,041  0.09 Changes in LIFO inventory reserves 1,193 1,193 291  902  0.01 Amortization of acquisition intangibles 44,193 44,193 9,401  34,792  0.35 Restructuring/Asset impairment charges, net 9,752 9,752 2,197  7,173  0.07 Loss/(Gain) on divestiture of business 2,083 2,083 514  (422,979) (4.25)Non-operating pension costs — 2,982 761  2,221  0.02 Net losses from derivatives 2,154 2,154 548  1,606  0.02 Other adjustments3 735 735 (9,201) 9,936  0.10 Total adjustments 71,271 74,253 6,631  (357,308) (3.59)Adjusted$246,938$180,134$46,131 $136,115 $1.37 Due to rounding, individual items may not sum appropriately.    1 Operating profit, income from continuing operations before income taxes, and provision for income taxes exclude results related to discontinued operations of $625,773, $625,773 and $201,225, respectively.
2 Acquisition, integration and divestiture-related costs relate mostly to the Company’s December 2024 acquisition of Eviosys and the divestiture of TFP, which was completed on April 1, 2025.
3 Other adjustments include discrete tax items primarily related to tax rate changes on accumulated other comprehensive income (“AOCI”) and rate differences between non-US jurisdictions related to acquisitions/divestitures.

   Adjusted EBITDA1   Three Months EndedDollars in thousandsJune 28, 2026June 29, 2025Net income attributable to Sonoco$104,894 $493,423 Adjustments:  Interest expense 45,478  64,367 Interest income (4,064) (4,122)Provision for income taxes 39,551  240,725 Depreciation and amortization 131,096  129,475 Non-operating pension costs 2,920  2,982 Net income/(loss) attributable to noncontrolling interests 130  (224)Restructuring/Asset impairment charges, net 1,933  9,752 Changes in LIFO inventory reserves 1,154  1,193 Gain on divestiture of business (2,640) (623,690)Acquisition, integration and divestiture-related costs 2,083  11,161 Net loss from derivatives 254  2,154 Other non-GAAP adjustments 1,231  735 Adjusted EBITDA$324,020 $327,931  1 For the three-month period ended June 29, 2025, adjusted EBITDA is calculated on a total Company basis, including both continuing and discontinued operations.

 Segment Adjusted EBITDA and Adjusted EBITDA Margin ReconciliationFor the Three Months Ended June 28, 2026        Dollars in thousandsConsumerIndustrialCorporateTotalSegment and Total Operating Profit1$151,705 $89,379 $(48,247)$192,837 Adjustments:    Depreciation and amortization2 54,675  30,851  45,570  131,096 Other expense, net3 —  —  (6,191) (6,191)Equity in earnings of affiliates, net of tax 276  1,987  —  2,263 Restructuring/Asset impairment charges, net4 —  —  1,933  1,933 Changes in LIFO inventory reserves5 —  —  1,154  1,154 Acquisition, integration and divestiture-related costs6 —  —  2,083  2,083 Gain on divestiture of business7 —  —  (2,640) (2,640)Net loss from derivatives8 —  —  254  254 Other non-GAAP adjustments —  —  1,231  1,231 Segment Adjusted EBITDA$206,656 $122,217 $(4,853)$324,020      Net Sales$1,241,839 $643,646   Segment Operating Profit Margin 12.2% 13.9%  Segment Adjusted EBITDA Margin 16.6% 19.0%   1As previously announced, effective January 1, 2026, results for Industrial Plastics, previously included in the All Other group of businesses, are included in the Industrial segment. The Company no longer reports the results of any of its businesses in All Other.
2Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $40,507 and the Industrial segment of $5,063.
3These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle, primarily within the Consumer segment.
4Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $(170) and the Industrial segment of $1,237.
5Included in Corporate are changes in LIFO inventory reserves associated with the Consumer segment of $1,143 and the Industrial segment of $11.
6Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $2,631and the Industrial segment of $152.
7Included in Corporate is a gain of $2,640 from the sale of a recycling operation in Savannah, Georgia, part of the Industrial segment.
8Included in Corporate are net losses from derivatives associated with the Consumer segment of $12 and the Industrial segment of $242.

 Segment and All Other Adjusted EBITDA and Adjusted EBITDA Margin ReconciliationFor the Three Months Ended June 29, 2025Excludes results of discontinued operations     Dollars in thousandsConsumerIndustrialAll OtherCorporateTotalSegment and Total Operating Profit$160,353 $85,934 $8,406 $(79,026)$175,667 Adjustments:     Depreciation and amortization1 52,801  30,711  1,770  44,193  129,475 Other expense, net2 —  —  —  (6,559) (6,559)Equity in earnings of affiliates, net of tax 170  2,100  —  —  2,270 Restructuring/Asset impairment charges, net3 —  —  —  9,752  9,752 Changes in LIFO inventory reserves4 —  —  —  1,193  1,193 Acquisition, integration and divestiture-related costs5 —  —  —  11,161  11,161 Loss on divestiture of business6 —  —  —  2,083  2,083 Net loss from derivatives7 —  —  —  2,154  2,154 Other non-GAAP adjustments —  —  —  735  735 Segment Adjusted EBITDA$213,324 $118,745 $10,176 $(14,314)$327,931       Net Sales$1,227,033 $617,661 $65,747   Segment Operating Profit Margin 13.1% 13.9% 12.8%  Segment Adjusted EBITDA Margin 17.4% 19.2% 15.5%   1Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $38,333, the Industrial segment of $5,655, and the All Other group of businesses of $205.
2These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle, primarily within the Consumer segment.
3Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $1,479, the Industrial segment of $8,228, and a gain in the All Other group of businesses of $5.
4Included in Corporate are changes in LIFO inventory reserves associated with the Consumer segment of $1,193.
5Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $1,137 and the Industrial segment of $213.
6Included in Corporate is a loss on divestiture of business of $2,083 associated with the Industrial segment related to the sale of a recycling operation in Asheville, North Carolina.
7Included in Corporate are net losses from derivatives associated with the Consumer segment of $208, the Industrial segment of $1,864, and the All Other group of businesses of $82.

YEAR-TO-DATE RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

The following tables reconcile the Company’s non-GAAP financial measures to their most directly comparable GAAP financial measures in the Company’s Condensed Consolidated Statements of Income for the six-month periods ended June 28, 2026 and June 29, 2025.

Adjusted Operating Profit, Adjusted Income from Continuing Operations Before Income Taxes, Adjusted Provision for Income Taxes, Adjusted Net Income Attributable to Sonoco, and Adjusted Diluted EPS

 For the six-month period ended June 28, 2026Dollars in thousands, except per share dataOperating ProfitIncome from Continuing Operations Before Income TaxesProvision for Income TaxesNet Income Attributable to SonocoDiluted EPSAs Reported (GAAP)$319,929 $218,757 $49,061 $172,495 $1.73 Acquisition, integration and divestiture-related costs1 8,421  8,421  1,347  7,074  0.07 Changes in LIFO inventory reserves 5,521  5,521  1,367  4,154  0.04 Amortization of acquisition intangibles 89,890  89,890  19,800  70,090  0.70 Restructuring/Asset impairment charges, net 17,066  17,066  3,505  13,573  0.14 Gain on divestiture of business, net2 (775) (775) (188) (587) (0.01)Other expense, net3 —  6,592  —  6,592  0.07 Non-operating pension costs —  5,416  1,394  4,022  0.04 Net loss from derivatives 167  167  41  126  — Other adjustments4 3,027  3,027  10,687  (7,660) (0.07)Total adjustments 123,317  135,325  37,953  97,384  0.98 Adjusted$443,246 $354,082 $87,014 $269,879 $2.71 Due to rounding, individual items may not sum appropriately.    1 Acquisition, integration and divestiture-related costs relate primarily to the Company’s December 2024 acquisition of Eviosys and the November 2025 divestiture of ThermoSafe.
2 Gain on divestiture of business, net reflects the gain of $2,640 from the sale of a recycling operation in Savannah, Georgia, partially offset by a charge of $1,865 from the final net working capital settlement related to the November 2025 divestiture of ThermoSafe.
3 Amount relates to certain pre-acquisition liabilities related to the SMP EMEA business.
4 Other adjustments to the provision for income taxes include a benefit of $14,232 related to a provision-to-return adjustment for a retroactive U.S. tax election.

   For the six-month period ended June 29, 2025Dollars in thousands, except per share dataOperating ProfitIncome from Continuing Operations Before Income TaxesProvision for Income TaxesNet Income Attributable to SonocoDiluted EPSAs Reported (GAAP)1$302,527 $174,424 $60,647 $547,852 $5.51 Acquisition, integration and divestiture-related costs2 38,427  38,427  8,757  39,336  0.40 Changes in LIFO inventory reserves 1,755  1,755  433  1,322  0.01 Amortization of acquisition intangibles 86,154  86,154  19,005  66,936  0.67 Restructuring/Asset impairment charges, net 23,333  23,333  5,397  17,888  0.18 Loss/(Gain) on divestiture of business3 6,266  6,266  886  (419,168) (4.21)Non-operating pension costs —  6,103  1,559  4,544  0.05 Net gains from derivatives (795) (795) (196) (599) (0.01)Other adjustments4 1,994  1,994  (9,804) 14,844  0.14 Total adjustments 157,134  163,237  26,037  (274,897) (2.77)Adjusted$459,661 $337,661 $86,684 $272,955 $2.74 Due to rounding, individual items may not sum appropriately.    1 Operating profit, income from continuing operations before income taxes, and provision for income taxes exclude results related to discontinued operations of $663,564, $638,752, and $209,032, respectively.
2 Acquisition, integration and divestiture related costs relate mostly to the Company’s December 2024 acquisition of Eviosys and the April 2025 divestiture of TFP.
3 Loss/(gain) on divestiture of business primarily consists of the gain on the sale of the Company’s Thermoformed and Flexibles Packaging business, included in “Net income from discontinued operations” in the Company’s Condensed Consolidated Statements of Income.
4 Other adjustments include discrete tax items primarily related to tax rate changes on AOCI and rate differences between non-U.S. jurisdictions related to acquisitions/divestitures.

   Adjusted EBITDA1   Six Months EndedDollars in thousandsJune 28, 2026June 29, 2025   Net income attributable to Sonoco$172,495 $547,852 Adjustments:  Interest expense 89,972  145,305 Interest income (12,715) (11,751)Provision for income taxes 49,061  269,679 Depreciation and amortization 256,125  250,967 Non-operating pension costs 5,416  6,103 Non-operating other expense 6,592  — Net income/(loss) attributable to noncontrolling interests 154  (164)Restructuring/Asset impairment charges, net 17,066  23,759 Changes in LIFO inventory reserves 5,521  1,755 Gain on divestiture of business (775) (619,507)Acquisition, integration and divestiture-related costs 8,421  51,103 Other income, net —  — Net loss/(gain) from derivatives 167  (795)Other non-GAAP adjustments 3,027  1,381 Adjusted EBITDA$600,527 $665,687     1For the six-month period ended June 29, 2025, Adjusted EBITDA is calculated on a total Company basis, including both continuing and discontinued operations.

The following tables reconcile segment operating profit, the closest GAAP measure of profitability, to segment adjusted EBITDA.

Segment and All Other Adjusted EBITDA and Adjusted EBITDA Margin ReconciliationFor the Six Months Ended June 28, 2026Excludes results of discontinued operationsDollars in thousandsConsumerIndustrialCorporateTotalSegment and Total Operating Profit1$277,354 $158,625 $(116,050)$319,929 Adjustments:    Depreciation and amortization2 105,625  60,610  89,890  256,125 Other expense, net3 —  —  (11,907) (11,907)Equity in earnings of affiliates, net of tax 274  2,679  —  2,953 Restructuring/Asset impairment charges, net4 —  —  17,066  17,066 Changes in LIFO inventory reserves5 —  —  5,521  5,521 Acquisition, integration and divestiture-related costs6 —  —  8,421  8,421 Gain on divestiture of business7 —  —  (775) (775)Net loss from derivatives8 —  —  167  167 Other non-GAAP adjustments —  —  3,027  3,027 Segment Adjusted EBITDA$383,253 $221,914 $(4,640)$600,527      Net Sales$2,338,914 $1,223,013   Segment Operating Profit Margin 11.9% 13.0%  Segment Adjusted EBITDA Margin 16.4% 18.1%   1 As previously announced, effective January 1, 2026, results for Industrial Plastics, previously included in the All Other group of businesses, are included in the Industrial segment. The Company no longer reports the results of any of its businesses in All Other.
2 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $79,875 and the Industrial segment of $10,015.
3 These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivable in order to accelerate its cash collection cycle primarily within the Consumer segment.
4 Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $8,937 and the Industrial segment of $7,196.
5 Included in Corporate are changes in LIFO inventory reserves associated with the Consumer segment of $4,996   and the Industrial segment of $525.
6 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $3,274 and the Industrial segment of $152.
7 Included in Corporate is a gain of $2,640 from the sale of a recycling facility in Savannah, Georgia, part of the Industrial segment, partially offset by a charge of $1,865 from the final net working capital settlement related to the divestiture of ThermoSafe, previously part of the All Other group of businesses.
8 Included in Corporate are net losses from derivatives associated with the Consumer segment of $4 and the Industrial segment of $163.

 Segment and All Other Adjusted EBITDA and Adjusted EBITDA Margin ReconciliationFor the Six Months Ended June 29, 2025Excludes results of discontinued operationsDollars in thousandsConsumerIndustrialAll OtherCorporateTotalSegment and Total Operating Profit$301,124 $162,265 $15,125 $(175,987)$302,527 Adjustments:     Depreciation and amortization1 101,756  59,868  3,500  86,154  251,278 Other expense, net2 —  —  —  (13,076) (13,076)Equity in earnings of affiliates, net of tax 119  4,072  —  —  4,191 Restructuring/Asset impairment charges, net3 —  —  —  23,333  23,333 Changes in LIFO inventory reserves4 —  —  —  1,755  1,755 Acquisition, integration and divestiture-related costs5 —  —  —  38,427  38,427 Loss on divestiture of business6 —  —  —  6,266  6,266 Net gains from derivatives7 —  —  —  (795) (795)Other non-GAAP adjustments —  —  —  1,994  1,994 Segment Adjusted EBITDA$402,999 $226,205 $18,625 $(31,929)$615,900       Net Sales$2,293,626 $1,205,193 $120,850   Segment Operating Profit Margin 13.1% 13.5% 12.5%  Segment Adjusted EBITDA Margin 17.6% 18.8% 15.4%   1Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $74,835, the Industrial segment of $10,920, and All Other of $399.
2These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle primarily within the Consumer segment.
3Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $2,709, the Industrial segment of $20,726, and All Other of $10.
4Included in Corporate are changes in LIFO inventory reserves associated with the Consumer segment of $1,755.
5Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $21,209 and the Industrial segment of $431.
6Included in Corporate are net losses from the divestiture of businesses within the Industrial segment of $6,266, including a loss of $2,083 from the sale of a recycling facility in Asheville, N.C. and losses totaling $4,183 related to the sale of a production facility in France and the entirety of our business in Venezuela.
7Included in Corporate are net gains from derivatives associated with the Consumer segment of $(76), the Industrial segment of $(688), and All Other of $(31).

FREE CASH FLOW

The reconciliation of the GAAP measure “Net cash used by operating activities” to the non-GAAP measure “Free cash flow” is set forth in the table below:

 Six Months Ended June 28, 2026 June 29, 2025    Net cash used by operating activities$(67,308) $(14,653)Purchases of property, plant and equipment (125,756)  (187,483)Proceeds from the sale of assets, net 1,883   1,090 Net capital expenditures (123,873)  (186,393)Free cash flow$(191,181) $(201,046)    

2026 Office Leasing Volume Reaches 1.5M Square Feet July 22, 2026 16:10 ET  | Source: SL Green Realty Corp

NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that a leading AI tenant has signed a new 10-year lease covering 98,420 square feet for the entire 11th floor at 11 Madison Avenue, demonstrating the on-going demand for premier office space in Midtown South.

With this transaction, SL Green has signed office leases totaling 1,478,673 square feet to date in 2026, while maintaining a current pipeline of over 900,000 square feet.

“We are excited to welcome another premier tenant to the already impressive tenant roster at 11 Madison Avenue which includes SONY, UBS, Jim Beam Brands, WME and Pinterest,” said Steven Durels, Executive Vice President, Director of Leasing and Real Property at SL Green. “This new lease is testament to the building’s status as one of the most prominent properties in the exciting Midtown South neighborhood and further evidence of the incremental demand that AI and technology tenants are bringing to an already strong leasing market.”

11 Madison Avenue is fully leased after signing an additional nearly 300,000 square feet of office leases from the beginning of 2025 to other AI and technology tenants which include Pinterest, Tempus AI and Clay Labs. SL Green’s One Madison Avenue, adjacent to 11 Madison Avenue, introduced approximately 1.4 million square feet of new office inventory to the Madison Square area and is also fully leased with industry-leading AI and technology tenants including Harvey AI, IBM, Palo Alto Networks, and Sigma Computing.

The tenant was represented by Justin Haber and Kyle Riker of JLL. SL Green was represented by Brian Waterman, Brent Ozarowski and Eric Harris of Newmark.

About SL Green Realty Corp.

SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of June 30, 2026, SL Green held interests in 54 buildings totaling 30.6 million square feet, which included ownership interests in 29.2 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 4 buildings totaling 0.9 million square feet owned by third parties.

Forward Looking Statement

This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

PRESS CONTACT
[email protected]

SLG-LEAS

By PYMNTS  |  July 22, 2026

 | 

Apple reportedly wants to overhaul its Mac line as consumers seek artificial intelligence (AI)-powered computers.

The company plans to introduce new versions of every Mac product it sells, Bloomberg News reported Wednesday (July 22), citing unnamed sources with knowledge of the matter.

This will include long-awaited updates to the company’s desktops, several laptops and a revamped version of the MacBook Pro, all scheduled to roll out this fall and into 2027, the sources said.

The launches will begin with an updated low-end 14-inch MacBook Pro that will be among the first Macs to include a new M6 chip and the first new iMacs in two years, the sources added.

PYMNTS has contacted Apple for comment but has not yet received a reply.

Bloomberg noted that the Mac has seen a resurgence of late, with sales forecast to increase for the third straight year. These devices have become popular with people who run computing-intensive AI agents. At the same time, a dearth of memory chips strained manufacturing, causing Apple to increase prices, the report added.

Supply issues are such that new orders on some Mac mini and Mac Studio models won’t ship for at least three months, the report said, challenging Apple to introduce new models with its usual level of inventory, the report said.

Apple CEO Tim Cook had said in April that he thinks it could take “several months” for those machines to achieve supply demand balance, Bloomberg added. Apple raised prices on several products—though not its iPhone—in June.

A report earlier this month by Kiplinger said those price increases could lead to a years-long era of costlier electronics. Cook has blamed the price hikes on soaring memory chip costs, saying he’s never experienced anything like it in 40 years.

“We’re doing our best to mitigate the huge increases that are being passed to us, and we’ve been trying to shield our customers from the increases, but the situation has become unsustainable,” Cook told the Wall Street Journal last month.

Bloomberg had reported Tuesday (July 21) that the company was readying a leasing program known as Apple Upgrade. Set to launch next week, this service will reportedly support most iPhone, Mac, iPad and Apple Watch models and work like a subscription.

“Users can pay off devices early in their term, upgrade earlier to newer models, or keep the original device until the leasing period ends,” PYMNTS wrote in a report on the program. “As with a car lease, the device could be returned when the term is up.”

For all PYMNTS AI and digital transformation coverage, subscribe to the daily AI and Digital Transformation Newsletters.

Tesla Inc (NASDAQ:TSLA) reported second-quarter financial results after market close Wednesday.

Here are the highlights.

Tesla Q2 EarningsTesla reported second-quarter revenue of $28.24 billion. The total beat a Street consensus estimate of $25.71 billion, according to data from Benzinga Pro.

Second-quarter earnings of 33 cents per share missed a Street consensus estimate of 50 cents per share.

Tesla previously reported second-quarter deliveries of 480,126 vehicles, up 25% year-over-year. The total beat a Street estimate of 406,000.

The company said it hit $100 billion in trailing twelve-month revenue for the first time in history in the second quarter.

Active FSD subscriptions hit 1.48 million in the second quarter, up 56% year-over-year and up from the 1.28 million reported in the first quarter.

Tesla ended the quarter with digital assets worth $674 million, made up primarily of Bitcoin (CRYPTO:BTC) holdings. This marks a significantly lower figure than the $786 million in the first quarter, with the leading cryptocurrency trading lower this year.

What’s Next for TeslaThe company said its first-generation production lines for Optimus Bot are being installed in anticipation of production in 2026, with the company saying production will happen "soon."

The Cybercab is listed as in production, an improvement from the company saying it expected volume production "this year" last quarter. Tesla said the vehicle began production in the quarter.

The Tesla Semi is listed as "commissioning" and the company said it remains on track for volume production this year.

"We are focused on maximum capacity utilization at our factories," the company said.

Tesla said deliveries and deployments will depend on demand.

"Tesla is in its largest and most exciting period of investment."

The company said it has "never been more optimistic about the future."

Tesla Stock Price ActionTesla stock is down 2.8% to $363.42 in after-hours trading Wednesday versus a 52-week trading range of $297.82 to $498.83.

Image via Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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YouTube ad revenue increased 13% in the second quarter compared with the same period a year ago, helping to pace parent Alphabet‘s financial performance.

Total revenue rose 24% in the quarter to hit $119.8 billion, while earnings per share nearly quadrupled to $9.11. Both metrics were ahead of Wall Street expectations.

YouTube pulled in $11.06 billion in ad revenue, showing double-digit growth that has eluded its traditional media rivals in recent years. Along with its deep well of creator content, YouTube is increasingly looking to cross over into traditional entertainment, landing rights to the Academy Awards and NFL football games.

RELATED: The NFL Wants To Attract Younger Fans; YouTube Blitzed Super Bowl LX To Try To Make That Happen

In the company’s earnings release, Google and Alphabet CEO Sundar Pichai flagged YouTube’s popularity as a way for people to keep current. “Month over month, people turn to YouTube for major world events, with over 1.7 billion unique viewers watching World Cup-related videos during the FIFA World Cup,” he wrote.

Debate about the stocks of Alphabet and the other “magnificent seven” tech giants (Nvidia, Apple, Amazon, Meta, Tesla and Microsoft) preceded the earnings release. Some Wall Streeters fret about a recent divergence between the “mag seven” and semiconductor shares, given that chipmakers have slumped recently despite their key role in the AI boom.

RELATED: UK Government Unveils Plan For Midnight Social Media Curfew For Older Teens

Google, initially a laggard in AI, has moved the head of the sector during the past few quarters, though it also faces questions about strategic plans for Gemini and other tools.

JPMorgan Chase (JPM +0.86%) just did something no U.S. bank has ever done. It earned $21.2 billion in a single quarter, up 41% from a year earlier, the largest quarterly profit in the history of American banking. Earnings per share jumped 47%, and every one of the bank's business lines set a record.

Yet JPMorgan Chase CEO Jamie Dimon's reaction was telling. He called the environment "close to as good as it gets," then added, "We just don't know how long it's going to last."

This was a quarter supercharged by Wall Street activity. Equity trading revenue surged 86% to $6 billion, and a big reason was the record-shattering initial public offering of Space Exploration Technologies, the largest IPO ever, which sent a wave of fees to the banks that ran it. Investment banking fees climbed 30% to $3.3 billion, their highest level since 2021, led by strength in equity underwriting. Total revenue rose 27% to $58 billion. A one-time gain tied to the bank's stake in Visa also padded the bottom line.

JPMorgan Chase CEO Jamie Dimon. Image source: JPMorgan Chase & Co.

There is a warning hidden in the good news Here is why I would not simply extrapolate this quarter, and I wouldn't expect continued optimism. Dimon's caveat, which he said during the earnings call, is the whole story. Trading booms and blockbuster IPOs are lumpy and unpredictable, and a deal like SpaceX's does not come along often. One-time gains, by definition, do not repeat.

When the head of the best-run bank in the country says conditions are about as good as they get and openly wonders how long that will hold, he is telling investors this is a high-water mark and really a new baseline. It is worth remembering he has also cautioned that artificial intelligence, for all its efficiency gains, is unlikely to widen the bank's margins because every rival is adopting it too.

Today's Change

(

0.86

%) $

2.98

Current Price

$

348.21

JPMorgan is executing at an extraordinary level, and this quarter is a testament to its scale and diversification across trading, dealmaking, and lending. But a record built on a once-in-history IPO, an 86% trading surge, and a one-off gain is a peak, not a run rate. I would admire the quality of this business without assuming the next few quarters will look anything like this one. The smartest investors treat a blowout like this as a reason to respect JPMorgan, not to bet that the good times never end.

JPMorgan Chase is an advertising partner of Motley Fool Money. Micah Zimmerman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase and Visa. The Motley Fool has a disclosure policy.

The Pfizer logo is seen in this illustration taken August 3, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

CompaniesJuly 22 (Reuters) - Pfizer (PFE.N), opens new tab said on Wednesday the U.S. ​Food and Drug Administration has ‌granted priority review to its application seeking expanded approval for its prostate ​cancer treatment combination.

The company ​sought expanded approval to use ⁠a combination of two approved ​drugs branded as Talzenna and ​Xtandi in men with metastatic castration-sensitive prostate cancer, whose tumors have ​acquired gene changes known ​as HRR mutations.

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Talzenna and Xtandi are already ‌approved ⁠in the United States for men whose prostate cancer has spread to other parts ​of ​the body ⁠and stopped responding to hormone therapy.

For the ​combination drug, Pfizer said ​the ⁠FDA had set a target decision date in the ⁠last ​quarter of 2026.

Reporting ​by Padmanabhan Ananthan in Bengaluru; Editing by ​Shailesh Kuber and Pooja Desai

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

Item 1 of 2 IBM logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration

[1/2]IBM logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

SummaryCompaniesIBM now expects 2026 revenue growth of 4% to 5%, down from prior expectation of more than 5% growthZ mainframe revenue slumped 42% in the ​second quarterSecond-quarter adjusted profit was $2.93 per share, below $2.97 estimateJuly 22 (Reuters) - IBM cut its annual revenue ‌growth forecast on Wednesday, days after shocking Wall Street with a warning that corporate spending was shifting toward AI-focused data-center gear at the expense of its software and mainframe computers.

The company (IBM.N), opens new tab also missed profit and revenue expectations for the second quarter ended June 30. ​Executives sought to reassure shareholders that customers prioritized spending on AI in the quarter but were not ​looking to move away from mainframes in the longer term.

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Shares of the Armonk, New York-based ⁠company were up over 2% in extended trading.

CEO Arvind Krishna said last week IBM had "faltered" in adapting and "numerous large ​deals" had slipped, sending the company's shares down 25%, its steepest one-day fall in more than a century.

The forecast spotlights ​how the scramble for AI hardware has stoked investor fears that companies rushing to secure scarce servers, chips and networking gear could be cutting back on spending on the wider software sector.

IBM now expects 2026 revenue growth between 4% and 5%, down from its ​previous expectations of more than 5% growth. The midpoint of the forecast is below analysts' average estimate of a ​4.8% rise to $70.77 billion in revenue, according to data compiled by LSEG.

However, some analysts have said the impact on the rest ‌of the ⁠software industry might be limited as Big Blue had attributed much of the weakness to its mainframe business, which processes millions of daily transactions across industries such as banking and airlines.

"For the broader software sector, this should be treated as a positive print, with IBM's software woes more likely to reflect specific IBM-related hardware issues, as management outlined ​in its investor letter last ​week," CFRA analyst Brooks ⁠Idlet said.

Revenue from IBM's Z mainframe slumped 42% in the second quarter, dragging infrastructure revenue down 7% to $3.84 billion.

"That mainframe stack of hardware and transaction processing software impacted IBM's ​growth by over five points in the quarter," IBM finance chief James Kavanaugh told ​Reuters. "We were only ⁠expecting about a point or two of an impact."

He said IBM sees "no evidence of clients moving off a mainframe," adding that it expects "significant outperformance in the program to continue through the second half."

Software revenue in the second quarter rose 5% ⁠to $7.76 billion ​but missed an average estimate of $7.88 billion.

The company's second-quarter revenue ticked ​up 1% to $17.16 billion, missing estimates of $17.58 billion. IBM reported a net profit of $2.17 billion, a dip from a year earlier, while adjusted profit ​of $2.93 per share missed an average estimate of $2.97.

Reporting by Anhata Rooprai in Bengaluru; Editing by Pooja Desai and Rod Nickel

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

Unity Software Inc (NYSE:U) is drawing renewed optimism from Wall Street ahead of its second-quarter earnings.

Wedbush is raising its price target on the stock to $36 as Unity works through a significant business transition. The company's ironSource Ad Network is being sunset effective April 30, and its Supersonic unit is slated for divestiture, leaving Unity's business increasingly concentrated on its Vector advertising platform and core game engine.

Wedbush analysts said they had confidence in Unity's ability to recapture ad spend that had been flowing through the winding down ironSource network. According to the analysts, roughly 60% of ironSource spend has already migrated to Vector, and one advisor's firm now allocates about 20% of its budget to Vector, up sharply from around 5% before Unity overhauled its algorithm last year.

That data point is driving Wedbush to lift its longer term estimates, with the firm now projecting Unity's adjusted EBITDA will reach $915 million by fiscal 2028.

Unity is scheduled to report second quarter results before the market opens on August 6.

Conference call at 3:30 p.m. Central time today on ti.com/ir 

, /PRNewswire/ -- Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported second quarter revenue of $5.46 billion, net income of $1.98 billion and earnings per share of $2.14. Earnings per share included a 5-cent benefit that was not in the company's original guidance.

Regarding the company's performance and returns to shareholders, Haviv Ilan, TI's chairman, president and CEO, made the following comments:

"Revenue increased 13% sequentially and 23% from the same quarter a year ago with broad growth led by industrial, data center and automotive. "Our cash flow from operations of $8.7 billion for the trailing 12 months again underscored the strength of our business model, the quality of our product portfolio and the benefit of 300mm production. Free cash flow for the same period was $6.5 billion. "Over the past 12 months we invested $3.9 billion in R&D and SG&A, invested $3.3 billion in capital expenditures and returned $5.8 billion to owners. "TI's third quarter outlook is for revenue in the range of $5.65 billion to $6.15 billion and earnings per share between $2.23 and $2.57." Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures, plus proceeds from U.S. CHIPS and Science Act (CHIPS Act) incentives.

Earnings summary

(In millions, except per-share amounts)

Q2 2026

Q2 2025

Change

Revenue

$

5,463

$

4,448

23 %

Operating profit

$

2,310

$

1,563

48 %

Net income

$

1,980

$

1,295

53 %

Earnings per share

$

2.14

$

1.41

52 %

Cash generation

Trailing 12 Months

(In millions)

Q2 2026

Q2 2026

Q2 2025

Change

Cash flow from operations

$

2,703

$

8,667

$

6,439

35 %

Free cash flow

$

2,738

$

6,534

$

1,763

271 %

Free cash flow % of revenue

33.6 %

10.6 %

Cash return

Trailing 12 Months

(In millions)

Q2 2026

Q2 2026

Q2 2025

Change

Dividends paid

$

1,295

$

5,112

$

4,900

4 %

Stock repurchases

$

27

$

707

$

1,810

(61) %

Total cash returned

$

1,322

$

5,819

$

6,710

(13) %

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

For Three Months Ended

June 30,

(In millions, except per-share amounts)

2026

2025

Revenue

$

5,463

$

4,448

Cost of revenue (COR)

2,111

1,873

Gross profit

3,352

2,575

Research and development (R&D)

535

527

Selling, general and administrative (SG&A)

490

485

Acquisition charges

17

—

Operating profit

2,310

1,563

Other income (expense), net (OI&E)

69

48

Interest and debt expense

141

133

Income before income taxes

2,238

1,478

Provision for income taxes

258

183

Net income

$

1,980

$

1,295

Diluted earnings per common share

$

2.14

$

1.41

Average shares outstanding:

Basic

912

908

Diluted

920

912

Cash dividends declared per common share

$

1.42

$

1.36

Supplemental Information

(Quarterly, except as noted)

Provision for income taxes is based on the following:

Operating taxes (calculated using the estimated annual effective tax rate)

$

309

$

199

Discrete tax items

(51)

(16)

Provision for income taxes (effective taxes)

$

258

$

183

A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted
EPS is calculated using the following:

Net income

$

1,980

$

1,295

Income allocated to RSUs

(11)

(7)

Income allocated to common stock for diluted EPS

$

1,969

$

1,288

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

June 30,

(In millions, except par value)

2026

2025

Assets

Current assets:

Cash and cash equivalents

$

3,660

$

3,044

Short-term investments

3,341

2,315

Accounts receivable, net of allowances of ($22) and ($24)

2,520

1,934

Raw materials

467

402

Work in process

2,407

2,429

Finished goods

1,731

1,981

Inventories

4,605

4,812

Prepaid expenses and other current assets

1,631

2,379

Total current assets

15,757

14,484

Property, plant and equipment at cost

17,856

16,878

Accumulated depreciation

(5,945)

(4,557)

Property, plant and equipment

11,911

12,321

Goodwill

4,330

4,362

Deferred tax assets

1,017

1,096

Capitalized software licenses

314

248

Overfunded retirement plans

316

253

Other long-term assets

2,237

2,169

Total assets

$

35,882

$

34,933

Liabilities and stockholders' equity

Current liabilities:

Current portion of long-term debt

$

1,149

$

—

Accounts payable

680

881

Accrued compensation

536

595

Income taxes payable

70

53

Accrued expenses and other liabilities

809

963

Total current liabilities

3,244

2,492

Long-term debt

12,903

14,043

Underfunded retirement plans

123

122

Deferred tax liabilities

55

63

Other long-term liabilities

1,550

1,810

Total liabilities

17,875

18,530

Stockholders' equity:

Preferred stock, $25 par value. Shares authorized – 10; none issued

—

—

Common stock, $1 par value. Shares authorized – 2,400; shares issued – 1,741

1,741

1,741

Paid-in capital

5,129

4,245

Retained earnings

53,161

52,249

Treasury common stock at cost

Shares: June 30, 2026 – 828; June 30, 2025 – 832

(41,941)

(41,676)

Accumulated other comprehensive income (loss), net of taxes (AOCI)

(83)

(156)

Total stockholders' equity

18,007

16,403

Total liabilities and stockholders' equity

$

35,882

$

34,933

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For Three Months Ended

June 30,

(In millions)

2026

2025

Cash flows from operating activities

Net income

$

1,980

$

1,295

Adjustments to net income:

Depreciation

547

460

Amortization of capitalized software

21

21

Stock compensation

127

129

Gains on sales of assets

(8)

—

Deferred taxes

(62)

(50)

Increase (decrease) from changes in:

Accounts receivable

(275)

(74)

Inventories

90

(125)

Prepaid expenses and other current assets

2

(9)

Accounts payable and accrued expenses

101

92

Accrued compensation

142

172

Income taxes payable

(14)

(71)

Changes in funded status of retirement plans

3

(18)

Other

49

38

Cash flows from operating activities

2,703

1,860

Cash flows from investing activities

Capital expenditures

(514)

(1,305)

Proceeds from CHIPS Act incentives

549

—

Proceeds from asset sales

32

—

Purchases of short-term investments

(2,407)

(1,192)

Proceeds from short-term investments

636

1,131

Other

2

31

Cash flows from investing activities

(1,702)

(1,335)

Cash flows from financing activities

Proceeds from issuance of long-term debt

—

1,199

Dividends paid

(1,295)

(1,235)

Stock repurchases

(27)

(302)

Proceeds from common stock transactions

445

115

Other

(13)

(21)

Cash flows from financing activities

(890)

(244)

Net change in cash and cash equivalents

111

281

Cash and cash equivalents at beginning of period

3,549

2,763

Cash and cash equivalents at end of period

$

3,660

$

3,044

Supplemental cash flow information

Investment tax credit (ITC) used to reduce income taxes payable

$

301

$

203

Proceeds from CHIPS Act incentives

549

—

Total cash benefit related to the CHIPS Act

$

850

$

203

Segment results

(In millions)

Q2 2026

Q2 2025

Change

Analog:

Revenue

$

4,365

$

3,452

26 %

Operating profit

$

1,992

$

1,325

50 %

Embedded Processing:

Revenue

$

788

$

679

16 %

Operating profit

$

168

$

85

98 %

Other:

Revenue

$

310

$

317

(2) %

Operating profit *

$

150

$

153

(2) %

* Includes Acquisition charges

Non-GAAP financial information

This release includes references to free cash flow and ratios based on that measure. These are financial measures that were not prepared in accordance with GAAP. Free cash flow is calculated as cash flows from operating activities (also referred to as cash flow from operations) less capital expenditures, plus proceeds from CHIPS Act incentives.

We believe that free cash flow and the associated ratios provide insight into our liquidity, our cash-generating capability and the amount of cash potentially available to return to shareholders, as well as insight into our financial performance. These non-GAAP measures are supplemental to the comparable GAAP measures.

Reconciliation to the most directly comparable GAAP measures is provided in the table below.

For Three
Months
Ended

June 30,

For 12

Months

Ended

June 30,

(In millions)

2026

2026

2025

Change

Cash flow from operations (GAAP) *

$

2,703

$

8,667

$

6,439

35 %

Capital expenditures

(514)

(3,312)

(4,936)

Proceeds from CHIPS Act incentives

549

1,179

260

Free cash flow (non-GAAP)

$

2,738

$

6,534

$

1,763

271 %

Revenue

$

19,453

$

16,675

Cash flow from operations as a percentage of revenue (GAAP)

44.6 %

38.6 %

Free cash flow as a percentage of revenue (non-GAAP)

33.6 %

10.6 %

* Includes cash benefits of $301 million, $433 million and $479 million from the CHIPS Act ITC used to reduce income taxes payable for the three
months ended June 30, 2026, and the twelve months ended June 30, 2026 and 2025, respectively.

This release also includes references to operating taxes, a non-GAAP term we use to describe taxes calculated using the estimated annual effective tax rate, a GAAP measure that by definition does not include discrete tax items. We believe the term operating taxes helps to differentiate from effective taxes, which include discrete tax items.

Notice regarding forward-looking statements

This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as TI or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe TI's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.

We urge you to carefully consider the following important factors that could cause actual results to differ materially from the expectations of TI or our management:

Economic, social and political conditions, and natural events in the countries in which we, our customers or our suppliers operate, including global trade policies; Our ability to compete in products and prices in an intensely competitive industry; Market demand for semiconductors, particularly in the industrial and automotive markets, and customer demand that differs from forecasts; Losses or curtailments of purchases from key customers or the timing and amount of customer inventory adjustments; Evolving cybersecurity and other threats relating to our information technology systems or those of our customers, suppliers and other third parties; Our ability to successfully implement and realize opportunities from strategic, business and organizational changes, or our ability to realize our expectations regarding the amount and timing of associated restructuring charges and cost savings; Our ability to develop, manufacture and market innovative products in a rapidly changing technological environment, our timely implementation of new manufacturing technologies and installation of manufacturing equipment, and our ability to realize expected returns on significant investments in manufacturing capacity; Availability and cost of key materials, utilities, manufacturing equipment, third-party manufacturing services and manufacturing technology; Our ability to retain, train and recruit skilled personnel and effectively manage key employee succession; Product liability, warranty or other claims relating to our products, software, manufacturing, delivery, services, design or communications, or recalls by our customers for a product containing one of our parts; Financial difficulties of our distributors or semiconductor distributors' promotion of competing product lines to our detriment; or disputes with current or former distributors; Our ability to maintain or improve profit margins, including our ability to utilize our manufacturing facilities at sufficient levels to cover our fixed operating costs, in an intensely competitive and cyclical industry and changing regulatory environment; Compliance with or changes in the complex laws, rules and regulations to which we are or may become subject, or actions of enforcement authorities, that restrict our ability to operate our business or subject us to fines, penalties or other legal liability; Changes in tax law and accounting standards that impact the tax rate applicable to us, the jurisdictions in which profits are determined to be earned and taxed, adverse resolution of tax audits, increases in tariff rates, and the ability to realize deferred tax assets; Our ability to maintain and enforce a strong intellectual property portfolio and maintain freedom of operation in all jurisdictions where we conduct business; or our exposure to infringement claims; Our ability to make principal and interest payments on our debt when due; Instability in the global credit and financial markets; and Impairments of our non-financial assets. For a more detailed discussion of these factors, see the Risk factors discussion in Item 1A of TI's most recent Form 10-K. The forward-looking statements included in this release are made only as of the date of this release, and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances. If we do update any forward-looking statement, you should not infer that we will make additional updates with respect to that statement or any other forward-looking statement.

About Texas Instruments

Texas Instruments Incorporated (Nasdaq: TXN) is a global semiconductor company that designs, manufactures and sells analog and embedded processing chips for markets such as industrial, automotive, data center, personal electronics and communications equipment. At our core, we have a passion to create a better world by making electronics more affordable through semiconductors. This passion is alive today as each generation of innovation builds upon the last to make our technology more reliable, more affordable and lower power, making it possible for semiconductors to go into electronics everywhere. Learn more at TI.com.

TXN-G

SOURCE Texas Instruments Incorporated

-

Fortune 500® national security technology leader is expanding its 10+ year relationship with ServiceNow – deploying the ServiceNow AI Platform to provide autonomous, AI-driven workflows designed to cut costs, improve employee experiences, and free employees for mission critical work.

SANTA CLARA, Calif. & RESTON, Va.--(BUSINESS WIRE)--ServiceNow (NYSE: NOW), the AI control tower for business reinvention, and Leidos (NYSE: LDOS), a Fortune 500 industry and technology leader serving government and commercial customers, today announced that Leidos is expanding its use of the ServiceNow AI Platform to power employee experiences and efficient operations with agentic AI. The collaboration is focused on deploying autonomous, AI-driven workflows designed to cut costs, improve employee experiences and satisfaction, scale IT self-service, and centralize AI agent governance with the ServiceNow AI Platform. The deployment runs across FedRAMP environments, supporting the use of AI within government-grade compliance guardrails.

Leidos delivers advanced technology solutions across defense, intelligence, civil, and health markets, supporting some of the most demanding national security programs in the world. With approximately 50,000 employees and $17B+ annual revenue, Leidos operates at a scale where efficient, secure employee services are key for program performance, compliance, and workforce onboarding.

The challenge: expanding the self-service IT experience

As a ServiceNow customer for over 10 years, Leidos was already driving efficiencies with ServiceNow IT, Creator, and Asset Management workflows. As it grew, however, it sought new opportunities to help address rising IT and HR tickets. Leidos turned to ServiceNow to give employees a seamless, AI-enabled self-service experience.

The solution: ServiceNow connects IT, HR, and shared services on a single AI platform

Leidos is expanding its relationship with ServiceNow and deploying the ServiceNow AI Platform across its enterprise – providing autonomous, AI-driven workflows designed to cut costs, improve employee experiences, and free employees for mission critical work.

Leidos is deploying Now Assist and embedding AI across all areas of the business, unifying its employee experience life cycle with ServiceNow EmployeeWorks and HR Service Delivery; the AI Control Tower will further the company’s automated governance and agent orchestration for secure enterprise management. The implementation is expected to significantly reduce manual work and tickets, and free up IT, HR, and shared services resources to help focus on mission-critical tasks. In addition, Leidos’ ServiceNow deployment runs across FedRAMP environments, allowing the company to securely manage data for sensitive digital workflows, IT services, and conversational AI.

Key projected outcomes include:

$3M+ projected annual savings: As a result of AI-driven IT help desk automation, Level 1 incident resolution time is expected to be reduced from days to minutes.Up to 60% autonomous IT ticket resolution: AI agents are targeted to fully resolve the majority of IT support requests without human intervention, with the potential to eliminate approximately 80,000 tickets annually.Automated employee services for increased efficiency: ServiceNow EmployeeWorks to provide a fast, seamless conversational AI front door for everyday employee requests, helping accelerate productivity for Leidos employees and reduce ticket requests for service teams.Visibility and control of AI agents: AI Control Tower governs and orchestrates across the portfolio of AI agents and workflows, designed to help ensure that models and actions remain compliant, auditable, and aligned with Leidos’ security posture.Comments on the news:

"When you're managing national security workflows, you can't move fast without visibility and governance," said Paul Fipps, president of global customer operations at ServiceNow. "By unifying HR, IT, and shared services on the ServiceNow AI Platform, with AI Control Tower governing the deployment, Leidos can identify workflows and scale AI-enabled operations without adding complexity."

“We’re advancing our use of the ServiceNow AI Platform to augment our AI capabilities to make it easier for employees to deliver mission-critical outcomes at speed and scale, with the security our work demands,” said Alexandra Guenther, chief information officer at Leidos. “ServiceNow AI is helping us automate routine requests so our service desk teams can focus on more complex issues, improving both the employee experience and operational efficiency. By connecting employees with the right information when they need it, we’re enabling our employees to stay focused on solving our customers’ toughest challenges and turning technology into advantage.”

About Leidos

Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with approximately 50,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended Jan. 2, 2026. For more information, visit www.Leidos.com.

About ServiceNow

ServiceNow (NYSE: NOW) is the AI control tower for business reinvention. The ServiceNow AI Platform integrates with any cloud, any model, and any data source to orchestrate how work flows across the enterprise. By unifying legacy systems, departmental tools, cloud applications, and AI agents, ServiceNow provides a single pane of glass that connects intelligence to execution across every corner of business. With more than 100 billion workflows running on the platform each year, ServiceNow helps organizations turn fragmented operations into coordinated, autonomous workflows that deliver measurable results. Learn how ServiceNow puts AI to work for people at www.servicenow.com.

Leidos Forward-Looking Statements

Certain statements in this announcement constitute “forward-looking statements” within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management’s current beliefs and expectations and are subject to significant risks and uncertainties. These statements are not guarantees of future results or occurrences. A number of factors could cause our actual results, performance, achievements, or industry results to be different from the results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the “Risk Factors” set forth in Leidos’ Annual Report on Form 10-K for the fiscal year ended January 2, 2026, and other such filings that Leidos makes with the SEC from time to time. Readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Leidos does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.

ServiceNow Forward-Looking Statements

This press release contains “forward-looking statements” about the expectations, beliefs, plans, and intentions relating to ServiceNow’s expanded relationship with Leidos. Such statements include statements regarding future product capabilities and offerings and expected benefits to ServiceNow. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, ServiceNow’s results could differ materially from the results expressed or implied by the forward-looking statements made. ServiceNow undertakes no obligation, and does not intend to update the forward-looking statements. Factors that may cause actual results to differ materially from those in any forward-looking statements include: (i) delays and unexpected difficulties and expenses in executing the product capabilities and offerings, (ii) changes in the regulatory landscape related to AI and (iii) uncertainty as to whether sales will justify the investments in the product capabilities and offerings. Further information on factors that could affect ServiceNow’s financial and other results is included in the filings ServiceNow makes with the Securities and Exchange Commission from time to time.

More News From ServiceNow

Back to Newsroom

Bill McDermott, chairman and CEO of ServiceNow, speaks during an interview on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 26, 2023. REUTERS/Brendan McDermid Purchase Licensing Rights, opens new tab

July 22 (Reuters) - ServiceNow (NOW.N), opens new tab on Wednesday 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.

Shares of ServiceNow rose over 5% in volatile extended trading. They have fallen about 37% so far this year.

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The results come as software giants are grappling ​with concerns of a "SaaSpocalypse" - a term reflecting the gloom around software-as-a-service ​companies amid growing capabilities of new AI tools provided by ⁠startups like OpenAI and Anthropic.

But ServiceNow is expanding its AI agent portfolio ​across domains like IT and customer service, helping enterprise clients to automate ​complex, time-consuming workflows.

Earlier this year, ServiceNow launched Otto, an AI experience designed to handle requests from employees and complete complex cross-department workflows. It also enhanced its capabilities by ​acquiring cybersecurity startup Armis and AI startup Moveworks.

ServiceNow said its AI platform has seen ​widespread adoption across the public sector, with nearly all 50 U.S. states now using ‌it ⁠to improve citizen services and modernize operations.

The company now expects full-year 2026 subscription revenue of $15.760 billion to $15.780 billion, up from its earlier projection of $15.735 billion to $15.775 billion.

Second-quarter subscription revenue of $3.88 billion and adjusted profit per share of ​90 cents exceeded ​LSEG-compiled analysts' average ⁠estimates of $3.82 billion and 85 cents, respectively.

However, the company's forecast for third-quarter subscription revenue of $3.975 billion to $3.980 billion ​came in below the average estimate of about $4 billion.

ServiceNow ​said its ⁠current remaining performance obligations, contract revenue expected to be recognized within the next 12 months, hit $13.20 billion as of June 30, a 21% increase from ⁠a year ​earlier.

"Our $29 billion in remaining performance obligations is ​fueled by longer customer commitments and skyrocketing demand from our partner ecosystem," CEO Bill McDermott ​said in a statement.

Reporting by Jaspreet Singh in Bengaluru; Editing by Shailesh Kuber

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

- Net sales of $4.63 billion, up 15% sequentially with record tons sold up 7.0% 
- EPS of $6.29; non-GAAP EPS of $6.27, up 42% year-over-year, exceeding expectations
- Pretax income of $429.8 million, up 41% year-over-year

PHOENIX, July 22, 2026 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE: RS) (‘Reliance,’ the ‘Company,’ ‘we,’ ‘our,’ or ‘us’) today reported its financial results for the second quarter ended June 30, 2026.

(in millions, except tons sold in thousands, per ton and per share amounts)
                            Seq.  Six Months Ended
June 30,
  YoY     YoY  Q2 2026
  Q1 2026
  Chg  2026  2025  Chg  Q2 2025
  Chg Income Statement Summary:                    Net sales$4,630.0  $4,026.0  15.0%  $8,656.0  $7,144.5  21.2%  $3,659.8  26.5% Gross profit1$1,300.5  $1,171.9  11.0%  $2,472.4  $2,121.2  16.6%  $1,087.9  19.5% Gross profit margin1 28.1%   29.1%  (1.0) pts   28.6%   29.7%  (1.1) pts   29.7%  (1.6) pts Non-GAAP gross profit margin1,2 28.1%   29.1%  (1.0) pts   28.6%   29.8%  (1.2) pts   29.9%  (1.8) pts Non-GAAP gross profit margin – FIFO1,2 30.5%   30.1%  0.4 pts   30.3%   30.5%  (0.2) pts   30.6%  (0.1) pts LIFO expense$112.5  $37.5     $150.0  $50.0     $25.0   LIFO expense (% of sales) 2.4%   0.9%  1.5 pts   1.7%   0.7%  1.0 pts   0.7%  1.7 pts LIFO expense per diluted share, net of tax$1.64  $0.54    $2.17  $0.71    $0.35   Non-GAAP pretax (income) expense adjustments2$(1.1) $4.3    $3.2  $3.4    $1.1   Pretax income$429.8  $349.5  23.0%  $779.3  $566.7  37.5%  $304.3  41.2% Non-GAAP pretax income2$428.7  $353.8  21.2%  $782.5  $570.1  37.3%  $305.4  40.4% Non-GAAP pretax income – FIFO2$541.2  $391.3  38.3%  $932.5  $620.1  50.4%  $330.4  63.8% Pretax income margin 9.3%   8.7%  0.6 pts   9.0%   7.9%  1.1 pts   8.3%  1.0 pts Non-GAAP pretax income margin2 9.3%   8.8%  0.5 pts   9.0%   8.0%  1.0 pts   8.3%  1.0 pts Non-GAAP pretax income margin – FIFO2 11.7%   9.7%  2.0 pts   10.8%   8.7%  2.1 pts   9.0%  2.7 pts Net income – Reliance$322.9  $264.9  21.9%  $587.8  $433.4  35.6%  $233.7  38.2% Diluted EPS$6.29  $5.10  23.3%  $11.38  $8.15  39.6%  $4.42  42.3% Non-GAAP diluted EPS2$6.27  $5.16  21.5%  $11.42  $8.20  39.3%  $4.43  41.5% Non-GAAP diluted EPS – FIFO2$7.91  $5.70  38.8%  $13.59  $8.91  52.5%  $4.78  65.5%                      Balance Sheet and Cash Flow Data:                    Cash provided by operations$162.2  $151.4  7.1%  $313.6  $293.5  6.8%  $229.0  (29.2%)Free cash flow2$68.8  $87.2  (21.1%) $156.0  $119.0  31.1%  $141.4  (51.3%)Net debt / total capital2 16.2%   16.9%     16.2%   14.1%     14.1%   Net debt / EBITDA2 0.9x   1.0x     0.9x   0.9x     0.9x   Total debt / EBITDA2 1.1x   1.2x     1.1x   1.1x     1.1x                        Capital Allocation Data:                    Acquisitions$—  $—    $—  $2.8    $2.8   Capital expenditures$93.4  $64.2    $157.6  $174.5    $87.6   Dividends$63.8  $66.6    $130.4  $128.3    $63.1   Share repurchases$—  $234.2    $234.2  $333.1    $79.9                        Key Business Metrics:                    Tons sold 1,790.1   1,672.7  7.0%   3,462.8   3,243.9  6.7%   1,615.0  10.8% Average selling price per ton sold$2,602  $2,414  7.8%  $2,511  $2,208  13.7%  $2,273  14.5%                      Please refer to the footnotes at the end of this press release for additional information.
               Management Commentary
“Reliance delivered another excellent quarter, building on the positive momentum of the first quarter,” said Karla Lewis, President and Chief Executive Officer of Reliance. “Market conditions remained constructive, supported by improving customer activity, extended mill lead times, and strong pricing across our broad product portfolio. We achieved the second highest quarterly revenue in our history, as well as record quarterly tons sold, and continued to outperform industry shipment trends. In April, we began to see initial contributions from the U.S. Department of Homeland Security border wall contract we were awarded earlier this year with activity levels well above our expectations delivering a meaningful contribution to our second quarter earnings. Elevated pricing levels, along with strong execution by our teams, also drove meaningful growth in our profitability, including a 40% increase in non-GAAP pretax income year-over-year and non-GAAP earnings per share of $6.27, our highest results since the second quarter of 2023.”

Mrs. Lewis continued, “Our balance sheet and liquidity remain key competitive advantages, supporting disciplined capital deployment including strategic growth investments and ongoing returns to stockholders. Additionally, our scale, processing expertise, and strong mill partnerships are increasingly important as lead times extend and inventories tighten, ensuring dependable material availability and positioning us to better serve our existing customers and capture new opportunities. As customer optimism builds and activity strengthens across infrastructure, semiconductor, general manufacturing and aerospace, Reliance remains exceptionally well positioned to capitalize on the many meaningful opportunities that will continue to emerge throughout the second half of 2026 and into next year.”

Second Quarter 2026 Financial Highlights
Earnings per share of $6.29 and non‑GAAP earnings per share of $6.27 exceeded the high end of management’s guidance range of $5.15 to $5.35 and were up 42% year-over-year. Results included $1.64 per share of LIFO expense compared to management’s expectation of $0.54, representing an incremental $1.10 per share negative impact, primarily due to higher-than-anticipated carbon steel and aluminum product costs. Earnings also included a $0.41 per share contribution from the U.S. border wall project, more than doubling our expectation of $0.15 to $0.20 per share.

Quarterly tons sold increased 7.0% sequentially, exceeding management’s expectation of a 1.0% to 3.0% increase. Notably, the sequential increase in second quarter tons sold included a 5.1% contribution from the U.S. border wall project. Reliance’s second quarter year-over-year growth in tons sold of 10.8% outperformed the industry-wide increase of 5.5% reported by the Metals Service Center Institute (“MSCI”) by over 5 percentage points.

Average selling price per ton sold increased 7.8% sequentially, also surpassing management’s expectation of a 1.5% to 3.5% increase, supported by higher carbon steel and aluminum pricing. The U.S. border wall project impacted our product mix, offsetting the sequential growth in average selling price per ton sold by 1.6% due to higher than anticipated shipment levels during the quarter.

Gross profit dollars per ton continued to rise across the majority of our product categories. However, gross profit margin of 28.1% decreased 100 basis points sequentially mainly due to increased LIFO expense and the impact of the border wall project. Excluding LIFO, non‑GAAP FIFO gross profit margin, which represents management’s ongoing assessment of operating performance, increased sequentially to 30.5% from 30.1% in the first quarter of 2026, including the negative impact of 40 basis points attributable to the U.S. border wall project. Importantly, the project’s below-average operating costs per ton more than offset its impact on gross profit margin, adding approximately 30 basis points of expansion to pretax income margin in the second quarter.

Higher shipments and improved gross profit dollars per ton, supported by strong pricing discipline, continued market share gains, and contributions from the U.S. border wall project, drove strong growth in pretax income of 41% year-over-year to $429.8 million.

End Market Commentary
Non-residential construction demand (including infrastructure), Reliance’s largest end market by tons, improved compared to the second quarter of 2025. The Company expects non-residential construction demand to continue to improve, with potential headwinds from supply availability in the third quarter of 2026, supported by strong activity across data centers, energy infrastructure, and public infrastructure projects.

Demand across the broader manufacturing end market Reliance serves improved compared to the second quarter of 2025, supported by continued strength in industrial machinery, shipbuilding, military, consumer products and construction machinery sectors. The Company anticipates demand for its products across the broader manufacturing sector will remain healthy in the third quarter of 2026 and experience its customary seasonal decline from the second quarter.

Demand in aerospace improved compared to the second quarter of 2025. Reliance anticipates commercial aerospace demand to modestly improve in the third quarter of 2026 with gradual build-rate increases and growing backlogs supporting continued improvement throughout the year. Demand in the defense and space related portions of Reliance’s aerospace business is expected to remain robust in the third quarter of 2026.

Demand for the toll processing services Reliance provides to the automotive market improved from the second quarter of 2025. The Company expects demand for automotive toll processing to remain relatively steady at healthy levels in the third quarter of 2026. Reliance’s toll processing operations remain flexible and able to quickly adapt to the variable demands of the automotive market.

Demand for certain products Reliance sells into the semiconductor market meaningfully improved compared to the second quarter of 2025 supported by increasing data center activity. The Company anticipates demand for its semiconductor products will continue to improve in the third quarter of 2026.

Balance Sheet, Cash Flow and Stockholder Returns
As of June 30, 2026, Reliance had $235.4 million of cash and cash equivalents and total debt of $1.7 billion, including $520 million outstanding under its $1.5 billion revolving credit facility. We generated $162.2 million of cash flow from operations in the second quarter of 2026, despite a significant working capital increase related to strong shipment volume and higher metals pricing.

Reliance returned $63.8 million to stockholders through dividend payments in the second quarter of 2026. Although no shares were repurchased during the second quarter, Reliance has repurchased $3.4 billion of its common stock since 2021 at an average price of approximately $234 per share, reducing shares outstanding by 22%. As of June 30, 2026, approximately $529 million remained available under our share repurchase program.

On July 17, 2026, our Board of Directors declared a quarterly cash dividend of $1.25 per share of common stock, payable on August 28, 2026 to stockholders of record as of August 14, 2026.

Third Quarter 2026 Business Outlook
Reliance anticipates third quarter 2026 demand and pricing to remain generally consistent at healthy to improving levels across the key products and end markets it serves, despite ongoing domestic and international trade policy uncertainty and the continued conflict in Iran, which could pose supply availability and macroeconomic risks.

Excluding the impact of the border wall project, the Company expects third quarter tons sold to be down 2% to 4% compared to the second quarter of 2026 due to normal seasonality and average selling price per ton sold to be up 1% to 3%.

Including an estimated 2% sequential and 7.5% year-over-year contribution from the U.S. border wall project, we anticipate tons sold will be up 9% to 11% compared to the third quarter of 2025. Additionally, we anticipate our average selling price per ton sold in the third quarter to be flat to up 2.0% compared to the second quarter of 2026, which includes an estimated mix-related 1% reduction in consolidated average selling price per ton sold attributable to the U.S. border wall project.

Based on these assumptions, and inclusive of LIFO expense of $75.0 million, or $1.10 per diluted share, the Company anticipates non‑GAAP earnings per diluted share in the range of $6.40 to $6.60 for the third quarter of 2026, representing year‑over‑year growth ranging from 76% to 81%. This outlook includes approximately $0.60 of earnings per share from shipments associated with the U.S. border wall project at pretax income margin levels above the Company average.

Conference Call Details
A conference call and simultaneous webcast to discuss Reliance’s second quarter 2026 financial results and business outlook will be held on Thursday, July 23, 2026 at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time. To listen to the live call by telephone, please dial (877) 407-0792 (U.S. and Canada) or (201) 689-8263 (International) approximately 10 minutes prior to the start time and use conference ID: 13761219. The call will also be broadcast live over the Internet hosted on the Investors section of the Company's website at investor.reliance.com.

For those unable to participate during the live broadcast, a replay of the call will also be available beginning that same day at 2:00 p.m. Eastern Time until 11:59 p.m. Eastern Time on August 6, 2026, by dialing (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (International) and entering the conference ID: 13761219. The webcast will remain posted on the Investors section of Reliance’s website at reliance.com for 90 days.

About Reliance, Inc.
With over 85 years of operating experience, Reliance, Inc. (NYSE: RS) is a leading global diversified metal solutions provider and the largest metals service center company in North America. Through a network of approximately 310 locations in 41 states and 10 countries outside of the United States, Reliance provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance focuses on small orders with quick turnaround and value-added processing services. In 2025, Reliance’s average order size was $3,120, approximately 49% of orders included value-added processing, and approximately 40% of orders were delivered within 24 hours. Reliance’s press releases and additional information are available on the Company’s website at reliance.com.

Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, discussions of Reliance’s: industry and end markets; business strategies; acquisitions; expectations concerning the Company’s future growth and profitability; ability to generate industry leading returns for its stockholders; future demand and metals pricing; results of operations; margins; profitability; taxes; liquidity; cash flows; capital expenditures; expectations for and impacts from macroeconomic conditions, including inflation and the possibility of an economic recession or slowdown; anticipated effects from regulations and regulatory changes, including taxation, tariffs and other trade barriers; litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “preliminary,” “range,” “intend” and “continue,” the negative of these terms, and similar expressions.

These forward-looking statements are based on management's estimates, projections and assumptions as of today’s date that may not prove to be accurate. Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, actions taken by Reliance, as well as developments beyond its control, including, but not limited to: changes in domestic and worldwide political and economic conditions; changes in U.S. and foreign trade policies and programs, including tariffs and trade policies and programs specifically affecting metals product markets and pricing; slowing economic growth, inflation, rising unemployment or other macroeconomic factors that could materially impact Reliance, its customers and suppliers; metals pricing; demand for Reliance’s products and services; the possibility that the expected benefits of government contracts, including the U.S. border wall project, acquisitions and capital expenditures may not materialize as expected; and the impacts of labor constraints and supply chain disruptions. Deteriorations in economic conditions, including as a result of tariffs or trade barriers, economic policies, inflation, economic recession, slowing growth, outbreaks of infectious disease, or geopolitical conflicts such as in Ukraine and Iran, could lead to a decline in demand for the Company’s products and services and negatively impact its business, and may also impact financial markets and corporate credit markets which could adversely impact the Company’s access to financing or the terms of any financing. The Company cannot at this time predict all of the impacts of domestic and foreign tariffs and trade policies, inflation, product price fluctuations, economic recession, outbreaks of infectious disease, or geopolitical conflicts and related economic effects, but these factors, individually or in any combination, could have a material adverse effect on the Company’s business, financial position, results of operations and cash flows.

The statements contained in this press release speak only as of the date hereof, and Reliance disclaims any and all obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason, except as may be required by law. Important risks and uncertainties about Reliance’s business can be found in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in other documents Reliance files or furnishes with the United States Securities and Exchange Commission.

CONTACT:         
(213) 576-2428
[email protected]

or Addo Investor Relations
(310) 829-5400

(Tables to follow)

                     Q2 2026 Major Commodity Metrics                            Tons Sold (tons in thousands; % chg) Avg. Selling Price per Ton
Sold (% chg) Q2 2026
  Q1 2026
  Seq. Chg
  Q2 2025
  YoY Chg
  Seq. Chg
  YoY Chg
 Carbon steel 1,480.2   1,383.9   7.0%   1,326.4   11.6%   10.5%   14.9% Aluminum 86.0   85.1   1.1%   83.8   2.6%   9.8%   31.7% Stainless steel 81.3   78.2   4.0%   75.5   7.7%   6.1%   13.0% Alloy 36.6   33.0   10.9%   31.1   17.7%   (7.0%)  (5.4%)Copper & brass 5.8   4.9   18.4%   5.5   5.5%   3.9%   19.3%                       Sales ($'s in millions; % chg)       Q2 2026
  Q1 2026
  Seq. Chg
  Q2 2025
  YoY Chg
       Carbon steel$2,621.4  $2,218.1   18.2%  $2,044.2   28.2%       Aluminum$837.9  $754.6   11.0%  $619.9   35.2%       Stainless steel$595.2  $539.0   10.4%  $489.2   21.7%       Alloy$186.2  $180.6   3.1%  $167.5   11.2%       Copper & brass$123.7  $101.9   21.4%  $98.9   25.1%                            Year-to-Date (6 Months) Major Commodity Metrics       Tons Sold (tons in thousands; % chg) Avg. Selling
Price per Ton
Sold (% chg)          2026
  2025
  YoY Chg
  YoY Chg
          Carbon steel 2,864.1   2,670.8   7.2%   14.3%          Aluminum 171.1   167.9   1.9%   27.5%          Stainless steel 159.5   151.5   5.3%   8.6%          Alloy 69.6   62.6   11.2%   1.3%          Copper & brass 10.7   10.5   1.9%   22.9%                                Sales ($'s in millions; % chg)             2026
  2025
  YoY Chg
             Carbon steel$4,839.5  $3,948.4   22.6%             Aluminum$1,592.5  $1,225.5   29.9%             Stainless steel$1,134.2  $992.4   14.3%             Alloy$366.8  $325.9   12.5%             Copper & brass$225.6  $180.6   24.9%                                   Sales by Product         Six Months Ended
                 June 30,
        Q2 2026
  Q1 2026
  Q2 2025
  2026
  2025
       Carbon steel structurals 12%   12%   12%   12%   12%       Carbon steel tubing 12%   9%   10%   11%   9%       Carbon steel plate 11%   11%   12%   11%   12%       Hot-rolled steel sheet & coil 9%   9%   8%   9%   8%       Galvanized steel sheet & coil 5%   5%   5%   5%   5%       Carbon steel bar 4%   5%   5%   4%   5%       Cold-rolled steel sheet & coil 2%   2%   2%   2%   2%       Carbon steel 55%   53%   54%   54%   53%                            Heat-treated aluminum plate 5%   6%   5%   6%   5%       Aluminum bar & tube 5%   5%   5%   5%   5%       Common alloy aluminum sheet & coil 5%   5%   4%   5%   5%       Common alloy aluminum plate 1%   1%   1%   1%   1%       Heat-treated aluminum sheet & coil 1%   1%   1%   1%   1%       Aluminum 17%   18%   16%   18%   17%                            Stainless steel bar & tube 6%   6%   6%   6%   6%       Stainless steel sheet & coil 4%   5%   5%   5%   5%       Stainless steel plate 2%   2%   2%   2%   2%       Stainless steel 12%   13%   13%   13%   13%                            Alloy 4%   4%   4%   4%   4%                            Copper & brass 3%   3%   3%   3%   3%                            Miscellaneous* 5%   5%   6%   4%   6%       Toll processing & logistics 4%   4%   4%   4%   4%       Other 9%   9%   10%   8%   10%                            Total 100%   100%   100%   100%   100%                            * Includes titanium, fabricated parts, PVC pipe and scrap.             RELIANCE, INC.UNAUDITED CONSOLIDATED STATEMENTS OF INCOME(in millions, except shares in thousands and per share amounts)                         Three Months Ended
  Six Months Ended
  June 30,
  June 30,
  2026  2025  2026  2025 Net sales$4,630.0  $3,659.8  $8,656.0  $7,144.5             Costs and expenses:           Cost of sales (exclusive of depreciation and amortization shown below) 3,329.5   2,571.9   6,183.6   5,023.3 Warehouse, delivery, selling, general and administrative ("SG&A") 789.4   706.0   1,524.2   1,396.2 Depreciation and amortization 69.5   69.7   138.7   138.4   4,188.4   3,347.6   7,846.5   6,557.9             Operating income 441.6   312.2   809.5   586.6             Other (income) expense:           Interest expense 18.2   14.3   33.6   25.8 Other income, net (6.4)  (6.4)  (3.4)  (5.9)Income before income taxes 429.8   304.3   779.3   566.7 Income tax provision 106.2   70.1   190.1   132.0 Net income 323.6   234.2   589.2   434.7 Less: net income – noncontrolling interests 0.7   0.5   1.4   1.3 Net income – Reliance$322.9  $233.7  $587.8  $433.4             Earnings per share:           Basic$6.33  $4.44  $11.45  $8.20 Diluted$6.29  $4.42  $11.38  $8.15             Weighted average shares outstanding:           Basic 51,050   52,610   51,340   52,841 Diluted 51,375   52,923   51,673   53,160             Cash dividends declared per common share$1.25  $1.20  $2.50  $2.40                    RELIANCE, INC.UNAUDITED CONSOLIDATED BALANCE SHEETS(in millions, except shares in thousands and par value)  June 30,
  December 31,
  2026
  2025*
 AssetsCurrent assets:     Cash and cash equivalents$235.4  $216.6 Accounts receivable, less allowance for credit losses of $22.3 and $22.1 2,210.4   1,539.9 Inventories 2,325.4   2,187.8 Prepaid expenses and other current assets 152.2   165.6 Income taxes receivable —   31.2 Total current assets 4,923.4   4,141.1 Property, plant and equipment, net 2,652.1   2,633.3 Operating lease right-of-use assets 326.8   315.2 Goodwill 2,173.8   2,169.9 Intangible assets, net 945.0   960.1 Cash surrender value of life insurance policies, net 37.4   48.0 Other long-term assets 106.7   105.7 Total assets$11,165.2  $10,373.3       Liabilities and EquityCurrent liabilities:     Accounts payable$627.3  $375.2 Accrued expenses 160.8   150.0 Accrued compensation and retirement benefits 212.0   198.1 Accrued insurance costs 61.3   56.4 Current maturities of long-term debt —   0.7 Current maturities of operating lease liabilities 67.3   67.7 Income taxes payable 17.2   — Total current liabilities 1,145.9   848.1 Long-term debt 1,663.9   1,420.2 Operating lease liabilities 264.0   250.9 Long-term retirement benefits 26.4   24.9 Other long-term liabilities 79.4   74.1 Deferred income taxes 574.4   575.6 Total liabilities 3,754.0   3,193.8 Commitments and contingencies     Equity:     Preferred stock, $0.001 par value: 5,000 shares authorized; none issued or outstanding —   — Common stock and additional paid-in capital, $0.001 par value and 200,000 shares authorized     Issued and outstanding shares—51,053 and 51,735 23.4   0.1 Retained earnings 7,477.5   7,257.6 Accumulated other comprehensive loss (99.4)  (87.6)Total Reliance stockholders’ equity 7,401.5   7,170.1 Noncontrolling interests 9.7   9.4 Total equity 7,411.2   7,179.5 Total liabilities and equity$11,165.2  $10,373.3       * Derived from audited financial statements.            RELIANCE, INC.UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions) Six Months Ended
      June 30,  2026  2025 Operating activities:     Net income$589.2  $434.7 Adjustments to reconcile net income to net cash provided by operating activities:     Depreciation and amortization 138.7   138.4 Stock-based compensation 36.7   28.1 Other (0.8)  (5.2)Changes in operating assets and liabilities:     Accounts receivable (673.3)  (326.8)Inventories (139.1)  (219.8)Prepaid expenses and other assets 86.0   117.6 Accounts payable and other liabilities 276.2   126.5 Net cash provided by operating activities 313.6   293.5       Investing activities:     Acquisitions —   (2.8)Purchases of property, plant and equipment (157.6)  (174.5)Proceeds from sales of property, plant and equipment 15.4   12.9 Other (4.6)  5.6 Net cash used in investing activities (146.8)  (158.8)      Financing activities:     Proceeds from long-term debt borrowings 1,577.0   1,063.0 Principal payments on long-term debt (1,334.7)  (781.0)Cash dividends and dividend equivalents (130.4)  (128.3)Share repurchases (234.2)  (333.1)Taxes paid on net-settled restricted stock units (14.8)  (11.6)Excise tax on repurchase of common shares (5.4)  (10.0)Other (3.7)  (21.0)Net cash used in financing activities (146.2)  (222.0)Effect of exchange rate changes on cash and cash equivalents (1.8)  8.7 Increase (decrease) in cash and cash equivalents 18.8   (78.6)Cash and cash equivalents, beginning balance 216.6   318.1 Cash and cash equivalents, ending balance$235.4  $239.5       Supplemental cash flow information:     Interest paid$32.7  $24.0 Income taxes paid, net$142.7  $71.0                    RELIANCE, INC.NON-GAAP RECONCILIATION(in millions, except per share amounts)                                     Net Income Diluted EPS June 30,
  March 31,
  June 30,
  June 30,
  March 31,
  June 30,
 Three Months Ended2026  2026  2025  2026  2026  2025 Net income – Reliance$322.9  $264.9  $233.7  $6.29  $5.10  $4.42 Restructuring charges 1.1   3.8   10.2   0.02   0.07   0.18 Settlement charges, net 1.5   0.5   —   0.03   0.01   — Gains on non-core asset sales (3.7)  —   (9.1)  (0.07)  —   (0.17)Income tax expense (benefit) on adjustments 0.3   (1.1)  (0.2)  —   (0.02)  — Non-GAAP net income – Reliance 322.1   268.1   234.6   6.27   5.16   4.43 LIFO expense, net of tax 84.4   28.1   18.8   1.64   0.54   0.35 Non-GAAP net income – FIFO$406.5  $296.2  $253.4  $7.91  $5.70  $4.78                       Net Income Diluted EPS       June 30,
  June 30,
  June 30,
  June 30,
    Six Months Ended   2026    2025    2026    2025    Net income – Reliance   $587.8  $433.4  $11.38  $8.15    Restructuring charges    4.9   12.5   0.09   0.24    Settlement charges, net    2.0   —   0.04   —    Gains on non-core asset sales    (3.7)  (9.1)  (0.07)  (0.17)   Income tax benefit on adjustments    (0.8)  (0.8)  (0.02)  (0.02)   Non-GAAP net income – Reliance    590.2   436.0   11.42   8.20    LIFO expense, net of tax    112.5   37.5   2.17   0.71    Non-GAAP net income – FIFO   $702.7  $473.5  $13.59  $8.91                       Three Months Ended Six Months Ended    June 30,
  March 31,
  June 30,
  June 30,
  June 30,
     2026  2026  2025  2026  2025    Pretax income$429.8  $349.5  $304.3  $779.3  $566.7    Restructuring charges 1.1   3.8   10.2   4.9   12.5    Settlement charges, net 1.5   0.5   —   2.0   —    Gains on non-core asset sales (3.7)  —   (9.1)  (3.7)  (9.1)   Non-GAAP pretax (income) expense adjustments (1.1)  4.3   1.1   3.2   3.4    Non-GAAP pretax income 428.7   353.8   305.4   782.5   570.1    LIFO expense 112.5   37.5   25.0   150.0   50.0    Non-GAAP pretax income – FIFO$541.2  $391.3  $330.4  $932.5  $620.1                       Three Months Ended Six Months Ended    June 30,
  March 31,
  June 30,
  June 30,
  June 30,
     2026  2026  2025    2026  2025    Gross profit – LIFO$1,300.5  $1,171.9  $1,087.9  $2,472.4  $2,121.2    Restructuring charges 0.4   1.0   6.3   1.4   8.1    Non-GAAP gross profit 1,300.9   1,172.9   1,094.2   2,473.8   2,129.3    LIFO expense 112.5   37.5   25.0   150.0   50.0    Non-GAAP gross profit – FIFO$1,413.4  $1,210.4  $1,119.2  $2,623.8  $2,179.3                      Gross profit margin – LIFO 28.1%     29.1%     29.7%     28.6%   29.7%    Restructuring charges (% of sales) —   —   0.2%   —   0.1%    Non-GAAP gross profit margin 28.1%   29.1%   29.9%   28.6%   29.8%    LIFO expense (% of sales) 2.4%   0.9%   0.7%   1.7%   0.7%    Non-GAAP gross profit margin – FIFO 30.5%   30.1%   30.6%   30.3%   30.5%                      Certain percentages may not calculate due to rounding.
                   June 30,
  March 31,
  June 30,
         2026  2026  2025        Total debt$1,670.0  $1,700.0  $1,433.1          Less: unamortized discounts and costs (6.1)  (6.5)  (7.4)         Carrying amount of debt 1,663.9   1,693.5   1,425.7          Less: cash and cash equivalents (235.4)  (249.7)  (239.5)         Net debt 1,428.5   1,443.8   1,186.2          Total Reliance stockholders' equity 7,401.5   7,122.9   7,234.1          Total capital$8,830.0  $8,566.7  $8,420.3                            Net debt / total capital 16.2%   16.9%   14.1%                             June 30,
  March 31,
  June 30,
          Twelve Months Ended2026  2026  2025          Net income$896.1  $806.7  $740.6          Depreciation and amortization 278.5   278.7   276.9          Impairment 9.9   9.9   11.7          Interest expense 63.5   59.6   46.7          Income taxes 285.7   249.6   220.1          EBITDA$1,533.7  $1,404.5  $1,296.0                            Net debt / EBITDA 0.9x   1.0x   0.9x          Total debt / EBITDA 1.1x   1.2x   1.1x                             Three Months Ended Six Months Ended    June 30,
  March 31,
  June 30,
  June 30,
  June 30,
     2026  2026  2025  2026  2025    Cash provided by operations$162.2  $151.4  $229.0  $313.6  $293.5    Less: capital expenditures (93.4)  (64.2)  (87.6)  (157.6)  (174.5)   Free cash flow$68.8  $87.2  $141.4  $156.0  $119.0                    Reliance presents certain non‑GAAP measures, including non‑GAAP gross profit, pretax income, net income and earnings per share, to provide meaningful period‑to‑period comparisons of its operating performance. These non‑GAAP measures reflect adjustments for certain items, including impairment and restructuring charges related to the closure or reorganization of certain locations, non-recurring settlement charges and credits, and gains on the sale of non‑core property, plant and equipment, which can reduce the comparability of GAAP results across periods.
 Reliance uses first‑in, first‑out (“FIFO”) gross profit, margin, and other FIFO‑based non-GAAP performance measures to assess its ongoing operating performance and provide a basis for comparison with competitors that do not use the last‑in, first‑out (“LIFO”) inventory accounting method. See footnote 1 for additional information regarding the Company’s gross profit and gross profit margin. In addition, Reliance presents net debt‑to‑EBITDA and total debt‑to‑EBITDA as measures of leverage used by management to monitor debt levels relative to operating performance, for which EBITDA is used as a proxy. Free cash flow is presented as a measure of cash generated by operations that may be used to repay scheduled debt maturities, fund additional growth initiatives, or be returned to stockholders. Footnotes                             1 Gross profit (calculated as net sales less cost of sales) and gross profit margin (calculated as gross profit divided by net sales) are non-GAAP financial measures as they exclude depreciation and amortization expense associated with the corresponding sales. About half of Reliance's orders are basic distribution with no processing services performed. For the remainder of its sales orders, Reliance performs “first-stage” processing, which is generally not labor intensive as it is simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization, is not significant and is excluded from cost of sales. Therefore, Reliance’s cost of sales is substantially comprised of the cost of the material it sells. Reliance uses gross profit and gross profit margin, as shown, as measures of operating performance. Gross profit and gross profit margin are important operating and financial measures, as their fluctuations can have a significant impact on Reliance's earnings. Gross profit and gross profit margin, as presented, are not necessarily comparable with similarly titled measures for other companies.2 See accompanying Non-GAAP Reconciliation.

-

– Enters into New Relationship with Health Dimensions Group –

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--LTC Properties, Inc. (NYSE: LTC) (“LTC” or the “Company”), a real estate investment trust specializing in seniors housing and health care properties, today announced the $40 million SHOP acquisition of a community in Wisconsin that includes 147 independent living, assisted living and memory care units. Health Dimensions Group (“HDG”), a SHOP operator new to LTC, will continue to manage the property.

The acquisition was completed at a cap rate of approximately 7.2%, with an anticipated unlevered IRR in the low- to mid-teens, and was funded with proceeds from ATM sales. During the 2026 second quarter, LTC sold 4.1 million shares of common stock for $154.7 million in net proceeds under its equity distribution agreement.

The Company also announced that it expects to acquire $95 million of SHOP communities within the next month.

“We are excited to welcome HDG to the LTC family with this off-market acquisition. Their passion for delivering care and fostering culture is evident,” said Michael Bowden, LTC’s Senior Vice President of Investments. “Each new relationship we build continues to drive our SHOP transformation.”

“LTC is an excellent growth partner for HDG as we continue to expand our Caring Above and Beyond® approach, a proven process designed to make a real difference in the senior living experience,” said Erin Schvetzoff Hennessey, Chief Executive Officer and Principal of HDG. “We look forward to continuing to provide vibrant, caring environments for older adults and their families, and to mutual success through our collaboration with LTC.”

LTC’s SHOP Snapshot

Since launching SHOP in May 2025, LTC has grown its portfolio to 37 properties, which represents 35% of the Company’s total gross real estate investments. The platform spans 12 operators, 10 of which are new LTC relationships.

About LTC

LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, principally investing through SHOP, as well as triple-net leases, and joint ventures. The Company’s portfolio includes nearly 190 properties throughout the United States. Based on gross real estate investments, nearly 70% of the Company’s assets are seniors housing communities with the remainder skilled nursing centers. Learn more at www.ltcreit.com.

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, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as “believes,” “expects,” “may,” “will,” “could,” “would,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or the negative of those words or similar words. Examples of forward-looking statements include statements regarding anticipated unlevered IRR, expected acquisition of $95 million of SHOP communities over the next month, SHOP growth and other statements regarding future strategy. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect the Company’s future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, operational and legal risks and liabilities under the Company’s new SHOP segment; the Company’s dependence on the ability of its third-party independent operators to successfully manage and operate the Company’s SHOP communities; the Company’s dependence on its operators for revenue and cash flow; government regulation of the health care industry; changes in federal, state, or local laws limiting REIT investments in the health care sector; federal and state health care cost containment measures including reductions in reimbursement from third-party payors such as Medicare and Medicaid; required regulatory approvals for operation of health care facilities; a failure to comply with applicable law or regulations for the operation of health care facilities; the adequacy of insurance coverage maintained by the Company’s operators; the Company’s reliance on a few major operators; the Company’s ability to find suitable replacement operators for its SHOP communities; the Company’s ability to renew leases or enter into favorable terms of renewals or new leases; the impact of inflation; operator financial or legal difficulties; the sufficiency of collateral securing mortgage loans; an impairment of the Company’s real estate investments; the relative illiquidity of the Company’s real estate investments; the Company’s ability to develop and complete construction projects; the Company’s ability to invest cash proceeds for health care properties; a failure to qualify as a REIT; the Company’s ability to grow if access to capital is limited; and a failure to maintain or increase the Company’s dividend. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under “Risk Factors” contained in the Company’s Annual Report on Form 10‑K for the fiscal year ended December 31, 2025, the Company’s subsequent Quarterly Reports on Form 10‑Q, and the Company’s publicly available filings with the Securities and Exchange Commission. The Company does not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.

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Southern Copper Corporation (SCCO) Q2 2026 Earnings Call July 22, 2026 11:00 AM EDT

Company Participants

Raul Jacob - VP of Finance, Treasurer & CFO

Conference Call Participants

Richard Garchitorena - Barclays Bank PLC, Research Division
Emerson Vieira - Goldman Sachs Group, Inc., Research Division
Rafael Barcellos - Banco Bradesco BBI S.A., Research Division
Tingshuai Feng - China International Capital Corporation Limited, Research Division
John Tumazos - John Tumazos Very Independent Research, LLC

Presentation

Operator

Good morning, and welcome to Southern Copper Corporation's Second Quarter and 6 Months 2026 Results Conference Call. With us this morning, we have Southern Copper Corporation's Mr. Raul Jacob, Vice President, Finance, Treasurer and CFO, who will discuss the results of the company for the second quarter and 6 months 2026 as well as answer any questions that you may have. The information discussed on today's call may include forward-looking statements regarding the company's results and prospects, which are subject to risks and uncertainties. Actual results may differ materially, and the company cautions not to place undue reliance on these forward-looking statements. Southern Copper Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All results are expressed in full U.S. GAAP. Now I'll pass the call on to Mr. Raul Jacob.

Raul Jacob
VP of Finance, Treasurer & CFO

Thank you very much, Carmen. Good morning, everyone, and welcome to Southern Copper's Second Quarter of 2026 Results Conference Call. At today's conference, I'm accompanied by Mr. Leonardo Contreras, CEO of Southern Copper and also a Board member. Let me first begin by mentioning that Southern Copper delivered another exceptional quarter, registering record-breaking results in sales, adjusted EBITDA and net income. These outstanding achievements are driven by operating excellence and reflect our commitment to creating long-term value for our stakeholders in a context marked by sustained