The S&P 500 has barely moved in five days, but crypto assets are gaining some momentum in the background. Bitcoin jumped on Tuesday to hit its highest level since mid-June.
Could this be the comeback crypto bulls have been waiting almost a year for? Options traders in stocks tied to the digital asset class seem to think so, piling into calls in the iShares Bitcoin Trust ETF (IBIT), Michael Saylor's Strategy, and most of all – trading platform operator Coinbase Global.
Coinbase shares in the past day
Shares of Coinbase rallied roughly 11% to trade around $178 Tuesday after dipping below $150 earlier this month, a level the stock has tested and held multiple times since early 2024. Options flows in the stock were resoundingly bullish, with more than 114,000 calls traded versus just under 50,000 puts. More calls were bought than sold, with more than four times as many calls bought versus puts.
More than $100 million in options premium on Coinbase traded by midday Tuesday, with $80 million tied to call contracts, according to data from SpotGamma. The most popular contract by volume was the 190-strike call expiring Friday, a trade that needs a 7.5% rally to pay off.
Options in Robinhood Markets mirrored the bullishness in Coinbase. Of the 170,000 total contracts traded on the brokerage stock, 125,000 were calls, with six times as many calls bought as puts bought, according to data from ThinkOrSwim.
Bullish bets on the brokers are most likely to pay off if crypto prices recover, and options flows around bitcoin ETF IBIT suggest that could be the case. In that fund, more than twice as many calls were bought than puts, though more calls were sold than bought, suggesting a more neutral-to-bullish outlook.
One point of possible relief for bitcoin bulls: Traders bought twice as many calls as puts in Strategy, the bitcoin treasury company that's down more than 75% in the past year and arguably a main source of crypto strife.
Palo Alto Networks Inc. PANW is emerging as one of Wall Street's preferred cybersecurity plays as concerns over increasingly powerful artificial intelligence models drive demand for security products and services.
The view follows comments from International Business Machines (IBM), which said last week that enterprise customers are placing greater emphasis on cybersecurity as more advanced AI models enter the market.
In a research note published Monday, William Blair named Palo Alto Networks its top pick in the cybersecurity sector, arguing that AI is creating more demand for cybersecurity solutions rather than reducing it.
Palo Alto shares fell about 3% to $338.19 on Tuesday after declining 2.8% in the previous session.
Despite the recent pullback, the stock has gained 83% this year and has posted gains in each of the past four months.
William Blair said discussions with private companies, resellers, industry participants and thought leaders pointed to strong cybersecurity spending during the second quarter.
The firm attributed the trend to increasing concerns surrounding Anthropic's Mythos AI model, demand for firewalls ahead of expected price increases and broader worries about AI-driven cyber threats.
Analyst Jonathan Ho wrote, "We are seeing a dramatic shift in prioritization as customers rush to purchase firewalls ahead of expected price increases and as supply chain challenges loom in the background."
The firm also said cybersecurity has become a higher priority following the release of Anthropic's Mythos model and Nvidia's next-generation Blackwell AI architecture.
According to William Blair, spending has been particularly strong for companies offering firewall products and vulnerability management services.
"We believe the strong near-term performance in security stocks following last quarter’s declines suggests that cybersecurity is now perceived as a beneficiary of AI," Ho wrote.
The report noted that vulnerability management has become a leading concern for customers, while spending on AI security and zero-trust projects has temporarily taken a back seat as organizations focus on addressing immediate risks associated with new AI models.
Palo Alto remains William Blair's top cybersecurity pickWilliam Blair maintained an Outperform rating on Palo Alto Networks, citing its competitive position and favorable demand trends.
"We believe Palo Alto continues to take share in the market and benefits from customers deciding to pull the trigger early as the perception is that price increases are coming and backlog/lead times are building," Ho wrote.
The firm said stronger firewall demand should support growth in both annual recurring revenue and product revenue, although rising hardware firewall component costs could weigh on margins.
William Blair also believes AI presents a long-term growth opportunity for established cybersecurity companies.
"AI offers a significant opportunity longer term, as platform vendors appear best positioned from a trust perspective to bring security for AI to customers," Ho wrote.
He added that it was "unlikely" that frontier AI model developers would replace traditional cybersecurity providers.
Palo Alto has also received a series of higher price targets from other Wall Street firms in recent weeks.
Tigress Financial Partners raised its target price to $430, citing the strength of the company's AI-driven platform following its third-quarter results.
Evercore ISI increased its target to $415 after positive channel checks and expectations for future free cash flow generation.
Needham also lifted its price target to $425, pointing to optimism surrounding the company's fiscal 2027 growth outlook following discussions with management.
New RUM and Synthetics capabilities unify infrastructure, application and user experience insights, catching problems before a user does
, /PRNewswire/ -- Palo Alto Networks® (NASDAQ: PANW), the global cybersecurity leader, today announced its intent to acquire Embrace, a leading provider of user-focused observability, to add high-fidelity Real User Monitoring (RUM) capabilities to the Palo Alto Networks Observability platform. Palo Alto Networks is also introducing Synthetics, a new capability built with its world-class Autonomous Digital Experience Management (ADEM) team, for proactively validating application performance from anywhere. These new capabilities will extend Palo Alto Networks Observability to Digital Experience Monitoring. Customers will gain a complete, unified view, from end-user interactions and proactive app validation to backend software and infrastructure, all on the industry's leading, innovative, cost-effective platform.
Modern applications are increasingly complex and autonomous, and organizations need full performance visibility to ensure reliability. Legacy tools are fragmented, cost-prohibitive, and frequently miss when a user's experience is broken. Embrace's proven RUM capabilities are built for modern environments, allowing customers to deliver applications that scale at the pace of AI. Synthetics will leverage Palo Alto Networks' globally distributed infrastructure to proactively validate application availability and performance from strategic locations across the globe. With these new capabilities, organizations will be able to:
Eliminate blindspots: Monitor user experiences and infrastructure health through a single interface to help ensure user-facing applications and workflows are seamlessly executing without introducing hidden digital issues.
Prevent revenue impacting downtime: Combine Embrace's advanced monitoring with Palo Alto Networks' deep data analytics, to quickly pinpoint and resolve complex performance issues, protecting revenue and brand reputation.
Catch problems before any user does: Palo Alto Networks' Observability platform and ADEM deliver a complete view of digital experience by catching issues before they impact both customers and employees. Following the acquisition of Chronosphere in January 2026, Palo Alto Networks continues to drive innovation across its Observability platform, surpassing $300M ARR in Q3 FY26. The company also earned recognition from Gartner® Magic Quadrant™ for Observability Platforms, where it was named a leader for the third consecutive year, earning the top ranking for Observability Cost Control in the 2026 Gartner® Critical Capabilities™ report.
Lee Klarich, Chief Product & Technology Officer of Palo Alto Networks
"To truly understand how their applications are performing, organizations need to see the whole picture - from the moment a user taps or clicks to what exactly happens on the backend. By combining Palo Alto Networks' leading Observability platform with Embrace's innovative Real User Monitoring and the organically developed Synthetic Monitoring capabilities, we'll deliver exactly that. And we're taking it a step further - by linking these capabilities with Cortex AgentiX, organizations will be able to both see and automatically fix issues across their ecosystem. This is what true platformization looks like in practice."
The acquisition is subject to customary closing conditions, and is expected to close in Palo Alto Networks first quarter of fiscal 2027.
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About Palo Alto Networks
Palo Alto Networks (NASDAQ: PANW), the global AI cybersecurity leader, protects our digital way of life with a comprehensive portfolio of cybersecurity solutions and platforms across Network, Cloud, Security Operations, AI and Identity. Trusted by 70,000+ customers and powered by Unit 42 threat intelligence, our AI-driven platforms eliminate complexity, empowering enterprises to modernize with confidence and securing the speed of innovation. Explore the future of security at www.paloaltonetworks.com.
Palo Alto Networks, Cortex, Cortex AgentiX, and Chronosphere and the Palo Alto Networks logo are trademarks of Palo Alto Networks, Inc. in the United States and in jurisdictions throughout the world. All other trademarks, trade names, or service marks used or mentioned herein belong to their respective owners. Any unreleased services or features (and any services or features not generally available to customers) referenced in this or other press releases or public statements are not currently available (or are not yet generally available to customers) and may not be delivered when expected or at all. Customers who purchase Palo Alto Networks applications should make their purchase decisions based on services and features currently generally available.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions, including, but not limited to, statements regarding the anticipated benefits and impact of the proposed acquisition of Embrace on Palo Alto Networks, Embrace and their customers. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including, but not limited to: the effect of the announcement of the proposed acquisition on the parties' commercial relationships and workforce; the ability to satisfy the conditions to the closing of the acquisition; the ability to consummate the proposed acquisition on a timely basis or at all; significant and/or unanticipated difficulties, liabilities or expenditures relating to proposed transaction, risks related to disruption of management time from ongoing business operations due to the proposed acquisition and the ongoing integration of other recent acquisitions; our ability to effectively operate Embrace's operations and business following the closing, integrate Embrace's business and products into our products following the closing, and realize the anticipated synergies in the transaction in a timely manner or at all; changes in the fair value of our contingent consideration liability associated with acquisitions or the fair value of our convertible senior notes and capped call transactions; developments and changes in general market, political, economic and business conditions; failure of our platformization product offerings; risks associated with managing our growth; risks associated with new product, subscription and support offerings; shifts in priorities or delays in the development or release of new product or subscription or other offerings or the failure to timely develop and achieve market acceptance of new products and subscriptions, as well as existing products, subscriptions and support offerings; failure of our product offerings or business strategies in general; defects, errors, or vulnerabilities in our products, subscriptions or support offerings; our customers' purchasing decisions and the length of sales cycles; our ability to attract and retain new customers; developments and changes in general market, political, economic, and business conditions; our competition; our ability to acquire and integrate other companies, products, or technologies in a successful manner; our debt repayment obligations; and our share repurchase program, which may not be fully consummated or enhance shareholder value, and any share repurchases which could affect the price of our common stock.
Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q filed with the SEC on June 2, 2026, which is available on our website at investors.paloaltonetworks.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of AGNC, NLY either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Net income was $2.85 billion versus $2.97 billion prior year, and core operating income was $2.84 billion, up 14.6%. P&C net premiums written were $12.77 billion, up 3.0%, or 6.3% excluding large account and E&S property. North America Commercial was down 2.3%. Middle market and small commercial was up 8.9%. Major accounts and specialty was down 9.0% due to underwriting actions on property, and up 0.4% excluding large account and E&S property. North America Personal was up 6.0%. North America Agriculture was up 6.0%. Overseas General was up 10.2%, or 4.8% in constant dollars. Consumer insurance was up 12.1% and commercial insurance was up 8.8%; Latin America, Asia and Europe were up 15.6%, 12.0% and 5.1%, respectively. P&C underwriting income was $1.94 billion, up 18.8%, with a combined ratio of 83.8%. P&C current accident year underwriting income excluding catastrophe losses was $2.13 billion, up 5.8%, with a combined ratio of 82.2%. Total pre-tax net catastrophe losses were $475 million compared with $630 million in the prior year. Total pre-tax favorable prior period development was $283 million compared with $249 million in the prior year. Life Insurance net premiums written were $1.94 billion, up 7.5%, and segment income was $332 million, up 9.0%, with International Life income up 13.0%. Life Insurance net premiums written and deposits collected were $2.65 billion, up 14.4%. Pre-tax net investment income was $1.76 billion, up 12.3%, and adjusted net investment income was $1.88 billion, up 11.4%. Both were records. Annualized return on equity (ROE) was 15.3%. Annualized core operating return on tangible equity (ROTE) was 21.2% and annualized core operating ROE was 14.5%. , /PRNewswire/ -- Chubb Limited (NYSE: CB) today reported net income for the quarter ended June 30, 2026 of $2.85 billion, or $7.30 per share, and core operating income of $2.84 billion, or $7.26 per share. Book value per share and tangible book value per share increased 12.3% and 17.1%, respectively, from June 30, 2025 and now stand at $195.45 and $131.93. For the last three months, book value was favorably impacted by after-tax net realized and unrealized gains of $388 million in Chubb's investment portfolio, partially offset by $254 million of foreign currency losses. Book value per share and tangible book value per share excluding AOCI increased 11.4% and 15.8%, from June 30, 2025.
Chubb Limited
Second Quarter Summary
(in millions of U.S. dollars, except per share amounts and ratios)
(Unaudited)
(Per Share)
2026
2025
Change
2026
2025
Change
Net income
$2,854
$2,968
(3.8) %
$7.30
$7.35
(0.7) %
Adjusted net realized (gains) losses and other,
net of tax
(47)
(539)
(91.3) %
(0.13)
(1.33)
(90.2) %
Integration expenses and severance, net of tax
6
2
NM
0.02
-
NM
Market risk benefits (gains) losses, net of tax
(4)
15
NM
(0.01)
0.04
NM
Amortization of deferred tax asset from Bermuda law
33
34
(2.9) %
0.08
0.08
-
Core operating income, net of tax
$2,842
$2,480
14.6 %
$7.26
$6.14
18.2 %
Annualized return on equity (ROE)
15.3 %
17.6 %
Core operating return on tangible equity (ROTE)
21.2 %
21.0 %
Core operating ROE
14.5 %
13.9 %
For the six months ended June 30, 2026, net income was $5.17 billion, or $13.17 per share, and core operating income was $5.53 billion, or $14.07 per share. Book value per share and tangible book value per share increased by 3.6% and 4.5%, from December 31, 2025. For the last six months, book value was unfavorably impacted by after-tax net realized and unrealized losses of $1.55 billion in Chubb's investment portfolio, partially offset by $92 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 4.7% and 6.4%, from December 31, 2025.
Chubb Limited
Six Months Ended Summary
(in millions of U.S. dollars, except per share amounts and ratios)
(Unaudited)
(Per Share)
2026
2025
Change
2026
2025
Change
Net income
$5,174
$4,299
20.4 %
$13.17
$10.63
23.9 %
Adjusted net realized (gains) losses and other,
net of tax
296
(480)
NM
0.75
(1.18)
NM
Integration expenses and severance, net of tax
13
2
NM
0.03
-
NM
Market risk benefits (gains) losses, net of tax
(16)
93
NM
(0.04)
0.23
NM
Amortization of deferred tax asset from Bermuda law
64
55
16.4 %
0.16
0.14
14.3 %
Core operating income, net of tax
$5,531
$3,969
39.4 %
$14.07
$9.82
43.3 %
Annualized return on equity (ROE)
13.9 %
12.9 %
Core operating return on tangible equity (ROTE)
20.9 %
16.9 %
Core operating ROE
14.3 %
11.2 %
For the six months ended June 30, 2026 and 2025, the tax expenses (benefits) related to the table above were $3 million and $55 million, respectively for adjusted net realized gains and losses and other; $(4) million and nil for integration expenses and severance; $3 million and $(16) million for market risk benefits gains and losses, and $1.32 billion and $937 million for core operating income.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We had a very strong quarter with results that again reflect the strengths of our company, including our sources of income, our diversification globally and the growth opportunities it presents, the size and strength of our balance sheet and the growth of our invested asset, and, finally, our disciplined approach to underwriting, which is a hallmark of our culture.
"Strong P&C underwriting, investment and life income led to core operating earnings of $2.8 billion, or $7.26 per share, up 14.6% and 18.2%, respectively, over the prior year. Our most important measure of value creation, tangible book value per share, increased 17.1% from last year.
"P&C underwriting income was more than $1.9 billion, up almost 19%, with a combined ratio of 83.8% – a standout result – and on a current accident year basis excluding CATs, the combined ratio was 82.2%. On the investment side of our business, adjusted net investment income was a record $1.88 billion, up more than 11%, supported by excellent performance in our fixed income and alternative asset portfolios. Our invested asset now stands at $175 billion, up 9% over the last 12 months. Life income grew 9% to $332 million, with good revenue growth in our Asia Life and North America Worksite businesses.
"In terms of P&C markets, overly soft underwriting conditions persist in certain areas of property insurance globally, particularly large account and E&S related. Our revenue results reflect our underwriting discipline, and we will not underwrite knowingly at a loss. The growth penalty we are paying in property will dissipate going forward. In the meantime, soft market conditions are spreading to certain areas of casualty while financial lines also remain soft. Against that backdrop, we're well diversified and the substantial majority of our businesses are growing, and that is evident in our results.
"P&C premiums rose 3% from last year, or 6.3% excluding large account and E&S property. Overseas General grew 10.2%, with Latin America up 15.6%, Asia up 12% and Europe up 5.1%. North America was up about 0.5%, with commercial down 2.3%, while personal lines and agriculture each grew 6%. Commercial was up 4.1% excluding major and specialty property. In our international life insurance business, premiums and deposits rose 14.4%.
"We are an all-weather company. As long-term compounders of wealth in a cyclical business, we are patient and have many sources of opportunity on both the liability and asset sides of the balance sheet. CATs and FX aside, we are confident in our ability to continue to outperform and generate strong growth in operating earnings and EPS, and double-digit growth in tangible book value."
Operating highlights for the quarter ended June 30, 2026 were as follows:
Chubb Limited
Q2
Q2
(in millions of U.S. dollars except for percentages)
2026
2025
Change
Consolidated
Net premiums written (increase of 2.0% in constant dollars)
$
14,705
$
14,196
3.6 %
P&C
Net premiums written (increase of 1.4% in constant dollars)
(increase of 6.3% excluding large account and E&S property)
$
12,768
$
12,394
3.0 %
Underwriting income
$
1,937
$
1,631
18.8 %
Combined ratio
83.8 %
85.6 %
Current accident year underwriting income excluding catastrophe losses
$
2,129
$
2,012
5.8 %
Current accident year combined ratio excluding catastrophe losses
82.2 %
82.3 %
Global P&C (excludes Agriculture)
Net premiums written (increase of 1.1% in constant dollars)
$
11,992
$
11,661
2.8 %
Underwriting income
$
1,871
$
1,566
19.5 %
Combined ratio
83.5 %
85.4 %
Current accident year underwriting income excluding catastrophe losses
$
2,049
$
1,946
5.4 %
Current accident year combined ratio excluding catastrophe losses
81.9 %
81.9 %
Life Insurance
Net premiums written (increase of 6.3% in constant dollars)
$
1,937
$
1,802
7.5 %
Segment income (increase of 9.1% in constant dollars)
$
332
$
305
9.0 %
Consolidated net premiums earned increased 5.8%, or 4.0% in constant dollars. P&C net premiums earned increased 5.5%, or 3.6% in constant dollars. Operating cash flow was $3.73 billion and adjusted operating cash flow was $3.48 billion. Total capital returned to shareholders in the quarter was $1.37 billion, comprising share repurchases of $979 million at an average purchase price of $327.18 per share and dividends of $395 million. Total capital returned to shareholders for the six months was $2.90 billion, comprising share repurchases of $2.12 billion at an average purchase price of $326.03 per share and dividends of $775 million. Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended June 30, 2026 are presented below:
Chubb Limited
Q2
Q2
(in millions of U.S. dollars except for percentages)
2026
2025
Change
Total North America P&C Insurance
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)
Net premiums written
$
8,424
$
8,394
0.4 %
Combined ratio
81.5 %
81.7 %
Current accident year combined ratio excluding catastrophe losses
79.4 %
79.7 %
North America Commercial P&C Insurance
Net premiums written (increase of 4.1% excluding large account and E&S
property)
$
5,594
$
5,723
(2.3) %
Major accounts retail and excess and surplus (E&S) wholesale (increase
of 0.4% excluding large account and E&S property)
$
3,257
$
3,578
(9.0) %
Middle market and small commercial
$
2,337
$
2,145
8.9 %
Combined ratio
85.4 %
83.5 %
Current accident year combined ratio excluding catastrophe losses
81.8 %
81.1 %
North America Personal P&C Insurance
Net premiums written
$
2,054
$
1,938
6.0 %
Combined ratio
67.3 %
73.5 %
Current accident year combined ratio excluding catastrophe losses
69.9 %
72.2 %
North America Agricultural Insurance
Net premiums written
$
776
$
733
6.0 %
Combined ratio
89.7 %
89.1 %
Current accident year combined ratio excluding catastrophe losses
87.6 %
88.8 %
Overseas General Insurance
Net premiums written (increase of 4.8% in constant dollars)
$
3,990
$
3,620
10.2 %
Commercial P&C
$
2,259
$
2,077
8.8 %
Consumer P&C
$
1,731
$
1,543
12.1 %
Combined ratio
82.2 %
90.3 %
Current accident year combined ratio excluding catastrophe losses
85.2 %
85.4 %
Global Reinsurance
Net premiums written
$
354
$
380
(6.7) %
Combined ratio
76.1 %
71.0 %
Current accident year combined ratio excluding catastrophe losses
76.9 %
73.5 %
Life Insurance
Net premiums written (increase of 6.3% in constant dollars)
$
1,937
$
1,802
7.5 %
Net premiums written and deposits (increase of 12.9% in constant dollars)
$
2,652
$
2,320
14.4 %
Segment income (increase of 9.1% in constant dollars)
$
332
$
305
9.0 %
North America Commercial P&C Insurance: The combined ratio increased 1.9 percentage points, including a 1.3 percentage point increase from higher catastrophe losses and a 0.5 percentage point increase in the current accident year loss ratio excluding catastrophe losses. North America Personal P&C Insurance: The combined ratio decreased 6.2 percentage points, including a 2.4 percentage point decrease from higher favorable prior period development, a 1.5 percentage point decrease from lower catastrophe losses, and a 1.5 percentage point decrease in the current accident year loss ratio excluding catastrophe losses. North America Agricultural Insurance: The combined ratio increased 0.6 percentage points, including a 1.8 percentage point increase from higher catastrophe losses, partially offset by a 0.7 percentage point decrease in the underlying expense ratio, and a 0.5 percentage point decrease in the current accident year loss ratio excluding catastrophe losses. Overseas General Insurance: The combined ratio decreased 8.1 percentage points, including a 6.5 percentage point decrease from lower catastrophe losses, a 1.4 percentage point decrease from higher favorable prior period development, and a 0.6 percentage point decrease in the current accident year loss ratio excluding catastrophe losses, partially offset by a 0.4 percentage point increase in the underlying expense ratio, due to shift in the mix of business. Life Insurance: Net premiums written were $1.94 billion, up 7.5%, with International Life of $1.59 billion, up 6.2%, and Chubb Benefits up 14.0%. Life Segment income was $332 million, up 9.0%, primarily reflecting growth in International Life of 13.0%. All comparisons are with the same period last year unless otherwise specifically stated.
Please refer to the Chubb Limited Financial Supplement, dated June 30, 2026, which is posted on Chubb's investor relations website, investors.chubb.com, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.
Chubb Limited will hold its second quarter earnings conference call on Wednesday, July 22, 2026, at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 877-400-4403 (within the United States) or 332-251-2601 (international), passcode 1641662. Please refer to the Chubb website under Events and Presentations for details. A replay will be available after the call at the same location. To listen to the replay, click here to register and receive dial-in numbers.
In this release, business activity for, and the financial position of, Chubb acquisitions are reported at 100%, as required, except for core operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only Chubb's ownership interest and exclude the non-controlling interest.
About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 45,000 people worldwide. Additional information can be found at: www.chubb.com.
Regulation G – Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from certain acquisitions of $1 million and $4 million in Q2 2026 and Q2 2025, and including investment income of $119 million and $115 million in Q2 2026 and Q2 2025, from partially owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method. The amortization of the fair value adjustment on acquired invested assets was $3 million and $6 million for the six months ended June 30, 2026 and 2025, and the investment income from private equity partnerships was $246 million and $222 million for the six months ended June 30, 2026 and 2025. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.
Adjusted net realized gains (losses) and other, net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders' share of gains and losses. The crop derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses. The realized gains and losses on underlying investments supporting the liabilities of certain participating policies have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this better reflects the economics of the liabilities and the underlying investments supporting those liabilities. Other includes the amortization of fair value adjustment of acquired invested assets and long-term debt related to certain acquisitions. See Core operating income for further description of these items.
P&C underwriting income (loss) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, integration expenses and severance, amortization of fair value of acquired invested assets and debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).
P&C current accident year underwriting income excluding catastrophe losses is P&C underwriting income adjusted to exclude P&C catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. References in this release to "current accident year" or "underlying" metrics exclude catastrophe losses and prior period development, unless stated otherwise.
Core operating income relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb net income the after-tax impact of adjusted net realized gains (losses) and other, which include items described in this paragraph, and market risk benefits gains (losses). We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) and market risk benefits gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we exclude the amortization of fair value adjustments on purchased invested assets and long-term debt related to certain acquisitions due to the size and complexity of these acquisitions. We also exclude integration expenses, including legal and professional fees and all other costs directly related to acquisition integration activities, as well as severance expenses associated with transformation initiatives to enhance operational efficiency. The costs are not related to the ongoing activities of the individual segments and are therefore included in Corporate and excluded from our definition of segment income. We believe these integration expenses and severance are not indicative of our underlying profitability, and excluding these integration expenses and severance facilitates the comparison of our financial results to our historical operating results. Additionally, we exclude the amortization of the deferred tax asset related to the tax benefit from the Bermuda Economic Transition Adjustment, which we believe provides investors with a better view of our operating performance, enhances the understanding of the trends in the underlying business, improves comparability between periods and provides increased transparency. References to core operating income measures mean net of tax, whether or not noted.
Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders' equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount rate on future policy benefits (FPB), and instrument-specific credit risk on market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders' equity by highlighting the underlying profitability relative to shareholders' equity and tangible equity excluding the effect of these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.
P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.
P&C current accident year combined ratio excluding catastrophe losses excludes the impact of P&C catastrophe losses and PPD from the P&C combined ratio. We believe this measure provides a useful evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items.
Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of Chubb's Life Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of Chubb's P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess Chubb's global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
Tangible book value per common share is Chubb shareholders' equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful.
Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.
Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to the net investing activities of Huatai's asset management companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required to retain the investment company presentation in our consolidated results, which means we include the net investing activities of these entities in our operating cash flows. Chubb has elected to remove the impact of net investing activities of consolidated investment companies from our operating cash flow as they may distort a reader's analysis of our underlying operating cash flow related to the core insurance company operations. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our consolidated investing activities. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.
Life Insurance and International life insurance net premiums written and deposits collected includes deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with U.S. GAAP. However, we include life deposits in presenting growth in our life insurance business because life deposits are an important component of production and key to our efforts to grow our business.
See the reconciliation of Non-GAAP Financial Measures on pages 27-33 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, book value, return on equity, and net investment income.
Forward-looking statements made in this press release, such as those related to company performance, pricing, growth opportunities, economic and market conditions, and our expectations and intentions and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve them, as well as management's response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Chubb Limited
Summary Consolidated Balance Sheets
(in millions of U.S. dollars, except per share data)
(Unaudited)
June 30
2026
December 31
2025
Assets
Investments
$
172,649
$
168,720
Cash and restricted cash
2,753
2,470
Total invested assets
175,402
171,190
Insurance and reinsurance balances receivable
19,068
15,944
Reinsurance recoverable on losses and loss expenses
20,284
20,338
Goodwill and other intangible assets ($25,859 and $25,775 represents
Chubb portion as of 6/30/2026 and 12/31/2025, respectively)
26,488
26,448
Other assets
40,080
38,407
Total assets
$
281,322
$
272,327
Liabilities
Unpaid losses and loss expenses
$
89,669
$
88,018
Unearned premiums
28,511
26,279
Other liabilities
82,297
78,251
Total liabilities
200,477
192,548
Shareholders' equity
Chubb shareholders' equity, excl. AOCI
81,295
78,732
Accumulated other comprehensive income (loss) (AOCI)
(5,923)
(4,975)
Chubb shareholders' equity
75,372
73,757
Noncontrolling interests
5,473
6,022
Total shareholders' equity
80,845
79,779
Total liabilities and shareholders' equity
$
281,322
$
272,327
Book value per common share
$
195.45
$
188.59
Tangible book value per common share
$
131.93
$
126.22
Book value per common share, excl. AOCI
$
210.81
$
201.31
Tangible book value per common share, excl. AOCI
$
145.67
$
136.91
Chubb Limited
Summary Consolidated Financial Data
(in millions of U.S. dollars, except share, per share data, and ratios)
The Trade Desk (Trade Desk Inc (NASDAQ:TTD))'s upcoming print does not look compelling in either direction, according to analysts at Jefferies, who warned that structural challenges are likely to persist regardless of the outcome of the company's dispute with Publicis.
The brokerage said it is modeling second-quarter revenue growth of 8% year-over-year, in line with Street estimates, though it would not rule out a typical beat of around 2%.
Jefferies noted the second-quarter guide likely already reflects a full quarter of impact from the Publicis dispute, which began in mid-March, and that 8% year-over-year growth implies just 9% quarter-over-quarter growth, well below the 13%, 19% and 21% quarter-over-quarter growth Trade Desk posted in the second quarters of 2025, 2024 and 2023, respectively.
For the third quarter, Jefferies is modeling 9% year-over-year growth, also in line with the Street, and called the guide a possible swing factor given the Publicis resolution and new go-to-market leadership. The firm said Street estimates for the third quarter imply 7% quarter-over-quarter growth, consistent with typical seasonality, and that the Publicis resolution along with modest political ad spend could drive upside.
At the same time, Jefferies said it has limited visibility into the concessions made to secure the Publicis resolution and is watching whether recent leadership hires, including a new chief business development officer, chief commercial officer and vice president of client strategy, create near-term disruption to the go-to-market organization.
Looking further out, Jefferies said Street estimates for 2027 revenue growth of 9.4%, roughly stable versus 9.8% in 2026, look aggressive given ongoing structural headwinds, including potential take-rate pressure, risk of incremental share loss and a tougher comparison against this year's political spending tailwind. The firm said stable growth is harder to sustain on a larger revenue base, with two-year growth trends yet to find a floor.
Jefferies pointed to competitive pressure from Amazon as a continuing risk, citing potential take-rate compression and share loss at a time when overall brand budget growth is slowing and spending continues to shift toward performance channels.
The firm also cited reports of declining open web publisher traffic as a potential structural headwind to Trade Desk's non-CTV business, and said it views competitive and operational pressures as stickier than management's more cyclical characterization.
Jefferies lowered its 2027 revenue estimate by 2% and its 2027 EBITDA estimate by 3% to approximately $1.4 billion, in line with the Street.
The Trade Desk (Trade Desk Inc (NASDAQ:TTD))'s upcoming print does not look compelling in either direction, according to analysts at Jefferies, who warned that structural challenges are likely to persist regardless of the outcome of the company's dispute with Publicis.
The brokerage said it is modeling second-quarter revenue growth of 8% year-over-year, in line with Street estimates, though it would not rule out a typical beat of around 2%.
Jefferies noted the second-quarter guide likely already reflects a full quarter of impact from the Publicis dispute, which began in mid-March, and that 8% year-over-year growth implies just 9% quarter-over-quarter growth, well below the 13%, 19% and 21% quarter-over-quarter growth Trade Desk posted in the second quarters of 2025, 2024 and 2023, respectively.
For the third quarter, Jefferies is modeling 9% year-over-year growth, also in line with the Street, and called the guide a possible swing factor given the Publicis resolution and new go-to-market leadership. The firm said Street estimates for the third quarter imply 7% quarter-over-quarter growth, consistent with typical seasonality, and that the Publicis resolution along with modest political ad spend could drive upside.
At the same time, Jefferies said it has limited visibility into the concessions made to secure the Publicis resolution and is watching whether recent leadership hires, including a new chief business development officer, chief commercial officer and vice president of client strategy, create near-term disruption to the go-to-market organization.
Looking further out, Jefferies said Street estimates for 2027 revenue growth of 9.4%, roughly stable versus 9.8% in 2026, look aggressive given ongoing structural headwinds, including potential take-rate pressure, risk of incremental share loss and a tougher comparison against this year's political spending tailwind. The firm said stable growth is harder to sustain on a larger revenue base, with two-year growth trends yet to find a floor.
Jefferies pointed to competitive pressure from Amazon as a continuing risk, citing potential take-rate compression and share loss at a time when overall brand budget growth is slowing and spending continues to shift toward performance channels.
The firm also cited reports of declining open web publisher traffic as a potential structural headwind to Trade Desk's non-CTV business, and said it views competitive and operational pressures as stickier than management's more cyclical characterization.
Jefferies lowered its 2027 revenue estimate by 2% and its 2027 EBITDA estimate by 3% to approximately $1.4 billion, in line with the Street.
, /PRNewswire/ -- On July 21, 2026, the Board of Directors of West Pharmaceutical Services, Inc. (NYSE: WST), a global leader in innovative solutions for injectable drug administration, declared its regular quarterly dividend of $0.22 per share on the Company's common stock. The dividend is payable on August 5, 2026 to shareholders of record on July 29, 2026.
About West
West Pharmaceutical Services, Inc. is a leading provider of innovative, high-quality injectable solutions and services. As a trusted partner to established and emerging drug developers, West helps ensure the safe, effective containment and delivery of life saving and life enhancing medicines for patients. With over 10,000 team members across 50 sites including 26 manufacturing facilities worldwide, West helps support our customers by delivering over 41 billion components and devices each year.
Headquartered in Exton, Pennsylvania, West in its fiscal year 2025 generated $3.07 billion in net sales. West is traded on the New York Stock Exchange (NYSE: WST) and is included on the Standard & Poor's 500 index. For more information, visit www.westpharma.com.
All trademarks and registered trademarks used in this release are the property of West Pharmaceutical Services, Inc. or its subsidiaries, in the United States and other jurisdictions, unless otherwise noted.
Key Takeaways Micron expects higher Q4 FY2026 revenues as AI memory demand and pricing power remain strong. Western Digital forecasts stronger Q4 FY2026 revenues and margin expansion on AI storage demand. Micron and Western Digital carry strong earnings growth outlooks backed by upbeat analyst targets. NVIDIA Corporation’s (NVDA - Free Report) gains this year have been muted, up just 8.7%. NVIDIA’s latest quarterly results were strong, but that wasn’t enough to drive another large rally. Investors’ expectations are sky-high, and as a large company, NVIDIA finds it difficult to achieve extraordinary growth time and again.
No doubt, NVIDIA’s cutting-edge chips and graphics processing units are in demand, but any curb in future AI spending by hyperscale cloud providers can put pressure on its margins. At the same time, competition from peers such as Advanced Micro Devices, Inc. (AMD - Free Report) continues to intensify.
U.S. restrictions on advanced artificial intelligence (AI) chip exports to China have already limited the company’s access to a potential market, creating pressure on revenue growth and margins. The current geopolitical tensions pose challenges for NVIDIA, as its dependency on Taiwan Semiconductor Manufacturing Company Limited (TSM - Free Report) for advanced chip production leaves it exposed to potential supply-chain disruptions.
Amid these challenges, investors are looking beyond AI leaders like NVIDIA toward other semiconductor stocks offering greater upside. Notable among them are Micron Technology, Inc. (MU - Free Report) and Western Digital Corporation (WDC - Free Report) , which have gained from a rebound in memory pricing and demand. Shares of Micron and Western Digital have soared 205.5% and 182.9%, respectively, so far this year.
Let’s thus see in detail the reasons behind their strong performance this year and the key catalysts that could support further upside –
AI-Driven Memory Demand Boosts Micron’s Growth Outlook Micron’s state-of-the-art high-bandwidth memory chips witnessed robust demand as hyperscalers ramped up spending on AI infrastructure. As a result, the company reported revenues of $41.46 billion in the fiscal third quarter of 2026, a 74% sequential increase, according to investors.micron.com. The company expects further revenue growth in the fiscal fourth quarter of 2026 to $50 billion, fueled by robust AI memory demand.
The growing demand for its high-value AI memory products and strong pricing power have helped Micron’s gross margin increase to 84.6% for the fiscal third quarter from 37.7% a year earlier. Additionally, a strong cash flow in the fiscal third quarter and strategic deals with Anthropic have enhanced Micron’s long-term demand visibility and reinforced its growth outlook.
Consequently, Micron’s expected earnings growth rate for the current year is a whopping 790.8%. The Zacks Consensus Estimate of $73.85 for MU’s earnings per share (EPS) is up 501.9% year over year.
Image Source: Zacks Investment Research
Brokers also remain bullish on Micron’s growth, estimating an average short-term price target for MU stock at $1,495.06, a 76.1% increase from the last closing price of $848.95. The highest target is $2,000, suggesting a potential upside of 135.6%.
Image Source: Zacks Investment Research
AI Storage Demand Fuels Western Digital’s Growth Outlook For the fiscal third quarter of 2026, Western Digital’s revenues totaled $3.34 billion, up 45% from the year-ago period, according to the company’s press release. A favorable pricing environment and high demand for its high-value enterprise hard disk drives boosted revenue growth.
Furthermore, Western Digital expects revenues of about $3.65 billion, plus or minus $100 million, for the fiscal fourth quarter of 2026. The positive outlook reflects robust AI infrastructure demand, with cloud providers and businesses expanding storage capabilities to meet growing AI workloads.
Western Digital expects non-GAAP gross margin to reach 51-52% in the fiscal fourth quarter from 50.5% reported in the fiscal third quarter. The higher gross margins provide the company additional resources to fund R&D and support long-term growth initiatives.
As a result, Western Digital’s expected earnings growth rate for the current year is a solid 104.3%. The Zacks Consensus Estimate of $10.07 for WDC’s EPS is up 54.9% year over year.
Image Source: Zacks Investment Research
Brokers also remain optimistic about Western Digital’s growth, estimating an average short-term price target for WDC stock at $638.27, a 33.8% increase from the last closing price of $477.22. The highest target is $1,050, suggesting a potential upside of 120%.
Image Source: Zacks Investment Research
Both Micron and Western Digital currently have a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
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The merger between Paramount Skydance and Warner Bros. Discovery suffered a setback—a federal judge put a temporary pause on the $110 billion acquisition just one week after twelve states sued Paramount over the deal, arguing it was unlawful and would “create a media behemoth" that would damage both audiences and the industry in general. Seth Schachner, the managing director of Strat Americas, joined "Forbes Newsroom" to discuss this development and what it means for the deal.
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Paramount Skydance CEO David Ellison's plan to buy Warner Bros. Discovery, led by CEO David Zaslav, is on pause. Arturo Holmes/WireImage; Mario Tama/Getty Images; Drew Angerer/Getty Images Employees at Paramount Skydance are wrestling with whether the planned mega-merger with Warner Bros. Discovery would put them on the chopping block or help save their jobs.
"I'm definitely worried about impending layoffs post-merger," a Paramount research staffer said. "But I'm worried about the company as a whole if it doesn't go through."
Paramount's $110 billion deal with WBD is on pause after a judge issued a temporary order in response to a lawsuit from 12 states. In the coming weeks, David Ellison's company could get the green light to team up with WBD — or have to dig in for a longer fight.
Twelve Paramount employees Business Insider spoke with after the WBD deal got delayed were split about how the transaction would impact their jobs and the industry.
Some Paramount staffers fear their positions could be expendable if their teams merge with comparable groups at WBD, while others are concerned about the company's financial health if its deal is delayed or blocked.
Ellison's company would owe WBD a $7 billion breakup fee if the deal falls through, and has also agreed to pay WBD shareholders a so-called ticking fee of about $7 million per day starting after September 30 if the merger isn't done. The potential fallout from those penalties had several staffers pulling for the deal.
"I see Paramount in the same light as Spirit Airlines," one streaming staffer said. "Regulators didn't let JetBlue and Spirit Airlines merge. Now Spirit is bankrupt, and JetBlue is struggling."
Two WBD employees told Business Insider that they're uneasy about what the deal may mean for the media industry, but that the acquisition would benefit them financially.
They both said they stood to considerably benefit from stock grants.
"Best case for me personally is the deal goes through, I get laid off, and get my 15 months of severance," one veteran WBD staffer added. "Then, I just need to find something for a couple years before I retire."
Spokespeople for Paramount and WBD didn't respond to requests for comment.
'Tired of mergers and chaos'Paramount has said it needs to join forces with WBD to form "a stronger competitor against dominant streaming and technology platforms," like Netflix and YouTube. Ellison's company insists its mega-merger will allow it to produce more films and TV shows than it can on its own.
Many in Hollywood are skeptical, however. Top actors and directors have spoken out against the Paramount-WBD deal, saying it would result in "fewer opportunities for creators" and "fewer jobs across the production ecosystem." The Writers Guild of America has filed a lawsuit against Paramount, arguing that it violates antitrust law.
The Paramount employees who are opposed to the deal primarily expressed concerns about the potential impact a merger of rivals would have on the media industry.
"I'm indifferent to sticking around because I'm so burned out, but I would hate it if others lost a career they were passionate about," a Paramount streaming staffer said.
Another streaming manager who opposes the deal said they're "tired of mergers and chaos." Paramount merged with Skydance last August, six years after Viacom and CBS merged.
"My future in this deal is uncertain, I feel," said a third streaming staffer who's against the merger.
'The best shot at keeping my job long term'The Paramount staffers who support the deal had a simple rationale: they believe the merger would be best for the company and their careers.
"While I may have personal opinions about the negative effect this could have on the industry, I think the merger gives me the best shot at keeping my job long term," the Paramount research staffer said. "That's more important to me at the end of the day."
A high-level ad employee said this deal would make Paramount more powerful and give the company "more premium supply, which helps the sales story."
A senior streaming employee said that they support the deal, adding that they "don't see why it wouldn't" get approved by regulators.
WBD had planned to sell its studio and streaming business to Netflix before Paramount stepped in, which this high-level streaming staffer said "would have created a much larger consolidation of two streaming powerhouses" while leaving WBD's traditional TV unit "flailing and nobody interested in it."
The states suing Paramount argue that this deal would harm competition by giving the combined company undue influence over cable distributors, as well as leverage over theatrical distribution for both wide-release movies and big-budget blockbusters.
A super-charged Paramount-WBD "is ultimately better for the consumer," the high-level Paramount streaming leader said, contending that it "creates a larger, more competitive catalog of content to compete against Disney and Netflix." Consolidating TV assets will help Paramount cut costs, they added, though they understood worries about CNN's future, given how CBS News has changed under Ellison.
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, /PRNewswire/ -- Paramount Skydance Corporation (Nasdaq: PSKY) announced today that it will report second quarter 2026 financial results on Tuesday, August 4, 2026. The company will conduct a conference call following the release of its earnings materials, with a live audio webcast available on Paramount's Investors homepage at ir.paramount.com beginning at 2:00 p.m. (PT) / 5:00 p.m. (ET).
The conference call can also be accessed by dialing 800-715-9871 (U.S. domestic) or 646-307-1963 (international) using conference ID 61912. Please call five minutes in advance to ensure that you are connected prior to the call.
An audio replay of the call will be available on August 4 in the Events and Webcasts section of Paramount's Investors homepage.
The earnings release and any other information related to the call will be accessible on Paramount's Investors homepage as well.
To automatically receive Paramount's latest financial news by email, please visit the Investors homepage and subscribe to email alerts.
About Paramount, a Skydance Corporation
Paramount, a Skydance Corporation is a next-generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. PSKY's portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance Animation, Film, Television, Interactive/Games, and Paramount Sports Entertainment. For more information, please visit www.paramount.com.
, /PRNewswire/ -- Paramount Skydance Corporation (NASDAQ: PSKY) ("Paramount") today announced that its Board of Directors has declared a quarterly cash dividend of $0.05 per share, payable October 1, 2026, to each of its Class A and Class B shareholders of record as of September 15, 2026.
About Paramount, a Skydance Corporation
Paramount, a Skydance Corporation is a next-generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. PSKY's portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance Animation, Film, Television, Interactive/Games, and Paramount Sports Entertainment. For more information, please visit www.paramount.com.
NEW YORK--(BUSINESS WIRE)--Kate Spade New York, a Tapestry (NYSE:TPR) brand, today announced the appointment of Jonathan Saunders as Executive Creative Director, effective August 26, 2026. With a deep understanding of the brand's DNA, Saunders brings a modern view of youthful femininity and a creative vision that honors Kate Spade's heritage while ushering in the brand's next era. Saunders will lead the brand's direction across product design and visual identity, reporting to and partnering clo.
WALTHAM, Mass., July 21, 2026 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano Dimension,” “Nano”, or the “Company”) today announced the appointment of Moshe Rozenbaum as Interim Chief Executive Officer (“CEO”), effective immediately. The Company's Board of Directors (the “Board”) has also appointed Phillip Borenstein as Chairman of the Board.
ToplineNorthrop Grumman CEO Kathy Warden on Tuesday appeared to avoid a question about whether the defense contractor’s robotic spacecraft—scheduled for an evening launch by SpaceX—could be weaponized, suggesting she would “leave it up to the U.S. government.”
“I will leave it up to the U.S. government,” CEO Kathy Warden said during an earnings call.
Copyright 2026 The Associated Press. All rights reserved.
Key FactsNorthrop Grumman’s Mission Robotic Vehicle (MRV) is scheduled to launch on Tuesday barring a weather delay, Warden said during the firm’s earnings call, with a roughly four-hour launch window opening at 5:15 p.m. EDT.
Northrop Grumman has pitched its MRV as the first robotic spacecraft capable of repairing, relocating and upgrading satellites in orbit, and Warden indicated the MRV will become operational in 2027 after orbital positioning and testing.
When asked by Melius Research analyst Scott Mikus whether there was a market for an “offensive version” of the MRV that could disable other satellites, Warden replied: “I will leave it up to the U.S. government to decide how that capability might fulfill mission objectives.”
big number$105 billion. That’s the size of Northrop Grumman’s backlog, a record, the company reported Tuesday. The defense contractor raised its sales outlook for the year to up to $44.25 billion, above consensus Wall Street estimates of just below $44 billion, according to FactSet. Earnings through Northrop Grumman’s latest quarter came at $4.86 per share and revenue hit $44.8 billion, well above projections of $2.96 per share and $35.7 billion, respectively.
tangentTesla CEO Elon Musk said in April the automaker’s humanoid robot Optimus “will not just be Tesla’s biggest product ever, but probably the biggest product ever.” Tesla unveiled its robotics project in 2021, as Musk said the company’s goal is to “make a useful humanoid robot as quickly as possible.”
key backgroundNorthrop Grumman has positioned space as one of its major strategic business targets in recent years, landing a series of contracts with the U.S. military. The defense contractor has also expanded into servicing satellites through its SpaceLogistics subsidiary, which developed the MRV. Northrop Grumman’s space segment accounted for 15% of all of its revenue through the latest quarter in addition to a backlog exceeding $16 billion.
further readingForbesTesla Beats First-Quarter Expectations Amid Pivot To Robotics, AIBy Alicia Park
Northrop Grumman Corporation (NOC) Q2 2026 Earnings Call July 21, 2026 9:30 AM EDT
Company Participants
Adam Barr
Kathy Warden - Chair, CEO & President
John Greene - Corporate VP & CFO
Conference Call Participants
Seth Seifman - JPMorgan Chase & Co, Research Division
Sheila Kahyaoglu - Jefferies LLC, Research Division
Gavin Parsons - UBS Investment Bank, Research Division
Jeremy Jason - Citigroup Inc., Research Division
Scott Deuschle - Deutsche Bank AG, Research Division
David Strauss - Wells Fargo Securities, LLC, Research Division
Matthew Akers - BNP Paribas, Research Division
Justin Lang - Morgan Stanley, Research Division
Scott Mikus - Melius Research LLC
Andre Madrid - BTIG, LLC, Research Division
Peter Arment - Robert W. Baird & Co. Incorporated, Research Division
Gautam Khanna - TD Cowen, Research Division
Myles Walton - Wolfe Research, LLC
Presentation
Operator
Good day, and thank you, ladies and gentlemen, and welcome to Northrop Grumman's Second Quarter 2026 Conference Call. Today's call is being recorded. My name is Josh, and I will be your operator today. [Operator Instructions]
I would now like to turn the call over to your host, Mr. Adam Barr, Head of Investor Relations. Mr. Barr, please proceed.
Adam Barr
Good morning, and welcome to Northrop Grumman's Second Quarter 2026 Conference Call. Before we begin, please note that matters discussed on today's call, including guidance and outlooks for 2026 and beyond, reflect the company's judgment based on information available at the time of this call. They constitute forward-looking statements under the safe harbor provisions of federal securities laws. Forward-looking statements involve risks and uncertainties, including those noted in today's press release and our SEC filings, which may cause actual company results to differ materially.
Today's call will also include non-GAAP financial measures, which are reconciled to our GAAP results in the earnings release. Additionally, we refer to a presentation that has been posted to our Investor Relations
, /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced the appointment of Samir Siddhanti as Chief Business Officer and a member of the company's executive Management Committee.
As Chief Business Officer, Siddhanti will lead Neurocrine's enterprise growth strategy, overseeing business development, corporate strategy, alliance management and program management to maximize the value of the company's expanding pipeline through both internal innovation and strategic external opportunities.
Since joining Neurocrine in 2017, Siddhanti has assumed leadership roles of increasing responsibility across business development, alliance management and corporate strategy. Most recently serving as Vice President, Business Development, he has led numerous strategic transactions and partnerships that have expanded Neurocrine's pipeline and commercial portfolio, including the company's recent $2.9 billion acquisition of Soleno Therapeutics. He also serves as Program Team Leader for direclidine, providing strategic leadership for the program's development in schizophrenia and bipolar disorder, while helping shape the company's broader muscarinic portfolio strategy.
Siddhanti's unique combination of strategic, transactional and development leadership reflects Neurocrine's integrated approach to building a differentiated biotechnology company and positions him well to help drive the company's next phase of growth.
"Throughout his tenure, Samir has become one of the company's key leaders, helping shape Neurocrine's long-term growth strategy through disciplined portfolio prioritization, thoughtful capital allocation and the execution of transformative business development initiatives," said Kyle W. Gano, Ph.D., Chief Executive Officer, Neurocrine Biosciences. "As he steps into this expanded role, I look forward to his continued leadership as we advance our pipeline, pursue new opportunities and work to bring meaningful new therapies to patients with great needs."
"I've had the privilege of working alongside exceptional colleagues throughout my time at Neurocrine, and I'm honored by the opportunity to serve as Chief Business Officer," Siddhanti said. "I'm grateful for the trust Kyle and the leadership team have placed in me. What makes Neurocrine special is our people, our science and our shared commitment to improving patients' lives. I look forward to continuing to work across the organization to execute our strategy, strengthen our pipeline and help bring meaningful new medicines to patients."
Prior to joining Neurocrine, Siddhanti was a member of the biotechnology equity research team at Goldman Sachs. He holds Bachelor of Science and Master of Science degrees in Management Science and Engineering from Stanford University.
About Neurocrine Biosciences
Neurocrine Biosciences is a leading biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering, developing and commercializing life-changing treatments for patients with under-addressed neurological, psychiatric, endocrine and immunological disorders. The company's diverse portfolio includes FDA-approved treatments for tardive dyskinesia, chorea associated with Huntington's disease, classic congenital adrenal hyperplasia, hyperphagia in Prader-Willi syndrome, endometriosis* and uterine fibroids*, as well as a robust pipeline including multiple compounds in mid- to late-phase clinical development across our core therapeutic areas. For more than three decades, we have applied our unique insight into neuroscience and the interconnections between brain and body systems to treat complex conditions. We relentlessly pursue medicines to ease the burden of debilitating diseases and disorders, because you deserve brave science. For more information, visit neurocrine.com, and follow the company on LinkedIn, X, Facebook and YouTube. (*in collaboration with AbbVie)
NEUROCRINE, the NEUROCRINE BIOSCIENCES Logo, and YOU DESERVE BRAVE SCIENCE, are registered trademarks of Neurocrine Biosciences, Inc.
Forward-Looking Statements
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties. These statements include, but are not limited to, statements regarding the Company's ability to execute its growth strategy, maximize the value of its pipeline and commercial portfolio through internal innovation and strategic and external opportunities, and bring meaningful new therapies to patients. Factors that could cause actual results to differ materially from those stated or implied in the forward-looking statements include, but are not limited to, the following: challenges associated with organizational changes and the Company's ability to effectively execute its strategic priorities; risks and uncertainties associated with Neurocrine Biosciences' business and finances in general; risks and uncertainties associated with the commercialization of our products; risks related to our ability to realize the anticipated benefits of the acquisition of Soleno Therapeutics, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period and that we will not be able to integrate Soleno Therapeutics' business successfully or that such integration may be more difficult, time-consuming or costly than expected; risks related to the development of our product candidates; risks associated with our dependence on third parties for development, manufacturing, and commercialization activities for our products and product candidates, and our ability to manage these third parties; risks that the FDA or other regulatory authorities may make adverse decisions regarding our products or product candidates; risks that development activities may not be initiated or completed on time or at all, or may be delayed for regulatory, manufacturing, or other reasons, may not be successful or replicate previous clinical trial results, may fail to demonstrate that our product candidates are safe and effective, or may not be predictive of real-world results or of results in subsequent clinical trials; risks that the potential benefits of the agreements with our collaboration partners may never be realized; risks that our products, and/or our product candidates may be precluded from commercialization by the proprietary or regulatory rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; risks associated with government and third-party regulatory and/or policy efforts which may, among other things, impose sales and pharmaceutical pricing controls on our products or limit coverage and/or reimbursement for our products; risks associated with competition from other therapies or products, including potential generic entrants for our products; risks associated with our ability to manage the growth of our organization; and other risks described in our periodic reports filed with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Neurocrine Biosciences disclaims any obligation to update the statements contained in this press release after the date hereof other than as required by law.
GREENWICH, Conn.--(BUSINESS WIRE)---- $IBKR #Earnings--Interactive Brokers Group, Inc. (Nasdaq: IBKR), an automated global broker, announced results for the quarter ended June 30, 2026. Reported and adjusted diluted earnings per share were both $0.69 for the current quarter. For the year-ago quarter, reported and adjusted diluted earnings per share were both $0.51. Reported net revenues were $1.90 billion for the current quarter and $1.88 billion as adjusted. For the year-ago quarter, reported and adjusted net rev.
Key Takeaways WRB's Q2 revenues rose 3.6% as premium growth and investment income topped estimates. Lower catastrophe losses and a 90 combined ratio supported underwriting profitability.WRB returned $334.1 million to shareholders through buybacks and dividends. W.R. Berkley Corporation (WRB - Free Report) reported second-quarter 2026 operating income of $1.27 per share, which beat the Zacks Consensus Estimate by 16.5%. The bottom line increased 21% year over year.
The insurer benefited from higher premiums, strong investment income growth and lower catastrophe losses.
Behind the HeadlinesW.R. Berkley’s net premiums written were about $3.4 billion, up 2.4% year over year. The figure surpassed our estimate of $3.4 billion.
Operating revenues totalled $ 3.8 billion, up 3.6% year over year, driven by higher net premiums earned, improved net investment income, and higher revenues from non-insurance businesses. The top line surpassed the consensus estimate by 1.87%.
Net investment income grew 10.4% to $418.7 million, supported by higher invested assets and higher portfolio yields. The figure topped our estimate of $407 million. The consensus estimate was $395.6 million.
Total expenses declined 0.3% to $3.1 billion, reflecting lower other operating costs and interest expense, partly offset by higher loss and loss expenses. The figure was lower than our estimate of $3.20 billion.
The loss ratio improved 160 basis points (bps) to 61.5, while the expense ratio remained flat year over year at 28.5.
Catastrophe losses of $62.4 million were lower than the $99.2 million incurred in the year-ago quarter. The consolidated combined ratio (a measure of underwriting profitability) improved 160 basis points year over year to 90, lower than the Zacks Consensus Estimate of 92.
Q2 Segment DetailsNet premiums written at the Insurance segment increased 3.7% year over year to $3.12 billion in the quarter, primarily driven by higher premiums from other liability, short-tail lines, auto and professional liability. The figure was slightly higher than our estimate.
The combined ratio deteriorated 70 basis points year over year to 91.4. Our estimate was 94.1.
Net premiums written in the Reinsurance & Monoline Excess segment decreased 9.3% year over year to $306.3 million. The figure missed our estimate of $393.8 million.
The combined ratio improved 810 bps to 79.3, which was lower than the Zacks Consensus Estimate. Our estimate for the metric was 86.1.
WRB's Financial UpdateW.R. Berkley exited the second quarter of 2026 with total assets worth $45.7 billion compared with $43.9 billion at the 2025-end level.
Senior notes and other debt increased 0.01% from the 2025-end levels to $1.83 billion.
Book value per share increased 3% from 2025-end levels to $26.50.
Cash flow from operations was $800 million, up 13.7% year over year.
Operating return on equity in the second quarter increased 50 basis points year over year to 20.5%.
Capital DeploymentTotal capital returned to shareholders was $334.1 million, consisting of $111.5 million in share repurchases, $37.1 million in regular dividends and $185.5 million in special dividends.
WRB’s Zacks RankW.R. Berkley currently has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other InsurersThe Progressive Corporation’s (PGR - Free Report) second-quarter 2026 earnings per share of $4.85 beat the Zacks Consensus Estimate by 3.2%. The bottom line, however, decreased 6.1% year over year. Net premiums written were $21.1 billion in the quarter, up 5% from $20.1 billion a year ago.
Net premiums earned grew 6% to $21.6 billion. The reported figure met the Zacks Consensus Estimate. Net realized gains on securities were $604 million, up 56% year over year. Combined ratio — the percentage of premiums paid out as claims and expenses — deteriorated 110 basis points from the prior-year quarter’s level to 87.1.
The Travelers Companies, Inc. (TRV - Free Report) reported second-quarter 2026 core income of $10.04 per share, which beat the Zacks Consensus Estimate of $5.21 by 92.7%. The bottom line climbed 54% year over year. Revenues of $12.09 billion missed the Zacks Consensus Estimate of $12.27 billion by 1.5%.
Net investment income rose 14% year over year to $1.07 billion pre-tax ($883 million after tax). The combined ratio improved 670 basis points year over year to 83.6%, reflecting lower catastrophe losses, stronger reserve development and a better underlying combined ratio.
Upcoming ReleasesCincinnati Financial Corporation (CINF - Free Report) has an Earnings ESP of +7.2% and a Zacks Rank #2 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $1.82, indicating a year-over-year decrease of 7.6%.
CINF’s earnings beat estimates in each of the last four reported quarters.
, /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced financial and operational results for the second quarter of 2026.
Second Quarter 2026 Results:
Production: Sales volume of 634 Bcfe, above the high-end of guidance due to strong well performance, system pressure optimization and lower-than-expected price related curtailments Capital Expenditures: $666 million, 9% below the low-end of guidance, benefiting from operational efficiency gains and lower-than-expected infrastructure spending Realized Pricing: Differential of $(0.67), favorable to guidance despite widening basis during the quarter due to benefits from marketing optimization and curtailment strategy Operating Costs: Total per unit operating costs of $1.03 per Mcfe, at the low end of guidance driven by lower-than-expected SG&A, transmission and LOE expenses Cash Flow: Net cash provided by operating activities of $1,048 million; generated free cash flow attributable to EQT(1) of $330 million Balance Sheet: Exited the quarter with $5.7 billion total debt and $5.5 billion net debt,(1) inclusive of $101 million of working capital usage(2) during the quarter; subsequent to the quarter end, repaid $115 million of 2026 debentures Second Quarter 2026 and Recent Highlights:
Record-Setting Operations: Drilled the longest lateral in the history of shale development at more than 29,000' while staying 100% in zone; set new basin-wide 24-hour drilling record and new EQT 48-hour drilling record in the process Raising Production Guidance: Raising 2026 production guidance by ~90 Bcfe due to better-than-expected benefits from compression investments improving both existing and new wells and shallowing decline rates; full-year capital spending guidance reduced by $25 million Premium Power Supply Deal: Signed 10-year definitive agreement with Competitive Power Ventures (CPV) to supply 325,000 Dth/d of natural gas to the CPV Shay Energy Center in Doddridge County, WV; pricing linked to PJM power prices, providing a substantial uplift relative to in-basin pricing Accelerating MVP Southgate: Secured all key regulatory approvals; electing to accelerate $85 million of capital contributions to de-risk and complete construction by year-end 2026 LNG Offtake SPA: Signed 5-year offtake agreement with a large Asian integrated energy company for 0.5 million tonnes per annum of LNG sourced from various Gulf Coast LNG facilities beginning in 2028; deal is expected to increase 2028 free cash flow(1) by ~$45 million at recent strip pricing Blackline Midstream Acquisition: Closed on the $77 million acquisition of Blackline Midstream, consisting of two propane storage and distribution terminals in New England; advances vertical integration strategy at an attractive valuation with significant synergy potential and minimal capital requirements President and CEO Toby Z. Rice stated, "EQT delivered outstanding operational and financial performance in the second quarter, driven by record-setting execution and strong well productivity that resulted in production well above the high end of guidance. Due to the sustained production outperformance resulting from our compression investments, we are raising 2026 production guidance by 90 Bcfe, while lowering our full-year CapEx guidance by $25 million. These results further demonstrate the strength of our low-cost operating model and our ability to consistently create value for shareholders."
Rice continued, "We also announced another long-term gas supply agreement supporting a new 2-gigawatt power generation facility in the heart of West Virginia, further validating our view that the next wave of natural gas demand growth is emerging in our backyard. This agreement provides EQT a substantial premium over in-basin pricing and is another example of how EQT is converting growing regional demand into durable shareholder value. As power generators and data center developers increasingly look to secure reliable, long-term energy supply, EQT has become the partner of choice in Appalachia, leveraging our scale, infrastructure footprint and commercial capabilities to capture an outsized share of this demand growth."
(1)
A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.
(2)
Represents the decrease in changes in other assets and liabilities as derived from the Statements of Condensed Consolidated Cash Flows to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
Second Quarter 2026 Financial and Operational Performance
Three Months Ended
June 30,
2026
2025
Change
(Millions, unless otherwise noted)
Total sales volume (Bcfe)
634
568
66
Average realized price ($/Mcfe)
$ 2.65
$ 2.81
$ (0.16)
Net income attributable to EQT
$ 211
$ 784
$ (573)
Adjusted net income attributable to EQT (a)
$ 244
$ 273
$ (29)
Diluted income per share (EPS)
$ 0.34
$ 1.30
$ (0.96)
Adjusted EPS (a)
$ 0.39
$ 0.45
$ (0.06)
Net income
$ 281
$ 857
$ (576)
Adjusted EBITDA (a)
$ 1,203
$ 1,158
$ 45
Adjusted EBITDA attributable to EQT (a)
$ 1,067
$ 1,033
$ 34
Net cash provided by operating activities
$ 1,048
$ 1,242
$ (194)
Adjusted operating cash flow (a)
$ 1,149
$ 918
$ 231
Adjusted operating cash flow attributable to EQT (a)
$ 1,014
$ 794
$ 220
Capital expenditures
$ 666
$ 554
$ 112
Capital contributions to equity method investments
$ 29
$ 24
$ 5
Free cash flow (a)
$ 454
$ 340
$ 114
Free cash flow attributable to EQT (a)
$ 330
$ 240
$ 90
(a)
A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.
Per Unit Operating Costs
The following table presents certain of the Company's consolidated operating costs on a per unit basis.(a)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
($/Mcfe)
Gathering
$ 0.09
$ 0.08
$ 0.09
$ 0.08
Transmission
0.40
0.45
0.41
0.45
Processing
0.12
0.15
0.12
0.15
Lease operating expense (LOE)
0.10
0.09
0.09
0.08
Production taxes
0.06
0.07
0.08
0.08
Operating and maintenance (O&M)
0.09
0.10
0.09
0.09
Selling, general and administrative (SG&A)
0.17
0.14
0.16
0.15
Operating costs
$ 1.03
$ 1.08
$ 1.04
$ 1.08
Production depletion
$ 0.95
$ 0.95
$ 0.93
$ 0.95
(a)
References in this release to the "Company" refer to EQT Corporation together with its consolidated subsidiaries. As used throughout this release, per unit operating costs reflect, for each period presented, the consolidated amount of such operating cost for the Company (aggregated irrespective of business segment) divided by total sales volume (Mcfe).
Gathering expense per Mcfe increased for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to higher volumes gathered by third parties from wells turned-in-line in the first quarter of 2026.
Transmission expense per Mcfe decreased for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to higher sales volume.
Processing expense per Mcfe decreased for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to decreased production of gas that requires processing and higher sales volume.
Selling, general and administrative expense increased for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to higher long-term incentive compensation costs and higher professional service costs.
Liquidity
As of June 30, 2026, the Company had $52 million of borrowings outstanding under EQT Corporation's $3.5 billion revolving credit facility. Total liquidity, excluding available capacity under Eureka Midstream, LLC's (Eureka) revolving credit facility, as of June 30, 2026 was approximately $3.6 billion.
As of June 30, 2026, total debt and net debt(1) were $5.7 billion and $5.5 billion, respectively, compared to $7.8 billion and $7.7 billion, respectively, as of December 31, 2025.
(1)
A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.
Blackline Midstream Acquisition
On July 21, 2026, the Company completed its acquisition of all of the operating subsidiaries of Blackline Midstream, LLC (Blackline). Blackline owns and operates two strategically located propane storage and distribution terminals in New England, representing the largest propane facilities in the region with rail, waterborne and retail access. Collectively, the assets provide 46 million gallons of storage capacity, with the Company currently supplying ~60% of Blackline's propane volumes. The assets provide optionality for EQT's propane production, improve flow assurance, enhance the Company's ability to optimize pricing and create additional commercial opportunity through domestic and international supply channels. The $77 million purchase price equates to a ~20% free cash flow yield.(1)
(1)
EQT expects the Blackline assets to generate average annual free cash flow over the next five years of approximately $15 million. The free cash flow yield referred to in this news release is derived by dividing the Blackline assets' projected 2027 – 2031 average annual free cash flow by the purchase price (assuming no adjustments thereto). Free cash flow and free cash flow yield are non-GAAP financial measures. See the Non-GAAP Disclosures section of this news release for important information regarding these non-GAAP financial measures.
Third Quarter 2026 Outlook
The Company is raising its full-year 2026 total sales volume guidance to 2,375 – 2,450 Bcfe, reflecting strong performance to date. The Company expects total sales volume of 570 – 620 Bcfe in the third quarter of 2026. The Company now expects its full-year 2026 maintenance capital expenditures to total $2,040 – $2,190 million, inclusive of $510 – $580 million in the third quarter of 2026. The Company expects growth capital expenditures of $200 – $240 million in the third quarter of 2026. The Company plans to turn-in-line (TIL) 34 – 50 net wells in the third quarter of 2026.
2026 Guidance
Production
Q3 2026
Full Year 2026
Total sales volume (Bcfe)
570 – 620
2,375 – 2,450
Liquids sales volume, excluding ethane (Mbbl)
3,400 – 3,700
14,200 – 15,000
Ethane sales volume (Mbbl)
1,750 – 1,900
7,700 – 8,100
Total liquids sales volume (Mbbl)
5,150 – 5,600
21,900 – 23,100
Btu uplift (MMBtu/Mcf)
1.050 – 1.060
1.050 – 1.060
Average Differential ($/Mcf, including basis hedges)
($0.75) – ($0.65)
($0.55) – ($0.35)
Resource Counts
Top-hole rigs
2 – 3
2 – 3
Horizontal rigs
2 – 3
2 – 3
Frac crews
2 – 3
2 – 3
Third-party Midstream Revenue ($ Millions)
$130 – $155
$600 – $700
Per Unit Operating Costs ($/Mcfe)
Gathering
$0.09 – $0.11
$0.09 – $0.11
Transmission
$0.42 – $0.44
$0.41 – $0.44
Processing
$0.11 – $0.13
$0.11 – $0.13
LOE
$0.11 – $0.13
$0.10 – $0.12
Production taxes
$0.06 – $0.08
$0.07 – $0.09
O&M
$0.10 – $0.12
$0.09 – $0.11
SG&A
$0.20 – $0.22
$0.18 – $0.20
Operating costs
$1.09 – $1.23
$1.05 – $1.20
Equity Method Investments and Midstream JV Noncontrolling Interest ($ Millions)
Distributions from equity method investments (a)
$60 – $70
$220 – $250
Distributions to PipeBox LLC (the Midstream JV) noncontrolling interest (b)
$110 – $125
$430 – $470
Capital Expenditures and Capital Contributions ($ Millions)
Upstream maintenance
$385 – $435
$1,600 – $1,700
Midstream maintenance
$70 – $80
$220 – $250
Corporate and capitalized costs
$55 – $65
$220 – $240
Total maintenance capital expenditures
$510 – $580
$2,040 – $2,190
Growth capital expenditures
$200 – $240
$580 – $640
Capital contributions to equity method investments (c)
$60 – $70
$150 – $170
(a)
Includes distributions from Series A of Mountain Valley Pipeline, LLC for MVP Mainline and Laurel Mountain Midstream, LLC (LMM).
(b)
Assumes Midstream JV cash distributions of 60% to third-party noncontrolling interest.
(c)
Includes capital contributions to Mountain Valley Pipeline, LLC (the MVP Joint Venture), including to Series A of Mountain Valley Pipeline, LLC for MVP Mainline, Series B of Mountain Valley Pipeline, LLC for MVP Southgate and Series C of Mountain Valley Pipeline, LLC for MVP Boost, and LMM.
Second Quarter 2026 Earnings Webcast Information
The Company's conference call with securities analysts begins at 10:00 a.m. ET on Wednesday July 22, 2026 and will be broadcast live via webcast. An accompanying presentation is available on the Company's investor relations website, www.ir.eqt.com, under "Events & Presentations." To access the live audio webcast, visit the Company's investor relations website. A replay will be archived and available for one year in the same location after the conclusion of the live event.
Hedging (as of July 14, 2026)
The following table summarizes the approximate volume and prices of the Company's NYMEX hedge positions. The difference between the fixed price and NYMEX price is included in average differential presented in the Company's price reconciliation.
Q3 2026 (a)
Q4 2026
Q1 2027
Q2 2027
Q3 2027
Q4 2027
Hedged Volume (MMDth)
125
108
62
138
140
47
Hedged Volume (MMDth/d)
1.4
1.2
0.7
1.5
1.5
0.5
Swaps – Short
Volume (MMDth)
—
—
—
65
66
22
Avg. Price ($/Dth)
$ —
$ —
$ —
$ 3.16
$ 3.16
$ 3.16
Calls – Short
Volume (MMDth)
125
108
62
73
74
25
Avg. Strike ($/Dth)
$ 4.94
$ 5.13
$ 5.77
$ 4.51
$ 4.51
$ 4.51
Puts – Long
Volume (MMDth)
125
108
62
73
74
25
Avg. Strike ($/Dth)
$ 3.50
$ 3.72
$ 3.65
$ 3.00
$ 3.00
$ 3.00
Puts – Short
Volume (MMDth)
—
—
25
73
74
25
Avg. Strike ($/Dth)
$ —
$ —
$ 2.50
$ 2.50
$ 2.50
$ 2.50
(a)
July 1 through September 30.
The Company also entered into derivative instruments to hedge basis. The Company may use other contractual agreements to implement its commodity hedging strategy from time to time.
Non-GAAP Disclosures
This news release includes the non-GAAP financial measures described below. These non-GAAP measures are defined and reconciled to the most directly comparable GAAP measure. These non-GAAP measures are intended to provide additional information only and should not be considered as alternatives to, or more meaningful than, net income attributable to EQT Corporation, diluted EPS, net income, net cash provided by operating activities, total Upstream operating revenues, total debt, or any other measure calculated in accordance with GAAP. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital, tax structure, and historic costs of depreciable assets.
Adjusted Net Income Attributable to EQT and Adjusted EPS
Adjusted net income attributable to EQT is defined as net income attributable to EQT Corporation, excluding loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EPS is defined as adjusted net income attributable to EQT divided by diluted weighted average common shares outstanding.
The Company's management believes that adjusted net income attributable to EQT and adjusted EPS provide useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted net income attributable to EQT and adjusted EPS reflect only the impact of settled derivative contracts; thus, the measures exclude the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement.
The table below reconciles adjusted net income attributable to EQT and adjusted EPS with net income attributable to EQT Corporation and diluted EPS, respectively, the most comparable financial measures calculated in accordance with GAAP, each as derived from the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(Thousands, except per share amounts)
Net income attributable to EQT Corporation
$ 211,425
$ 784,147
$ 1,698,654
$ 1,026,286
Add (deduct):
Loss on sale/exchange of long-lived assets
3,577
2,990
3,552
3,221
Impairment and expiration of leases
6,232
3,254
10,055
5,915
(Gain) loss on derivatives
(44,640)
(719,964)
193,629
(41,045)
Net cash settlements received (paid) on derivatives
72,614
(101,364)
(231,048)
(193,350)
Other expenses (a)
3,884
147,105
6,620
153,731
Loss on debt extinguishment
341
5,889
29,869
17,569
Tax impact of non-GAAP items (b)
(9,903)
151,016
(2,987)
13,956
Adjusted net income attributable to EQT
$ 243,530
$ 273,073
$ 1,708,344
$ 986,283
Diluted weighted average common shares outstanding
629,049
602,924
629,070
602,896
Diluted EPS
$ 0.34
$ 1.30
$ 2.70
$ 1.70
Adjusted EPS
$ 0.39
$ 0.45
$ 2.72
$ 1.64
(a)
Consists primarily of transaction costs associated with acquisitions and other strategic transactions as well as costs related to exploring new venture opportunities. In addition, other expenses for both the three and six months ended June 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.
(b)
The tax impact of non-GAAP items represents the incremental tax expense/benefit that would have been incurred by the Company had these items been excluded from net income attributable to EQT Corporation. This approach resulted in a blended tax rate of 23.6% and 22.8% for the three months ended June 30, 2026 and 2025, respectively, and 23.6% and 25.9% for the six months ended June 30, 2026 and 2025, respectively. The blended tax rates differ from the Company's statutory tax rate due primarily to state taxes, including valuation allowances limiting certain state tax benefits.
Adjusted EBITDA, Adjusted EBITDA Attributable to Noncontrolling Interests and Adjusted EBITDA Attributable to EQT
Adjusted EBITDA is defined as net income excluding net interest expense, income tax expense, depreciation, depletion and amortization, loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EBITDA attributable to EQT is defined as adjusted EBITDA less adjusted EBITDA attributable to noncontrolling interests. Adjusted EBITDA attributable to noncontrolling interests is defined as the proportionate share of adjusted EBITDA attributable to the third-party ownership interests in the Non-Wholly Owned Consolidated Subsidiaries (defined below).
The Company's management believes that these measures provide useful information to investors regarding the Company's financial condition and results of operations because they help facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted EBITDA reflects only the impact of settled derivative instruments and excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. In addition, adjusted EBITDA includes the impact of distributions received from equity method investments, which excludes the impact of depreciation included within equity earnings from equity method investments and helps facilitate comparisons of the core operating performance of the Company's equity method investments.
The table below reconciles adjusted EBITDA and adjusted EBITDA attributable to EQT with net income, the most comparable financial measure as calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(Thousands)
Net income
$ 281,448
$ 856,656
$ 1,835,378
$ 1,172,074
Add (deduct):
Interest expense, net
75,452
105,668
172,229
223,237
Income tax expense
84,933
235,615
518,285
314,283
Depreciation, depletion and amortization
689,592
623,471
1,344,384
1,244,246
Loss on sale/exchange of long-lived assets
3,577
2,990
3,552
3,221
Impairment and expiration of leases
6,232
3,254
10,055
5,915
(Gain) loss on derivatives
(44,640)
(719,964)
193,629
(41,045)
Net cash settlements received (paid) on derivatives
72,614
(101,364)
(231,048)
(193,350)
Other expenses (a)
3,884
147,105
6,620
153,731
Income from investments
(44,732)
(67,174)
(122,241)
(93,636)
Distributions from equity method investments
74,289
66,319
121,323
132,881
Loss on debt extinguishment
341
5,889
29,869
17,569
Adjusted EBITDA
1,202,990
1,158,465
3,882,035
2,939,126
Deduct: Adjusted EBITDA attributable to noncontrolling interests (b)
(135,958)
(125,164)
(268,041)
(261,964)
Adjusted EBITDA attributable to EQT
$ 1,067,032
$ 1,033,301
$ 3,613,994
$ 2,677,162
(a)
Consists primarily of transaction costs associated with acquisitions and other strategic transactions as well as costs related to exploring new venture opportunities. In addition, other expenses for both the three and six months ended June 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.
(b)
A non-GAAP financial measure. See below for a reconciliation of this non-GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP.
The Company consolidates its controlling equity interests in the Midstream JV and Eureka Midstream Holdings, LLC (Eureka Holdings and, together with the Midstream JV, the Non-Wholly Owned Consolidated Subsidiaries). The table below reconciles adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries and adjusted EBITDA attributable to noncontrolling interests with net income of the Non-Wholly Owned Consolidated Subsidiaries, the most comparable financial measure as calculated in accordance with GAAP. The Company's management believes that adjusted EBITDA attributable to noncontrolling interests provides useful information to investors regarding the impact of the third-party ownership interest in the Non-Wholly Owned Consolidated Subsidiaries on the Company's financial condition and results of operations.
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(Thousands)
Non-Wholly Owned Consolidated Subsidiaries:
Net income
$ 168,558
$ 164,435
$ 369,790
$ 342,878
Add (deduct):
Interest expense, net
3,434
3,381
6,781
7,272
Depreciation and amortization
31,944
30,842
65,075
61,844
Loss on sale/exchange of long-lived assets
724
302
724
349
Income from investments
(42,954)
(40,711)
(97,986)
(83,574)
Distributions from equity method investments
70,921
58,724
114,187
124,511
Adjusted EBITDA
232,627
216,973
458,571
453,280
Deduct: Adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT (a)
(96,669)
(91,809)
(190,530)
(191,316)
Adjusted EBITDA attributable to noncontrolling interests
$ 135,958
$ 125,164
$ 268,041
$ 261,964
(a)
Adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT is calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV and 60% ownership interest in Eureka Holdings. The Company believes that using its distribution share from the Midstream JV in the calculation of adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT best reflects the economic impact of the Company's investment in the Midstream JV on adjusted EBITDA and earnings trends.
Adjusted Operating Cash Flow, Adjusted Operating Cash Flow Attributable to EQT, Free Cash Flow, Free Cash Flow Attributable to EQT and Free Cash Flow Yield
Adjusted operating cash flow is defined as net cash provided by operating activities less changes in other assets and liabilities. Adjusted operating cash flow attributable to EQT is defined as adjusted operating cash flow less adjusted EBITDA attributable to noncontrolling interests excluding net interest expense attributable to noncontrolling interests. Free cash flow is defined as adjusted operating cash flow less accrual-based capital expenditures and capital contributions to equity method investments. Free cash flow attributable to EQT is defined as adjusted operating cash flow attributable to EQT less accrual-based capital expenditures and capital contributions to equity method investments excluding the proportionate share of accrual-based capital expenditures and capital contributions to equity method investments attributable to the third-party ownership interests in the Non-Wholly Owned Consolidated Subsidiaries. Free cash flow yield is defined as free cash flow divided by market capitalization.
The Company's management believes that these measures provide useful information to investors regarding the Company's liquidity, including the Company's ability to generate cash flow in excess of its capital requirements and return cash to shareholders.
The tables below reconcile adjusted operating cash flow, adjusted operating cash flow attributable to EQT, free cash flow and free cash flow attributable to EQT with net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP, as derived from the Statements of Condensed Consolidated Cash Flows to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(Thousands)
Net cash provided by operating activities
$ 1,048,012
$ 1,241,699
$ 4,103,059
$ 2,982,866
Decrease (increase) in changes in other assets and liabilities
100,617
(323,821)
(373,651)
(398,220)
Adjusted operating cash flow (a)
1,148,629
917,878
3,729,408
2,584,646
Deduct:
Capital expenditures
(666,258)
(553,559)
(1,274,094)
(1,051,003)
Capital contributions to equity method investments
(28,637)
(24,101)
(56,520)
(42,047)
Free cash flow (a)
$ 453,734
$ 340,218
$ 2,398,794
$ 1,491,596
(a)
Adjusted operating cash flow and free cash flow for the three and six months ended June 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(Thousands)
Net cash provided by operating activities
$ 1,048,012
$ 1,241,699
$ 4,103,059
$ 2,982,866
Decrease (increase) in changes in other assets and liabilities
100,617
(323,821)
(373,651)
(398,220)
Adjusted operating cash flow (a)
1,148,629
917,878
3,729,408
2,584,646
(Deduct) add:
Adjusted EBITDA attributable to noncontrolling interests (b)
(135,958)
(125,164)
(268,041)
(261,964)
Net interest expense and other attributable to noncontrolling interests
1,268
1,028
2,205
2,280
Adjusted operating cash flow attributable to EQT (a) (c)
1,013,939
793,742
3,463,572
2,324,962
(Deduct) add:
Capital expenditures
(666,258)
(553,559)
(1,274,094)
(1,051,003)
Capital contributions to equity method investments
(28,637)
(24,101)
(56,520)
(42,047)
Capital expenditures attributable to noncontrolling interests
9,410
9,907
23,937
20,089
Capital contributions to equity method investments attributable to noncontrolling interests
1,212
13,587
4,272
23,123
Free cash flow attributable to EQT (a) (c)
$ 329,666
$ 239,576
$ 2,161,167
$ 1,275,124
(a)
Adjusted operating cash flow, adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT for the three and six months ended June 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.
(b)
A non-GAAP financial measure. See above for a reconciliation of this non-GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP.
(c)
Adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT are calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV and 60% ownership interest in Eureka Holdings. The Company believes that using its distribution share from the Midstream JV in the calculation of these measures best reflect the economic impact of the Company's investment in the Midstream JV on adjusted operating cash flow, free cash flow and earnings trends.
In this news release, the Company has disclosed certain projections of free cash flow, including the average annual free cash flow expected to be generated by the Blackline assets during 2027 – 2031. The Company has not provided projected net cash provided by operating activities or reconciliations of projected free cash flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts such as predicting the timing of its payments and its customers' payments, with accuracy to a specific day, months in advance. Furthermore, the Company does not provide guidance with respect to its average realized price, among other items, that impact reconciling items between net cash provided by operating activities and free cash flow. Natural gas prices are volatile and out of the Company's control, and the timing of transactions and the income tax effects of future transactions and other items are difficult to accurately predict. Therefore, the Company is unable to provide projected net cash provided by operating activities, or the related reconciliations of projected free cash flow to projected net cash provided by operating activities, without unreasonable effort.
Upstream Adjusted Operating Revenues
Upstream adjusted operating revenues (also referred to as total natural gas and liquids sales, including cash settled derivatives and previously referred to as Production adjusted operating revenues) is defined as total Upstream operating revenues, less the revenue impact of changes in the fair value of derivative instruments prior to settlement and Upstream other revenues. The Company's management believes that this measure provides useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods. Upstream adjusted operating revenues reflects only the impact of settled derivative contracts; thus, the measure excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. The measure also excludes Upstream other revenues because it is unrelated to the revenue from the Company's natural gas and liquids production.
The table below reconciles Upstream adjusted operating revenues with total Upstream operating revenues, the most comparable financial measure calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(Thousands, unless otherwise noted)
Total Upstream operating revenues
$ 1,663,633
$ 2,420,542
$ 4,870,072
$ 3,989,825
(Deduct) add:
Upstream (gain) loss on derivatives
(44,640)
(719,964)
193,629
(41,045)
Net cash settlements received (paid) on derivatives
72,614
(101,364)
(231,048)
(193,350)
Upstream other revenues
(8,979)
(79)
(13,752)
(3,554)
Upstream adjusted operating revenues
$ 1,682,628
$ 1,599,135
$ 4,818,901
$ 3,751,876
Total sales volume (MMcfe)
634,474
568,227
1,252,173
1,138,978
Average sales price ($/Mcfe)
$ 2.54
$ 2.99
$ 4.03
$ 3.46
Average realized price ($/Mcfe)
$ 2.65
$ 2.81
$ 3.85
$ 3.29
Net Debt
Net debt is defined as total debt less cash and cash equivalents. Total debt includes the Company's current portion of debt, revolving credit facility borrowings and senior notes. The Company's management believes that net debt provides useful information to investors regarding the Company's financial condition and assists them in evaluating the Company's leverage since the Company could choose to use its cash and cash equivalents to retire debt.
The table below reconciles net debt with total debt, the most comparable financial measure calculated in accordance with GAAP, as derived from the Condensed Consolidated Balance Sheets to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
June 30, 2026
December 31, 2025
(Thousands)
Current portion of debt (a)
$ 114,959
$ 507,119
Revolving credit facility borrowings (b)
324,000
360,000
Senior notes
5,216,755
6,933,209
Total debt
5,655,714
7,800,328
Deduct: Cash and cash equivalents
(112,863)
(110,795)
Net debt
$ 5,542,851
$ 7,689,533
(a)
As of June 30, 2026, the current portion of debt included EQT Corporation's 7.75% debentures. As of December 31, 2025, the current portion of debt included EQT Corporation's 3.125% senior notes and 7.75% debentures.
(b)
As of June 30, 2026 and December 31, 2025, revolving credit facility borrowings included $272 million and $285 million, respectively, of borrowings outstanding under Eureka's revolving credit facility.
About EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with upstream and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do.
EQT management speaks to investors from time to time and the analyst presentation for these discussions, which is updated periodically, is available via EQT's investor relations website at https://ir.eqt.com.
Cautionary Statements Regarding Forward-Looking Statements
This news release contains, and certain statements made during the above referenced conference call will be, forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release or made during the above referenced conference call specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQT Corporation (EQT) and its consolidated subsidiaries (collectively, the Company), including guidance regarding the Company's strategy to develop its reserves; drilling plans and programs (including the number and type of drilling rigs and the number of frac crews to be utilized by the Company, the projected amount of wells to be turned-in-line and the timing thereof); projected natural gas prices, basis and average differential; the impact of commodity prices on the Company's business; total resource potential; projected production and sales volumes, including projected strategic curtailments and the timing, duration and volume thereof; projected capital expenditures and per unit operating costs; the amount and timing of distributions to and from the Company's joint venture arrangements; the projected timing of development of MVP Southgate; the Company's ability to successfully implement and execute its operational and organizational initiatives, the timing thereof and the Company's ability to achieve the anticipated results of such initiatives; the Company's plans, objectives, expectations, goals and projections relating to the Company's LNG offtake and tolling agreements and growth projects, including statements relating to the anticipated in-service dates, volume, duration, cost, anticipated impacts to free cash flow and investment returns thereof; the Company's ability to achieve the intended operational, financial and strategic benefits from any proposed and recently completed strategic transactions, and the timing thereof, including the Company's acquisition of all of the operating subsidiaries of Blackline Midstream, LLC and related financial projections associated with such acquisition; the amount and timing of any redemptions, repayments or repurchases of EQT's common stock, the Company's outstanding debt securities or other debt instruments; the Company's ability to reduce its debt and the timing of such reductions, if any; projected free cash flow; liquidity and financing requirements, including funding sources and availability; the Company's hedging strategy and projected margin posting obligations; the Company's tax position and projected effective tax rate; and the expected impact of changes in laws.
The forward-looking statements included in this news release or made during the above referenced conference call involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by the Company. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Company's control. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company's ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; the Company's hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting, storing and processing natural gas, natural gas liquids (NGLs) and oil; operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions; cyber security risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and pipe, sand and water required to execute the Company's exploration and development plans, including as a result of inflationary pressures or tariffs; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by the Company or its joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; the Company's ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all; risks relating to the Company's joint venture arrangements; government regulation or action, including regulations pertaining to methane and other greenhouse gas emissions; negative public perception of the fossil fuels industry; increased consumer demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company's business due to recently completed or pending divestitures, acquisitions and other significant strategic transactions. These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2025 and other documents EQT subsequently files from time to time with the Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it.
Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, EQT does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
EQT CORPORATION AND SUBSIDIARIES
STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS (UNAUDITED)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(Thousands, except per share amounts)
Operating revenues:
Sales of natural gas, natural gas liquids and oil
$ 1,610,014
$ 1,700,499
$ 5,049,949
$ 3,945,226
Gain (loss) on derivatives
44,640
719,964
(193,629)
41,045
Pipeline and other
155,286
137,256
332,356
311,298
Total operating revenues
1,809,940
2,557,719
5,188,676
4,297,569
Operating expenses:
Transportation and processing
385,017
389,116
785,356
767,325
Production
100,316
91,518
215,494
179,956
Operating and maintenance
60,220
53,983
115,088
101,280
Selling, general and administrative
106,438
81,586
202,189
173,050
Depreciation, depletion and amortization
689,592
623,471
1,344,384
1,244,246
Loss on sale/exchange of long-lived assets
3,577
2,990
3,552
3,221
Impairment and expiration of leases
6,232
3,254
10,055
5,915
Other operating expenses
64,510
177,763
82,560
192,288
Total operating expenses
1,415,902
1,423,681
2,758,678
2,667,281
Operating income
394,038
1,134,038
2,429,998
1,630,288
Income from investments
(44,732)
(67,174)
(122,241)
(93,636)
Other income
(3,404)
(2,616)
(3,522)
(3,239)
Loss on debt extinguishment
341
5,889
29,869
17,569
Interest expense, net
75,452
105,668
172,229
223,237
Income before income taxes
366,381
1,092,271
2,353,663
1,486,357
Income tax expense
84,933
235,615
518,285
314,283
Net income
281,448
856,656
1,835,378
1,172,074
Less: Net income attributable to noncontrolling interests
70,023
72,509
136,724
145,788
Net income attributable to EQT Corporation
$ 211,425
$ 784,147
$ 1,698,654
$ 1,026,286
Income per share of common stock attributable to EQT Corporation:
Basic:
Weighted average common stock outstanding
625,962
599,221
625,549
598,574
Net income attributable to EQT Corporation
$ 0.34
$ 1.31
$ 2.72
$ 1.71
Diluted:
Weighted average common stock outstanding
629,049
602,924
629,070
602,896
Net income attributable to EQT Corporation
$ 0.34
$ 1.30
$ 2.70
$ 1.70
EQT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30, 2026
December 31, 2025
(Thousands)
ASSETS
Current assets:
Cash and cash equivalents
$ 112,863
$ 110,795
Accounts receivable (less allowance for credit losses: $3,844 and $3,088)
835,140
1,457,959
Derivative instruments, at fair value
138,943
202,390
Prepaid expenses and other
90,881
124,007
Total current assets
1,177,827
1,895,151
Property, plant and equipment
49,741,567
48,472,497
Less: Accumulated depreciation and depletion
16,188,972
14,914,689
Net property, plant and equipment
33,552,595
33,557,808
Investments in unconsolidated entities
3,946,497
3,630,577
Net intangible assets
193,100
200,486
Goodwill
2,062,462
2,062,462
Other assets
388,359
446,390
Total assets
$ 41,320,840
$ 41,792,874
LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt
$ 114,959
$ 507,119
Accounts payable
1,166,963
1,367,431
Derivative instruments, at fair value
50,106
137,299
Accrued interest
103,785
137,505
Other current liabilities
314,466
335,487
Total current liabilities
1,750,279
2,484,841
Revolving credit facility borrowings
324,000
360,000
Senior notes
5,216,755
6,933,209
Deferred income taxes
3,963,965
3,472,010
Asset retirement obligations and other liabilities
1,202,444
1,182,666
Total liabilities
12,457,443
14,432,726
Equity:
Common stock, no par value,
shares authorized: 1,280,000, shares issued: 625,513 and 624,076
19,529,362
19,517,761
Retained earnings
5,731,287
4,237,089
Accumulated other comprehensive loss
(1,773)
(2,173)
Total common shareholders' equity
25,258,876
23,752,677
Noncontrolling interests in consolidated subsidiaries
3,604,521
3,607,471
Total equity
28,863,397
27,360,148
Total liabilities and equity
$ 41,320,840
$ 41,792,874
EQT CORPORATION AND SUBSIDIARIES
STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED)
Six Months Ended
June 30,
2026
2025
(Thousands)
Cash flows from operating activities:
Net income
$ 1,835,378
$ 1,172,074
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax expense
491,617
304,878
Depreciation, depletion and amortization
1,344,384
1,244,246
Loss on sale/exchange of long-lived assets
3,552
3,221
Impairment and expiration of leases
10,055
5,915
Income from investments
(122,241)
(93,636)
Loss on debt extinguishment
29,869
17,569
Share-based compensation expense
42,381
28,535
Distributions from equity method investments
121,323
132,881
Other
10,509
3,358
Loss (gain) on derivatives
193,629
(41,045)
Net cash settlements paid on derivatives
(231,048)
(193,350)
Changes in other assets and liabilities:
Accounts receivable
629,685
295,699
Accounts payable
(209,653)
10,253
Income tax receivable and payable
25,320
97,378
Other current assets
8,611
(1,459)
Other items, net
(80,312)
(3,651)
Net cash provided by operating activities
4,103,059
2,982,866
Cash flows from investing activities:
Capital expenditures
(1,248,676)
(1,049,289)
Cash paid for acquisitions
—
(100,167)
Net cash received (paid) for sale/exchange of assets
91
(6,284)
Cash paid for acquisitions of additional interests in equity method investments
(216,209)
—
Capital contributions to equity method investments
(56,520)
(42,047)
Other investing activities
(2,221)
(245)
Net cash used in investing activities
(1,523,535)
(1,198,032)
Cash flows from financing activities:
Proceeds from revolving credit facility borrowings
2,461,000
2,234,000
Repayment of revolving credit facility borrowings
(2,497,000)
(2,422,800)
Debt issuance costs
—
(7,238)
Repayment and retirement of debt
(2,122,944)
(813,017)
Net premiums paid on debt extinguishment
(22,631)
(24,802)
Dividends paid
(206,278)
(188,372)
Contribution from noncontrolling interests
98,357
—
Distributions to noncontrolling interests
(238,031)
(151,954)
Cash paid for taxes to net settle share-based incentive awards
(46,135)
(53,253)
Other financing activities
(3,794)
(3,999)
Net cash used in financing activities
(2,577,456)
(1,431,435)
Net change in cash and cash equivalents
2,068
353,399
Cash and cash equivalents at beginning of period
110,795
202,093
Cash and cash equivalents at end of period
$ 112,863
$ 555,492
EQT CORPORATION AND SUBSIDIARIES
PRICE RECONCILIATION
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(Thousands, unless otherwise noted)
NATURAL GAS
Sales volume (MMcf)
596,984
534,441
1,178,311
1,070,779
NYMEX price ($/MMBtu)
$ 2.89
$ 3.43
$ 3.91
$ 3.54
Btu uplift
0.16
0.20
0.21
0.19
Natural gas price ($/Mcf)
$ 3.05
$ 3.63
$ 4.12
$ 3.73
Basis ($/Mcf) (a)
$ (0.67)
$ (0.75)
$ (0.15)
$ (0.38)
Cash settled basis swaps ($/Mcf)
—
—
(0.16)
(0.04)
Average differential, including cash settled basis swaps ($/Mcf)
(0.67)
(0.75)
(0.31)
(0.42)
Average adjusted price ($/Mcf)
2.38
2.88
3.81
3.31
Cash settled derivatives ($/Mcf)
0.13
(0.19)
(0.03)
(0.13)
Average natural gas price, including cash settled derivatives ($/Mcf)
$ 2.51
$ 2.69
$ 3.78
$ 3.18
Natural gas sales, including cash settled derivatives
$ 1,499,693
$ 1,438,682
$ 4,448,390
$ 3,400,873
LIQUIDS
NGLs, excluding ethane:
Sales volume (MMcfe) (b)
20,751
22,475
41,309
43,347
Sales volume (Mbbl)
3,459
3,745
6,885
7,224
NGLs price ($/Bbl)
$ 39.29
$ 35.86
$ 38.77
$ 40.02
Cash settled derivatives ($/Bbl)
(0.80)
(0.22)
(0.11)
(0.70)
Average NGLs price, including cash settled derivatives ($/Bbl)
$ 38.49
$ 35.64
$ 38.66
$ 39.32
NGLs sales, including cash settled derivatives
$ 133,121
$ 133,488
$ 266,153
$ 284,023
Ethane:
Sales volume (MMcfe) (b)
13,934
9,432
26,638
20,602
Sales volume (Mbbl)
2,322
1,573
4,439
3,434
Ethane price ($/Bbl)
$ 7.33
$ 6.85
$ 9.71
$ 8.69
Ethane sales
$ 17,021
$ 10,775
$ 43,089
$ 29,829
Oil:
Sales volume (MMcfe) (b)
2,805
1,879
5,915
4,250
Sales volume (Mbbl)
468
313
986
708
Oil price ($/Bbl)
$ 70.14
$ 51.70
$ 62.15
$ 52.45
Oil sales
$ 32,793
$ 16,190
$ 61,269
$ 37,151
Total liquids sales volume (MMcfe) (b)
37,490
33,786
73,862
68,199
Total liquids sales volume (Mbbl)
6,249
5,631
12,310
11,366
Total liquids sales
$ 182,935
$ 160,453
$ 370,511
$ 351,003
TOTAL
Total natural gas and liquids sales, including cash settled derivatives (c)
$ 1,682,628
$ 1,599,135
$ 4,818,901
$ 3,751,876
Total sales volume (MMcfe)
634,474
568,227
1,252,173
1,138,978
Average realized price ($/Mcfe)
$ 2.65
$ 2.81
$ 3.85
$ 3.29
(a)
Basis represents the difference between the ultimate sales price for natural gas, including the effects of delivered price benefit or deficit associated with the Company's firm transportation agreements, and the NYMEX natural gas price.
(b)
NGLs, ethane and oil were converted to Mcfe at a rate of six Mcfe per barrel.
(c)
Also referred to herein as Upstream adjusted operating revenues, a non-GAAP supplemental financial measure.
July 21, 2026 16:15 ET | Source: DENTSPLY SIRONA Inc.
CHARLOTTE, N.C., July 21, 2026 (GLOBE NEWSWIRE) -- DENTSPLY SIRONA Inc. (“Dentsply Sirona” or the "Company") (Nasdaq: XRAY) today announced that the Company will host an investor conference call and live webcast on Thursday, August 6, 2026, at 4:30 p.m. ET to review its second quarter 2026 financial results. Financial earnings materials will be made available on the Investors section of the Company’s website at https://investor.dentsplysirona.com prior to the call.
Conference Call / Webcast Information
The live webcast link and call information will be available on the Investors section of the Company’s website at https://investor.dentsplysirona.com. For those planning to participate on the call, please register here. A webcast replay of the conference call will be available on the Investors section of the Company’s website following the call.
About Dentsply Sirona
Dentsply Sirona is the world’s largest diversified manufacturer of professional dental products and technologies, with over a century of innovation and service to the dental industry and patients worldwide. Dentsply Sirona develops, manufactures, and markets a comprehensive solutions offering including dental and oral health products as well as other consumable medical devices under a strong portfolio of world-class brands. Dentsply Sirona’s innovative products provide high-quality, effective and connected solutions to advance patient care and deliver better and safer dental care. Dentsply Sirona is headquartered in Charlotte, North Carolina. The Company’s shares are listed in the United States on Nasdaq under the symbol XRAY. Visit www.dentsplysirona.com for more information about Dentsply Sirona and its products.
Key Takeaways Berkshire Hathaway held $397.38B in cash and Treasury bills as of March 31, 2026.Insurance float and steady operating earnings help expand Berkshire Hathaway's investable funds.Berkshire Hathaway uses liquidity for acquisitions, equities, buybacks and subsidiary funding. Berkshire Hathaway (BRK.B - Free Report) held a massive cash reserve of approximately $397.38 billion as of March 31, 2026, consisting of $58.12 billion in cash and cash equivalents and $339.26 billion in short-term U.S. Treasury bills. Rather than representing idle capital, this liquidity provides strategic optionality, enabling Berkshire to remain resilient, flexible and prepared to act decisively when compelling opportunities arise.
The conglomerate has built this reserve through decades of disciplined capital allocation. Its insurance operations generate substantial “float”—premiums collected before claims are paid—that serves as a relatively low-cost source of capital. Growth in the insurance business continues to expand this pool of investable funds. Meanwhile, steady earnings from wholly owned businesses, including BNSF Railway, Berkshire Hathaway Energy, and its manufacturing and consumer subsidiaries, generate consistent cash flows. Proceeds from selective equity sales and management’s willingness to remain patient when valuations appear elevated have further strengthened Berkshire’s liquidity.
Berkshire uses this cash to maintain a substantial buffer against insurance obligations, pursue acquisitions when high-quality businesses become attractively valued, invest in public equities during market dislocations, repurchase its shares when they trade below intrinsic value and fund the capital requirements of its operating subsidiaries without depending heavily on external financing.
This exceptional financial flexibility represents a durable competitive advantage, strengthening Berkshire’s resilience and enhancing its ability to create value across market cycles.
What About BRK.B’s Competitors?Chubb Limited (CB - Free Report) and The Travelers Companies (TRV - Free Report) are two other notable companies in the insurance space.
Chubb Limited’s disciplined approach to capital deployment emphasizes strong underwriting, prudent reserve practices and selective acquisitions to broaden its global presence and enhance specialty capabilities. Chubb also prioritizes long-term value creation through consistent shareholder returns via dividends and buybacks, while investing in technology and risk management to drive sustainable growth.
The Travelers Companies deploys capital prudently by focusing on disciplined underwriting, accurate risk assessment, and data-informed pricing, ensuring stable profitability and financial resilience. Travelers drives long-term value through continued investments in technology and analytics, while consistently returning excess capital to shareholders via dividends and share buybacks.
BRK.B’s Price PerformanceShares of BRK.B have lost 2.5% year to date, underperforming the industry.
Image Source: Zacks Investment Research
BRK.B’s Expensive ValuationBRK.B trades at a price-to-book value ratio of 1.45, in line with the industry average. It has a Value Score of C.
Image Source: Zacks Investment Research
Estimate Movement for BRK.BThe Zacks Consensus Estimate for BRK.B’s second-quarter 2026 EPS has moved 5 cents north in the past 30 days, while that for the third quarter has witnessed no movement in the same time frame. The Zacks Consensus Estimate for 2026 and 2027 EPS has moved 5 cents and 4 cents north, respectively, in the past 30 days.
Berkshire Hathaway (BRKA 0.36%) (BRKB 0.33%) is not as technology-shy as it once was. Over the past few decades, the holding company, led by Warren Buffett until his retirement in 2025, has increased its exposure to tech stocks.
Currently, this includes not just its large position in Apple (AAPL +0.33%), but also a burgeoning position in Alphabet (GOOG 1.46%) (GOOGL 1.39%), parent company of Google and YouTube. Many would also classify both of these "Magnificent Seven" stocks as artificial intelligence plays.
However, some will debate whether these represent "pure-play" AI stocks in the same sense that names like Nvidia or Palantir do. But Berkshire Hathaway has AI exposure in other ways, namely, through one of its wholly owned operating subsidiaries.
Berkshire bought this company many years ago and, for a while, considered it an unsuccessful acquisition. Yet thanks to the data center proliferation, Berkshire Hathaway's 2016 purchase of Precision Castparts for $37.2 billion is starting to look like a winning move.
Image source: The Motley Fool.
From one specialty market to another Based in Portland, Oregon, Precision Castparts makes specialty metal components for the aerospace and industrial sectors. This aerospace exposure may have been why Buffett and Berkshire saw the company as a buy in 2016, but during the height of the COVID-19 pandemic in 2021, even Berkshire Hathaway admitted that it was an ill-fated deal.
Today's Change
(
-0.36
%) $
-2,674.01
Current Price
$
733,526.00
That year, Buffett's holding company wrote down nearly $10 billion in goodwill related to the Precision Castparts purchase, citing the subsidiary's diminished value due to the pandemic's impact on air travel and, hence, demand for aerospace.
Now, however, the situation has improved dramatically. Beyond a rebound in aerospace demand, chalk up Precision Castparts' improved performance to another factor: the AI data center boom. As hyperscalers turn to gas-powered turbines to power data centers, and as these turbines use similar components to those in jet engine turbines, Precision Castparts, one of just a few companies in this niche industry, is cashing in big-time.
After generating just $900 million in annual operating cash flow during the pandemic-era slowdown of 2021, last year, Precision reported $2.4 billion in operating cash flow. For reference, the company's annual operating cash flow was around $1.7 billion just prior to its acquisition by Berkshire.
The takeaway for Berkshire and its AI exposure Make no mistake: Precision's indirect AI exposure by no means turns Berkshire Hathaway into a "pure-play" AI stock. The trillion-dollar conglomerate's interests in sectors like insurance dwarf its exposure to the technology sector, let alone to the AI megatrend.
Still, this opportunity didn't emerge from Berkshire chasing trends. Berkshire bought Precision Castparts, sensing that the company had a deep economic moat. Recent developments validate this thesis. Precision's edge in turbine components opened the door to the data center opportunity.
This takeaway can be applied to Berkshire. By purchasing high-quality assets and investments at fair prices and holding them for the long term, Berkshire is well positioned to benefit from emerging economic trends.
Only time will tell whether Greg Abel, Warren Buffett's successor, increases Berkshire's AI exposure. Yet if it continues to prioritize long-term quality over trends, similar situations to those at Precision Castparts could emerge.
KeyCorp made gains across its priority growth businesses of investment banking, commercial payments and wealth management in the second quarter, Chairman, CEO and President Chris Gorman said Tuesday (July 14).
The bank’s investment banking pipelines grew 9% over the previous quarter, its commercial payments business delivered double-digit fee growth over the past year, and its assets under management reached a record high of $74 billion, Gorman said in an earnings release.
Collectively, the priority fee-based businesses of wealth, investment banking and commercial payments grew 8% in the first half compared to the same period in 2025, according to a presentation released Tuesday.
“While the macroeconomic environment remains uncertain, our momentum continues to be strong,” Gorman said during a Tuesday earnings call. “We are seeing healthy client engagement, solid activity levels across our businesses, and remain well-positioned to perform through a range of potential economic scenarios.”
KeyCorp provides banking services to individuals and businesses in 15 states under the name KeyBank National Association, and it provides corporate and investment banking products to middle-market companies in selected industries across the United States under the name KeyBanc Capital Markets.
The company announced in April that it plans to expand its ability to provide financial advisory services to institutional clients by entering the Western European market via its acquisition of United Kingdom-based middle market investment banking advisory firm Clearwater UK. Subject to regulatory approvals and customary closing conditions, the transaction is expected to close in the second half, KeyCorp said in an April22 press release.
Highlighting the planned acquisition during Tuesday’s call, Gorman said: “This transaction represents a strategic extension of our leading middle-market advisory franchise and expands our ability to serve M&A [mergers and acquisitions] clients and prospects internationally.”
To expand its middle market commercial banking capabilities in regions of the U.S., KeyCorp announced in a May press release that it added experienced local talent in Southeast Michigan. The company announced in a March press release that it launched a five-person middle market commercial banking team in Atlanta after introducing similar teams in Chicago, Southern California, and Overland Park, Kansas.
Gorman said during Tuesday’s earning call: “We have done, I think, a really good job of expanding our core middle market business in new cities that we haven’t been in in the past.”
KeyCorp Chief Financial Officer Clark Khayat said during the call that the company expects to see its average commercial loans increase 8% to 10% this year.
“The higher outlook reflects strong loan growth through the first half of the year, continued success in adding and expanding client relationships, and healthy commercial loan pipelines that continue to support growth in the second half of 2026,” Khayat said.
BOK Financial Corporation (BOKF) Q2 2026 Earnings Call July 21, 2026 1:00 PM EDT
Company Participants
Heather Worley - Senior VP & Director of Investor Relations
Stacy Kymes - CEO, President & Director
Scott Grauer - Executive Vice President of Wealth Management
Martin Grunst - Executive VP & CFO
Conference Call Participants
David Chiaverini - Jefferies LLC, Research Division
Peter Winter - D.A. Davidson & Co., Research Division
Jon Arfstrom - RBC Capital Markets, Research Division
Matt Olney - Stephens Inc., Research Division
Michael Rose - Raymond James & Associates, Inc., Research Division
Wood Lay - Keefe, Bruyette, & Woods, Inc., Research Division
Jared David Shaw - Barclays Bank PLC, Research Division
Brett Rabatin
Presentation
Operator
Greetings. Welcome to BOK Financial Corporation's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
I would now like to turn the presentation over to Heather King, Director of Investor Relations for BOK Financial Corporation. Please proceed.
Heather Worley
Senior VP & Director of Investor Relations
Good afternoon, and thank you for joining our discussion of BOK Financial's Second Quarter 2026 Financial Results. Our CEO, Stacy Kymes, will provide opening comments, cover the loan portfolio and related credit metrics. Scott Grauer, Executive Vice President of Wealth Management, will cover our fee-based results; and our CFO, Marty Grunst, will then discuss financial performance for the quarter as well as our forward guidance.
Slide presentation and press release are available on our website at bokf.com. We refer you to the disclaimers on Slide 2 regarding any forward-looking statements made during this call.
I will now turn the call over to Stacy Kymes, who will begin on Slide 4.
Stacy Kymes
CEO, President & Director
Thank you, Heather. We appreciate you joining the call this afternoon. We are pleased to report earnings of $176.5 million or EPS of $2.92 per diluted share for
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Dana Incorporated (NYSE: DAN) announced today that its board of directors has declared a dividend on its common stock.
The board declared a quarterly dividend of $0.12 per share, payable August 28, 2026, to holders of Dana common stock as of August 7.
About Dana Incorporated
Dana Incorporated (NYSE: DAN) is a global leader in the design and manufacture of highly efficient propulsion solutions for the light- and commercial‑vehicle markets. Guided by its vision to be the world's best powertrain company, Dana delivers advanced conventional and clean‑energy technologies that help customers improve the performance, efficiency, and durability of their vehicles. The company supplies leading vehicle manufacturers and related aftermarkets with industry‑defining drive systems, electrodynamic technologies, and thermal and sealing solutions.
Headquartered in Maumee, Ohio, USA, Dana reported sales of $7.5 billion in 2025. With a history dating to 1904, the company employs 27,000 people in 24 countries across six continents. Learn more at dana.com.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- TransMedics Group, Inc. ("TransMedics") (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart and liver failure, today announced that it will release financial results for the second quarter 2026 after market close on Tuesday, August 4, 2026. The TransMedics management team will host a corresponding conference call beginning at 4:30 p.m. ET / 1:30 p.m. PT.
Investors interested in listening to the conference call may do so by dialing (800) 715-9871 for domestic callers or (646) 307-1963 for international callers and providing access code 6054544. A live and archived webcast of the event will be available on the "Investors" section of the TransMedics website at https://investors.transmedics.com/.
About TransMedics Group, Inc.
TransMedics is the world's leader in portable extracorporeal warm perfusion and assessment of donor organs for transplantation. Headquartered in Andover, Massachusetts, the company was founded to address the unmet need for more and better organs for transplantation and has developed technologies to preserve organ quality, assess organ viability prior to transplant, and potentially increase the utilization of donor organs for the treatment of end-stage heart, lung, and liver failure.
, /PRNewswire/ -- National shareholder rights firm Hagens Berman is investigating claims in a securities class action alleging violations of U.S. securities laws by Hub Group, Inc. (NASDAQ: HUBG). The suit contends the company and its senior executives provided false and misleading information to investors regarding the integrity of its financial reporting, revenue recognition practices, and the effectiveness of its internal controls.
REPORT YOUR HUBG LOSSES TO HBSS NOW
Class Period: Apr. 28, 2023 – May 11, 2026
Lead Plaintiff Deadline: Aug. 28, 2026
Visit: www.hbsslaw.com/investor-fraud/hubg
Contact the Firm Now: [email protected]
844-916-0895
Hub Group, Inc. (HUBG) Securities Class Action:
The suit alleges that Hub Group's repeated disclosures throughout 2026 have revealed a pattern of severe accounting irregularities. The complaint claims the company intentionally or recklessly misled investors during the Class Period (April 28, 2023 – May 11, 2026) by:
Understating Costs: Failing to accurately report purchased transportation costs and accounts payable, leading to a $77 million accounting error in 2025 alone. Improper Revenue Recognition: Prematurely or incorrectly recognizing transactions, which rendered the company's 2023 and 2024 annual reports materially misstated. Internal Control Deficiencies: Maintaining inadequate disclosure controls and internal control over financial reporting, despite repeated public assurances of their effectiveness. The Truth Emerges
The complaint alleges that the market's perception of Hub Group's stability was dismantled by two major corrective disclosures:
February 2026: The company revealed that financial statements for the first three quarters of 2025 were unreliable, causing an immediate 18% decline in share price. May 2026: Hub Group announced that its 2023 and 2024 annual reports were also materially misstated, compounding the decline with an additional 13% drop in share price. These revelations wiped out over $890 million in market capitalization, prompting the departure of the company's Chief Financial Officer and Chief Operating Officer in May 2026.
"Now that Hub Group has almost cleaned out its C-suite following accounting improprieties reaching all the way back to 2023, the core focus of our investigation is whether they were intentional or reckless with the goal of making financial metrics appear better than they actually were. We're also looking to see whether additional problems will surface when the company's review is completed," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation.
Investor Rights and Lead Plaintiff Deadline
Investors who purchased or acquired Hub Group common stock between April 28, 2023, and May 11, 2026, may be eligible to serve as lead plaintiff. The court-imposed deadline to move for appointment as lead plaintiff is August 28, 2026.
Submit your losses now Contact Our Attorneys: [email protected] HBSS Investor Hotline: 844-916-0895 If you'd like more information and answers to other frequently asked questions about the Hub Group case and the firm's investigation, read more »
Whistleblowers: Persons with non-public information regarding Hub Group should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Attorney Advertising. Prior results do not guarantee a similar outcome in any future case.
Vicor Corporation (VICR) Q2 2026 Earnings Call July 21, 2026 8:00 AM EDT
Company Participants
James Schmidt - Corporate VP, CFO, Treasurer, Corporate Secretary & Director
Philip Davies - Corporate VP of Global Sales & Marketing and Director
Patrizio Vinciarelli - Founder, Chairman, CEO & President
Conference Call Participants
Quinn Bolton - Needham & Company, LLC, Research Division
Richard Shannon - Craig-Hallum Capital Group LLC, Research Division
Justin Clare - ROTH Capital Partners, LLC, Research Division
John Dillon
Neil Gore
Donald McKenna
Joe DeBabny
Presentation
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the Second Quarter 2026 Vicor Corporation Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would like now to turn the conference over to Jim Schmidt, Chief Financial Officer. Please go ahead.
James Schmidt
Corporate VP, CFO, Treasurer, Corporate Secretary & Director
Thank you. Good morning, and welcome to Vicor Corporation's earnings call for the second quarter ended June 30, 2026. I'm Jim Schmidt, Chief Financial Officer, and I'm in Andover with Patrizio Vinciarelli, Chief Executive Officer; and Phil Davies, Corporate Vice President, Global Sales and Marketing.
Earlier this morning, we issued a press release summarizing our financial results for the 3 and 6 months ended June 30, 2026. This press release has been posted on the Investor Relations page of our website, www.vicorpower.com. We also filed a Form 8-K today related to the issuance of this press release. I remind listeners this conference call is being recorded and is the copyrighted property of Vicor Corporation.
I also remind you various remarks we make during this call may constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Except for historical information contained in this call, the matters discussed on this call, including any statements regarding current
ATLANTA, July 21, 2026 (GLOBE NEWSWIRE) -- First Advantage Corporation (NASDAQ: FA), a global software and data company, today announced it has been included on TIME’s list of America’s Best Companies 2026, ranking #1 in Background Screening and Identity Verification. This award is presented in collaboration with Statista, a world-leading statistics portal and industry ranking provider.
TIME and Statista identified America’s Best Companies 2026 based on three primary dimensions:
Employee Satisfaction – Based on survey data from ~217,000 verified employees at U.S. companies over the past three years, covering company recommendations and employer ratings across image, atmosphere, working conditions, salary, workplace, and equality.Financial Performance – Drawn from Statista's revenue database (last five years). Companies needed at least US $100 million in revenue in 2025. Performance was assessed on multiple metrics: short-term (2023–2025) and long-term (2021–2025) revenue growth (relative and absolute), changes in net income, asset growth, and the evolution of return on assets (ROA), all for 2023–2025.Sustainability Transparency – Based on an ESG index from Statista's ESG Database and additional research, covering: Environmental: 2024 carbon emissions intensity, reduction rate vs. 2022, and CDP scoreSocial: share of women on the board and existence of a human rights policyGovernance: presence of a GRI-aligned CSR report and a compliance/anti-corruption policy The 1000 highest-scoring companies were recognized as America’s Best Companies 2026.
In addition to being ranked #1 in Background Screening and Identity Verification, First Advantage placed in the top 25 nationwide in the Professional Services category and in the top three Professional Services companies ranked by financial performance.
"Being recognized by TIME as one of America's Best Companies and the #1 company in Background Screening and Identity Verification is a tremendous honor. This recognition reflects the dedication of our team members who live our values every day and remain focused on helping organizations build Trust in a Changing World™. At First Advantage, we believe that when companies truly know their people, they can make more confident decisions, create safer workplaces, and unlock greater opportunities for growth," said Scott Staples, Chief Executive Officer.
About First Advantage
First Advantage (NASDAQ: FA) is a global software and data company. We provide comprehensive, end-to-end identity solutions, criminal background screening, credential verifications, drug and health screening, and continuous risk monitoring. Combining AI-powered proprietary technology platforms with proprietary data, primary source data, and third-party data, we help organizations hire with confidence and manage risk across the entire employee lifecycle. With over 80,000 customers worldwide – including approximately two-thirds of the Fortune 100 – we deliver fast, comprehensive, and reliable solutions for employers, their candidates, and their employees. We conduct more than 200 million screens annually across over 200 countries and territories, supported by our verticalized go-to-market strategy, decades of experience, and proprietary databases containing over 1 billion records. For more information, please visit our website at https://fadv.com/.
Media Contact
Katelyn Brower
Director, PR, Social, Events [email protected]
Bitcoin has reclaimed several important technical levels, and improving momentum suggests the cryptocurrency could be setting up for another advance if key resistance is cleared. (Dreamstime)
Bitcoin resilience above $65,000 is attracting renewed investor attention, not only for its own prospects but also as a gauge of risk appetite across financial markets. After reclaiming several key technical levels, the cryptocurrency has begun to establish a modest uptrend, reflecting improved investor sentiment.
LITTLE ROCK, Ark., July 21, 2026 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income available to common stockholders for the second quarter of 2026 was $163.3 million, a decrease of 8.7% from $178.9 million for the second quarter of 2025, but an increase of 2.5% from $159.3 million for the first quarter of 2026. For the first six months of 2026, net income available to common stockholders was $322.6 million, a 7.0% decrease from $346.8 million for the first six months of 2025. Diluted earnings per common share (“EPS”) for the second quarter of 2026 were $1.49, a decrease of 5.7% from $1.58 for the second quarter of 2025, but an increase of 3.5% from $1.44 for the first quarter of 2026. EPS for the first six months of 2026 were $2.93, a 3.9% decrease from $3.05 for the first six months of 2025.
George Gleason, Chairman and Chief Executive Officer, stated, “We are pleased to report our solid financial results for the quarter including EPS of $1.49, a 1.60% return on assets, a 4.24% net interest margin, a 39.2% efficiency ratio, strong increases in our book value and tangible book value per common share, and meaningful increases in our capital ratios. We continued to make significant progress with the strategic diversification of our loan portfolio. Our solid financial performance and steady progress on numerous strategic initiatives have us well-positioned for the future.”
MANAGEMENT COMMENTS, FINANCIAL SUPPLEMENT AND CONFERENCE CALL
In connection with this release, the Bank released its management comments on its quarterly results and a financial supplement, which are available at the Bank's investor relations website.
Management will conduct a conference call to take questions at 7:30 a.m. CT (8:30 a.m. ET) on Wednesday, July 22, 2026. Interested parties may access the conference call live via webcast on the Bank’s investor relations website, or may participate via telephone by registering using this online form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. A replay of the conference call webcast will be archived on the Bank’s website for at least 30 days.
GENERAL INFORMATION
Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Established in 1903, Bank OZK conducts banking operations in 267 offices in nine states including Arkansas, Georgia, Florida, Texas, North Carolina, Tennessee, New York, California and Mississippi and had $41.7 billion in total assets as of June 30, 2026. For more information, visit ozk.com.
The Bank files annual, quarterly and current reports, proxy materials, and other information required by the Securities Exchange Act of 1934 with the Federal Deposit Insurance Corporation (“FDIC”), copies of which are available electronically at the FDIC’s website and are also available on the Bank’s investor relations website at ir.ozk.com. Use this online form to receive automated email notifications for these materials.
FORWARD-LOOKING STATEMENTS
This press release and other communications by the Bank and its management may include certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” " feels," “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Bank’s current expectations, plans or forecasts of its future results, revenues, liquidity, net interest income, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, deposits, assets, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Bank’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.
Why: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of The Ensign Group, Inc. (NASDAQ: ENSG) resulting from allegations that Ensign may have issued materially misleading business information to the investing public.
So What: If you purchased Ensign securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
What to do next: To join the prospective class action, go to https://rosenlegal.com/cases/the-ensign-group-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
What is this about: On June 8, 2026, Investing.com published an article entitled "Ensign Group stock tumbles after short seller report." The article stated that Ensign shares fell after "short seller Hunterbrook released a report alleging the nursing home operator's business model relies on inadequate patient care and gaming quality metrics." Further, the article stated that Hunterbrook "published findings from a five-month investigation claiming the company's profits depend on understaffing facilities while routing taxpayer dollars to executives and affiliates. The report alleges patients have suffered and died as a result."
On this news, Ensign Group's shares fell 8.15% on June 8, 2026.
Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
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UiPath's AI orchestration strategy, improving profitability and attractive valuation make it stand out over AppLovin despite both benefiting from AI adoption.
Key Takeaways Constellation Energy operates a 55-GW fleet spanning nuclear, gas, geothermal, hydro, wind and solar. CEG plans nearly 10 GW of new capacity and will restart the 835-MW Crane plant for Microsoft's AI demand. CEG plans $5.7B in 2026 and $4.7B in 2027 capex to upgrade plants and support earnings growth. Constellation Energy (CEG - Free Report) benefits from its diversified power generation fleets, which enable it to deliver reliable electricity under changing market conditions. Its balanced generation mix supports the clean energy transition and meets rising electricity demand.
Following its acquisition of Calpine, CEG operates a diversified 55-gigawatt (GW) generation fleet spanning nuclear, natural gas, oil, geothermal, hydro, wind and solar, enough to power approximately 27 million homes. It produces nearly 10% of the nation's clean electricity, plans nearly 10 GW of new capacity and will restart the 835-megawatt (MW) Crane plant, supporting Microsoft's AI-driven demand and long-term growth.
The company is also expanding its generation portfolio to capture growing power demand. CEG’s Calpine unit completed a 25-MW expansion at The Geysers geothermal facility, strengthening its clean energy generation portfolio. It completed the 105-MW Pastoria Solar Project and the 460-MW Pin Oak Creek Energy Center, increasing its renewable and natural gas generation capacity. The company has also submitted nearly 5,000 MW of new nuclear uprates, natural gas and battery storage projects into PJM's interconnection queue, positioning it to benefit from increasing data center electricity demand.
The company plans capital expenditures of $5.7 billion in 2026 and $4.7 billion in 2027 to upgrade plants, extend asset life and support long-term earnings growth. Overall, CEG's diversified generation fleet and expansion projects support long-term earnings growth by meeting rising clean electricity demand.
Utilities Benefit From Diverse Power Generation PortfolioAn integrated energy portfolio combining renewable energy, natural gas, nuclear and energy storage helps diversify revenues, improve reliability and reduce fuel-price risks. It also enables companies to meet growing electricity demand and support long-term earnings growth.
NRG Energy (NRG - Free Report) operates a diversified 25 GW generation portfolio of natural gas, coal and renewable assets. Its integrated fleet enhances operational flexibility and supports growing electricity demand.
Vistra Corp. (VST - Free Report) operates a diversified portfolio of nearly 44 GW of generation assets, including natural gas, coal, nuclear, solar and battery energy storage. Its balanced fleet provides operational flexibility and supports rising electricity demand.
The Zacks Rundown on CEGCEG’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 EPS indicates an increase of 25.03% and 16.02%, respectively, year over year.
Image Source: Zacks Investment Research
CEG’s Returns on Equity (ROE)Constellation Energy's trailing-12-month ROE is 16.81%, ahead of the industry average of 7.15%.
Image Source: Zacks Investment Research
CEG’s Stock Price PerformanceIn the past month, the company’s shares have plunged 6% compared with the industry’s 12.1% fall.
SAN JOSE, Calif., July 21, 2026 (GLOBE NEWSWIRE) -- In recognition of the utility’s commitment to supporting employees and fostering workplace engagement, Newsweek has named California Water Service Group (NYSE: CWT) one of only two water utilities in its 2026 list of “America’s Greatest Workplaces.” The ranking was developed by Newsweek in partnership with Plant-A Insights Group, a statistics portal and industry-ranking provider.
Working with Aniline, a leading third-party human resources analytics firm, Newsweek and Plant-A evaluated 10 categories of worker satisfaction among U.S. employees, such as company culture, compensation and benefits, career progression and training, and mental well-being. The assessment also considered more than 120 key performance indicators, such as leadership, integrity, compensation, and work-life balance, as well as more than 37 million data points. The study incorporated publicly available data and a large-scale, confidential online employee survey, analyzing more than 7.6 million reviews from over 575,000 employee interviews. In total, the study evaluated 70,000 U.S. companies with more than 1,000 employees across more than 90 industries and recognized the top 1,500 companies.
“At California Water Service Group, we take care of our employees so they can take care of our customers and communities, and we are proud of our ongoing track record of being recognized as a top workplace for employees,” said Marty Kropelnicki, Group Chairman & CEO. “We appreciate Newsweek recognizing our commitment to creating a workplace where employees feel supported, valued, and empowered to deliver quality, service, and value to the communities we serve.”
The full list is available at rankings.newsweek.com/americas-greatest-workplaces-2026.
About California Water Service Group
California Water Service Group is the largest regulated water utility in the western United States. It provides high-quality, reliable water and/or wastewater services to more than 2.2 million people in California, Hawaii, New Mexico, Washington, and Texas through its regulated subsidiaries, California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, and its utility holding company, TWSC Inc. (Texas Water Service). This year, the company commemorates a century of service.
Group’s purpose is to enhance the quality of life for customers, communities, employees, and stockholders. To do so, it invests responsibly in water and wastewater infrastructure, sustainability initiatives, and community well-being. The company’s nearly 1,300 employees live by a set of strong core values and share a commitment to protecting the planet, caring for people, and operating with the utmost integrity. The company has been named one of “America’s Most Responsible Companies” and the “World’s Most Trustworthy Companies” by Newsweek, a USA Top Workplace, and a Great Place to Work®. More information is available at www.calwatergroup.com.
SAN JOSE, Calif.--(BUSINESS WIRE)--Super Micro Computer, Inc. (NASDAQ: SMCI) (“Supermicro” or the “Company”), an AI, Enterprise, Storage, and 5G/Edge IT Total Solution Provider, featuring Data Center Building Block Solutions® (DCBBS), today is providing a preliminary business update for the fourth quarter of fiscal year 2026 (Q4'26), ended June 30, 2026, and schedules earnings call for August 11th at 5pm EDT. Revenues for the fourth quarter of fiscal year 2026 are estimated to be near the low e.
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, /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:
Destination XL Group, Inc. (NASDAQ: DXLG)'s merger with FBB Holdings I, Inc. If you are a Destination XL shareholder, click here to learn more about your rights and options.
Standard BioTools Inc. (NASDAQ: LAB)'s merger with Treeline Biosciences, Inc. Upon closing of the proposed transaction, Standard BioTools shareholders are expected to own approximately 16% of the combined company. If you are a Standard BioTools shareholder, click here to learn more about your rights and options.
First Hawaiian, Inc. (NASDAQ: FHB)'s merger with TriCo Bancshares. Upon closing of the proposed transaction, First Hawaiian shareholders are expected to own approximately 65% of the combined company. If you are a First Hawaiian shareholder, click here to learn more about your legal rights and options.
Rallybio Corporation (NASDAQ: RLYB)'s merger with Candid Therapeutics, Inc. Upon completion of the proposed transaction, Rallybio shareholders are expected to own approximately 3.65% of the combined company. If you are a Rallybio shareholder, click here to learn more about your rights and options.
On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures and information, or other relief and benefits.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
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LOS ANGELES, July 21, 2026 (GLOBE NEWSWIRE) -- BlackLine, Inc. (Nasdaq: BL) announced today that it will release financial results for the first quarter ended June 30, 2026 after market close on Tuesday, August 4, 2026 followed by a conference call hosted by management at 2:00 p.m. PT / 5:00 p.m. ET. A live webcast and replay will be accessible on BlackLine’s investor relations website at https://investors.blackline.com/. To access the conference call by phone, please register here, and dial-in details will be provided. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.
About BlackLine
BlackLine (Nasdaq: BL), is the trust infrastructure for the AI era of finance: a future where finance drives the agentic era with intelligence, integrity, and trust rising together. The BlackLine Agentic Financial Operations Platform™, powered by Studio360 and Verity™ AI, is where the Office of the CFO scales AI across Record-to-Report, Invoice-to-Cash, and the processes where finance owns the controls and demands integrity at every step.
By unifying data, embedding AI, and engineering trust into every action, BlackLine moves finance and accounting beyond reporting on the business to orchestrating it in real time.
Supported by industry-leading R&D investment and world-class security practices, approximately 4,300 customers across multiple industries partner with BlackLine to lead their organizations into the future.
Bina Mehta appointed to EXL’s board; Sarah K. Williamson to succeed Vikram Pandit as lead independent director by the end of 2026 July 21, 2026 16:01 ET | Source: EXL
NEW YORK, July 21, 2026 (GLOBE NEWSWIRE) -- EXL [NASDAQ: EXLS], a global data and AI company, announced that Bina Mehta, the former Chair of KPMG UK and a professional services leader with an extensive track record of advising global clients to deliver transformation and sustainable growth, has been appointed to EXL’s Board of Directors as an independent director effective July 16, 2026. Mehta will be a member of the board’s audit committee and compensation and talent management committee.
“We are thrilled to welcome Bina to the EXL board,” said Rohit Kapoor, chairman and chief executive officer. “She brings over three decades of experience spanning mergers and acquisitions (M&A), advisory and restructuring across four countries, and a deep understanding of what it takes to grow and lead a global business. Bina’s expertise in finance, governance, and building high-performing organizations internationally will be invaluable as we continue to scale our data and AI capabilities for our clients.”
“Throughout my career I have supported global businesses through fundamental transformation, not dissimilar to the journey EXL is undertaking,” said Mehta. “I am particularly drawn to EXL’s strong domain expertise in key industries such as insurance, healthcare, financial services that are at the leading edge of AI-driven transformation. I am excited to contribute to the board and management team as EXL continues its transformation with investments in technology and AI and as it helps its clients embrace the opportunities that data and AI present.”
As Chair of KPMG UK from 2021 to 2026, Mehta led the firm through a period of significant transformation and growth. She also chaired the KPMG Foundation from 2022 to 2026.
Mehta originally joined KPMG in 1990 and her experience there advising global clients on M&A, restructuring and transformation spans four countries – UK, India, the United States, and Canada.
Mehta is active in the technology sector, having led KPMG UK’s Emerging Giants practice focused on fast growth technology businesses and was appointed to the UK government’s AI Opportunity Forum in 2024 that drives adoption of AI across the private sector. She was honored with a Member of the Order of the British Empire (MBE) in 2022 for services in trade and investment and for supporting female entrepreneurs. She also serves on the board of the International Chambers of Commerce UK and is an Honorary Fellow in Entrepreneurship at the University of Cambridge’s Judge Business School and Visiting Professor at Bayes Business School. She is based in London.
EXL also announced a board leadership transition. Sarah K. Williamson will assume the role of lead independent director by the end of 2026, succeeding Vikram Pandit. Pandit has served as lead independent director since April 2024 and previously served as chairman of the board beginning in 2022. Pandit will remain on the board as an independent director.
“Sarah has demonstrated exceptional leadership since joining the board, and Vikram’s continued presence as a director will ensure a smooth and effective transition,” said Kapoor. “We are grateful for Vikram’s service as lead director and look forward to Sarah’s continued contributions in this new capacity.”
“It has been a privilege to serve as lead independent director during an important period in EXL’s growth,” said Vikram Pandit. “Sarah brings strong leadership and sound judgment to the role, and I look forward to supporting a smooth transition while continuing to serve on the board.”
“I am honored to step into the lead director role and want to thank Vikram for his service in this capacity,” said Sarah K. Williamson. “I look forward to working closely with Rohit and the management team as EXL continues to execute its growth strategy.”
Williamson has served as a member of the EXL board since June 2023. She is the chief executive officer of FCLTGlobal, a not-for-profit organization whose mission is to focus capital on the long term to support a sustainable and prosperous economy. Prior to FCLTGlobal, she spent over 20 years at Wellington Management, most recently as a Partner and Director of Alternative Investments. Earlier in her career, she was a senior engagement manager at McKinsey & Company, a special assistant at the U.S. Department of State, and a mergers and acquisitions banker at Goldman Sachs. She also serves as a director of Evercore (NYSE: EVR).
About EXL
EXL (NASDAQ: EXLS) is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 67,000 employees spanning six continents. For more information, visit www.exlservice.com.
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL’s operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by applicable law.
Contacts:
Investor Relations
Andrew Thut
Head of Investor Relations and Capital Markets [email protected]
Home Bancorp NASDAQ: HBCP reported higher second-quarter earnings and record quarterly net interest income, while management said loan growth rebounded and the company remains focused on resolving problem credits.
Chairman and CEO John Bordelon said the company earned net income of $11.6 million, or $1.48 per diluted share, for the second quarter of 2026. Earnings per share increased 2% from the first quarter and were up from $1.46 per share in the year-ago quarter. Return on assets increased to 1.31%.
Bordelon also announced that Darren Guidry has been named president of Home Bancorp. Guidry has served as chief risk officer since 2022, and previously held the roles of chief credit officer and chief lending officer. Bordelon said separating the CEO and president roles is intended to support the company’s “next phase of growth,” with Bordelon focused on corporate strategy, capital planning and shareholder relations, while Guidry leads day-to-day execution of strategic priorities.
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Net Interest Income Reaches Record Level Net interest income totaled $35.8 million in the quarter, which Bordelon said was the highest quarterly net interest income in Home Bancorp’s 118-year history. Chief Financial Officer David Kirkley said net interest income rose $1.3 million from the first quarter and $2.5 million from a year earlier.
The net interest margin expanded 8 basis points from the first quarter to 4.24%. Kirkley said the increase was driven by loan yields rising 5 basis points to 6.46%, while the cost of interest-bearing liabilities remained flat at 2.38%. Bordelon said the margin expansion reflected higher yields on earning assets and stable funding costs.
Home Bancorp’s cost of deposits was stable at 1.66% for the quarter. Bordelon called that “one of the lowest in our peer group” and said it reflected the strength of the company’s core deposit franchise. Kirkley said the average cost of interest-bearing deposits declined to 2.28% in the second quarter, helped by deposit mix improvement and certificates of deposit repricing at lower rates. However, he said the company does not expect “further material declines” in deposit costs.
In response to a question from Raymond James’ Joe Yanchunis about the timing of fixed-rate asset repricing benefits, Kirkley said he expects “a couple basis points” of margin increase in the third quarter and “a little bit into Q4.” He said moderation is more likely after the fourth quarter and into the first quarter of 2027.
Loans and Deposits Grow in the Quarter Loans increased by $50.7 million in the second quarter, or about 7% annualized, rebounding from a slight contraction in the first quarter. Bordelon said the Houston market continued to lead growth, expanding at a 9% annualized rate year to date. He also said the Tomball branch in northwest Houston, opened in the first quarter, is gaining momentum.
Bordelon said the company believes its pipeline can support continued mid-single-digit loan growth in the second half of the year, though he noted that predicting when customers will make financing decisions has become challenging. During the question-and-answer session, he clarified that the mid-single-digit growth outlook applies to the back half of the year.
Total deposits grew by $42.1 million, or 6% annualized, during the quarter. Kirkley said total deposits increased to $3.1 billion, with core deposit growth of $46.6 million more than offsetting a modest decline in certificates of deposit. Non-interest-bearing demand deposits increased $5.1 million and represented 27% of total deposits.
Bordelon said the loan-to-deposit ratio remained in the middle of the company’s 90% to 92% target range. In response to Hovde Group’s Feddie Strickland, Bordelon said maintaining certificates of deposit is important to supporting growth, noting that the company lost about $60 million of CDs after reducing rates in the first quarter and has not moved rates since then.
Credit Quality Shows Mixed Trends Management said credit quality remains an area of focus. Kirkley said non-performing loans declined to $26.4 million, or 0.95% of total loans, from $35.8 million, or 1.31% of total loans, in the prior quarter. The decline was primarily due to the transfer of about $10 million of non-performing loans into other real estate owned, or OREO.
Total non-performing assets were $39.2 million, or 1.09% of total assets, as foreclosed asset balances increased due to the foreclosure of multiple properties. Kirkley said the largest foreclosed property was $2.6 million.
Total criticized loans rose to $95.8 million, or 3.45% of total loans, primarily due to six relationships migrating into special mention status and a $7.4 million increase in substandard loans. Substandard loans increased largely because of the downgrade of a $12.4 million commercial and industrial credit, partially offset by the transfer of almost $10 million from substandard to OREO and paydowns.
Bordelon said the company does not see “specific industry-related stress,” but added that more individual customers are struggling in the current economy. He said net charge-offs remained “extremely low” at 6 basis points annualized and said the company expects conservative underwriting and active management to limit losses.
Guidry provided additional detail in response to Brean Capital’s Christopher Marinac, saying the special assets group has a significant number of resolutions in place. He said management expects more than $30 million of improvement in special assets between now and year-end, including resolutions in special mention loans, substandard credits and non-performing assets through payoffs, upgrades and OREO sales.
Expenses, Capital and Shareholder Returns Non-interest income totaled $3.9 million in the second quarter, up $181,000 from the first quarter. Kirkley said management continues to expect quarterly non-interest income in the range of $3.8 million to $4.1 million.
Non-interest expense totaled $24.6 million, up $1.6 million from the first quarter. Kirkley said the increase was primarily driven by $1.3 million of compensation and benefits expense and a $331,000 increase in foreclosed asset expense. Given elevated expenses related to foreclosed assets, management expects non-interest expense to remain in a range of $24 million to $24.8 million over the next several quarters.
Tangible book value per share increased to $47.02, up from $46.04 in the first quarter and more than 13% from a year ago. Kirkley said capital ratios remained strong, with a Tier 1 leverage ratio of 12.1% and a total risk-based capital ratio of 15.6%. The company declared a quarterly cash dividend of $0.32 per share, an increase of $0.01 from the prior quarter.
Asked by Piper Sandler’s Stephen Scouten about capital uses if merger-and-acquisition opportunities remain limited, Bordelon said the company still expects M&A to be the primary use of excess capital and is “looking for that right partner.” Kirkley said the company has been selective with share repurchases after the stock’s recent run, and also noted that subordinated debt with a 5.75% coupon becomes callable in 2027.
Management Discusses Competition and Hiring On competitive conditions, Bordelon said Texas is more competitive than Louisiana for both loans and deposits. He said some banks in the Texas market have offered deposit rates close to 4%, and in the first quarter a few were at 4.25%, making competition for deposits more challenging.
Guidry said the company is not planning major staffing changes following his appointment as president. He said Home Bancorp has a strong executive team and banking group, with little turnover, and is looking to add good bankers when available. Bordelon noted that the company recently added one relationship manager in the Baton Rouge market, which he described as its slowest-developing market.
About Home Bancorp (NASDAQ:HBCP)Home Bancorp, Inc is the bank holding company for The Home National Bank, a full-service financial institution headquartered in Lafayette, Louisiana. The company operates as a regional commercial bank serving individuals, small businesses and municipalities across Louisiana and East Texas. Through its network of branches and digital banking platforms, Home Bancorp offers a range of deposit and lending solutions designed to meet the needs of its local markets.
The company's core offerings include retail deposit products such as checking, savings and money market accounts, as well as a variety of commercial and consumer lending services.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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PASADENA, Calif.--(BUSINESS WIRE)--East West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq: EWBC), parent company of East West Bank, reported second quarter 2026 net income of $364 million, or $2.63 per diluted share. Total loans and deposits both reached new records as of June 30, 2026, at $59.0 billion and $70.1 billion, respectively. Return on average assets was 1.75%, return on average common equity was 16.0%, and book value per share grew 13% year-over-year. “East West delivered ano.
July 21, 2026 16:05 ET | Source: Valley National Bank
NEW YORK, July 21, 2026 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY) (“Valley”), the holding company for Valley National Bank, announced today its regular preferred and common dividends. The declared quarterly dividends to shareholders of record on September 15, 2026 are as follows:
A cash dividend of $0.501134 per share to be paid September 30, 2026 on Valley’s Non-Cumulative Perpetual Preferred Stock Series A;A cash dividend of $0.483756 per share to be paid September 30, 2026 on Valley’s Non-Cumulative Perpetual Preferred Stock Series B; A cash dividend of $0.515625 per share to be paid September 30, 2026 on Valley’s Non-Cumulative Perpetual Preferred Stock Series C; andA cash dividend of $0.11 per share will be paid October 1, 2026 on Valley’s common stock.
The common stock cash dividend amount per share was unchanged as compared to the previous quarter dividend. The common cash dividend should not be used as an indicator of future dividends to Valley’s common stockholders.
About Valley
As the principal subsidiary of Valley National Bancorp (NASDAQ: VLY), Valley National Bank is a regional financial institution with over $64 billion in assets. Founded in 1927, Valley has more than 220 branch locations and commercial offices nationwide and serves clients across New Jersey, New York, Florida, Alabama, California, Illinois, Pennsylvania and Arizona. Valley delivers a full range of consumer, commercial, and wealth management solutions designed to support everything from homeownership and business growth to long-term financial planning. Big enough to support complex financial needs and small enough to stay deeply connected, Valley is grounded in a relationship-led approach focused on understanding people first. That same relationship-led approach guides Valley’s commitment to community investment and responsible corporate citizenship. To learn more, visit www.valley.com or call the Valley Customer Care Center at 800-522-4100.
Forward Looking Statements
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about Valley’s business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by such forward-looking terminology as “intend,” “should,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project,” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Valley’s actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to those risk factors disclosed in Valley’s Annual Report on Form 10-K for the year ended December 31, 2025.
Contact: Travis Lan Senior Executive Vice President and Chief Financial Officer (973) 686-5007
July 21, 2026 16:09 ET | Source: River Valley Community Bancorp
YUBA CITY, Calif., July 21, 2026 (GLOBE NEWSWIRE) -- River Valley Community Bancorp (OTC markets: RVCB) with its wholly owned subsidiary, River Valley Community Bank (collectively referred to as the “Bank”), today announced unaudited financial results for the quarter ended June 30, 2026. Concurrent with the financial results announcement, the Bank declared a $0.07 per common share dividend payable on August 18, 2026, to shareholders of record as of July 31, 2026. The financial results announcement can be found on the Bank’s Investor Relations website at Investor Relations | River Valley Community Bank.
The Bank remains highly rated with BauerFinancial, and Depositaccounts.com and serves its customer base through its offices located at:
1629 Colusa Avenue, Yuba City, CA580 Brunswick Rd, Grass Valley, CA905 Lincoln Way, Auburn, CA904 B Street, Marysville, CA401 Ryland Street, Ste. 300, Reno, NV (Loan Production Office)2901 Douglas Blvd., Ste. 140, Roseville, CA The Bank offers a full suite of competitive products, services, and banking technology. For more information please visit our website at www.myrvcb.com or contact John M. Jelavich at (530) 821-2469.
Grosse Pointe, Michigan, July 21, 2026 (GLOBE NEWSWIRE) -- Broad Arrow, driven by Hagerty (NYSE: HGTY), is proud to present a selection of exceptional RUF, Porsche, and Singer models at its inaugural edition of The Quail Auction, the official auction of The Quail by The Peninsula, A Motorsports Gathering.
Among these highly desirable collector cars are a number of extremely rare RUF models, including one of only six RUF SCR ‘Mary Stuart’ examples. These will be joined by truly unique Singer commissions, as well as supercar icons of Porsche history such as the famous 959 Komfort and a 2015 918 Spyder.
These incredible RUF, Porsche, and Singer models will be among nearly 200 collector cars offered for sale at Broad Arrow’s inaugural edition of The Quail Auction. Taking place on Thursday August 13 and Friday August 14, the auction will feature some of the market’s most sought-after pre- and post-war classics, motorsport icons, supercars and modern collectibles, promising exciting bidding, a superb atmosphere, and the opportunity for collectors to acquire automobiles that have truly made their mark on motoring history.
“This is a wildly rare group of cars set for our auction at The Quail”, says Alexander Weaver, VP and Senior Car Specialist for Broad Arrow Auctions. “The RUF SCR “Mary Stuart” carries an incredible origin story, and as one of just six entirely made-to-order cars, delivered to a very well-known RUF collector, this is the one to chase. The iconic Porsche 959 speaks for itself, and the 918 Spyder is a fantastic example of a forward-thinking collector who specified the car in a way that almost predicted where the market was going. On top of all that, having a trio of Porsche 911s Reimagined by Singer in three different model configurations presents collectors with some of the most exclusive, bespoke offerings from the sought-after brand. We look forward to building on our reputation for exceptional Porsches at The Quail Auction.”
Leading a superbly curated selection of RUF collector cars is one of its rarest and newest models, a 2024 RUF SCR ‘Mary Stuart’ (Estimate: $2,500,000 - $2,800,000) Offered for the first time ever at auction, this highly exclusive, made-to-order RUF is one of only six SCR versions to be built in ‘Mary Stuart’ specification. The fascinating name comes from the high wraparound rear spoiler that Porsche fitted to its works Carrera RSR models in 1973, reminiscent of the high ruff collar worn by Mary, Queen of Scots. Finished in stunning Paint-to-Sample Ultra Violet, this 4.0-liter flat-six powered supercar has been driven only 176 miles at the time of cataloging. Along with its revered powertrain, it features a covetable specification with RUF-branded lightweight bucket seats, lightweight door panels, a custom valved exhaust and ‘Mary Stuart’ script on the rear shelf.
It is joined in the auction by one of the pillars of the RUF catalog a 1990 RUF BTR III Cabriolet (Estimate: $800,000 - $950,000). This rare final evolution of the BTR III, or Gruppe B Turbo RUF, represents the end of an era in which RUF firmly established itself as a world-class manufacturer. Featuring only 45,625 kilometers, this example is finished in Iris Blue Metallic with a Dark Blue leather interior and combines open-top cabriolet motoring with the performance for which RUF has become synonymous. Another icon of RUF history is a 1994 Porsche 911 RUF RCT EVO Speedster (Estimate: $800,000 - $950,000), one of very few Type 964 Speedsters to have been converted to RUF specification. Following a comprehensive restoration by RUF in 2015, it was given the desirable RUF Carrera Turbo (RCT) Evo conversion in 2024, making it a truly desirable derivative.
Equally desirable is a 1995 RUF RCT EVO (Estimate: $950,000 - $1,100,000), finished in iconic Guards Red over a black leather/Alcantara interior with only 55,123 miles on the odometer. Last but by no means least, is a 2013 RUF Rt35 (Estimate: $600,000 - $700,000), one of only 35 created to commemorate 35 years of turbocharged heritage and the first RUF model to be built on the Porsche 991 platform. This example, finished in Carrera White, is even rarer still as only a handful of open-top versions were created making this a truly historically significant RUF model.
Since Rob Dickinson founded Singer Vehicle Design in 2009, the company has created some of the most desirable collector cars in the world. In 2022 it finally entered the world of turbocharging with the creation of Classic Turbo Services and the ‘Aurum Verde Commission’, finished in striking Nice Green Metallic over a Cognac leather interior with Pascha-style bespoke woven leather seat inserts, was one of its first. This incredible piece of Singer history was not only a press car featured in Top Gear and Evo magazines, but it also appeared at the Goodwood Festival of Speed and was tested at the notorious Nürburgring Nordschleife. It is presented having driven only 8,449 miles and benefits from a full factory refresh in 2025.
1990 Porsche 911 Coupe Reimagined by Singer ‘Los Angeles Commission’ (Estimate: $1,100,000 - $1,300,000)
This extremely desirable and entirely bespoke Classic Study has driven only 8,000 miles and is finished in stunning Paint-to-Sample Namib Yellow with ghosted racing stripes over a Bone White leather interior with Black leather contrast trim. Powered by an Ed Pink Racing-built 4.0-liter air-cooled flat-six, it benefits from Singer’s ‘Big’ Cams and Ceramic Plenum Inlet and features a six-speed manual transmission and a limited-slip differential. This glorious powertrain is complimented by Öhlins Sport two-way adjustable dampers, making the ‘Los Angeles Commission’ the perfect canyon car.
1990 Porsche 911 Targa Reimagined by Singer ‘Coconut Grove Commission’ (Estimate: $1,100,000 - $1,300,000)
Reimagined by Singer Classic Services created this unique ‘Coconut Grove Commission’ featuring Singer Racing White paintwork with a Ruby Targa top over a Dark Plum leather interior. As a Targa, it is among the rarest of Singer models and this example has been driven only 55 miles in the hands of its original owner, making it effectively as-new and a remarkable opportunity for any Singer or Porsche collector.
The Quail Auction will also feature some of the most iconic supercar models from Porsche history, including a rare 1988 Porsche 959 Komfort (Estimate: $2,650,000 - $2,950,000). Only 266 959 Komfort supercars were produced and this German-market example showing just 20,751 kilometers, is one of only 34 to be painted in Graphite Metallic. A full matching numbers example, it benefits from a comprehensive service, along with recommissioning and 959 suspension upgrade by Canepa in 2024 at a cost of over $240,000. It is supplied with its original three-piece toolkit, driver’s manual and Porsche-issued specification sheet and has previously been in the ownership of several prestigious collections. Another superb Porsche model offered for sale is a 1995 911 Turbo Cabriolet (Estimate: $700,000 - $900,000) from the renowned Todd Blue Collection. One of only 14 Exclusive Department 993-generation 911 Turbo Cabriolets produced, this Midnight Blue Metallic example is one of the rarest ever produced by Porsche and was unavailable in the U.S. when new, making it even rarer still.
For collectors of modern supercars, one of the most desirable is undoubtedly the Porsche 918 Spyder (Estimate: $3,250,000 - $3,750,000 | Offered Without Reserve) and Broad Arrow will feature a superb 2015 model finished in Paint to Sample Grey Black over a Leather to Sample white leather interior at The Quail Auction. One of only 300 U.S.-market 918 Spyders produced, it features the optional Front Axle Lift System, Carbon Fiber Interior Package and is fitted with Lightweight Weissach magnesium wheels. This full ‘to Sample’ specification version of one of the defining supercars of the 21st century is worthy of any serious collection.
Additional information on all lots in Broad Arrow’s inaugural edition of The Quail Auction can be found at broadarrowauctions.com. Collectors interested in registering to bid are invited to speak with a Broad Arrow car specialist via broadarrowauctions.com or by contacting [email protected] or +1 313-312-0780. The complete digital catalog will be available soon.
Editor’s Notes
Photo Captions/Credits:
2024 RUF SCR ‘Mary Stuart’ (Credit – Ryan Merrill/Courtesy of Broad Arrow Auctions)1990 RUF BTR III Cabriolet (Credit – Courtesy of Broad Arrow Auctions)1990 Porsche 911 Reimagined by Singer - Classic Turbo Services "Aurum Verde Commission" (Credit – Justin Pavlovsky/Courtesy of Broad Arrow Auctions)1988 Porsche 959 Komfort (Credit – Courtesy of Broad Arrow Auctions)2015 Porsche 918 Spyder (Credit – Robin Adams/Courtesy of Broad Arrow Auctions) About Broad Arrow Auctions
Broad Arrow Auctions, driven by Hagerty (NYSE: HGTY), is a leading global collector car auction house founded in 2021 by industry veterans. As the fastest-growing auction house in its segment, Broad Arrow connects exceptional collector cars with enthusiasts worldwide through flagship events including The Broad Arrow Quail Auction (the official auction of The Quail by The Peninsula, A Motorsports Gathering), The Amelia Auction (the official auction of The Amelia Concours), The Porsche Auction in collaboration with Air | Water by Luftgekühlt, the Las Vegas Auction in partnership with Concours at Wynn Las Vegas, as well as international auctions held in partnership with Concorso d’Eleganza Villa d’Este, Zoute Grand Prix, and Auto Zürich.
Learn more at broadarrowauctions.com and follow us on Instagram, Facebook, LinkedIn, and Twitter.
About Hagerty, Inc. (NYSE: HGTY)
Hagerty is a company built by drivers for drivers, protecting 2.8 million vehicles in the United States, Canada and the UK. We make it easier and more enjoyable for enthusiasts to drive and celebrate the machines they love through innovative insurance products, live and digital auctions, engaging media and events, as well as the Hagerty Drivers Club, the world’s largest community of car lovers.
For more information, please visit www.hagerty.com or www.newsroom.hagerty.com.
Forward-Looking Statements - This press release contains statements that constitute “forward-looking statements” within the meaning of the federal securities laws. All statements provided, other than statements of historical fact, are forward-looking statements, including those regarding Hagerty’s future operating results and financial position, Hagerty’s business strategy and plans, products, services, and technology implementations, market conditions, growth and trends, expansion plans and opportunities, and Hagerty’s objectives for future operations. The words “anticipate,” “believe,” “envision,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” “ongoing,” “contemplate,” and similar expressions, and the negative of these expressions, are intended to identify forward-looking statements.
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The forward-looking statements herein represent the judgment of Hagerty as of the date of this release and Hagerty disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in Hagerty’s other press releases, reports and other filings with the Securities and Exchange Commission. Understanding the information contained in these filings is important in order to fully understand Hagerty’s reported financial results and its business outlook for future periods.
The one-of-six 2024 RUF SCR "Mary Stuart" offered at Broad Arrow's upcoming The Quail Auction, August 13-14, 2026. PTS Grey Black 2015 Porsche 918 Spyder offered without reserve at Broad Arrow's The Quail Auction 2026 during Monterey Car Week
, /PRNewswire/ -- Rollins, Inc. (NYSE:ROL), a premier global consumer and commercial services company, announced that the Board of Directors declared a regular quarterly cash dividend on its common stock of $0.1825 per share payable September 10, 2026 to shareholders of record at the close of business on August 10, 2026.
About Rollins, Inc.
Rollins, Inc. (ROL) is a premier global consumer and commercial services company. Through its family of leading brands, the Company and its franchises provide essential pest control services and protection against termite damage, rodents, and insects to more than 2.8 million customers in North America, South America, Europe, Asia, Africa, and Australia, with approximately 22,000 employees from more than 850 locations. Rollins is parent to Aardwolf Pestkare, Clark Pest Control, Crane Pest Control, Critter Control, Fox Pest Control, HomeTeam Pest Defense, Industrial Fumigant Company, MissQuito, Northwest Exterminating, OPC Pest Services, Orkin, Orkin Australia, Orkin Canada, Orkin UK, Safeguard, Romex Pest Control, Saela Pest Control, Trutech, Waltham Services, Western Pest Services, and more. You can learn more about Rollins and its subsidiaries by visiting www.rollins.com.
For Further Information Contact
Lyndsey Burton
(404) 888-2348
