Track market-moving stories before they get noisy

BA heads into Q2 with higher commercial deliveries and production gains, but supply-chain bottlenecks could shape revenues and cash flow.

NVIDIA Draws Fresh BuyingVirtus Investment Partners’ Joe Terranova told CNBC’s “Halftime Report” that he added to NVIDIA after the stock showed signs of a technical momentum breakout. He said NVIDIA’s fundamentals remain well known, but his latest purchases focused on the stock’s chart setup.

Broadcom And AMD Stay In FocusHyperscalers Drive The Chip TradeBrown said Alphabet’s earnings are important because they give investors a clean read on hyperscaler capital spending and whether AI infrastructure projects remain on track. He said investors who believe in the theme likely want exposure before those updates.

Memory And Capex Support SentimentLink said she added Micron after the stock pulled back from its highs while fundamentals stayed strong. She said memory and compute remain in short supply, giving Micron pricing power and stronger earnings visibility.

Jason Snipe, founder and chief investment officer of Odyssey Capital Advisors, during CNBC’s “Halftime Report” said the semiconductor pullback looked like a positioning reset rather than a fundamental break.

He said hyperscaler capital spending is unlikely to slow and expects Alphabet and other large cloud buyers to reaffirm, or potentially raise, spending plans.

NVDA Price Action: NVIDIA shares were down 1.09% at $209.74 at the time of publication on Thursday, according to Benzinga Pro data.

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As the artificial intelligence revolution matures in 2026, many investors are weighing high-performance hardware against specialized automation software. Choosing between NVIDIA (NVDA -1.56%) and UiPath (PATH -4.63%) requires balancing pure computing power with workplace efficiency.

NVIDIA provides the essential infrastructure for modern computing, while UiPath develops the AI software robots that execute complex business tasks. Both companies are central to the global technology landscape, offering different ways to gain exposure to the ongoing shift toward automated enterprise intelligence.

The case for NVIDIANVIDIA designs accelerated computing infrastructure, primarily focused on graphics processing units (GPUs) and AI systems for training large models. The company occupies a unique position among tech stocks due to its role in building the foundation of artificial intelligence. It serves massive markets like healthcare, though two customers accounted for 36% of total revenue in fiscal year (FY) 2026, which adds a layer of risk to the business.

In FY 2026, revenue reached $215.9 billion, representing growth of 65.5% over the prior year. This expansion led to substantial profitability, with the company reporting net income of $120.1 billion. The net margin, which measures how much profit a company keeps from every dollar of sales, remained high at 55.6%.

As of its January 2026 balance sheet, the debt-to-equity ratio is 0.1x. This ratio compares total debt to shareholder equity, with a lower number suggesting a lighter debt load. Free cash flow reached $96.7 billion for the year, and the current ratio stands at 3.9x.

The case for UiPathUiPath provides an integrated automation platform that uses AI agents and software robots to streamline business workflows across financial and healthcare sectors. The company relies on enterprise sales, with its top 10% of customers representing a substantial portion of total revenue. Recent efforts include a three-year deal with The Very Group.

In FY 2026, revenue reached $1.6 billion, indicating a growth rate of 12.7% compared to the previous year. The company reported net income of $282.3 million as it successfully transitioned to profitability. This resulted in a net margin of 17.5% for the fiscal year.

As of its January 2026 balance sheet, the debt-to-equity ratio is zero and the current ratio is 2.5x. Free cash flow for the year was $352.2 million. Note that stock-based compensation (SBC) represented 78.3% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.

Risk profile comparisonNVIDIA faces strict U.S. export controls on advanced chips that significantly limit access to major markets. The company also deals with manufacturing concentration because it depends on third-party foundries such as Taiwan Semiconductor Manufacturing. Furthermore, an ongoing lawsuit regarding cryptocurrency revenue, and rapid technological change keep the pressure on its market share.

UiPath faces intense competition from established enterprise platform vendors such as Microsoft. The company relies heavily on its single automation platform, making it vulnerable to shifts toward native AI solutions. Scaling complexity and strict global privacy regulations, such as the EU AI Act, also pose potential operational and legal challenges.

Valuation comparisonWhile NVIDIA continues to command a significant premium due to its dominant market position, UiPath offers a lower entry point based on sales multiples.

MetricNVIDIAUiPathForward P/E23.0x15.4xP/S ratio23.3x4.0xValuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Both NVIDIA and UiPath have benefited from the rise of artificial intelligence, as demonstrated by their double-digit year-over-year sales growth. However, NVIDIA’s consistent success has resulted in Wall Street harboring sky-high expectations for the company.

This means it takes near-flawless execution to meaningfully move the needle on NVIDIA’s stock price these days. For instance, the company announced on July 16 that it was working with the Japanese government to establish the world’s first national infrastructure for AI, but the news did little to the share price.

UiPath faces the opposite problem. Wall Street is skeptical the company’s AI automation products will prove successful over the long run as competition heats up. Consequently, its stock fell to a 52-week low of $9.20 in May and has struggled to rebound.

That said, UiPath’s sales growth and transition to profitability show it is capturing customers and effectively managing its financial health. Given UiPath’s lower share price valuation, it certainly looks like a compelling investment. But the risk is that customer adoption of its automation tools may plateau at some point.

Meanwhile, NVIDIA’s leadership in the AI sector is unmatched, and its financial strength is impressive. It continues to evolve its technology to keep pace with competitors, and is now investing in quantum computing. These factors make it the better long-term investment.

TEMPE, Ariz.--(BUSINESS WIRE)---- $AMKR #AdvancingWhatsNext--Amkor Technology, Inc. (Nasdaq: AMKR) today announced a multi-year strategic partnership with NVIDIA to develop advanced semiconductor packaging and test technologies for next-generation AI and accelerated computing platforms. Under the agreement, NVIDIA will provide a prepayment to support the expansion of Amkor's U.S. advanced packaging capacity.Advanced packaging enables the performance, energy efficiency and system-level integration required for AI infrastructu.

By PYMNTS  |  July 23, 2026

 | 

Highlights

Overlapping summer sale events from Amazon and Walmart nearly saturated the adult U.S. market, but average spending fell sharply at both retailers, showing that a bigger audience can still produce smaller baskets and weaker economics.

Deal-week competition is turning loyalty into price arbitrage. With shoppers moving fluidly between Amazon and Walmart, comparing offers in real time and choosing largely on price, promotional events increasingly reward the lowest offer rather than the strongest retail relationship.

AI is beginning to control the path to purchase. As shoppers use assistants to research, compare and recommend products before entering a retailer’s ecosystem, Amazon and Walmart risk losing influence over discovery, even when they ultimately win the transaction.

This summer, Amazon moved Prime Day to June 23-26, leaving July without its usual commercial centerpiece for the first time outside the pandemic-disrupted 2021 event. 

The shift created an apparent hole in merchants’ calendars. What emerged instead was a clearer view of how large-scale shopping events are changing. Prime Day still generated extraordinary demand, but the combination of Amazon’s earlier timing, its direct overlap with Walmart Deals and a subsequent July slowdown suggests retailers are no longer competing simply to produce the biggest sales day. They are competing to control a longer, more fragmented cycle of consumer attention.

An estimated 244 million U.S. consumers, or 93% of adults, shopped at least one of the events, up from 135 million the previous year. The share participating in neither promotion collapsed from 48% to 7%, according to a PYMNTS Intelligence survey of 2,160 consumers conducted in June.

But the larger crowd came with a catch: Shoppers spent less. The survey found average spending at Amazon fell from $360 in 2025 to $308, while Walmart’s average dropped from $484 to $326. The overlap expanded the top of the funnel while compressing the value of each customer moving through it.

That trade-off offers a preview of the next phase of promotional retail. The biggest shopping events may attract more people than ever, but they are also becoming less capable of concentrating consumer spending in one place.

See also: Amazon and Walmart’s Summer Sale Wars Deliver a Win (With An Asterisk) 

Retail Loyalty Gives Way to Comparison Shopping Running competing events simultaneously also made it easier for consumers to treat Amazon and Walmart as interchangeable deal inventories. Nearly three-quarters of dual-event participants compared prices across Amazon and Walmart, the survey found, and 46% said price alone determined where they completed a purchase. Loyalty was the deciding factor for just 15%.

The overlap therefore produced not only a bigger market but a more efficient one, at least from the consumer’s perspective. Shoppers could check the same television, appliance or household item on multiple platforms in real time, reducing retailers’ ability to use the event’s scale and urgency to soften price sensitivity.

Artificial intelligence (AI) added another comparison layer. Twenty-one percent of event participants used an AI assistant to research products, locate deals or compare prices. Nearly three-quarters of those users bought at least one product primarily because an AI tool recommended it.

Also from PYMNTS: PYMNTS covered Thursday (July 23) how Amazon’s founder Jeff Bezos reportedly sees Prime Video as the place to tout the company’s AI efforts and has urged Prime Video boss Mike Hopkins to revamp the streaming service to give AI a starring role.

Without another July promotional sprint, consumer retail brands have shifted their attention toward back-to-school campaigns, fourth-quarter inventory forecasts, advertising allocations and final holiday shipments.

The result is a retail calendar that looks less like a series of isolated events and more like a continuous demand-management system. Winning within it requires merchants to distinguish between reach and profitability, participation and loyalty, promotional velocity and durable growth.

Read the report: The Overlap Effect: How Amazon and Walmart Expanded the Crowd and Shrank the Basket

AI Moves Upstream of the Retailer The more disruptive competitive pressure may come from outside both companies. More than one in five event shoppers used an AI chatbot or assistant to compare products, locate deals or research purchases, a rate that climbed to 35% among Generation Z.

That behavior moves an important part of product discovery upstream from the retailer. Instead of beginning a search inside Amazon or Walmart, shoppers can ask an independent interface to evaluate prices, features and reviews across multiple merchants before directing them toward a checkout page.

At the same time, the survey found that consumers expect major retailers to coordinate their discounting around the same shopping windows, just as they expect competitive shipping, accessible reviews and transparent pricing. What once distinguished a retailer can quickly become a market-wide condition.

That raises the strategic stakes. Attracting more shoppers is no longer sufficient when those shoppers are spending less, comparing more and arriving with recommendations generated outside the retailer’s ecosystem.

Ford is planning to integrate Apple software into its next-generation fleet of electric vehicles, which will, in turn, help power hands-free driving technology.

Apple and Ford announced Thursday that Apple Maps will be included in the automakers' new Universal Electric Vehicle (UEV) platform through the use of Apple's MapKit for Automotive SDK. Ford's UEV will debut with a midsize electric in 2027, and buyers won't need a separate Apple subscription to use the software in the vehicle.

The UEV will harness that tech to give drivers turn-by-turn directions with the use of natural language, giving them real-time traffic and incident information, as well as a search function that uses detailed place cards and routing options.

The partnership will also see Ford use road-level data from Apple Maps in the development of the company's next-generation BlueCruise hands-free driving capability, as well as its in-house autonomous driving tech.

APPLE RAISES PRICES ON SOME STREAMING SERVICES AS LICENSING COSTS CLIMB

Ford's partnership with Apple comes amid a push to improve self-driving technology. (Calla Kessler/The Washington Post via Getty Images)

Apple's MapKit for Automotive SDK provides road-level information to help automakers develop self-driving technologies, and the company said the tool uses the same privacy practices as Apple Maps, noting that it doesn't collect users' location details and activity in a way that can be linked to the individual user.

"Apple Maps delivers the best map experience in the world, and we’re excited to bring the power of Maps’ navigation technology to Ford’s innovative Universal Electric Vehicle Platform," said Eddy Cue, Apple’s SVP of services and health.

"With our new MapKit for Automotive SDK, we’re bringing Maps further into drivers’ daily lives, giving them an incredibly accurate and easy-to-use navigation system that is seamlessly integrated into Ford vehicles."

FORD REHIRES EXPERIENCED ENGINEERS AFTER AI MISSES THE MARK

Apple's partnership with Ford includes Apple Maps and data that will help inform self-driving tech. (Wirestock / Getty Images)

Ford CEO Jim Farley said the company's next midsize EV will be priced around $30,000 and "redefines what advanced technology can be – simple, useful and truly attainable for more customers."

"We're proud to embed Apple Maps' navigation and mapping technology directly into our Universal Electric Vehicle Platform alongside our Ford app, a full suite of software and next-generation BlueCruise, all enabled by a new zonal architecture," Farley said.

"Apple Maps has delivered a world-class product, and we're honored to be among the first to embed it directly into a vehicle, helping define intuitive, capable driving."

APPLE TO INVEST $30 BILLION IN US CHIP MANUFACTURING

Ticker Security Last Change Change % AAPL APPLE INC. 321.66 -4.23 -1.30% F FORD MOTOR CO. 14.14 -0.26 -1.80% Latitude AI, Ford's wholly owned subsidiary focused on autonomous driving, is developing the company's in-house advanced driving system. The Ford Large Driving Model supports a range of self-driving capabilities and has been derived from millions of miles of real-world driving data, the company said.

Ford and Latitude are designing both the hardware and software to be easily scalable across the automaker's lineup of vehicles.

The company indicated that work "is vital to Ford and Latitude's mission of democratizing autonomy and delivering a compelling experience at an attainable price point on the UEV Platform."

Ford announced the partnership with Apple ahead of the rollout of its Universal Electric Vehicle Platform next year. (Jeff Kowalsky/Bloomberg via Getty Images  / Getty Images)

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CEO Dan Schulman has overseen sweeping job cuts since taking the helm in October.

Intel Corp (NASDAQ:INTC, XETRA:INL) shares jumped nearly 11% in after-hours trading after the chipmaker reported second quarter results that exceeded Wall Street expectations, driven by stronger demand across its data center and client computing businesses and a better-than-expected outlook for the third quarter.

The company reported second quarter revenue of $16.1 billion, up 25% from a year earlier and above analyst expectations of $14.43 billion.

Adjusted earnings per share came in at $0.42, compared with consensus estimates of $0.21 per share.

Intel’s Data Center and AI segment generated $6.3 billion in revenue during the quarter, topping analyst expectations of $5.54 billion and rising 59% year over year. The Client Computing and Physical AI Group reported revenue of $8.9 billion, up 13% year over year and ahead of estimates of $7.99 billion.

Intel forecast third quarter revenue of $15.8 billion to $16.8 billion, above Wall Street expectations of $15.1 billion.

The company expects adjusted earnings per share of $0.38, compared with analyst estimates of $0.27.

“AI is driving unprecedented demand for compute, and as we continue to execute, Intel is well-positioned to capture sustainable growth across our CPU franchise, ASICs, advanced packaging and vast wafer foundry network,” Intel CEO Lip-Bu Tan said in a statement.

“Our Q2 results represent our strongest revenue growth in more than fifteen years, enabled by greater speed, accountability, and customer focus.”

Intel CFO Dave Zinsner wrote that the company delivered a strong quarter “on robust demand and improved execution,” including higher factory yields and improved cycle times.

He added that AI-driven compute demand continues to strengthen and that Intel is increasing investments in equipment, clean room space and substrates to support expected growth.

Characteristics and Risks of Standardized Options: https://bit.ly/2v9tH6D. Intel's (INTC) earnings bar got slightly lowered following sharp selling action on Alphabet's (GOOGL) and Tesla's (TSLA) reports.

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Intel reported better-than-expected second-quarter results on Thursday, notching its fastest revenue growth rate for any quarter since 2011 and issuing guidance that topped expectations. The stock jumped 11% in extended trading.

Here's how the chipmaker did versus LSEG consensus estimates

Earnings per share: 42 cents, adjusted, versus 21 cents expectedRevenue: $16.1 billion, versus $14.42 billion expectedIntel shares are up over 170% so far in 2026 as of Thursday's close after soaring 84% last year, when the U.S. government took a 10% stake in the company as part of an effort to support U.S. chip manufacturing. However, the stock has been in a slump more recently, dropping 28% in July.

Despite the recent downturn, the company is getting a boost from the artificial intelligence infrastructure boom, which is helping sales of its server processors. Intel's 25% revenue growth was the fastest for any quarter since the third quarter of 2011.

"AI is driving unprecedented demand for compute," CEO Lip-Bu Tan said in the statement. "As we continue to execute, Intel is well-positioned to capture sustainable growth across our CPU franchise."

For the current quarter, Intel said it expects adjusted earnings per share of 38 cents on revenue between $15.8 billion and $16.8 billion. Analysts were expecting revenue of $15.1 billion and EPS of 27 cents, according to LSEG.

Intel also said it is starting to craft long-term agreements with customers for its server CPUs, some with pricing locked in and others focused on chip volume.

It's a move that's becoming common, particularly in memory, as vendors try to preserve current high pricing and market power in case the AI market turns. Intel said it had reached 10 long-term agreements, and Zinsner said the company is supply constrained, with data center customers demanding more than it can produce. 

Revenue in the company's client computing group, which makes chips for PCs, rose 13% to $8.9 billion. It's still Intel's biggest unit, but the robust growth is coming from its data center business, where revenue rose 59% to $6.3 billion. Intel said it expects flat PC sales in the third quarter because of the memory shortage. 

Intel is boosting its capital expenditures, targeting a "meaningful increase" next year, as it aggressively tries to morph into a manufacturer of chips for other companies. CFO David Zinsner told CNBC's Kristina Partsinevelos that the company's latest manufacturing process, called 14A, is ahead of where older technologies were at the same point in the cycle. Intel said its foundry reported $5.8 billion in sales, up 31% on an annual basis. 

Still, Intel did not reveal a major customer for its foundry, as investors and potential customers keep waiting. It primarily manufactures its own chips. Intel's foundry landed Fortinet as its first named customer under Tan earlier this week, but it's using an older manufacturing technology to make security chips.

Intel's gross margin also recovered to 42%, up from 2.5% in the year-ago period, which the company attributed to benefits of scale with more revenue, as well as selling chips with higher margins and pricing.

WATCH: Bernstein's Stacy Rasgon on Intel

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Intel (INTC) shares have climbed more than 300% over the last 12 months but have fallen 30% from record highs less than a month ago as of Thursday's close. After hours, the legacy tech firm showed AI strength with stronger-than-expected earnings and guidance that surged past Wall Street's estimates.

Intel Corp (NASDAQ:INTC, XETRA:INL) shares jumped nearly 11% in after-hours trading after the chipmaker reported second quarter results that exceeded Wall Street expectations, driven by stronger demand across its data center and client computing businesses and a better-than-expected outlook for the third quarter.

The company reported second quarter revenue of $16.1 billion, up 25% from a year earlier and above analyst expectations of $14.43 billion.

Adjusted earnings per share came in at $0.42, compared with consensus estimates of $0.21 per share.

Intel’s Data Center and AI segment generated $6.3 billion in revenue during the quarter, topping analyst expectations of $5.54 billion and rising 59% year over year. The Client Computing and Physical AI Group reported revenue of $8.9 billion, up 13% year over year and ahead of estimates of $7.99 billion.

Intel forecast third quarter revenue of $15.8 billion to $16.8 billion, above Wall Street expectations of $15.1 billion.

The company expects adjusted earnings per share of $0.38, compared with analyst estimates of $0.27.

“AI is driving unprecedented demand for compute, and as we continue to execute, Intel is well-positioned to capture sustainable growth across our CPU franchise, ASICs, advanced packaging and vast wafer foundry network,” Intel CEO Lip-Bu Tan said in a statement.

“Our Q2 results represent our strongest revenue growth in more than fifteen years, enabled by greater speed, accountability, and customer focus.”

Intel CFO Dave Zinsner wrote that the company delivered a strong quarter “on robust demand and improved execution,” including higher factory yields and improved cycle times.

He added that AI-driven compute demand continues to strengthen and that Intel is increasing investments in equipment, clean room space and substrates to support expected growth.

Intel Corp. surged in late trading after the chipmaker's revenue forecast shattered estimates, indicating that booming data center spending is helping fuel a long-awaited turnaround. Bloomberg's Ed Ludlow spoke to CEO Lip-Bu Tan who said demand is outpacing the current supply.

IBM CEO Arvind Krishna said that only 2% of his company's software could be replaced with applications constructed by artificial intelligence models, as he seeks to reassure Wall Street following disappointing second-quarter results.

"The rest of our software really helps people get ready for AI, unlocking data in real time, reducing the cost and complexity of managing it, going across the hybrid infrastructure, which most of our clients are using," Krishna told CNBC's "Squawk on the Street" on Thursday. "And because it would be what you would call maybe infrastructure software, not applications, I believe it'll be a tailwind for us."

Wall Street has turned skeptical on software stocks over the past couple years due to concerns that AI will disrupt their business models as technology from Anthropic, OpenAI and others gets more powerful. IBM shares are down about 30% this year, and the iShares Expanded Tech-Software Sector Exchange-Traded Fund (IGV) has dropped 17%.

In February, IBM saw shares sink 13% after Anthropic issued a blog post on its Claude Code tool's ability to modernize code written in Cobol, which is often found on mainframes.

Krishna told analysts on Wednesday, after the company's earnings report, that IBM's current-generation z17 mainframe encountered challenges in the quarter. Finance chief Jim Kavanaugh said some customers chose to spend money on other data center equipment, such as servers and storage, as memory prices spike because of AI chip requirements.

For every dollar in revenue IBM generates from mainframe infrastructure, it picks up $3 in software. Just as IBM's Z mainframe business saw revenue drop 42% in the quarter, transaction processing software declined 9%. It was a sudden shift from the first quarter, when Z revenue grew 48%, and transaction processing increased 2%.

During the June quarter, 45% of IBM's revenue came from software, where profit margins are the strongest.

Krishna said Starbucks spends about $2 million per year on IBM software. He said the coffee maker is taking out Tririga lease management software. IBM bought Tririga in 2011, and plans to end support in 2027.

"That is a big component of that 2% I talked about, and I do think that software like that is subject to risk," he said. "By the way, what they had in place was a 10-year-old piece of software."

While IBM stuck with its guidance for a $1 billion bump to free cash flow in 2026, Kavanaugh said Wednesday that he now expects 6% to 8% growth in software revenue for the year. In January, he said he was confident the growth rate would be in the double digits.

Krishna said on Thursday that mainframe hardware capacity is growing, which has implications for software.

"The software on that tends to lag the hardware capacity, and I do think that if we give it another year, you'll find the software will catch back up," he said.

About 75% of deals that slipped from the second quarter should come back to IBM before year end, Krishna said.

"We would avoid giving full credit for the maintained guide until a larger portion of the slipped activity is reflected in reported results," analysts at Jefferies wrote in a Thursday note to clients. They recommend buying the stock.

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DENVER--(BUSINESS WIRE)--Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM) (Newmont or the Company) today announced second quarter 2026 results and declared a dividend of $0.261 per share. "Newmont delivered another quarter of strong operational and financial performance, producing approximately 1.3 million attributable gold ounces and generating record second quarter free cash flow of $2.2 billion, while remaining on track to achieve our full-year 2026 guidance,” said Natascha Viljoen, Newm.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Chord Energy Corp. (Nasdaq: CHRD) ("Chord" or the "Company") plans to announce its second quarter 2026 financial and operating results on Wednesday, August 5, 2026 after market close. The Company will host a live webcast and conference call on Thursday, August 6, 2026 at 10:00 a.m. Central.

Investors, analysts and other interested parties are invited to listen to the webcast:

You may use the following dial-in information to join the conference call by phone with operator assistance:

Dial-in:

1-800-836-8184

Intl. Dial-in:

1-646-357-8785

Conference ID:

34285

Website:

www.chordenergy.com

A recording of the conference call will be available beginning at 1:00 p.m. Central on the day of the call and will be available until Thursday, August 13, 2026 by dialing:

Replay dial-in:

1-888-660-6345

Intl. replay:

1-646 517 4150

Replay access:

34285 #

The call will also be available for replay for approximately 30 days at www.chordenergy.com.

Additionally, Chord Energy plans to participate in the following energy conferences and investor events:

August 11-12, 2026

Citi 2026 Global Power & Energy Conference - Las Vegas, NV

August 19, 2026

Wolfe Research Fall Energy Summit - Virtual

September 06, 2026

Barclays CEO Energy-Power Conference - New York, NY

September 29, 2026

Mizuho Oil & Gas Fall Bus Tour - Houston, TX

September 29-30, 2026

PEP Energy Conference - Austin, TX

About Chord Energy Corp.

Chord Energy Corp. is an independent exploration and production company with quality and sustainable long-lived assets in the Williston Basin. The Company is uniquely positioned with a best-in-class balance sheet and is focused on rigorous capital discipline and generating free cash flow by operating efficiently, safely and responsibly to develop its unconventional onshore oil-rich resources in the continental United States. For more information, please visit the Company's website at www.chordenergy.com.

Contact:

Chord Energy Corporation

Bob Bakanauskas - Vice President, Finance

(281) 404-9600

[email protected]

SOURCE Chord Energy

Also from this source

SAP SE (NYSE:SAP) posted its second-quarter results after Thursday’s closing bell, missing analyst estimates on the top and bottom lines.  Here’s a look at the key figures from the quarter.

SAP stock is moving. Watch the price action here. SAP reported quarterly earnings of $1.85 per share, which missed the consensus estimate of $2.01 by 7.96%, according to Benzinga Pro data. 

Quarterly revenue came in at $11.48 billion, which just missed the Street estimate of $11.49 billion and was up from $10.24 billion in the same period last year.

SAP reported the following second quarter highlights:

“We delivered another quarter of strong current cloud backlog growth, up 26% at constant currencies. This performance is underpinned by our Autonomous Enterprise strategy with strong momentum across our Autonomous Suite as well as our Business AI Platform,” said CEO Christian Klein.

Looking AheadSAP expects sees constant currencies total revenue growth in 2026 to remain at similar levels as in 2025 (10.6%) and to accelerate in 2027.

SAP Stock Price Activity: According to data from Benzinga Pro, SAP stock was up 1.52% to $148.60 in Thursday’s extended trading.  

Photo: Shutterstock

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Dover Corporation (DOV) Q2 2026 Earnings Call Transcript

TSXV: ITR; NYSE American: ITRG
www.integraresources.com

, /PRNewswire/ -- Integra Resources Corp. ("Integra" or the "Company") (TSXV: ITR) (NYSE American: ITRG) is pleased to provide an interim operational update for the second quarter ended June 30, 2026. Florida Canyon produced 16,379 ounces of gold during the quarter, a 30% increase from the first quarter of 2026. The increase in gold production was supported by record total material movement, including a 47% increase in ore mined and a 45% increase in ore placed on the heap leach pads quarter-over-quarter. With significantly more ore being placed on the heap leach pad in the second half of this year, the Company expects gold production to increase in the third and fourth quarters and is maintaining full-year gold production guidance of 70,000 to 75,000 ounces.

The Company plans to release its second quarter 2026 financial results after market close on Tuesday, August 11, 2026, followed by a conference call hosted by senior management on Wednesday, August 12, 2026 at 10:00 AM Eastern Time / 7:00 AM Pacific Time. 

(All amounts in United States ("U.S.") dollars as at June 30, 2026, unless otherwise stated.)

Q2 2026 Operational Highlights:

Key Operating Metric Improvements Quarter-over-Quarter1: 30% increase in gold produced 16% increase in total tonnes mined 47% increase in ore mined 45% increase in ore placed on heap leach pads 21% increase in processed grade 38% decrease in strip ratio 8% decrease in waste mined The Company mined 4.4 million ("M") tonnes of ore and 3.6 M tonnes of waste at a strip ratio of 0.81 at the Florida Canyon Mine ("Florida Canyon" or the "Mine"). As a result, mining rates averaged 87,867 total tonnes per day ("tpd"), representing a record rate of total material movement at the Mine.   The Florida Canyon Mine produced 16,379 ounces of gold and sold 15,794 ounces of gold during the second quarter, a 30% increase in gold production quarter-over-quarter. Gold production is expected to continue increasing through the second half of 2026, supported by the implementation of the N2 ore blending strategy, higher mining rates and increased ore stacking rates on the heap leach pads. Florida Canyon achieved record mining rates during the second quarter, with total tonnes mined increasing 16% from the first quarter. The higher mining rates reflect the successful integration of new mining equipment into the fleet, positioning the operation for stronger gold production in the second half of 2026. The Company released an updated Feasibility Study and Life of Mine Plan (the "Technical Report") for Florida Canyon which highlighted a materially enhanced operation with an 8-year mine life, a 74% increase in Proven and Probable Mineral Reserve, a 17% increase in annual gold production and $0.8 billion ("B") in after-tax free cash flow2. (1)

See first quarter and second quarter results below in the table titled: Second Quarter and Year-to-Date 2026 Florida Canyon Mine Operational Update.

(2)

See news release dated June 25, 2026. This is a non-GAAP financial measure, please refer to the "Cautionary Note Regarding Non-GAAP Measures" disclosure at the end of this news release for a description of this measure.

George Salamis, President, CEO and Director of Integra commented:

"Florida Canyon continued to build operational momentum during the second quarter, with gold production increasing 30% from the first quarter and both total material moved and ore placed on the heap leach pads reaching record levels. Approximately 4.2 million tonnes of ore were placed on the heap leach pads during the quarter, a 45% increase over the first quarter, creating a large inventory of recoverable gold ounces that is expected to support stronger gold production through the balance of this year.

Beyond 2026, work is underway for the long-term transformation of Florida Canyon. As outlined in the June 2026 Technical Report news release, beginning in 2027 the Company expects higher annual gold production, lower operating costs, and stronger cash flow from an 8-year mine life, creating a stable operation to support the continued advancement of the DeLamar and Nevada North Projects."

Second Quarter and Year-to-Date 2026 Florida Canyon Mine Operational Update

Three months ended

March 31,

Three months ended
June 30,

Six months ended
June 30,

Unit (1)

2026

2026

2026

Ore mined

kt

3,008

4,417

7,425

Waste mined

kt

3,902

3,579

7,481

Strip ratio

waste/ore

1.30

0.81

1.01

Ore direct to heap leach pads

kt

1,074

2,332

3,406

Ore crushed

kt

1,784

1,824

3,608

Total ore to heap leach pads

kt

2,858

4,156

7,014

Processed grade

g/t Au

0.19

0.23

0.22

Gold recovery rate

%

59.9 %

57.8 %

58.5 %

Gold produced

oz

12,635

16,379

29,014

Gold sold

oz

12,518

15,794

28,312

Silver produced

oz

11,622

12,392

24,014

Silver sold

oz

11,466

12,581

24,047

(1)

Unit abbreviations: kt = 1,000 metric tonnes, g/t = grams per tonne, Au = gold, oz = troy ounce

(2)

Ore crushed includes material from stockpiles and ore mined.

Florida Canyon produced 16,379 ounces of gold in the second quarter 2026, with 29,014 ounces of gold produced year-to-date. The blending strategy developed in the first quarter of 2026 for N2 ore continues to leach as expected.

Mining activity at Florida Canyon continued to accelerate during the second quarter, with approximately 8 M tonnes mined in total at an average mining rate of approximately 87,867 tpd. Record mining rates were achieved this quarter due to the integration of new mining equipment into the fleet over the last two quarters and shorter haul distances. Subsequent to quarter-end, ore stacking on the heap leach pads has exceeded expectations in July, positioning the operation for stronger gold production over the next two quarters. As a result of these mining rates, the Company maintains annual gold production guidance in 2026 of 70,000 to 75,000 ounces, with increased gold production expected over the balance of the year.

Second Quarter 2026 Consolidated Financial Position

Consolidated Financial Position

Unit (1)

June 30, 2026

Cash and cash equivalents

$000s

$111,132

(1)

Unit abbreviations: $000s = thousands of U.S. dollars

The financial information presented above is preliminary in nature and subject to completion of the Company's quarter-end financial reporting process. Final unaudited financial results may differ from these amounts and will be reported as part of the Company's quarter-end financial statements. Complete financial results for the second quarter 2026 will be reported and filed on Integra's profile on SEDAR+ at www.sedarplus.ca and EDGAR profile at www.sec.gov on Tuesday, August 11, 2026.

Second Quarter 2026 Conference Call

Integra will host a conference call and webcast on Wednesday, August 12, 2026, at 10:00 AM Eastern Time / 7:00 AM Pacific Time, to discuss the second quarter 2026 results. Details for the conference call and webcast are included below.

Dial-In Numbers / Webcast:

Conference ID: 4645464
Toll Free: (800) 715-9871
Toll: +1 (646) 307-1963
Webcast: https://events.q4inc.com/attendee/102640394

About Integra Resources Corp.

Integra is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho and the Nevada North Project located in western Nevada. Integra creates sustainable value for shareholders, stakeholders, and local communities through successful mining operations, efficient project development, disciplined capital allocation, and strategic M&A, while upholding the highest industry standards for environmental, social, and governance practices.

ON BEHALF OF THE BOARD OF DIRECTORS

George Salamis
President, CEO and Director

CONTACT INFORMATION
Corporate Inquiries: [email protected]
Company website: www.integraresources.com
Office phone: 1 (604) 416-0576

Qualified Person 

The scientific and technical information contained in this news release has been reviewed and approved by James Frost, P.Eng., Director, Technical Services of Integra, who is a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

Forward Looking Statements

Certain information set forth in this news release contains "forward‐looking statements" and "forward‐looking information" within the meaning of applicable Canadian securities legislation and in applicable United States securities law (referred to herein as forward‐looking statements). Forward-looking statements are often identified by the use of words such as "may", "will", "could", "would", "anticipate", "believe", "expect", "intend", "potential", "estimate", "budget", "scheduled", "plans", "planned", "forecasts", "goals" and similar expressions. Except for statements of historical fact, certain information contained herein constitutes forward‐looking statements which includes, but is not limited to, statements with respect to: the future financial or operating performance of the Company and its mineral properties; the expected increase in gold production in the second half of 2026; the Company's 2026 guidance; the development, operational and economic results of the Technical Report for Florida Canyon, including cash flows, revenue potential, development, expenditures, and timing thereof, extraction rates, life-of-mine projections and cost estimates; the realization of the expected economics of Florida Canyon; future development plans; and the date and timing of the conference call and webcast to the second quarter 2026 results. Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such statement was made. Assumptions and factors include: the Company's ability to complete its planned exploration and development programs; the absence of adverse conditions at the Company's mineral properties; no unforeseen operational delays; no material delays in obtaining necessary permits; results of independent engineer technical reviews; the possibility of cost overruns and unanticipated costs and expenses; the price of gold remaining at levels that continue to render the Company's mineral properties economic; the Company's ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource and reserve estimates. Forward‐looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward‐looking statements. These risks and uncertainties include, but are not limited to: general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; risks related to local communities; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; and other factors beyond the Company's control and as well as those factors included herein and elsewhere in the Company's public disclosure. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in Integra's Annual Information Form dated March 24, 2026 for the fiscal year ended December 31, 2025, which is available on the SEDAR+ issuer profile for the Company at www.sedarplus.ca and available as Exhibit 99.1 to Integra's Form 40-F, which is available on the EDGAR profile for the Company at www.sec.gov.

Investors are cautioned not to put undue reliance on forward-looking statements. The forward-looking statements contained herein are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. Investors are urged to read the Company's filings with Canadian securities regulatory agencies, which can be viewed online under the Company's profile on SEDAR+ at www.sedarplus.ca.

Cautionary Note Regarding Non-GAAP Financial Measures

Alternative performance measures in this news release such as "free cash flow" are furnished to provide additional information. These non-GAAP performance measures are included in this news release because these statistics are used as key performance measures that management uses to monitor and assess performance of Florida Canyon, and to plan and assess the overall effectiveness and efficiency of mining operations. These performance measures do not have a standardized meaning within International Financial Reporting Standards ("IFRS") and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS.

Free Cash Flow

Free cash flows are revenues net of operating costs, royalties, capital expenditures and cash taxes. The Company believes that this measure is useful to the external users in assessing the Company's ability to generate cash flows from the Project.

Cautionary Note for U.S. Investors Concerning Mineral Resources and Reserves

NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Technical disclosure contained in this news release has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the U.S. Securities and Exchange Commission ("SEC") and resource and reserve information contained in this news release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting and disclosure requirements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Email: [email protected] 

SOURCE Integra Resources Corp.

Dow Inc. (DOW) Q2 2026 Earnings Call Transcript

The Pentagon on Thursday announced a contract with Oracle worth almost $7 billion over a decade, a big win for the software maker, which has been punished by investors this year. The stock rose about 3% in extended trading.

The contract covers the use of Oracle software in on-premises data centers for branches of the military, the U.S. intelligence community and the Coast Guard, according to a statement. The Central Intelligence Agency was Oracle's first customer.

Kirsten Davies, the Department of Defense's chief information officer, said in the release that the agency is saving at least $441 million for taxpayers "by fundamentally improving how we procure on-premises Oracle capabilities."

Earlier this week, Defense Secretary Pete Hegseth estimated that the war in Iran, which began in February, has cost the U.S. $37.5 billion.

Oracle co-founder Larry Ellison has long been a supporter of President Donald Trump, reportedly contributing $45 million to a nonprofit backing Trump's 2024 presidential campaign.

Ellison was among the first guests to appear in the White House during Trump's second term, announcing plans for Stargate artificial intelligence data centers in the U.S. Trump supported Oracle taking a stake in TikTok's U.S. business, and in May, the Defense Department announced agreements with Oracle and other tech companies around AI deployments in classified networks.

Still, Oracle shares are down 38% this year, as investors have grown concerned that AI could hurt growth prospects for software incumbents. The company is also racking up tens of billions of dollars in debt to build out AI data centers.

Oracle said in June that quarterly software revenue declined 2% from a year earlier, though the company's database software is widely used inside large companies. Cloud revenue climbed 47% as the company rushes to supply AI computing power to OpenAI and other clients.

watch now

AUSTIN, Texas, July 23, 2026 (GLOBE NEWSWIRE) -- Digital Realty (NYSE: DLR), the world’s largest cloud- and carrier-neutral data center platform, announced today financial results for the second quarter of 2026. All per share results are presented on a fully diluted basis.

Highlights

Reported net income available to common stockholders of $1.21 per share in 2Q26, compared to $2.94 in 2Q25Reported FFO per share of $2.73 in 2Q26, compared to $1.75 in 2Q25Reported Core FFO per share of $2.65 in 2Q26, compared to $1.87 in 2Q25; reported Core FFO per share (excluding net promote) of $2.13 in 2Q26Signed total bookings during 2Q26 that are expected to generate $307 million of annualized GAAP base rent at 100% share; at Digital Realty’s share, bookings were $208 million, including a $108 million contribution from the 0-1 megawatt plus interconnection categoryIn July, signed two hyperscale leases, representing $410 million of annualized GAAP base rent at 100% share, or $205 million at Digital Realty’s shareReported rental rate increases on renewal leases of 25.4% on a cash basis in 2Q26Reported a record total backlog of $1.9 billion of annualized GAAP base rent at 100% share, at the end of 2Q26; at Digital Realty’s share, the backlog was $1.4 billionRaised 2026 Core FFO per share (excluding net promote) outlook to $8.15 - $8.20 and 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.10 - $8.15 Financial Results

Digital Realty reported total revenues of $1.9 billion in the second quarter of 2026, an 18% increase from the previous quarter and a 29% increase from the same quarter last year.

During the second quarter, Digital Realty recognized $188 million of net promote income in Core FFO related to the successful development and leasing of three data centers in its development joint venture. The company also recognized a $94 million insurance settlement, net of income tax, related to a previously disclosed 2024 matter, of which approximately $27 million was recognized in Core FFO as business interruption recovery; the remainder related to property damage recoveries, was excluded from Core FFO.

The company delivered net income of $458 million in the second quarter of 2026, as well as net income available to common stockholders of $443 million and $1.21 per share, compared to $0.46 per share in the previous quarter and $2.94 per share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $978 million in the second quarter of 2026, a 6% increase from the previous quarter and a 19% increase over the same quarter last year.

The company reported Funds From Operations (FFO) of $982 million in the second quarter of 2026, or $2.73 per share, compared to $1.99 per share in the previous quarter and $1.75 per share in the same quarter last year.

Digital Realty delivered Core FFO per share (excluding net promote) of $2.13 in the second quarter of 2026, compared to $2.04 per share in the previous quarter and $1.87 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share (excluding net promote) of $2.11 in the second quarter of 2026 and $4.07 per share for the six-month period ended June 30, 2026.

“Digital Realty delivered record Core FFO per share in the quarter, reflecting robust customer demand and strong execution across our core pillars of growth,” said President and Chief Executive Officer Andy Power. “We signed more than $100 million of 0-1 MW plus Interconnection bookings for the first time, demonstrating the strength of our connectivity-rich portfolio and boosting near-term growth. We also continued to make strides in our hyperscale and strategic private capital verticals, as we added powered land in the Kansas City metro, accretively purchased interests in three hyperscale data centers in Northern Virginia, and announced the deal to acquire Columbia Capital, a leading investment firm in the digital infrastructure space. Together, these growth vectors are driving double-digit bottom line growth, and we are focused on extending this runway for years to come.”

Leasing Activity

In the second quarter, Digital Realty signed total bookings that are expected to generate $307 million of annualized GAAP rental revenue, at 100% share; at Digital Realty’s share, total bookings were $208 million, including an $88 million contribution from the 0-1 MW category and a $20 million contribution from interconnection.

The weighted-average lag between new leases signed during the second quarter of 2026 and the contractual commencement date was nine months. The backlog of signed-but-not-commenced leases at quarter-end was $1.9 billion of annualized GAAP base rent at 100% share, and $1.4 billion at Digital Realty’s share. In addition, Digital Realty also signed renewal leases representing $262 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the second quarter of 2026 increased 25.4% on a cash basis and 32.0% on a GAAP basis.

New leases signed during the second quarter of 2026, at Digital Realty’s share, are summarized by region and product as follows:

        Annualized GAAP      Base Rent   GAAP Base RentAmericas(in thousands) Megawatts per Kilowatt0-1 MW$37,131 10.6  $293> 1 MW 82,706 44.2   156Other(1) 142 —   —Total$119,980 54.8  $182       EMEA(2)      0-1 MW$42,149 13.0  $269> 1 MW 4,999 2.5   167Other(1) 21 —   —Total$47,168 15.5  $253       Asia Pacific(2)      0-1 MW$8,541 2.5  $286> 1 MW 12,141 6.2   165Other(1) 170 —   —Total$20,851 8.6  $199       All Regions(2)      0-1 MW$87,821 26.1  $280> 1 MW 99,846 52.9   157Other(1) 332 —   —Total$187,999 79.0  $198       Interconnection$20,497 N/A  N/A       Grand Total at DLR Share$208,495 79.0  $198       Grand Total at 100% Share$306,944 129.8  $183 Note: Totals may not foot due to rounding differences.

(1)   Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.

(2)   Based on quarterly average exchange rates during the three months ended June 30, 2026.

Investment Activity

During the second quarter of 2026, Digital Realty acquired:

Land in Marseille, France for approximately €46.5 million, or $53.1 million, that is expected to support the development of up to 48 megawatts of IT capacity.Land in the Atlanta metro area for approximately $20 million. Together with an adjacent parcel that was acquired in the first quarter, this campus is expected to support over one gigawatt of IT capacity. As previously announced, during the quarter, Digital Realty also acquired:

Land in the Kansas City metro area for approximately $475 million to support hyperscale data center development for up to two gigawatts of utility power.Two data centers in Malaysia containing 16.5 megawatts of IT capacity, and a land parcel that is expected to support the development of up to 14 megawatts of IT capacity, for total consideration of approximately $134 million. A 64% stake in three fully leased data centers in Northern Virginia containing 288 megawatts of IT capacity, at a gross value of approximately $7.8 billion, reflecting an expected initial stabilized cap rate of over 6.5%. The newly developed assets are expected to be fully stabilized in the first half of 2027 and first half of 2028. Total consideration for our joint venture partners’ equity interest in the assets was approximately $3.5 billion, including $1.2 billion of cash and 12.3 million shares of Digital Realty common stock. As previously disclosed, during the quarter, Digital Realty sold a non-core asset in the Atlanta metro area for $24 million.

Balance Sheet

Digital Realty had approximately $18.6 billion of total debt outstanding as of June 30, 2026, comprised of $17.0 billion of unsecured debt and approximately $1.6 billion of secured debt and other debt. At the end of the second quarter of 2026, net debt-to-Adjusted EBITDA was 4.7x, debt-plus-preferred-to-total enterprise value was 22.3% and fixed charge coverage was 5.2x.

From our first quarter earnings report on April 23, 2026 through June 30, 2026, the company sold approximately 6.2 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $191.63 per share, for net proceeds of approximately $1.2 billion. Year-to-date, the company has sold approximately 13.5 million shares under its ATM equity issuance program at a weighted average price of $184.94 per share, for net proceeds of approximately $2.5 billion.

2026 Outlook

Digital Realty raised its 2026 Core FFO per share (excluding net promote) outlook to $8.15 - $8.20 and its 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.10 - $8.15. The assumptions underlying the outlook are summarized in the following table.

       As of As of As ofTop-Line and Cost StructureFebruary 5, 2026 April 23, 2026 July 23, 2026Total revenue (excluding promote income)$6.600 - $6.700 billion $6.650 - $6.750 billion $6.850 - $6.950 billionNet non-cash rent adjustments(1)($90 - $95 million) ($90 - $95 million) ($145 - $150 million)Adjusted EBITDA$3.600 - $3.700 billion $3.650 - $3.750 billion $3.750 - $3.850 billionG&A$610 - $620 million $615 - $625 million $620 - $630 million      Internal Growth     Rental rates on renewal leases     Cash basis6.0% - 8.0% 6.5% - 8.5% 9.0% - 11.0%GAAP basis8.5% - 10.5% 9.5% - 11.5% 12.0% - 14.0%Year-end portfolio occupancy(2)+50 - 100 bps +50 - 100 bps +75 - 125 bps"Same-Capital" cash NOI growth(3)4.0% - 5.0% 4.0% - 5.0% 4.25% - 5.25%      Foreign Exchange Rates     U.S. Dollar / Pound Sterling$1.30 - $1.35 $1.32 - $1.37 $1.32 - $1.37U.S. Dollar / Euro$1.13 - $1.18 $1.15 - $1.20 $1.13 - $1.18      External Growth     Dispositions / Joint Venture Capital     Dollar volume$500 - $1,000 million $500 - $1,000 million $1,000 - $1,500 millionCap rate0.0% - 10.0% 0.0% - 10.0% 0.0% - 10.0%Development     CapEx (Net of Partner Contributions)(4)$3,250 - $3,750 million $3,500 - $4,000 million $4,250 - $4,750 millionAverage stabilized yields10.0%+ 10.0%+ 10.0%+Enhancements and other non-recurring CapEx(5)$30 - $35 million $30 - $35 million $30 - $35 millionRecurring CapEx + capitalized leasing costs(6)$400 - $425 million $400 - $425 million $400 - $425 million      Balance Sheet     Long-term debt issuance     Dollar amount$1,000 - $1,500 million $1,500 - $2,000 million $1,500 - $2,000 millionPricing4.0% - 4.5% 4.0% - 4.5% 4.5% - 5.5%TimingMid-Year Mid-Year 2H-2026      Net income per diluted share$2.55 - $2.65 $2.65 - $2.75 $3.10 - $3.15Real estate depreciation and (gain) / loss on sale$4.90 - $4.90 $4.95 - $4.95 $5.30 - $5.30Funds From Operations / share (NAREIT-Defined)$7.45 - $7.55 $7.60 - $7.70 $8.40 - $8.45Non-core expenses and revenue streams$0.45 - $0.45 $0.40 - $0.40 $0.25 - $0.25Net Promote$0.0 - $0.0 $0.0 - $0.0 ($0.50) - ($0.50)Core Funds From Operations / share (excluding net promote)$7.90 - $8.00 $8.00 - $8.10 $8.15 - $8.20Foreign currency translation adjustments$0.00 - $0.00 ($0.05) - ($0.05) ($0.05) - ($0.05)Constant-Currency Core FFO / share (excluding net promote)$7.90 - $8.00 $7.95 - $8.05 $8.10 - $8.15 (1)   Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rental expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments).
(2)   Year-end portfolio occupancy guidance based on IT load (kW).
(3)   The “Same-Capital” pool includes properties owned as of December 31, 2024 with less than 5% of total rentable square feet under development. It excludes properties that were undergoing, or were expected to undergo, development activities in 2025-2026, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2026 “Same-Capital” cash NOI growth outlook is presented on a constant currency basis.
(4)   Excludes land acquisitions and includes Digital Realty’s share of joint venture and fund contributions. Figure is net of joint venture and fund partners’ share of contributions.
(5)   Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs.
(6)   Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions.

Note: The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document for further discussion.

Non-GAAP Financial Measures

This document contains non-GAAP financial measures, including FFO, Core FFO, Core FFO (excluding net promote), Constant Currency Core FFO (excluding net promote), Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a reconciliation from Core FFO (excluding net promote) to Constant Currency Core FFO (excluding net promote), a reconciliation from Core FFO to Adjusted FFO, a reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Constant Currency Core FFO, Core FFO (excluding net promote), Adjusted FFO, NOI and “Same-Capital” Cash NOI are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document.

The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as dispositions, and balance sheet items such as debt issuances, that have not yet occurred, are out of the company's control and/or cannot be reasonably predicted. For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on July 23, 2026, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company’s second quarter 2026 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier.

A live webcast of the call will be available on the Investors section of Digital Realty’s website at https://investor.digitalrealty.com. The webcast will be archived for one year and the replay will be available shortly after the conclusion of the live event.

About Digital Realty

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 55+ metros across 30+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X.

Contact Information

Matt Mercier
Chief Financial Officer
Digital Realty

Jordan Sadler / Jim Huseby
Investor Relations
Digital Realty
[email protected]

Consolidated Quarterly Statements of Operations
Unaudited and in Thousands, Except Per Share Data
                    Second Quarter 2026 Three Months Ended
   Six Months Ended  30-Jun-26  31-Mar-26   31-Dec-25   30-Sep-25  30-Jun-25    30-Jun-26   30-Jun-25 Rental revenues$1,145,936  $1,103,946   $1,074,703   $1,045,708  $1,003,550    $2,249,882   $1,964,076 Tenant reimbursements - Utilities352,897  333,909   356,084   332,681  294,503    686,807   565,692 Tenant reimbursements - Other45,391  38,093   34,406   37,302  37,355    83,484   79,532 Interconnection and other130,409  124,278   123,414   120,399  121,952    254,687   234,921 Fee income248,927  34,899   45,692   36,398  34,427    283,826   55,070 Other480  47   372   4,746  1,363    527   1,496 Total Operating Revenues$1,924,040  $1,635,173   $1,634,671   $1,577,234  $1,493,150    $3,559,213   $2,900,787                           Utilities$396,454  $372,385   $398,185   $375,627  $339,288    $768,839   $652,673 Rental property operating291,408  266,115   295,948   278,292  267,724    557,523   506,324 Property taxes55,160  54,964   50,791   51,823  49,570    110,124   98,426 Insurance4,744  4,799   4,711   4,508  4,946    9,543   9,429 Depreciation and amortization507,106  499,511   493,458   497,002  461,167    1,006,617   904,176 General and administration153,316  151,923   159,283   139,911  133,755    305,239   254,867 Severance, equity acceleration and legal expenses4,384  2,835   4,937   1,794  2,262    7,219   4,690 Transaction and integration expenses38,703  15,685   36,083   86,559  22,546    54,388   62,448 Provision for impairment—  —   78,553   —  —    —   — Other expenses13,508  23   98   3,297  195    13,531   307 Total Operating Expenses $1,464,783   $1,368,240    $1,522,047    $1,438,813   $1,281,453     $2,833,023    $2,493,340                           Operating income before gain (loss) on disposition of properties, net $459,257   $266,933    $112,624    $138,420   $211,698     $726,190    $407,447 Gain (loss) on disposition of properties, net7,988  873   42,865   19,780  931,830    8,861   932,941 Operating Income $467,245   $267,806    $155,489    $158,200   $1,143,527     $735,051    $1,340,388                           Equity in earnings (loss) of unconsolidated entities36  (1,833)  4,659   (16,944) (12,062)   (1,797)  (19,702)Interest and other income (expense), net137,944  45,342   42,797   47,735  37,747    183,286   70,520 Interest (expense)(113,943) (116,384)  (116,516)  (113,584) (109,383)   (230,327)  (207,847)Income tax benefit (expense)(33,675) (16,008)  9,673   (11,695) (12,883)   (49,683)  (30,018)Gain (loss) on debt extinguishment and modifications—  (4,119)  9   —  —    (4,119)  — Net Income$457,607   $174,804    $96,111     $63,713   $1,046,946     $632,411    $1,153,341                           Net (income) loss attributable to noncontrolling interests(4,318) 4,470   2,536   4,099  (14,790)   152   (11,211)Net Income Attributable to Digital Realty Trust, Inc.$453,289   $179,274     $98,647    $67,812   $1,032,156     $632,563    $1,142,130                           Preferred stock dividends(10,181) (10,181)  (10,181)  (10,181) (10,181)   (20,362)  (20,362)Net Income (Loss) Available to Common Stockholders$443,108   $169,093    $88,466     $57,631   $1,021,975     $612,201    $1,121,768                           Weighted-average shares outstanding - basic354,118  345,013   343,493   341,370  337,589    349,591   337,139 Weighted-average shares outstanding - diluted361,542  353,255   351,570   349,234  345,734    357,355   345,305 Weighted-average fully diluted shares and units367,605  359,300   357,430   355,165  351,691    363,462   351,239                           Net income / (loss) per share - basic$1.25  $0.49   $0.26   $0.17  $3.03    $1.75   $3.33 Net income / (loss) per share - diluted$1.21  $0.46   $0.24   $0.15  $2.94    $1.68   $3.21  Funds From Operations and Core Funds From Operations
Unaudited and in Thousands, Except Per Share Data
     Second Quarter 2026
  Three Months Ended
 Six Months Ended
 Reconciliation of Net Income to Funds From Operations (FFO)  30-Jun-26  31-Mar-26   31-Dec-25   30-Sep-25   30-Jun-25    30-Jun-26   30-Jun-25                              Net Income (Loss) Available to Common Stockholders  $443,108  $169,093   $88,466   $57,631   $1,021,975    $612,201   $1,121,768 Adjustments:                            Noncontrolling interest in operating partnership  9,000  4,000   2,000   2,000   21,000    13,000   24,000 Real Estate Related Depreciation and Amortization(1)  499,106  490,965   484,260   487,182   451,050    990,071   883,700 Reconciling items related to noncontrolling interests  (24,292) (23,726)  (22,753)  (22,888)  (21,038)   (48,018)  (40,518)Unconsolidated entities real estate related depreciation and amortization  62,972  60,291   70,260   65,922   59,172    123,263   115,033 (Gain) loss on real estate transactions  (7,988) (226)  (42,865)  (19,780)  (931,830)   (8,214)  (932,941)Provision for impairment  —  —   78,553   —   —    —   — Funds From Operations  $981,906  $700,398   $657,921   $570,067   $600,329    $1,682,303   $1,171,044                              Weighted-average shares and units outstanding - basic  360,181  351,059   349,354   347,301   343,546    355,698   343,073 Weighted-average shares and units outstanding - diluted(2) (3)  367,605  359,300   357,430   355,165   351,691    363,462   351,239                              Funds From Operations per share - basic  $2.73  $2.00   $1.88   $1.64   $1.75    $4.73   $3.41                              Funds From Operations per share - diluted(2) (3)  $2.73  $1.99   $1.89   $1.65   $1.75    $4.73   $3.42                              Reconciliation of FFO to Core FFO  30-Jun-26  31-Mar-26   31-Dec-25   30-Sep-25   30-Jun-25    30-Jun-26   30-Jun-25                              Funds From Operations  $981,906  $700,398   $657,921   $570,067   $600,329    $1,682,303   $1,171,044 Other non-core revenue adjustments(4)  (80,837) (29)  (10,633)  (4,746)  4,228    (80,866)  2,303 Transaction and integration expenses  38,703  15,685   36,083   86,559   22,546    54,388   62,448 Gain (loss) on debt extinguishment and modifications  —  4,119   (9)  —   —    4,119   — Severance, equity acceleration and legal expenses(5)  4,384  2,835   4,937   1,794   2,262    7,219   4,690 (Gain) loss on FX and derivatives revaluation  (1,608) (4,398)  (16,295)  252   8,827    (6,006)  6,764 Other non-core expense adjustments(6)  13,208  (2,538)  (21,794)  2,075   5,092    10,670   4,390 Core Funds From Operations  $955,756  $716,071   $650,210   $656,001   $643,284    $1,671,827   $1,251,639                              Net promote  (187,871) —   —   —   —    (187,871)  —                              Core Funds From Operations (excluding net promote)  $767,885  $716,071   $650,210   $656,001   $643,284    $1,483,956   $1,251,639                              Weighted-average shares and units outstanding - diluted(2) (3)  360,648  351,293   349,740   347,700   343,909    356,113   343,436                              Core Funds From Operations per share - diluted(2)  $2.65  $2.04   $1.86   $1.89   $1.87    $4.69   $3.64                              Core FFO per share (excluding net promote) - diluted(2)  $2.13  $2.04   $1.86   $1.89   $1.87    $4.17   $3.64                              (1)   Real Estate Related Depreciation & Amortization  30-Jun-26  31-Mar-26   31-Dec-25   30-Sep-25   30-Jun-25    30-Jun-26   30-Jun-25                              Depreciation and amortization per income statement  $507,106  $499,511   $493,458   $497,002   $461,167    $1,006,617   $904,175 Non-real estate depreciation  (8,000) (8,546)  (9,198)  (9,820)  (10,117)   (16,546)  (20,473)Real Estate Related Depreciation & Amortization  $499,106  $490,965   $484,259   $487,182   $451,050    $990,071   $883,702  (2)  Certain of Teraco's minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to Digital Realty in exchange for cash or the equivalent value of shares of Digital Realty common stock, or a combination thereof. U.S. GAAP requires Digital Realty to assume the put right is settled in shares for purposes of calculating diluted EPS. This same approach was utilized to calculate FFO/share. The potential future dilutive impact associated with this put right will be excluded from Core FFO and AFFO until settlement occurs – causing diluted share count to be higher for FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco related noncontrolling interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty.

                      Three Months Ended  Six Months Ended 30-Jun-26  31-Mar-26  31-Dec-25  30-Sep-25  30-Jun-25   30-Jun-26  30-Jun-25Teraco noncontrolling share of FFO$19,979  $15,410  $18,240  $17,018  $15,850   $35,389  $29,136Teraco related minority interest$19,979  $15,410  $18,240  $17,018  $15,850   $35,389  $29,136 (3)  For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO, Core FFO and Core FFO (excluding net promote), see the Definitions section.

(4)  Includes development fees included in gains, lease termination fees, gain on sale of equity investment included in other income, insurance proceeds related to property damage and unconsolidated entities non-core adjustments within equity in earnings.

(5)  Relates to severance and other charges related to the departure of company executives and integration-related severance.

(6)  Includes write-offs associated with non-recurring legal and insurance expenses, impact of foreign tax rate changes, non-core adjustments attributable to noncontrolling interests, impact on tax expense due to insurance proceeds related to property damage and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests.

Adjusted Funds From Operations (AFFO)
 Unaudited and in Thousands, Except Per Share Data
                       Second Quarter 2026
  Three Months Ended
   Six Months Ended  Reconciliation of Core FFO to AFFO  30-Jun-26   31-Mar-26  31-Dec-25  30-Sep-25   30-Jun-25    30-Jun-26   30-Jun-25                             Core Funds From Operations   $955,756
   $716,071   $650,210   $656,001    $643,284     $1,671,827    $1,251,638  Adjustments:                           Non-real estate depreciation  8,000   8,546  9,198  9,820   10,117    16,546   20,473 Amortization of deferred financing costs  6,343   6,443  6,781  6,565   6,451    12,786   12,999 Amortization of debt discount/premium  1,595   1,581  1,341  1,293   1,251    3,176   2,377 Non-cash stock-based compensation expense  21,379   20,908  17,327  18,174   18,026    42,287   34,726 Straight-line rental revenue  (26,955)  (21,741) (34,351) (33,351)  (23,698)   (48,696)  (33,390)Straight-line rental expense  (602)  (1,410) (97) (271)  (475)   (2,012)  (635)Above- and below-market rent amortization  (962)  (1,007) (972) (864)  (752)   (1,969)  (1,458)Deferred tax (benefit) / expense  (12,681)  (10,919) (26,184) 18,187   (30,714)   (23,600)  (31,232)Leasing compensation and internal lease commissions  13,857   15,476  14,644  15,013   14,721    29,333   28,126 Recurring capital expenditures (1)  (76,674)  (59,665) (168,539) (77,998)  (62,083)   (136,339)  (97,388)                            Adjusted Funds From Operations (2)   $889,056    $674,283   $469,358   $612,569    $576,127     $1,563,339    $1,186,235                             Weighted-average shares and units outstanding - basic  360,181   351,059  349,354  347,301   343,546    355,698   343,073 Weighted-average shares and units outstanding - diluted (3)  360,648   351,293  349,740  347,700   343,909    356,113   343,436                             AFFO per share - diluted (3)  $2.47    $1.92   $1.34   $1.76    $1.68     $4.39    $3.45                               Dividends per share and common unit  $1.22   $1.22  $1.22  $1.22   $1.22    $2.44   $2.44                             Diluted AFFO Payout Ratio  49.5%   63.6%  90.9%  69.2%   72.8%    55.6%   70.6%    Three Months Ended   Six Months Ended Share Count Detail  30-Jun-26   31-Mar-26  31-Dec-25  30-Sep-25   30-Jun-25    30-Jun-26   30-Jun-25                             Weighted Average Common Stock and Units Outstanding  360,181   351,059  349,354  347,301   343,546    355,698   343,073 Add: Effect of dilutive securities  467   234  386  399   362    415   363 Weighted Avg. Common Stock and Units Outstanding - diluted  360,648   351,293  349,740  347,700   343,909    356,113   343,436  (1)  Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.

(2)  For a definition and discussion of AFFO, see the Definitions section. For a reconciliation of net income (loss) available to common stockholders to FFO and Core FFO, see above.

(3)  For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and for calculations of weighted average common stock and units outstanding.

Consolidated Balance Sheets
 Unaudited and in Thousands, Except Per Share Data
              Second Quarter 2026
 30-Jun-26  31-Mar-26  31-Dec-25  30-Sep-25  30-Jun-25 Assets                   Investments in real estate:                   Real estate $33,700,303   $31,633,899   $31,359,298   $30,194,891   $29,836,218 Construction in progress 9,770,384   5,381,071   4,976,785   5,422,338   5,080,701 Land held for future development 122,841   199,681   91,130   66,668   73,665 Investments in Real Estate  $43,593,528    $37,214,651    $36,427,213    $35,683,897    $34,990,583 Accumulated depreciation and amortization (10,736,127)  (10,355,181)  (9,993,596)  (9,665,380)  (9,341,719)Net Investments in Properties  $32,857,401    $26,859,470    $26,433,617    $26,018,517    $25,648,865 Investment in unconsolidated entities 3,548,297   3,536,757   3,427,903   3,690,749   3,622,677 Net Investments in Real Estate  $36,405,698    $30,396,227    $29,861,520    $29,709,266    $29,271,542                     Operating lease right-of-use assets, net $1,093,015   $1,105,080   $1,135,645   $1,167,398   $1,180,657 Cash and cash equivalents 1,864,796   2,426,631   3,451,647   3,299,703   3,554,126 Accounts and other receivables, net (1) 1,564,955   1,430,242   1,358,895   1,496,105   1,586,146 Deferred rent, net 792,045   765,198   750,907   710,624   681,375 Goodwill 9,592,127   9,591,250   9,711,953   9,647,754   9,636,513 Customer relationship value, deferred leasing costs and other intangibles, net 2,595,046   2,053,368   2,134,698   2,080,898   2,171,318 Assets held for sale and contribution —   441,064   349,826   116,624   139,993 Other assets 610,232   650,913   655,377   500,262   493,325 Total Assets  $54,517,914    $48,859,973    $49,410,468    $48,728,634    $48,714,995                     Liabilities and Equity                   Global unsecured revolving credit facilities, net $709,756   $707,961   $899,090   $1,152,042   $567,699 Unsecured term loans, net 427,681   432,450   439,536   438,933   440,788 Unsecured senior notes, net of discount 15,906,794   16,013,977   16,194,441   15,808,565   16,641,367 Secured and other debt, net of discount 1,591,118   842,245   869,068   825,894   802,294 Operating lease liabilities 1,209,459   1,218,509   1,253,217   1,285,067   1,298,085 Accounts payable and other accrued liabilities 3,922,825   2,419,888   2,600,979   2,377,726   2,310,882 Deferred tax liabilities 1,124,899   1,093,955   1,124,724   1,151,374   1,137,305 Accrued dividends and distributions —   —   428,337   —   — Security deposits and prepaid rents 759,979   733,974   754,920   699,528   653,640 Obligations associated with assets held for sale and contribution —   —   182   283   1,089 Total Liabilities  $25,652,511    $23,462,959    $24,564,494    $23,739,412    $23,853,149                     Redeemable noncontrolling interests 886,249   1,594,718   1,498,975   1,535,972   1,505,889                     Equity                   Preferred Stock: $0.01 par value per share, 110,000 shares authorized:                   Series J Cumulative Redeemable Preferred Stock (2) $193,540   $193,540   $193,540   $193,540   $193,540 Series K Cumulative Redeemable Preferred Stock (3) 203,264   203,264   203,264   203,264   203,264 Series L Cumulative Redeemable Preferred Stock (4) 334,886   334,886   334,886   334,886   334,886 Common Stock: $0.01 par value per share, 502,000 shares authorized (5) 3,669   3,459   3,406   3,400   3,374 Additional paid-in capital 34,160,613   30,093,165   29,350,487   29,182,332   28,720,826 Dividends in excess of earnings (6,939,476)  (6,946,676)  (6,690,722)  (6,358,501)  (5,997,607)Accumulated other comprehensive loss, net (522,024)  (512,885)  (469,198)  (533,891)  (543,756)Total Stockholders' Equity  $27,434,472    $23,368,753    $22,925,663    $23,025,030    $22,914,527                     Noncontrolling Interests                   Noncontrolling interest in operating partnership $533,620   $426,853   $415,456   $420,280   $431,000 Noncontrolling interest in consolidated entities 11,062   6,690   5,880   7,940   10,430                     Total Noncontrolling Interests  $544,682    $433,543    $421,336    $428,220    $441,430                     Total Equity  $27,979,154    $23,802,296    $23,346,999    $23,453,250    $23,355,957                     Total Liabilities and Equity  $54,517,914    $48,859,973    $49,410,468    $48,728,634    $48,714,995  (1)  Net of allowance for doubtful accounts of $73,428 and $80,832 as of June 30, 2026 and June 30, 2025, respectively.

(2)  Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of June 30, 2026 and June 30, 2025.

(3)  Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of June 30, 2026 and June 30, 2025.

(4)  Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of June 30, 2026 and June 30, 2025.

(5)  Common Stock: 370,010 and 340,372 shares issued and outstanding as of June 30, 2026 and June 30, 2025, respectively.

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios      Unaudited and Dollars in Thousands                  Second Quarter 2026  Three Months Ended Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1) 30-Jun-26   31-Mar-26   31-Dec-25   30-Sep-25   30-Jun-25                     Net Income (Loss) Available to Common Stockholders $443,108    $169,093     $88,466    $57,631    $1,021,975 Interest expense 113,943   116,384   116,516   113,584   109,383 (Gain) loss on debt extinguishment and modifications —   4,119   (9)  —   — Income tax expense (benefit) 33,675   16,008   (9,673)  11,695   12,883 Depreciation and amortization 507,106   499,511   493,458   497,002   461,167 EBITDA  $1,097,832    $805,115    $688,758    $679,912    $1,605,408 Unconsolidated JV real estate related depreciation and amortization 62,972   60,291   70,260   65,922   59,172 Unconsolidated JV interest expense and tax expense 37,142   35,814   38,498   44,795   31,243 Severance, equity acceleration and legal expenses 4,384   2,835   4,937   1,794   2,262 Transaction and integration expenses 38,703   15,685   36,083   86,559   22,546 (Gain) loss on disposition of properties, net (7,988)  (873)  (42,865)  (19,780)  (931,830)Provision for impairment —   —   78,553   —   — Other non-core adjustments, net (2) (82,084)  (4,270)  (25,033)  2,523   9,545 Net promote     —   —   —   — Noncontrolling interests 4,318   (4,470)  (2,536)  (4,099)  14,790 Preferred stock dividends 10,181   10,181   10,181   10,181   10,181 Adjusted EBITDA  $977,589    $920,307    $856,836    $867,807    $823,319  (1)  For definitions and discussion of EBITDA and Adjusted EBITDA, see the Definitions section.

(2)  Includes foreign exchange remeasurement (gain) loss, net, impact of foreign tax rate changes, non-recurring legal and insurance expenses, lease termination fees, insurance proceeds related to property damage and similar adjustments on unconsolidated entities.

           Three Months EndedFinancial Ratios30-Jun-26 31-Mar-26 31-Dec-25 30-Sep-25 30-Jun-25          Total GAAP interest expense$113,943  $116,384  $116,516  $113,584  $109,383 Capitalized interest expense 37,102   35,637   34,783   32,923   29,393 Change in accrued interest and other non-cash amounts (104,924)  30,268   (52,014)  41,265   (92,065)Cash Interest Expense(3)$46,121  $182,289  $99,285  $187,772  $46,711           Preferred stock dividends 10,181   10,181   10,181   10,181   10,181 Total Fixed Charges(4)$161,226  $162,202  $161,479  $156,687  $148,957                     Coverage         Interest coverage ratio(5)5.5x 5.2x 4.8x 4.9x 5.0xCash interest coverage ratio(6)13.2x 4.4x 6.8x 3.9x 11.2xFixed charge coverage ratio(7)5.2x 4.9x 4.5x 4.6x 4.7xCash fixed charge coverage ratio(8)11.6x 4.2x 6.3x 3.8x 9.9x          Leverage         Debt to total enterprise value(9)(10) 21.4%  21.7%  25.1%  23.0%  23.2%Debt-plus-preferred-stock-to-total-enterprise-value(10)(11) 22.3%  22.7%  26.1%  23.9%  24.1%Pre-tax income to interest expense(12)5.0x 2.5x 1.8x 1.6x 10.6xNet Debt-to-Adjusted EBITDA(13)4.7x 4.7x 4.9x 4.9x 5.1x (3)  Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash interest expense to be a useful measure of interest as it excludes non-cash-based interest expense.

(4)  Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends.

(5)  Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated entities interest expense).

(6)  Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by cash interest expense (including our pro rata share of unconsolidated entities interest expense).

(7)  Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our pro rata share of unconsolidated entities fixed charges).

(8)  Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated entities cash fixed charges).

(9)  Total debt divided by market value of common equity plus debt plus preferred stock.

(10)  Total enterprise value defined as market value of common equity plus debt plus preferred stock.

(11)  Same as (9), except numerator includes preferred stock.

(12)  Calculated as net income plus interest expense divided by GAAP interest expense.

(13)  Calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus Digital Realty’s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four.

Definitions

Funds From Operations (FFO):
We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO is a non-GAAP financial measure and represents net income (loss) available to common stockholders (computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV real estate related depreciation & amortization, net income attributable to noncontrolling interests in operating partnership and reconciling items related to noncontrolling interests. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Core Funds from Operations (Core FFO) and Core FFO (excluding net promote):
We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) gain (loss) on debt extinguishment and modifications, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives revaluation, and (vii) other non-core expense adjustments. We calculate Core FFO (excluding net promote) by adding to Core FFO the net impact of (i) promote income and (ii) promote expense (collectively “net promote”). Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO and Core FFO (excluding net promote) as a measure of our performance is limited. Other REITs may calculate Core FFO and Core FFO (excluding net promote) differently than we do and accordingly, our Core FFO and Core FFO (excluding net promote) may not be comparable to other REITs’ Core FFO and Core FFO (excluding net promote). Core FFO and Core FFO (excluding net promote) should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Adjusted Funds from Operations (AFFO):
We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from Core FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-line rental revenue, (vi) straight-line rental expense, (vii) above- and below-market rent amortization, (viii) deferred tax expense / (benefit), (ix) leasing compensation and internal lease commissions, and (x) recurring capital expenditures. Other REITs may calculate AFFO differently than we do and, accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

EBITDA and Adjusted EBITDA:
We believe that earnings before interest expense, gain (loss) on debt extinguishment and modifications, income tax expense (benefit), and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, (x) gain on / issuance costs associated with redeemed preferred stock and (xi) net promote. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.

Net Operating Income (NOI) and Cash NOI:
Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. Same-Capital Cash NOI represents data centers owned as of December 31, 2024 with less than 5% of total rentable square feet under development and excludes data centers that were undergoing, or were expected to undergo, development activities in 2025-2026, data centers classified as held for sale and contribution, and data centers sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.

Additional Definitions

GAAP refers to United States generally accepted accounting principles.

Net debt-to-Adjusted EBITDA ratio is calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus Digital Realty’s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four.

Debt-plus-preferred-to-total enterprise value is total debt plus preferred stock divided by total debt plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock.

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended June 30, 2026, GAAP interest expense was $114 million, capitalized interest was $37 million and preferred stock dividends were $10 million.

           Reconciliation of Net Operating Income (NOI)Three Months Ended  Six Months Ended(in thousands)30-Jun-26 31-Mar-26 30-Jun-25  30-Jun-26 30-Jun-25           Operating income before gain (loss) on disposition of properties, net$459,257  $266,933  $211,698   $726,190  $407,447            Fee income (248,927)  (34,899)  (34,427)   (283,826)  (55,070)Other income (480)  (47)  (1,363)   (527)  (1,496)Depreciation and amortization 507,106   499,511   461,167    1,006,617   904,176 General and administrative 153,316   151,923   133,755    305,239   254,867 Severance, equity acceleration and legal expenses 4,384   2,835   2,262    7,219   4,690 Transaction and integration expenses 38,703   15,685   22,546    54,388   62,448 Provision for impairment —   —   —    —   — Other expenses 13,508   23   195    13,531   307            Net Operating Income$926,867  $901,963  $795,832   $1,828,831  $1,577,368                       Cash Net Operating Income (Cash NOI)                     Net Operating Income$926,867  $901,963  $795,832   $1,828,831  $1,577,368            Straight-line rental revenue (26,955)  (21,813)  (24,015)   (48,767)  (33,708)Straight-line rental expense (617)  (1,423)  (469)   (2,040)  (445)Above- and below-market rent amortization (962)  (1,007)  (752)   (1,969)  (1,458)           Cash Net Operating Income$898,333  $877,720  $770,595   $1,776,055  $1,541,757                                  Constant Currency Core FFO (Excluding Net Promote) ReconciliationThree Months Ended  Six Months Ended(in thousands, except per share data)30-Jun-26   30-Jun-25  30-Jun-26 30-Jun-25           Core FFO (Excluding Net Promote)(1)$767,885    $643,284   $1,483,956  $1,251,639 Core FFO impact of holding '25 Exchange Rates Constant(2) (7,720)    —    (34,138)  —            Constant Currency Core FFO (Excluding Net Promote)$760,165    $643,284   $1,449,818  $1,251,639 Weighted-average shares and units outstanding - diluted 360,648     343,909    356,113   343,436 Constant Currency Core FFO Per Share (Excluding Net Promote)$2.11    $1.87   $4.07  $3.64  1)  As reconciled to net income above.

2)  Adjustment calculated by holding currency translation rates for 2026 constant with average currency translation rates that were applicable to the same periods in 2025.

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation capacity, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, Core FFO (excluding net promote), adjusted FFO, adjusted EBITDA, net income, 2026 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

reduced demand for data centers or decreases in information technology spending;decreased rental rates, increased operating costs or increased vacancy rates;increased competition or available supply of data center capacity;the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services;breaches of our obligations or restrictions under our contracts with our customers;our inability to successfully develop and lease new properties and development capacity, and delays or unexpected costs in development of properties;the impact of current global and local economic, credit and market conditions;increased tariffs, global supply chain or procurement disruptions, or increased supply chain costs;the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs;the impact on our customers’ and our suppliers’ operations during an epidemic, pandemic, or other global events;our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers;changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate;our inability to retain data center capacity that we lease or sublease from third parties;information security, cyberattacks, security breaches and data privacy breaches;difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas;our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions;our failure to successfully integrate and operate acquired or developed properties or businesses;difficulties in identifying properties to acquire and completing acquisitions;risks related to joint venture investments, including as a result of our lack of control of such investments;risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements;our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital;financial market fluctuations and changes in foreign currency exchange rates;adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges;our inability to manage our growth effectively;losses in excess of our insurance coverage;our inability to attract and retain talent;environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations;our inability to comply with rules and regulations applicable to our company;Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for U.S. federal income tax purposes;Digital Realty Trust, L.P.’s failure to qualify as a partnership for U.S. federal income tax purposes;restrictions on our ability to engage in certain business activities;changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; andthe impact of any financial, accounting, legal or regulatory issues or litigation that may affect us. The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2025, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners.

NEW YORK, July 23, 2026 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Hyliion Holdings Corp. (NYSE American: HYLN) resulting from allegations that Hyliion may have issued materially misleading business information to the investing public.

Beyond the Foundry: 5 Infrastructure Stocks Tackling the AI BottlenecksGlobe Life NYSE: GL reported higher second-quarter earnings and raised its full-year outlook, with executives pointing to favorable life underwriting trends, growth in health premiums and stronger excess investment income, while also addressing changes in online advertising and agent recruiting.

Frank Svoboda, Globe Life’s co-chairman and CEO, said net income for the quarter was $288 million, or $3.65 per share, up 20% from $3.05 per share a year earlier. Net operating income was $285 million, or $3.61 per share, up 10% from $3.27 per share in the prior-year quarter.

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The AI Boom Has a Second Act—And It's Playing Out in Optics“We are pleased to see continued strong results in our operations,” Svoboda said, adding that the company has generated double-digit net operating income per share growth in eight of the last nine quarters. On a GAAP basis, return on equity through June 30 was 18.4%, while book value per share was $70.18. Excluding accumulated other comprehensive income, return on equity was 14.3% and book value per share was $100.04, up 11% from a year earlier.

Premium Growth Led by Health Insurance Total premium revenue rose 7% in the second quarter, and Svoboda said the company expects full-year total premium growth of 6.5% to 7%.

Corning Is Paving AI's Future With GlassLife premium revenue increased 3% to $861 million, while life underwriting margin rose 6% to $359 million. The life underwriting margin as a percentage of premium was 42%, up from 41% a year earlier. Globe Life expects full-year life premium revenue growth of 2.5% to 3%.

Health insurance premium revenue increased 16% to $437 million, driven by Medicare Supplement rate increases and sales growth in the United American and Family Heritage divisions. Health underwriting margin rose 1% to $99 million, though the margin as a percentage of premium fell to about 23% from 26% a year earlier. Management expects full-year health premium growth of 14% to 16% and health underwriting margins of 23% to 27%.

Tom Kalmbach, executive vice president and chief financial officer, said life policy obligations as a percentage of premium improved to 34.3% from 36.7% a year earlier, reflecting favorable mortality trends. Health obligations rose to 56.8% from 53.3%, which he said was higher than management’s estimates due to several factors, including Medicare Supplement claims related to prior periods, an industry-wide CMS physician reimbursement rate correction, higher loss ratios at Evry Health and an adverse fluctuation in cancer claims at Liberty National.

Distribution Results Mixed Across Divisions Matt Darden, co-CEO, said American Income Life premiums rose 5% to $466 million, while life underwriting margin increased 4% to $214 million. Net life sales fell 2% to $95 million, primarily because of a lower agent count. The average producing agent count was 11,391, down 7% from a year earlier but up 3% from the end of the first quarter.

Darden said compensation changes implemented at the start of the second quarter were intended to improve agent recruiting and new-agent retention, and he expects mid-single-digit growth in both agent count and life sales at American Income during the second half of the year.

At Liberty National, life premiums rose 3% to $101 million, and life underwriting margin increased 10% to $37 million. Net life sales rose 6% to $26 million, while net health sales fell 15% to $7 million as the division emphasized life business. Darden said the company is changing its sales presentation to place more emphasis on health sales.

Family Heritage health premiums increased 9% to $126 million, and health underwriting margin rose 10% to $45 million. Net health sales increased 4% to $31 million, supported by a 7% increase in average producing agent count.

United American health premiums rose 29% to $211 million, while health underwriting margin was $11 million, down $1 million from a year earlier. Net health sales increased 10% to $28 million. Darden said Medicare Supplement sales remained strong, supported by more people turning 65, movement from Medicare Advantage to Medicare Supplement and rate increases implemented during the quarter. He noted that Globe Life does not market Medicare Advantage plans.

Direct-to-Consumer Faces AI-Driven Advertising Shift Globe Life’s direct-to-consumer division reported life premiums down about 1% to $244 million, while life underwriting margin rose 10% to $76 million. Net life sales fell 15% to $27 million.

Darden said the direct-to-consumer business is in a transition period as consumers increasingly use AI tools to search online for goods and services, including life insurance. That change has reduced paid search volume from internet marketing and raised the cost of paid search.

“We’re going to be disciplined on our spend and make sure that we maintain our margin, and we’re not just going to chase sales that don’t meet our profitability targets,” Darden said during the question-and-answer session.

He said Globe Life is working to make its digital content more visible and easier for AI assistants to interpret, while also using platforms such as Instagram and Facebook. He compared the shift to the earlier transition from direct mail to digital marketing. The company still expects to generate more than 1 million leads this year to support its agencies.

Guidance Raised as Buybacks Increase Kalmbach said Globe Life now expects 2026 net operating earnings per diluted share of $15.55 to $15.95, representing 8.5% growth at the midpoint. He said the increase from prior guidance was primarily due to improved life underwriting margins and excess investment income, partly offset by higher financing costs and the reduced impact of share repurchases due to a higher share price.

The outlook includes expected remeasurement gains from third-quarter life and health assumption updates of $110 million to $130 million. Kalmbach said the life assumption update is expected to contribute $90 million to $100 million, while the health assumption update is expected to contribute $20 million to $30 million.

During the second quarter, Globe Life repurchased about 1.1 million shares for $175 million at an average price of $154.28. Including $25 million in dividends, the company returned about $200 million to shareholders in the quarter.

Kalmbach said the company expects full-year dividends of about $95 million and share repurchases of $670 million to $700 million, a $100 million increase at the midpoint from the prior call. He corrected an earlier statement during the Q&A, saying the company expects to return approximately $350 million to $370 million to shareholders over the remainder of the year.

Investment Income and Bermuda Entity in Focus Excess investment income rose 10% to $38 million. Net investment income increased 4% to $294 million, while average invested assets grew 2%. Svoboda said Globe Life invested $399 million in fixed maturities during the quarter at an average yield of 6.27%, with an average rating of A and an average life of 36 years. The company also invested about $91 million in commercial mortgage loans and other long-term investments with debt-like characteristics.

Svoboda said invested assets totaled $22.1 billion, including $19.3 billion of fixed maturities at amortized cost. The fixed maturity portfolio had a net unrealized loss position of $1.4 billion, which he said was mostly interest-rate driven and related entirely to bonds with maturities beyond 10 years.

Kalmbach also provided an update on Globe Life Re, the company’s Bermuda reinsurance affiliate. He said Nebraska approved reciprocal jurisdiction for Globe Life Re in the second quarter, and the company is seeking similar approval from Indiana, American Income’s state of domicile. Globe Life expects to complete a new reinsurance cession in the third quarter, reinsuring a portion of new business and in-force policies to Globe Life Re.

Kalmbach said the company does not expect a capital benefit from the next reinsurance transaction in 2026, but expects some benefit in 2027, with the full impact emerging over three to five years.

About Globe Life (NYSE:GL)Globe Life, traded on the NYSE under the symbol GL, is a U.S.-based insurance holding company that underwrites and distributes a range of life and supplemental health insurance products. Through its subsidiary brands—Globe Life, American Income Life, Liberty National Life, United American Insurance Company and Family Heritage Life—it offers term life, whole life, fixed annuities and supplemental health coverage designed to meet the needs of individuals and families across various socioeconomic segments.

The company's product suite includes low-cost, easy-to-understand life insurance policies, accidental death and dismemberment coverage, hospital indemnity plans and specified disease insurance.

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If you're looking to invest your way to serious wealth, you're probably a fan of growth stocks. And understandably so. By definition, they're supposed to dish out big gains.

Just don't dismiss the power of steady, cumulative dividend growth. If you pick the right payer, you can also ride these holdings to a sizable fortune.

And one particular oil and gas pipeline name proves it. Better still, it could continue proving it to patient newcomers. That company is Enbridge (ENB +0.21%).

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The business is simple enough: It owns and operates over 18,000 miles of crude oil and natural gas pipelines in Canada and the U.S., handling nearly 5 billion barrels/equivalent every year.

Unlike the energy industry's explorers and refiners, though, Enbridge isn't affected by the price of the gas or oil it transports. It simply charges an ever-rising fee for the amount of product pushed through its pipes.

As long as North America continues consuming crude oil and natural gas, Enbridge continues generating revenue -- which turns into profits, which turn into dividends. That's how the company has not only paid a quarterly dividend like clockwork for decades, but has also raised its annual per-share payout every year for the past 31 years -- and by more than a little. Since 1995, the dividend has risen by an average of 9% per year.

You wouldn't have needed to accept those dividend payments, too. The chart below illustrates the upshot of reinvesting any dividend payments on an initial investment of $10,000 in Enbridge made 30 years ago. Today, that position would be worth more than $228,000.

ENB data by YCharts.

Past performance is no guarantee of future results, but past performance is a reasonable indication of what's likely in the future. And it's not like demand for natural gas or crude oil is drying up anytime soon. Enbridge could conceivably repeat the feat over the next 30 years.

More than anything, though, don't dismiss the impact of compounding provided by steady cash payments, even if they seem small at the time.

James Brumley has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Enbridge. The Motley Fool has a disclosure policy.