Track market-moving stories before they get noisy

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.

Get Globe Life alerts:

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.

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

Should You Invest $1,000 in Globe Life Right Now?Before you consider Globe Life, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Globe Life wasn't on the list.

While Globe Life currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Looking to profit from the electric vehicle mega-trend? Click the link to see our list of which EV stocks show the most long-term potential.

Get This Free Report

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%).

Today's Change

(

0.21

%) $

0.12

Current Price

$

56.37

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.

COPENHAGEN, Denmark & NORTH CHICAGO, Ill.--(BUSINESS WIRE)--Genmab A/S (Nasdaq: GMAB) and AbbVie (NYSE: ABBV) today provided clarification on the primary endpoints from the Phase 3 EPCORE® DLBCL-1 study evaluating monotherapy epcoritamab (DuoBody®-CD3xCD20), a T-cell engaging bispecific antibody administered subcutaneously, compared with investigator's choice of chemoimmunotherapy (CIT) of either rituximab plus gemcitabine plus oxaliplatin (R-GemOx) or bendamustine plus rituximab (BR) in adults.

RESTON, Va.--(BUSINESS WIRE)--VeriSign, Inc. (NASDAQ: VRSN), a global provider of critical internet infrastructure and domain name registry services, today reported financial results for the second quarter of 2026. VeriSign, Inc. and its subsidiaries (“Verisign”) reported revenue of $435 million for the second quarter of 2026, up 6.0 percent from the same quarter in 2025. Operating income was $296 million for the second quarter of 2026, compared to $281 million for the same quarter of 2025. Ver.

NEW YORK, July 23, 2026 (GLOBE NEWSWIRE) -- Peloton Interactive, Inc. (NASDAQ: PTON) will release its fourth quarter and fiscal year 2026 financial results before the U.S. stock market opens on Thursday, August 6, 2026. The company will host a conference call and live audio webcast to discuss the financial results at 8:30 a.m. (Eastern Time) that day.

SAN JOSE, Calif.--(BUSINESS WIRE)--Today, Roku, Inc. (Nasdaq: ROKU) announced it will release second quarter 2026 financial results after market close on Thursday, August 6.On June 15, Fox Corporation (Nasdaq: FOXA, FOX) and Roku announced a definitive agreement under which FOX will acquire Roku. In light of the pending transaction, Roku will not host an earnings call and will not provide financial outlook.About Roku, Inc.Roku pioneered streaming on TV. Today, it is the #1 TV streaming platform.

, /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that investors with losses related to Zillow Group, Inc. ("Zillow" or the "Company") (NASDAQ: Z, ZG) have opportunity to lead the securities fraud class action lawsuit.

IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN ZILLOW GROUP, INC. (Z, ZG), CLICK HERE BEFORE AUGUST 10, 2026 (THE LEAD PLAINTIFF DEADLINE) TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT.

What Is The Lawsuit About? 
The complaint filed alleges that, between February 11, 2025 and May 7, 2026, Defendants failed to disclose to investors that: (1) Zillow's agreement with Redfin was not a "partnership," but rather an acquisition of Redfin's business; (2) as a result of the Redfin Agreement, Zillow faced a materially heightened risk of regulatory scrutiny and liability under federal antitrust laws; (3) upon the filing of an antitrust lawsuit, Zillow continued to downplay its legal exposure; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us.
The Law Offices of Frank R. Cruz, 
Email us at: [email protected]
Call us at: 310-914-5007
Visit our website at: www.frankcruzlaw.com
Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.  

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

SOURCE The Law Offices of Frank R. Cruz, Los Angeles

Two of the biggest heavyweights in the chip sector are Taiwan Semiconductor Manufacturing (TSM -1.42%) and Nvidia (NVDA -1.56%). They have a great working relationship in the real world, as Nvidia designs its logic chips and then sends them to TSMC to be fabricated. So, as one succeeds, so does the other. However, TSMC has plenty of other clients for which it does foundry work.

For those investors who may be curious about which of these behemoths is the better buy right now, let's compare them across a few key categories.

Image source: Getty Images.

Taiwan Semiconductor is a broader investment Taiwan Semiconductor has a large client list that includes Nvidia's primary competitors. It also has exposure to other industrial markets, and chips for everything from automobiles to smartphones. Nvidia, on the other hand, is at this point nearly a pure-play investment in artificial intelligence. While Nvidia has other products, the reality is that the vast majority of its revenue now comes from data center-related items. This focus is making Nvidia a boatload of money and has propelled it to the position of the world's largest company by market cap. So clearly, its bet on data center processors is paying off.

However, while that kind of business concentration can be incredible during boom times, it can be a disaster when spending in that focus area slows. There are no signs that will occur in the data center space anytime soon, but when it does, it will hammer Nvidia.

Today's Change

(

-1.56

%) $

-3.31

Current Price

$

208.75

Make no mistake, Taiwan Semiconductor is making a ton of money from the data center build-out as well. In Q2, 66% of its revenue came from chips dedicated to "higher-powered computing," TSMC's descriptor for data center products. However, TSMC has a more diverse customer base in that field. As long as the downstream buyers for those chips continue to increase their data center build-outs each year, TSMC's business will continue to roll.

That's exactly what's projected to happen. During TSMC's Q2 earnings call earlier this month, CEO C.C. Wei told analysts that he expects AI chip demand to stay elevated through at least 2029 or 2030. Wei has far more information about long-term chip demand than the average investor, and I think investors should keep that in mind when deciding which AI stocks to invest in.

Today's Change

(

-1.42

%) $

-6.00

Current Price

$

415.21

But which has the better business? I'd say it's close, but I'll give the nod to Taiwan Semiconductor in this category for having a more diverse customer base.

Winner: Taiwan Semiconductor

Nvidia's growth rate is far superior TSMC is growing at a strong rate, but it looks tepid compared to Nvidia's rapid growth.

NVDA Revenue (Quarterly YoY Growth) data by YCharts.

For their current fiscal years, Wall Street expects 82% growth from Nvidia and 42% from TSMC. Nvidia gets the win here, tying them up as we head into the last category.

Winner: Nvidia

Nvidia is cheaper despite its faster growth rate Because each company is growing rapidly and has strong growth expectations, I think the best way to gauge the value of these stocks is by their forward price-to-earnings (P/E) ratios. From this standpoint, Nvidia is actually cheaper, but not by much.

NVDA PE Ratio (Forward) data by YCharts.

Considering that the S&P 500 (^GSPC -1.21%) trades at 21.5 times forward earnings and these two are posting growth rates several times faster than the S&P 500's typical 10% rate, I think they both make for excellent buys. However, if I had to pick just one to add to my portfolio now, I'd take Nvidia all day long.

Winner: Nvidia

Investors can and should own both While I think Nvidia is the better buy today, I think investors would be better off owning both, as TSMC is a good hedge against Nvidia losing market share to any of its competitors. If that happens, TSMC will still be a great semiconductor stock to hold, as whichever rival chip designers might gain ground on Nvidia will likely be using TSMC's foundries to produce their chips. Both of these stocks are primed to crush the market over the coming years, and I'm happy to own them.

The life science giant’s quarterly sales of $11.994 billion increased 10% year-over-year, beating the analyst consensus estimate of $11.701 billion. Organic revenue growth was 5%.

Customer Activity Improves Across End MarketsIn an earnings conference call, the company noted good customer activity continues to strengthen across end markets during the second quarter.

Life Sciences Solutions sales increased 12.6% to $2.815 billion. Analytical Instruments sales were up 6.9% at $1.847 billion.

Specialty Diagnostics revenues reached $1.205 billion (+6.3%), and Laboratory Products and Biopharma Services sales were up 11.6% to $6.693 billion.

Pharma, Academic And Industrial Businesses Drive GrowthWithin pharma and biotech, Thermo Fisher delivered mid-single-digit growth in the second quarter, led by bioproduction and clinical research businesses, as well as the Research and Safety Market channel.

The academic and government segment grew low single digits in the second quarter, driven by the chromatography and mass spectrometry business.

The industrial and applied segment delivered mid-single-digit growth.

Thermo Fisher Raises 2026 Guidance"It’s great to see customer activity continue to strengthen across our end markets," said Marc Casper, Chairman and CEO.

"Our recently closed acquisitions are performing very well, and at the halfway point in the year we’re well positioned to deliver a great 2026."

Thermo Fisher Scientific raised its fiscal 2026 adjusted earnings per share guidance from $24.64-$25.12 to $24.93-$25.33 versus the consensus of $24.86.

The company increased its annual sales guidance from $47.3 billion-$48.1 billion to $47.40 billion-$48.10 billion compared to the consensus of $47.767 billion.

Thermo Fisher says expectations for 2026 revenue growth have increased to about 4%. It added that the guidance range remains 3%-4%, and now expects to deliver at the upper end of that range.

"We continue to have an active pipeline of M&A opportunities in our highly fragmented industry," Casper further added.

TMO Price Action: Thermo Fisher Scientific shares were up 9.05% at $574.09 at the time of publication on Thursday, according to Benzinga Pro data.

Photo: Shutterstock

Market News and Data brought to you by Benzinga APIs

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

To add Benzinga News as your preferred source on Google, click here.

Union Pacific Corporation (UNP) Q2 2026 Earnings Call July 23, 2026 8:45 AM EDT

Company Participants

Vincenzo Vena - CEO & Director
Eric Gehringer - Executive Vice President of Operations
Jennifer Hamann - Executive VP & CFO
Kenny Rocker - Executive Vice President of Marketing & Sales

Conference Call Participants

Ken Hoexter - BofA Securities, Research Division
Christian Wetherbee - Wells Fargo Securities, LLC, Research Division
Walter Spracklin - RBC Capital Markets, Research Division
Jonathan Chappell - Evercore ISI Institutional Equities, Research Division
David Vernon - Bernstein Institutional Services LLC, Research Division
Stephanie Benjamin Moore - Jefferies LLC, Research Division
Thomas Wadewitz - UBS Investment Bank, Research Division
Brian Ossenbeck - JPMorgan Chase & Co, Research Division
Jason Seidl - TD Cowen, Research Division
Ariel Rosa - Citigroup Inc., Research Division
Brandon Oglenski - Barclays Bank PLC, Research Division
Jordan Alliger - Goldman Sachs Group, Inc., Research Division
Bascome Majors - Stephens Inc., Research Division
Madison Pasterchick - Morgan Stanley, Research Division
Jeffrey Kauffman - Citizens Bank
Harrison Bauer - Susquehanna Financial Group, LLLP, Research Division
Richa Talwar - Deutsche Bank AG, Research Division

Presentation

Unknown Attendee

Thank you for accessing Union Pacific Corporation's 2026 Second Quarter Earnings Conference Call held at 8:45 a.m. Eastern Time on July 23, 2026, in Omaha, Nebraska.

This presentation and the accompanying materials include statements that contain estimates, projections or expectations regarding the company's financial results and operations and future economic conditions.

These statements are forward-looking statements as defined by the federal securities laws. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. The materials accompanying this presentation include more detailed information regarding forward-looking information and these risks and uncertainties. In addition, please refer to the company's website and SEC filings for additional information about our risk factors.

Operator

Greetings, and welcome to the Union Pacific

Lockheed Martin delivered accelerating Q2 sales growth of 11% YoY, signaling effective capacity expansion and robust demand. The company raised full-year guidance, projecting 8% sales growth and maintaining a solid segment operating margin around 10.7%. Backlog reached $230 billion with a 3.2x book-to-bill ratio, underscoring sustained demand and future revenue visibility.

HUNT VALLEY, Md.--(BUSINESS WIRE)---- $OHI #Healthcare--Omega Healthcare Investors, Inc. (NYSE:OHI) today announced that the Company's Board of Directors declared a cash dividend of $0.68 per share, increasing the quarterly dividend on its common stock by $0.01 per share over the previous quarter. The dividend is payable Friday, August 14, 2026, to common stockholders of record as of the close of business on Monday, August 3, 2026.Taylor Pickett, Omega's Chief Executive Officer, stated, “We are pleased to announce a.

Snap Inc (NYSE:SNAP) is expected to remain under pressure to demonstrate stronger advertising revenue growth when it reports second-quarter earnings, with Jefferies saying the company's ads business continues to be the key issue despite expectations for improving overall revenue growth.

The brokerage reiterated its ‘Buy’ rating on Snap while lowering its price target to $5.50 from $8, writing that although it remains positive on the company's engagement scale and long-term monetization opportunity, "the core issue remains ad rev growth, which has yet to show meaningful improvement."

Snap shares traded hands at about $4.40 on Thursday afternoon, down about 45% so far this year.

Jefferies expects Snap to report Q2 revenue growth of 14% year over year, in line with Wall Street estimates. The analysts wrote that advertising revenue should reaccelerate from 3% growth in the first quarter, helped by an easier year-over-year comparison and guidance that had already incorporated a full quarter of Middle East-related headwinds.

The firm said revenue from Snap+ subscriptions and Memories products remains more difficult to forecast because of limited visibility, though it remains constructive on the recent momentum in those businesses.

For the third quarter, Jefferies wrote that the Street's forecast for 13% year-over-year revenue growth appears achievable, with potential upside from World Cup-related advertising spending and Memories Storage. The analysts noted that consensus implies quarter-over-quarter revenue growth consistent with seasonal trends over the past three years, while the expiration of the 12-month Memories Storage grace period in September could provide an additional boost.

Jefferies also identified daily active user growth as a swing factor, citing age verification requirements and other regulatory changes. While the firm sees limited revenue risk from those changes, it noted they could weigh on investor sentiment if engagement growth slows further.

On profitability, Jefferies expects Snap to reiterate its full-year cost guidance following its April restructuring, including operating expenses of about $2.75 billion, other cost of goods sold at 16% to 17% of revenue, and infrastructure costs of $1.6 billion to $1.65 billion.

While Jefferies remains constructive on Snap's longer-term monetization opportunity, it wrote that continued investment in Specs following a weak initial reception, along with the collapse of a partnership with Perplexity, has tempered expectations, leaving the company's advertising growth as the primary focus heading into earnings.

Freeport McMoRan Post-Earnings: Why Good Enough May Finally Be Good EnoughFreeport-McMoRan NYSE: FCX executives said the copper producer’s second-quarter 2026 results reflected “progress” across its major operating regions, citing better-than-forecast copper sales and unit cash costs, a continuing recovery at the Grasberg Block Cave mine in Indonesia and stronger performance from U.S. operations.

Richard Adkerson, Freeport-McMoRan’s chairman of the board, said the company continues to benefit from its long-standing focus on copper and its portfolio of long-lived assets. “Electricity means copper,” Adkerson said, adding that the company is positioned to grow as global electrification increases copper demand.

Get Freeport-McMoRan alerts:

3 Multi-Metal Stocks for Income and Long-Term GrowthPresident and Chief Executive Officer Kathleen Quirk said second-quarter copper sales and unit cash costs exceeded the company’s forecast. She also said favorable metal prices supported “significant margins, cash flows, and earnings.” For the first half of 2026, Quirk said Freeport-McMoRan’s U.S. mining operations contributed 2.4 times more operating income than in the prior-year period, while consolidated net income rose 65% from the first half of 2025.

The company returned $600 million to shareholders in the first half of the year, including roughly $200 million through share repurchases. Quirk also said Freeport-McMoRan increased its ownership in Cerro Verde through open-market purchases, bringing total purchases over roughly two years to more than $300 million and increasing its ownership by 2 percentage points to more than 55%.

Grasberg Ramp-Up Remains Central to 2026 Outlook Freeport Tanks Again on Mine Delay—Long Term Outlook Stays StrongExecutives highlighted the ongoing ramp-up of the Grasberg Block Cave mine as a major operating priority. Quirk said production rates at the mine doubled during the quarter, rising from an average of 34,000 tons per day in April to 69,000 tons per day in June.

Freeport-McMoRan continues to target overall rates in the Grasberg district at approximately 65% of full capacity in the second half of 2026, rising to 80% by mid-2027 and approaching full capacity by the end of 2027. Quirk said upgrades to the material handling system for the automated rail system are progressing on schedule, and the company is advancing work to restart Production Block One South in 2027.

Mark Johnson, president and chief operating officer of Freeport-McMoRan Indonesia, said the company is installing new technology in chute galleries and pursuing risk mitigation initiatives, including drilling and drainage work related to the old pit bottom.

Freeport-McMoRan also submitted a formal application in June to extend its operating rights in Indonesia for the life of the resource, following a memorandum of understanding with the Indonesian government earlier this year. Quirk said the company is working through the regulatory process and aims to complete the extension this year, though there is no prescribed timeline. Adkerson said recent meetings with Indonesian officials were positive and that the extension would benefit shareholders, the government, workers and local communities.

U.S. Operations Show Higher Mining Rates In the U.S., Quirk said the company is making “important and tangible progress” in increasing mining and processing rates. At Morenci, second-quarter mining rates were 30% higher than the average achieved over the past five years. Quirk said sustaining those higher rates should translate into improved copper production over time.

Cory Stevens, president and chief operating officer for the Americas, said the company has focused on people, process and technology to improve equipment reliability and mine performance. He said Freeport-McMoRan is also transitioning trucks at Morenci to higher-capacity 400-ton ultra-class trucks, with additional trucks planned next year.

The company continues to pursue its leaching initiative, which is aimed at increasing copper recovery from existing stockpiles. Quirk said Freeport-McMoRan is currently producing around 200 million pounds annually from these efforts and is targeting a 300 million-pound run rate by the end of 2026. Longer term, the company has described a potential path to 800 million pounds per year.

Stevens said early results from the company’s first-generation leach additives have been better than expected, and additional additive tests are planned at Morenci, New Mexico and El Abra. Freeport-McMoRan is also testing heated leaching solutions at Morenci and El Abra.

Growth Projects Advance in Arizona, Chile and Indonesia Quirk said Freeport-McMoRan is nearing an investment decision on a major expansion of its Bagdad mine in Arizona. The project would more than double production at Bagdad and make it the second-largest copper mine in the U.S. behind Morenci, according to Quirk.

The company is finalizing capital cost estimates and expects to seek board approval in the second half of 2026. Preliminary indications based on current market conditions point to capital of about $4.5 billion, approximately 30% above a 2023 estimate. Quirk attributed the increase to commodity and labor escalation, revisions to project scope and updated engineering estimates. She said the project remains supported at a $4 per pound copper price, below current market levels.

Freeport-McMoRan is also advancing regulatory work for a major expansion at El Abra in Chile, where it partners with Codelco. Quirk said the Chilean government is engaged in the review process following the company’s environmental impact study submission in March. The company is also studying expansion and development options in the Safford Lone Star District in the U.S. and continuing development of the Kucing Liar project in Indonesia.

Financial Outlook Reflects Higher Volumes Ahead Chief Financial Officer Maree Robertson said Freeport-McMoRan’s three-year outlook for copper, gold and molybdenum sales remains broadly consistent with April estimates. The company expects second-half 2026 copper sales to be more than 20% higher than the first half, while gold sales are expected to be more than 65% higher.

For 2027, Robertson said annual copper sales are expected to increase by more than 20% compared with 2026, while gold volumes are expected to rise by more than 50%. Additional growth is projected in 2028.

Robertson said the company now estimates 2026 average unit net cash costs at approximately $1.90 per pound, slightly below the April estimate of $1.95 per pound, as higher by-product credits more than offset other cost increases. She noted that oil, sulfur and acid markets remain volatile.

Freeport-McMoRan’s modeled outlook shows annual EBITDA ranging from approximately $13 billion at $5 per pound copper to $20 billion at $7 per pound copper, using average 2027 and 2028 volume and cost estimates and assuming gold at $4,000 per ounce and molybdenum at $30 per pound. Robertson said each $0.10 per pound move in copper equates to about $390 million in annual EBITDA during that period.

Capital expenditures for 2026 remain consistent with the prior forecast, while 2027 capital is now estimated at $4.8 billion, about $300 million higher than the April estimate. Robertson said the increase reflects investments in upgraded mining equipment and revised cost estimates. The forecast excludes major projects still subject to final studies and board approval, including the Bagdad expansion.

Robertson said Freeport-McMoRan’s financial policy remains focused on maintaining a strong balance sheet, returning cash to shareholders and investing in value-enhancing growth projects. Since adopting the policy in 2021, she said the company has distributed $6.3 billion to shareholders through dividends and share purchases.

About Freeport-McMoRan (NYSE:FCX)Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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

Should You Invest $1,000 in Freeport-McMoRan Right Now?Before you consider Freeport-McMoRan, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Freeport-McMoRan wasn't on the list.

While Freeport-McMoRan currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Nuclear energy is entering a new growth cycle as rising power demand, expanding data centers, and renewed policy support bring the sector back into focus. After strong gains in recent years, the most impactful phase of nuclear investment may still be ahead. This report highlights seven nuclear energy stocks positioned across the value chain—combining near-term revenue with long-term upside as next-generation technologies scale. Click the link below to unlock the full list.

Get This Free Report

MONTREAL, July 23, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) will issue its second-quarter 2026 financial and operating results at 7:30 a.m. Eastern Time on July 24, 2026.

Key Takeaways ALGN is expanding globally, with double-digit Clear Aligner volume growth across EMEA and APAC regions. ALGN is strengthening digital dentistry through iTero platform enhancements and workflow software innovation. ALGN faces foreign exchange and macroeconomic pressures that continue to weigh on margins and costs. Align Technology’s (ALGN - Free Report) international expansion efforts to broaden the business are poised to bring significant growth in the upcoming quarters. Also, iTero is gaining from the rapidly evolving intraoral scanning technology in the industry. However, a dull macroeconomic environment and unfavorable foreign exchange movements raise concerns about the company’s sales growth.

In the past year, this Zacks Rank #3 (Hold) company’s shares have lost 11.1% against 11.9% growth of the industry. In contrast, the S&P 500 composite has risen 21.9%.

The renowned medical device company has a market capitalization of $11.26 billion. ALGN projects a long-term estimated earnings growth rate of 10.3% compared with 9.6% for the industry. Its earnings surpassed estimates in three of the trailing four quarters and missed in one, the average surprise being 7.8%.

Let’s delve deeper.

Upsides for ALGN StockGeographic Expansion Continues: Align Technology is expanding its sales and marketing reach by entering new countries and regions, including previously unexplored areas in Africa and Latin America. At the end of 2025, the company has 13 fabrication and treatment locations throughout the world. 

In the EMEA region, Clear Aligner volumes grew double digits year over year, led by increases in Iberia, Italy, Nordics, United Kingdom and Turkey. Growth was driven primarily by utilization gains across both GP and orthodontic channels. In APAC, Clear Aligner volumes also grew double digits year over year, led by China, India, Korea, Japan, India and Taiwan. Growth was broad-based, with teen and growing kid patient categories posting double-digit growth alongside continued growth among adult patients.

iTero in Focus: ALGN’s iTero intraoral scanners, alongside its Exocad CAD/CAM software, continue to gain traction globally as key tools in digital dentistry. iTero scanning remains central to digital workflows, enabling precise treatment planning and visualization. 

Additionally, new innovations, including the Invisalign Outcome Simulator Pro, iTero Design Suite, and Align Oral Health Suite, are being used to enhance diagnostic, restorative and orthodontic workflows. Recently, the company has introduced a set of enhancements to its iTero Digital Solutions platform — a comprehensive system that puts together intra-oral scanners, software tools and digital workflows used by dental and orthodontic practices. 

Image Source: Zacks Investment Research

What Ails ALGN?Currency Headwinds: Foreign exchange is a major headwind for Align Technology due to a considerable percentage of its revenues coming from outside the United States. Time to time, Clear Aligner Average Selling Prices (“ASP”) are significantly impacted by unfavorable foreign exchange across multiple currencies, especially the Japanese yen, Euro and Brazilian real. First-quarter gross margin was unfavorably impacted by foreign exchange of 0.4 points year over year.

Macroeconomic Concerns: Align Technology continues to navigate macroeconomic pressures, including inflation-driven increases in labor and freight costs, staffing shortages and ongoing supply-chain challenges — factors that are affecting profitability across the elective dental treatment space. In the first quarter of 2026, these issues led to a 1.4% increase in the company cost of sales.

ALGN Stock Estimate TrendThe Zacks Consensus Estimate for 2026 earnings per share (EPS) has remained unchanged at $11.36 in the past 30 days.

The Zacks Consensus Estimate for 2026 revenues is pegged at $4.19 billion, suggesting a 3.7% rise from the year-ago reported number.

Key PicksSome better-ranked stocks in the broader medical space are Alcon (ALC - Free Report) , Integra LifeSciences (IART - Free Report) and Phibro Animal Health (PAHC - Free Report) . 

Alcon has an earnings yield of 5.1% against the industry’s negative 2.8% yield. Shares of the company have gained 22.8% compared with the industry’s 4.8% growth. ALC’s earnings topped estimates in three of the trailing four quarters and missed in one, the average surprise being 3.7%.

ALC carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Integra LifeSciences, carrying a Zacks Rank #2 at present, has an earnings yield of 16% against the industry’s negative 3% yield. Shares of the company have gained 22.8% compared with the industry’s 4.8% growth. IART’s earnings topped estimates in each of the trailing four quarters, the average surprise being 16.8%.

Phibro Animal Health, carrying a Zacks Rank #2 at present, has an earnings yield of 9.2% compared with the industry’s 2.8% yield. Shares of the company have climbed 43.1% against the industry’s 27.9% decline. PAHC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 16.3%.

Fortinet Inc (NASDAQ:FTNT) is set to report its second quarter results on July 29, with Jefferies analysts highlighting that the company needs to show an acceleration in product revenue growth to support investor confidence in the durability of its recent performance.

The firm expects solid product trends in the quarter, driven by price increases and improving channel checks, but wrote that investors will be looking for evidence the momentum can extend beyond the near term.

Jefferies expects product revenue growth to strengthen from the first quarter as Fortinet benefits from a full quarter of higher pricing and what it described as improving demand trends. The firm's proprietary survey showed performance versus plan improved sequentially, while channel checks pointed to healthy firewall demand despite some inventory constraints and longer appliance lead times.

The firm wrote that while product strength could continue for another quarter or two, it needs greater confidence that growth can be sustained into 2027 and that services billings, particularly subscriptions, will remain strong before becoming more constructive on the stock.

Billings will also be closely watched. Jefferies expects Fortinet to exceed its second-quarter billings guidance, which calls for 20% year-over-year growth at the midpoint, but does not expect management to significantly raise its full-year billings outlook given tougher comparisons in the second half of the year and longer lead times for appliances.

Margins are another focus. Jefferies expects Fortinet's midpoint guidance for a 34% non-GAAP operating margin to be achievable, supported by recent price increases and lower-cost inventory. However, it wrote that investors are likely to monitor the impact of rising memory costs and longer procurement cycles on margins later this year.

Jefferies' latest survey showed Fortinet's average performance versus plan improved to 2.3% above plan in the second quarter from 0.5% below plan in the first quarter, outperforming the average across cybersecurity vendors covered in the survey. The firm also wrote that investors will be looking for further signs of momentum in Fortinet's secure access service edge (SASE) business as the company continues to expand its bundled offerings.

Shares of Fortinet are up about 90% so far this year, trading hands at $151 on Thursday.

New York, New York--(Newsfile Corp. - July 23, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Lucid Group, Inc. (NASDAQ: LCID) between February 25, 2026 and April 13, 2026, inclusive (the "Class Period"), of the important July 28, 2026 lead plaintiff deadline.

SO WHAT: If you purchased Lucid securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Lucid class action, go to https://www.rosenlegal.com/cases/lucid-group-inc-2026/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 28, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) a supplier quality issue had significantly disrupted deliveries of the Lucid Gravity; (2) the foregoing was likely to, and did, have a material negative impact on Lucid's business and financial results; (3) accordingly, the defendants had overstated the purported enhancements to Lucid's manufacturing and delivery capabilities and overall operations; and (4) as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Lucid class action, go to https://www.rosenlegal.com/cases/lucid-group-inc-2026/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306335

Source: The Rosen Law Firm PA

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

, /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that investors with losses related to ZoomInfo Technologies Inc. ("ZoomInfo" or the "Company") (NASDAQ: GTM) have opportunity to lead the securities fraud class action lawsuit.

IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN ZOOMINFO TECHNOLOGIES INC. (GTM), CLICK HERE BEFORE AUGUST 24, 2026 (THE LEAD PLAINTIFF DEADLINE) TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT.

What Is The Lawsuit About? 
The complaint filed alleges that, between November 3, 2025 and May 11, 2026, Defendants failed to disclose to investors that: (1) ZoomInfo's optimistic plan for continued growth was undermined by slowing seat-based demand, weakening upsells and customers revising decisions to purchase AI products and develop internal AI-driven go-to-market solutions, making ZoomInfo's 2026 full year revenue guidance increasingly unlikely to be met; and (2) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Contact Us To Participate or Learn More: 
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us.
The Law Offices of Frank R. Cruz, 
Email us at: [email protected]
Call us at: 310-914-5007
Visit our website at: www.frankcruzlaw.com
Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.  

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

SOURCE The Law Offices of Frank R. Cruz, Los Angeles

How volatile are fuel markets this year?

Southwest Airlines hired a ship this spring to send jet fuel from Texas to California, where prices are much higher and concerns had grown about supply, Chief Financial Officer Tom Doxey told CNBC. It was a first for the Dallas airline.

"It brought like a week's supply to the West Coast at a time when when supply was most constricted ... when it was most at risk," Doxey said.

The ship, which left from Houston and went through the Panama Canal, arrived May 28 in Los Angeles and had about 12.6 million gallons aboard, Southwest said. For context, Southwest used 564 million gallons of jet fuel in the last quarter.

The West Coast is much more reliant on imports than other parts of the country. Jet fuel prices spiked and have been volatile since the U.S. and Israel struck Iran in February.

Southwest said Thursday that its fuel expenses were up nearly $900 million in the second quarter from last year.

For the shipment to California, the airline said it used a waiver of the Jones Act, a law from 1920 that requires shipments between U.S. ports to be carried on a U.S. ship. President Donald Trump waived that requirement in March as fuel prices were soaring in the weeks following the start of the Iran war and subsequent shipping snarls erupted in the Strait of Hormuz, a key channel.

Worries about supplies intensified as countries restricted exports this year, fearful of running low on fuel. Those concerns have since eased, a Southwest spokesman said.

Jet fuel is airlines' biggest expense after labor. Prices eased in late spring and early summer but rose again as tensions reignited with Iran this month.

Last week, United Airlines, which flies more internationally than any other U.S. carrier, said it is using the latest available fuel prices for its quarterly estimates because prices have been so volatile.

In its July 15 report, it said jet fuel increased $575 million, or a $1.12 hit to adjusted earnings per share, for the third quarter alone.

U.S. airlines have abandoned fuel hedges, which help them lock in costs through futures contracts, over the past decade or so as the U.S. was awash in supply, keeping a lid on prices.

This time around, carriers have scaled back their capacity growth plans, which is also helping boost fares. Airline executives this month said demand remains strong despite higher fares, which they say are likely to stick.

Read more CNBC airline newsDelta launches ‘basic business’ fares without lounge access, seat selectionRecord heat, crowds drive offseason boom in international travelDelta expects higher airfare to last, bringing 2026 profit goal in reach'Bring 'em on': Delta wants United's crown over the Pacific, tooSpirit's collapse, high fuel prices test limits of summer vacation spendingMeet the pilots flying Spirit Airlines' yellow jets to the desert

Blackstone Inc. (BX) Q2 2026 Earnings Call Transcript

Crocs, Inc. (NASDAQ:CROX) has received a higher price target from Bank of America ahead of its second-quarter earnings report, with the firm reiterating its ‘Buy’ rating and raising its target to $160 from $145 on expectations that sustained direct-to-consumer (DTC) growth in North America could support further valuation expansion.

The firm increased its valuation multiple to 11 times its 2027 earnings estimate from 10 times previously, writing that additional evidence of durable North American DTC growth could drive further multiple expansion.

This price target implies upside from current levels of about $132.

Bank of America forecasts Q2 earnings per share of $4.24, broadly in line with Visible Alpha consensus estimates.

The firm sees the potential for upside in the quarter, supported by continued DTC momentum and an improving setup for the second half of the year as the company laps strategic actions taken last year that weighed on sales.

The analysts expect total second-quarter sales to decline 1% year over year, with growth in the Crocs brand's DTC business offset by weaker wholesale sales and continued declines at Heydude. They forecast North American DTC sales to rise 1%, below the Street's expectation of 2%, but noted that demand for newer products, including sandals, could support stronger results.

Bank of America highlighted continued consumer interest in new product launches, pointing to popular sandal styles such as the Miami Flip, where it has observed products selling out even after restocking.

On margins, the firm expects gross margin to decline 150 basis points year over year, in line with company guidance that incorporates tariff-related headwinds. While lower tariff rates and the potential for refunds could provide some relief, the analysts wrote that a greater contribution from newer products and sales channels with lower gross margins could offset those benefits.

Looking beyond the second quarter, Bank of America expects a more favorable operating environment in the second half of the year, supported by upcoming product launches, including the Echo 2 and Mellow 2 collections, and easier comparisons following last year's reductions in promotional activity and wholesale shipments.

The firm also sees the possibility that improving demand for new products could eventually benefit North American wholesale sales, although its current forecasts continue to assume negative wholesale trends through the remainder of 2026.