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.
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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.
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Should You Invest $1,000 in Freeport-McMoRan Right Now?Before you consider Freeport-McMoRan, you'll want to hear this.
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(Kitco News) - Even as gold prices suffered their steepest quarterly decline in more than 13 years, the mining sector continues to set a brisk pace as earnings season kicks off with the world’s largest copper producer.
Although its core metal is copper, Freeport-McMoRan's (NYSE: FCX) gold business proved remarkably resilient, underscoring how elevated bullion prices continue to support the company’s earnings.
Despite gold’s sharp correction, prices remained elevated by historical standards, allowing Freeport to realize an average gold price of $4,520 an ounce, a 37% increase from $3,291 an ounce in the second quarter of 2025. At the same time, the copper price climbed 36% to $6.17 per pound from $4.54 per pound in the second quarter of 2025.
The stronger gold price, combined with robust copper prices, helped Freeport report adjusted second-quarter earnings of $1.1 billion, or $0.74 per share, compared with $790 million, or $0.54 per share, a year earlier. Net income attributable to shareholders rose to $984 million, or $0.68 per share.
The company’s earnings were slightly lower than analyst expectations as consensus estimates forecasted $0.78 per share.
"Our team achieved strong results in the second quarter, supported by solid execution of our operating plans and favorable pricing for our products," said President and CEO Kathleen Quirk. "We made steady progress with our Grasberg ramp-up and our Americas operations delivered excellent performance, which resulted in year-over-year improvements to bottom-line results."
Freeport produced 192,000 ounces of gold and sold 123,000 ounces during the quarter. Gold production remains constrained by the ongoing recovery of the company's Grasberg Block Cave underground mine in Indonesia, where operations continue to ramp up following last September's mud rush incident. Copper production totaled 786 million pounds, while copper sales of 710 million pounds exceeded the company's April guidance.
Management said the Grasberg recovery remains on schedule. Production Blocks 2 and 3 achieved their planned operating rates during the second quarter, and the company expects the mine to operate at approximately 65% of capacity during the second half of 2026, reaching 80% by mid-2027 before returning to full production by the end of next year.
Grasberg remains one of the world's premier gold assets. At full operating rates, the underground complex is expected to produce roughly 1.3 million ounces of gold annually, alongside 1.7 billion pounds of copper, making the successful restoration of operations one of the mining sector's most closely watched developments.
Looking ahead, Freeport expects to sell approximately 650,000 ounces of gold this year while assuming an average gold price of $4,000 an ounce during the second half of 2026. Under that price scenario, the company forecasts full-year operating cash flow of roughly $8.3 billion, highlighting how even after gold's sharp quarterly correction, prices remain high enough to generate substantial cash flow for major producers.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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.
Crown Castle (CCI) is becoming an interesting investment as a confluence of improved organic growth, reduced headwinds, and attractive valuation makes it potentially the most opportunistic it has been in a decade. However, there is simultaneously a massive unknown in the form of the terrestrial versus satellite debate. Scenario outcomes of this debate range from obsolescence of towers to getting a 4th major tower customer, making it the pivotal factor for the future of CCI.
We shall begin by discussing:
CCI’s strong 2Q26. Positive growth inflection. Opportunistic valuation. Then we will show that the market does not care about any of these factors as the satellite harbinger looms overhead.
If and when one can get a clear idea of where the satellite versus terrestrial debate will conclude, there could be tremendous opportunity in CCI stock.
CCI's Strong Quarter And Growth CCI had a strong quarter with upped AFFO guidance and an upward inflection in organic growth. A central point of their conference call was that 2026 was the trough of organic growth and that they see strong acceleration in the short, mid, and long term. Factors creating the upward inflection in growth are:
MLAs with visibility into near-term contractual growth. AT&T 600 megahertz spectrum closing. Mobile data usage is expected to double over 5 years. As more spectrum gets deployed and data usage increases, tower tenants will want more equipment installed on towers, which will come with increased rent to CCI.
Analyst consensus estimates show a very strong outlook for Crown Castle with AFFO/share expected to rise from $4.36 in 2025 to $6.05 in 2030.
S&P Global Market Intelligence
That growth rate is quite opportunistic relative to what is now a fairly cheap valuation.
CCI is trading at 16.7X 2026 AFFO.
Tower REITs have traditionally traded at AFFO multiples in the mid-20s and occasionally in the 30s.
We believe the now cheap valuation is the result of fear related to satellites as a potential competitor to macro towers. This can be clearly seen in the CCI trading action since the Space Exploration Technologies (SPCX) IPO.
CCI is down 18% even though the CCI-specific news has been positive in this period.
SA
SpaceX’s Starlink was already a potential threat to towers; the IPO merely made it front of mind for investors. In perception, it went from a potential future threat to being a highly visible part of one of the largest companies in the world.
On July 21st, SPCX launched an additional 24 satellites into its mega-constellation already consisting of over 10,000 low earth orbit satellites.
Starlink is unequivocally huge and powerful, but its impact on towers remains completely unknown.
The Pivotal Unknown I am not an engineer and do not have a full grasp on the subtleties in transmission that make satellites better or worse than a tower network. Thus, I can merely relay what I have heard from others who are more directly in the field.
The basic framework seems to be that satellites are great at covering massive areas inexpensively and reliably but perhaps less effective in highly congested areas.
Bears on the tower REITs worry that Starlink could be effective enough to disrupt the traditional cell carriers, which make up CCI’s tenant base.
Bulls believe Starlink or peer satellite companies could become a 4th major carrier and that they would use macro towers to supplement their satellites. Specifically, they would put equipment on macro towers in major population centers where towers tend to outperform and use satellites in rural areas. Thus, Starlink or peers could actually benefit the tower REIT industry in the form of an additional revenue source.
Christian Hillabrant is knowledgeable on the subject but also biased due to his role as CEO of CCI. He discussed satellites versus terrestrial networks at length on the 2Q26 call:
“Let me summarize the key reasons why we believe that terrestrial networks will continue to be an essential for mobile phone service based on reports available on the WIA website and analysis from sell-side research. First, satellite services generally require a clear line of sight to the sky and provide weaker indoor coverage, which is significant given approximately 90% of mobile usage occurs indoors or in vehicles. Because satellite signals travel hundreds of miles farther than the terrestrial connections, their signal strength is approximately 10,000x weaker, challenging performance in dense environments where buildings, obstructions and interference can further degrade the signal. To compensate for the weaker signal, phones must operate at higher transmit power levels, increasing battery consumption. Second, satellite operators have access to significantly less spectrum. Direct-to-device satellite services generally have access to only tens of megahertz of spectrum, while each major U.S. wireless carrier controls hundreds of megahertz. Third, a typical satellite beam covers approximately 100 square miles to 600 square miles versus roughly 3 square miles to 20 square miles for a terrestrial cell site, requiring substantially more users to share the same spectrum resources. This means that for every megahertz of spectrum, terrestrial cell sites can support 30x more users. More importantly, as satellite operators seek to improve capacity, mobility and indoor performance, we believe terrestrial infrastructure will become an increasingly important complement to satellite networks.”
I think there is merit to his analysis that satellites could be complementary to macro towers rather than a substitute. However, it remains a major unknown.
The return outlook of CCI as an investment is heavily impacted by what happens in this debate. We see 3 main branches of scenarios to consider:
Satellites do not materially enter the cell carrier business. Satellites compete and at least partially replace demand for towers. Satellites become carriers and use macro towers to complement their network. CCI is opportunistic in scenarios 1 and 3 but would likely underperform in scenario 2.
Scenario 1 would just be business as usual for tower REITs. This seems to be what the consensus AFFO estimates out to 2030 are penciling in. CCI’s 16.7X AFFO multiple is just too cheap relative to the AFFO/share growth rate, which would make it a strong investment.
Scenario 2 risks major damage in the form of CCI losing one or more of their 3 major tenants. If Starlink competes as a cell carrier and captures substantial market share, there is potential for Verizon, AT&T, or T-Mobile to go out of business, and CCI could lose massive amounts of rental revenue.
Scenario 3 would be Starlink or a peer competing in a more balanced way, taking some market share but not killing the existing ecosystem. A potential 4th tenant in this scenario would potentially add back the revenues that were previously lost when Sprint got absorbed.
I’m not going to pretend to know how this will all shake out. Instead, I’ll be focusing on data points that could serve as early indicators. Here is what we will be watching to potentially happen:
Starlink or peers signing leases with macro towers (good sign for CCI). The extent to which Starlink attempts to become a major cell carrier. Financial health of Verizon, AT&T, or T-Mobile deteriorating. Customer adoption of satellite-based cell service. Customer reviews of the quality of satellite-based cell service. How We Are Playing It Tower REITs are potentially quite opportunistic given high-growth relative to valuation, but given the unknown, they are also risky. We currently are underweight relative to the REIT index but hold a small position in American Tower (AMT). AMT and CCI are similar investments, but we give a slight edge to AMT for its ownership of CoreSite, through which it has access to strong data center growth.
As more information rolls in and we get greater clarity on the satellite versus terrestrial debate, we will be watching and trading accordingly.
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.
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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%.
TEMPE, Ariz & SAN JOSE, Calif.--(BUSINESS WIRE)--Align Technology, Inc. (Nasdaq: ALGN), a leading global medical device company that designs, manufactures, and sells the Invisalign® System of clear aligners, iTero™ intraoral scanners, and exocad™ CAD/CAM software for digital orthodontics and restorative dentistry, today introduced new innovations across its integrated Align™ Digital Platform*, designed to help doctors visualize, plan, and treat with greater confidence and predictability. Throug.
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.
Key Takeaways West Pharmaceutical beat Q2 earnings and revenue estimates as high-value products drove growth.WST raised its 2026 EPS outlook after strong Proprietary Products and HVP performance.WST shares jumped pre-market as margins expanded and revenues grew across key product lines. West Pharmaceutical Services, Inc. (WST - Free Report) delivered adjusted second-quarter 2026 earnings per share (EPS) of $2.37, which moved up 28.8% year over year. The figure topped the Zacks Consensus Estimate by 13.9%.
The adjustments include expenses related to the amortization of acquisition-related intangible assets, among others.
GAAP EPS for the quarter was $2.15, reflecting an improvement of 18.1% from the year-ago figure.
WST’s Q2 Revenues in DetailWest Pharmaceutical registered revenues of $872.3 million, up 13.8% year over year. The figure surpassed the Zacks Consensus Estimate by 4.2%.
Organic net sales, which exclude the impact of acquisitions and/or divestitures, were up 12.7% year over year.
Robust performance by the Proprietary Products segment, along with continued growth in West Vantage (previously known as Contract-Manufactured Products) segment, drove the top-line improvement.
Shares of WST were up approximately 6% in today’s pre-market trading. The company’s shares have gained 30.2% in the year-to-date period against the industry’s 0.7% decline. The S&P 500 Index has risen 9.5% in the same time frame.
Image Source: Zacks Investment Research
West Pharmaceutical’s Segment DetailsWST operates under two segments: Proprietary Products and West Vantage.
In the quarter under review, Proprietary Products reported worldwide revenues of $722.6 million, up 16.6% year over year on a reported basis. Our estimate for the segment’s revenues was pinned at $680.3 million.
On an organic basis, revenues were up 15.5% year over year.
The segment’s high-value product (HVP) accounted for 49% of its net sales during the period. Sales of HVP components were up 19.4%, driven by strength in Westar and NovaPure products. HVP Delivery Devices, which represented 15% of total company net sales, increased 29.6%. The growth was primarily driven by the increased sales of self-injection device platforms and Daikyo Crystal Zenith. Standard Products, 19% of total company sales, increased 2.4%.
Revenues in the West Vantage segment totaled $149.7 million, up 2% year over year on a reported basis. This growth was driven by an increase in sales of self-injection devices for obesity and diabetes. Our estimate for this segment’s quarterly revenues was pegged at $152.4 million.
Organically, revenues were up 0.8% year over year.
WST’s Margin AnalysisIn the quarter under review, West Pharmaceutical’s gross profit increased 20.2% year over year to $329.2 million. The gross margin expanded approximately 200 basis points (bps) to 37.7%. We had projected a 36% gross margin for the second quarter of 2026.
Selling, general and administrative expenses increased 22.6% year over year to $117.6 million. Research and development expenses increased 3.1% to $19.7 million.
Adjusted operating profit totaled $197.4 million, reflecting a 27.1% improvement from the year-ago quarter’s level. The adjusted operating margin expanded 230 bps to 22.6%. We had projected a 20.6% operating margin for the quarter.
West Pharmaceutical’s Financial PositionWST exited the second quarter with cash and cash equivalents of $435.8 million compared with $521.4 million as of the end of the first quarter. Total debt was $202.8 million compared with $202.9 million at the end of the first quarter.
Cumulative net cash provided by continuing operating activities at the end of the second quarter was $213.9 million compared with $306.5 million a year ago.
West Pharmaceutical has a consistent dividend-paying history, with a five-year annualized dividend growth rate of 5.26%.
WST’s Guidance for Q3 & 2026West Pharmaceutical has issued third-quarter guidance and updated its financial outlook for 2026.
WST expects its third-quarter sales to be in the range of $820-$835 million, implying organic growth of 7-8.9%. The company expects EPS to be in the range of $2.14-$2.24. The Zacks Consensus Estimate for third-quarter sales and EPS is pegged at $817 million and $2.14, respectively.
WST projects full-year revenues to be between $3.345 billion and $3.380 billion (up from its previous guidance of $3.295 billion to $3.350 billion). Full-year revenues include a 1% benefit based on current foreign exchange rates. The Zacks Consensus Estimate is pegged at $3.33 billion.
For 2026, organic net sales are expected to grow 10-11% from the prior-year level.
For the full year, adjusted EPS is now anticipated to be in the range of $8.85-$9.05 (up from the previous guidance of $8.40-$8.75). The Zacks Consensus Estimate is pegged at $8.60.
HVP Momentum & Execution Strength Drives 2026 PerformanceWest Pharmaceutical exited the second quarter of 2026 with robust results. Solid top-line results, along with improvements in organic revenues, were impressive. Robust performance by the Proprietary Products segment was encouraging. Strength in HVP and upside growth in the Biologics, Pharma and Generics market units during the reported quarter were also promising. Gross margin and adjusted operating margin expansion bode well for the stock. Improving organic revenue trends reinforce confidence in the company’s execution capabilities.
WST reported a strong first half of 2026, with revenues and adjusted EPS exceeding expectations in the first two quarters. Performance was driven by the HVP Components business, which delivered double-digit growth across both GLP-1 and non-GLP-1 segments. The better-than-expected results can be attributed to sustained market demand and effective execution in scaling production capacity, particularly in Europe. Given the strong first-quarter performance and continued business momentum, management has raised its full-year 2026 guidance, signaling confidence in the company’s growth trajectory.
Management’s 2026 higher sales and EPS outlook suggests steady demand fundamentals, favorable currency tailwinds and portfolio optimization initiatives, including the planned SmartDose divestiture.
West Pharmaceutical’s Zacks Rank & Other Stocks to ConsiderWST currently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks in the broader medical space are McKesson (MCK - Free Report) , Phibro Animal Health (PAHC - Free Report) and Cardinal Health (CAH - Free Report) .
McKesson, carries a Zacks Rank #2 at present, has an estimated long-term growth rate of 13.7%. GMED’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.09%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Globus Medical’s shares have gained 8.8% against the industry’s 12.7% decline in the year-to-date period.
Phibro Animal Health, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 21.5%. PAHC’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 16.25%.
Phibro Animal Health stock has climbed 44.2% against the industry’s 17.1% decline in the year-to-date period.
Cardinal Health, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 17%. CAH’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 10.27%.
Cardinal Health’s shares have lost 2.6% compared with the industry’s 3.1% decline in the year-to-date period.
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.
NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, reminds investors about a class action lawsuit on behalf of purchasers of securities of Lucid Group, Inc. (NASDAQ: LCID) between February 25, 2026 and April 13, 2026. Lucid describes itself as a “technology company that designs, develops, manufactures, and sells electric vehicles (“EVs”), EV powertrains, and battery systems.” For more information, submit a form, email attorney Phillip Kim, or give us a call at 866-767.
, /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
SummaryUpstart Holdings is down over 60% in the past year, yet I view the decline as overdone.Despite trading at a 13x forward P/E, a 10% premium to the sector median, UPST's rapid top- and bottom-line growth justifies a higher valuation.UPST is expected to deliver 44% revenue growth, signaling robust fundamentals even as its earnings multiple has contracted.I assign UPST a Buy rating, citing undervaluation and strong growth prospects despite a 27% short interest. J Studios/DigitalVision via Getty Images
I had Upstart Holdings (UPST) for quite some time on my watchlist, but I was hesitant to initiate coverage. Now, that's about to change. The stock is down by more than 60% over the past year, and I am
2.19K Followers
Analyst’s Disclosure: I/we have a beneficial long position in the shares of PGY either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
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
When the year began, I named Rivian (RIVN -4.19%) my top growth stock for 2026. The thesis was simple: Rivian's growth journey has become much more lucrative, yet the stock continues to trade at a discount to competitors like Lucid Group (LCID -4.87%) and Tesla across several key valuation metrics.
In the past, Rivian was viewed mostly as an electric vehicle (EV) stock. Indeed, the company now produces three electric vehicles: the R1S, R1T, and R2 SUV. But the company's future doesn't rest solely on vehicle manufacturing. Instead, Rivian has positioned itself as an artificial intelligence (AI) stock. The company expects to ramp up its AI investments so significantly that management quietly dropped its 2027 profit guidance earlier this year.
Image source: Rivian.
Overall, I'm a big fan of Rivian pushing out its profitability goals in order to invest more aggressively in AI technologies. In the future, EVs will rely heavily on self-driving software. A vehicle's ability to drive itself will fuel not only consumer purchases but also commercial opportunities such as robotaxis. If an EV maker wants to sell into both markets, it will need to have fully self-driving vehicles. AI is these companies' best chance of achieving full autonomy and, in the future, selling cars.
The catch is that Rivian has been forced to do something painful, something Lucid investors understand all too well.
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Rivian must copy this painful financing option that Lucid has come to rely on Earlier this month, Rivian revealed that it would be selling 75 million additional shares at $15.50 apiece -- a slight discount to the prevailing market price. Underwriters have the option to buy another 11.25 million shares, which would increase Rivian's total outstanding shares by around 6%.
Rivian isn't a total stranger to share dilution. Its total shares outstanding have increased by more than 30% over the past three years to help make up for an unprofitable core business. But the company has also been able to raise non-dilutive financing, including its multibillion-dollar partnership with Volkswagen.
Lucid investors haven't been as fortunate. The company's total outstanding share count has risen far faster than Rivian's in recent years, driven by high capital expenditures alongside an even more unprofitable core business.
While painful over the short term, Rivian's share sale will raise around $1.2 billion in new capital. That could be enough to scale R2 production enough to reach sustainable profitability over the next handful of years. The company has already posted a positive gross margin in recent quarters.
If R2 production scales as expected, that could narrow losses for the company significantly, enabling Rivian to maintain its higher investment into AI. And given AI is a critical long-term growth driver, Rivian's latest share dilution is a painful but reasonable mechanism for maximizing shareholder value over the long term.
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.
, /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced the appointment of three Senior Vice Presidents, further strengthening its leadership team as the company executes its next phase of growth, expands its commercial portfolio and advances one of the industry's strongest neuroscience pipelines. These appointments reflect Neurocrine's continued evolution into a diversified, multi-product biopharmaceutical company positioned to deliver sustainable long-term growth.
The appointments include Bret Paulson, who joins the company as Senior Vice President, Market Access, and the promotions of David Bradfute to Senior Vice President and Global Head of Intellectual Property, and Aaron Vosburgh to Senior Vice President, Finance and Accounting.
"Neurocrine is entering a new phase of growth as we expand our commercial portfolio, advance one of the industry's most productive pipelines and prepare to bring more innovative medicines to patients," said Kyle W. Gano, Ph.D., Chief Executive Officer, Neurocrine Biosciences. "Successfully executing on that opportunity requires exceptional leadership across every function of our company. Bret, Aaron and David each bring outstanding expertise, judgment and a proven ability to build high-performing organizations. Together, they strengthen our ability to execute today while positioning Neurocrine for the opportunities ahead, ultimately enabling us to deliver greater value for patients, healthcare providers and shareholders."
Bret Paulson is an accomplished leader with nearly 30 years of experience in the biopharmaceutical and insurance industries. He will be responsible for shaping and driving Neurocrine's global market access vision, strategy and execution to provide patient access to the company's current and future medicines, while strengthening payer partnerships and reimbursement strategies across an increasingly diversified portfolio. He joins Neurocrine after more than six years at Otsuka Pharmaceutical Companies, most recently as Vice President and Head of Market Access & Channel Strategy. Prior to that, he was Area Vice President, National Accounts at Horizon after working in the commercial organizations at Schering Plough, Eli Lilly & Company, and Amgen. Paulson earned a Bachelor of Arts in Asian studies from Brigham Young University.
David Bradfute, who joined Neurocrine in 2017, has been promoted to Senior Vice President and Global Head of Intellectual Property and will also serve as Managing Director of Neurocrine Switzerland GmbH, based in the company's Basel, Switzerland, office. In his expanded role, Bradfute will lead the company's global intellectual property strategy and oversee the protection of Neurocrine's products, diversified portfolio, technology platforms, and scientific innovations. Before joining Neurocrine, Bradfute held leadership roles across the healthcare and life sciences industry, including a 13-year career at Arena Pharmaceuticals and later as Head of Legal and Intellectual Property at Sanford Burnham Prebys Medical Discovery Institute. He earned a bachelor's degree in biochemistry from Swarthmore College, master's and doctoral degrees in biological sciences from Stanford University, and a Juris Doctor from Stanford Law School.
Aaron Vosburgh, an eight-year Neurocrine employee, will oversee enterprise financial strategy, partnering with executive leadership to align capital allocation, long-range financial planning and portfolio investments with Neurocrine's strategy to advance innovation and deliver new therapies to patients. While at Neurocrine, he has helped build, scale and strengthen the company's accounting, finance, tax, treasury, and financial planning and analysis capabilities while serving as a strategic advisor on many of the company's most important financial decisions. Prior to joining Neurocrine, Vosburgh held senior finance leadership roles at Applied Proteomics, Synthetic Genomics, Verenium Corporation, and Natural Alternatives International, following the start of his career at Ernst & Young. He is a Certified Public Accountant (inactive) and earned a Bachelor of Arts in Accounting from the University of San Diego.
About Neurocrine Biosciences
Neurocrine Biosciences is a leading biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering, developing and commercializing life-changing treatments for patients with under-addressed neurological, psychiatric, endocrine and immunological disorders. The company's diverse portfolio includes FDA-approved treatments for tardive dyskinesia, chorea associated with Huntington's disease, classic congenital adrenal hyperplasia, hyperphagia in Prader-Willi syndrome, endometriosis* and uterine fibroids*, as well as a robust pipeline including multiple compounds in mid- to late-phase clinical development across our core therapeutic areas. For more than three decades, we have applied our unique insight into neuroscience and the interconnections between brain and body systems to treat complex conditions. We relentlessly pursue medicines to ease the burden of debilitating diseases and disorders, because you deserve brave science. For more information, visit neurocrine.com, and follow the company on LinkedIn, X, Facebook and YouTube. (*in collaboration with AbbVie)
NEUROCRINE, the NEUROCRINE BIOSCIENCES Logo, and YOU DESERVE BRAVE SCIENCE, are registered trademarks of Neurocrine Biosciences, Inc.
July 23, 2026 16:05 ET | Source: WW International Inc.
NEW YORK, July 23, 2026 (GLOBE NEWSWIRE) -- WW International, Inc. (NASDAQ: WW) (“Weight Watchers” or the “Company”) will release its results for the second quarter 2026 ended June 30, 2026, after market close on Wednesday, August 5, 2026.
Weight Watchers will host a conference call to discuss results at 5:00 p.m. ET the same day. The webcast of the conference call will be available on the Company’s corporate website, corporate.ww.com, under Events and Presentations. A replay of the webcast will be available on this site for at least 90 days.
About Weight Watchers
Weight Watchers is the global leader in science-backed weight management, offering an integrated support system built for the GLP-1 era that combines scientific expertise, medication, cutting-edge technology, and human connection. With more than 60 years of experience, Weight Watchers is the most studied commercial weight management program in the world, delivered through its No. 1 U.S. doctor-recommended weight-loss program. Its holistic, personalized approach also includes U.S.-based clinical interventions and access to GLP-1 medications when clinically appropriate, and a global network of coaches and community support. Since 1963, the company has led with science to deliver its members the personalized support they need to reach and sustain their goals. Members can access these solutions directly, or through Weight Watchers for Business’ full-spectrum platform for employers, health plans, and payers. In a landscape crowded with contradictory advice, isolating apps, and one-size-fits-all solutions, Weight Watchers offers a proven path forward that is rooted in research, grounded in empathy and designed to help every member feel better in their body and live a longer, healthier life. For more information, visit weightwatchers.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. These statements are subject to risks, uncertainties, assumptions and other important factors. Readers are cautioned not to put undue reliance on such forward-looking statements because actual results may vary materially from those expressed or implied. The reports filed by the Company pursuant to United States securities laws contain discussions of these risks and uncertainties. The Company assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are advised to review the Company's filings with the United States Securities and Exchange Commission (which are available on the SEC's EDGAR database at www.sec.gov and via the Company's website at corporate.ww.com).
For investor inquiries, please contact:
Anna Kate Heller [email protected]
For media inquiries, please contact:
Melissa Garbayo [email protected]
SAN FRANCISCO--(BUSINESS WIRE)--Yelp Inc. (NYSE: YELP), the company that connects people with great local businesses, announced that it will release its financial results for the quarter ended June 30, 2026 after the market closes on Thursday, August 6, 2026. Yelp will issue a press release when its Shareholder Letter has been posted on its investor relations website at www.yelp-ir.com. Following the release of the Shareholder Letter, Yelp will host a webcasted conference call to discuss its se.
Capital One has announced the open-source release of its in-house agentic AI security tool.
The banking giant’s VulnHunter is designed “to apply proactive, attacker-perspective analysis directly to the source code,” Capital One said in a news release.
“Advanced AI models have dramatically lowered the barrier for bad actors to discover and exploit vulnerabilities in software,” the release said.
“What once required significant skill and time can now be automated, accelerated, and scaled. The world faces an increasingly short window of time before highly sophisticated, next-generation AI attack capabilities become affordable and accessible to virtually every adversary. Across the industry, organizations are racing to prepare for this paradigm shift.”
According to the release, VulnHunter introduces technical innovations designed to “minimize speculative alerts and maximize actionable repair.”
Among these is a falsification engine built to “challenge its own conclusions” and minimize false positives before they get to development. Upon surfacing a finding, VulnHunter runs a structured reasoning workflow to “disprove its own argument,” the company said.
“This falsification engine actively searches for assumptions that don’t hold, logical gaps in the exploit path, and conditions that would prevent the attack from succeeding. It is designed to immediately discard findings that rely on unsupported assumptions,” the release said.
“The result: what reaches a developer’s attention has already survived a rigorous internal challenge. Every flagged vulnerability is one the tool has tried and failed to rule out.”
VulnHunter is available now and requires access to Claude Opus 4.8 and a working Claude Code environment, the release said.
In other Capital One news, PYMNTS wrote this week about the company’s latest earnings, which spotlight a more segmented consumer credit market.
In this environment, the report said, “lenders are drawing finer distinctions within credit tiers, millions of new accounts are still being opened and card products are increasingly being matched to both a borrower’s credit profile and expected spending behavior.”
Capital One’s treatment of its Discover portfolio demonstrates how much can differ among borrowers within large credit categories, the report added. Discover began expanding credit in 2022 before scaling back originations and credit-line increases starting in late 2023.
“Since acquiring the company, Capital One has tightened further in areas where it is less comfortable with borrowers’ ability to withstand financial pressure, particularly among high-balance revolvers,” PYMNTS added.
Key Takeaways Molina Healthcare beat Q2 earnings estimates despite lower revenues, premium income and membership.MOH benefited from lower operating expenses but faced higher medical cost ratio and weaker investment income.MOH Healthcare raised 2026 EPS and adjusted net income guidance while reaffirming premium revenue outlook. Molina Healthcare, Inc. (MOH - Free Report) reported second-quarter 2026 adjusted earnings per share (EPS) of $1.51, which beat the Zacks Consensus Estimate by 10.2%. The bottom line declined 72.4% from the year-ago period's level.
Revenues amounted to $10.9 billion, which decreased 4.8% year over year. The top line marginally missed the consensus mark by 0.08%.
Second-quarter earnings benefited from lower operating expenses. However, lower premium revenues, declining membership, and weaker investment income weighed on its performance.
Molina Healthcare, Inc Price, Consensus and EPS SurpriseMOH’s Q2 Operational UpdatePremium revenues of $10.2 billion decreased 5.7% year over year and missed the Zacks Consensus Estimate by 1.8%. The decline primarily reflected lower membership levels, partially offset by pricing actions.
As of June 30, 2026, total membership decreased 14.3% year over year to around 4.9 million and missed the Zacks Consensus Estimate by 1.6%. The health insurer witnessed a year-over-year decrease in customers across all segments, especially in Marketplace and Other.
Investment income declined 4.7% year over year to $101 million. The figure beat the Zacks Consensus Estimate by 1.8%.
Total operating expenses were $10.7 billion, down 2.9% year over year and slightly below our model estimate of $11 billion, driven by lower medical care costs. The adjusted general and administrative expense ratio increased to 6.5% from 6.1% a year ago. Interest expense increased 12.5% year over year to $54 million.
The consolidated MCR (medical costs as a percentage of premium revenues) was 92.2% in the reported quarter. It rose from 90.4% a year ago but was marginally below the Zacks Consensus Estimate of 92.5%.
Molina Healthcare’s adjusted net income decreased 73.8% year over year to $77 million.
MOH’s Q2 Financial UpdateMolina Healthcare exited the second quarter with cash and cash equivalents of $5 billion, which increased from the 2025-end level of $4.2 billion. Total assets of $16 billion rose from $15.6 billion as of 2025-end.
Long-term debt totaled $3.8 billion, which remained unchanged from the 2025-end level.
Total stockholders’ equity of $4.2 billion inched up from $4.1 billion at the end of 2025.
Net cash provided by operating activities was $788 million compared to net cash used in operating activities of $112 million in the prior-year period.
MOH’s 2026 GuidanceThe company's full-year 2026 premium revenue guidance has remained unchanged at about $42 billion, down roughly 2% from 2025.
Management expects 2026 GAAP earnings of at least $2.15 per diluted share, up from its previous guidance of at least $1.90. It also raised its full-year 2026 adjusted earnings guidance by $0.25 to at least $5.25 per diluted share.
MOH raised its 2026 adjusted net income guidance to $268 million from $256 million. It also increased its GAAP net income guidance to $110 million from the previous estimate of $97 million.
MOH’s Zacks Rank & Key PicksMolina currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Medical space are Humana Inc. (HUM - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy), and CVS Health Corporation (CVS - Free Report) and Cencora, Inc. (COR - Free Report) , both carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Humana is set to report second-quarter 2026 results on July 29, before the market closes. The Zacks Consensus Estimate for earnings is pegged at $6.22 per share, which has witnessed three upward revisions over the past 60 days, with no movement in the opposite direction. The company beat on earnings in three of the trailing four quarters and missed once, with the average surprise being 3.8%. The consensus estimate for Humana’s second-quarter revenues is pinned at $40.65 billion, indicating a 25.5% year-over-year increase.
CVS Health is set to report second-quarter 2026 results on Aug. 5, before the market closes. The Zacks Consensus Estimate for earnings is pegged at $1.87 per share, indicating a 3.3% year-over-year increase. The company beat on earnings in each of the trailing four quarters, with the average surprise being 16.8%. The consensus estimate for CVS Health’s second-quarter revenues is pinned at $100.18 billion, indicating a 1.3% year-over-year increase.
Cencora is set to report second-quarter 2026 results on Aug. 5, before the market closes. The Zacks Consensus Estimate for earnings is pegged at $4.37 per share, indicating a 9.3% year-over-year increase. The company beat on earnings in three of the trailing four quarters and missed once, with the average surprise being 1.6%. The consensus estimate for Cencora’s second-quarter revenues is pinned at $84.89 billion, indicating a 5.2% year-over-year increase.
Berkshire Hathaway (BRKA +0.53%) (BRKB +0.30%) and the Dow Jones Industrial Average have a lot in common. Berkshire is one of the most well-respected conglomerates in the world, while the Dow is one of the most well-respected market indexes in the world.
Both have a deep-rooted history and own some of the largest, most prominent companies in the U.S. In fact, there's actually quite a bit of overlap, as former Berkshire CEO Warren Buffett and current CEO Greg Abel have steered Berkshire's capital into several Dow companies.
Nearly 59% of Berkshire's stock portfolio sits in five Dow stocks. This is my top pick right now.
Image source: The Motley Fool.
1. Apple -- 21% of portfolio The consumer tech giant Apple (AAPL -1.27%) is a Buffett pick through and through. Buffett allegedly began buying Apple stock after seeing how distraught his friend became when he lost his iPhone, Apple's blockbuster product.
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Buffett began buying Apple in 2016 and at one point built the position to roughly 40% of Berkshire's massive portfolio. While Apple possesses many qualities of a typical Buffett stock, including an incredible brand and tremendously strong moat, one thing that must have stood out to Buffett is the amount of share repurchases the company conducts.
Between the beginning of 2016, when Berkshire first purchased Apple, and 2025, Apple repurchased over $700 billion worth of stock.
2. American Express -- 15% Berkshire's second-largest position, American Express (AXP -2.37%), is one of Buffett's longest holdings.
Berkshire acquired the bulk of its Amex position in the early 1990s and has let it appreciate. It's now collecting hundreds of millions in dividends annually. Amex has also established an incredible brand, and its credit cards have become a symbol of status.
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Plus, the company has an excellent business model. The credit card business, which is often perceived as a higher-risk category by investors, serves an affluent clientele that is typically more resilient during economic downturns. Meanwhile, the company's closed-loop payments network captures fees on every Amex transaction, creating a strong stream of annual recurring revenue.
3. Coca-Cola -- 9.3% Berkshire began purchasing the iconic beverage company Coca-Cola (KO -1.25%) in the late 1980s. Similar to Amex, the position now yields hundreds of millions in annual dividends.
In fact, Coca-Cola is a Dividend King, meaning it has paid and increased its annual dividend for at least 50 years. Coca-Cola is on year 64 and counting. Coca-Cola is viewed as a high-quality consumer staples stock, a category that tends to perform better during market turbulence and economic struggles.
The company has greatly diversified its product line beyond soda and now has many brands in different beverage categories.
4. Alphabet -- 8.6% Buffett initiated Berkshire's Alphabet (GOOG -6.88%) (GOOGL -7.12%) position only last year, but Abel has greatly expanded it. Berkshire purchased over $10 billion in Alphabet Class A and Class C shares in the first quarter of the year, and then followed that up by purchasing another $10 billion in a private placement.
It's an interesting move because Alphabet is a clear bet on artificial intelligence, and the company is expected to spend as much as $190 billion in capital expenditures on AI-related infrastructure.
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Berkshire had seemingly been ignoring these bets in recent years and hoarding cash, but Buffett recently said that Alphabet has a tremendous track record for generating high returns on capital. The company also operates many other strong tech businesses that can thrive even if AI is not as successful as expected.
5. Chevron -- 4.5% Since the pandemic, Buffett and the Berkshire team have loaded up on energy stocks and assets, and Chevron (CVX +0.75%) now accounts for 4.5% of Berkshire's equity portfolio.
Buffett and his team may have realized that oil and gas dependence isn't going anywhere as power demand surges. They may also see U.S. oil as a good hedge against geopolitical risks, which turned out to be a prudent assumption, given what has happened to oil prices this year as a result of the Iran war.
Of these five stocks, I like Apple the best right now. The stock has risen nearly 21% this year, beating the broader market and many of its peers in the "Magnificent Seven."
While the hyperscalers poured hundreds of billions into AI capex, Apple largely stayed on the sidelines, choosing to position its AI strategy differently. At times, it certainly seemed like Apple's AI strategy lagged its peers', but the company is now being rewarded for its patience.
What's more, Apple can still benefit from AI by playing a key role in the AI ecosystem. It will be able to bring AI to consumers through many of its hardware products. People will be able to access large language models and other AI tools through Apple products, likely generating significant referral revenue for Apple.
More AI use on Apple products could also increase iCloud usage, leading to better monetization of Apple's cloud storage.
, /PRNewswire/ -- The Otis Worldwide Corporation (NYSE: OTIS) Board of Directors today declared a quarterly dividend of $0.44 per share of Otis' common stock. The dividend will be payable on September 11, 2026, to shareholders of record at the close of business on August 14, 2026.
About Otis
Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation, service and modernization of elevators and escalators, we move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @OtisElevatorCo.
Cautionary Statement
This release includes statements related to anticipated earnings, cash flow and dividends that constitute "forward-looking statements" under the securities laws. All forward-looking statements involve risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Past dividends provide no assurance as to future dividends. The payment and amount of future dividends could vary significantly from past amounts due to a number of risks and uncertainties. Risks and uncertainties include: (1) the effect of economic conditions in the industries and markets in which Otis and its businesses operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, future availability of credit and factors that may affect such availability or costs (including tighter credit conditions), levels of end market demand in construction, pandemic health issues, natural disasters and the financial condition of Otis' customers and suppliers; (2) risks associated with indebtedness; (3) challenges in the development and production of new products and services; and (4) the effect of changes in laws and regulations, political conditions and geopolitical conflicts in countries in which we operate and other factors beyond our control. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary from those stated in forward-looking statements, see the reports of Otis on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Commitment reflects Southern Company's approach to growth through clear cost responsibility, enhanced grid reliability and broad-based economic and community benefits
, /PRNewswire/ -- Southern Company (NYSE: SO) announced it is joining President Donald Trump's Ratepayer Protection Pledge, underscoring the company's commitment to ensuring that America's leadership in artificial intelligence (AI) and advanced technologies delivers broad-based benefits for customers and communities.
The Pledge aligns with the Southern Company system's well-established approach to serving growth in a responsible manner while maintaining rate stability and reliability for millions of households and small businesses across the Southeast. The company's two largest subsidiaries, Georgia Power and Alabama Power, each have multiyear base rate freezes in place. In early 2026, Southern Company announced a historic loan package of up to $26.5 billion from the Department of Energy estimated to generate $7 billion in benefits for customers by helping to lower energy costs and strengthen the grid.
"This is a tremendous moment for the Southeast and for our country," said Chris Womack, chairman, president and CEO of Southern Company. "AI and advanced technologies are creating historic opportunities for investment and economic growth, and Southern Company is committed to putting customers first. The President's Pledge reflects an important principle: growth should strengthen our energy future while protecting rate stability and reliability for the families, businesses and communities we serve. We appreciate President Trump's leadership in advancing policies that support American energy infrastructure, and we are confident the approach we are taking will deliver lasting benefits."
Through clear, enforceable customer agreements, the company is working to ensure that the infrastructure investments and operational requirements associated with new, energy-intensive demand are appropriately borne by the businesses driving that growth, helping to protect existing customers while supporting continued investment, job creation and economic investment.
OpenAI's recently announced project in Effingham County, Georgia, which is expected to create thousands of new jobs and billions of dollars in new investment for the local community, is a powerful demonstration of this approach in practice. As part of its planned $20 billion investment, OpenAI has committed to covering the full infrastructure and electric service costs required to serve its facility and providing financial assurances designed to protect customers, consistent with rules approved by the Georgia Public Service Commission. Additionally, as part of the agreement, OpenAI has committed to supporting the power grid with up to 1,000 megawatts of flexible demand response, lowering power use at scale that will help ensure reliable electric service when demand is highest and provide savings for customers in the long term.
About Southern Company
Southern Company (NYSE: SO) is a leading energy provider serving 9 million customers across the Southeast and beyond through its family of companies. The company has electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company, a leading distributed energy solutions provider with national capabilities, a fiber optics network and telecommunications services. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and are the key to our sustained success, driven by nearly 30,000 employees dedicated to delivering exceptional service. To learn more, visit www.southerncompany.com.
Snap-on Incorporated (SNA) Q2 2026 Earnings Call July 23, 2026 10:00 AM EDT
Company Participants
Sara Verbsky - Vice President of Investor Relations
Nicholas Pinchuk - Chairman, CEO & President
Aldo Pagliari - Senior VP of Finance & CFO
Conference Call Participants
David S. MacGregor - Longbow Research LLC
Christopher Glynn - Oppenheimer & Co. Inc., Research Division
Scott Stember - ROTH Capital Partners, LLC, Research Division
Gary Prestopino - Barrington Research Associates, Inc., Research Division
Bret Jordan - Jefferies LLC, Research Division
Presentation
Operator
Good day, and welcome to the Snap-on Incorporated 2026 Second Quarter Results Conference Call. [Operator Instructions] Please note that this event is being recorded. I would now like to turn the call over to Sara Verbsky, Vice President, Investor Relations. Please go ahead.
Sara Verbsky
Vice President of Investor Relations
Thank you, Cole, and good morning, everyone. We appreciate you joining us today as we review Snap-on's second quarter results, which are detailed in our press release issued earlier this morning. We have on the call Nick Pinchuk, Snap-on's Chief Executive Officer; and Aldo Pagliari, Snap-on's Chief Financial Officer.
Nick will kick off our call this morning with his perspective on our performance. Aldo will then provide a more detailed review of the financial results. After Nick provides some closing thoughts, we'll take your questions.
As usual, we provided slides to supplement our discussion. These slides can be accessed under the Downloads tab in the webcast viewer as well as on our website, snapon.com, under the Investors section. The slides will be archived on our website along with the transcript of today's call. Any statements made during this call relative to management's expectations, estimates or beliefs or that otherwise discuss management's or the company's outlook, plans or projections are forward-looking statements and actual results may differ materially from those made in such statements. Additional information and the factors
, /PRNewswire/ -- PPL Corporation today announced it has signed the White House's Ratepayer Protection Pledge, reaffirming the company's long-standing commitment to affordability, reliability and responsible growth.
The pledge, previously signed by many of the nation's largest technology companies, defines voluntary principles to help ensure that data centers appropriately fund energy and infrastructure associated with serving them and that existing customers are protected as demand grows.
"The customer-protection principles reflected in the Ratepayer Protection Pledge are consistent with our approach to responsible growth," said Vincent Sorgi, president and chief executive officer of PPL Corporation.
"In fact, PPL and its utilities were early movers in establishing new rate classes and regulator-approved, enforceable tariffs designed to protect existing customers and help ensure that large energy users, including data centers, pay their fair share of the costs of infrastructure needed to serve them," said Sorgi.
"Ultimately, we believe economic growth and customer protection can go hand in hand, and this pledge reflects that important balance."
Advancing customer protections
PPL believes many of the principles reflected in the Ratepayer Protection Pledge are already embedded in regulator-approved tariffs and rate structures serving large energy users in its Pennsylvania and Kentucky service territories.
In Pennsylvania, PPL Electric Utilities' recently approved LP-6 rate establishes protections ─ including long-term service commitments, minimum billing obligations, revenue protections, up-front payments for directly assignable upgrades, financial security requirements and other measures ─ all designed to ensure costs associated with new demand are paid by customers creating that demand and not shifted to others.
Louisville Gas and Electric Company and Kentucky Utilities Company earlier this year implemented similar regulator-approved customer protections through their Extremely High Load Factor (EHLF) tariff.
As data centers and other large-load customers connect under these enforceable commitments, they can improve system utilization and potentially lower costs for non-data center customers over time.
These approaches demonstrate how economic growth, customer protection and infrastructure investment can advance together through regulator-approved, enforceable mechanisms tailored to the needs of individual states and electric systems.
Supporting needed infrastructure
Apart from establishing enforceable protections around cost allocation, PPL's utilities are also very focused on protecting grid reliability.
Large customer connections are planned carefully, detailed engineering and reliability studies are completed up front, high-demand interconnections are subject to regulatory oversight, and any necessary upgrades are made before service begins, helping to ensure the grid remains safe and reliable for all customers.
Additional generation resources will also be needed to support economic growth, strengthen national security, maintain reliability and promote long-term customer affordability. This is why PPL has consistently advocated for policies that encourage investment in new generation resources and energy infrastructure while helping to ensure the costs of serving new demand are appropriately assigned.
It's also why PPL created its joint venture with Blackstone Infrastructure ─ to build, own and operate new generation resources needed to serve new data center demand in PJM, particularly in Pennsylvania. The initiative is intended to support reliability, power economic development and help improve the supply-demand balance across the region in an effort to reduce upward pressure on wholesale electricity prices over time.
Powering demand that's critical to our nation's economy
PPL recognizes that data centers are an essential part of modern life, supporting everything from digital services and business operations to innovation, economic competitiveness and national security. The company's role is to serve this new demand in a way that maintains reliability, protects customers and supports the communities it serves.
"At PPL, we are focused on supporting data center growth the right way," said Sorgi. "Reliability comes first. Growth pays for growth. Costs are fair and transparent. Infrastructure is planned with discipline and purpose. And decisions are grounded in clear, coordinated planning.
"Ultimately, we believe this growth can deliver significant long-term benefits to the communities we serve. Moving forward, we will continue working with regulators, policymakers and local stakeholders to meet these growing energy needs while keeping energy safe, reliable and affordable for our customers."
About PPL
PPL Corporation (NYSE: PPL), headquartered in Allentown, Pennsylvania, is a leading U.S. energy company focused on providing electricity and natural gas safely, reliably and affordably to more than 3.6 million customers in the U.S. PPL's high-performing, award-winning utilities are addressing energy challenges head-on by building smarter, more resilient and more dynamic power grids and advancing sustainable energy solutions. For more information, visit www.pplweb.com.
FMC Corporation (NYSE: FMC) announced today that its board of directors declared a regular quarterly dividend of 8 cents per share, payable on October 15, 2026, to shareholders of record as of the close of business on September 30, 2026.
About FMC
FMC Corporation is a global agricultural sciences company dedicated to helping growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC's innovative crop protection solutions – including biologicals, crop nutrition, digital and precision agriculture – enable growers and crop advisers to address their toughest challenges economically while protecting the environment. FMC is committed to discovering new herbicide, insecticide and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet. Visit fmc.com to learn more and follow us on LinkedIn®.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in presentations, reports or letters to FMC stockholders.
In some cases, FMC has identified these forward-looking statements by such words or phrases as "outlook", "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words or phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These statements are qualified by reference to the risk factors included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K"), the section captioned "Forward-Looking Information" in Part II of the 2025 Form 10-K and to similar risk factors and cautionary statements in all other reports and forms filed with the Securities and Exchange Commission ("SEC"). We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement.
We specifically decline to undertake any obligation, and specifically disclaims any duty, to publicly update or revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law.
WILMINGTON, Del.--(BUSINESS WIRE)--WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the second quarter of 2026. Selected financial results and metrics are as follows: (Dollars in millions, except per share data) 2Q 2026 1Q 2026 2Q 2025 Net interest income $ 192.5 $ 185.1 $ 179.5 Fee revenue 90.0 90.1 88.0 Total net revenue 282.5 275.3 267.5 Provision for (recove.
Match Group Inc (NASDAQ:MTCH)'s Tinder is showing tentative signs of improving user trends, but Jefferies said it remains too early to call a turnaround.
The brokerage said Match Group's most recent quarter showed early signs of improvement in new user registrations and monthly active user (MAU) declines, a trend that appears to have held up based on third-party MAU and download data.
Jefferies added that Tinder revenue and payers could outperform Street estimates this year if user givebacks come in lower than budgeted.
Still, the firm cautioned that it does not view recent product changes as materially altering Tinder's trajectory.
Jefferies is modeling Match Group's second-quarter total revenue down 1% year-over-year and Tinder payers down 110,000 quarter-over-quarter, largely in line with Street estimates and guidance. The firm sees possible upside toward the high end of guidance if a guided roughly $20 million Azar headwind and roughly $10 million Tinder UX testing impact prove less severe than expected.
Third-quarter revenue is expected to worsen to down 2% year-over-year as Tinder user givebacks pick up in the second half, with Jefferies modeling a 5% year-over-year decline in Tinder payers for the rest of the year. The firm noted Match Group still has roughly $45 million of givebacks budgeted after using less than expected earlier in the year, meaning payer declines could be more modest than expected if givebacks again come in below plan.
Jefferies also continues to expect revenue pressure from Azar's lower-monetizing relaunch over coming quarters.
While Match Group is targeting flat Tinder MAU growth by the end of 2027, Jefferies said it remains skeptical that incremental changes like branding refreshes and feature launches can drive a durable turnaround.
Jefferies called recent Tinder product changes, including Double Date, Astrology Mode and new event formats, helpful but still early. It does not expect the recent Tinder rebrand to materially shift user growth trends.
The firm remains concerned about structural challenges in the dating category and made no changes to its estimates. Its price target is based on 8x FY27 EBITDA, with a Hold rating and $35 price target on the stock.
Bala Cynwyd, Pennsylvania--(Newsfile Corp. - July 23, 2026) - Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of Finward Bancorp ("Finward" or the "Company") (NASDAQ: FNWD) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the sale of the Company to First Financial Bancorp. (NASDAQ: FFBC) in an all-stock transaction where each outstanding share of Finward common stock will be converted into the right to receive 1.35 shares of First Financial common stock, valuing the transaction at approximately $208 million, based on First Financial's closing stock price on July 20, 2026.
The investigation concerns whether the Finward Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the proposed transaction is paying fair value to shareholders of the Company.
If you own shares of Finward stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman by email at [email protected], visit https://www.brodskysmith.com/cases/finward-bancorp-nasdaq-fnwd/, or call toll free 855-576-4847.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. 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/306348
Key Takeaways QuidelOrtho is poised for growth on its strong product portfolio and cost-saving progress.QDEL's Labs business leads first-quarter revenues, with Immunohematology and Point of Care adding support.Respiratory testing remains a key swing factor as lower demand pressures revenues and margins. QuidelOrtho Corporation (QDEL - Free Report) is well-poised for growth in the coming quarters, courtesy of its strong product portfolio. The optimism, led by mixed first-quarter 2026 results, is expected to contribute further, along with progress in cost-saving initiatives. However, risks due to overdependence on the respiratory business persist.
This Zacks Rank #2 (Buy) company has lost 41.6% in the year-to-date period compared with the 21.8% decline of the industry. The S&P 500 has witnessed 9.5% growth in the said time frame.
The renowned rapid diagnostic testing solutions provider has a market capitalization of $1.12 billion. QuidelOrtho’s earnings yield of 11.4% compares favorably with the industry’s 3.1%. The company surpassed the Zacks Consensus Estimate in two of the trailing four quarters, missed once and met estimates once, delivering an average negative surprise of 15.7%.
Image Source: Zacks Investment Research
Factors Favoring QDEL’s GrowthRobust Product Portfolio: QuidelOrtho’s diversified portfolio across Labs, Immunohematology, Point of Care and Molecular Diagnostics helps cushion demand fluctuations across testing categories. In the first quarter of 2026, Labs remained the largest revenue contributor at $353.1 million, followed by Immunohematology at $138.3 million and Point of Care at $112.8 million.
The company's Sofia platform and QuickVue franchise continue to provide scale in respiratory testing, with management noting stable market share during the quarter. For 2026, QuidelOrtho expects a typical flu season and stable testing protocols, with guidance based on a 50-55 million annual flu testing market and flat COVID-related revenues compared with 2025.
Growth initiatives remain focused on menu expansion and international penetration, with the U.S. launch of its high-sensitivity troponin assay already reaching more than 300 customer shipments and the rollout of the VITROS 450 system targeting lower-volume laboratories, which management believes can drive mid-single-digit long-term growth in the Labs business.
Progress on Cost-Saving Initiatives: QuidelOrtho is leveraging restructuring and productivity initiatives to expand margins and support investments in new platforms. In first-quarter 2026, adjusted operating expenses declined 2% year over year, led by a 19% reduction in R&D spending, while management reaffirmed its full-year adjusted EBITDA margin target of approximately 23%.
Through its Optimization Plan, the company is pursuing procurement efficiencies, facility consolidation and distribution rationalization, expecting around $50 million in net cost savings through 2027 despite cumulative pre-tax charges of about $100 million. QuidelOrtho is also implementing supply-chain measures to offset tariff-related cost pressures, while the wind-down of its U.S. Donor Screening business, expected to be substantially complete by mid-2026, and normalized working capital are projected to support stronger free cash flow generation in the second half of 2026.
Mixed Q1 Results: QuidelOrtho ended the first quarter of 2026 with mixed results, where revenues surpassed the Zacks Consensus Estimate, but earnings missed significantly. The company continued to witness strength in its Labs and Immunohematology business units, while solid growth across Latin America and resilient performance in EMEA and JPAC were encouraging.
However, persistent weakness in respiratory testing continued to weigh heavily on the top line, with Point of Care and Donor Screening businesses also posting sharp declines. The company’s bottom line deteriorated year over year, while gross and operating margins contracted significantly due to lower volumes and an unfavorable business mix.
Factors That May Offset QDEL’s GainsOverdependence on Respiratory Segment: Respiratory testing remains a key swing factor for QuidelOrtho’s revenues and profitability despite the post-pandemic reset. First-quarter 2026 results were pressured by a milder and shorter respiratory season, with influenza-like illness visits declining roughly 30% year over year and respiratory revenues totaling $68 million. While management indicated that testing protocols and market share remained stable, suggesting the weakness was demand-driven rather than competitive, the lower respiratory contribution reduced product mix and contributed to a 630-basis point decline in adjusted gross margin.
For 2026, the company assumes a 50-55 million annual flu market and flat COVID revenues compared with 2025, but still expects full-year respiratory revenues to decline, implying that even modest shifts in seasonality or testing volumes could continue to create significant variability in quarterly results and cash generation.
Estimate TrendQuidelOrtho is witnessing a negative estimate revision trend for 2026. In the past 30 days, the Zacks Consensus Estimate for earnings has moved south to $1.87 per share.
The Zacks Consensus Estimate for the company’s second-quarter 2026 revenues is pegged at $614.6 million, indicating 0.12% growth from the year-ago quarter’s reported number.
Other Key PicksSome other top-ranked stocks from the broader medical space are West Pharmaceutical (WST - Free Report) , Intuitive Surgical (ISRG - Free Report) and Cardinal Health (CAH - Free Report) , each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
West Pharmaceutical reported first-quarter 2026 earnings per share (EPS) of $2.13, which beat the Zacks Consensus Estimate by 26.8%. Revenues of $844.9 million surpassed the Zacks Consensus Estimate by 8.5%.
West Pharmaceutical has an estimated long-term earnings growth rate of 13.9%. WST’s earnings surpassed estimates in the trailing four quarters, the average surprise being 19.4%.
Intuitive Surgical reported first-quarter 2026 adjusted EPS of $2.50, which beat the Zacks Consensus Estimate by 20.2%. Revenues of $2.77 billion surpassed the Zacks Consensus Estimate by 6.2%.
Intuitive Surgical has an estimated long-term earnings growth rate of 14.3%. ISRG’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.8%.
Cardinal Health reported a third-quarter fiscal 2026 adjusted EPS of $3.17, which beat the Zacks Consensus Estimate by 13.2%. Revenues of $60.94 billion missed the Zacks Consensus Estimate by 2.3%.
Cardinal Health has an estimated long-term earnings growth rate of 17%. CAH’s earnings surpassed estimates in the trailing four quarters, the average surprise being 10.3%.
New York, New York--(Newsfile Corp. - July 23, 2026) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Hub Group, Inc. ("Hub Group" or the "Company") (NASDAQ: HUBG) on behalf of investors that purchased or otherwise acquired Hub Group securities between April 28, 2023 and May 11, 2026 (the "Class Period").
CLICK HERE TO RECEIVE MORE INFORMATION ABOUT THIS INVESTIGATION
If you are an investor in Hub Group and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (646) 315-9003.
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than August 28, 2026 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
On February 5, 2026, Hub Group announced preliminary fourth quarter and full year 2025 results and disclosed the identification of a $77 million accounting error due to "the understatement of purchased transportation costs and accounts payable in the first nine months of 2025." Additionally, the Company said it "plans to restate its financial statements for the first, second and third quarters of 2025," and "is continuing to assess the potential impact to its consolidated financial statements for the years ended December 31, 2024 and 2023."
On this news, the price of Hub Group stock fell $9.37 per share, or 18.25%, to close at $41.96 per share on February 6, 2026.
Then, on May 12, 2026, Hub Group announced that it had "identified certain transactions that were prematurely or incorrectly recognized or not adequately supported," causing its 2023 and 2024 annual reports filed with the SEC to be "materially misstated," such that they "should no longer be relied upon." The Company did not quantify the expected misstatement, although it stated that it "expects to conclude that it did not maintain effective disclosure controls and procedures and internal control over financial reporting for each of the years ended December 31, 2024 and 2023."
On this news, the price of Hub Group stock fell $5.24 per share, about 12.5%, to close at $36.62 per share on May 12, 2026.
The complaint alleges, among other things, that throughout the Class Period, the Company's financial statements contained material misstatements caused by the premature and incorrect recognition of certain transactions and other material misstatements caused by the understatement of purchased transportation costs and accounts payable.
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Kaplan Fox & Kilsheimer LLP is a nationally recognized law firm focused on complex litigation, with offices in New York, Oakland, Los Angeles, Chicago, and New Jersey. Founded in 1956, the firm has spent more than 50 years prosecuting securities, antitrust, and consumer protection actions in federal and state courts nationwide, recovering more than $10 billion for clients and the classes it has represented.
Kaplan Fox is widely regarded as one of the nation's premier plaintiffs' securities litigation firms and has received recognition from Chambers and Partners, Benchmark Litigation, Super Lawyers, and Lawdragon. Serving as lead or co-lead counsel in many landmark cases, the firm has secured some of the largest recoveries in the history of securities litigation, including a $2.425 billion recovery on behalf of Bank of America shareholders in In re Bank of America—the largest recovery ever obtained for claims under Section 14(a) of the Securities Exchange Act—$800 million recovered for the Arkansas Teacher Retirement System and other pension funds in ATRS v. Allianz Global Investors, and a $475 million settlement in In re Merrill Lynch.
For decades, Kaplan Fox has represented public pension funds, institutional investors, businesses, and individuals in high-stakes litigation. Through its successful advocacy and precedent-setting victories, the firm has helped shape important areas of securities and corporate law while advancing accountability and protecting investor interests.
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https://www.kaplanfox.com/case/hub-group-inc/
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Source: Kaplan Fox & Kilsheimer LLP
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LOS ANGELES, July 23, 2026 (GLOBE NEWSWIRE) -- Glancy Prongay Wolke & Rotter LLP reminds investors of the upcoming August 28, 2026 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Hub Group, Inc. (“Hub Group” or the “Company”) (NASDAQ: HUBG) securities between April 28, 2023 and May 11, 2026, inclusive (the “Class Period”).
CHICAGO--(BUSINESS WIRE)--Kemper Corporation (NYSE: KMPR) today announced that after the markets close on Wednesday, August 5, Kemper intends to issue its second quarter 2026 earnings release, financial supplement, and Form 10-Q. Following their publication, these documents will be available in the investor section of kemper.com. Conference Call Details Kemper will host its conference call to discuss second quarter 2026 results on Thursday, August 6, at 8:00 am Eastern (7:00 am Central). The co.
LOS ANGELES, July 23, 2026 (GLOBE NEWSWIRE) -- Glancy Prongay Wolke & Rotter LLP reminds investors of the upcoming August 31, 2026 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Insulet Corporation (“Insulet” or the “Company”) (NASDAQ: PODD) securities between February 21, 2025 and May 26, 2026, inclusive (the “Class Period”).
, /PRNewswire/ -- Kessler Topaz Meltzer & Check, LLP (www.ktmc.com), a nationally recognized securities litigation law firm, is investigating potential violations of the federal securities laws by HCA Healthcare, Inc. (NYSE: HCA) on behalf of investors who purchased or acquired HCA Healthcare, Inc. securities and experienced significant financial losses.
HCA Announces Disappointing Financial Results
On July 14, 2026, HCA issued a press release reporting its preliminary financial and operating results for the second quarter of 2026. Among other items, HCA sharply lowered its full-2026 profit guidance, citing an unfavorable shift in the company's payer mix, which impacted revenue by approximately $400 million in the quarter.
HCA's Stock Drops Over 6%
Following the news of HCA's poor financial results, HCA Healthcare, Inc.'s stock price fell over 6%.
CONTACT KTMC TO DISCUSS YOUR LEGAL RIGHTS:
If you purchased or acquired HCA Healthcare, Inc. securities and have lost money on your investment, please provide your information here: https://www.ktmc.com/hca-hca-healthcare-inc-investigation?utm_campaign=hc?utm_source=PR_Newswire&utm_medium=pressrelease&utm_campaign=hca&mktm=PR
You can also contact attorney Jonathan Naji, Esq. by calling (484) 270-1453 or by email at [email protected]. There is no cost or obligation to speak with an attorney.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP (KTMC):
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including being recognized in Chambers & Partners USA 2026 as a Band 1 Top Firm in Securities and Class Actions, Legal 500's Tier 1 Rankings for Securities and M&A Litigation, The National Law Journal's Plaintiff's Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group's Honor Roll of Most Feared Law Firms, The Legal Intelligencer's Class Action Firm of the Year, Lawdragon's Leading Plaintiff Financial Lawyers, and Law360's Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.
CONTACT:
Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
[email protected]
May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.
Ameriprise Financial, Inc. (AMP) Q2 2026 Earnings Call July 23, 2026 8:30 AM EDT
Company Participants
Stephanie Rabe - Head of Investor Relations
Jim Cracchiolo - Chairman & CEO
Walter Berman - Executive VP, CFO & Chief Risk Officer
Conference Call Participants
Brennan Hawken - BMO Capital Markets Equity Research
Craig Siegenthaler - BofA Securities, Research Division
Crispin Love - Piper Sandler & Co., Research Division
Wilma Jackson Burdis - Raymond James & Associates, Inc., Research Division
Thomas Gallagher - Evercore ISI Institutional Equities, Research Division
Ryan Krueger - Keefe, Bruyette, & Woods, Inc., Research Division
Suneet Kamath - Jefferies LLC, Research Division
Presentation
Operator
Welcome to the Second Quarter 2026 Earnings Call. My name is Rebecca, and I will be your operator for today's call. [Operator Instructions] As a reminder, the conference is being recorded. I will now turn the call over to Stephanie Rabe. Stephanie, you may begin.
Stephanie Rabe
Head of Investor Relations
Welcome to Ameriprise Financial's Second Quarter Earnings Call. On the call with me today are Jim Cracchiolo, Chairman and CEO; and Walter Berman, Chief Financial Officer. Following their remarks, we'd be happy to take your questions. Turning to our earnings presentation materials that are available on our website. On Slide 2, you will see a discussion of forward-looking statements. Specifically, during the call, you'll hear references to various non-GAAP financial measures. which we believe provide insight into our company's operations. Reconciliation of non-GAAP numbers to their respective GAAP numbers can be found in today's materials and on our website at ir.ameriprise.com.
Some statements that we make on this call may be forward-looking, reflecting management's expectations about future events and overall operating plans and performance. These forward-looking statements speak only as of today's date and involve a number of risks and uncertainties. A sample list of factors and risks that could cause actual results
, /PRNewswire/ -- BancFirst Corporation (NASDAQ GS: BANF) reported net income of $66.7 million, or $1.96 per diluted share, for the second quarter of 2026 compared to net income of $62.3 million, or $1.85 per diluted share, for the second quarter of 2025.
The Company's net interest income for the three-months ending June 30, 2026 increased to $133.5 million from $121.3 million for the same period in 2025. Higher loan volume and general growth in earning assets were the primary drivers of the change in net interest income. Net interest margin was 3.84% for the second quarter of 2026 compared to 3.75% for the second quarter of 2025. The Company recorded a provision for credit losses of $4.9 million and $1.4 million for the quarter ended June 30, 2026 and 2025, respectively.
Noninterest income for the quarter totaled $53.9 million compared to $48.0 million in the same quarter last year. Trust revenue, service charges on deposits, securities transactions, and treasury income each increased when compared to second quarter of 2025. The Company also recorded gains of $2.9 million related to bank owned life insurance claims during the quarter. The increase in noninterest income was partially offset by a decrease in insurance commissions.
Noninterest expense grew to $97.5 million for the quarter ended June 30, 2026 compared to $88.2 million in the same quarter in 2025. The increase in noninterest expense was primarily attributable to the growth in salaries and employee benefits of $5.2 million. The total salaries and employee benefits expenses recorded of $60.3 million is after a favorable adjustment to the funded employee benefit trust of $800,000. Also driving the increase in noninterest expense was net expense from other real estate owned, which increased $1.6 million period to period.
At June 30, 2026, the Company's total assets were $15.1 billion, an increase of $243.4 million from December 31, 2025. Loans grew $110.6 million from December 31, 2025, totaling $8.7 billion at June 30, 2026. Deposits totaled $12.8 billion, an increase of $155.9 million from year-end 2025. Sweep accounts totaled $5.0 billion at June 30, 2026, up $100.8 million from December 31, 2025. The Company's stockholders' equity stood at $2.0 billion, an increase of $103.0 million from the end of 2025.
Nonaccrual loans represented 0.94% of total loans at June 30, 2026, up from 0.72% at year-end 2025. Nonaccrual loans totaled $81.4 million at the end of the second quarter 2026. The allowance for credit losses to total loans was 1.25% at June 30, 2026 and 1.22% at December 31, 2025. Net charge-offs totaled $2.4 million for the quarter compared to $4.7 million for the second quarter last year.
BancFirst Corporation CEO David Harlow commented, "The Company enjoyed a record quarter fueled by an expanding margin and earning asset growth. Noninterest income growth was solid across most major categories and expenses were managed in line with plan. We announced the acquisition of SpiritBank during the quarter, adding the Tulsa MSA communities of Bristow and Sapulpa while expanding our presence in the Tulsa market. Pending regulatory approval, a fourth quarter close and conversion is anticipated. Our economic outlook continues to be guarded, although charge-offs remain at historically low levels. With a $4.9 million provision during the quarter, our allowance for credit losses remains at a healthy level."
BancFirst Corporation (the Company) is an Oklahoma based financial services holding company. The Company operates three subsidiary banks, BancFirst, an Oklahoma state-chartered bank with 109 banking locations serving 62 communities across Oklahoma, Pegasus Bank, a Texas state-chartered bank with three banking locations in the Dallas Metroplex area, and Worthington Bank, a Texas state-chartered bank with three locations in the Fort Worth Metroplex area, one location in Arlington Texas and one location in Denton Texas. More information can be found at www.bancfirst.bank.
The Company may make forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters. Forward-looking statements include estimates and give management's current expectations or forecasts of future events. The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions, the performance of financial markets and interest rates; legislative and regulatory actions and reforms; competition; as well as other factors, all of which change over time. Actual results may differ materially from forward-looking statements.
BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
(Dollars in thousands, except per share and share data - Unaudited)
2026
2026
2025
2025
2025
2nd Qtr
1st Qtr
4th Qtr
3rd Qtr
2nd Qtr
Balance Sheet Data:
Total assets
$ 15,082,243
$ 15,116,541
$ 14,838,893
$ 14,198,140
$ 14,045,780
Interest-bearing deposits with banks
4,164,678
4,430,751
4,177,406
3,849,736
3,737,763
Debt securities
1,113,240
886,519
924,948
1,015,941
1,104,604
Total loans
8,655,260
8,596,068
8,544,634
8,287,167
8,124,497
Allowance for credit losses
(107,810)
(105,330)
(104,299)
(99,511)
(96,988)
Noninterest-bearing demand deposits
4,162,306
4,105,840
3,897,613
3,816,389
3,967,626
Money market and interest-bearing checking deposits
5,442,757
5,605,932
5,610,882
5,393,791
5,301,439
Savings deposits
1,428,690
1,391,142
1,318,062
1,251,394
1,205,602
Time deposits
1,792,537
1,798,187
1,843,836
1,656,813
1,581,525
Total deposits
12,826,290
12,901,101
12,670,393
12,118,387
12,056,192
Stockholders' equity
1,957,097
1,901,912
1,854,125
1,782,801
1,728,038
Book value per common share
58.25
56.65
55.28
53.49
51.94
Tangible book value per common share (non-GAAP)(1)
52.21
50.58
49.20
47.71
46.12
Balance Sheet Ratios:
Average loans to deposits
67.02 %
67.02 %
66.43 %
67.32 %
67.11 %
Average earning assets to total assets
92.45
92.84
93.00
93.00
92.97
Average stockholders' equity to average assets
12.79
12.60
12.33
12.38
12.14
Asset Quality Data:
Past due loans
$ 7,077
$ 8,364
$ 8,115
$ 7,959
$ 7,515
Nonaccrual loans (3)
81,420
62,178
61,130
57,266
49,878
Other real estate owned and repossessed assets
61,703
53,649
49,134
53,233
53,022
Nonaccrual loans to total loans
0.94 %
0.72 %
0.72 %
0.69 %
0.61 %
Allowance to total loans
1.25
1.23
1.22
1.20
1.19
Allowance to nonaccrual loans
132.41
169.40
170.62
173.77
194.45
Net charge-offs to average loans
0.03
0.02
0.02
0.02
0.05
Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):
Stockholders' equity
$ 1,957,097
$ 1,901,912
$ 1,854,125
$ 1,782,801
$ 1,728,038
Less goodwill
183,388
183,388
182,739
182,263
182,263
Less intangible assets, net
19,408
20,382
21,357
10,548
11,410
Tangible stockholders' equity (non-GAAP)
$ 1,754,301
$ 1,698,142
$ 1,650,029
$ 1,589,990
$ 1,534,365
Common shares outstanding
33,598,745
33,575,976
33,539,032
33,329,247
33,272,131
Tangible book value per common share (non-GAAP)
$ 52.21
$ 50.58
$ 49.20
$ 47.71
$ 46.12
(1) Refer to the "Reconciliation of Tangible Book Value per Common Share (non-GAAP)" Table.
(2) Tangible book value per common share is stockholders' equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(3) Government Agencies guarantee approximately $7.9 million of nonaccrual loans at June 30, 2026.
BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
Six months ended
June 30,
2026
2025
Condensed Income Statements:
Net interest income
$ 261,141
$ 237,205
Provision for credit losses on loans
7,409
2,700
(Benefit from)/provision for off-balance sheet credit exposures
(387)
273
Noninterest income:
Trust revenue
12,135
11,334
Service charges on deposits
37,132
34,545
Securities transactions
1,629
(1,073)
Sales of loans
1,693
1,466
Insurance commissions
16,921
18,330
Cash management
21,488
20,624
Other
14,342
11,716
Total noninterest income
105,340
96,942
Noninterest expense:
Salaries and employee benefits
119,161
109,740
Occupancy expense, net
12,606
11,790
Depreciation
9,804
9,499
Amortization of intangible assets
1,949
1,748
Data processing services
6,438
5,877
Net expense from other real estate owned
8,172
5,599
Marketing and business promotion
4,718
4,786
Deposit insurance
3,489
3,400
Other
27,983
27,939
Total noninterest expense
194,320
180,378
Income before income taxes
165,139
150,796
Income tax expense
35,457
32,337
Net income
$ 129,682
$ 118,459
Per Common Share Data:
Net income-basic
$ 3.86
$ 3.56
Net income-diluted
3.81
3.51
Cash dividends declared
0.98
0.92
Common shares outstanding
33,598,745
33,272,131
Average common shares outstanding -
Basic
33,572,310
33,243,963
Diluted
34,040,322
33,782,069
Performance Ratios:
Return on average assets
1.74 %
1.73 %
Return on average stockholders' equity
13.72
14.31
Net interest margin
3.79
3.72
Efficiency ratio
53.02
53.98
BancFirst Corporation
Consolidated Average Balance Sheets
And Interest Margin Analysis
Taxable Equivalent Basis
(Dollars in thousands - Unaudited)
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2026
Interest
Average
Interest
Average
Average
Income/
Yield/
Average
Income/
Yield/
Balance
Expense
Rate
Balance
Expense
Rate
ASSETS
Earning assets:
Loans
$ 8,610,837
$ 148,013
6.89
%
$ 8,580,750
$ 292,330
6.87
%
Securities – taxable
999,677
7,413
2.97
950,975
13,286
2.82
Securities – tax exempt
6,756
68
4.01
7,148
134
3.77
Interest bearing deposits with banks and FFS
4,343,973
40,042
3.70
4,368,252
80,124
3.70
Total earning assets
13,961,243
195,536
5.62
13,907,125
385,874
5.60
Nonearning assets:
Cash and due from banks
217,300
221,400
Interest receivable and other assets
1,028,343
988,094
Allowance for credit losses
(105,148)
(104,780)
Total nonearning assets
1,140,495
1,104,714
Total assets
$ 15,101,738
15,011,839
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Money market and interest-bearing checking deposits
LIBERTY LAKE, Wash., July 23, 2026 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI), which is innovating new ways for utilities and cities to manage energy and water, announced today that it will participate virtually in the Oppenheimer 29th Annual Technology, Internet & Communications Conference to be held Aug. 11, 2026.
SummarySuper Micro Computer, Inc. demonstrated significant gross margin improvement, with Q4 preliminary margins at 15%-17% versus prior 8.2%-8.4% guidance.SMCI received over $60 billion in new Q4 orders, reinforcing robust AI infrastructure demand, though revenue is expected at the low end of guidance.I now rate SMCI a Buy (down from Strong Buy), pending confirmation of margin sustainability, cash flow, and order quality in the 11 August Q4 report.Balance sheet risks, working capital strain, and ongoing governance and export-control reviews remain material factors to monitor. Erik Isakson/DigitalVision via Getty Images
Super Micro Computer, Inc. (SMCI), aka Supermicro, finally gave investors evidence that the AI server growth story can come with better margins, not just higher revenue and heavier working-capital demands.
The stock climbed sharply
845 Followers
Analyst’s Disclosure: I/we have a beneficial long position in the shares of SMCI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
, /PRNewswire/ -- SouthState Bank Corporation ("SouthState" or the "Company") (NYSE: SSB) today released its unaudited results of operations and other financial information for the three-month and six-month periods ended June 30, 2026.
SouthState Bank Corporation Reports Second Quarter 2026 Results "We continue to make progress on our priorities of balance sheet growth, opportunistic hiring, active share repurchases and building our artificial intelligence capabilities," said John C. Corbett, SouthState's Chief Executive Officer. "The second quarter featured solid loan growth, a stable net interest margin, unchanged deposit costs, and improved efficiency. Asset quality trends also improved, with a decline in non-accruals and charge-offs of just 6 basis points. Over the past year, we've retired nearly 5% of our share count, raised our dividend by 11% and grown tangible book value by 13%. We remain focused on delivering for our shareholders."
Highlights of the second quarter of 2026 include:
Returns
Reported diluted Earnings per Share ("EPS") and Adjusted Diluted EPS (Non-GAAP) of $2.35, up 11% year over year on a reported basis and 2% year over year on an adjusted basis Net Income of $230 million Return on Average Common Equity of 10.2%; Return on Average Tangible Common Equity (Non-GAAP) of 17.6%* Return on Average Assets ("ROAA") of 1.36%* Book Value per Share of $94.17 Tangible Book Value ("TBV") per Share (Non-GAAP) of $58.72, an increase of 13% year over year, after raising the dividend by 11%, and repurchasing nearly 5% of the Company's shares over the past year Performance
Net Interest Income of $576 million, an increase of $14 million, or 3%, compared to the prior quarter Noninterest Income of $97 million, a decrease of $3 million compared to the prior quarter primarily due to mortgage banking income; Noninterest Income represented 0.57% of average assets for the second quarter of 2026* Noninterest Expense of $358 million, a decrease of $2 million compared to the prior quarter primarily due to OREO and loan related expense Net Interest Margin ("NIM"), non-tax equivalent and tax equivalent (Non-GAAP), of 3.78% Net charge-offs totaled $8 million, or 0.06%* of average loans $16 million of Provision for Credit Losses ("PCL"); total Allowance for Credit Losses ("ACL") plus reserve for unfunded commitments of 1.30% of loans Efficiency Ratio improved to 50% from the prior quarter Balance Sheet
Loans increased by $1.4 billion, or 11%*, compared to the prior quarter and increased by $3.6 billion, or 8%, year over year; deposits increased by $474 million, or 3%*, and increased by $2.7 billion, or 5%, year over year; ending loan to deposit ratio of 90% Total deposit cost of 1.76%, unchanged from the prior quarter Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.7%, 13.5%, 9.4%, and 11.1%, respectively† Subsequent Events
The Board of Directors of the Company increased its quarterly cash dividend on its common stock from $0.60 per share to $0.66 per share; the dividend is payable on August 14, 2026 to shareholders of record as of August 7, 2026 ∗ Annualized percentages
† Preliminary
Financial Performance
Three Months Ended
Six Months Ended
(Dollars in thousands, except per share data)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
INCOME STATEMENT
2026
2026
2025
2025
2025
2026
2025
Interest Income
Loans, including fees (1)
$
744,652
$
721,571
$
748,106
$
782,382
$
746,448
$
1,466,222
$
1,471,088
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell
93,607
95,258
100,640
99,300
94,056
188,866
177,982
Total interest income
838,259
816,829
848,746
881,682
840,504
1,655,088
1,649,070
Interest Expense
Deposits
244,216
238,522
250,189
257,271
241,593
482,738
487,550
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings
18,094
16,702
17,442
24,714
20,963
34,796
39,025
Total interest expense
262,310
255,224
267,631
281,985
262,556
517,534
526,575
Net Interest Income
575,949
561,605
581,115
599,697
577,948
1,137,554
1,122,495
Provision for credit losses
15,919
10,808
6,605
5,085
7,505
26,727
108,067
Net Interest Income after Provision for Credit Losses
560,030
550,797
574,510
594,612
570,443
1,110,827
1,014,428
Noninterest Income
Operating income
96,726
100,098
105,753
99,086
86,817
196,824
172,437
Securities losses, net
—
—
—
—
—
—
(228,811)
Gain on sale leaseback, net of transaction costs
—
—
—
—
—
—
229,279
Total noninterest income
96,726
100,098
105,753
99,086
86,817
196,824
172,905
Noninterest Expense
Operating expense
357,749
359,524
364,196
351,453
350,682
717,273
691,502
Merger, branch consolidation, severance related, and other expense (8)
—
—
4,494
20,889
24,379
—
92,385
FDIC special assessment
—
—
(3,835)
—
—
—
—
Total noninterest expense
357,749
359,524
364,855
372,342
375,061
717,273
783,887
Income before Income Tax Provision
299,007
291,371
315,408
321,356
282,199
590,378
403,446
Income tax provision
68,985
65,551
67,686
74,715
66,975
134,536
99,142
Net Income
$
230,022
$
225,820
$
247,722
$
246,641
$
215,224
$
455,842
$
304,304
Adjusted Net Income (non-GAAP) (2)
Net Income (GAAP)
$
230,022
$
225,820
$
247,722
$
246,641
$
215,224
$
455,842
$
304,304
Securities losses, net of tax
—
—
—
—
—
—
178,639
Gain on sale leaseback, net of transaction costs and tax
—
—
—
—
—
—
(179,004)
Initial provision for credit losses - Non-PCD loans and UFC from
Independent, net of tax
—
—
—
—
—
—
71,892
Merger, branch consolidation, severance related, and other expense,
net of tax (8)
—
—
3,529
16,032
18,593
—
71,687
Deferred tax asset remeasurement
—
—
—
—
—
—
5,581
FDIC special assessment, net of tax
—
—
(3,012)
—
—
—
—
Adjusted Net Income (non-GAAP)
$
230,022
$
225,820
$
248,239
$
262,673
$
233,817
$
455,842
$
453,099
Basic earnings per common share
$
2.36
$
2.29
$
2.48
$
2.44
$
2.12
$
4.66
$
3.00
Diluted earnings per common share
$
2.35
$
2.28
$
2.46
$
2.42
$
2.11
$
4.64
$
2.99
Adjusted net income per common share - Basic (non-GAAP) (2)
$
2.36
$
2.29
$
2.48
$
2.60
$
2.30
$
4.66
$
4.47
Adjusted net income per common share - Diluted (non-GAAP) (2)
$
2.35
$
2.28
$
2.47
$
2.58
$
2.30
$
4.64
$
4.45
Dividends per common share
$
0.60
$
0.60
$
0.60
$
0.60
$
0.54
$
1.20
$
1.08
Basic weighted-average common shares outstanding
97,300,899
98,544,242
100,063,315
101,218,431
101,495,456
97,919,136
101,452,777
Diluted weighted-average common shares outstanding
97,676,767
98,922,258
100,618,796
101,735,095
101,845,360
98,292,252
101,835,756
Effective tax rate
23.07 %
22.50 %
21.46 %
23.25 %
23.73 %
22.79 %
24.57 %
Adjusted effective tax rate
23.07 %
22.50 %
21.46 %
23.25 %
23.73 %
22.79 %
23.19 %
Performance and Capital Ratios
Three Months Ended
Six Months Ended
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
2026
2026
2025
2025
2025
2026
2025
PERFORMANCE RATIOS
Return on average assets (annualized)
1.36
%
1.37
%
1.47
%
1.49
%
1.34
%
1.36
%
0.95
%
Adjusted return on average assets (annualized) (non-GAAP) (2)
1.36
%
1.37
%
1.48
%
1.59
%
1.45
%
1.36
%
1.42
%
Return on average common equity (annualized)
10.19
%
10.11
%
10.90
%
11.04
%
9.93
%
10.15
%
7.17
%
Adjusted return on average common equity (annualized) (non-GAAP) (2)
10.19
%
10.11
%
10.92
%
11.75
%
10.79
%
10.15
%
10.68
%
Return on average tangible common equity (annualized) (non-GAAP) (3)
17.62
%
17.59
%
19.10
%
19.62
%
18.17
%
17.60
%
13.73
%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)
17.62
%
17.59
%
19.14
%
20.81
%
19.61
%
17.60
%
19.72
%
Efficiency ratio (tax equivalent)
50.00
%
51.05
%
49.65
%
49.88
%
52.75
%
50.52
%
56.75
%
Adjusted efficiency ratio (non-GAAP) (4)
50.00
%
51.05
%
49.56
%
46.89
%
49.09
%
50.52
%
49.65
%
Dividend payout ratio (5)
25.31
%
26.12
%
24.23
%
24.59
%
25.47
%
25.71
%
36.00
%
Book value per common share
$
94.17
$
92.21
$
91.38
$
89.14
$
86.71
Tangible book value per common share (non-GAAP) (3)
$
58.72
$
56.90
$
56.27
$
54.48
$
51.96
CAPITAL RATIOS
Equity-to-assets
13.3
%
13.3
%
13.5
%
13.6
%
13.4
%
Tangible equity-to-tangible assets (non-GAAP) (3)
8.7
%
8.6
%
8.8
%
8.8
%
8.5
%
Tier 1 leverage (6)
9.4
%
9.4
%
9.3
%
9.4
%
9.2
%
Tier 1 common equity (6)
11.1
%
11.3
%
11.4
%
11.5
%
11.2
%
Tier 1 risk-based capital (6)
11.1
%
11.3
%
11.4
%
11.5
%
11.2
%
Total risk-based capital (6)
13.5
%
13.7
%
13.8
%
14.0
%
14.5
%
Balance Sheet
Ending Balance
(Dollars in thousands, except per share and share data)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
BALANCE SHEET
2026
2026
2025
2025
2025
Assets
Cash and due from banks
$
649,079
$
598,218
$
583,375
$
582,792
$
755,798
Federal funds sold and interest-earning deposits with banks
1,701,233
2,268,864
2,589,108
2,561,663
2,708,308
Cash and cash equivalents
2,350,312
2,867,082
3,172,483
3,144,455
3,464,106
Trading securities, at fair value
191,094
117,590
110,183
107,519
95,306
Investment securities:
Securities held to maturity
1,955,754
2,007,249
2,048,030
2,096,727
2,145,991
Securities available for sale, at fair value
6,598,177
6,530,348
6,313,756
6,042,800
5,927,867
Other investments
366,986
370,924
353,428
366,218
357,487
Total investment securities
8,920,917
8,908,521
8,715,214
8,505,745
8,431,345
Loans held for sale
405,441
327,935
345,343
346,673
318,985
Loans:
Purchased credit deteriorated
2,658,792
2,818,360
2,977,499
3,160,359
3,409,186
Purchased non-credit deteriorated
9,921,791
10,714,489
11,232,414
11,877,828
12,492,553
Non-acquired
38,266,289
35,963,934
34,388,614
32,629,724
31,365,508
Less allowance for credit losses
(586,664)
(585,882)
(585,197)
(590,133)
(621,046)
Loans, net
50,260,208
48,910,901
48,013,330
47,077,778
46,646,201
Premises and equipment, net
992,594
993,584
994,176
961,510
964,878
Bank owned life insurance
1,311,197
1,302,382
1,293,574
1,285,532
1,280,632
Mortgage servicing rights
91,442
90,018
84,032
84,491
85,836
Core deposit and other intangibles
343,424
364,686
386,326
409,890
433,458
Goodwill
3,094,059
3,094,059
3,094,059
3,094,059
3,094,059
Other assets
949,340
1,002,465
988,692
1,030,558
1,078,516
Total assets
$
68,910,028
$
67,979,223
$
67,197,412
$
66,048,210
$
65,893,322
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing
$
13,451,094
$
13,650,799
$
13,375,697
$
13,430,459
$
13,719,030
Interest-bearing
42,898,716
42,224,864
41,770,100
40,642,810
39,977,931
Total deposits
56,349,810
55,875,663
55,145,797
54,073,269
53,696,961
Federal funds purchased and securities
sold under agreements to repurchase
569,486
643,386
618,215
594,092
630,558
Other borrowings
996,749
696,642
696,536
696,429
1,099,705
Reserve for unfunded commitments
76,525
69,229
69,619
68,538
64,693
Other liabilities
1,785,990
1,663,387
1,608,137
1,604,756
1,600,271
Total liabilities
59,778,560
58,948,307
58,138,304
57,037,084
57,092,188
Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares
242,428
244,844
247,845
252,723
253,745
Surplus
6,247,484
6,332,285
6,480,471
6,647,952
6,679,028
Retained earnings
2,951,691
2,779,896
2,614,173
2,426,463
2,240,470
Accumulated other comprehensive loss
(310,135)
(326,109)
(283,381)
(316,012)
(372,109)
Total shareholders' equity
9,131,468
9,030,916
9,059,108
9,011,126
8,801,134
Total liabilities and shareholders' equity
$
68,910,028
$
67,979,223
$
67,197,412
$
66,048,210
$
65,893,322
Common shares issued and outstanding
96,971,142
97,937,653
99,138,204
101,089,231
101,498,000
Net Interest Income and Margin
Three Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
(Dollars in thousands)
Average
Income/
Yield/
Average
Income/
Yield/
Average
Income/
Yield/
YIELD ANALYSIS
Balance
Expense
Rate
Balance
Expense
Rate
Balance
Expense
Rate
Interest-Earning Assets:
Federal funds sold and interest-earning deposits with banks
$
1,386,864
$
12,236
3.54 %
$
1,881,020
$
15,792
3.40 %
$
1,884,133
$
19,839
4.22 %
Investment securities
9,213,359
81,371
3.54 %
9,221,416
79,466
3.49 %
8,513,439
74,217
3.50 %
Loans held for sale
286,422
4,602
6.44 %
223,084
3,732
6.78 %
283,017
4,829
6.84 %
Total loans held for investment
50,247,114
740,050
5.91 %
48,875,656
717,839
5.96 %
47,029,412
741,619
6.33 %
Total interest-earning assets
61,133,759
838,259
5.50 %
60,201,176
816,829
5.50 %
57,710,001
840,504
5.84 %
Noninterest-earning assets
6,694,407
6,726,355
6,840,880
Total Assets
$
67,828,166
$
66,927,531
$
64,550,881
Interest-Bearing Liabilities ("IBL"):
Transaction and money market accounts
$
32,098,340
$
180,220
2.25 %
$
31,499,841
$
172,453
2.22 %
$
28,986,998
$
173,481
2.40 %
Savings deposits
2,817,269
1,638
0.23 %
2,822,510
1,642
0.24 %
2,921,780
2,012
0.28 %
Certificates and other time deposits
7,184,745
62,358
3.48 %
7,215,388
64,427
3.62 %
7,177,451
66,100
3.69 %
Federal funds purchased
289,337
2,616
3.63 %
295,207
2,635
3.62 %
360,588
3,943
4.39 %
Repurchase agreements
293,341
1,477
2.02 %
319,873
1,561
1.98 %
287,341
1,462
2.04 %
Other borrowings
851,660
14,001
6.59 %
696,597
12,506
7.28 %
821,545
15,558
7.60 %
Total interest-bearing liabilities
43,534,692
262,310
2.42 %
42,849,416
255,224
2.42 %
40,555,703
262,556
2.60 %
Noninterest-bearing deposits
13,521,146
13,359,214
13,643,265
Other noninterest-bearing liabilities
1,719,228
1,661,672
1,659,331
Shareholders' equity
9,053,100
9,057,229
8,692,582
Total Non-IBL and shareholders' equity
24,293,474
24,078,115
23,995,178
Total Liabilities and Shareholders' Equity
$
67,828,166
$
66,927,531
$
64,550,881
Net Interest Income and Margin (Non-Tax Equivalent)
$
575,949
3.78 %
$
561,605
3.78 %
$
577,948
4.02 %
Net Interest Margin (Tax Equivalent) (non-GAAP)
3.78 %
3.79 %
4.02 %
Total Deposit Cost (without Debt and Other Borrowings)
1.76 %
1.76 %
1.84 %
Overall Cost of Funds (including Demand Deposits)
1.84 %
1.84 %
1.94 %
Total Accretion on Acquired Loans (1)
$
33,054
$
38,786
$
63,507
Tax Equivalent ("TE") Adjustment
$
751
$
760
$
672
• The remaining loan discount on acquired loans to be accreted into loan interest income totals $185.9 million as of June 30, 2026.
Noninterest Income and Expense
Three Months Ended
Six Months Ended
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
(Dollars in thousands)
2026
2026
2025
2025
2025
2026
2025
Noninterest Income:
Fees on deposit accounts
$
41,568
$
38,699
$
41,950
$
42,572
$
37,869
$
80,267
$
73,802
Mortgage banking income
4,890
11,016
5,158
5,462
5,936
15,906
13,673
Trust and investment services income
15,164
14,471
14,684
14,157
14,419
29,635
29,351
Correspondent banking and capital markets income
24,839
24,427
30,638
25,522
19,161
49,266
35,876
Expense on centrally-cleared variation margin
(4,028)
(3,000)
(3,167)
(4,318)
(5,394)
(7,028)
(12,564)
Total correspondent banking and capital markets income
20,811
21,427
27,471
21,204
13,767
42,238
23,312
Bank owned life insurance income
9,624
9,494
9,633
10,597
9,153
19,118
19,352
Other
4,669
4,991
6,857
5,094
5,673
9,660
12,947
Securities losses, net
—
—
—
—
—
—
(228,811)
Gain on sale leaseback, net of transaction costs
—
—
—
—
—
—
229,279
Total Noninterest Income
$
96,726
$
100,098
$
105,753
$
99,086
$
86,817
$
196,824
$
172,905
Noninterest Expense:
Salaries and employee benefits
$
205,377
$
205,653
$
202,714
$
199,148
$
200,162
$
411,030
$
395,973
Occupancy expense
43,878
42,302
42,567
40,874
41,507
86,180
77,000
Information services expense
29,136
29,704
30,443
28,988
30,155
58,840
61,517
OREO and loan related expense
952
4,378
867
5,427
2,295
5,330
4,079
Business development and staff related
10,639
11,362
13,485
8,907
7,182
22,001
13,692
Amortization of intangibles
21,041
21,304
23,417
23,426
24,048
42,345
47,879
Professional fees
5,090
5,239
7,410
4,994
4,658
10,329
9,367
Supplies and printing expense
3,885
3,254
3,594
3,278
3,970
7,139
7,098
FDIC assessment and other regulatory charges
10,753
10,257
9,884
8,374
11,469
21,010
22,727
Advertising and marketing
3,836
3,325
4,710
2,980
3,010
7,161
5,300
Other operating expenses
23,162
22,746
25,105
25,057
22,226
45,908
46,870
Merger, branch consolidation, severance related and other expense (8)
—
—
4,494
20,889
24,379
—
92,385
FDIC special assessment
—
—
(3,835)
—
—
—
—
Total Noninterest Expense
$
357,749
$
359,524
$
364,855
$
372,342
$
375,061
$
717,273
$
783,887
Loans and Deposits
The following table presents a summary of the loan portfolio by type:
Ending Balance
(Dollars in thousands)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
LOAN PORTFOLIO (7)
2026
2026
2025
2025
2025
Construction and land development * †
$
2,982,968
$
2,592,908
$
2,548,360
$
2,678,971
$
3,323,923
Investor commercial real estate*
18,656,455
18,298,938
17,883,913
17,603,205
16,953,410
Commercial owner occupied real estate
7,852,391
7,671,535
7,576,991
7,529,075
7,497,906
Commercial and industrial
9,378,444
9,385,926
9,181,408
8,644,636
8,445,878
Consumer real estate *
11,034,102
10,573,897
10,450,223
10,202,026
10,038,369
Consumer/other
942,512
973,579
957,632
1,009,998
1,007,761
Total Loans
$
50,846,872
$
49,496,783
$
48,598,527
$
47,667,911
$
47,267,247
*
Single family home construction-to-permanent loans originated by the Company's mortgage banking division are included in construction and land development category until completion. Investor commercial real estate loans include commercial non-owner occupied real estate and other income producing property. Consumer real estate includes consumer owner occupied real estate and home equity loans.
†
Includes single family home construction-to-permanent loans of $358.4 million, $360.4 million, $342.8 million, $350.2 million, and $371.1 million for the quarters ended June 30, 2026, March 31, 2036, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.
Ending Balance
(Dollars in thousands)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
DEPOSITS
2026
2026
2025
2025
2025
Noninterest-bearing checking
$
13,451,094
$
13,650,799
$
13,375,697
$
13,430,459
$
13,719,030
Interest-bearing checking
14,710,312
14,119,614
13,838,558
12,906,408
12,607,205
Savings
2,796,845
2,841,408
2,820,621
2,853,410
2,889,670
Money market
17,531,137
18,014,140
17,751,688
17,251,469
16,772,597
Time deposits
7,860,422
7,249,702
7,359,233
7,631,523
7,708,459
Total Deposits
$
56,349,810
$
55,875,663
$
55,145,797
$
54,073,269
$
53,696,961
Asset Quality
Ending Balance
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
(Dollars in thousands)
2026
2026
2025
2025
2025
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual
$
171,264
$
177,158
$
161,975
$
146,751
$
141,910
Accruing loans past due 90 days or more
2,961
6,915
2,997
4,352
3,687
Non-acquired OREO and other nonperforming assets
11,722
8,339
5,273
11,969
17,288
Total non-acquired nonperforming assets
185,947
192,412
170,245
163,072
162,885
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual
99,352
116,002
135,179
149,695
151,466
Accruing loans past due 90 days or more
835
1,986
1,944
891
707
Acquired OREO and other nonperforming assets
1,254
18,155
3,901
7,147
8,783
Total acquired nonperforming assets
101,441
136,143
141,024
157,733
160,956
Total nonperforming assets
$
287,388
$
328,555
$
311,269
$
320,805
$
323,841
Three Months Ended
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
2026
2026
2025
2025
2025
ASSET QUALITY RATIOS (7):
Allowance for credit losses as a percentage of loans
1.15 %
1.18 %
1.20 %
1.24 %
1.31 %
Allowance for credit losses, including reserve for unfunded commitments,
as a percentage of loans
1.30 %
1.32 %
1.35 %
1.38 %
1.45 %
Allowance for credit losses as a percentage of nonperforming loans
213.79 %
193.96 %
193.71 %
195.61 %
208.57 %
Net charge-offs as a percentage of average loans (annualized)
0.06 %
0.09 %
0.09 %
0.27 %
0.21 %
Net charge-offs, excluding acquisition date charge-offs, as a percentage
of average loans (annualized) *
0.06 %
0.09 %
0.09 %
0.27 %
0.06 %
Total nonperforming assets as a percentage of total assets
0.42 %
0.48 %
0.46 %
0.49 %
0.49 %
Nonperforming loans as a percentage of period end loans
0.54 %
0.61 %
0.62 %
0.63 %
0.63 %
* Excluding acquisition date charge-offs recorded in connection with the Independent merger.
Current Expected Credit Losses ("CECL")
Below is a table showing the roll forward of the ACL and UFC for the second quarter of 2026:
Allowance for Credit Losses ("ACL") and Unfunded Commitments ("UFC")
(Dollars in thousands)
Non-PCD ACL
PCD ACL
Total ACL
UFC
Ending balance 3/31/2026
$
520,619
$
65,263
$
585,882
$
69,229
Charge offs
(10,335)
—
(10,335)
—
Acquired charge offs
(246)
(1,161)
(1,407)
—
Recoveries
2,150
—
2,150
—
Acquired recoveries
320
1,431
1,751
—
Provision for credit losses
13,984
(5,361)
8,623
7,296
Ending balance 6/30/2026
$
526,492
$
60,172
$
586,664
$
76,525
Period end loans
$
48,188,080
$
2,658,792
$
50,846,872
N/A
Allowance for Credit Losses to Loans
1.09 %
2.26 %
1.15 %
N/A
Unfunded commitments (off balance sheet) †
$
12,824,707
Reserve to unfunded commitments (off balance sheet)
0.60 %
† Unfunded commitments exclude unconditionally cancelable commitments and letters of credit.
Conference Call
The Company will host a conference call to discuss its second quarter results at 9:00 a.m. Eastern Time on July 24, 2026. Callers wishing to participate may call toll-free by dialing (833) 461-5787 within the US. The numbers for international participants are listed at https://help.events.q4inc.com/eahc/international-dial-in-numbers. The conference ID number is 404525610. Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com. A replay of the live webcast is expected to be available by the evening of July 24, 2026 on the Investor Relations section of SouthStateBank.com.
SouthState is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than 1.8 million customers throughout Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, Virginia and Tennessee. The bank also serves clients nationwide through its correspondent banking division. Additional information is available at SouthStateBank.com.
Non-GAAP Measures
Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables that provide a reconciliation of non-GAAP measures to GAAP measures. Although other companies may use calculation methods that differ from those used by SouthState for non-GAAP measures, management believes that these non-GAAP measures provide additional useful information, which allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.
(Dollars in thousands)
Three Months Ended
PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP)
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Net income (GAAP)
$
230,022
$
225,820
$
247,722
$
246,641
$
215,224
Provision for credit losses
15,919
10,808
6,605
5,085
7,505
Income tax provision
68,985
65,551
67,686
74,715
66,975
Merger, branch consolidation, severance related and other expense (8)
—
—
4,494
20,889
24,379
FDIC special assessment
—
—
(3,835)
—
—
Pre-provision net revenue (PPNR) (Non-GAAP)
$
314,926
$
302,179
$
322,672
$
347,330
$
314,083
(Dollars in thousands)
Three Months Ended
NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Net interest income (GAAP)
$
575,949
$
561,605
$
581,115
$
599,697
$
577,948
Total average interest-earning assets
61,133,759
60,201,176
59,872,113
58,727,110
57,710,001
NIM, non-tax equivalent
3.78
%
3.78
%
3.85
%
4.05
%
4.02
%
Tax equivalent adjustment (included in NIM, TE)
751
760
800
718
672
Net interest income, tax equivalent (Non-GAAP)
$
576,700
$
562,365
$
581,915
$
600,415
$
578,620
NIM, TE (Non-GAAP)
3.78
%
3.79
%
3.86
%
4.06
%
4.02
%
Three Months Ended
Six Months Ended
(Dollars in thousands, except per share data)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
RECONCILIATION OF GAAP TO NON-GAAP
2026
2026
2025
2025
2025
2026
2025
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP)
$
230,022
$
225,820
$
247,722
$
246,641
$
215,224
$
455,842
$
304,304
Securities losses, net of tax
—
—
—
—
—
—
178,639
Gain on sale leaseback, net of transaction costs and tax
—
—
—
—
—
—
(179,004)
PCL - Non-PCD loans and UFC, net of tax
—
—
—
—
—
—
71,892
Merger, branch consolidation, severance related and other expense,
net of tax (8)
—
—
3,529
16,032
18,593
—
71,687
Deferred tax asset remeasurement
—
—
—
—
—
—
5,581
FDIC special assessment, net of tax
—
—
(3,012)
—
—
—
—
Adjusted net income (non-GAAP)
$
230,022
$
225,820
$
248,239
$
262,673
$
233,817
$
455,842
$
453,099
Adjusted Net Income per Common Share - Basic (non-GAAP) (2)
Earnings per common share - Basic (GAAP)
$
2.36
$
2.29
$
2.48
$
2.44
$
2.12
$
4.66
$
3.00
Effect to adjust for securities losses, net of tax
—
—
—
—
—
—
1.76
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
—
—
—
—
—
(1.76)
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
—
—
—
—
—
0.71
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)
—
—
0.03
0.16
0.18
—
0.70
Effect to adjust for deferred tax asset remeasurement
—
—
—
—
—
—
0.06
Effect to adjust for FDIC special assessment, net of tax
—
—
(0.03)
—
—
—
—
Adjusted net income per common share - Basic (non-GAAP)
$
2.36
$
2.29
$
2.48
$
2.60
$
2.30
$
4.66
$
4.47
Adjusted Net Income per Common Share - Diluted (non-GAAP) (2)
Earnings per common share - Diluted (GAAP)
$
2.35
$
2.28
$
2.46
$
2.42
$
2.11
$
4.64
$
2.99
Effect to adjust for securities losses, net of tax
—
—
—
—
—
—
1.76
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
—
—
—
—
—
(1.76)
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
—
—
—
—
—
0.71
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)
—
—
0.04
0.16
0.19
—
0.70
Effect to adjust for deferred tax remeasurement
—
—
—
—
—
—
0.05
Effect to adjust for FDIC special assessment, net of tax
—
—
(0.03)
—
—
—
—
Adjusted net income per common share - Diluted (non-GAAP)
$
2.35
$
2.28
$
2.47
$
2.58
$
2.30
$
4.64
$
4.45
Adjusted Return on Average Assets (non-GAAP) (2)
Return on average assets (GAAP)
1.36
%
1.37
%
1.47
%
1.49
%
1.34
%
1.36
%
0.95
%
Effect to adjust for securities losses, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
0.56
%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
%
—
%
—
%
—
%
—
%
—
%
(0.56)
%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
0.23
%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)
—
%
—
%
0.03
%
0.10
%
0.11
%
—
%
0.22
%
Effect to adjust for deferred tax remeasurement
—
%
—
%
—
%
—
%
—
%
—
%
0.02
%
Effect to adjust for FDIC special assessment, net of tax
—
%
—
%
(0.02)
%
—
%
—
%
—
%
—
%
Adjusted return on average assets (non-GAAP)
1.36
%
1.37
%
1.48
%
1.59
%
1.45
%
1.36
%
1.42
%
Adjusted Return on Average Common Equity (non-GAAP) (2)
Return on average common equity (GAAP)
10.19
%
10.11
%
10.90
%
11.04
%
9.93
%
10.15
%
7.17
%
Effect to adjust for securities losses, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
4.21
%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
%
—
%
—
%
—
%
—
%
—
%
(4.22)
%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
1.69
%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)
—
%
—
%
0.15
%
0.71
%
0.86
%
—
%
1.70
%
Effect to adjust for deferred tax remeasurement
—
%
—
%
—
%
—
%
—
%
—
%
0.13
%
Effect to adjust for FDIC special assessment, net of tax
—
%
—
%
(0.13)
%
—
%
—
%
—
%
—
%
Adjusted return on average common equity (non-GAAP)
10.19
%
10.11
%
10.92
%
11.75
%
10.79
%
10.15
%
10.68
%
Return on Average Common Tangible Equity (non-GAAP) (3)
Return on average common equity (GAAP)
10.19
%
10.11
%
10.90
%
11.04
%
9.93
%
10.15
%
7.17
%
Effect to adjust for intangible assets
7.43
%
7.48
%
8.20
%
8.58
%
8.24
%
7.45
%
6.56
%
Return on average tangible equity (non-GAAP)
17.62
%
17.59
%
19.10
%
19.62
%
18.17
%
17.60
%
13.73
%
Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3)
Return on average common equity (GAAP)
10.19
%
10.11
%
10.90
%
11.04
%
9.93
%
10.15
%
7.17
%
Effect to adjust for securities losses, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
4.21
%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
%
—
%
—
%
—
%
—
%
—
%
(4.22)
%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
1.69
%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)
—
%
—
%
0.15
%
0.71
%
0.86
%
—
%
1.70
%
Effect to adjust for deferred tax remeasurement
—
%
—
%
—
%
—
%
—
%
—
%
0.13
%
Effect to adjust for FDIC special assessment, net of tax
—
%
—
%
(0.13)
%
—
%
—
%
—
%
—
%
Effect to adjust for intangible assets, net of tax
7.43
%
7.48
%
8.22
%
9.06
%
8.82
%
7.45
%
9.04
%
Adjusted return on average common tangible equity (non-GAAP)
17.62
%
17.59
%
19.14
%
20.81
%
19.61
%
17.60
%
19.72
%
Three Months Ended
Six Months Ended
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
RECONCILIATION OF GAAP TO NON-GAAP
2026
2026
2025
2025
2025
2026
2025
Adjusted Efficiency Ratio (non-GAAP) (4)
Efficiency ratio
50.00
%
51.05
%
49.65
%
49.88
%
52.75
%
50.52
%
56.75
%
Effect to adjust for securities losses
—
%
—
%
—
%
—
%
—
%
—
%
(7.44)
%
Effect to adjust for gain on sale leaseback, net of transaction costs
—
%
—
%
—
%
—
%
—
%
—
%
7.46
%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)
—
%
—
%
(0.65)
%
(2.99)
%
(3.66)
%
—
%
(7.12)
%
Effect to adjust for FDIC special assessment
—
%
—
%
0.56
%
—
%
—
%
—
%
—
%
Adjusted efficiency ratio (non-GAAP)
50.00
%
51.05
%
49.56
%
46.89
%
49.09
%
50.52
%
49.65
%
Tangible Book Value Per Common Share (non-GAAP) (3)
Book value per common share (GAAP)
$
94.17
$
92.21
$
91.38
$
89.14
$
86.71
Effect to adjust for intangible assets
(35.45)
(35.31)
(35.11)
(34.66)
(34.75)
Tangible book value per common share (non-GAAP)
$
58.72
$
56.90
$
56.27
$
54.48
$
51.96
Tangible Equity-to-Tangible Assets (non-GAAP) (3)
Equity-to-assets (GAAP)
13.25
%
13.28
%
13.48
%
13.64
%
13.36
%
Effect to adjust for intangible assets
(4.55)
%
(4.64)
%
(4.72)
%
(4.83)
%
(4.90)
%
Tangible equity-to-tangible assets (non-GAAP)
8.70
%
8.64
%
8.76
%
8.81
%
8.46
%
Certain prior period information has been reclassified to conform to the current period presentation, and these reclassifications have no impact on net income or equity as previously reported.
Footnotes to tables:
(1)
Includes loan accretion (interest) income related to the discount on acquired loans of $33.1 million, $38.8 million, $50.3 million, $83.0 million, and $63.5 million during the quarters ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $71.8 million and $125.3 million during the six months ended June 30, 2026 and 2025, respectively.
(2)
Adjusted earnings, adjusted return on average assets, adjusted EPS, and adjusted return on average equity are non-GAAP measures and exclude the gains or losses on sales of securities, gain on sale leaseback, net of transaction costs, PCL on non-PCD loans and unfunded commitments, deferred tax asset remeasurement, merger, branch consolidation, severance related and other expense, and FDIC special assessments. Management believes that non-GAAP adjusted measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. Adjusted earnings and the related adjusted return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax merger, branch consolidation, severance related and other expense of $4.5 million, $20.9 million, and $24.4 million for the quarters ended December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $92.4 million during the six months ended June 30, 2025; (b) pre-tax net securities losses of $(228.8) million for the six months ended June 30, 2025; (c) pre-tax gain on sale leaseback, net of transaction costs of $229.3 million for the six months ended June 30, 2025; (d) pre-tax PCL on non-PCD loans and unfunded commitments of $92.1 million for the six months ended June 30, 2025; (e) pre-tax FDIC special assessment of $(3.8) million for the quarter ended December 31, 2025; and (f) deferred tax asset remeasurement of $5.6 million for the six months ended June 30, 2025.
(3)
The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets. The tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income. Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. The sections titled "Reconciliation of GAAP to Non-GAAP" provide tables that reconcile GAAP measures to non-GAAP.
(4)
Adjusted efficiency ratio is calculated by taking the noninterest expense excluding transaction costs on merger, branch consolidation, severance related and other expenses, FDIC special assessment, and amortization of intangible assets, divided by net interest income and noninterest income excluding gains (losses) on sales of securities, net, and gain on sale leaseback, net of transaction costs. The pre-tax amortization expenses of intangible assets were $21.0 million, $21.3 million, $23.4 million, $23.4 million, and $24.0 million for the quarters ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $42.3 million and $47.9 million for the six months ended June 30, 2026 and 2025, respectively.
(5)
The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period.
(6)
June 30, 2026 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed.
(7)
Loan data excludes loans held for sale.
(8)
Includes pre-tax cyber incident net reimbursement of $(3.6) million for the quarters ended June 30, 2025 and $(3.5) million for the six months ended June 30, 2025.
Statements included in this communication contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of management of SouthState Bank Corporation ("SouthState") and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward looking statements.
Factors that could cause SouthState's actual results to differ materially from those described in the forward looking statements are discussed in SouthState's Annual Report on Form 10 K for the year ended December 31, 2025, filed with the Securities and Exchange Commission and available on SouthState's website (https://southstatecorporation.q4ir.com/SEC-Filings/Documents/default.aspx), and on the Securities and Exchange Commission's website (www.sec.gov). SouthState undertakes no obligation to update any forward looking statements.
CINCINNATI, July 23, 2026 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation's largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, today reported financial and operating results for the period ended June 30, 2026 and provided updated 2026 earnings guidance. For the three and six months ended June 30, 2026, net income attributable to stockholders was $41.1 million, or $0.33 per diluted share, and $71.5 million, or $0.56 per diluted share, respectively.
CINCINNATI, July 23, 2026 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation's largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, today announced that Moody's Ratings ("Moody's") updated its outlook for PECO and the Company's operating partnership, Phillips Edison Grocery Center Operating Partnership I L.P., to a positive outlook. Moody's affirmed the Baa2 senior unsecured rating.
S&T Bancorp NASDAQ: STBA reported higher second-quarter 2026 earnings, improved net interest income and stronger asset quality, while management said the bank remains positioned for mid-single-digit loan growth over the rest of the year.
Chief Executive Officer Chris McComish said net income was $36.6 million, or $1.02 per diluted share, up 8.5% from the first quarter of 2026 and 22.9% from the second quarter of 2025. The company reported return on assets of 1.49%, return on equity of 10.375% and return on tangible common equity of more than 14%.
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McComish said the quarter reflected “higher earnings, continued discipline across the company, and the impact of our share repurchase activity.” He also noted that S&T was named to the Forbes America’s Best-in-State Banks 2026 list, a recognition he said was based on customer feedback across areas including trust, customer service, financial advice, digital experiences and overall satisfaction.
Net Interest Margin Expands as Funding Mix Improves Net interest income rose to $90.4 million, compared with $88.4 million in the first quarter and $86.6 million a year earlier. McComish said the net interest margin expanded seven basis points from the linked quarter to 3.99%, supported by higher loan yields and a better funding mix.
Chief Financial Officer Mark Kochvar said second-quarter net interest income benefited from an additional day in the quarter, a four-basis-point increase in earning asset yields and a four-basis-point decline in funding costs. He attributed the lower funding cost to reduced interest-bearing deposit rates and an improved funding mix.
Kochvar said management expects “relative net interest margin stability” around the current high-3.90% level over the next several quarters. He cited tailwinds from maturing receive-fixed swaps, as well as repricing in securities, fixed-rate loans and certificates of deposit, though he also acknowledged heightened loan and deposit pricing competition.
During the question-and-answer session, Kochvar said the company is “fairly neutrally positioned” for interest rate moves within a range of 25 to 50 basis points, and possibly more, in either direction.
Loan Growth Led by C&I Activity President Dave Antolik said total loans increased by $99 million during the quarter, representing approximately 5% annualized growth and bringing balances to more than $8 billion. He said the company was encouraged by both the composition and quality of the growth.
Commercial and industrial balances increased by $79 million during the quarter. Antolik said revolving line utilization among C&I customers increased to 44% from 41% in the prior quarter, while total C&I revolving commitments grew at a 6% annualized pace.
Management said S&T has been investing in its commercial banking team, increasing the number of C&I bankers during the quarter and expanding the total commercial banking team by approximately 20% year to date. Antolik said the company’s goal is to reach 30% growth in the team by year-end.
Permanent commercial real estate balances declined by $46 million, which Antolik attributed primarily to loans paid off by non-bank lenders. At the same time, commercial construction balances increased by $71 million. Total construction commitments rose by $65 million, and the number of commitments increased by nearly 19% in the quarter.
Antolik said C&I and CRE pipeline activity remains solid and supports management’s expectation for annualized mid-single-digit loan growth for the balance of 2026. In response to an analyst question, management said the bank expects deposit growth to self-fund loan growth.
Deposits Stable After Strong First Quarter McComish said customer deposits were stable in the second quarter after strong growth in the first quarter. Year-to-date deposits are up approximately 8% annualized. The company reduced brokered deposits by $100 million during the quarter and by $180 million year to date, which McComish said improved the quality of the funding mix.
Demand deposit accounts remained at 28% of total deposits, a level McComish described as industry-leading and reflective of S&T’s relationship-based model and core deposit base.
Kochvar said the company may see a bit more benefit from CD repricing in the third quarter, but said that tailwind is expected to level off afterward. He added that S&T is seeing more aggressive competition in CD and money market pricing, particularly from smaller banks.
Asset Quality Improves, Provision Remains Modest Asset quality improved during the quarter. Antolik said non-performing assets declined by $9.7 million to $40.2 million, or 0.5% of total loans plus other real estate owned. Criticized and classified assets remained stable.
Net charge-offs totaled $1 million in the quarter, and provision expense was $1.1 million. The allowance for credit losses was essentially unchanged at 1.16% of total loans, compared with 1.17% at the end of the first quarter.
Antolik said the portfolio is performing in line with management’s expectations, reflecting what he described as disciplined underwriting and ongoing portfolio management.
Buybacks Continue, New Authorization Approved McComish said S&T has repurchased nearly 3.2 million shares over the past three quarters, representing 8% of outstanding shares, for a total of $133 million. The board approved a new $100 million repurchase authorization.
Kochvar said S&T repurchased about 1.1 million shares in the second quarter at an average price of $44.24, totaling $47.6 million. The tangible common equity ratio declined by 28 basis points during the quarter, primarily because of the repurchases, but management said regulatory capital ratios remain strong.
Asked about the new buyback authorization, Kochvar said the company could use it over the next year, but noted that the stock price has moved higher and “the calculus does change.” He said buybacks may be stepped back somewhat at current levels compared with the activity of the past three quarters.
Management also discussed the bank’s approach to potential M&A. McComish said S&T continues to have strategic conversations and remains proactive with potential partners. He said the company is focused on cultural fit, business mix, deposit franchise strength and geographic opportunities in contiguous markets south and east of its footprint and in Ohio.
Kochvar said second-quarter non-interest income increased by $1.3 million, with improvements across categories. He said the gain on sale included a $1.9 million gain from the conversion of Visa Class V2 shares, offset in large part by a $1.7 million loss tied to a $34 million bond portfolio repositioning. He said the repositioning has an earnback period of about 1.4 years and is expected to add $300,000 per quarter to net interest income for the next several quarters.
Non-interest expenses increased by $2 million in the quarter. Kochvar said the largest variance came from salaries and benefits, including April merit increases and higher medical costs. He said S&T expects to manage 2026 non-interest expense to an approximately 3% year-over-year increase, implying a quarterly run rate of about $58 million.
Management also addressed the potential crossing of the $10 billion asset threshold. Kochvar said the current trajectory could take the company above $10 billion in the second half of 2026. McComish said the estimated annualized impact would be a little over $6 million, with half of that beginning in 2027 if the company crossed the threshold at year-end, and the full amount in 2028.
About S&T Bancorp (NASDAQ:STBA)S&T Bancorp, Inc is a bank holding company headquartered in Indiana, Pennsylvania, serving as the parent of S&T Bank. Established as a banking organization in 1902 with the holding company formation following in the early 1980s, S&T Bancorp has built its reputation on delivering community-oriented financial services. The company operates under the NASDAQ ticker STBA, maintaining a focus on personalized banking solutions and local decision-making.
The company's main business activities encompass a full suite of retail and commercial banking products.
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