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For the quarter ended June 2026, Eastern Bankshares, Inc. (EBC - Free Report) reported revenue of $309.5 million, up 26.4% over the same period last year. EPS came in at $0.49, compared to $0.41 in the year-ago quarter.

The reported revenue represents a surprise of +1.7% over the Zacks Consensus Estimate of $304.32 million. With the consensus EPS estimate being $0.46, the EPS surprise was +6.52%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Eastern Bankshares performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Efficiency ratio (GAAP): 54.3% versus the six-analyst average estimate of 53%.Net interest margin (FTE): 3.7% versus 3.7% estimated by six analysts on average.Average Balance - Total interest-earning assets: $28.3 billion versus the five-analyst average estimate of $28.39 billion.Total non-performing assets: $109.4 million versus $137.7 million estimated by three analysts on average.Total non-performing loans: $109.4 million versus the two-analyst average estimate of $137.7 million.Net Interest Income: $251.9 million versus the six-analyst average estimate of $255.62 million.Total Noninterest Income: $57.6 million compared to the $48.38 million average estimate based on six analysts.Investment advisory fees: $19.7 million versus the five-analyst average estimate of $19.12 million.Miscellaneous income and fees: $9.8 million compared to the $7.89 million average estimate based on four analysts.Net Interest Income (FTE): $258.2 million versus $258.99 million estimated by four analysts on average.Service charges on deposit accounts: $10 million versus $10.29 million estimated by four analysts on average.Interest rate swap income: $2 million versus $1.09 million estimated by four analysts on average.View all Key Company Metrics for Eastern Bankshares here>>>

Shares of Eastern Bankshares have returned +5.3% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

For the quarter ended June 2026, RingCentral (RNG - Free Report) reported revenue of $657.01 million, up 5.9% over the same period last year. EPS came in at $1.22, compared to $1.06 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $650.34 million, representing a surprise of +1.03%. The company delivered an EPS surprise of +4.27%, with the consensus EPS estimate being $1.17.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how RingCentral performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Gross Margin - Non-GAAP Other: -2.2% versus -11.8% estimated by four analysts on average.Gross Margin - Non-GAAP Subscriptions: 80.4% compared to the 80.7% average estimate based on four analysts.Revenues- Subscriptions: $633.65 million versus the five-analyst average estimate of $630.15 million. The reported number represents a year-over-year change of +5.8%.Revenues- Other: $23.36 million versus $20.18 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +7.8% change.View all Key Company Metrics for RingCentral here>>>

Shares of RingCentral have returned +5.1% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Comstock Inc. (LODE - Free Report) came out with a quarterly loss of $0.13 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to a loss of $0.27 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -8.33%. A quarter ago, it was expected that this company would post a loss of $0.18 per share when it actually produced a loss of $0.14, delivering a surprise of +22.22%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

COMSTOCK INC, which belongs to the Zacks Waste Removal Services industry, posted revenues of $0.27 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 80.16%. This compares to year-ago revenues of $0.34 million. The company has not been able to beat consensus revenue estimates over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

COMSTOCK INC shares have added about 5.1% since the beginning of the year versus the S&P 500's gain of 9.6%.

What's Next for COMSTOCK INC?While COMSTOCK INC has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for COMSTOCK INC was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.09 on $8.38 million in revenues for the coming quarter and -$0.41 on $24.56 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Waste Removal Services is currently in the top 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Quest Resource (QRHC - Free Report) , has yet to report results for the quarter ended June 2026.

This recycling company is expected to post quarterly loss of $0.06 per share in its upcoming report, which represents a year-over-year change of -50%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Quest Resource's revenues are expected to be $64 million, up 7.5% from the year-ago quarter.

Apple (AAPL - Free Report) closed at $321.66 in the latest trading session, marking a -1.3% move from the prior day. This move lagged the S&P 500's daily loss of 1.21%. Meanwhile, the Dow experienced a drop of 0.97%, and the technology-dominated Nasdaq saw a decrease of 2.15%.

Shares of the maker of iPhones, iPads and other products witnessed a gain of 11.19% over the previous month, beating the performance of the Computer and Technology sector with its loss of 4.58%, and the S&P 500's gain of 0.42%.

Investors will be eagerly watching for the performance of Apple in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on July 30, 2026. The company's earnings per share (EPS) are projected to be $1.88, reflecting a 19.75% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $108.79 billion, reflecting a 15.69% rise from the equivalent quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $8.76 per share and a revenue of $479.05 billion, indicating changes of +17.43% and +15.11%, respectively, from the former year.

Investors should also take note of any recent adjustments to analyst estimates for Apple. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.09% higher. Apple presently features a Zacks Rank of #3 (Hold).

Digging into valuation, Apple currently has a Forward P/E ratio of 37.2. This represents a premium compared to its industry average Forward P/E of 23.5.

We can also see that AAPL currently has a PEG ratio of 2.81. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Computer - Micro Computers industry currently had an average PEG ratio of 2.81 as of yesterday's close.

The Computer - Micro Computers industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 19, finds itself in the top 8% echelons of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow AAPL in the coming trading sessions, be sure to utilize Zacks.com.

Alibaba (BABA - Free Report) closed the most recent trading day at $114.06, moving -2.14% from the previous trading session. This change lagged the S&P 500's 1.21% loss on the day. Elsewhere, the Dow lost 0.97%, while the tech-heavy Nasdaq lost 2.15%.

Shares of the online retailer witnessed a gain of 16.79% over the previous month, beating the performance of the Retail-Wholesale sector with its gain of 2.27%, and the S&P 500's gain of 0.42%.

Market participants will be closely following the financial results of Alibaba in its upcoming release. On that day, Alibaba is projected to report earnings of $1.94 per share, which would represent a year-over-year decline of 5.83%. Alongside, our most recent consensus estimate is anticipating revenue of $38.63 billion, indicating a 11.74% upward movement from the same quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $6.88 per share and a revenue of $167.61 billion, indicating changes of +76.86% and +15.28%, respectively, from the former year.

Investors should also take note of any recent adjustments to analyst estimates for Alibaba. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 6.1% lower. Right now, Alibaba possesses a Zacks Rank of #3 (Hold).

With respect to valuation, Alibaba is currently being traded at a Forward P/E ratio of 16.93. For comparison, its industry has an average Forward P/E of 16.93, which means Alibaba is trading at no noticeable deviation to the group.

We can additionally observe that BABA currently boasts a PEG ratio of 1.96. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As the market closed yesterday, the Internet - Commerce industry was having an average PEG ratio of 1.11.

The Internet - Commerce industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 158, which puts it in the bottom 36% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

HomeEarnings AnalysisTech 

SummaryIntel Corporation posted a strong Q2, with Data Center revenue up nearly 60% YoY and operating margin rising to 39.5%.INTC’s turnaround is gaining traction, but its valuation remains stretched, trading at a premium to AMD, Broadcom, and Nvidia even on optimistic assumptions.Despite operational improvements and positive guidance, much of the future upside appears already priced in, limiting shareholder yield potential.I’m downgrading INTC to a Sell, as robust execution is outweighed by an inflated valuation and limited margin of safety. Getty Images

The Intel Corporation (INTC) thesis right now seems a bit strange to me. Sure, it has a bit of turnaround characteristics, as well as some secular trends that the company can ride to improve its earnings. But it also has

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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.

Newmont Corporation (NEM - Free Report) came out with quarterly earnings of $2.1 per share, beating the Zacks Consensus Estimate of $2.05 per share. This compares to earnings of $1.43 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +2.44%. A quarter ago, it was expected that this gold and copper miner would post earnings of $2.07 per share when it actually produced earnings of $2.9, delivering a surprise of +40.1%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Newmont, which belongs to the Zacks Mining - Gold industry, posted revenues of $6.12 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 3.69%. This compares to year-ago revenues of $5.32 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Newmont shares have lost about 4.1% since the beginning of the year versus the S&P 500's gain of 9.6%.

What's Next for Newmont?While Newmont has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Newmont was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.99 on $6.27 billion in revenues for the coming quarter and $8.90 on $26.33 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Gold is currently in the bottom 6% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Agnico Eagle Mines (AEM - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.

This gold mining company is expected to post quarterly earnings of $2.92 per share in its upcoming report, which represents a year-over-year change of +50.5%. The consensus EPS estimate for the quarter has been revised 10% lower over the last 30 days to the current level.

Agnico Eagle Mines' revenues are expected to be $3.94 billion, up 40% from the year-ago quarter.

SAP SE (SAP) Q2 2026 Earnings Call July 23, 2026 5:00 PM EDT

Company Participants

Alexandra Kasper Steiger - Global Head of Investor Relations
Christian Klein - CEO & Member of Executive Board
Dominik Asam - CFO & Member of Executive Board

Conference Call Participants

Adam Wood - Morgan Stanley, Research Division
Mohammed Moawalla - Goldman Sachs Group, Inc., Research Division
Ben Castillo-Bernaus - BNP Paribas, Research Division
S. Kirk Materne - Evercore ISI Institutional Equities, Research Division
Michael Briest - UBS Investment Bank, Research Division
Charles Brennan - Jefferies LLC, Research Division
Frederic Boulan - BofA Securities, Research Division
Toby Ogg - JPMorgan Chase & Co, Research Division
Michael Turrin - Wells Fargo Securities, LLC, Research Division

Presentation

Operator

Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the SAP Q2 and Half Year 2026 Financial Results Conference Call. [Operator Instructions]

I would now like to turn the conference over to Alexandra Steiger, Global Head of Investor Relations. Please go ahead.

Alexandra Kasper Steiger
Global Head of Investor Relations

Good evening, everyone, and welcome. Thank you for joining us. With me today are CEO, Christian Klein; and CFO, Dominik Asam. On this call, we will discuss SAP's second quarter 2026 results. You can find the deck supplementing this call as well as our quarterly statement on our Investor Relations website.

During this call, we will make forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results and outcomes to differ materially. Additional information regarding these risks and uncertainties may be found in our filings with the SEC, including, but not limited to, the Risk Factors section of our annual report on Form 20-F for 2025. Unless otherwise stated, all numbers on this call are non-IFRS and growth rates and

In the latest trading session, Lyft (LYFT - Free Report) closed at $14.02, marking a -4.37% move from the previous day. The stock trailed the S&P 500, which registered a daily loss of 1.21%. On the other hand, the Dow registered a loss of 0.97%, and the technology-centric Nasdaq decreased by 2.15%.

The stock of ride-hailing company has risen by 1.81% in the past month, leading the Computer and Technology sector's loss of 4.58% and the S&P 500's gain of 0.42%.

Analysts and investors alike will be keeping a close eye on the performance of Lyft in its upcoming earnings disclosure. The company's earnings report is set to go public on August 6, 2026. The company's upcoming EPS is projected at $0.39, signifying a 56.00% increase compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $1.81 billion, reflecting a 13.68% rise from the equivalent quarter last year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $1.57 per share and revenue of $7.3 billion, which would represent changes of +227.08% and +15.51%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for Lyft. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Lyft is holding a Zacks Rank of #5 (Strong Sell) right now.

Investors should also note Lyft's current valuation metrics, including its Forward P/E ratio of 9.34. This indicates a discount in contrast to its industry's Forward P/E of 16.56.

Investors should also note that LYFT has a PEG ratio of 0.38 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Internet - Services industry currently had an average PEG ratio of 1.83 as of yesterday's close.

The Internet - Services industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 95, positioning it in the top 39% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

In the latest trading session, ConocoPhillips (COP - Free Report) closed at $120.20, marking a +1.19% move from the previous day. The stock's performance was ahead of the S&P 500's daily loss of 1.21%. Meanwhile, the Dow experienced a drop of 0.97%, and the technology-dominated Nasdaq saw a decrease of 2.15%.

Prior to today's trading, shares of the energy company had gained 11.1% outpaced the Oils-Energy sector's gain of 5.23% and the S&P 500's gain of 0.42%.

Investors will be eagerly watching for the performance of ConocoPhillips in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 6, 2026. In that report, analysts expect ConocoPhillips to post earnings of $2.96 per share. This would mark year-over-year growth of 108.45%. At the same time, our most recent consensus estimate is projecting a revenue of $17.54 billion, reflecting a 18.98% rise from the equivalent quarter last year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $9.2 per share and revenue of $66.91 billion. These totals would mark changes of +49.35% and +8.72%, respectively, from last year.

Investors should also note any recent changes to analyst estimates for ConocoPhillips. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 8.78% lower. As of now, ConocoPhillips holds a Zacks Rank of #4 (Sell).

From a valuation perspective, ConocoPhillips is currently exchanging hands at a Forward P/E ratio of 12.91. This denotes a discount relative to the industry average Forward P/E of 19.19.

We can also see that COP currently has a PEG ratio of 1.43. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Oil and Gas - Integrated - United States industry was having an average PEG ratio of 1.96.

The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 205, putting it in the bottom 17% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Kinsale Capital Group, Inc. (KNSL - Free Report) reported $548.52 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 16.8%. EPS of $5.54 for the same period compares to $4.78 a year ago.

The reported revenue represents a surprise of +12.31% over the Zacks Consensus Estimate of $488.4 million. With the consensus EPS estimate being $5.10, the EPS surprise was +8.63%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Kinsale Capital Group performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Expense Ratio: 21.7% versus the five-analyst average estimate of 21.4%.Combined Ratio: 75.5% compared to the 78.6% average estimate based on five analysts.Loss Ratio: 53.8% versus 57.3% estimated by five analysts on average.Revenues- Net investment income: $55.74 million compared to the $58.48 million average estimate based on five analysts. The reported number represents a change of +19.9% year over year.Revenues- Other income: $0.32 million compared to the $0.27 million average estimate based on five analysts. The reported number represents a change of +85.9% year over year.Revenues- Net Earned Premiums: $417.6 million versus $405.33 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +8.9% change.Revenues- Fee Income: $11.94 million versus the four-analyst average estimate of $11.65 million. The reported number represents a year-over-year change of +10.6%.View all Key Company Metrics for Kinsale Capital Group here>>>

Shares of Kinsale Capital Group have returned +4.9% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Columbia Banking (COLB - Free Report) came out with quarterly earnings of $0.76 per share, beating the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.76 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +4.11%. A quarter ago, it was expected that this bank holding company would post earnings of $0.68 per share when it actually produced earnings of $0.72, delivering a surprise of +5.88%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Columbia Banking, which belongs to the Zacks Banks - West industry, posted revenues of $677 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.66%. This compares to year-ago revenues of $510.91 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Columbia Banking shares have added about 16.7% since the beginning of the year versus the S&P 500's gain of 9.6%.

What's Next for Columbia Banking?While Columbia Banking has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Columbia Banking was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.78 on $701.22 million in revenues for the coming quarter and $3.05 on $2.78 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - West is currently in the top 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Coastal Financial Corporation (CCB - Free Report) , is yet to report results for the quarter ended June 2026.

This company is expected to post quarterly earnings of $0.95 per share in its upcoming report, which represents a year-over-year change of +33.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Coastal Financial Corporation's revenues are expected to be $162.7 million, up 36.2% from the year-ago quarter.

NVIDIA logo is seen in this illustration taken July 20, 2026. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

July 23 (Reuters) - Amkor Technology (AMKR.O), opens new tab said on Thursday it had entered a multi-year agreement with ​Nvidia (NVDA.O), opens new tab worth $1.5 billion to expand advanced semiconductor ‌packaging and test capacity in the U.S., as the chip industry races to build out ​AI infrastructure.

Shares of the semiconductor packaging ​company jumped 17% in extended trading.

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Here are ⁠a few details on the partnership:

Under ​the agreement, Nvidia will make a prepayment to ​support the expansion of Amkor's U.S. advanced packaging operations, including capacity in Arizona.

The companies will jointly ​develop packaging and testing technologies for Nvidia's ​AI and accelerated-computing platforms, focusing on combining different types ‌of ⁠chips in a single package.

Amkor already supplies advanced packaging for Nvidia's product portfolio, including data center processors, and the expanded ​deal aims to ​bring ⁠new packaging technologies to market as AI infrastructure demand grows.

In June, ​Amkor entered a 10-year partnership with ​TSMC (2330.TW), opens new tab, ⁠the world's largest contract chipmaker, to enhance semiconductor packaging capabilities in the United States.

Amkor ⁠is ​also working with Advanced ​Micro Devices (AMD.O), opens new tab to package the semiconductor company's chips.

Reporting by Juby Babu ​in Mexico City; Editing by Pooja Desai

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

AtriCure NASDAQ: ATRC reported double-digit revenue growth and a return to GAAP profitability in the second quarter of 2026, with management pointing to strong demand across its pain management, appendage management and open ablation franchises while noting continued pressure in minimally invasive ablation.

The medical device company generated worldwide revenue of $153.6 million, up 12.8% on a reported basis and 12.4% in constant currency from the second quarter of 2025, according to Chief Financial Officer Angela Wirick. U.S. revenue rose 13.6% to $125.6 million, while international revenue increased 9.6% on a reported basis to $28 million.

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President and CEO Michael Carrel said the quarter reflected “solid” performance and highlighted improving profitability. AtriCure recorded adjusted EBITDA of $27.3 million, up 78% from $15.4 million a year earlier. Net income was $9 million, compared with a net loss of $6.2 million in the prior-year quarter. Earnings per share and adjusted earnings per share were both $0.18, compared with a loss per share of $0.13 and an adjusted loss per share of $0.02 a year earlier.

Growth Led by Pain Management, Appendage Management and Open Ablation AtriCure’s U.S. business was supported by continued adoption of several newer devices, including CryoSphere MAX and cryoXT in pain management, AtriClip FLEX-Mini and PRO-Mini in appendage management, and the Encompass clamp in open ablation.

Pain management was the company’s fastest-growing franchise, with worldwide revenue up 27% in the quarter. U.S. pain management sales reached $27.1 million, up 27.8% year over year. Carrel said CryoSphere MAX remained a key driver, with the company continuing to add accounts while also seeing early traction in sternotomy procedures. During the question-and-answer portion of the call, Wirick said CryoSphere MAX represented about 75% of U.S. pain management revenue and that the company ended the quarter with “a little over 700 active accounts” in pain management.

Carrel also pointed to early momentum for CryoXT, which is designed for use in amputation procedures. He said the product was included in a presentation at the Society for Vascular Surgery annual meeting and that early adopters are reporting improvements in patient experience and recovery. Management said CryoXT is expected to contribute more meaningfully to revenue in the second half of the year, though from a small base.

Open ablation revenue increased 11% worldwide, led by the Encompass clamp. U.S. open ablation product sales were $40.9 million, up 12.1% year over year. Carrel said the company expects further adoption from a new Society of Thoracic Surgeons quality metric on concomitant AFib treatment, which he described as a potential long-term catalyst for surgical AFib ablation and left atrial appendage management.

Appendage management revenue grew 14% in the quarter. U.S. sales of appendage management products increased 14.4% to $51.6 million, reflecting adoption of AtriClip FLEX-Mini and PRO-Mini devices. Carrel said the mini devices now account for 45% of appendage management revenue in their respective open and minimally invasive categories.

Minimally Invasive Ablation Remains Under Pressure The company’s minimally invasive ablation business continued to decline, contributing $6 million in U.S. revenue for the quarter. Carrel said the market remains focused on treating patients with pulsed field ablation, or PFA, catheters. He added that AtriCure still believes hybrid AFib therapy has a role in patients with longstanding persistent AFib, but said broader stabilization is needed before the franchise can return to growth.

“We have seen referral patterns for hybrid procedures stabilize over the last several quarters in a small subset of accounts,” Carrel said. “However, we need to see this stabilization across a broader customer base before we can expect return to growth for this franchise.”

Clinical Trials Advance Toward Potential Label Expansion Management emphasized progress in two major clinical trials that AtriCure says could expand the market for its cardiac surgery products.

The BoxX-NoAF clinical study, which evaluates ablation and left atrial appendage management in cardiac surgery patients without a history of AFib, has surpassed 50% enrollment with more than 500 patients enrolled. AtriCure expects to complete enrollment of 960 patients by the end of 2026, ahead of its original plan, and anticipates data readouts in the first half of 2027.

Carrel said the company sees a large unmet need in preventing post-operative AFib, noting that U.S. healthcare spending for the condition exceeds $2 billion annually. In response to an analyst question, he said the trial’s first endpoint is post-operative AFib measured 30 days after final enrollment, with a potential data presentation at a major medical meeting in 2027. He said the product is under a PMA pathway and that approval could take roughly a year after submission to the FDA.

AtriCure is also continuing follow-up of more than 6,500 patients enrolled in the LeAAPS trial, which is studying the stroke reduction benefit of left atrial appendage management in cardiac surgery patients without AFib. Carrel said LeAAPS and BoxX-NoAF provide “multiple complementary paths for label expansion” and could be catalysts in the cardiac surgery market.

Guidance Raised for Adjusted EBITDA AtriCure updated its 2026 outlook, now expecting revenue of $602 million to $610 million, representing growth of approximately 12.5% to 14% over 2025. The company expects growth to be led by pain management, appendage management and open ablation, while pressure persists in minimally invasive ablation and certain international markets.

Wirick said AtriCure expects normal seasonal patterns in the second half, with third-quarter revenue down 1% to 2% sequentially from the second quarter, followed by a rebound in the fourth quarter.

The company raised its adjusted EBITDA outlook to approximately $85 million to $89 million for 2026, implying an adjusted EBITDA margin of about 14% at the midpoint of guidance. AtriCure also reiterated its expectation for full-year net income and projected full-year earnings per share of approximately $0.05 to $0.13, with adjusted earnings per share of approximately $0.24 to $0.32.

AtriCure ended the quarter with $167.8 million in cash and investments and generated approximately $22 million in cash during the quarter. Wirick said the company expects positive cash generation through the remainder of the year.

Management Addresses Competition and International Trends During the call, analysts asked about new competitors in the appendage management market. Carrel said new entrants validate the market opportunity, but argued AtriCure has advantages in product innovation, clinical evidence and physician education. He said competitive trialing in the back half of the year is incorporated into the company’s guidance.

Internationally, Wirick said Asia-Pacific weakness discussed in the prior quarter appeared transitory, while Europe saw softness in key markets including the U.K. and Germany. She said the company’s outlook incorporates continued pressure in certain markets.

Carrel concluded that AtriCure’s double-digit revenue growth, margin improvement and profitability leave the company “well ahead” of its long-range plan, while ongoing trials could shape the company’s next decade.

About AtriCure (NASDAQ:ATRC)AtriCure, Inc is a medical device company focused on the development, manufacture and marketing of innovative therapies to treat atrial fibrillation (AF) and related conditions. Founded in 2000 and headquartered in Mason, Ohio, AtriCure has established itself as a leader in surgical ablation devices designed to interrupt the errant electrical pathways that cause AF. The company's solutions are used by cardiac surgeons and electrophysiologists to reduce the risk of stroke and improve patient outcomes in the treatment of both paroxysmal and persistent AF.

The company's product portfolio centers on its Synergy Surgical Ablation System, which delivers controlled radiofrequency energy in a minimally invasive format, and the cryoICE Cryoablation System, which offers an alternative ablation modality using precise freezing techniques.

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

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MarketBeat Week in Review – 04/27 - 05/01MaxLinear NASDAQ: MXL reported a sharp increase in second-quarter 2026 revenue and returned to GAAP profitability, as executives said demand for the company’s data center optical products is driving a new growth phase.

On the company’s earnings call, Chief Executive Officer Kishore Seendripu said MaxLinear’s overall revenue grew 55% year over year, reflecting “strong execution” and accelerating adoption of its newest data center products. He said infrastructure has become MaxLinear’s largest revenue category, with revenue in that segment rising 145% year over year, driven by production ramps in optical platforms for data centers.

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MaxLinear’s Explosive 200% Rally Looks Impressive—But Can It Last?“Our Q2 financial results highlight the exciting inflection in our business trajectory and the beginning of a multiyear growth phase for MaxLinear,” Seendripu said.

Revenue rises 55%, infrastructure becomes largest category Chief Financial Officer and Chief Corporate Strategy Officer Steve Litchfield said total revenue for the second quarter was $168.8 million, up 23% from $137.2 million in the prior quarter and up 55% from $108.8 million in the second quarter of 2025.

Silicon Motion: The Market's Best Merger Arbitrage OpportunityBy end market, Litchfield said second-quarter revenue was approximately:

Infrastructure: $85 million Broadband: $45 million Connectivity: $24 million Industrial and multi-market: $15 million GAAP gross margin was 57.8%, while non-GAAP gross margin was 59.5%. Litchfield said the difference between GAAP and non-GAAP gross margin was primarily due to $2.5 million of acquisition-related intangible asset amortization.

GAAP operating expenses were $101.8 million, compared with non-GAAP operating expenses of $62.8 million. The difference was primarily tied to stock-based compensation and performance-based equity accruals totaling $36.5 million, along with $2.2 million in acquisition-related and other costs.

MaxLinear reported GAAP earnings per share of $0.02 for the quarter, which Litchfield said marked a return to GAAP profitability. Non-GAAP earnings per share were $0.35. Operating cash flow was approximately $4.8 million, and the company ended the quarter with about $93.7 million in cash equivalents and restricted cash.

Optical data center outlook raised again Seendripu said MaxLinear is raising its expectations for 2026 optical data center revenue to a range of $210 million to $230 million, citing customer orders and stronger visibility into program ramps. He said run rates are expected to expand into 2027.

The company’s Keystone product, a 100 gigabit-per-lane, five-nanometer CMOS PAM4 DSP and SerDes technology, is ramping into high-volume production at major hyperscale customers in the U.S. and Asia for 400G and 800G deployments, Seendripu said. He said Keystone delivers “almost 40% lower consumption in power than competition” and is serving as the foundation for future customer engagements involving 1.6 terabit and 3.2 terabit architectures.

During the question-and-answer session, Seendripu said the company began the year with revenue more concentrated in 400G, but the current growth is being driven by 800G PAM4 products. He said 800G is expected to become a substantially larger portion of run-rate revenue going forward.

Asked whether the increase in the 2026 optical outlook was tied entirely to Keystone, Seendripu told Cody Acree of The Benchmark Company that it was “all driven by Keystone product family” and did not include 2026 revenue from Washington or Annapurna.

Next-generation products expected to contribute in 2027 Seendripu highlighted several products intended to extend MaxLinear’s data center portfolio. Rushmore, the company’s 1.6 terabit optical PAM4 DSP at 200 gigabit-per-lane speeds, is expected to become an important optical connectivity growth driver beginning in 2027, he said.

Washington, a standalone 200 gigabit-per-lane TIA platform, can be paired with Rushmore or deployed in LPO and NPO implementations that do not require a DSP. Annapurna, a 200 gigabit-per-lane Ethernet retimer platform, is aimed at 1.6 terabit active electrical cable and onboard retimer requirements for AI systems.

Seendripu said Rushmore, Washington and Annapurna are sampling and in customer qualification and design processes. He said the company expects revenue to begin in 2027, with one or two opportunities potentially starting in the second half of that year and layering into 2028 and 2029.

Beyond optical, Seendripu said MaxLinear’s first XGS-PON hyperscaler design win for dedicated data center control plane architectures has completed qualification for a 2027 ramp. He also said the company has secured USB bridge controller design wins at two major hyperscalers for AI rack management.

Broadband and connectivity grow; industrial recovery continues Seendripu said broadband and connectivity revenue both increased in the second quarter, supported by large-scale deployments of single-chip fiber PON and Wi-Fi 7 gateway platforms at major Tier 1 service providers in North America and Europe. He said MaxLinear is also in the early stages of Ultra DOCSIS 3.1 and 4.0 deployments, which are expected to provide additional stability as ramps progress through 2027 and 2028.

In response to a question from Wells Fargo analyst Joe Quattrocchi, Litchfield said there had not been significant changes in broadband demand trends. He said MaxLinear has been gaining share in PON programs and that telco capital spending remains “good.”

On the industrial and multi-market business, Litchfield told Karl Ackerman of BNP Paribas that the segment has been recovering after a weak prior year. He said the company is seeing year-over-year improvement and expects pricing, including in China, as well as new products to contribute to growth.

Third-quarter guidance points to further growth For the third quarter of 2026, MaxLinear expects revenue of $210 million to $220 million. Litchfield said the company expects growth across all four business segments, with particular strength in infrastructure from data center optical interconnects.

The company guided for GAAP gross margin of approximately 57% to 60% and non-GAAP gross margin of 58.5% to 61.5%. GAAP operating expenses are expected to be $98 million to $104 million, while non-GAAP operating expenses are expected to be $66 million to $71 million.

Litchfield said infrastructure products historically have carried gross margins above the corporate average, helping support the outlook. He also noted cost increases in wafers, packaging and testing, saying the company is being cautious but sees continued margin improvement potential.

Asked about longer-term profitability, Litchfield said MaxLinear’s target has not changed and that the company’s long-term goal is to reach operating margins of 30% to 35%. He said the business is “headed in that direction,” though he declined to guide beyond the current quarter.

Litchfield said visibility is strong across most of MaxLinear’s businesses, extending to about six months, supported by backlog and demand. The company has also made wafer prepayments to secure supply for rising data center product demand, which executives said is backed by customer orders extending into the second half of 2026 and 2027.

About MaxLinear (NASDAQ:MXL)MaxLinear, Inc is a provider of radio-frequency (RF), analog, and mixed-signal integrated circuits for broadband communications, data center connectivity, and video infrastructure applications. The company's product portfolio includes high-performance RF front-end modules, broadband power amplifiers, optical and Ethernet transceivers, and network processors designed to support demanding signal processing requirements.

MaxLinear's semiconductor solutions are used by cable and satellite television operators, fiber-to-the-home service providers, network equipment manufacturers, and data center operators.

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

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License agreement provides Magnachip access to Navitas’ GeneSiC™ Gen 4 and Gen 5 SiC technologies spanning 1200 V, 2300 V, 3300 V and higher voltages, supported by Navitas’ supply chain and materials ecosystem

Targeting energy and grid infrastructure, energy storage, industrial electrification, automotive and other high-power systems in Korea

TORRANCE, Calif. and SEOUL, South Korea, July 23, 2026 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS), an industry leader in next-generation GaNFast™ gallium nitride (GaN) and GeneSiC™ silicon carbide (SiC) power semiconductors, and Magnachip Semiconductor Corporation (NYSE: MX), a designer and manufacturer of analog and mixed-signal power semiconductor platform solutions, today announced a strategic partnership to accelerate adoption of SiC technologies in high-voltage (HV) and ultra-high-voltage (UHV) power markets. 

Under the terms of the agreement, Magnachip will license Navitas’ GeneSiC™ Trench-Assisted Planar™ (TAP) technology to enter the HV and UHV SiC markets. The license covers 1200 V, 2300 V, 3300 V and higher voltage GeneSiC technologies, enabling Magnachip to build on Navitas’ proven SiC device platforms for next-generation power conversion applications.  

Magnachip will also gain access to Navitas’ SiC supply chain and materials ecosystem, supporting faster market entry. At the same time, the technology is planned to be ported, qualified, and internalized at Magnachip’s fab in  South Korea. The companies expect this approach to help accelerate Magnachip’s entry into SiC while maintaining continuity with Navitas’ established technology and materials base. The licensed technologies are expected to support next-generation applications including energy and grid infrastructure, energy storage, industrial electrification, automotive and other high-power systems. 

The companies also stated that the agreement encompasses broader engagement beyond SiC. Additional areas of partnership are expected to be detailed and announced later. 

“This strategic partnership with Magnachip reflects our long-term vision to broaden GeneSiC adoption across high-voltage and ultra-high-voltage power markets,” said Chris Allexandre, President and CEO of Navitas. “By licensing our proven GeneSiC technologies and supporting Magnachip through our supply-chain and materials ecosystem, we are creating a path to scale advanced SiC solutions more rapidly while enabling a deeper, long-term collaboration between our companies.” 

“This agreement opens an important new market opportunity for Magnachip in high-voltage and ultra-high-voltage SiC,” said Chae Lee, Chief Executive Officer of Magnachip. “The addition of GeneSiC technology complements our existing MOSFET and power semiconductor portfolio and positions Magnachip to serve customers that require higher efficiency, higher voltage capability and more reliable power conversion solutions.” 

For more information about the partnership and related products, please contact a Navitas representative or write to [email protected]. 

Navitas Contact Information

Vipin Bothra
[email protected]

Navitas Investor Contacts

Leanne Sievers | Brett Perry | Shelton Group
[email protected]

Magnachip Contact Information

Kyeongah Cho
[email protected]

Magnachip Investor Contact

Mike Bishop | Bishop IR, LLC
[email protected]

About Navitas

Navitas Semiconductor (Nasdaq: NVTS) is a next-generation power semiconductor leader in gallium nitride (GaN) and IC integrated devices, and high-voltage silicon carbide (SiC) technology, driving innovation across AI data centers, performance computing, energy and grid infrastructure, and industrial electrification. With more than 30 years of combined expertise in wide bandgap technologies, GaNFast™ power ICs integrate GaN power, drive, control, sensing, and protection, delivering faster power delivery, higher system density, and greater efficiency. GeneSiC™ high-voltage SiC devices leverage patented trench-assisted planar technology to provide industry-leading voltage capability, efficiency, and reliability for medium-voltage grid and infrastructure applications. Navitas has over 300 patents issued or pending and is the world’s first semiconductor company to be CarbonNeutral®-certified.

Navitas Semiconductor, GaNFast, GaNSense, GaNSafe, GeneSiC, and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited or affiliates. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

About Magnachip Semiconductor

Magnachip Semiconductor Corporation is a designer and manufacturer of analog and mixed-signal power semiconductor platform solutions for a range of applications including industrial, automotive, communications, consumer and computing. Magnachip’s power solutions portfolio includes MOSFET and power IC technologies designed to improve power efficiency and system performance across high-value electronic systems.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are attempts to predict or indicate future events or trends or similar statements that are not a reflection of historical fact. Forward-looking statements are not predictions of actual future performance. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions and expectations. For Navitas, these and other risk factors are discussed in the Risk Factors section of its most recent annual report on Form 10-K, as updated in its most recent quarterly report on Form 10-Q, and in other documents filed with the SEC. Magnachip’s risks are discussed in its most recent annual report on Form 10-K, as updated in its most recent quarterly report on Form 10-Q, and other documents filed with the SEC. If any of these risks materialize or if assumptions underlying forward-looking statements prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Statements may be identified by the use of words such as “we expect,” “are expected to be,” “estimate,” “plan,” “project,” “forecast,” “intend,” “anticipate,” “believe,” “seek,” or other similar expressions. Forward-looking statements are made based on estimates and forecasts of financial and performance metrics, projections of market opportunity and current indications of customer interest, all of which are based on various assumptions. All such statements are based on current expectations of the management of Navitas and Magnachip

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6918420e-4157-4ff2-8510-67143d055ea5

Raises 2026 Core FFO per share guidance

Announces portfolio realignment through planned 2026 dispositions of $1.5-$2.0 billion

, /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust ("REIT") focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the second quarter of 2026.

Second Quarter 2026 Financial and Operational Highlights (all comparisons to Second Quarter 2025)

Net loss attributable to common stockholders of $506.9 million, or $2.26 per diluted share, driven by non-cash impairment, as compared to net income of $113.4 million, or $0.48 per diluted share. Company share of Core FFO of $141.4 million, an increase of 1.2%. Company share of Core FFO per diluted share of $0.63, an increase of 6.8%. Total Portfolio NOI of $186.8 million, an increase of 0.3%. Same Property Portfolio Cash NOI increased 1.5% and Same Property Portfolio NOI decreased 0.5%. Average Same Property Portfolio occupancy of 95.7%. Executed 2.1 million square feet of new and renewal leases. Comparable rental rates decreased by 2.8%, compared to prior rents, on a net effective basis and decreased by 11.3% on a cash basis. Stabilized two development projects totaling 196,391 square feet. Sold seven properties for a total sales price of $137.9 million. Company increased its full-year 2026 disposition guidance to $1.5 to $2.0 billion as part of its planned portfolio realignment. Repurchased 2,801,307 shares of common stock for $100 million at a weighted average price of $35.70 per share. Subsequent to quarter end, the Board of Directors authorized a new, $1.0 billion stock repurchase program. Net Debt to Adjusted EBITDAre of 4.5x. "This quarter reflects both strong execution and a transformative step forward in advancing our strategic priorities," said Laura Clark, Chief Executive Officer. "The realignment of our portfolio through the planned disposition of approximately $2 billion of identified non-core assets will further strengthen our portfolio, enhance cash flow durability and increase financial flexibility, positioning Rexford to maximize long-term shareholder value. We are also encouraged by the continued improvement we are seeing in fundamentals across the infill Southern California industrial market, including increasing tenant demand, positive net absorption and declining vacancy—all early signs of strengthening market conditions. We are confident that our strategic actions, combined with the strength of our value creation platform, will enable Rexford to deliver outsized returns for shareholders moving forward."

Financial

The Company reported net loss attributable to common stockholders for the second quarter of $506.9 million, or $2.26 per diluted share, compared to net income of $113.4 million, or $0.48 per diluted share, in the prior year quarter. Net loss in the second quarter includes $624.8 million of impairments and $21.9 million of gains on sale of real estate, as compared to $0 and $44.4 million, respectively, for the prior year quarter. The non-cash impairments primarily reflect certain assets designated for disposition whose expected holding periods were shortened in connection with the Company's increased disposition guidance. For the six months ended June 30, 2026, net loss attributable to common stockholders was $419.0 million, or $1.86 per diluted share, compared to net income of $181.8 million, or $0.78 per diluted share, in the prior year period. Net loss in the six months ended June 30, 2026 includes $631.6 million of impairments and $48.2 million of gains on sale of real estate, as compared to $0 and $57.5 million, respectively, for the prior year period.

The Company reported its share of Core FFO for the second quarter of $141.4 million, representing a 1.2% increase, compared to $139.7 million for the prior year quarter. The Company reported Core FFO of $0.63 per diluted share, representing an increase of 6.8%, compared to $0.59 per diluted share for the prior year quarter. Company share of Core FFO increased by $1.7 million, or $0.04 per diluted share year-over-year, driven by lower general and administrative expense related to the CEO leadership transition and the benefit of share repurchases, partially offset by lower NOI from dispositions executed in the first half of 2026. For the six months ended June 30, 2026, the Company's share of Core FFO was $281.2 million, representing a 0.2% increase, compared to $280.7 million for the prior year period. For the six months ended June 30, 2026, the Company reported Core FFO of $1.24 per diluted share, representing an increase of 2.5%, compared to $1.21 per diluted share for the prior year period.

In the second quarter of 2026, the Company's Same Property Portfolio NOI and Cash NOI decreased 0.5% and increased 1.5%, respectively, compared to the prior year quarter. Same Property Portfolio NOI decrease was primarily driven by effective rental rate compression and higher bad debt, partially offset by higher average occupancy. Same Property Portfolio Cash NOI growth was positively driven by annual contractual rent increases and higher average occupancy, partially offset by higher bad debt. For the six months ended June 30, 2026, the Company's Same Property Portfolio NOI and Cash NOI increased 0.3% and 0.6%, respectively, compared to the prior year period.

Operations

Q2 2026 Leasing Activity

Releasing Spreads(1)

# of Leases
Executed

SF of

Leasing

Net

Effective

Cash

New Leases

53

840,344

(13.8) %

(19.5) %

Renewal Leases

64

1,261,446

1.4 %

(8.1) %

Total Leases

117

2,101,790

(2.8) %

(11.3) %

(1)

Net effective and cash rent statistics include leases in which there is comparable lease data. Please see the Company's supplemental financial reporting package for additional detail related to leasing activity in Q2 2026.

As of June 30, 2026, the Company's Same Property Portfolio occupancy was 95.1%. Average Same Property Portfolio occupancy for the second quarter was 95.7%. The Company's total portfolio, excluding repositioning and development assets, was 94.8% occupied and 95.0% leased, and the Company's total portfolio, including repositioning and development assets, was 90.0% occupied and 90.3% leased. The Company's improved land and industrial outdoor storage (IOS) sites, totaling approximately 8.3 million square feet or 189.7 acres, were 92.8% leased as of June 30, 2026.

Repositionings and Developments

During the second quarter of 2026, the Company executed three development and repositioning leases totaling 146,430 square feet. Subsequent to quarter end, the Company executed two leases totaling 102,025 square feet at a development project located at 3680-3880 Voyager Street and a repositioning project located at 24935-24955 Avenue Kearny. Year to date through July 23, 2026, leasing activity across the Company's repositioning and development pipeline totals 286,299 square feet.

During the second quarter of 2026, the Company stabilized two development projects totaling 196,391 square feet, representing a total investment of $98.0 million. These projects achieved a weighted average unlevered stabilized return on cost of 8.0%.

Year to date, the Company stabilized four repositioning and development projects totaling 341,280 square feet, representing a total investment of $146.6 million. These projects achieved a weighted average unlevered stabilized return on cost of 7.1%.

Dispositions

During the second quarter of 2026, the Company disposed of seven properties, totaling 571,708 square feet, for an aggregate sales price of $137.9 million, including four sites previously in the near-term development pipeline.

Year to date, the Company disposed of twelve properties totaling 886,401 square feet for an aggregate sales price of $265.3 million, including six sites previously in the near-term development pipeline.

Balance Sheet

The Company ended the second quarter of 2026 with approximately $1.3 billion of total liquidity, including $32.2 million in unrestricted cash on hand and $1.2 billion available under its unsecured revolving credit facility.

During the second quarter of 2026, the Company repurchased 2,801,307 shares of its common stock for $100 million, at a weighted average price of $35.70 per share, bringing year-to-date repurchases to $300 million. Subsequent to quarter end, the Company's Board of Directors authorized a new $1.0 billion stock repurchase program, which superseded and replaced the prior program and is authorized through July 2028. The Company has full availability under the current program.

As of June 30, 2026, the Company had $3.3 billion of outstanding debt, with a weighted average interest rate of 3.7%. Floating-rate debt exposure was limited to $14.0 million outstanding under the Company's revolving credit facility. The weighted average term-to-maturity of the Company's outstanding debt is 2.8 years with no material debt maturities until 2027.

Dividends

On July 20, 2026, the Company's Board of Directors authorized a dividend in the amount of $0.435 per share for the third quarter of 2026, payable in cash on October 15, 2026, to common stockholders and common unit holders of record as of September 30, 2026.

On July 20, 2026, the Company's Board of Directors authorized a quarterly dividend of $0.367188 per share of its Series B Cumulative Redeemable Preferred Stock and a quarterly dividend of $0.351563 per share of its Series C Cumulative Redeemable Preferred Stock, payable in cash on September 30, 2026, to preferred stockholders of record as of September 15, 2026.

Leadership Transition and Board of Directors

On April 1, 2026, Laura Clark assumed the role of Chief Executive Officer and John Nahas assumed the role of Chief Operating Officer as part of the Company's leadership succession plan. Clark, who was appointed to the Board on November 17, 2025, succeeded Co-Chief Executive Officers Howard Schwimmer and Michael Frankel, who departed from their roles on March 31, 2026. Schwimmer and Frankel continued to serve as directors on the Board until their terms expired at the 2026 Annual Meeting of Shareholders on May 19, 2026.

Guidance

The Company is updating its full year 2026 guidance as indicated below. Please refer to the Company's supplemental information package for a complete detail of guidance and the 2026 Guidance Rollforward.

The Company is announcing a disposition initiative to realign its portfolio through the planned sale of approximately $2 billion of identified non-core assets. The Company intends to recycle proceeds to increase its financial flexibility through the strengthening of its balance sheet as well as deployment toward the highest risk-adjusted return opportunities, including accretive share repurchases. Accordingly, the Company has increased its full year 2026 disposition guidance to $1.5 to $2.0 billion from $400 to $500 million.

2026 Outlook

Q2 2026

Updated Guidance

Q1 2026
Guidance

Earnings

Net (Loss) Income Attributable to Common Stockholders per diluted share(1)

($1.32) - ($1.27)

$1.22 - $1.27

Company share of Core FFO per diluted share(1)

$2.38 - $2.43

$2.37 - $2.42

Same Property Portfolio(2)

Same Property Portfolio NOI Growth - Net Effective

(1.25)% - (0.25)%

(2.0)% - (1.0)%

Same Property Portfolio NOI Growth - Cash

(0.75)% - 0.25%

(1.5)% - (0.5)%

Average Same Property Portfolio Occupancy (Full Year)

95.3% - 95.7%

95.1% - 95.6%

Capital Allocation

Dispositions

$1.5B - $2.0B

$400M - $500M

Repositioning/Development Annualized Stabilized Cash NOI(3)

$16M - $18M

$16M - $18M

Repositioning/Development Starts (SF)

1.2M

1.2M

Repositioning/Development Starts (Total Estimated Project Costs)

$160M - $170M

$160M - $170M

Other Assumptions

General and Administrative Expenses

+/-$57M

+/-$60M

Interest Expense

+/-$105M

+/-$112M

(1)

2026 Net Loss and Core FFO Guidance reflects the Company's in-place portfolio as of July 23, 2026, as well as guidance expectations related to investment activity.

(2)

2026 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned for the period from January 1, 2025 through July 23, 2026, and excludes properties that were or will be classified as repositioning or development (current and future) or lease-up during 2025 and 2026 (unless otherwise noted), select buildings in other repositioning and properties included in the 2026 disposition guidance.

(3)

Represents estimated annualized Cash NOI for repositioning and development projects expected to stabilize in  2026, including 1315 Storm Parkway and 12118 Bloomfield Avenue, which stabilized in the first quarter, and 3211-3233 Mission Oaks Boulevard and 19900 Plummer Street, which stabilized in the second quarter.

A number of factors could impact the Company's ability to deliver results in line with its guidance, including, but not limited to, the potential impacts related to interest rates, inflation, the economy, tariffs, geopolitical risks including impacts from the war in the Middle East, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.

Supplemental Information and Earnings Presentation

The Company's supplemental information package as well as an earnings presentation are available on the Company's investor relations website at ir.rexfordindustrial.com.

Earnings Release, Investor Conference Webcast and Conference Call

A conference call with executive management will be held on Friday, July 24, 2026, at 11:00 a.m. Eastern Time.

To participate in the live telephone conference call, please access the following dial-in numbers at least five minutes prior to the start time using Meeting ID 401 760 274.
          1 (585) 542-9983 (Local)
          1 (833) 461-5787 (Toll-Free)

A live webcast and replay of the conference call will also be available at ir.rexfordindustrial.com.

About Rexford Industrial

Rexford Industrial creates value by investing in, operating and repositioning industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation over the long term. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. As of June 30, 2026, Rexford Industrial's high-quality, irreplaceable portfolio comprised 409 properties with approximately 49.9 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker "REXR," Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit rexfordindustrial.com.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the Securities and Exchange Commission. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Definitions / Discussion of Non-GAAP Financial Measures

Funds from Operations (FFO): We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (or losses) from sales of assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs and amortization of above/below-market lease intangibles) and after adjustments for unconsolidated joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment in real estate, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs' FFO. FFO should not be used as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO should be considered only as a supplement to net income or loss computed in accordance with GAAP as a measure of our performance. A reconciliation of net income or loss, the nearest GAAP equivalent, to FFO is set forth below in the Financial Statements and Reconciliations section. "Company Share of FFO" reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.

Core Funds from Operations (Core FFO): We calculate Core FFO by adjusting FFO for non-comparable items outlined in the "Reconciliation of Net (Loss) Income to Funds From Operations and Core Funds From Operations" table, which is located in the Financial Statements and Reconciliations section below. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by the Company to be part of its on-going operating performance, provides a more meaningful and consistent comparison of the Company's operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs' Core FFO. Core FFO should be considered only as a supplement to net income or loss computed in accordance with GAAP as a measure of our performance. "Company Share of Core FFO" reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.

Reconciliation of Net Loss Attributable to Common Stockholders per Diluted Share Guidance to Company Share of Core FFO per Diluted Share Guidance:

The following is a reconciliation of the Company's 2026 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.

2026 Estimate

Low

High

Net loss attributable to common stockholders

$                 (1.32)

$                 (1.27)

Company share of depreciation and amortization

1.21

1.21

Company share of impairment of real estate

2.71

2.71

Company share of gains on sale of real estate

(0.21)

(0.21)

Company share of FFO

$                  2.39

$                  2.44

Add: Core FFO adjustments(1)

(0.01)

(0.01)

Company share of Core FFO

$                  2.38

$                  2.43

(1)

Core FFO adjustments consist of (i) Co-CEO transition costs, (ii) severance costs, (iii) other nonrecurring expenses and (iv) write-offs of below-market lease intangibles related to unexercised renewal options.

Net Operating Income (NOI): NOI is a non-GAAP measure, which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as rental income from real estate operations less property expenses (before interest expense, depreciation and amortization). We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense, gains (or losses) from property dispositions, impairment losses of depreciable operating property and other non-operating items, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have a real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs' NOI. Accordingly, NOI should be considered only as a supplement to net income or loss as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs.

NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of NOI for our Same Property Portfolio, as well as a reconciliation of net income or loss to NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.

Cash NOI: Cash NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI: (i) amortization of above/(below) market lease intangibles and amortization of other deferred rent resulting from sale leaseback transactions with below market leaseback payments and (ii) straight-line rent adjustments. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. We use Cash NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of Cash NOI for our Same Property Portfolio, as well as a reconciliation of net income or loss to Cash NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.

Same Property Portfolio: Our 2026 Same Property Portfolio is a subset of our total portfolio and includes properties that were wholly owned by us for the period from January 1, 2025 through June 30, 2026, and excludes (i) properties that were acquired or sold during the period from January 1, 2025 through June 30, 2026, and (ii) properties acquired prior to January 1, 2025 that were classified as repositioning/development (current and future) or lease-up during 2025 and 2026 and select buildings in "Other Repositioning," which we believe will significantly affect the properties' results during the comparative periods. As of June 30, 2026, our 2026 Same Property Portfolio consisted of buildings aggregating 41.6 million rentable square feet at 341 of our properties.

Properties and Space Under Repositioning: Typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy.

Properties Under Development: Typically defined as properties where we plan to fully or partially demolish an existing building(s) due to building obsolescence and/or a property with excess or vacant land where we plan to construct a ground-up building.

Stabilization Date — Repositioning/Development Properties: We consider a repositioning/development property to be stabilized at the earlier of the following: (i) upon rent commencement and achieving 90% occupancy or (ii) one year from the date of completion of repositioning/development construction work.

Net Debt to Enterprise Value: As of June 30, 2026, we had consolidated indebtedness of $3.3 billion, reflecting a net debt to enterprise value of approximately 29.1%. Our enterprise value is defined as the sum of the liquidation preference of our outstanding preferred stock and preferred units plus the market value of our common stock excluding shares of nonvested restricted stock, plus the aggregate value of common units not owned by us, plus the value of our net debt. Our Net Debt is defined as our consolidated indebtedness less cash and cash equivalents.

Net Debt to Adjusted EBITDAre: Calculated as Net Debt divided by annualized Adjusted EBITDAre. We calculate Adjusted EBITDAre as net income or loss (computed in accordance with GAAP), before interest expense, tax expense, depreciation and amortization, gains (or losses) from sales of depreciable operating property, impairment losses of depreciable property, non-cash stock-based compensation expense, write-offs of below market lease intangibles related to unexercised renewal options, acquisition expenses, the pro-forma effects of  dispositions and other nonrecurring expenses. We believe that Adjusted EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the actual operating results of our industrial properties. We also use this measure in ratios to compare our performance to that of our industry peers. In addition, we believe Adjusted EBITDAre is frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because Adjusted EBITDAre is calculated before recurring cash charges including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility as a measure of our liquidity is limited. Accordingly, Adjusted EBITDAre should not be considered an alternative to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. Adjusted EBITDAre should not be considered as an alternative to net income or loss as an indicator of our operating performance. Other Equity REITs may calculate Adjusted EBITDAre differently than we do; accordingly, our Adjusted EBITDAre may not be comparable to such other Equity REITs' Adjusted EBITDAre. Adjusted EBITDAre should be considered only as a supplement to net income or loss (as computed in accordance with GAAP) as a measure of our performance. A reconciliation of net income or loss, the nearest GAAP equivalent, to Adjusted EBITDAre is set forth below in the Financial Statements and Reconciliations section.

Contact

Doug Bettisworth
SVP, Investor Relations and Capital Markets
(310) 943-7157
[email protected]

Financial Statements and Reconciliations

Rexford Industrial Realty, Inc.

Consolidated Balance Sheets

(In thousands except share data)

June 30, 2026

December 31, 2025

(unaudited)

ASSETS

Land

$              7,104,413

$              7,689,921

Buildings and improvements

4,541,066

4,677,318

Tenant improvements

206,540

198,161

Furniture, fixtures, and equipment

132

132

Construction in progress

324,365

451,109

Total real estate held for investment

12,176,516

13,016,641

Accumulated depreciation

(1,163,226)

(1,165,792)

Investments in real estate, net

11,013,290

11,850,849

Cash and cash equivalents

32,226

165,778

Loan receivable, net

123,934

123,704

Rents and other receivables, net

12,132

13,958

Deferred rent receivable, net

210,474

190,376

Deferred leasing costs, net

90,864

87,745

Deferred loan costs, net

5,877

6,886

Acquired lease intangible assets, net

114,489

140,627

Acquired indefinite-lived intangible asset

5,156

5,156

Interest rate swap assets

9,247

2,025

Other assets

16,987

25,609

Total Assets

$            11,634,676

$            12,612,713

LIABILITIES & EQUITY

Liabilities

Notes payable

$              3,263,724

$              3,251,909

Interest rate swap liability

3

829

Accounts payable, accrued expenses and other liabilities

99,101

120,849

Dividends and distributions payable

100,960

103,399

Acquired lease intangible liabilities, net

105,856

116,487

Tenant security deposits

92,386

92,444

Tenant prepaid rents

79,518

88,777

Total Liabilities

3,741,548

3,774,694

Equity

Rexford Industrial Realty, Inc. stockholders' equity

Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:

5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at June 30, 2026
and December 31, 2025 ($75,000 liquidation preference)

72,443

72,443

5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at June 30, 2026
and December 31, 2025 ($86,250 liquidation preference)

83,233

83,233

Common Stock,$0.01 par value per share, 489,950,000 authorized and 222,989,057 and 231,580,135
shares outstanding at June 30, 2026 and December 31, 2025, respectively

2,230

2,316

Additional paid in capital

8,631,341

8,945,123

Cumulative distributions in excess of earnings

(1,255,153)

(642,130)

Accumulated other comprehensive income (loss)

7,473

(422)

Total stockholders' equity

7,541,567

8,460,563

Noncontrolling interests

351,561

377,456

Total Equity

7,893,128

8,838,019

Total Liabilities and Equity

$            11,634,676

$            12,612,713

Rexford Industrial Realty, Inc.

Consolidated Statements of Operations

(Unaudited and in thousands, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

REVENUES

Rental income

$       242,996

$       241,568

$       485,137

$       490,389

Management and leasing services

—

132

—

274

Interest income

2,510

7,807

5,447

11,131

TOTAL REVENUES

245,506

249,507

490,584

501,794

OPERATING EXPENSES

Property expenses

56,214

55,298

112,977

110,559

General and administrative

13,693

19,752

28,618

39,620

Depreciation and amortization

73,479

71,188

146,412

157,928

TOTAL OPERATING EXPENSES

143,386

146,238

288,007

308,107

OTHER (EXPENSES) INCOME

Other income

3,500

—

4,850

—

Other expenses, net

2,001

(244)

1,899

(2,483)

Interest expense

(28,571)

(26,701)

(55,171)

(53,989)

Impairment of real estate

(624,754)

—

(631,578)

—

Debt extinguishment and modification expenses

—

(291)

—

(291)

Gains on sale of real estate

21,893

44,361

48,174

57,518

TOTAL OTHER (EXPENSES) INCOME

(625,931)

17,125

(631,826)

755

NET (LOSS) INCOME

(523,811)

120,394

(429,249)

194,442

Less: net loss (income) attributable to noncontrolling interests

19,665

(4,060)

16,290

(6,909)

NET (LOSS) INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.

(504,146)

116,334

(412,959)

187,533

Less: preferred stock dividends

(2,315)

(2,315)

(4,629)

(4,629)

Less: earnings attributable to participating securities

(441)

(592)

(1,449)

(1,131)

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$      (506,902)

$       113,427

$      (419,037)

$       181,773

Net (loss) income attributable to common stockholders per share – basic

$           (2.26)

$            0.48

$           (1.85)

$            0.78

Net (loss) income attributable to common stockholders per share – diluted

$           (2.26)

$            0.48

$           (1.86)

$            0.78

Weighted-average shares of common stock outstanding – basic

223,812

236,099

226,050

231,771

Weighted-average shares of common stock outstanding – diluted

223,812

236,099

234,636

231,771

Rexford Industrial Realty, Inc.

Same Property Portfolio Occupancy and NOI and Cash NOI

(Unaudited, dollars in thousands)

Same Property Portfolio Occupancy

June 30,

2026

2025

Change
(basis points)

Quarterly Weighted Average Occupancy:(1)

Los Angeles County

96.5 %

93.2 %

330 bps

Orange County

95.9 %

97.6 %

(170) bps

Riverside / San Bernardino County

93.3 %

97.0 %

(370) bps

San Diego County

97.5 %

98.0 %

(50) bps

Ventura County

94.6 %

91.4 %

320 bps

Same Property Portfolio Weighted Average Occupancy

95.7 %

94.7 %

100 bps

Ending Occupancy:

95.1 %

94.8 %

30 bps

(1)

Calculated by averaging the occupancy rate at the end of each month in 2Q-2026 and March 2026 (for 2Q-2026) and the end of each month in 2Q-2025 and March 2025 (for 2Q-2025).

Same Property Portfolio NOI and Cash NOI

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

$ Change

% Change

2026

2025

$ Change

% Change

Rental income(1)

$ 210,974

$ 210,887

$        87

0.0 %

$ 422,543

$ 418,561

$  3,982

1.0 %

Property expenses

46,811

45,893

918

2.0 %

94,045

91,171

2,874

3.2 %

Same Property Portfolio NOI

$ 164,163

$ 164,994

$     (831)

(0.5) %

$ 328,498

$ 327,390

$  1,108

0.3 %

Straight line rental revenue adjustment

(4,938)

(6,328)

1,390

(22.0) %

(15,235)

(13,835)

(1,400)

10.1 %

Above/(below) market lease revenue adjustments(1)

(3,093)

(4,829)

1,736

(35.9) %

(7,263)

(9,401)

2,138

(22.7) %

Same Property Portfolio Cash NOI

$ 156,132

$ 153,837

$   2,295

1.5 %

$ 306,000

$ 304,154

$  1,846

0.6 %

(1)

Same Property Portfolio rental income and above/(below) market lease revenue adjustments for the three months ended June 30, 2026 exclude $497 of income recognized from the write-off of a below-market lease intangibles attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term.

Rexford Industrial Realty, Inc.

Reconciliation of Net (Loss) Income to NOI, Cash NOI, Same Property Portfolio NOI and

Same Property Portfolio Cash NOI

(Unaudited and in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net (loss) income

$     (523,811)

$       120,394

$     (429,249)

$       194,442

General and administrative

13,693

19,752

28,618

39,620

Depreciation and amortization

73,479

71,188

146,412

157,928

Other expenses, net

(2,001)

244

(1,899)

2,483

Interest expense

28,571

26,701

55,171

53,989

Debt extinguishment and modification expenses

—

291

—

291

Management and leasing services

—

(132)

—

(274)

Other income

(3,500)

—

(4,850)

—

Interest income

(2,510)

(7,807)

(5,447)

(11,131)

Impairment of real estate

624,754

—

631,578

—

Gains on sale of real estate

(21,893)

(44,361)

(48,174)

(57,518)

Net operating income (NOI)

$       186,782

$       186,270

$       372,160

$       379,830

Straight line rental revenue adjustment

(9,967)

(6,918)

(25,103)

(12,435)

Above/(below) market lease revenue adjustments

(3,805)

(5,788)

(8,452)

(14,974)

Cash NOI

$       173,010

$       173,564

$       338,605

$       352,421

NOI

$       186,782

$       186,270

$       372,160

$       379,830

Non-Same Property Portfolio rental income

(32,022)

(30,681)

(62,594)

(71,828)

Non-Same Property Portfolio property expenses

9,403

9,405

18,932

19,388

Same Property Portfolio NOI

$       164,163

$       164,994

$       328,498

$       327,390

Straight line rental revenue adjustment

(4,938)

(6,328)

(15,235)

(13,835)

Above/(below) market lease revenue adjustments

(3,093)

(4,829)

(7,263)

(9,401)

Same Property Portfolio Cash NOI

$       156,132

$       153,837

$       306,000

$       304,154

Rexford Industrial Realty, Inc.

Reconciliation of Net (Loss) Income to Funds From Operations and Core Funds From Operations

(Unaudited and in thousands, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net (loss) income

$    (523,811)

$     120,394

$    (429,249)

$     194,442

Adjustments:

Depreciation and amortization

73,479

71,188

146,412

157,928

Impairment of real estate

624,754

—

631,578

—

Gains on sale of real estate

(21,893)

(44,361)

(48,174)

(57,518)

Funds From Operations (FFO)

$     152,529

$     147,221

$     300,567

$     294,852

Less: preferred stock dividends

(2,315)

(2,315)

(4,629)

(4,629)

Less: FFO attributable to noncontrolling interests(1)

(5,726)

(4,962)

(11,008)

(10,356)

Less: FFO attributable to participating securities(2)

(680)

(728)

(2,114)

(1,478)

Company share of FFO

$     143,808

$     139,216

$     282,816

$     278,389

Company Share of FFO per common share – basic

$          0.64

$          0.59

$          1.25

$          1.20

Company Share of FFO per common share – diluted

$          0.64

$          0.59

$          1.25

$          1.20

FFO

$     152,529

$     147,221

$     300,567

$     294,852

Adjustments:

Acquisition expenses(3)

—

23

—

102

Debt extinguishment and modification expenses

—

291

—

291

Non-capitalizable demolition costs(3)

—

—

—

365

Co-CEO transition costs(3)(4)

(2,330)

—

(2,330)

—

Severance costs(3)(5)

269

199

269

1,682

Other nonrecurring expenses(3)(6)

45

—

107

—

Write-offs of below-market lease intangibles related to unexercised renewal options(7)

(497)

—

(497)

—

Core FFO

$     150,016

$     147,734

$     298,116

$     297,292

Less: preferred stock dividends

(2,315)

(2,315)

(4,629)

(4,629)

Less: Core FFO attributable to noncontrolling interest(1)

(5,631)

(4,979)

(10,915)

(10,440)

Less: Core FFO attributable to participating securities(2)

(668)

(731)

(1,412)

(1,491)

Company share of Core FFO

$     141,402

$     139,709

$     281,160

$     280,732

Company share of Core FFO per common share – basic

$          0.63

$          0.59

$          1.24

$          1.21

Company share of Core FFO per common share – diluted

$          0.63

$          0.59

$          1.24

$          1.21

Weighted-average shares of common stock outstanding – basic

223,812

236,099

226,050

231,771

Weighted-average shares of common stock outstanding – diluted

223,812

236,099

226,050

231,771

(1)

Noncontrolling interests relate to interests in the Company's operating partnership, represented by common units and preferred units (Series 2 & 3 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company. On March 6, 2025, we exercised our conversion right to convert all remaining Series 2 CPOP units into OP Units.

(2)

Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.

(3)

Amounts are included in the line item "Other expenses, net" in the consolidated statements of operations.

(4)

Reflects a decrease in share-based compensation expense related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs and employer payroll taxes associated with the vesting of transition-related restricted stock awards in April 2026.

(5)

Includes costs associated with workforce reduction and workforce reorganization.

(6)

Reflects nonrecurring advisory service costs.

(7)

Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term.

Rexford Industrial Realty, Inc.

Reconciliation of Net Loss to Adjusted EBITDAre

(Unaudited and in thousands)

Three Months Ended
June 30, 2026

Net loss

$                     (523,811)

Interest expense

28,571

Depreciation and amortization

73,479

Impairment of real estate

624,754

Gains on sale of real estate

(21,893)

EBITDAre

$                      181,100

Stock-based compensation amortization

3,666

Write-offs of below-market lease intangibles related to unexercised renewal options(1)

(497)

Co-CEO transition costs(2)

(2,330)

Other nonrecurring expenses

45

Pro forma effect of dispositions(3)

68

Adjusted EBITDAre

$                      182,052

(1)

Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term.

(2)

Reflects a decrease in share-based compensation expense related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs and payroll taxes associated with the vesting of transition-related restricted stock awards in April 2026.

(3)

Represents the impact on second quarter 2026 EBITDAre of properties disposed of during the quarter as if such dispositions had occurred on April 1, 2026.

SOURCE Rexford Industrial Realty, Inc.

4:15pm: Nasdaq closes deep in the red US stocks ended sharply lower on Thursday, with the Nasdaq leading the losses as investors dumped technology shares after earnings from Tesla and Alphabet failed to ease concerns about rising spending.

The Nasdaq fell 2.2% to 25,138, while the S&P 500 dropped 1.2% to 7,408. The Dow Jones Industrial Average shed 507 points, or 1%, to close at 51,712.

Despite reporting strong revenue growth, Tesla and Alphabet came under heavy selling pressure after both companies warned that capital expenditures are set to climb, raising fresh questions about profitability and free cash flow. The disappointing market reaction weighed on the broader technology and communications sectors, dragging the Nasdaq to its steepest decline in weeks.

Adding to the pressure, oil prices surged toward the $100-a-barrel mark as escalating conflict in the Middle East fueled fears of supply disruptions. The jump in crude prices reignited inflation concerns, pushing Treasury yields to their highest levels of the year and further denting appetite for growth stocks.

Investors are increasingly worried that higher energy prices could complicate the Federal Reserve's path on interest rates, particularly if inflation proves more persistent than expected.

Attention now turns to Intel, which is set to report quarterly earnings after the closing bell, with investors looking for further clues on the health of the semiconductor industry after a bruising session for the broader tech sector.

3:40pm: Proactive news headlines Custom Health Holdings Inc (TSX:CHLT) initiated Buy-rated coverage from Stifel with a C$12 price target, with analysts highlighting significant upside driven by the company's medication management platform. 374Water Inc (NASDAQ:SCWO, FRA:8LL) said a US Army Corps of Engineers report independently validated its AirSCWO technology, demonstrating 99.9993% destruction and removal efficiency for PFAS during testing. Royalty Management Holding Corp (NASDAQ:RMCO) said its royalty partner ReElement Technologies secured new financing to expand operations, a move expected to increase royalty revenue under their existing agreement. Replenish Nutrients Holding Corp (CSE:ERTH, OTC:VVIVF, FRA:7KE) closed the $7.5 million equity portion of a previously announced $15 million strategic investment from SRC Agrominerals Sales, with the convertible debenture portion expected to close in August 2026. 2:30pm: Market movers Tesla Inc (NASDAQ:TSLA) shares fell despite record vehicle sales and stronger-than-expected revenue as investors focused on weaker profitability and future growth concerns. Alphabet Inc (NASDAQ:GOOG) shares dropped despite beating earnings and revenue forecasts as investors weighed concerns around valuation and expectations following the results. American Airlines Group Inc (NASDAQ:AAL, XETRA:A1G) shares fell despite beating second-quarter earnings expectations as the carrier warned that higher fuel costs could pressure third-quarter results. T-Mobile US Inc (NASDAQ:TMUS, XETRA:TM5) reported stronger-than-expected second-quarter earnings but saw shares decline after revenue narrowly missed Wall Street estimates. 374Water Inc (NASDAQ:SCWO, FRA:8LL) said a US Army Corps of Engineers report independently validated its AirSCWO technology, showing 99.9993% destruction and removal efficiency for PFAS during a demonstration. RTX Corp (NYSE:RTX, XETRA:5UR) shares climbed after the aerospace and defense company delivered better-than-expected second-quarter results and raised its full-year 2026 outlook. Southwest Airlines Co (NYSE:LUV) shares declined after stronger-than-expected second-quarter earnings were offset by a weaker-than-expected third-quarter outlook. International Business Machines Corp (NYSE:IBM) shares slipped after second-quarter revenue and earnings missed expectations and the company lowered its full-year revenue growth forecast. Replenish Nutrients Holding Corp (CSE:ERTH, OTC:VVIVF, FRA:7KE) closed a $7.5 million equity investment from SRC. 12:50pm: Oil prices surge after Houthi attacks Oil prices surged above US$100 a barrel on Thursday after Houthi rebels claimed attacks on two Saudi oil tankers in the Red Sea, raising fresh concerns over global energy supplies and rattling financial markets.

“Two of the world’s busiest shipping corridors are under threat in the same month, and markets are only just beginning to work out what that means," said Nigel Green, CEO of deVere Group.

"The timing is awkward for the Federal Reserve, which meets on July 29. Inflation had climbed for three straight months to 4.2% in May, its highest level in years, before cooling to 3.5% in June largely because gasoline prices fell nearly 10% during the brief ceasefire between the US and Iran. 

"With that ceasefire now collapsed and oil back above $100, the drop which gave the Fed room to relax may already be reversing."

11:45am: Alphabet's spending rattles investors Alphabet Inc (NASDAQ:GOOG) shares fell more than 6% after investors looked past better-than-expected second-quarter earnings and focused on the company’s soaring AI spending.

The Google parent reported revenue of $119.8 billion and earnings per share of $9.11, beating Wall Street forecasts, while Google Cloud revenue jumped 82% year over year.

However, quarterly capital expenditure doubled to $44.9 billion, keeping Alphabet on pace for up to $190 billion in spending this year, while free cash flow dropped sharply. Investor sentiment was also weighed down by reports that Google delayed its Gemini 3.5 Pro AI model, although the company has disputed those claims.

11:00am: Tesla sinks on spending, profit Tesla Inc (NASDAQ:TSLA) shares were down about 14% after the electric vehicle maker reported second-quarter results that topped revenue expectations but missed on profit.

Revenue rose 26% year over year to $28.24 billion, while deliveries reached a record 480,126 vehicles, marking the first annual growth in two years. Services revenue climbed 50% and Full Self-Driving subscriptions increased 56%, with the company also reporting its largest order backlog since 2023.

However, adjusted earnings of $0.33 per share missed forecasts, while gross and operating margins weakened as lower vehicle prices, declining regulatory credit sales and rising costs weighed on profitability.

Heavy capital spending also pushed free cash flow into a deficit.

10am: Nasdaq leads losses as Tesla and Alphabet slide US stocks have extended yesterday's losses in early deals, with Tesla dropping over 10% to lead the Nasdaq down 1.8%.

The S&P 500 and Dow Jones are both off more than 0.9%.

Alphabet fell 6.6%, with other Mag 7 names dropping too, including Amazon and Meta both slipping more than 3%.

Biggest faller on the S&P is pest controller Rollins, down 12% after reporting weaker second-quarter revenue growth than expected.

Semis are also being sold again, with Microchip Technology, Qualcomm and Texas Instruments among the Nasdaq's biggest fallers.

Top of the S&P leaderboard is United Rentals after saying it will increase its spending on its fleet this year and raising full-year guidance.

9.20am: Record low US jobless claims US initial jobless claims have fallen to their lowest level since 1969.

New unemployment claims fall to 187K, down from 209K, while the market forecast was for a small rise to 210K.

"While seasonal factors may be impacting the headline number at the margins, the extremely low level of claims highlights a low layoff rate and the strength underlying the labor market," says Matthew Martin at Oxford Economics.

"In the wake of moderating jobless claims, continued claims fell a touch further in the week ended July 11, with the four-week moving average creeping lower.

"The decent pace of nonfarm payroll gains amid weak labor-supply conditions should translate into lower continued claims in the weeks ahead."

8.30am: Iran war has entered a more dangerous phase, RBC warns  The Iran conflict has entered a "decidedly more dangerous phase", with Red Sea oil flows and critical infrastructure increasingly at risk, according to RBC Capital Markets.

Brent crude has topped $99.30 in recent minutes, but commodity strategist Helima Croft says these prices are a "lagging indicator of the extreme pressure building in the region".

Croft warns that the reported targeting of two Saudi tankers by Yemen's Houthis could cause a "material reduction" in Red Sea oil shipments and undermine the belief that "the market always finds a workaround".

Prices could surpass the 2022 peak of $128 a barrel or even reach the 2008 high of $146 in a full regional war, Croft warns. 

She says alternative routes for tankers would significantly increase costs and extend journeys to Asia by around four weeks to roughly 54 days.

Iran's attacks on Kuwaiti desalination facilities are described as "especially concerning", with Kuwait relying on desalination for 90% of its drinking water.

Some Gulf cities could reportedly have only seven days of clean water if plants were disabled.

7.45am: Nasdaq and Dow set to extend losses Wall Street is set for a moderately lower open on Thursday after mixed results from Alphabet and Tesla, while a fresh surge in oil prices revived concerns about inflation and interest rates.

Futures for the Dow Jones, S&P 500 and Nasdaq were all down around 0.3%.

This would see losses extended from the day before, when the Nasdaq dropped 0.6% to 25,691, the S&P fell 0.1% to 7,499, and the Dow finished essentially flat, down six points at 52,219.

After the closing bell, Alphabet Inc (NASDAQ:GOOG) beat revenue and earnings forecasts, with cloud revenue surging 82%, but its shares fell in after-hours trading after the Google owner raised its planned capital expenditure to as much as $205 billion this year. Shares were down 4.1% in pre-market trading.  

Tesla Inc (NASDAQ:TSLA) shares declined 6.2% after reporting its first quarter of negative free cash flow in more than two years as operating costs surged.

European markets were also lower, led by a 1.7% decline in Milan as semiconductor manufacturer STMicroelectronics (NYSE:STM) fell sharply after weaker second-quarter earnings and soft third-quarter guidance disappointed investors following a three-month rally.

In commodities, WTI crude has jumped 4.1% on Thursday morning to above $90.65 a barrel, its highest level in six weeks, as US Central Command confirmed another round of strikes against Iran.

"Strikes between the US and Iran show no sign of easing, and the Houthis said they targeted two oil tankers in the Red Sea yesterday, raising fears that the conflict is widening," said Henry Allen at Deutsche Bank. 

This has raised fresh supply fears as Saudi Arabia has redirected oil exports to the Red Sea port of Yanbu, prompting "fresh concerns about a more prolonged stagflationary shock", with investors pricing in higher inflation and a more hawkish path for central banks.

Fed futures now indicate a 36% chance of an interest-rate increase next week. The European Central Bank is expected to leave rates unchanged when it announces its latest decision later today.

Before the bell, earnings are due from defence groups RTX and Lockheed Martin, telecoms names T-Mobile and Nokia, and other heavyweights including Thermo Fisher, TotalEnergies, Blackstone, Freeport-McMoRan, Comcast and Honeywell.

After the close, attention turns to Intel and SAP, along with gold miner Newmont.

Co-engineered reference design provides a proven blueprint for deploying high-density AI clusters faster and with less risk.   Design supports 246 kW AI racks and large-scale deployments with modular AI clusters of up to 10.4 MW IT load for easy scalability Collaboration combines AMD AI platform innovation and Schneider Electric’s expertise in power, cooling, and digital infrastructure  SAN FRANCISCO, July 23, 2026 (GLOBE NEWSWIRE) -- Schneider Electric, a global energy technology leader, and AMD today announced a jointly developed and validated reference design for the AMD Helios rackscale solution that provides a scalable blueprint for deploying high-density AI environments faster and with reduced risk and complexity. The reference design marks the first milestone of the collaboration between Schneider Electric and AMD and delivers upon the companies’ joint focus to create an easier path to AI Factory deployment.

The new reference design is the first ever developed to support high-density AI workloads on the Helios rackscale solution, which is powered by AMD Instinct™ MI455X GPUs, 6th Gen AMD EPYC™ CPUs, AMD Pensando™ Vulcano NICs and the open ROCm™ software ecosystem. AMD Helios is designed to deliver breakthrough AI performance through advances in compute, interconnect bandwidth, memory capacity and system-level integration, allowing customers to run larger, more complex AI workloads faster while optimizing power and efficiency.

As AI workloads push data center infrastructure to unprecedented limits, reference designs provide data center architects and operators with tested, scalable designs proven to handle new power densities, thermal requirements and operational complexity. By modeling data center physical infrastructure performance, these pre‑validated blueprints help shorten the planning process by defining how power, cooling, and IT infrastructure should be organized to build a reliable, scalable, and AI‑ready data center. The AMD Helios reference design includes information on four technical areas: facility power, facility cooling, IT space, and lifecycle software.

“Today organizations require comprehensive, AI-ready reference designs that can take them from planning to deployment faster and with less risk," said Manish Kumar, Executive Vice President, Secure Power & Data Centers at Schneider Electric. “Through our collaboration with AMD, we're delivering an engineering-backed reference design that bridges the gap between advanced AI compute platforms, energy tech, and real-world data center implementation, enabling customers to deploy scalable, high-density AI environments with greater confidence, efficiency, and speed.”

“AI infrastructure is rapidly moving to full-scale AI factories, and that requires compute, networking, power and cooling to be designed together from the start,” said Forrest Norrod, executive vice president and general manager, Data Center Solutions Business Group, AMD. “AMD Helios provides an open, rack-scale architecture built to deliver the performance, efficiency and flexibility required for next-generation AI workloads. By working with Schneider Electric to create a validated reference design, we are giving customers a practical blueprint to accelerate high-density AI deployments, reduce integration risk and scale with greater confidence and efficiency.”

Reference Design Accelerates AMD Helios Deployment

The new collaboration brings together AMD AI platform innovation and Schneider Electric’s expertise in power, cooling, and digital infrastructure, creating a more tightly integrated approach to deploying both greenfield AI factories and high-density retrofit environments. The reference design supports:

Modular, multi-cluster environments, featuring AI clusters of up to 10.4 MW IT capacity for greenfield deploymentsHigh-density AI workloads up to 246 kW per rackAdvanced liquid cooling using Motivair by Schneider Electric CDU-based and hybrid air/liquid approaches capable of removing up to 84% of heatA digital-first infrastructure approach, which includes: Electrical and thermal design validated using ETAP and EcoStruxure™ IT Design CFD simulation tools that enable real-time monitoring and analytics, AI-driven predictive maintenance, and system-level optimization across power, cooling, and ITIntegrated Electrical Digital Twin capabilities to model, analyze, and manage infrastructure performanceSupport from AVEVA’s Unified Operations Center for real-time monitoring and operational visibility Power and cooling infrastructure deployments that adhere to AMD Helios platform requirements for reduced integration complexity and deployment riskBetter energy efficiency, with ability to achieve PUE as low as ~1.12 at full load The reference design has been validated to ANSI standards for U.S. deployments, with plans to extend the framework to support IEC standards for global implementations in the future.

Press contact: [email protected]

Related resources:

Data Center Reference Design 121: 10.4 and 6.2 MW, Tier III, ANSI, Chilled Water, Liquid-Cooled AI Clusters (AMD Instinct MI455X GPUs) About Schneider Electric

Schneider Electric is a global energy technology leader, driving efficiency and sustainability by electrifying, automating, and digitalizing industries, businesses, and homes. Its technologies enable buildings, data centers, factories, infrastructure, and grids to operate as open, interconnected ecosystems, enhancing performance, resilience, and sustainability. The portfolio includes intelligent devices, software-defined architectures, AI-powered systems, digital services, and expert advisory.

With 160,000 employees and one million partners in over 100 countries, Schneider Electric is consistently ranked among the world’s most sustainable companies.

www.se.com

Discover the newest perspectives on Advancing Energy Tech on Schneider Electric Insights.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/92c9a990-e87a-4338-92c6-09f0748e2c4a

Schneider Electric and AMD release first Helios platform reference design to accelerate AI Factory d... Schneider Electric and AMD release first Helios platform reference design to accelerate AI Factory d...

© Shutterstock / Piotr Swat

The bull case for NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) looks strong on paper. NVDA stock trades at $208.48, up 22% over the past year; the company just posted $81.61 billion in quarterly revenue; and NVIDIA CEO Jensen Huang keeps describing the AI buildout as the largest infrastructure project in history.

However, a reported set of remarks out of China this week hits at the one thing bulls take for granted: NVIDIA’s CUDA software moat. If the thesis is right, it changes the math on NVDA stock; by extension, this could also carry negative implications for the iShares Semiconductor ETF (NASDAQ:SOXX) as well as individual U.S. chip names like Intel (NASDAQ:INTC) and Advanced Micro Devices (NASDAQ:AMD).

The Chinese CEO Behind the Bear Case According to a summary of a leaked investor call attributed to DeepSeek CEO Liang Wenfeng, posted on X by Citrini Research analyst Jukan (@jukan05), DeepSeek is working closely with Huawei and believes it can secure roughly 16,000 Huawei AI chips. The remarks are reported and unverified.

The reported claims go further. Wenfeng allegedly argued that AI-powered code generation and languages such as TileLang could rapidly lower the CUDA ecosystem’s barriers to entry, and that DeepSeek has already cut its software dependence on NVIDIA using its own compiler and a TileLang-based environment. Port that stack to Huawei silicon, the argument goes, and Huawei’s 950 SuperNode could replace workloads currently handled by NVIDIA’s GB200 and GB300.

Jukan’s own summary characterization, not a Wenfeng quote, was blunt: “The end of CUDA’s moat is approaching. The ecosystem problem for Chinese chips could be solved within a year. The only real bottleneck left is production itself.” He added he was “Very bearish on NVDA.”

A Balanced View: The Gap Is Still Real Even the leaked remarks concede NVIDIA’s lead. It reportedly takes roughly four Huawei cards to match one NVIDIA card, with Huawei described as about two years behind. Porting an unproven software stack across ecosystems is genuinely hard.

The fundamentals reinforce that. NVIDIA’s Data Center revenue hit $75.25 billion, up 92%, non-GAAP EPS came in at $1.87 versus the $1.77 estimate, and management disclosed $119 billion in supply-related commitments alongside an $80 billion buyback authorization. NVIDIA stock carries a trailing P/E ratio of 32x, and because earnings are compounding so quickly, the forward multiple looks meaningfully lower.

Analyst sentiment on NVDA remains overwhelmingly bullish: 58 Buys, 2 Holds, and 1 Sell. That lopsided tally underscores how far Wall Street’s consensus sits from the CUDA-erosion thesis outlined above.

Earnings Preview: August 26 NVIDIA reports its fiscal Q2 2027 results on August 26 after the close. NVIDIA’s guidance calls for revenue of $91 billion plus or minus 2% with non-GAAP gross margin of 75%, and it explicitly excludes any Data Center compute revenue from China, meaning China weakness is already priced into the outlook.

Investors can watch for Data Center growth, the Blackwell and Vera Rubin ramp, gross margin durability, and any direct commentary from Huang addressing the CUDA-moat narrative. The CUDA erosion thesis is a real multi-year risk resting on unverified claims, set against a company still growing at extraordinary rates. That tension, and not just a single verdict, is what NVIDIA shareholders need to sit with.

Contact [email protected] for any questions or corrections.

Key Takeaways FedEx Freight debuted as a standalone S&P 500 LTL carrier with a large North American network. Management targets 4%-6% revenue growth, 10%-12% adjusted operating income growth and $1B free cash flow. Standalone systems, freight cyclicality and elevated debt could pressure costs and demand. FedEx Freight (FDXF - Free Report) has entered the public market as a standalone freight company. Its S&P 500 debut gives investors a clearer way to evaluate a business that was previously housed inside FedEx.

The case now rests on a focused less-than-truckload, or LTL, network, post-spin targets and the company’s ability to execute without the operating support of its former parent.

FDXF Starts Life as a Pure LTL CarrierFedEx Freight is now a focused North American LTL carrier serving manufacturers, retailers, distributors and business customers. The model moves smaller freight shipments from many customers through a shared terminal and linehaul network rather than dedicating an entire truck to one shipper.

Scale is central to that model. FDXF handles roughly 90,000 daily shipments across more than 365 locations, supported by 30,000 vehicles and 40,000 team members. That footprint matters because LTL customers value coverage, reliable pickup and delivery, shipment visibility and claims performance.

The company now sits in a peer set that includes Old Dominion Freight Line (ODFL - Free Report) , a major national LTL carrier, and XPO (XPO - Free Report) , which also competes in North American LTL. Those peers give investors a useful comparison group for pricing discipline, service quality and margin performance.

FedEx Freight Gains Strategic FreedomThe spin-off changes the management agenda. FedEx Freight no longer competes internally with parcel and express operations for capital, systems investment or executive attention. The company can direct resources toward freight customers and freight-specific network decisions.

That independence could sharpen execution. A dedicated sales force can focus on industrial, retail and distribution accounts, while technology spending can be targeted toward shipment visibility, pricing, dock productivity and route planning.

Strategic freedom does not guarantee faster growth, but it creates a cleaner investment story. Investors can now judge FDXF on freight fundamentals rather than on its contribution to a broader transportation portfolio.

FDXF Growth Plan Centers on MarginsManagement’s medium-term targets frame the stock’s growth case. FedEx Freight is aiming for revenue growth of 4% to 6% and adjusted operating income growth of 10% to 12% over the medium term.

The plan also calls for free cash flow above $1 billion, free cash flow conversion above 90% and a capital expenditure-to-revenue ratio near 5%. Those targets suggest that the company is not simply chasing shipment volume.

That distinction is important in LTL. Volume growth can help network density, but poorly priced freight can dilute margins. For FDXF, the cleaner upside would come from better yields, improved network balance, disciplined capacity spending and productivity gains.

FedEx Freight Faces a Tough Reality CheckExecution risk is the first test. FedEx Freight must build and operate standalone corporate systems after the spin-off, including public-company functions. Any disruption could absorb management time and raise costs early in independence.

The business is also exposed to the freight cycle. Industrial production, manufacturing activity, retail replenishment and broader business spending influence LTL volumes. Softer demand could pressure shipment counts, pricing and operating leverage.

Leverage adds another constraint. Elevated debt created before separation may reduce flexibility if the freight market weakens or if standalone costs run higher than planned. Debt service needs can compete with technology spending and network investment.

FDXF Signals a Mixed Setup for InvestorsThe bottom line is that FedEx Freight offers a cleaner way to own a large North American LTL network, but the stock still needs operating proof as a standalone company. The spin-off improves strategic focus, yet investors have to weigh that against systems execution, cyclicality and balance-sheet pressure.

FDXF currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. We believe the stock remains worth holding for investors with a long-term horizon.

The consensus price target for FDXF stock is $175, implying an upside of more than 17% from current levels.

Image Source: Zacks Investment Research

The stock also has a Value Score of C, Growth Score of C, Momentum Score of F and VGM Score of D. That mix points to a neutral near-term setup rather than a clear buying signal.

The Style Scores reinforce that stance. C grades in value and growth suggest middle-of-the-road characteristics, while the F in momentum indicates weak timing on that measure. With a VGM Score of F, FDXF looks better suited for monitoring than for an aggressive entry until investors see cleaner execution and evidence that margin targets are becoming durable results.

, /PRNewswire/ -- Charter Communications, Inc. (NASDAQ: CHTR) (along with its subsidiaries, "Charter") announced today the commencement by its wholly-owned subsidiaries, Charter Communications Operating, LLC ("CCO"), Charter Communications Operating Capital Corp. ("CCO Capital" and, together with CCO, collectively, the "CCO Issuers" or the "Company") and Time Warner Cable, LLC (the "TWC Issuer" and, together with CCO Issuers, the "Old Notes Issuers") of a private offer to exchange (the "Pool 1 Offer") seven series of notes issued by the CCO Issuers or the TWC Issuer, as applicable (collectively, the "Pool 1 Notes"), for a combination of cash consideration and a new series of Senior Secured Notes due 2038 (the "New 2038 Notes") to be issued by the CCO Issuers with registration rights, as described and for the consideration summarized in the table below. The aggregate principal amount of Pool 1 Notes of each series that are accepted for exchange will be based on, among other things, the order of acceptance priority for such series as set forth in the table below and, with respect to the 4.500% senior debentures due 2042 issued by the TWC Issuer (the "4.500% Notes"), the sub-cap with respect to the aggregate principal amount of such series set forth in the table below (the "4.500% Notes Sub-Cap"), such that the aggregate principal amount of Pool 1 Notes accepted in the Pool 1 Offer results in the issuance of New 2038 Notes in an amount not exceeding $1,750,000,000 (the "New 2038 Notes Cap").

Issuer(s)

Title of Security

Aggregate Principal Amount Outstanding

CUSIP No./ ISIN(1)

Acceptance Priority Level(2)

Sub-Cap(2)

Reference Treasury

Bloomberg Reference Page(3)

Fixed Spread (Basis Points)

Early Exchange Premium(4)(5)

Cash
Component(6)

CCO Issuers

3.500% senior secured notes due 2042

$1,236,000,000

161175CE2 / US161175CE27

1

N/A

5.000% due May 15, 2046

FIT 1

+165 Bps

$50.00

$95.00

3.500% senior secured notes due 2041

$1,479,000,000

161175BZ6 / US161175BZ64

2

N/A

4.375% due May 15, 2036

FIT 1

+215 Bps

$50.00

$130.00

Time Warner Cable, LLC ("TWC Issuer" or "TWC")

4.500% senior debentures due 2042

$1,250,000,000

88732JBD9 / US88732JBD90

3

$450,000,000

5.000% due May 15, 2046

FIT 1

+190 Bps

$50.00

$305.00

CCO Issuers

5.375% senior secured notes due 2047

$2,265,000,000

161175BL7 / US161175BL78

161175BD5 /

US161175BD52

4

N/A

5.000% due May 15, 2046

FIT 1

+215 Bps

$50.00

$120.00

2.300% senior secured notes due 2032

$1,000,000,000

161175BX1 / US161175BX17

5

N/A

4.125% due June 30, 2031

FIT 1

+110 Bps

$50.00

$0.00

2.800% senior secured notes due 2031

$1,590,000,000

 161175BU7 / US161175BU77

6

N/A

4.125% due June 30, 2031

FIT 1

+110 Bps

$50.00

$0.00

2.250% senior secured notes due 2029

$1,250,000,000

161175CD4 / US161175CD44

7

N/A

4.125% due July 15, 2029

FIT 1

+80 Bps

$50.00

$0.00

_____________

(1)

No representation is made as to the correctness or accuracy of the CUSIP or ISIN numbers listed in the Offering Memorandum (as defined below). Such CUSIP and ISIN numbers are provided solely for the convenience of the holders of Pool 1 Notes.

(2)

Subject to the New 2038 Notes Cap and, solely with respect to the 4.500% Notes, the 4.500% Notes Sub-Cap set forth in this table and proration, the principal amount of each series of Pool 1 Notes that is purchased in the Pool 1 Offer will be determined in accordance with the applicable Acceptance Priority Level (in numerical priority order with 1 being the highest Acceptance Priority Level and 7 being the lowest) specified in this column.

(3)

The Bloomberg Reference Page/Screen is provided for convenience only. To the extent any Bloomberg Reference Page/Screen changes prior to the Pricing Time (as defined below), the Joint-Lead Dealer Managers referred to below will quote the applicable Reference Treasury Security from the updated Bloomberg Reference Page/Screen.

(4)

Per $1,000 principal amount of the Pool 1 Notes validly tendered prior to or at the Early Tender Date (and not validly withdrawn at or prior to the Withdrawal Deadline (as defined below)) and accepted for exchange, to be paid in the form of New 2038 Notes.

(5)

The Total Exchange Consideration (as defined below) for the Pool 1 Notes validly tendered prior to or at the Early Tender Date (and not validly withdrawn at or prior to the Withdrawal Deadline) and accepted for exchange is inclusive of the Early Exchange Premium.

(6)

Represents the portion of the Total Exchange Consideration or the Base Exchange Consideration in each case for the Pool 1 Notes, as applicable, that will be payable in cash per $1,000 principal amount of Pool 1 Notes validly tendered and accepted for exchange. 

Charter also announced today the commencement by CCO Issuers of a private offer to exchange (the "Pool 2 Offer") five series of notes (collectively, the "Pool 2 Notes" and, together with the Pool 1 Notes, the "Old Notes" and each series of Old Notes, a "series of Old Notes") for a combination of cash and a new series of Senior Secured Notes due 2041 (the "New 2041 Notes" and, together with the New 2038 Notes, the "New Notes" and each series of New Notes, a "series of New Notes") to be issued by the CCO Issuers with registration rights, as described and for the consideration summarized in the table below. The aggregate principal amount of Pool 2 Notes of each series that are accepted for exchange will be based on, among other things, the order of acceptance priority for such series as set forth in the table below, such that the aggregate principal amount of Pool 2 Notes accepted in the Pool 2 Offer results in the issuance of New 2041 Notes in an amount not exceeding $1,750,000,000 (the "New 2041 Notes Cap").

Issuer(s)

Title of Security

Aggregate Principal Amount Outstanding

CUSIP No./ ISIN(1)

Acceptance Priority Level(2)

Sub-Cap(2)

Reference Treasury

Bloomberg Reference Page(3)

Fixed Spread (Basis Points)

Early Exchange Premium(4)(5)

Cash
Component(6)

CCO Issuers

3.700% senior secured notes due 2051

$2,050,000,000

161175BV5 / US161175BV50

1

N/A

4.750% due February 15, 2056

FIT 1

+190 Bps

$50.00

$0.00

3.900% senior secured notes due 2052

$2,400,000,000

161175CA0 / US161175CA05

2

N/A

4.750% due February 15, 2056

FIT 1

+195 Bps

$50.00

$0.00

4.800% senior secured notes due 2050

$2,473,000,000

161175BT0 / US161175BT05

3

N/A

4.750% due February 15, 2056

FIT 1

+205 Bps

$50.00

$117.50

5.125% senior secured notes due 2049

$1,244,000,000

161175BS2 / US161175BS22

4

N/A

5.000% due May 15, 2046

FIT 1

+220 Bps

$50.00

$150.00

5.250% senior secured notes due 2053

$1,500,000,000

161175CK8 / US161175CK86

5

N/A

4.750% due February 15, 2056

FIT 1

+210 Bps

$50.00

$190.00

_____________

(1)

No representation is made as to the correctness or accuracy of the CUSIP or ISIN numbers listed in the Offering Memorandum. Such CUSIP and ISIN numbers are provided solely for the convenience of the holders of Pool 2 Notes.

(2)

Subject to the New 2041 Notes Cap and, the principal amount of each series of Pool 2 Notes that is purchased in the Pool 2 Offer will be determined in accordance with the applicable Acceptance Priority Level (in numerical priority order with 1 being the highest Acceptance Priority Level and 5 being the lowest) specified in this column.

(3)

The Bloomberg Reference Page/Screen is provided for convenience only. To the extent any Bloomberg Reference Page/Screen changes prior to the Pricing Time, the Joint-Lead Dealer Managers referred to below will quote the applicable Reference Treasury Security from the updated Bloomberg Reference Page/Screen.

(4)

Per $1,000 principal amount of the Pool 2 Notes validly tendered prior to or at the Early Tender Date (and not validly withdrawn at or prior to the Withdrawal Deadline) and accepted for exchange, to be paid in the form of New 2041 Notes.

(5)

The Total Exchange Consideration for the Pool 2 Notes validly tendered prior to or at the Early Tender Date (and not validly withdrawn at or prior to the Withdrawal Deadline) and accepted for exchange is inclusive of the Early Exchange Premium.

(6)

Represents the portion of the Total Exchange Consideration or the Base Exchange Consideration in each case for the Pool 2 Notes, as applicable, that will be payable in cash per $1,000 principal amount of Pool 2 Notes validly tendered and accepted for exchange.

Eligible Holders (as defined below) of Old Notes who validly tendered at or prior to the Early Tender Date (and not validly withdrawn at or prior to the Withdrawal Deadline), and whose Old Notes are accepted pursuant to the terms of the applicable Exchange Offers, will receive the Total Exchange Consideration. The Total Exchange Consideration (which includes the Early Exchange Premium) for each $1,000 principal amount of Old Notes validly tendered at or prior to the Early Tender Date (and not validly withdrawn at or prior to the Withdrawal Deadline) and accepted for exchange pursuant to the terms of the applicable Exchange Offers will be divided into (i) a cash payment equal to the applicable Cash Component and (ii) a principal amount of the applicable series of New Notes equal to the Total Exchange Consideration of the series of outstanding Old Notes tendered minus such Cash Component. The "Total Exchange Consideration" for each $1,000 principal amount of Old Notes validly tendered at or prior to the Early Tender Date (as defined below) (and not validly withdrawn at or prior to the Withdrawal Deadline) and accepted for exchange pursuant to the terms of the applicable Exchange Offers will be determined in accordance with standard market practice, as described in the Offering Memorandum using the applicable "Exchange Offer Yield," which will be equal to the sum of (i) the yield to maturity (the "Reference Yield") based on the bid side price of the U.S. Treasury Security (the "Reference U.S. Treasury Security") specified on the tables above for each series of Old Notes, as calculated by the Joint-Lead Dealer Managers (as defined below) at 10:00 a.m., New York City time, on August 6, 2026 (subject to certain exceptions set forth herein, such time and date, as the same may be extended, the "Pricing Time") appearing on the Bloomberg Reference Page specified on the front cover of the Offering Memorandum for such series of Old Notes (or any other recognized quotation source selected by the Joint-Lead Dealer Managers in their sole discretion if such quotation report is not available or manifestly erroneous), plus (ii) the applicable fixed spread (the "Fixed Spread") specified for each series of Old Notes in the tables above. The Total Exchange Consideration will include the Early Exchange Premium.

The New 2038 Notes will bear interest at a rate per annum to be determined as of the Pricing Time, as the sum of (a) the bid-side yield on the 4.375% U.S. Treasury Notes due May 15, 2036 (the "Benchmark Security"), as calculated by the Joint-Lead Dealer Managers in accordance with standard market practice, as of the Pricing Time as displayed on the Bloomberg Reference Page FIT 1 (or any recognized quotation source selected by the Joint-Lead Dealer Managers in their sole discretion if the Bloomberg Reference Page FIT 1 is not available or is manifestly erroneous), plus (b) 2.450%, rounded to the nearest 0.001%, such that the New 2038 Notes will be issued at par. The New 2041 Notes will bear interest at a rate per annum to be determined as of the Pricing Time, as the sum of (a) the bid-side yield on the Benchmark Security, as calculated by the Joint-Lead Dealer Managers in accordance with standard market practice, as of the Pricing Time as displayed on the Bloomberg Reference Page FIT 1 (or any recognized quotation source selected by the Joint-Lead Dealer Managers in their sole discretion if the Bloomberg Reference Page FIT 1 is not available or is manifestly erroneous), plus (b) 2.700%, rounded to the nearest 0.001%, such that the New 2041 Notes will be issued at par.

Set forth below is a table summarizing certain material terms of the New Notes:

Title of Series

Maturity Date

Benchmark Security

Spread to Benchmark
Security (bps)

New 2038 Notes     

September 1, 2038     

4.375% UST due May 
15, 2036

245

New 2041 Notes

September 1, 2041

4.375% UST due May
15, 2036

270

Eligible Holders of Old Notes who validly tendered after the Early Tender Date but on or prior to the Expiration Date, and whose Old Notes are accepted pursuant to the terms of the applicable Exchange Offers, will receive the Base Exchange Consideration. The Base Exchange Consideration for each series of Old Notes validly tendered and accepted for exchange pursuant to the Exchange Offers will equal the Total Exchange Consideration for such series of Old Notes minus the applicable Early Exchange Premium for such series of Old Notes.

In addition, Eligible Holders of Old Notes who validly tendered their Old Notes on or prior to the Expiration Date, and whose Old Notes are accepted pursuant to the terms of the applicable Exchange Offers, will receive in cash accrued and unpaid interest from the last applicable interest payment date to, but excluding, the date on which the exchange of such Old Notes is settled (the "Accrued Interest"), plus amounts due in lieu of fractional amounts of New Notes. Eligible Holders who receive New Notes in exchange for Old Notes on the Final Settlement Date (as defined below) will receive New Notes that will, if the Early Settlement Date (as defined below) has occurred, have an embedded entitlement to pre-issuance interest for the period from, and including, the Early Settlement Date to, but not including, the Final Settlement Date. As a result, the cash payable for Accrued Interest on the Old Notes exchanged on the Final Settlement Date will be reduced by the amount of pre-issuance interest on the New Notes exchanged therefor.

The Exchange Offers are being conducted upon the terms and subject to the conditions set forth in an offering memorandum, dated July 23, 2026 (the "Offering Memorandum"). The Company reserves the right, in its sole and absolute discretion, to increase the New 2038 Notes Cap or the New 2041 Notes Cap without extending the Withdrawal Deadline or otherwise reinstating withdrawal rights.

The consummation of each Exchange Offer is subject to and conditioned upon the satisfaction or waiver of certain conditions, including, (i) that with respect to each series of New Notes, at least $500,000,000 aggregate principal amount of such series of New Notes would be issued on the Early Settlement Date, (ii) that as of the Pricing Time, the combination of the yield of the New Notes and the Total Exchange Consideration or the Base Exchange Consideration, as applicable, for the applicable series of Old Notes would result in the New Notes and such Old Notes being treated as "substantially different" under FASB Accounting Standards Codification ("ASC") 470-50 and (iii) that with respect to any Old Notes validly tendered pursuant to any Exchange Offer that will be exchanged on the Final Settlement Date, we determine that the New Notes to be issued on the Final Settlement Date in such Exchange Offer will be treated as part of the same issue as the New Notes, if any, issued on the Early Settlement Date for U.S. federal income tax purposes. The Company reserves the right, in its sole discretion, to (i) amend the terms of any Exchange Offer or (ii) waive or amend any condition described in the Offering Memorandum with respect to any Exchange Offer, without extending the Early Tender Date or the Withdrawal Deadline or otherwise reinstating withdrawal rights for any Exchange Offer, subject to applicable law.

Only Eligible Holders of Old Notes who validly tender their Old Notes at or before 5:00 p.m. New York City time on August 5, 2026, subject to any extension by the Company (the "Early Tender Date"), who do not validly withdraw their tenders and whose Old Notes are accepted for exchange, will receive an early exchange premium as set forth in the tables above (the "Early Exchange Premium").

The Exchange Offers will expire at 5:00 p.m., New York City time, on August 20, 2026, unless extended or earlier terminated by the Company (the "Expiration Date"). Tenders of Old Notes submitted in the Exchange Offers at or prior to 5:00 p.m. New York City time on August 5, 2026, subject to any extension by the Company (the "Withdrawal Deadline"), may be validly withdrawn at any time prior to the Withdrawal Deadline, but thereafter will be irrevocable, except in certain limited circumstances where additional withdrawal rights are required by law (as determined by the Company). Tenders submitted in the Exchange Offers after the Withdrawal Deadline will be irrevocable except in the limited circumstances where additional withdrawal rights are required by law (as determined by the Company).

The Company reserves the right, but is under no obligation, at any point following the Early Tender Date and before the Expiration Date, to accept for exchange any Old Notes validly tendered at or prior to the Early Tender Date (the date of such exchange, the "Early Settlement Date"). The Early Settlement Date will be determined at the Company's option and is currently expected to occur on August 12, 2026, the fifth business day immediately following the Early Tender Date. If, after the Early Tender Date, the Company choose to exercise its options to have an Early Settlement Date and all conditions to the relevant Exchange Offers have been or are concurrently satisfied or waived by the Company, the Old Notes Issuers will, subject to the terms of the Exchange Offers, accept for exchange all Old Notes validly tendered in the Exchange Offers prior to the Early Tender Date subject to proration, and the exchange for such Old Notes will be made on the Early Settlement Date.

The Final Settlement Date for the Exchange Offers will be promptly after the Expiration Date and is currently expected to occur on August 24, 2026, the second business day immediately following the Expiration Date (the "Final Settlement Date").

The Exchange Offers are only being made, and the New Notes and related guarantees are only being offered and will only be issued to holders of Old Notes who are (1) reasonably believed to be "qualified institutional buyers" ("QIBs") as defined in Rule 144A under the Securities Act ("Rule 144A") or (2) outside the United States to persons other than "U.S. persons" as defined in Rule 902 under the Securities Act in offshore transactions in compliance with Regulation S under the Securities Act ("Regulation S") (such holders, the "Eligible Holders"). Only Eligible Holders who have properly completed and returned the eligibility certification, which is available from the Information Agent, are authorized to receive and review the Offering Memorandum and to participate in the Exchange Offers. Additionally, in order to participate in the Exchange Offers, Eligible Holders located in Canada are required to complete, sign and submit to the Information Agent a Canadian Eligibility Form (which is available from the Information Agent). There is no separate letter of transmittal in connection with the offering memorandum.

The New Notes and related guarantees have not been registered under the Securities Act or any state securities laws. Therefore, the New Notes and related guarantees may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.

Holders are advised to check with any bank, securities broker or other intermediary through which they hold Old Notes as to when such intermediary needs to receive instructions from a holder in order for that holder to be able to participate in, or (in the circumstances in which revocation is permitted) revoke their instruction to participate in the Exchange Offers before the deadlines specified herein and in the Offering Memorandum, eligibility certification and Canadian Eligibility Form. The deadlines set by each clearing system for the submission and withdrawal of exchange instructions will also be earlier than the relevant deadlines specified herein and in the Offering Memorandum, eligibility certification and Canadian Eligibility Form.

This press release is not an offer to sell or a solicitation of an offer to buy any of the securities described herein. The Exchange Offers are being made solely by the Offering Memorandum and only to such persons and in such jurisdictions as is permitted under applicable law.

Barclays Capital Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are serving as the dealer managers for the Exchange Offers (the "Joint Lead Dealer Managers"). Questions regarding the Exchange Offers may be directed to Barclays Capital Inc., Liability Management Group at (800) 438-3242 (toll free) or (212) 528-7581 (collect), Citigroup Global Markets Inc., Liability Management Group at (800) 558-3745 (toll free) or (212) 723-6106 (collect) or Morgan Stanley & Co. LLC, Liability Management Group at (800) 624-1808 (toll free) or (212) 761-1057 (collect).

D.F. King & Co., Inc. will act as the exchange agent and information agent for the Exchange Offers. Documents relating to the Exchange Offers will only be distributed to holders of Old Notes who certify that they are Eligible Holders. Questions or requests for assistance related to the Exchange Offers or for additional copies of the Offering Memorandum, eligibility certification or Canadian beneficial holder form may be directed to D.F. King & Co., Inc. at (888) 644-5854 (toll-free) or (646) 981-1289 (banks and brokers) or by email at [email protected]. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Exchange Offers. The Offering Memorandum, eligibility certification and Canadian beneficial holder form can be accessed at the following link: www.dfking.com/charter.

About Charter
Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company with services available to nearly 59 million homes and small to large businesses across 41 states through its Spectrum brand. Founded in 1993, Charter has evolved from providing cable TV to streaming, and from high-speed Internet to a converged broadband, WiFi and mobile experience. Over the Spectrum Fiber Broadband Network and supported by our 100% U.S.-based employees, the company offers Seamless Connectivity and Entertainment with Spectrum Internet®, Mobile, TV and Voice products.

More information about Charter can be found at corporate.charter.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the Exchange Offers. Although we believe that our plans, intentions and expectations as reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions including, without limitation, the factors described under "Risk Factors" from time to time in Charter's filings with the SEC. Many of the forward-looking statements contained in this press release may be identified by the use of forward-looking words such as "believe," "future," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," "aim," "on track," "target," "opportunity," "tentative," "positioning," "designed," "create," "predict," "project," "initiatives," "seek," "would," "could," "continue," "ongoing," "upside," "increases," "grow," "focused on" and "potential," among others. 

All forward-looking statements attributable to the Company or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. The Company is under no duty or obligation to update any of the forward-looking statements after the date of this press release.

SOURCE Charter Communications, Inc.

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

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

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

SAP reported the following second quarter highlights:

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

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

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

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

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

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

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

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

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

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

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

watch now

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

Highlights

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

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

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

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

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

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

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

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

Leasing Activity

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

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

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

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

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

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

Investment Activity

During the second quarter of 2026, Digital Realty acquired:

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

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

Balance Sheet

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

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

2026 Outlook

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

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

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

Non-GAAP Financial Measures

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

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

Investor Conference Call

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

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

About Digital Realty

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

Contact Information

Matt Mercier
Chief Financial Officer
Digital Realty

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Definitions

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

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

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

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

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

Additional Definitions

GAAP refers to United States generally accepted accounting principles.

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

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

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

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

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

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

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