Crocs těží ze strategických partnerství: LEGO Brick Clog přinesl silnou odezvu na sociálních sítích a LoveShackFancy mělo globální úspěch. Disney navíc podpořil růst doplňků a prémiových Jibbitz charms.
Key Takeaways Crocs' LEGO Brick Clog drove strong social engagement and digital traffic.LoveShackFancy sold out globally, while Disney boosted accessories and premium Jibbitz charms.TikTok Shop expansion and Gen Z campaigns helped Crocs attract younger consumers and support DTC momentum. Strategic partnerships have been Crocs Inc.'s (CROX - Free Report) most effective tools for reinforcing brand relevance and expanding its appeal beyond its traditional customer base. In the first quarter of 2026, management highlighted collaborations as a key component of its consumer engagement strategy, using limited-edition launches, entertainment franchises and digital campaigns to create excitement around the brand. The company's multi-year global partnership with LEGO debuted with the LEGO Brick Clog, which management described as one of Crocs' best-performing partnerships on social media, generating significant consumer engagement and digital traffic.
Crocs also complemented this initiative with collaborations that directly supported product innovation. The LoveShackFancy collection sold out globally, reinforcing the demand for newer silhouettes such as the Classic Ballet Flat. At the same time, the Disney collaboration featuring Mickey Mouse helped drive strong growth in bags, accessories and premium Jibbitz charms, demonstrating that partnerships can extend spending beyond footwear into higher-margin personalization categories.
Management indicated that these initiatives contributed to strong consumer response across multiple product categories, including clogs, sandals and accessories, supporting the company's broader diversification strategy.
Beyond products, Crocs is using partnerships to deepen digital engagement. The company expanded its presence on TikTok Shop globally and was recognized as the platform's Top Seller of the Year for 2025. It also introduced innovative marketing campaigns, including a Gen Z-focused micro-drama series and experiential launches tied to events such as NBA All-Star Week.
Management believes that these collaborations and marketing activations are helping attract younger consumers while strengthening direct-to-consumer momentum. As Crocs broadens its product portfolio and global reach, strategic partnerships appear to be doing more than creating short-term buzz. They are reinforcing brand visibility, supporting product innovation and helping the company differentiate itself in an increasingly competitive casual footwear market.
Zacks Rundown for CROXCrocs’ shares have jumped 26.8% in the past three months against the industry’s decline of 3.2%.
Image Source: Zacks Investment Research
From a valuation standpoint, CROX trades at a forward price-to-earnings ratio of 8.94X, lower than the industry’s average 14.65X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CROX’s 2026 and 2027 EPS estimates imply year-over-year growth of 9.3% and 7.7%, respectively. The consensus mark for 2026 and 2027 EPS has been unchanged in the past 30 days.
Image Source: Zacks Investment Research
CROX stock presently carries a Zacks Rank #4 (Sell).
Stocks to Consider in the Consumer Discretionary SpaceDuluth Holdings Inc. (DLTH - Free Report) is a specialty apparel retailer known for its durable, workwear-inspired clothing and accessories, serving men and women through its Duluth Trading brand across direct-to-consumer channels and retail stores. At present, the company sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for DLTH’s current fiscal-year earnings implies growth of 39.5% from the year-ago reported figure. Duluth Holdings has delivered a trailing four-quarter earnings surprise of 107.5%, on average.
Steven Madden Ltd. (SHOO - Free Report) designs, sources, markets and sells fashion-forward branded and private-label footwear, accessories, handbags and apparel for women, men and children across the world. SHOO currently flaunts a Zacks Rank #1.
The Zacks Consensus Estimate for Steven Madden’s current fiscal-year sales and earnings implies growth of 11.7% and 22.9%, respectively, from the year-ago reported figures. SHOO delivered a trailing four-quarter negative earnings surprise of 1.9%, on average.
Columbia Sportswear Company (COLM - Free Report) engages in the design, development, marketing and distribution of outdoor, active and lifestyle products in the United States, Latin America, the Asia Pacific, Europe, the Middle East, Africa and Canada. At present, COLM has a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for COLM’s current fiscal-year sales and earnings implies growth of 2.6% and 4.6% from the year-ago reported numbers. COLM delivered a trailing four-quarter earnings surprise of 44.1%, on average.
Super Micro Computer za prvních devět měsíců vykázala přes 1 mld. USD čistého zisku, ale spálila 7,6 mld. USD provozní hotovosti. Hrubá marže má ve 4. čtvrtletí klesnout na 8,2–8,4 %.
Key Takeaways Super Micro Computer earned over $1B in nine-month net income but used $7.6B in operating cash.Receivables hit $8.4B, inventories reached $11.1B, and the cash conversion cycle rose to 106 days.SMCI sees fourth-quarter gross margin at 8.2-8.4%, making DCBBS crucial to capturing more value. Super Micro Computer (SMCI - Free Report) is chasing explosive AI-driven revenue growth, while its rising working-capital intensity is something to look at. During the first nine months of fiscal 2026, the company generated more than $1 billion in net income but consumed $7.6 billion in operating cash.
Since June 2025, accounts receivable increased from $2.2 billion to $8.4 billion, while inventories surged from $4.7 billion to $11.1 billion. The cash conversion cycle also nearly doubled sequentially to 106 days. Therefore, it is important to monitor whether receivables and inventory normalize as delayed AI deployments come online or whether heavy working-capital requirements are becoming structural.
Margin sustainability is another critical aspect. SMCI’s non-GAAP gross margin recovered to 10.1% from 6.4% sequentially. However, the company expects it to fall back to 8.2-8.4% in the fourth quarter. Large AI customers generate enormous volumes but also possess significant pricing power.
One customer alone represented 27% of third-quarter revenues, making the customer mix a major determinant of profitability. For SMCI, the success of Data Center Building Block Solutions (DCBBS) will therefore be crucial. By bundling servers with cooling, power, networking, software and services, SMCI aims to capture more value from each deployment and improve margins.
However, investors need clearer evidence that DCBBS is materially changing the company’s economics. SMCI also faces stiff competition as the AI data center market is likely to grow at an unprecedented pace throughout 2026 and 2027.
How Competitors Fare Against SMCIBig players like Hewlett Packard Enterprise (HPE - Free Report) and Dell Technologies (DELL - Free Report) are competing with SMCI in this space.
Dell Technologies is a major supplier of servers and storage systems, with a broad customer base across enterprises and cloud providers. Its scale, established distribution and service offerings give it an edge in winning large contracts. However, Dell Technologies has not grown as quickly as SMCI in AI-specific systems; its ability to bundle hardware with services makes it a strong rival.
Hewlett Packard Enterprise is also expanding aggressively into AI and high-performance computing. Its GreenLake platform provides customers with flexible, cloud-like consumption models, which can be attractive to enterprises. Hewlett Packard Enterprise’s focus on hybrid cloud and AI workloads positions it as a direct competitor in areas where SMCI is seeking growth through its DCBBS strategy.
Hewlett Packard Enterprise offers a range of servers, including HPE ProLiant, HPE Synergy, HPE BladeSystem and HPE Moonshot servers. Dell Technologies has built the Dell AI Factory in collaboration with NVIDIA. Dell also collaborated with Red Hat Enterprise Linux AI for Dell PowerEdge servers.
SMCI’s Price Performance, Valuation and EstimatesShares of Super Micro Computer have lost 3.6% year to date against the Zacks Computer – Storage Devices industry’s growth of 280.7%.
SMCI YTD Performance Chart
Image Source: Zacks Investment Research
From a valuation standpoint, SMCI is trading at a discount at a forward 12 Month P/S multiple of 0.33X compared with the industry’s P/S multiple of 4.28X.
The Zacks Consensus Estimate for Super Micro Computer’s fiscal 2026 and 2027 earnings implies a year-over-year increase of approximately 24.27% and 22.9%, respectively. Estimates for fiscal 2026 and 2027 earnings have been revised upward in the past 30 days.
Image Source: Zacks Investment Research
Super Micro Computer currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Comfort Systems míří do konce roku 2026 na 4 miliony čtverečních stop modulární kapacity, protože poptávka tlačí na další rozšíření. Kapitálové výdaje v 1. čtvrtletí vyskočily na 147 milionů USD z 22 milionů USD před rokem.
Key Takeaways Comfort Systems targets 4M square feet of modular capacity by end-2026 as demand drives expansion.Q1 CapEx surged to $147M, funding a Texas modular assembly building and automation investments.Large customers need more capacity, while new customers are placing sizable trial orders. Comfort Systems USA, Inc. (FIX - Free Report) is expanding its modular capabilities as customer demand creates a need for greater off-site production capacity. Modular revenues accounted for 17% of total revenues in the first quarter of 2026, making the business a meaningful part of the company’s construction operations. The company is on track to reach 4 million square feet of modular capacity by the end of 2026 and is evaluating further investments.
The expansion is supported by a sharp increase in capital spending. Capital expenditures reached $147 million in the first quarter, up from $22 million a year ago, and represented 5.1% of revenues compared with 1.2%. Spending included the purchase of a large modular assembly building in Texas and other investments in modular capabilities. Full-year CapEx is expected to remain near 5% of revenues as Comfort Systems invests in facilities and automation equipment.
The capacity buildout is also tied to customer demand. Existing large customers require additional capacity, while new customers are placing sizable trial orders. For many facilities, Comfort Systems seeks multiyear customer commitments at agreed volume levels before committing capacity. This approach can improve visibility around asset use, support pricing and deepen customer relationships.
The broader operating environment also provides support. First-quarter revenues rose 56% to $2.9 billion, while same-store revenues increased 51% year over year. Mechanical segment revenues, which include modular activity, grew 47% year over year. Taken together, rising modular scale, customer-backed capacity additions and automation investments could strengthen Comfort Systems’ ability to serve larger project volumes. However, the higher capital requirement makes disciplined capacity deployment and sustained customer demand important to realizing returns from the expansion.
Comfort Systems’ Competitive LandscapeComfort Systems, alongside close peers, AAON, Inc. (AAON - Free Report) and Carrier Global Corporation (CARR - Free Report) , is pursuing different strategies to strengthen its position across the HVAC and infrastructure markets. All three are benefiting from demand for advanced cooling, energy-efficient systems and data center infrastructure.
Comfort Systems has distinguished itself through strong project execution and expanding mechanical, electrical and modular capabilities for complex data center and advanced technology projects. AAON focuses on highly engineered and configurable HVAC solutions, supported by capacity expansion and improved production. Demand for data center thermal management and specialized cooling applications is also supporting growth opportunities.
Carrier Global competes through a broad HVAC portfolio, product innovation and integrated building solutions. Its business is supported by commercial HVAC demand, aftermarket services, digital connectivity and energy-efficient offerings. While Comfort Systems emphasizes project execution and modular capabilities, AAON relies on specialized HVAC and cooling solutions and Carrier Global uses product breadth, system integration and a broad service network to compete across end markets.
FIX Stock’s Price Performance & Valuation TrendShares of this Texas-based heating, ventilation, air conditioning and electrical contracting service provider have surged 90.8% year to date, outperforming the Zacks Building Products - Air Conditioner and Heating industry, the Zacks Construction sector and the S&P 500 Index.
Image Source: Zacks Investment Research
FIX stock is currently trading at a premium compared with the industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 37.07, as the trend lines suggest below.
Image Source: Zacks Investment Research
Earnings Estimate Trend of FIXFIX’s earnings estimates for 2026 and 2027 have moved upward in the past 60 days to $43.08 and $52.59 per share, respectively. The revised estimates for 2026 and 2027 imply year-over-year growth of 49.2% and 22.1%, respectively.
Image Source: Zacks Investment Research
Comfort Systems currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Baker Hughes získala podmíněný souhlas EU pro akvizici Chart Industries poté, co přislíbila odprodej části podnikání. Evropská komise uvedla, že tím řeší obavy z narušení konkurence v LNG.
The logo of energy services firm Baker Hughes is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo Purchase Licensing Rights, opens new tab
CompaniesBRUSSELS, July 10 (Reuters) - U.S. oilfield services firm Baker Hughes BKR.O, opens new tab secured EU antitrust approval on Friday for its of Chart Industries GTLS.N, opens new tab after agreeing to sell a Chart business.
Baker Hughes announced the deal in July last year to boost its presence in industrial technology servicing liquefied natural gas and data centres and to leverage its industrial and energy technology portfolio.
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The European Commission, which acts as the EU competition enforcer, said concessions offered by Baker Hughes addressed its concerns about the company's ability and incentive to favour Chart's LNG business.
It said the companies will divest Chart's proprietary process technology and its small-scale process technology business and will also ensure the interoperability of their equipment with third parties' LNG equipment. The remedies will be valid for 10 years.
Chart makes industrial equipment such as valves and measurement technology for gas and liquid molecule handling and has 65 manufacturing locations with more than 50 service centres globally.
Reporting by Foo Yun Chee
Our Standards: The Thomson Reuters Trust Principles., opens new tab
An agenda-setting and market-moving journalist, Foo Yun Chee is a 21-year veteran at Reuters. Her stories on high profile mergers have pushed up the European telecoms index, lifted companies' shares and helped investors decide on their next move. Her knowledge and experience of European antitrust laws and developments helped her break stories on Microsoft, Google, Amazon, Meta and Apple, numerous market-moving mergers and antitrust investigations. She has previously reported on Greek politics and companies, when Greece's entry into the eurozone meant it punched above its weight on the international stage, as well as on Dutch corporate giants and the quirks of Dutch society and culture that never fail to charm readers.
NEWPORT NEWS, Va., July 10, 2026 (GLOBE NEWSWIRE) -- HII (NYSE: HII) will release its second quarter 2026 financial results on Thursday, July 30 and host an earnings conference call at 9 a.m. Eastern time the same day. The call will be webcast live on HII’s website: https://www.hii.com/.
The company’s remarks will be supplemented by a series of slides available on the investor relations website. Listeners are encouraged to view these materials in conjunction with the call.
Replays of the call will be available on the website for a limited time.
About HII
HII is America’s largest shipbuilder, delivering the world’s most powerful ships and all-domain mission technologies, including unmanned systems, to U.S. and allied defense customers. HII is the largest producer of unmanned underwater vehicles for the U.S. Navy and the world.
With a more than 140-year history of advancing U.S. national security, HII builds and integrates defense capabilities extending from the core fleet to C6ISR, AI/ML, EW and synthetic training. Headquartered in Virginia, HII’s workforce is 44,000 strong. For more information, visit:
HII on the web: https://www.HII.com/HII on Facebook: https://www.facebook.com/TeamHIIHII on X: https://www.twitter.com/WeAreHIIHII on Instagram: https://www.instagram.com/WeAreHIIHII on LinkedIn: https://www.linkedin.com/company/wearehii Contacts:
Oklo dokončilo akvizici Creative Engineers, Inc. a posílilo vývoj reaktoru Aurora o zhruba 20 inženýrů, výrobců a svářečů se zkušenostmi se sodíkovými systémy.
Oklo just went shopping again. The nuclear energy company completed its acquisition of Creative Engineers, Inc. (CEI) on June 30, bringing aboard roughly 20 engineers, fabricators, and welders who specialize in exactly the kind of sodium and alkali-metal systems that Oklo’s Aurora reactor technology depends on.
This is Oklo’s second acquisition in a matter of weeks. Stock reaction was mixed, with some price slips observed around the announcement.
Why sodium experts matter for a nuclear startup Oklo’s Aurora reactor is a compact, modular design that uses liquid sodium as a coolant instead of water. CEI has been doing alkali-metal work for nuclear-related projects for years, and the acquisition brings liquid-metal handling, safety training, and reactor component development capabilities in-house rather than relying on external contractors.
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CEI has reportedly been generating positive free cash flow for over five years, which makes this more than a talent acquisition. It’s a profitable business being folded into Oklo’s operations, adding manufacturing capability and applied R&D capacity. The financial terms of the deal remain undisclosed.
The broader Aurora timeline is taking shape On June 18, Oklo announced a letter of intent with Centrus Energy to secure high-assay low-enriched uranium (HALEU) fuel supply for upcoming Aurora units. Initial fuel deliveries are projected for 2029, timed to support what Oklo has described as a 1.2 GW clean energy campus.
The company is targeting its first operational Aurora unit at Idaho National Laboratory by late 2027 or early 2028.
What this means for investors watching the nuclear-AI energy nexus Oklo’s chairman is Sam Altman, the CEO of OpenAI. The company has been positioned at the intersection of nuclear energy and AI infrastructure.
Oklo hasn’t generated meaningful revenue yet, and its first reactor is still at least 18 months from operation. Nuclear regulatory approval processes are famously unpredictable, and the HALEU fuel supply chain remains nascent. Investors should watch regulatory milestones over the next 12 months, the progression of the Centrus Energy fuel supply arrangement toward binding commitments, and whether Oklo announces additional acquisitions ahead of the 2027-2028 launch window.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Rigetti Computing získala předběžnou dohodu s ministerstvem obchodu až na 100 milionů USD v průběhu tří let. Akcie po oznámení vyskočily téměř o 70 %, ale od té doby klesly na zhruba 16,60 USD.
Rigetti Computing's (RGTI 2.53%) quantum systems may one day crack problems that classical (ordinary) computers never could, like designing novel drugs or designing materials from the ground up. That day has yet to come, but the company, along with competitors like IonQ and D-Wave Quantum, is racing to create a computer powerful enough -- and, critically, reliable enough -- to do so.
Recently, the U.S. government made getting there a priority, placing Rigetti and a handful of other quantum firms on a short list of companies it's willing to back with public money. The company signed a letter of intent with the Commerce Department for up to $100 million over three years. The stock was up nearly 70% to just over $27 following the announcement, but has fallen since, now hovering around $16.60 as of July 8.
So, is now the time to jump in? Is Rigetti stock a buy below $20?
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The bull case Rigetti has the blessing of the Commerce Department That government deal is a great place to start for the bull case. Being one of a handful of quantum companies chosen is a validation of Rigetti's work so far and its potential in the eyes of the federal government. It also means Rigetti gets an infusion of cash to help it continue its efforts for years.
Rigetti has made real technical progress The basic building block of a quantum computer is a qubit, the quantum version of the 1s and 0s in a normal computer. In general, the more, the better.
But raw qubit count is only one part of the picture. Even more critical is how error-prone these qubits are, what the industry calls fidelity.
Rigetti has made real strides here. Its latest system, the Cepheus-1-108Q, has 108 qubits with a single gate fidelity rate of 99.9%. That's a big jump from the 99.5% fidelity achieved by a prior system with 84 qubits just 18 months ago.
Rigetti has a balance sheet with room to breathe In an industry very much still in research and development mode, a healthy balance sheet is of utmost importance. Rigetti is in a relatively solid position with $443.5 million in cash and short-term investments and minimal debt. With how much it's spending, that should give the company roughly three years of runway.
The bear case The government award isn't final yet The agreement that was signed was a letter of intent (LOI), meaning it is non-binding. The stock jumped on the news, but there's a non-zero chance the funding never comes through. If it does, the investment isn't free. The government gets an equity stake and dilutes current shareholders in the process.
The fidelily headlines are a bit misleading A 99.9% fidelity rate is genuinely a major jump in the right direction, but there is much further to go than the number implies. When the average investor reads that, it seems that Rigetti is right on the edge of achieving near-perfect fidelity. It's not.
It makes it much clearer if you flip it around to the error rate. A 99.9% fidelity becomes a 0.1% error rate. That means there is an error in 1 out of every 1,000 operations. For these systems to produce meaningful work, they need to be performing millions of calculations every second -- thousands of errors a second at current rates. And remember, errors compound.
Image source: Getty Images.
Classical computers today have error rates on the order of 1 out of every quadrillion -- a billion billion -- operations.
Because of the nature of quantum systems, they can't match the error rate of classical systems, but, thankfully, they don't need to. They do, however, need to hit something on the order of 1 in 1,000,000 to begin to be truly useful.
That's a 99.9999% fidelity rate -- about 1,000 times less error-prone than Rigetti's latest system.
Spending is an issue While the company's balance sheet gives it room to breathe for now, cash burn is increasing -- a trend that is likely to accelerate as the level of difficulty in developing the technology increases. And that's before any major ramp from manufacturing systems at scale when that time comes. There is likely to be much more need for capital raising -- and dilution -- before revenue ramps to match expenses.
The bottom line Of course, at the end of the day, all of this hinges on whether -- and when -- Rigetti can deliver real, commercially viable quantum computers to the market. If you are on board with the more optimistic timelines and you believe Rigetti will be the one to do it, then today's stock price is justifiable.
If, like me, you think things are going to take a lot longer than bulls hope, Rigetti is a pass anywhere near $20.
OKLO rozšiřuje podnikání v oblasti izotopů, aby posílila domácí dodávky radioizotopů pro medicínu, výzkum, vesmír a bezpečnost. Projekt Groves v Texasu po schválení DOE míří k nakládce paliva, spuštění testů a první kritičnosti, s cílem na červenec 2026.
Key Takeaways OKLO's isotopes business targets rising demand in medicine, manufacturing, research, space and security.OKLO plans to reprocess existing materials and produce fresh isotopes in purpose-built reactors.Groves could move toward fuel loading and first criticality after final reviews, targeted for July 2026. Oklo Inc.’s (OKLO - Free Report) isotopes business is becoming an important part of its advanced nuclear platform, with a focus on building a reliable U.S. supply of critical radioisotopes. These isotopes are used in cancer diagnosis and treatment, advanced manufacturing, scientific research, space exploration and national security. Demand is growing rapidly, while global supply remains constrained because many important isotopes are sourced overseas or produced in aging facilities.
To address this supply gap, OKLO is creating an integrated isotope production platform using multiple approaches, including reprocessing existing materials and producing fresh isotopes in purpose-built reactors. By sourcing material through U.S. and international waste partnerships, the company aims to process waste into valuable isotopes while reducing reliance on fragile foreign supply chains. Its Idaho Radiochemistry Laboratory is expected to support early isotope output and operational learning.
OKLO’s long-term strategy involves a phased rollout across multiple sites. The Groves Isotope Test Reactor in Texas has received DOE approval for its Documented Safety Analysis, moving it into final pre-startup review, with readiness review and startup approval remaining. After approval, Groves can move toward fuel loading, startup testing and first criticality, targeted for July 2026. The multi-reactor isotope foundry in Idaho and Advanced Fuel Center in Tennessee are expected to support commercial-scale isotope production and fuel-cycle integration.
While OKLO is pursuing a vertically integrated strategy, rising isotope demand is creating opportunities for companies with existing nuclear expertise, medical-isotope capabilities and global supply networks. These players could benefit as healthcare, research, industrial and security applications require more dependable isotope availability.
Other Companies Tapping Isotope Demand
BWX Technologies (BWXT - Free Report) is strengthening its role in nuclear materials and isotope production, including medical isotopes such as Mo-99 and actinium-225. BWX Technologies benefits from government partnerships and a secure domestic supply chain. As isotope demand rises, BWX Technologies is positioned as a strategic U.S. supplier.
Meanwhile, Sotera Health (SHC - Free Report) , through its Nordion business, is a major supplier of cobalt-60 used in cancer treatment and medical sterilization. Sotera Health supports global healthcare needs through an established distribution network and long-term customer ties. With supply constraints continuing, Sotera Health remains well placed in the isotope market.
The Zacks Rundown on OKLO
Shares of Oklo have lost some 12% over the past year, underperforming the industry's growth.
Image Source: Zacks Investment Research
OKLO currently has an average brokerage recommendation (ABR) of 2.00 on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 24 brokerage firms.
Image Source: Zacks Investment Research
See how the Zacks Consensus Estimate for OKLO’s earnings has been revised over the past 90 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
eToro Group spouští novou platformu s AI s agentem Tori, desktopovou verzí eToro Edge a novou aplikací pro rychlejší obchodování a personalizované postřehy. Firma přidává i subúčty, aplikaci pro Apple Watch a App Store s více než 60 aplikacemi a 1 500 podáními.
How Did Peter Thiel-Backed Crypto Exchange Bullish's IPO Go?eToro Group NASDAQ: ETOR unveiled a broad set of AI-focused product updates, including a rebuilt mobile app, an expanded AI agent, a desktop trading platform for active investors, an Apple Watch app and an app marketplace for financial tools.
At the event, eToro’s co-founder and CEO, identified in the transcript as Yoni, said the company’s latest work reflects a shift from lowering barriers to market access toward using artificial intelligence to “level the playing field” between retail investors and more sophisticated market participants.
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IPO Momentum Returns: 3 Stocks Rising After CoreWeave’s SurgeYoni said eToro has rebuilt its platform with AI assistance, including rewriting “1 million lines of code” from the existing app. He said the company is moving faster in product development than it could have a year or two ago, citing AI as a key driver of that acceleration.
eToro Positions Itself as an AI-Powered Financial Super App Or Peled, vice president of product management, strategy and growth at eToro, said the company now views itself as “an AI first company,” with AI woven into the user experience, autonomous execution, an open ecosystem and its data foundation.
Peled said the new eToro app, available in the App Store as “eToro AI,” is designed for faster execution, personalized insights and community features. He also said the app is built for “agentic trading,” where AI agents can support or execute investment strategies with user oversight.
Among the major features announced were sub-accounts, which Peled said will allow users to create separate portfolios for different strategies. He said users will be able to trade themselves, let an agent trade on their behalf or open an account intended for a child or family member.
Tori AI Agent Gets Expanded Capabilities Peled said eToro’s AI financial agent, Tori, has been rebuilt from the ground up and now has more context about users and the eToro ecosystem. He said Tori runs on Grok 4.3 and also uses other frontier models. According to Peled, Tori has live access to X and can analyze market sentiment from both X and the eToro community.
Peled said Tori can surface investment opportunities, provide proactive alerts within the app and trade for users when they allocate funds and approve the approach. He emphasized that the process is intended to be transparent, with Tori indicating what it is doing.
Peled also said Tori will extend beyond the eToro app into WhatsApp and Telegram, allowing users to monitor markets, ask questions and trade through those messaging apps. eToro also announced “eToro On the Go,” an Apple Watch app that will let users check profit and loss, view positions and speak to Tori directly from the watch.
Agent Portfolios and eToro Edge Target Different Types of Investors João Ramalho Carlos, director of product management at eToro, said AI is making it easier for retail investors to close the gap with professional investors. He demonstrated a process in which a user can ask Tori to create an agent, set a risk level, allocate a budget and choose strategy building blocks.
Carlos said users will be able to run multiple agents on top of their portfolios and ask Tori to show recent trades, explain the rationale behind trades and clarify why a trade was or was not opened on a given day.
Carlos also introduced eToro Edge, a desktop app aimed at pro traders. He described it as a customizable trading workspace where users can add and arrange widgets such as watchlists, charts, portfolios, positions and order tickets. The platform is live at edge.etoro.com, he said.
Edge also includes AI-assisted chart customization. Carlos said users can ask Tori to apply a specific chart setup, such as a day-trading view, and the system will add indicators that persist across sessions.
App Store and Builders Portal Expand eToro’s Ecosystem Filipe Sommer, principal product engineer at eToro, presented the eToro App Store and builders portal, saying the goal is to make it easier for programmers, quants and users relying on AI no-code tools to build financial apps.
Peled said the eToro App Store has more than 60 apps and 1,500 submissions. Sommer said users may build tools to solve their own investing problems, share them with others and potentially monetize them.
Sommer highlighted several examples of apps already live or discussed at the event, including an app for investing on behalf of a child through sub-accounts, eToro Circles for discussing strategies with friends, Club Benefits, Agent X for agent portfolios and M77 Research, a research-focused app.
Company Highlights On-Chain Finance and Tokenized Assets Yoni also discussed what he described as a shift of finance “on-chain,” saying eToro is positioned between two major transitions: the movement of wealth from older generations to younger generations and the adoption of digital asset technologies in capital markets.
He pointed to trading around the SpaceX IPO as an example of DeFi-related market innovation reaching retail investors through eToro. He said the company participated in distributing the IPO to retail investors in the U.K. and described 24/7 trading as an example of traditional markets adopting features from crypto markets.
Yoni also referenced eToro’s acquisition of ZenGo, a non-custodial wallet, and said the company is working on bridges between DeFi markets and traditional financial markets. He said future capabilities could include agent wallets that own crypto and allow AI agents to interact with DeFi apps.
The event concluded with eToro summarizing a product slate centered on AI, including the new app, Tori’s expanded reach, sub-accounts, agentic trading, eToro Edge, the App Store and integrations tied to on-chain finance.
About eToro Group NASDAQ: ETOReToro Group Ltd. NASDAQ: ETOR is a global multi-asset brokerage company known for its social trading platform. The company enables individual and institutional investors to trade and invest in a broad range of financial instruments, including stocks, exchange-traded funds (ETFs), commodities, indices, forex, and cryptocurrencies. eToro’s platform integrates a user-friendly interface with advanced trading tools, catering to both novice and experienced market participants.
A distinguishing feature of eToro’s offering is its CopyTrader™ functionality, which allows users to replicate the trades of selected investors on the platform.
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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Tesla, Nvidia, and Google helped shape the last era of market growth, but the next wave could come from a new group of companies. Inside this report, you’ll find 7 stocks that could play a major role in the next tech-driven market boom.
Amazon dokončila prodej dluhopisů za 25 miliard USD a tím financuje plánované výdaje ve výši 200 miliard USD na AI infrastrukturu v roce 2026. Firma zároveň uvedla, že v roce 2026 už další dluh nevydá.
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52-Week Range$196.00▼
$278.56P/E Ratio29.41
Price Target$312.79
Amazon.com, Inc. NASDAQ: AMZN recently finalized an eight-tranche, $25 billion investment-grade corporate bond sale, signaling a highly strategic pivot in capital allocation. Amazon is aggressively shifting toward leveraged financing to underwrite an unprecedented $200 billion mandate for artificial intelligence (AI) infrastructure in 2026.
Fixed-income markets readily absorbed the offering. However, a closer look at softening order books and aggressive executive liquidations exposes early signs of broader market fatigue. Investors now face a classic fundamental tradeoff. Market participants need to weigh immediate balance sheet strain against the long-term margin advantages of scaling proprietary silicon and dominating the next generation of compute cycles.
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Cheap Money, Big ComputeCapital allocation dictates market leadership. Amazon, utilizing the bond market, provides a clear window into how the business plans to fund the escalating artificial intelligence arms race against peers like Microsoft NASDAQ: MSFT. With credit ratings holding strong at AA-, Amazon locked in highly advantageous pricing across maturities ranging from 3 to 40 years. Management also explicitly signaled to underwriters that this transaction concludes all debt issuance for the 2026 calendar year, creating a defined boundary around near-term leverage.
The 40-year tranche demands specific attention from fundamentally driven investors. This specific debt priced at a mere 125 basis points over standard Treasuries. For context, basis points measure the yield spread over a baseline rate.
By securing four decades of capital at just 1.25% above the Treasury yield, Amazon effectively locks in generations of cheap financing while inflation gradually erodes the real value of that debt over time. This dynamic provides a severe cost-of-capital advantage over smaller competitors trying to build competing data center footprints.
The July offering generated $62 billion in peak demand from institutional buyers, proving that the bond market retains liquidity and the willingness to underwrite Amazon Web Services' capacity expansion. That subscription ratio is notably weaker than the $37 billion debt offering Amazon executed in March.
This cooling demand points to slight fatigue in the debt market. Fixed-income investors are becoming more selective and demanding higher yields as the total addressable market for megacap tech debt rapidly expands across the sector.
Silicon Starvation: Amazon Feasts on Proprietary ChipsTo understand the sheer scale of the $200 billion capital expenditure target for 2026, investors should evaluate the immediate impact on free cash flow. Wall Street analysts project that this infrastructure mandate will push Amazon into an estimated $40 billion negative free cash flow deficit annually across 2026 and 2027.
For a traditional retail operation, negative free cash flow of that magnitude would signal extreme operational distress. For an infrastructure provider racing to secure computing dominance, it operates as a structural moat. The cash is not vanishing into operational inefficiencies. Amazon is actively converting capital into hard assets. Capital is earmarked for aggressive data center expansion, scaling proprietary Trainium chip production, and supporting pre-IPO equity stakes in developers.
Investors tracking operating margins need to separate headline earnings from core operational performance to grasp the actual trajectory of Amazon. A significant portion of the Q1 net income beat was distorted by a $16.8 billion pre-tax gain derived from the equity investment in Anthropic. This accounting gain masks the true operational margin run rate of the core business operations.
The long-term margin offset comes from securing the physical layer of cloud computing. By holding major private stakes in developers like Anthropic, Amazon captures both sides of the trade. Amazon provides the necessary compute power while owning a piece of the underlying application. With Taiwan Semiconductor Manufacturing Company's NYSE: TSM 3nm foundry capacity running at full utilization, bringing Trainium production in-house gives Amazon critical pricing leverage and reduces reliance on expensive legacy graphics processing units.
C-Suite Retreat? Amazon's Insider SalesFundamentals ultimately drive valuations, but sentiment dictates near-term price action. Broad sector rotation is actively dampening momentum across the tech space. The major tech conglomerates are currently lagging the broader Nasdaq-100 index, a trend compounded by recent geopolitical risk-off pressures and growing institutional caution about the prolonged investment returns for data center hardware.
Current Price$248.82High Forecast$370.00Average Forecast$312.79Low Forecast$218.00Amazon.com Stock Forecast Details
Against this macroeconomic backdrop, insider trading data introduces minor friction into the bullish structural narrative. Corporate executives routinely sell shares for tax and diversification purposes, but the sheer breadth of recent liquidations warrants investor attention.
Over the trailing 90 days, insider selling totaled $51.6 million. CEO Andy Jassy offloaded over $20 million in equity during the second quarter. Senior Vice President David Zapolsky recently liquidated 18.4% of his position. Douglas Herrington, CEO of Worldwide Amazon Stores, executed back-to-back share distributions in June and July.
These dispositions occur alongside a lack of executive open-market purchases. A put/call ratio of 0.44 shows options traders maintaining heavy bullish conviction ahead of the July 30 earnings report, but the steady selling reflects routine executive profit-taking during a peak capital cycle.
The Waiting Game: Scaling Amazon's InfrastructureThe transition from cash reserves to leveraged financing is a defining characteristic of the modern infrastructure war. Amazon is weaponizing the balance sheet, taking on targeted, low-cost debt to build physical capacity that emerging competitors cannot afford to match.
Investors monitoring Amazon at current pricing levels might view the projected free cash flow deficit as a necessary growing pain rather than a structural flaw. The core fundamental thesis relies on Amazon Web Services successfully monetizing this colossal buildout in the coming years, translating gigawatt-level power contracts into recurring enterprise revenue streams.
Those looking to allocate capital to the cloud sector may consider holding current positions as the second-quarter earnings report approaches, watching closely for updates on revenue acceleration and adjusted operating margins.
Cautious investors may prefer to wait for broader sector rotation to stabilize before taking a new position, using any macro-driven pullback as an opportunity to acquire shares of a dominant infrastructure provider at a more favorable valuation multiple.
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An Airbus A350-1000 passenger aircraft during a flying display at the 55th International Paris Airshow at Le Bourget Airport near Paris, France, June 18, 2025. REUTERS/Benoit Tessier Purchase Licensing Rights, opens new tab
PARIS/MANILA, July 10 (Reuters) - Philippine Airlines (PAL) is poised to order 15 Boeing (BA.N), opens new tab 787-10 aircraft and nine Airbus (AIR.PA), opens new tab A350-1000 jets, marking its first Boeing purchase in almost 20 years, industry sources said on Friday.
The orders are expected to be announced at the Farnborough Airshow this month. The decision to include the Boeing 787 will automatically trigger a separate engine contest between Britain's Rolls-Royce (RR.L), opens new tab and U.S. giant GE Aerospace (GE.N), opens new tab.
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Airbus and Boeing declined to comment on commercial discussions.
Philippine Airlines said it could not provide information on potential fleet acquisitions.
The deal comes after the airline's president disclosed at an industry summit in June that the airline planned to order new planes in the next couple of months.
Bloomberg News reported earlier this week that the carrier had opted to split an order for about 20 planes between Airbus and Boeing.
PAL currently has a mixed wide-body fleet of predominantly previous-generation Airbus A330s and Boeing 777s as well as a handful of the newer A350s.
The 787-10 competes most directly with Airbus's upgraded A330neo model.
Following a global showdown over tariffs, Washington is seeking to narrow its trade deficit with the Philippines which stood at nearly $5 billion in 2024. The Philippines has pledged to increase imports from the United States.
At the same time, PAL is expanding as the country plans a new airport and last month announced plans to join the oneworld Alliance, ending its isolation from major airline groupings.
Reporting by Tim Hepher, Karen Lema Editing by David Goodman and Sharon Singleton
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Dukeova studie varuje, že lidar lze snadno zfalšovat malwarem i fyzicky, což může ohrozit samořídicí vozy v USA. Nvidia přesto zvolila Hesai jako možnost pro DRIVE Hyperion 10 na CES v lednu 2026.
Duke University professor Miroslav Pajic recently demonstrated how brittle the sensors underneath America’s self-driving fleet are. In one attack, malware embedded in a lidar unit conjured a person in the sensor’s point cloud who was not physically present. In a second, a real physical obstacle was made to vanish entirely from the sensor output. Pajic told CNBC it is “easy to physically spoof lidar,” warning that malware inserted at the factory or via firmware updates can stay dormant until triggered, and that automakers usually cannot audit a lidar maker’s proprietary source code.
The company at the center of that risk is Hesai Group (NASDAQ:HSAI), a Shanghai-based lidar maker that commands roughly one-third of worldwide automotive lidar sales. The Pentagon blacklisted Hesai as a Chinese military entity in 2024, a designation that prohibits Pentagon contracts but does not ban commercial sales to US autonomous platforms. Hesai sensors are already inside Amazon’s Zoox robotaxis, trucking firms Waabi and Kodiak, AV company Nuro, and Agtonomy, and they monitor passenger and traffic flow at New York’s JFK Airport security checkpoints.
NVIDIA Doubles Down NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) selected Hesai as a lidar option for DRIVE Hyperion 10, its reference architecture for Level 4 autonomy, at CES in January 2026. In March, Hesai joined the Nvidia Halos AI Systems Inspection Lab, the first ANSI-accredited inspection lab for AI-driven physical systems. Jensen Huang framed the ambition simply: “Our vision is that some day, every single car, every single truck will be autonomous.” NVIDIA’s automotive revenue for fiscal year 2026 was up 39% year over year. Asked about security concerns, NVIDIA described Hyperion as an “open architecture” operating “in compliance with applicable regulations,” and did not address the exploit risk directly.
The National Security Case Craig Singleton of the Foundation for Defense of Democracies told CNBC that Chinese law gives Beijing authority to demand companies like Hesai hand over whatever data they possess, making the sensors both an attack vector and a data-collection risk. At a Senate Commerce Committee hearing on February 4, 2026, Sen. Bernie Moreno pressed Waymo’s chief safety officer, who acknowledged Chinese-made components are present in the vehicles.
Hesai’s Defense CEO David Li rejected the framing: “In the DOD case, I don’t feel there is sufficient evidence, and it’s not logical.” Li argues Hesai’s sensors have no onboard storage, that any data belongs to the partner, and that Hesai’s firmware is publicly available for outside scrutiny. Hesai reported Q1 2026 revenue of $98.66 million and holds a 55% market share in China’s long-range automotive lidar market.
Investor Exposure HSAI carries the most direct risk: shares are down 27.9% year to date to $16.15, and forced removal from US AV platforms would be existential. NVDA faces near-term supply-chain and reputational risk if regulators close the commercial-sales gap. Non-Chinese alternatives Luminar Technologies (NASDAQ:LAZR) and Innoviz Technologies (NASDAQ:INVZ), the latter trading at $0.69, would benefit from any mandated fleet-wide swap, though both are financially fragile today.
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Netflix Inc. shares NFLX edged higher ahead of Friday's opening bell after a report said the streaming giant is exploring live TV channels and streaming bundles as it looks to boost subscriber engagement.
The stock rose in premarket trading after initially moving lower on the news. Netflix has lost more than 39% over the past 12 months as investors have grown concerned about slowing engagement, disappointing guidance and rising competition across the streaming industry.
According to a Wall Street Journal report, Netflix executives have recently discussed adding live TV channels that would continuously stream certain programs or genre-based content.
The company has also explored bundling third-party streaming services, including NBCUniversal's Peacock, into its platform, allowing users to subscribe through the Netflix app.
The discussions mark a potential strategic shift for the company, whose former co-founder Reed Hastings long emphasized simplicity and a streaming-first approach.
Netflix has also reportedly begun offering French broadcaster TF1's programming to subscribers in France and is considering similar partnerships across Europe and Latin America.
The company is also evaluating future sports rights opportunities.
According to the report, executives are discussing bids for the 2030 and 2034 FIFA World Cup while continuing to avoid expensive long-term league rights.
Declining engagement remains a key concernThe strategic review comes as subscriber engagement has become a recurring topic among senior management.
The Wall Street Journal reported that executives identified weakening engagement during the company's annual business review this spring, despite rising profits and industry-low customer defections.
Netflix's share of US streaming time declined to 17% from 21% over the two years through March 2026, according to Nielsen.
Its share of total US TV viewership also fell to 7.8% in April, the lowest level since May 2025.
The company has faced increasing competition from Disney+, HBO Max, YouTube, Tubi and Roku Channel, while investors have also questioned its failed pursuit of Warner Bros. Discovery's studio and streaming assets.
Netflix is expected to report earnings next week alongside its latest engagement report, which will provide updated viewership data for its programming.
Citizens reiterated its Market Perform rating on Netflix, saying the company continues to benefit from the scale of its subscriber base and distribution network but faces growing questions over engagement.
Analyst Matthew Condon said rising churn could threaten Netflix's competitive position.
“This is ultimately what is prompting Netflix to explore Live TV and subscription bundle partnerships,” Condon said.
He also warned that if engagement weakens further, Netflix's competitive advantages could begin to diminish.
“The important thing for me is what is happening with ‘churn,’” said Uday Cheruvu, portfolio manager and analyst at Harding Loevner in the WSJ report.
“It may not be a concern yet, but it is something I am keeping my eye on.”
Netflix has also introduced lower-cost programming, including video podcasts, YouTube content and short-form videos from publishers such as BuzzFeed and Condé Nast, while continuing to expand its advertising business.
The company generated about $1.5 billion in advertising revenue last year and previously said it expects to double ad revenue in 2026.
Live programming could further strengthen that business because viewers cannot skip commercials during live broadcasts.
JPMorgan ve 2. čtvrtletí čeká tržby 48,7 miliardy USD, což by znamenalo meziroční růst o 8,5 %. Tahounem mají být obchodování, poradenství a úpisy, zatímco rizikem zůstávají vyšší náklady a vysoké sazby hypoték.
Key Takeaways JPMorgan's Q2 revenues are estimated at $48.7 billion, up 8.5% year over year.Strong trading, advisory, underwriting and loan demand are expected to support second-quarter growth.Elevated expenses, high mortgage rates and market volatility remain key risks for JPMorgan. JPMorgan (JPM - Free Report) is scheduled to report second-quarter 2026 earnings on July 14, before the opening bell. With operations spanning consumer and commercial banking, investment banking (IB), payments and asset and wealth management, the company's results are closely watched for insights into credit conditions, loan demand, capital markets activity and the broader health of the financial sector. Also, its performance is widely viewed as an early indicator of how other banks may have fared during the quarter.
JPM began 2026 on a solid note, with trading, IB and commercial loan demand driving first-quarter revenues to almost $50 billion. The company’s upcoming quarterly results will likely be robust despite rate uncertainty and lingering geopolitical headwinds. The Zacks Consensus Estimate for revenues of $48.7 billion suggests an 8.5% year-over-year rise.
In the past week, the consensus estimate for second-quarter earnings has moved marginally lower to $5.52. This indicates an 11.3% jump from the prior-year quarter amid robust capital markets performance and decent loan demand.
Estimate Revision Trend
Image Source: Zacks Investment Research
JPMorgan has an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, with the average beat being 7.36%.
Earnings Surprise History
Image Source: Zacks Investment Research
Key Drivers of JPMorgan’s Q2 PerformanceNet Interest Income (NII): The Federal Reserve has paused rate cuts and signaled a hike later this year amid persistently higher inflation. This has resulted in a favorable backdrop for banks, including JPMorgan.
Building on the first quarter’s momentum, lending activity is likely to have strengthened further during the to-be-reported quarter. Per the Fed’s latest data, demand for commercial and industrial loans and consumer credit remained healthy in April and May, while real estate loan demand was relatively modest. Improving loan demand, coupled with easing deposit and funding costs, is expected to have provided meaningful support to JPM’s NII.
The Zacks Consensus Estimate for NII (reported) of $25.6 billion suggests a 10.4% increase on a year-over-year basis.
IB Fees: After a record-setting first quarter, global deal-making activity moderated amid geopolitical uncertainty, persistent valuation gaps, slowing economic growth, elevated inflation and interest rates, and a stubbornly high backlog of private equity exits. Nevertheless, strategic buyers remained active, pursuing transactions aimed at enhancing scale, strengthening resilience and improving supply-chain security in response to the challenging operating environment.
Hence, while global mergers and acquisitions (M&As) volume improved year over year, deal value declined as only a handful of big transactions dominated the space. Also, JPMorgan’s leadership in the space is likely to have aided advisory fees.
The second quarter saw strong IPO activity and equity issuances, including a blockbuster mega offering from SpaceX and Google parent Alphabet Inc. Likewise, global bond issuance volume was solid, driven by corporate refinancing and infrastructure builds. Thus, growth in JPM’s underwriting fees (accounting for almost 60% of total IB fees) is expected to have been strong during the to-be-reported quarter.
Management expects IB fees to rise 10% or more year over year in the second quarter of 2026, benefiting from robust capital markets and advisory activities.
The consensus estimate for IB revenues (in the CIB segment) of $3.07 billion implies a rise of 14.5% from the prior-year quarter.
Markets Revenues: Client activity and market volatility were strong in the second quarter, though both were less pronounced compared with the preceding quarter. Trading conditions were influenced by shifting expectations around artificial intelligence, persistent geopolitical tensions, lingering inflation concerns and a more hawkish stance from the Fed. Volatility was high in equity markets and other asset classes, including commodities, bonds and foreign exchange. Hence, JPMorgan is likely to have recorded robust growth in markets revenues (comprising nearly 20% of the company’s total revenues) this time around.
Management expects markets revenues to increase 11%, highlighting persistent high volatility and strong client demand across FICC (Fixed Income, Currencies, and Commodities) and equities.
The Zacks Consensus Estimate for equity markets revenues is pegged at $3.9 billion, suggesting a jump of 20% from the prior-year quarter. The consensus estimate for fixed-income markets revenues of $6.37 billion indicates growth of 12%.
Mortgage Banking Fees: The second quarter was challenging for the mortgage banking business. It was characterized by elevated mortgage rates, hovering around mid-6.5%, and low affordability. While purchase volume faced pressure from inventory constraints, refinance activity has seen a slight boost. As such, JPMorgan is expected to have posted a modest increase in mortgage banking fees in the to-be-reported quarter.
The consensus estimate for mortgage fees and related income of $329.5 million implies a 9.2% fall from the prior-year quarter’s level.
Expenses: JPMorgan’s plan to enter new markets by opening branches, which is already on track, along with efforts to expand the product suite, is likely to have resulted in an increase in operating expenses in the second quarter. Also, investments in technology to strengthen digital offerings might have led to higher costs.
Further, non-interest expenses are expected to have remained elevated in the second quarter, primarily due to higher compensation costs associated with robust trading and IB activity.
Asset Quality: After setting aside a modest amount for potential loan losses in the first quarter, JPMorgan is likely to have maintained a similar provisioning trend in the quarter under review. Although the period began amid concerns related to the Middle East conflict, oil price volatility and persistent inflation, the subsequent ceasefire helped drive a meaningful decline in crude prices. This, coupled with resilient economic growth and broadly stable credit conditions, is expected to have supported a decline in the company’s provision for credit losses.
The Zacks Consensus Estimate for non-performing loans of $10.49 billion implies a 6.9% rise year over year. The consensus estimate for non-performing assets of $11.42 billion suggests a 9% increase.
What Our Model Unveils for JPMorganPer our proven model, the chances of an earnings beat for JPMorgan are high this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is the case here, as you can see below.
JPMorgan has an Earnings ESP of +1.77%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
JPM carries a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
JPMorgan’s Price Performance & Valuation AnalysisJPMorgan shares delivered a decent performance in the second quarter. Yet, the stock lagged behind Citigroup (C - Free Report) and Bank of America (BAC - Free Report) . Even the S&P 500 Index fared better.
2Q26 Price Performance
Image Source: Zacks Investment Research
Both Citigroup and Bank of America are slated to announce quarterly numbers on the same day as JPMorgan.
JPM’s shares appear to be trading on par with the industry. The stock is currently trading at a forward 12-month price/earnings (P/E) of 14.37X compared with the industry’s 14.36X.
Price-to-Earnings F12M
Image Source: Zacks Investment Research
Also, JPM stock is trading at a premium compared with Citigroup and Bank of America. At present, Citigroup has a forward P/E of 11.92X, while Bank of America’s forward P/E is 12.32X.
JPMorgan’s Q2 Earnings: How to Approach JPM Stock?JPMorgan is well-positioned to benefit from its scale, diversified business mix and leading market positions across key segments. Strategic acquisitions continue to bolster its financial performance, while regional branch expansion and cross-selling efforts should support future growth. Although these initiatives may keep expenses elevated, they also strengthen the bank’s competitive moat and long-term growth outlook.
Additionally, JPMorgan’s enhanced capital-return plans, including a $50-billion share repurchase authorization and a proposed 10% dividend increase, should bolster shareholder value. The company’s willingness to deploy up to $20 billion for strategically compelling acquisitions could also support long-term growth and profitability. Nevertheless, capital market volatility and persistently high mortgage rates may constrain fee income growth. These headwinds, combined with an evolving macroeconomic environment, could exert pressure on the company’s earnings.
Therefore, investors should closely watch management’s commentary on how geopolitical risk and market volatility affected performance and how the bank plans to navigate the current environment. Any revisions to JPMorgan’s 2026 guidance for NII, IB, non-interest expense and asset quality will be especially important given recent macro developments. Broader macroeconomic and policy trends that could materially shape the company’s performance trajectory should also be carefully considered.
Existing shareholders may hold JPM stock, given its strong fundamentals and proven resilience. Potential investors, on the other hand, should carefully weigh these factors and assess their risk tolerance before taking new positions.
GE Aerospace vykázala v 1. čtvrtletí upravený EPS 1,86 USD při tržbách 12,39 miliardy USD a potvrdila celoroční výhled. Před výsledky za 2. čtvrtletí má backlog komerčních služeb 170 miliard USD.
GE Aerospace (NYSE:GE | GE Price Prediction) looks like one of the cleanest large-cap industrial setups going into its July 16 earnings call, and the case for owning it does not hinge on waiting for the report. GE Aerospace releases Q2 2026 results before market open on July 16, and the setup rewards conviction. Prediction markets have already priced in a beat, analyst coverage is stacked to one side and the fundamentals leave almost no room for a downside surprise.
The Numbers Force the Decision Start with Q1 2026. Adjusted EPS printed $1.86 against a $1.60 consensus, a 16.25% beat, on revenue of $12.39 billion, up 24.74% year over year. Orders exploded 87% to $23.0 billion. Free cash flow rose 27.44% to $1.66 billion. That was the fourth consecutive quarterly beat, and GE has now beaten in five out of the last five quarters with surprise margins between 9.79% and 17.32%. The one-week average return following those beats was 2.43%.
Backlog Backstops the Guide Full-year 2026 guidance is intact and trending to the high end: adjusted EPS of $7.10 to $7.40, free cash flow of $8 billion to $8.4 billion, and operating profit of $9.85 billion to $10.25 billion. CEO Larry Culp put it plainly on the Q1 call: “If it were not for current events, we would be talking about an increase in the guide this morning.”
The visibility is real. Commercial services backlog stands at $170 billion, and CFO Rahul Ghai confirmed that entering Q2, 95% of spare parts revenue is already in backlog and all shop visits for the quarter are off wing. Commercial wins in Q1 alone included 300+ LEAP-1A engines for American Airlines, 300 GEnx engines for United and 60 GEnx engines for Delta. There is very little left to guess.
Crowd, Analysts, and Tape All Agree The Polymarket contract on Q2 revenue prices in a 95.5% probability of clearing the $11.75 billion threshold. Analyst coverage sits at 19 buys to 1 hold to 2 sells, with a consensus target of $370.14 and an algorithmic target of $419.75.
The tape confirms the thesis: GE is up 43.31% over one year and 11.85% year to date, with a 8.57% gain in the last month heading into the report. Jim Cramer told Mad Money viewers on April 29, “That’s when you buy GE Aerospace because otherwise it doesn’t come down. This is a good moment to buy GE actually.”
For retirement portfolios looking for a durable industrial compounder, the $170 billion services annuity is exactly the underlying that fits. The Q2 report drops in a week, before the open, and the data points to a setup worth watching closely into July 16.
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Goldman Sachs oznámí výsledky za 2. čtvrtletí 14. července po silném 1. čtvrtletí, kdy tržby z investičního bankovnictví vzrostly o 48 % na 2,84 miliardy USD.
Goldman Sachs (GS +2.56%), one of the premier investment banks in the world, is coming off a strong first quarter, fueled by record mergers and acquisitions activity.
So what will it do for an encore?
We'll find out in a few days, as Goldman Sachs posts its second-quarter earnings results on Tuesday, July 14.
Here's what to expect.
Image source: Getty Images.
M&A fuels blowout Q1 The first quarter was one of the best in recent years for merger and acquisition (M&A) activity, with global deal volume rising some 50% year over year to $1.6 trillion.
Goldman Sachs was a huge beneficiary of that surge in activity, ranking No. 1 in volume of deals and No. 2 in the number of deals. It facilitated five deals worth more than $10 billion, including the pending merger of Unilever and spice company McCormick.
It drove Goldman Sachs to blowout earnings in Q1 as investment banking revenue rose 48% year over year to $2.84 billion. Total revenue climbed 14% to $17.2 billion while net earnings increased 19% to $5.6 billion.
Goldman Sachs is not only the largest investment banking firm, but it also derives a larger percentage of revenue from M&A than its major competitors. So, when M&A and investment banking is hot, Goldman Sachs typically outperforms. Year to date, Goldman Sachs shares are up 20%, and they have gained 51% over the past 12 months.
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What to expect in Q2 With Q2 now complete and an earnings report right around the corner, investors will be watching to see whether Goldman Sachs can maintain its momentum.
Wall Street analysts anticipated about $16.3 billion in revenue in Q2, which would be down from Q1 but up some 11% year over year. Earnings are targeted at $14.16 per share, which would be up 30% year over year.
The lower expected numbers in Q2 are not unusual, as investment banking results are typically the best in Q1 due to fresh budget allocations and other factors. On top of that, it was a historically good quarter for M&A, so it would be hard for Goldman Sachs to replicate.
But I wouldn't be shocked to see a surprise on the upside in Q2. Investment banking and M&A have remained hot in Q2, highlighted by the Space Exploration Technologies, or SpaceX, IPO, which Goldman Sachs was the lead underwriter on. Analysts said it could be one of the biggest underwriting payouts ever, generating some $100 million in fees for Goldman Sachs.
According to M&A law firm A.O. Shearman, there was $2.8 trillion in global deal volume in the first half of 2026, the most since 2021. That would be up from $2.7 trillion in the same period last year.
Deal-making was not as robust in Q2 -- the $2.8 trillion total would suggest it hit $1.2 trillion in Q2 -- but it was still strong. And the market will remain hot in the second half, particularly for Goldman Sachs, which is the co-lead advisor on the Anthropic IPO, which is expected in the second half of 2026.
That should be good news for Goldman Sachs. I'd expect another strong quarter for the investment banking firm, and its stock should move higher given its fairly low valuation of 17 times earnings.
PepsiCo po výsledcích za 2. čtvrtletí potvrdila celoroční výhled, ale varovala před vyššími náklady na vstupy ve druhé polovině roku 2026. Analytici Citigroup a Wells Fargo zároveň snížili cílové ceny.
PepsiCo, Inc. (NASDAQ:PEP) on Thursday reported mixed second-quarter results.
Net revenue rose 6.4% year over year to $24.18 billion, beating the $23.96 billion analyst estimate. Core EPS increased 4% to $2.20, missing the $2.21 estimate, while GAAP EPS rose 137% to $2.18.
PepsiCo anticipates higher input cost inflation in the second half of 2026. PepsiCo reaffirmed its fiscal 2026 guidance, projecting organic revenue growth of 2% to 4% and core constant currency EPS growth of 4% to 6%.
PepsiCo shares fell 0.6% to $137.10 in pre-market trading.
These analysts made changes to their price targets on PepsiCo following earnings announcement.
Citigroup analyst Filippo Falorni downgraded the stock from Buy to Neutral and lowered the price target from $170 to $145. Wells Fargo analyst Chris Carey maintained the stock with an Equal-Weight rating and lowered the price target from $150 to $140. Considering buying PEP stock? Here’s what analysts think:
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Coca-Cola, American Express a Chevron v posledních šesti měsících zvýšily dividendy. Všechny tři jsou dlouholeté Buffettovy pozice s odlišným profilem výnosu a růstu.
Warren Buffett spent decades assembling Berkshire Hathaway’s equity book around a simple principle: Own high-quality businesses that produce predictable cash flow and share it with owners. Three of the longest-tenured holdings in that portfolio, Coca-Cola, American Express, and Chevron, all pushed their dividends higher over the past six months, and each offers a distinct income and growth profile heading into the back half of 2026. Here’s why July is a reasonable window for investors to examine each one.
Coca-Cola (KO) Coca-Cola (NYSE:KO | KO Price Prediction) has been the archetypal Buffett income holding for decades, and the fundamentals still look sturdy. The company delivered $816 million in dividend income to Berkshire in 2025 alone, on a cost-basis yield that Berkshire’s disclosures pegged at 65%. That is what compounding at scale looks like.
Q1 2026 results reinforced the thesis. Coca-Cola posted EPS of 86 cents against the 81 cents expected, with revenue of $12.47 billion up 12.1% year over year and organic revenue growth of 10%. Operating margin expanded to 35.0% from 32.9%, and Coca-Cola Zero Sugar volume grew 13%. Management guided FY2026 organic revenue growth to 4-5% and comparable EPS growth to 8-9%.
The current quarterly dividend sits at 53 cents per share, up from 51 cents in 2025, extending a streak of annual increases that now stretches back more than six decades. Shares traded around $83.93 on July 8, up more than 21% year to date. The forward P/E of 26 is not cheap and a dividend yield of 2.53% reflects that.
The risk: FX headwinds, a $960 million BODYARMOR impairment, and roughly 4% headwind from divestitures including the pending Coca-Cola Beverages Africa sale can weigh on reported growth even as the underlying business hums.
American Express (AXP) American Express (NYSE:AXP) is the growth engine of the Buffett dividend trio. The company recently raised its quarterly dividend from $0.82 to $0.95 per share, roughly a 16% bump, and Berkshire collected $479 million in AXP dividend income during 2025 on a 44% cost-basis yield. The stock has gained nearly 125% since the start of 2023, elevating its weight in Berkshire’s equity portfolio.
Q1 2026 numbers were strong across the board. AXP reported EPS of $4.28 versus $3.99 expected, revenue of $18.91 billion, and net income of $2.97 billion, up 15%. Billed business hit $428.0 billion, and card member spending climbed 10%, the highest quarterly growth in three years. Net card fee revenues grew double digits for a 30th consecutive quarter. The write-off rate improved to 2.0% from 2.1%. Management reaffirmed FY2026 guidance of 9% to 10% revenue growth and EPS of $17.30 to $17.90.
CEO Stephen J. Squeri said, “We had a very strong start to the year, reflecting continued momentum across our premium customer base.” Shares traded around $337.34 on July 8 after an 8.02% rally over the past month, with a forward P/E of 20 and analyst target of $366.58.
The risk: Macro and geopolitical uncertainty, potential credit card interest rate caps, and rising variable engagement costs could compress margins if premium spending slows.
Chevron (CVX) Chevron (NYSE:CVX) is the highest-yielding name in this group and the one most tied to the commodity cycle. The quarterly dividend was recently raised to $1.78 per share, up from $1.71, extending a 39-year streak of annual increases. Trailing yield sits near 4.08%.
Q1 2026 marked Chevron’s sixth consecutive EPS beat. Adjusted EPS came in at $1.41 versus 97 cents expected, a 45.56% beat. Worldwide net oil-equivalent production jumped 15% to 3,858 MBOED, powered by the Hess acquisition and record U.S. output above 2 million bpd for a third straight quarter. Chevron repurchased $2.5 billion in Q1, its 16th consecutive quarter returning more than $5 billion to shareholders. In 2025 alone, the company returned $27.1 billion to shareholders.
Wolfe Research upgraded CVX to Outperform with a $210 price target on July 6, citing Guyana as a near-term free cash flow catalyst. CEO Mike Wirth said, “Chevron delivered solid first quarter performance, underscoring the resilience of our portfolio and the value of disciplined execution.” Shares traded around $175.66 on July 8, still up nearly 13% year to date despite a roughly 17% pullback from their 2026 high.
The risk: Citigroup sees Brent falling to $60–$65/barrel by year-end, and Goldman Sachs forecasts a 3 million bpd global oil surplus by 2027. Political friction in California and Venezuela operational uncertainty add to the volatility.
What to Watch Next Each of these Berkshire mainstays offers a different flavor of the same underlying thesis: durable brands, disciplined capital returns, and dividends that keep climbing. Coca-Cola gives defensive stability, American Express supplies dividend growth with premium-consumer torque, and Chevron delivers the highest current yield with commodity optionality. Upcoming Q2 earnings reports across all three will be the next major test.
Salesforce v první polovině roku 2026 klesl o 40,9 %, protože investoři se obávali dopadu agentické AI na tradiční podnikový software. Firma přesto dál rostla v tržbách i zisku a zvýšila spodní hranici výhledu pro fiskální rok 2027.
Shares of enterprise software giant Salesforce (CRM +1.65%) fell 40.9% in the first half of 2026, according to data from S&P Global Market Intelligence.
Salesforce, like many other software-as-a-service stocks, experienced a violent sell-off to start 2026, despite reporting relatively solid financial results. This was due to the first quarter's "SaaS-pocalypse," in which the rapid adoption of Anthropic's Claude Code tools and open-source agents such as OpenClaw ushered in the era of agentic AI.
Agentic AI's improving capabilities spurred investors to sell software stocks, as fears emerged that these new AI leaders could disrupt traditional enterprise software.
However, Salesforce countered the threat with a slew of acquisitions and a massive buyback program.
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How Salesforce is countering the agentic threat At first glance, it's a bit of a head-scratcher as to why Salesforce fell as much as it did. Salesforce beat revenue and earnings expectations on each of its earnings reports during the first half. Moreover, the company raised the lower end of fiscal 2027 guidance, remaining performance obligations continued to rise, and management even provided a long-term fiscal 2030 revenue guidance of $63 billion. That's about 37% above this year's revenue outlook of $46 billion, and would amount to roughly an 11% annualized growth rate over three years.
Investors appeared to doubt that long-term projection, however, as artificial intelligence labs released ever-more powerful models. In February, Anthropic released industry-specific plugins for its latest Claude model. These advanced tools indicated Anthropic was muscling into the territory of traditional software. The result was widespread selling across the software sector, from which Salesforce wasn't spared.
But there are several ways Salesforce is pivoting to the new agentic AI reality. First, Salesforce introduced its own AI agents back in late 2024, a suite of automation tools called Agentforce. Agentforce has grown rapidly, already reaching a $3.4 billion annualized run rate. However, that total still only accounts for about 7.5% of this year's revenue guidance. So while Agentforce's growth is positive, it's still relatively small, and wouldn't necessarily offset deterioration in the rest of the business.
To augment its AI capabilities, Salesforce also made several "tuck-in" acquisitions during the first half of the year. In February, Salesforce announced the acquisition of Momentum Boost, a platform that enables the ingestion and analysis of unstructured data, including Zoom Communications video calls. In June, Salesforce announced the acquisition of M3ter, a metering and billing company that facilitates consumption-based pricing. If agents begin replacing more humans in corporate environments, one way software companies can continue to grow will be through consumption-based pricing, rather than "seat" based subscription pricing. So the M3ter buy could be consequential to that transition.
But the most consequential acquisition of the first half was Salesforce's $3.6 billion acquisition of Fin, a software company formerly known as Intercom. Fin is a customer service AI chatbot, and the company has already successfully pivoted from a traditional software subscription business to an agentic AI business that charges customers only for successful, fully automated outcomes. Moreover, Fin has built its own custom model, Apex, specifically for the customer service vertical, freeing Fin from having to pay Anthropic or OpenAI for its underlying intelligence.
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Despite the decline, management remains confident Will all these efforts enable Salesforce to adapt and thrive in an AI future? Only time will tell. However, Salesforce appears confident. During the first half, CEO Marc Benioff repeatedly said, in interviews and on earnings calls, that AI presents a massive growth opportunity for Salesforce rather than a disruption risk.
Not only did Benioff sound confident, but he and Salesforce's management team backed that sentiment up with a massive $25 billion accelerated share repurchase in March, part of a $50 billion total repurchase authorization. That repurchase quickly reduced Salesforce's shares outstanding by 10% over just a few days, though it also increased the company's debt load.
Despite a slight recent bounce in the stock, Salesforce shares still trade at less than 12 times this year's adjusted earnings per share estimates. That's a bargain if Salesforce can continue to survive and grow in the AI era; however, the answer to that overhanging question won't be answered for quarters, if not years.
Commerce Bancshares zveřejní výsledky za 2. čtvrtletí před otevřením trhu 16. července. Odhad zisku je 1,05 USD na akcii při tržbách 493,46 milionu USD.
Commerce Bancshares, Inc. (NASDAQ:CBSH) will release its second quarter earnings report before the opening bell on Thursday, July 16.
Analysts expect the Kansas City, Missouri-based company to report quarterly earnings of $1.05 per share, down from $1.09 per share in the year-ago period. The consensus estimate for Commerce Bancshares’ quarterly revenue is $493.46 million. It reported $448.48 million last year, according to Benzinga Pro.
On June 29, Commerce Bank reached an agreement to acquire Nolan & Associates.
Commerce Bancshares shares rose 1.2% to close at $58.27 on Thursday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
Considering buying CBSH stock? Here’s what analysts think:
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POSCO Holdings chce do roku 2035 zvýšit tržby na 187 bilionů KRW a provozní zisk na 13,1 bilionu KRW díky expanzi do lithia, strategických minerálů a energetiky. Lithium má být klíčové, s cílem roční kapacity 173 000 tun do roku 2033.
Key Takeaways POSCO targets KRW 187T revenues and KRW 13.1T operating profit by 2035 through portfolio expansion.PKX plans 173,000 tons of annual lithium capacity by 2033, targeting top-five global producer status. POSCO will invest KRW 16.7T in 2026-2028 and use some proceeds for share buybacks. POSCO Holdings Inc. (PKX - Free Report) has unveiled a long-term growth strategy to transform its business portfolio beyond steel by expanding into lithium, strategic minerals and energy, aiming to strengthen industrial supply chains and drive future earnings growth.
At its CEO Investor Day on July 2, CEO Chang In-Hwa outlined the group's vision to become a leading supplier of industrial, strategic and energy resources. The company is targeting consolidated revenues of KRW 187 trillion and operating profit of KRW 13.1 trillion by 2035.
Lithium will be the centerpiece of the strategy. POSCO plans to increase annual lithium production capacity to 173,000 tons by 2033, to become one of the world's top five lithium producers and generate more than KRW 1.8 trillion in operating profit from the business by 2035.
The company said its Argentina brine lithium operation turned profitable in March and recently received approval under Argentina's large investment incentive program, supporting future expansion. It also plans to accelerate additional phases of the project to reach 100,000 tons of annual brine lithium capacity by 2033.
In ore lithium, POSCO's joint venture with Australia's Mineral Resources Limited secures more than 187,000 tons of annual lithium concentrate supply, providing a foundation for expanding its refining business and generating stable annual revenues of roughly KRW 200 billion.
Beyond lithium, the group plans to expand its resources portfolio through rare earths and specialty gases that support electric vehicles, robotics and advanced manufacturing.
In its steel business, POSCO plans to increase overseas production capacity to 10 million tons by 2031 in high-growth markets including India, the United States and Indonesia, while reinvesting profits to support low-carbon initiatives in Korea.
The company also plans to expand its LNG value chain, grow renewable energy projects and commercialize Physical AI solutions for industrial operations.
To support the transformation, POSCO Group plans to invest KRW 16.7 trillion in growth initiatives during 2026-2028. It also intends to optimize ownership stakes in listed subsidiaries to around 50%, with the proceeds primarily funding strategic resource projects. About 10% of the proceeds will be used for share buybacks and cancellations to enhance shareholder value.
Shares of PKX have lost 14% in the past year compared with the industry’s 33.1% decline.
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PKX Zacks Rank & Key PicksPKX currently carries a Zacks Rank #4 (Sell).
Some other better-ranked stocks in the Conglomerates space are 3M Company (MMM - Free Report) , Mitsui & Co., Ltd. (MITSY - Free Report) and Griffon Corporation (GFF - Free Report) . MMM, MITSY and GFF carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for MMM’s current-year earnings is pegged at $8.73 per share, indicating an 8.3% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average earnings surprise being 4.6%.
The Zacks Consensus Estimate for MITSY’s current-year earnings is pegged at $47.56 per share, indicating a 23.1% year-over-year decrease. Shares of MITSY have plunged 9.7% over the past year.
The Zacks Consensus Estimate for GFF’s current fiscal-year earnings is pegged at $5.17 per share. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with the average earnings surprise being 3.3%.
Deutsche Bank snížila Simon Property Group z Buy na Hold a označila ji za „plně oceněnou“ s cílem 220 USD. Akcie jsou letos +21,33 % k závěru 9. 7. 2026 a dividenda nese zhruba 4,0 %.
Simon Property Group (NYSE:SPG | SPG Price Prediction) is having the kind of year most REIT investors would celebrate. The stock is up 21.33% year to date through the July 9, 2026 close of $219.71, the dividend yields roughly 4.0%, and Q1 revenue blew past estimates. Wall Street just downgraded it anyway.
The Downgrade: “Fully Valued” On July 9, 2026, Deutsche Bank analyst Omotayo Okusanya cut SPG from Buy to Hold, calling it “fully valued” and setting a $220 price target, essentially matching the current quote. The stock trades near 16x price-to-FFO, a premium to REIT peers. Okusanya wrote that “the premium valuation is warranted, but future stock upside is heavily dependent on earnings growth, which will remain somewhat below recent trend given about 200 bps of FFO/sh earnings growth headwinds in both 2026 and 2027 due to upcoming debt refinancing at higher rates.”
The Refinancing Speed Bump REITs are valued on Funds From Operations (FFO), not EPS, because FFO adds back depreciation charges that real estate accrues on paper even as properties often appreciate. A 200 basis point FFO headwind means growth runs about 2 percentage points slower than otherwise. It is not a loss or dividend cut.
SPG issued $800 million of 5-year senior notes at a 4.300% coupon to repay $800 million of 3.300% notes maturing in 2026, alongside a €500 million euro-denominated unsecured note offering at 3.650% due 2031. With the 10-year Treasury at 4.56%, higher interest expense as low-coupon debt rolls over is unforgiving.
What SPG Actually Is The largest U.S. retail REIT, anchored by Class A malls and Premium Outlets. Q1 2026 revenue hit $1.76 billion, up 19.3% year over year, easily beating the $1.51 billion consensus, though growth was largely driven by Macerich and Taubman acquisitions. GAAP EPS of $1.48 came in fractionally below the $1.49 estimate. Real Estate FFO per share reached $3.17, up 7.5%, and management guided full-year Real Estate FFO to $13.10 to $13.25 per share. Occupancy is 96.0%, base minimum rent per square foot is $61.99, and the redevelopment pipeline targets a 9% stabilized return. Deutsche Bank calls SPG a beneficiary of the K-shaped economy.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Simon Property Group didn't make the cut. Grab the names FREE today.
A Leadership Transition Worth Watching Long-time Chairman, CEO and President David Simon passed away on March 22, 2026 at age 64, after a battle with cancer. Eli Simon was appointed CEO and President effective March 23, 2026, while continuing as COO, and Larry Glasscock was appointed Non-Executive Chairman. The new CEO inherits refinancing at scale and a large development pipeline. That is execution risk to monitor.
The Analyst Landscape Consensus is now overwhelmingly Hold. Wolfe Research downgraded to Peer Perform from Outperform on valuation, Morgan Stanley stays Equal Weight with a target of $207, JPMorgan is Neutral at $217, and Argus maintains Buy at $210. For investors interested in how income-focused REITs fit into retirement planning, 24/7 Wall St.’s Paycheck Portfolio Method report frames the tradeoffs.
Bull Case, Bear Case The bull view: a 7.1% dividend hike to $2.25 per share pays investors to wait, the pipeline compounds value, and Class A properties keep defying the death-of-retail narrative. The bear view: at a premium multiple, a two-year growth shortfall is punished harder, and elevated Treasury yields keep rate sensitivity elevated. SPG is a premium-priced operator facing a two-year earnings-growth speed bump. Whether a 4%+ yield plus modest appreciation compensates for valuation risk is the question each investor must answer.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Simon Property Group didn't make the cut. Grab the names FREE today.
Rebound Capital varuje, že Palantir je stále drahý a při ceně kolem 130 USD se obchoduje asi za 80násobek očekávaného zisku na příštích 12 měsíců. Firma říká, že ho stále nekoupí.
The firm explicitly stated, “we still won’t buy it”, cautioning that the recent market dip masks a structural trap driven by unsustainable “nosebleed valuations” and new competition from Big Tech.
Inside the Valuation TrapPalantir’s heavy correction from its November 2025 peak of ~$207 down to a late-June low of $106 has caught the attention of growth investors looking for a discount.
However, Rebound Capital argues that at the current price of ~$130, the stock remains incredibly expensive, trading at an estimated 80x next-twelve-month forward earnings.
Furthermore, the firm highlights that Palantir structurally behaves more like a high-touch consulting firm than a traditional software business, yet it commands a premium software multiple.
Rebound Capital notes that a significant portion of forward-deployed engineering costs is classified under R&D and sales expenses rather than cost of revenue. Reclassifying these service costs would cause their high gross margins to fall materially.
Big Tech Mimics the MoatPalantir’s primary competitive advantage—its “forward deployed engineering” model—is facing unprecedented replication at scale.
Additionally, foundation model labs like OpenAI and Anthropic are cutting out the middleman by running their own deployment arms.
Geopolitical Sovereignty CeilingsCompounding the domestic valuation pressures are significant international headwinds. Palantir’s international commercial revenue grew a mere 2% in the fiscal year 2025 due to severe data sovereignty concerns in Europe under the US CLOUD Act.
In June 2026, France announced it would migrate from Palantir to domestic firm ChapsVision to eliminate “strategic dependencies,” adding to a growing list of rejections from Swiss and German authorities.
How Has Palantir Performed In 2026?Palantir shares were down 27.40% year-to-date, down 2.29% over the last month, and higher by 9.84% over the year. It closed 2.41% lower at $129.04 per share on Thursday and was also up 0.74% in the premarket on Friday.
Benzinga’s Edge Stock Rankings indicate that PLTR maintains a weak price trend in the short, medium, and long terms, with a good growth score.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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TSMC, klíčový dodavatel společnosti Nvidia, oznámí 16. července výsledky a trh čeká na signál, zda poptávka po AI čipech zůstává silná. Firma ovládá 90 % pokročilé výroby polovodičů a zvyšuje výhled kapitálových výdajů na 52–56 miliard USD.
Key Takeaways TSMC reportedly captures 90% of the entire advanced semiconductor manufacturing industry. Nvidia and other tech giants rely on TSMC to manufacture their cutting-edge AI chips. TSM has crushed Tech over the last 20 years and the past 12 months, yet it looks like a value stock. Tech investors and Wall Street are waiting for Taiwan Semiconductor or TSMC to kick-start the busy part of the second quarter earnings season when it reports on Thursday, July 16.
The AI chip manufacturing powerhouse will provide Wall Street with critical insights into what’s next on the artificial intelligence front.
TSMC might have to provide robust guidance to reassure investors that the AI hyperscalers’ capex spending spree remains in full force after Meta said recently that it would begin selling excess AI computing power to customers.
Where the Stock Market Sits Heading into Q2 Earnings SeasonThe stock market has cooled down heading into the unofficial start of Q2 earnings on Tuesday, July 14, when JPMorgan and other big Wall Street banks report.
The Nasdaq is trading roughly where it was two months ago after pulling back from its early June highs. The bulls are fighting to hold their ground at the tech-heavy index’s 50-day moving average and its early May breakout levels. They did just that on Thursday, sending the Nasdaq 1.3% higher to overtake its 50-day again.
Image Source: Zacks Investment Research
The bulls are banking on another impressive earnings season from big tech and beyond. Total S&P 500 earnings are projected to grow by 24% YoY based on the most recent Zacks data—up from 14% in early January and 21.2% in early June.
On the technology front, total tech sector earnings are expected to grow 48.5% in Q2 on 28.0% higher revenues. Taiwan Semiconductor’s report on July 16 will provide Wall Street essential insights into what to expect from AI companies, including Nvidia, and the entire tech sector in the second half.
Image Source: Zacks Investment Research
Is TSMC the Best Long-Term Buy and Hold Stock on Wall Street?Semiconductors are arguably the most complex and critical technologies that humans have ever created. Chips are the lifeblood of the entire technology-driven economy and the foundation of the AI age. This is why Nvidia, Micron, and tons of other semiconductor stocks have skyrocketed over the past five years and in the first half of 2026.
The all-important role that semiconductors play in tech and the economy is why investors must consider buying the company that physically builds and manufactures almost all of the cutting-edge semiconductors for Nvidia and nearly every other firm competing to win the AI arms race.
Taiwan Semiconductor Manufacturing Company (TSM - Free Report) is perhaps the most important technology company in the world, building and manufacturing semiconductors used for AI innovations and much more. (Note: Taiwan Semi or TSMC trades under the ticker TSM in the U.S.)
Image Source: Zacks Investment Research
TSMC reportedly captures 60% of the entire global chip foundry market and 90% of advanced semiconductor manufacturing. Taiwan Semi has spent decades carving out what’s now a nearly impenetrable moat around its leading-edge chip-building business.
Nvidia (NVDA - Free Report) relies on TSMC to manufacture its most sophisticated AI chips, as do other tech titans and Mag 7 companies. TSMC said it “served 534 customers and manufactured 12,682 products for various applications” in 2025.
TSMC was founded in 1987 on a simple but revolutionary idea dubbed the “pure-play foundry” model. The tech company decided it would focus exclusively on manufacturing advanced semiconductors for other companies, never aiming to design or sell its own branded products.
This founding principle helped Taiwan Semi build trust with customers like Apple, Nvidia, AMD, and Qualcomm. Apple (AAPL - Free Report) , Nvidia and others rely on TSMC because of its expertise. On top of that, NVDA executives and others can sleep easy at night knowing that Taiwan Semi won’t compete against them.
As a result, TSMC attracted huge orders, invested heavily in cutting-edge technologies, growing into the world’s most dominant chip manufacturer through unmatched scale and expertise.
Image Source: Zacks Investment Research
It’s not hyperbolic to say that AI and technology growth and innovation would grind to a halt without TSMC. This is exactly why Taiwan Semi is addressing one of its only potential shortfalls: geopolitical fears by expanding its manufacturing footprint outside of Taiwan into the U.S., Japan, and elsewhere.
The company is actively building fabs in the U.S. Yet, in a sign of just how important and cutting-edge TSMC is, the Taiwan-based firm had to bring thousands of employees from the small island to the Arizona desert to help build the complex manufacturing plants.
The Chip Builder’s AI-Boosted Growth OutlookTaiwan Semi is ramping up its industry-leading 3-nanometer production to support the AI arms race. So-called advanced technologies made up 74% of its total wafer revenue in Q1 FY26, with 3-nanometer chips accounting for 25% of TSMC’s quarterly wafer sales.
The leading chip builder said earlier this year that it expects to grow its revenue by 30% in 2026 as part of a compound annual growth rate (CAGR) of ~25% between 2024 and 2029.
Image Source: Zacks Investment Research
Taiwan Semi is projected to grow its revenue by 32% in FY26 and 27% next year to reach $205 billion in FY27, doubling its 2024 sales ($88 billion), based on Zacks estimates.
TSMC is projected to grow its adjusted EPS by 45% in 2026 and 27% in 2027, based on the most recent Zacks estimates. This growth outlook would see the firm post earnings of $19.50 per share next year, nearly quadrupling 2023’s EPS. TSMC’s upward earnings revisions earn it a Zacks Rank #2 (Buy), and it’s beaten our quarterly estimate for five years running.
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Taiwan’s balance sheet is robust, with more cash and equivalents ($109 billion) than total liabilities ($86 billion). It is also churning out impressive free cash flow growth over the last several years. Its strong financial position helped TSM feel comfortable raising its 2026 capex guidance to $52-$56 billion, blowing away 2025's $40.9 billion.
Buy TSMC Now, Or Wait for a Pullback?The dividend-paying chip maker stock has soared ~5,000% in the past 20 years vs. Tech’s ~1,100%. TSM has ripped 340% higher in the past three years, including its Nvidia-crushing 90% charge in the trailing 12 months to trade near its recent highs.
Image Source: Zacks Investment Research
TSM is attempting to hold ground at its 50-day moving average heading into its Q2 earnings release. Some investors might want to buy the stock now before earnings in preparation for a possible breakout. Others might want to see if Taiwan Semi finally faces some healthy selling after its massive rally.
The stock market timing game is exceedingly difficult, meaning that most long-term investors should start a position in TSMC now and then add to it the next time it falls—which will happen at some point, there’s just no telling when. The stock hasn’t tested its 200-day moving average in over a year and it trades well above its 50-week.
Image Source: Zacks Investment Research
On the valuation front, Taiwan Semi trades in line with the Tech sector despite its outperformance. It also trades at a 27% discount to its 10-year highs at 24.9X forward earnings, which is far from a bubbly valuation.
Omnia Training získala od britského ministerstva obrany kontrakt za 2 miliardy GBP na 15 let na dodávku nového systému kolektivního výcviku britské armády. Zakázka má vytvořit 270 pracovních míst a dalších 150 udržet.
Raytheon UK-led consortium of industry partners set to deliver the Army's next-generation training system
, /PRNewswire/ -- Omnia Training has been awarded a £2bn contract by the UK Ministry of Defence to serve as the British Army's Strategic Training Partner and deliver the Army's Collective Training System (ACTS).
The Raytheon UK-led consortium, consisting of Capita, Cervus, Rheinmetall UK and Skyral, will deliver the ACTS in partnership with the British Army. The 15-year contract will provide soldiers with an integrated, digitally enabled collective training system that transforms how they train, prepare and adapt for future missions. Raytheon is an RTX (NYSE: RTX) business.
By combining virtual, synthetic and data-driven environments, it upgrades traditional live exercises to better prepare soldiers for complex, modern warfare, enabling training whenever and wherever required.
"We launched Omnia Training over three years ago to deliver cutting-edge training systems to help the British Army effectively prepare for operations," said James Gray, Managing Director and Chief Executive of Raytheon UK. "Our UK‑based team of innovators, engineers and experts will give soldiers and commanders a new level of training realism and set an example for effective collaboration between the Army and industry".
The Omnia team will enhance operational readiness and transform how the British Army trains by making greater use of synthetic technologies, advanced analytics and next-generation training platforms that integrate virtual, synthetic and data-driven environments. Using UK-developed technology and working with a team of UK-based partners and suppliers, Omnia Training will prepare soldiers for warfighting through realistic, integrated, immersive and adversarial collective training.
270 jobs will be created as a result of the contract award, with a further 150 jobs sustained.
About Omnia Training
Omnia Training brings together the combined expertise of five organisations with a strong track record in multi‑domain training and defence innovation. Across the team they have more than 1,500 personnel in defence training roles, and during the preparation for this contract the partners have worked as a co‑located, integrated team for over two years, driving a unified vision for training transformation in the UK and beyond.
About Raytheon UK
With over 2,000 employees, Raytheon UK is a major supplier and systems integrator to the UK Ministry of Defence, designing, developing, and manufacturing defence and space technologies. The company is also a leading provider of training transformation services and continues to invest in research and development to advance innovation across the UK. Raytheon UK is part of RTX's Raytheon business.
About RTX
With more than 180,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. With industry-leading capabilities, we advance aviation, engineer integrated defense systems for operational success, and develop next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2025 sales of more than $88 billion, is headquartered in Arlington, Virginia.
For questions or to schedule an interview, please contact [email protected].
Broadcom prodloužil partnerství s Apple do roku 2031; dohoda za více než 30 miliard USD posiluje jeho klíčový ne-AI čipový byznys. Firma zároveň investuje 1,5 miliardy USD do závodu ve Fort Collins.
Semiconductor giant Broadcom NASDAQ: AVGO has made a name for itself as one of the leading players in AI chips. The industry behemoth, NVIDIA NASDAQ: NVDA, is still far and away the world's largest AI chip company. However, Broadcom’s AI sales tower over other top names like Advanced Micro Devices NASDAQ: AMD and Intel NASDAQ: INTC.
Broadcom Today
$401.62 +0.51 (+0.13%)
As of 09:50 AM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$269.58▼
$495.00Dividend Yield0.65%
P/E Ratio66.87
Price Target$493.24
Broadcom is far more than just an AI chip company. Its latest deal with tech giant Apple NASDAQ: AAPL, which has an expected value of over $30 billion, clearly demonstrates this.
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With this long-term engagement, Broadcom is locking up sales from its most critical non-AI chip customer for years to come. Apple is also the world’s leading consumer device company, once again demonstrating Broadcom's prowess in attracting the world’s technology leaders.
The deal serves as a reminder that investors should not view Broadcom solely through the AI lens. Although heavily tied to the AI trade, investors would be remiss not to recognize its standing outside of AI when evaluating the company and its stock.
Apple: Broadcom’s Non-AI Chip EngineTo understand the significance of this deal, it is important to understand the breakdown of Broadcom’s revenue streams. Broadcom reports three key revenue lines: AI semiconductors, Infrastructure Software, and Non-AI Semiconductors. Its relationship with Apple falls squarely within the non-AI semiconductor segment, with the firm as an anchor customer. Apple has been a long-standing Broadcom customer, first using Broadcom chips back in 2009 for the iPhone 3GS.
While Non-AI Semiconductors is Broadcom’s smallest segment, it is still a key revenue stream for the company. At $4.2 billion last quarter, it represented approximately 19% of its total $22.19 billion in sales.
Past statements made by Broadcom seem to indicate the firm’s Q4 2024 revenue from Apple was near $2.2 billion. Considering this, it is plausible that Apple now represents around half of Broadcom’s non-AI chip revenue and around 10% of its total revenue.
In this context, the new agreement is significant. By extending the agreement through 2031, Broadcom secures its vital non-AI customer and a large, long-term revenue stream.
Notably, this marks the second time in recent years that the companies have extended their partnership, showing Broadcom’s ability to retain key customers. In 2023, the companies announced a deal in which Broadcom would produce 5G radio-frequency components for Apple.
Now, Broadcom and Apple are renewing their radio-frequency chip partnership. Apple notes, “Broadcom will produce advanced radio-frequency components—including FBAR filters—and advanced wireless connectivity technologies at the Fort Collins facility.”
Apple expects the agreement to exceed $30 billion, with Broadcom producing over 15 billion U.S.-made chips. To support the partnership, Broadcom will invest $1.5 billion to expand and upgrade its Fort Collins facility. While this is a cost to Broadcom, it is well worth the payoff, which is orders of magnitude larger.
Beyond AI Chips: Non-AI Semiconductors and Software Are Huge Revenue DriversWhile highlighting Broadcom’s relationship with Apple, it is also worth noting the importance of its other large segment outside of AI chips: Infrastructure Software. The company’s infrastructure software business is primarily attributed to VMware. VMware provides hypervisor software, which allows companies to use computing resources more efficiently.
In its latest quarter, Broadcom’s Infrastructure Software business generated $7.2 billion in revenue, or 32% of its total sales. This helps solidify the point that investors should not only view Broadcom as an AI chip company. Together, the firm’s Non-AI Semiconductor sales and Infrastructure Software sales came in at $11.4 billion. Thus, just over half of its total sales came from sources other than AI chips. This helps provide a real level of diversification from AI revenue sources.
Additionally, Broadcom expects both its non-AI chip revenue and infrastructure software growth to accelerate significantly next quarter. It forecasts non-AI chip growth of 12% year over year (YOY), compared to 6% YOY last quarter. Non-AI chip bookings also came in at $6 billion last quarter. Broadcom notes that the figure being significantly higher than sales is a “clear indication we're on a path towards a full cyclical recovery." Meanwhile, it sees infrastructure software sales rising 31% YOY, compared to 9% YOY last quarter.
Still, with AI Semiconductor growth expected to rise by over 200% YOY, up from 143% YOY last quarter, the AI Semiconductor segment is certainly Broadcom's main growth driver.
As AI contributes the vast majority of growth, it will continue to have an outsized impact on Broadcom’s share price.
Broadcom Keeps Chugging Away Amid Share WeaknessOverall, Broadcom’s Apple deal solidifies one of its largest relationships with a single customer. Meanwhile, the company expects all three parts of its business to experience accelerating growth next quarter.
Broadcom Inc. (AVGO) Price Chart for Friday, July, 10, 2026
With this, the world’s second-largest semiconductor company continues to fire on all cylinders, despite shares being down about 20% from their highs.
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Coinbase roste o 4,52 % na 165,60 USD poté, co Circle získala souhlas OCC se zřízením národní svěřenecké banky. Tím se infrastruktura USDC dostává pod přímý federální dohled.
Coinbase shares are powering higher. Why are COIN shares rallying? The ApprovalCircle announced it has received approval from the OCC to establish First National Digital Currency Bank N.A., operating under the name Circle National Trust. The approval represents a major U.S. regulatory milestone, placing Circle’s USDC stablecoin infrastructure under direct federal oversight by the OCC — the primary regulator for national banks and national trust banks.
Upon opening, Circle National Trust will offer fiduciary digital asset custody services for Circle and its affiliates, with the potential to eventually extend services to a limited number of institutional customers including banks and other regulated financial institutions. The charter is also designed to enable future management of the USDC Reserve under federal regulatory oversight.
“OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system,” said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle.
Why Coinbase Is MovingCoinbase is one of the largest distributors of USDC and benefits directly from broader institutional adoption of regulated stablecoins. A federal banking charter for Circle signals a more legitimized and regulated digital asset landscape — a rising tide that lifts the broader crypto infrastructure sector.
Coinbase Shares RiseCOIN Price Action: At the time of publication, Coinbase shares are trading 4.52% higher at $165.60, according to data from Benzinga Pro.
Image via Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Roblox v 1. čtvrtletí zvýšil počet platících uživatelů o 52 % na 31 milionů a tržby vzrostly o 39 % na 1,4 miliardy USD. Zároveň snížil celoroční výhled růstu bookings na 8–12 % z 22–26 %.
Key Takeaways Roblox's payers jumped 52%, far outpacing user growth and signaling stronger platform monetization.Adult users monetized over 50% higher, driving Roblox to boost rewards for age-checked spending.Age checks, reduced communication and weaker sign-ups cut RBLX's 2026 bookings outlook to 8-12% from 22-26%. Roblox Corporation (RBLX - Free Report) sustained strong monetization momentum even as safety-related changes pressured new-user acquisition. In the first quarter of 2026, monthly unique payers increased 52% year over year to 31 million, well ahead of daily active user growth. Revenue rose 39% year over year to $1.4 billion, while bookings increased 43% to $1.7 billion.
Engagement also remained strong across the platform. Daily active users grew 35% year over year to 132 million, while hours engaged increased 43% to 31 billion. International markets remained a key growth driver, with DAUs outside the United States and Canada rising 40% and hours engaged increasing 50%. Japan and India also recorded strong user and engagement growth.
Older users represent an important monetization opportunity for Roblox. In the United States, users aged 18 and above monetized at a rate more than 50% higher than users under 18. To encourage more content for this audience, Roblox raised the DevEx rate for spending generated by age-checked adult users in the United States from 26.6% to 37.8%, effective June 8, 2026.
However, the global rollout of age checks has created short-term friction. Reduced communication activity and weaker organic sign-ups through app stores have pressured new-user acquisition. Roblox consequently lowered its full-year 2026 bookings-growth outlook to 8-12% from its prior expectation of 22-26%.
To address these pressures, Roblox plans to increase age-check adoption, improve communication features and refine discovery algorithms around long-term engagement. These efforts, along with stronger incentives for adult-focused content, could help support user growth and sustain monetization momentum over time.
RBLX’s Stock Price Performance, Valuation & EstimatesRoblox’s shares have declined 2.2% in the past three months against the industry’s 5.8% growth. In the same time frame, other industry players like DraftKings Inc. (DKNG - Free Report) and Monarch Casino & Resort, Inc. (MCRI - Free Report) have gained 16.8% and 28.5%, respectively.
RBLX Three-Month Price Performance
Image Source: Zacks Investment Research
RBLX stock is currently trading at a premium. It is currently trading at a forward 12-month price-to-sales (P/S) multiple of 4.61, well above the industry average of 2.20. DraftKings and Monarch Casino have P/S ratios of 1.78 and 3.89, respectively.
RBLX’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Roblox’s 2026 loss per share has narrowed from $1.45 to $1.44 over the past 30 days.
EPS Trend of RBLX Stock
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for RBLX's 2026 loss per share suggests a 6.5% year-over-year improvement. Conversely, industry players like DraftKings and Monarch Casino are likely to witness growth of 74.2% and 30.2%, respectively, year over year in 2026 earnings.
RBLX Zacks RankRoblox has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
XPENG zahájil testování robotaxi pro zaměstnance a označil to za klíčový milník na cestě od chytrých elektromobilů k autonomním vozům. Firma plánuje zkušební provoz a pravidelné demonstrační služby v roce 2026.
, /PRNewswire/ -- XPENG has officially started employee testing of its Robotaxi platform, marking a major milestone in the company's journey from intelligent electric vehicles to autonomous vehicles powered by Physical AI. The programme follows just eight months after XPENG first unveiled its Robotaxi initiative at XPENG AI Day 2025, reinforcing the company's rapid progress towards commercial deployment.
To mark the occasion, XPENG Chairman and CEO He Xiaopeng became the first internal passenger to complete a full end-to-end Robotaxi journey, successfully placing an order, being picked up and reaching his destination through the XPENG Robotaxi platform. The test demonstrated that the company has successfully connected the entire service chain, from ride hailing and autonomous dispatch to passenger transport and journey completion.
The employee testing programme was announced during XPENG's first company-wide Robotaxi business meeting, where He Xiaopeng outlined the strategic importance of autonomous mobility to the company's future development.
"Robotaxi represents an important step in XPENG's expansion from smart electric vehicles to robotic vehicles," said He Xiaopeng, Chairman and CEO of XPENG. "Over the next decade, Physical AI will increasingly evolve into robots. For XPENG, Robotaxi is not simply a new business, but one of the most important milestones in unlocking the real potential of Physical AI."
From Smart EVs to "Robotic Vehicles"
As autonomous driving advances from driver assistance to full autonomy, XPENG believes vehicles will increasingly become intelligent robotic platforms capable of perception, reasoning and decision-making.
Powered by XPENG's self-developed Turing AI chip, VLA2.0 AI model and proprietary infrastructure, Robotaxi represents one of the company's most complete Physical AI applications to date, bringing together its advances in intelligent vehicles, autonomous driving and embodied AI into a single platform.
Built for Global Scale
He Xiaopeng also used the meeting to outline its long-term Robotaxi strategy. Rather than operating ride-hailing fleets itself, the company intends to serve as a technology provider and ecosystem enabler - supplying the software, hardware and AI capabilities required for autonomous mobility, while working with local partners to deliver services on the ground.
Leveraging the same technology foundation underpinning both its L2 intelligent driving and L4 autonomous driving systems, XPENG's Robotaxi platform is designed for rapid deployment across different cities and markets without relying on LIDAR heavy architectures or high-definition maps.
"The second-generation VLA model's ability to generalise across different environments significantly reduces the cost and complexity of deployment," said Candice Yuan, Head of XPENG Robotaxi.
Following the launch of employee testing, XPENG plans to complete trial operations and establish regular demonstration services during 2026, using Guangzhou as a model city to develop operational experience that can be replicated globally. The company confirmed it is already exploring potential Robotaxi partnerships across Europe, the Middle East and Southeast Asia.
About XPENG
Founded in 2014, XPENG is a leading AI-driven mobility company that designs, develops, manufactures, and markets Smart EVs, catering to a growing base of tech-savvy consumers. With the rapid advancement of AI, XPENG aspires to become a global leader in AI mobility, with a mission to drive the Smart EV revolution through cutting-edge technology, shaping the future of mobility. To enhance the customer experience, XPENG develops its full-stack advanced driver-assistance system (ADAS) technology and intelligent in-car operating system in-house, along with core vehicle systems such as the powertrain and electrical/electronic architecture (EEA). Headquartered in Guangzhou, China, XPENG also operates key offices in Beijing, Shanghai, Silicon Valley, and Amsterdam. Its Smart EVs are primarily manufactured at its facilities in Zhaoqing and Guangzhou, Guangdong province. XPENG is listed at the New York Stock Exchange (NYSE: XPEV) and Hong Kong Exchange (HKEX: 9868).
Wrap Technologies uvedla, že ATF rozhodlo, že BolaWrap® 150 není střelná zbraň ani „jiná zbraň“ podle federálního práva, ale prostředek k omezení pohybu osob. Firma zároveň staví platformu WrapShield pro propojení detekce, AI a řízené reakce.
MIAMI, July 10, 2026 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (Nasdaq: WRAP) (“Wrap” or, the “Company”), a global public safety technology company, today issues a letter to stockholders from Founder, Chairman and Chief Executive Officer, Scot Cohen.
To Our Shareholders,
The past year has been one of the most important in WRAP’s history.
We are no longer building a company around a single product. We are aiming to build a public safety technology platform designed for the threats of tomorrow. Our mission remains unchanged—to help save lives through safer outcomes—but our vision has expanded significantly. Today, WRAP is positioning itself at the intersection of artificial intelligence, advanced sensing, autonomous decision support, and measured, non-lethal response.
We are transforming WRAP from a company known for a single breakthrough restraint device into a technology company building an intelligent operating architecture for public safety and security. Our goal is to create a connected system that enables agencies to detect threats earlier, understand them faster, and respond with appropriate, accountable force.
Every decision we have made over the past year supports that direction.
The first pillar is validation.
This year, the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) issued a ruling determining that the BolaWrap® 150 is not a firearm or “any other weapon” under federal law, but an instrument of restraint. We believe this decision removes regulatory uncertainty, may simplify procurement, and supports remote restraint as a distinct category within modern public safety.
We believe it may also expand our commercial opportunity by easing adoption across law enforcement and by supporting potential opportunities in corrections, healthcare, transportation, education, government, and private security. More broadly, it reflects growing recognition that agencies need response options aligned with today’s legal standards and operational realities.
The second pillar is intelligence.
Public safety increasingly depends on understanding threats before contact occurs.
This led to our investment in Frenel Imaging Ltd. and exclusive commercialization rights for its thermal-polarimetric sensing technology across the United States and NATO markets.
Advanced sensing is becoming foundational to modern security as the threats that burden society become increasingly more difficult to detect. Effective response begins with detection, classification, and understanding. We believe thermal-polarimetric imaging, artificial intelligence, and edge computing may play a central role in protecting cities, borders, infrastructure, and public spaces.
The third pillar is integration.
The market does not need more disconnected devices. It needs a unified system that brings together sensing, AI, command-and-control, and graduated response.
That system is WrapShield™.
WrapShield is our platform strategy, designed to integrate detection, classification, decision support, and proportionate response into a deployable system for diverse operational environments.
The Vision: A Deployable Defense Architecture for Every Domain
Recent policy developments are reshaping the landscape.
Authority is emerging. The supporting architecture is not. We intend to help build it.
Our objective is to develop WrapShield into a mobile, self-contained defense system deployable wherever public safety professionals operate. It is designed to integrate six operational layers—detect, identify, classify, direct, respond, and escalate only when authorized—with human decision-makers remaining in control.
This approach extends beyond counter-drone operations to critical infrastructure, border security, transportation, public venues, schools, corrections, emergency response, and defense support.
We believe the future of public safety lies in integrated systems that connect intelligence with measured, accountable response.
That is the company we are building.
Historically, WRAP was viewed through the lens of a single less-lethal product. Today, we are building an integrated technology company positioned across several markets that we believe offer long-term growth potential, including artificial intelligence, autonomous sensing, counter-UAS, critical infrastructure protection, and public safety modernization. Together, these represent what we believe is a substantial global opportunity.
We believe our addressable market has expanded significantly as we position WRAP at the intersection of these long-term trends.
Operational Momentum
Vision must be matched by execution.
We are seeing encouraging indicators of momentum across the business, including expanding customer adoption, stronger international partnerships, improved operational discipline, and increased bookings. At the same time, we are making targeted investments in technologies that support our long-term strategy.
We believe these efforts are supporting measurable progress, including revenue growth, improved efficiency, and deeper customer engagement. We remain focused on disciplined capital allocation while investing for long-term value.
While there is more work ahead, we believe the foundation we have built positions WRAP for sustainable growth and long-term leadership in an evolving market.
Looking Ahead
This year’s milestones reflect meaningful progress.
The ATF ruling provides regulatory clarity. Our investment in Frenel strengthens our sensing and intelligence capabilities. WrapShield defines our platform strategy. And our operational progress demonstrates disciplined execution.
Together, these developments mark a fundamental evolution of the company.
Public safety is undergoing a significant technological shift. Advances in artificial intelligence, sensing, and integrated systems are reshaping how governments protect people and infrastructure. Our goal is to play a leading role in that transformation.
Our mission remains clear: protecting life through better technology and measured response.
We are early in this journey, but our direction is clear and our confidence is strong.
On behalf of our Board of Directors and the entire WRAP team, thank you for your continued trust and support. We remain committed to creating long-term value while helping shape the future of public safety.
Sincerely,
Scot Cohen
Founder, Chairman and CEO
WRAP Technologies, Inc.
About Wrap Technologies, Inc.
Wrap Technologies, Inc. (Nasdaq: WRAP) a global leader in innovative public safety technologies and non-lethal tools, delivering cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.
WRAP’s complete public safety portfolio includes the non-lethal BolaWrap® 150 device, Wrap Reality® immersive training platform, WrapVision™ body-worn camera system, WrapTactics™ training programs, and next-generation C-UAS solutions like the 1KC Kinetic Anti-Drone Cassette, all of which supports the Company's mission to provide safer, scalable, and cost-effective technologies for public safety, defense, and critical infrastructure markets.
With a growing demand for non-lethal tools and techniques to create time, distance and tactical advantage in non-criminal calls, Wrap's BolaWrap® 150 incorporates a multi-sensory distraction of sight and sound as a first response, followed by a non-lethal restraint if further escalation is required. This approach reduces the risk of injury to officers, subjects, and the community.
Wrap's BolaWrap® 150 solution is intended to provide law enforcement with a safer choice for nearly every phase of a critical incident. This innovative, patented device deploys a multi-sensory, cognitive disruption to expand the pre-escalation period and gives officers the advantage and critical time to manage non-compliant subjects before resorting to higher-force options. The BolaWrap® 150 is not pain-based compliance. It does not shoot, strike, shock, or incapacitate, instead, it helps officers strategically operate pre-escalation on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap's commitment to public safety through cutting-edge technology and expert training.
WrapReality™ VR is a fully immersive training simulator to enhance decision-making under stress.
As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations,
WrapReality™ is intended to equip officers with the skills and confidence to navigate high stakes encounters effectively, which we believe leads to safer outcomes for both responders and the communities they serve.
WrapVision is an all-new body-worn camera and evidence management system built for efficiency.
Designed for efficiency, security, and transparency to meet the rigorous demands of modern law enforcement, WrapVision captures, stores, and helps manage digital evidence, ensuring operational security, regulatory compliance, and enhanced video picture quality and field of view.
The WrapVision camera, powered by IONODES, boasts streamlined cloud integration and final North American assembly, with a critical made-in-America roadmap projected for early 2026. This track helps ensure data integrity and helps eliminate critical concerns over unauthorized access or foreign surveillance risks.
Trademark Information
WRAP, the Wrap logo, BolaWrap®, Non-Lethal Response™, WrapReality™, Wrap Training Academy, and Non-Lethal Response™ are trademarks of WRAP Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.
Cautionary Note on Forward-Looking Statements - Safe Harbor Statement
This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate”, “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements include, but are not limited to, statements relating to the Company’s strategic investment in Frenel; the expected benefits, effects, limitations, and implications of TPiCore® thermal-polarimetric imaging and WrapShield; expected commercialization, integration, deployment, market adoption, and expansion of WrapShield; the Company’s ability to develop, integrate, manufacture, sell, and support current and future products and technologies; the intended performance, benefits, and safety outcomes of the Company’s products and training solutions; expected market opportunities; and the Company's planned future products, technologies, integrations, product designs, and related benefits. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the Company's ability to maintain compliance with the Nasdaq Capital Market's listing standards; the Company's ability to successfully implement training programs for the use of its products; the Company's ability to manufacture and produce products for its customers; the Company's ability to develop sales for its products; market acceptance of existing and future products; changes in law enforcement budgets, policies, procurement practices, and use-of-force standards; the availability of funding to continue to finance operations; the complexity, expense, and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company's product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations and changes in regulatory classifications or interpretations; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for countries outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company's ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company's most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, or changes in its expectations.
Wrap Technologies získala exkluzivní distribuční práva pro USA a NATO k fyzikálně založené senzorické technologii od Frenel Imaging. Firma ji chce použít jako základ platformy WrapShield pro boj proti dronům.
NEW YORK, July 10, 2026 (GLOBE NEWSWIRE) -- via NetworkNewsWire (“NNW”) — Wrap Technologies Inc. (NASDAQ: WRAP) today announces its placement in an editorial published by NetworkNewsWire (“NNW”), one of 75+ brands within the Dynamic Brand Portfolio@IBN (InvestorBrandNetwork), a specialized communications platform with a focus on financial news and content distribution for private and public companies and the investment community.
To view the full publication, “The Counter-Drone Technology Gap That Is Leaving Agencies Blind to the Fastest-Growing Threat,” please visit: https://ibn.fm/ABs6L
Public safety institutions have arrived at a breaking point. Hiring more officers and fielding quicker versions of legacy equipment are no longer sufficient answers to the threats that agencies now face. Consumer-grade drones available for under $500 have fundamentally altered the risk landscape. Narcotics organizations deploy these devices against federal border agents. Jails and prisons deal with drone-dropped contraband on a near-daily basis. And Langley Air Force Base, one of the most fortified military installations in the country, was compelled to ground flight operations after persistent drone incursions that no existing nonlethal interdiction protocol could address. The response infrastructure that agencies have relied on for decades is mismatched to the threat environment that now defines their daily operations. Closing that gap is the central challenge of this era.
With that backdrop, Wrap Technologies Inc. has acquired something its rivals in the counter-drone space cannot purchase: the capacity to find the drones that have stopped transmitting. A strategic transaction with Israeli AI-sensing company Frenel Imaging Ltd. has given WRAP exclusive United States and NATO distribution rights to a physics-based sensing technology that detects threats earlier, orchestrates responses, and acts with proportionate, mission-appropriate action. WRAP has positioned that technology as the foundation of WrapShield, its emerging counter-unmanned aircraft system (“UAS”) and autonomous public-safety platform. Counter-drone operations represent the initial deployment domain, with significant expansion potential beyond it.
About Wrap Technologies Inc.
Wrap Technologies is a global leader in innovative public safety technologies and non-lethal tools, delivering cutting-edge technology with exceptional people to address the complex, modern-day challenges facing public-safety organizations.
WRAP’s complete public-safety portfolio includes the non-lethal BolaWrap(R) 150 device, Wrap Reality(R) immersive training platform, WrapVision(TM) body-worn camera system, WrapTactics(TM) training programs, and next-generation C-UAS solutions such as PAN-DA and the 1KC Kinetic Anti-Drone Cassette, all of which supports the company’s mission to provide safer, scalable and cost-effective technologies for public safety, defense and critical infrastructure markets.
With a growing demand for non-lethal tools and techniques to create time, distance and tactical advantage in noncriminal calls, Wrap’s BolaWrap 150 incorporates a multisensory distraction of sight and sound as a first response, followed by a non-lethal restraint if further escalation is required. This approach reduces the risk of injury to officers, subjects, and the community.
Wrap’s BolaWrap 150 solution is intended to provide law enforcement with a safer choice for nearly every phase of a critical incident. This innovative, patented device deploys a multi-sensory, cognitive disruption to expand the pre-escalation period and gives officers the advantage and critical time to manage non-compliant subjects before resorting to higher-force options. The BolaWrap 150 is not pain-based compliance. It does not shoot, strike, shock or incapacitate; instead, it helps officers strategically operate pre-escalation on the force continuum, reducing the risk of injury to both officers and subjects. Used by more than 1,000 agencies across the United States and in 60 additional countries, BolaWrap is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (“IADLEST”), reinforcing Wrap’s commitment to public safety through cutting-edge technology and expert training.
WrapReality(TM) VR is a fully immersive training simulator to enhance decision-making under stress.
As a comprehensive public-safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, WrapReality is intended to equip officers with the skills and confidence to navigate high stakes encounters effectively, which we believe leads to safer outcomes for both responders and the communities they serve.
WrapVision is an all-new body-worn camera and evidence management system built for efficiency.
Designed for efficiency, security, and transparency to meet the rigorous demands of modern law enforcement, WrapVision captures, stores and helps manage digital evidence, ensuring operational security, regulatory compliance and enhanced video picture quality and field of view.
The WrapVision camera, powered by IONODES, boasts streamlined cloud integration and final North American assembly, with a critical made-in-America roadmap projected for early 2026. This track helps ensure data integrity and helps eliminate critical concerns over unauthorized access or foreign surveillance risks.
NOTE TO INVESTORS: The latest news and updates relating to WRAP are available in the company’s newsroom at https://ibn.fm/WRAP
For more information about Wrap Technologies, visit the company’s website at www.Wrap.com.
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Gladstone Investment dokončila akvizici DHE Computer Systems a na transakci poskytla dluhové i akciové financování. DHE dál povede stávající management.
MCLEAN, VA / ACCESS Newswire / July 10, 2026 / Gladstone Investment Corporation (NASDAQ:GAIN) ("Gladstone Investment") is pleased to announce its acquisition of DHE Computer Systems, LLC ("DHE"). Gladstone Investment provided debt and equity financing to complete the transaction.
DHE (the "Company"), headquartered in Centennial, Colorado, is a leading full-service technology solutions provider serving the state, local, and education and commercial markets. DHE provides end-to-end IT products and lifecycle services, including hardware, software, device configuration and enrollment, deployment logistics, repair and warranty support, data recovery, and emerging managed services. DHE's existing management team, led by Chief Executive Officer Dan Hammack, will continue to lead the business following the transaction. The Company's founders, Dan Hammack and Elena "Annie" Hammack, will remain meaningful shareholders alongside Gladstone Investment.
"We are excited to partner with Dan, Annie and the entire DHE team as the Company continues its next phase of growth," said Michael Cueter, Managing Director at Gladstone Investment. "DHE has established itself as a trusted, high-touch technology partner to schools, government agencies and commercial customers by delivering the products, services and support needed to manage complex device fleets and broader IT service solutions. We believe DHE's strong customer relationships, OEM partnerships, service capabilities and expanding technology offerings create a compelling platform for continued growth."
"The Hammack family is excited to partner with Gladstone Investment as we begin DHE's next chapter," said Dan Hammack. "Since founding DHE, our focus has always been on serving as a trusted technology partner to our customers and helping them solve complex IT needs with responsive service and practical solutions. We believe Gladstone Investment is the right partner to help us build on that foundation, continue investing in our team and expanding capabilities, and pursue the next phase of growth for the business."
"DHE represents another strong example of Gladstone Investment's strategy of partnering with successful founder- and management-owned lower middle market businesses," said David Dullum, Chief Executive Officer and President of Gladstone Investment. "This investment represents our dedication to our ultimate goal of investing in quality companies that will produce stable income for dividends to Gladstone Investment's shareholders, as well as longer-term capital appreciation resulting in capital gains."
Gladstone Investment is a publicly traded business development company that seeks to make equity and secured debt investments in lower middle market businesses in connection with acquisitions, changes in control, and recapitalizations. Additional information on the transaction can be found at www.gladstoneinvestment.com.
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.
Forward-looking Statements:
The statements in this press release regarding the longer-term prospects of Gladstone Investment and DHE and its management team, and the ability of Gladstone Investment and DHE to grow and expand are "forward-looking statements." These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on Gladstone Investment's current plans that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in Gladstone Investment's filings with the Securities and Exchange Commission. Gladstone Investment undertakes no obligation to update or revise these forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
For further information: Gladstone Investment Corporation, (703) 287-5893
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Invesco Ltd. (NYSE: IVZ)1, a leading global asset management firm announced today preliminary month-end assets under management (AUM) of $2,470.3 billion, an increase of 0.7% versus previous month-end. The firm delivered net long-term inflows of $8.0 billion in the month. Money market net inflows were $14.3 billion. AUM was positively impacted by favorable market returns which increased AUM by $9 billion. FX movements in the month reduced AUM by $6.4 billion which was partially offset by reinvested distributions of $1.6 billion. Preliminary average total AUM for the quarter through June 30 was $2,368.8 billion, and preliminary average active AUM for the quarter through June 30 was $1,184.3 billion.
Total Assets Under Management
(in billions)
Total
ETFs & Index
Strategies
QQQ
Fundamental
Fixed Income
Fundamental
Equities
Private
Markets
China JV
Multi-
Asset/Other
Global
Liquidity
June 30, 20261
$2,470.3
$753.5
$490.1
$315.5
$318.1
$135.5
$163.2
$79.9
$214.5
May 31, 2026
$2,453.9
$745.8
$494.0
$316.5
$319.5
$135.5
$158.7
$79.6
$204.3
April 30, 2026
$2,339.4
$701.4
$440.3
$315.8
$312.2
$134.1
$154.3
$77.7
$203.6
March 31, 2026
$2,159.5
$638.3
$372.5
$312.5
$287.7
$131.3
$141.9
$74.1
$201.2
1 All June numbers preliminary – subject to adjustment.
About Invesco Ltd.
Invesco Ltd. is one of the world's leading asset management firms serving clients in more than 120 countries. With US$2.2 trillion in assets under management as of Mar. 31, 2026, we deliver a comprehensive range of investment capabilities across public, private, active, and passive. Our collaborative mindset, breadth of solutions and global scale mean we're well positioned to help retail and institutional investors rethink challenges and find new possibilities for success. For more information, visit www.invesco.com.
, /PRNewswire/ -- InMode Ltd. (NASDAQ: INMD) (the "Company") confirmed that its Board of Directors (the "Board") has received the unsolicited letter and acquisition proposal from Steel Partners Holdings L.P. dated July 9, 2026.
The Special Committee comprised solely of the independent directors of the Board (the "Special Committee"), together with its legal and financial advisors, will carefully review the proposal consistent with its fiduciary duties.
The Special Committee remains committed to acting in the best interests of all shareholders. The Special Committee does not intend to comment further at this time.
About InMode Ltd.
The Company is a leading global provider of innovative medical technologies. The Company develops, manufactures and markets devices harnessing novel radiofrequency ("RF") technology. The Company strives to enable new emerging surgical procedures as well as improve existing treatments. The Company has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology and ophthalmology. For more information about the Company and its wide array of medical technologies, visit www.inmodemd.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. In some cases, forward-looking statements can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or the negative of those terms or other comparable terminology. Forward-looking statements in this press release include, but are not limited to, statements regarding the Proposal, the special committee's review and evaluation of the Proposal, the potential consummation of any transaction and the Company's future plans, objectives, expectations and intentions. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied. Such factors include, among others: uncertainties as to whether the special committee will determine that the Proposal or any alternative transaction is in the best interests of the Company and its shareholders; the risk that the Proposal may be withdrawn or modified; the possibility that competing offers or alternatives may or may not emerge; the risk that any transaction may not be consummated on the terms or timeline currently contemplated, or at all; and the other risks described in the Company's filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise except as required by law.
Cboe podle zdroje očekává, že opce na americky obchodované akcie SK Hynix začne s jejich kotací dva pracovní dny po debutu akcií na Nasdaq. Firma mezitím dokončila prodej akcií za 26,5 miliardy USD.
The logo of SK Hynix at a SK Hynix booth before a public briefing on the development vision for advanced industry in South Korea's southwestern region, in Gwangju, South Korea, June 30, 2026.... Purchase Licensing Rights, opens new tab Read more
CompaniesJuly 10 (Reuters) - Derivatives exchange Cboe Global Markets (CBOE.Z), opens new tab expects to list options on SK Hynix's (000660.KS), opens new tab U.S.-listed shares two business days after the stock's trading debut, a source familiar with the matter told Reuters on Friday.
The South Korean chipmaker, which raised $26.5 billion in share sale, is set to make its Wall Street entry later in the day. Analysts say it will be a crucial test of investor faith in the AI trade after a recent pullback in semiconductor stocks.
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Options tied to the Nasdaq listing will trade according to existing regulatory rules and the Options Listing Procedures Plan framework, the source said on condition of anonymity as the information is confidential.
SK Hynix, which is valued at about $1.03 trillion based on its South Korea-listed shares, did not immediately respond to a Reuters request for comment.
Options trading allows market participants to hedge risk or bet on future share-price moves, typically increasing liquidity and price discovery in a stock.
Investors have poured money into companies tied to the AI boom, betting that years of heavy spending on chips and computing infrastructure will drive steady demand for companies such as SK Hynix.
More recently, however, concerns about lofty valuations have triggered bouts of volatility across the sector.
"In a shallow correction, SK Hynix holds up better because its supply is the most locked and the most strategic. In a deep AI winter, Micron's diversification and U.S. positioning make it the relative safe haven," said Daniel Newman, CEO of tech research firm Futurum Group.
Heavy retail participation could also make the stock's options market active, as traders seek leveraged exposure to AI-related names, a dynamic that can amplify gains as well as losses.
Elon Musk-led SpaceX's (SPCX.O), opens new tab options launched last month have attracted record trading volumes.
Reporting by Manya Saini and Pritam Biswas in Bengaluru; Editing by Arun Koyyur
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Manya covers the most influential U.S. financial institutions, from Wall Street’s largest banks and card networks to leading asset managers and fintech companies. She also reports on late-stage venture capital fundraises, initial public offerings on U.S. exchanges and regulatory developments shaping the cryptocurrency industry. Her work appears across the finance, markets, business and future of money sections of the Reuters website. She holds a bachelor’s degree in political science from the University of Delhi and a master’s in journalism from the Symbiosis Institute of Media and Communication.
Circle získala podmíněné schválení OCC pro zřízení národní trustové banky Circle National Trust. Banka má posílit infrastrukturu USDC a nabídnout úschovu digitálních aktiv pro Circle a její přidružené společnosti.
NEW YORK--(BUSINESS WIRE)--Circle Internet Group, Inc. (NYSE: CRCL), one of the world’s leading internet financial platform companies, today announced that it has received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A., a national trust bank. The bank will operate under the name Circle National Trust.
OCC approval of a national trust bank charter represents a major U.S. regulatory milestone and strengthens the infrastructure of USDC1 – the world’s largest regulated stablecoin – through federally-regulated custody, with reserve management planned as a future capability. It places Circle National Trust under direct federal oversight by the OCC, the primary regulator for national banks and national trust banks.
As a federally regulated national trust bank, Circle National Trust aligns digital asset infrastructure with the longstanding role of national trust banks in safeguarding client assets under strict fiduciary standards. This brings USDC infrastructure into a proven federal banking framework designed to ensure safety, soundness, and transparency.
Upon opening, Circle National Trust will offer fiduciary digital asset custody services for Circle and its affiliates. As per its business plan, which was approved by the OCC, "depending on demand, FNDCB may eventually offer its digital asset custody service to a limited number of institutional customers directly, focusing on banks and other financial institutions, such as regulated derivatives organizations." The charter is also designed to enable future capabilities, including management of the USDC Reserve, which would bring those operations under federal regulatory oversight and further enhance the safety, transparency, and trust of USDC.
“OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system,” said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle. “Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure and unlocks a new phase of adoption, where leading financial institutions can build on public blockchains with clarity and confidence.”
As an OCC-chartered national trust bank, Circle National Trust advances USDC’s role as trusted, federally regulated digital dollar infrastructure for payments, settlement, and capital markets activity, supporting the role of the U.S. dollar in an increasingly digital global economy.
Circle submitted its application to the OCC on June 30, 2025 and received a conditional approval in December, 2025, building on its long-standing commitment to regulatory engagement. In 2015, Circle became the first company to receive a BitLicense from the New York Department of Financial Services and remains engaged with the leading U.S. state digital asset regulator. In 2024, Circle became the first global stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets framework. Circle also holds licenses in the UK, Singapore, and Bermuda, and has met Canadian Value-Referenced Crypto Asset requirements. In 2025, Circle secured a license from Abu Dhabi Global Market’s Financial Services Regulatory Authority.
ABOUT CIRCLE
Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through digital assets, payment applications, and programmable blockchain infrastructure. Circle’s platform includes the world’s largest regulated stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation. Learn more at circle.com.
1 USDC is issued by regulated affiliates of Circle. A list of Circle’s regulatory authorizations can be found here.
Israel Englander v 1. čtvrtletí prodal 1,1 milionu akcií Sandisk a koupil 343 000 akcií Everpure. Sandisk zároveň ve 3. čtvrtletí fiskálního roku 2026 zvýšil tržby o 251 % na 5,9 miliardy USD.
Billionaire Israel Englander is the founder and CEO of Millennium Management, the fourth most successful hedge fund in history as measured by net gains since inception. In the first quarter, Englander made the following trades:
He sold 1.1 million shares of memory-chip maker Sandisk (SNDK +7.59%), cutting his position by 24%. He bought 343,000 shares of lesser-known data storage company Everpure (P +4.14%), increasing his position by 60%. At first glance, those trades are somewhat surprising because Sandisk shares have advanced 3,600% in the past year, while Everpure shares have added 36%. Here's what investors should know.
Image source: Getty Images.
Sandisk: The stock Israel Englander sold in the first quarter Sandisk designs storage devices based on NAND flash memory. The company has traditionally focused on consumer products like SD cards, USB flash drives, and portable solid-state drives (SSDs). But it recently shifted focus to enterprise SSDs to capitalize on growing demand for artificial intelligence infrastructure.
While Sandisk is smaller than competitors Samsung and SK Hynix, it realizes cost efficiencies through a joint venture with Japanese manufacturer Kioxia. The companies share expenses related to research and development (R&D) and semiconductor fabrication equipment, which lets them control the supply chain and obtain memory wafers at below-market prices.
"NAND flash is emerging as the only economically viable solution to deliver the capacity, performance, and efficiency required to keep models accessible for real-time inference at scale," said CEO David Goeckeler. "This shift in understanding the critical nature of our technology comes at a time when our product differentiation is strongest."
Sandisk delivered jaw-dropping financial results in the third quarter of fiscal 2026 (ended in March). Revenue increased 251% to $5.9 billion, driven by particularly strong demand for enterprise SSDs, and non-GAAP net income rose to $23.41 per diluted share, up from a loss of $0.30 per diluted share last year.
In the past, the memory chip industry has been highly cyclical; upswings defined by strong demand and price increases have preceded downturns defined by supply gluts and price cuts. We are currently in an upswing. NAND prices tripled in the past year amid intense demand for AI infrastructure, but history says the next downturn is inevitable.
Many Wall Street analysts expect memory chip sales to drop in 2028 as supply catches up with demand. In turn, the consensus estimate says Sandisk's adjusted earnings will grow at 25% annually through the fiscal 2029 (ends in June). That makes the current valuation of 56 times earnings look expensive. That may explain why Israel Englander sold shares in the first quarter.
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Everpure: The stock Israel Englander bought in the first quarter Everpure builds all-flash storage systems and adjacent software that help enterprises manage data. Its products address block, file, and object storage, and they are built on DirectFlash technology, which eliminates bottlenecks and redundancies associated with traditional SSDs by letting software manage raw flash memory directly, rather than indirectly through dedicated firmware.
Consultancy Gartner recently recognized Everpure as a leader in enterprise storage platforms, citing excellent customer support and unified data management as key strengths. Everpure "unifies all data (block, file, and object) into a virtualized pool of storage, which eliminates legacy silos, simplifies data access across hybrid environments, and enables consistent data management."
Everpure reported encouraging financial results in the first quarter of fiscal 2027 (ended in May). Revenue rose 35% to $1.1 billion, operating margin increased five percentage points despite soaring memory prices, and non-GAAP net income increased 62% to $0.47 per diluted share. Everpure is well positioned to maintain its momentum as the AI boom unfolds.
"We are now beginning to displace AI storage products in the enterprise and neo-cloud markets as customers transition to our FlashBlade family for its unmatched performance," CEO Charlie Giancarlo told analysts on the quarterly earnings call. "We are seeing strong engagement and active discussions with dozens of prospective customers across the AI ecosystem."
Wall Street estimates Pure Storage's adjusted earnings will grow at 21% annually through fiscal 2028 (ends in January). That makes the current valuation of 36 times earnings look reasonable. Patient investors should consider buying a small position in Everpure stock today.
New Hampshire zamítl návrh na bitcoinem krytý komunální dluhopis ve výši 100 milionů dolarů, který měl být prvním svého druhu schváleným státem. Hlasování skončilo 3:2.
New Hampshire’s Executive Council voted 3-2 to reject a proposed $100 million Bitcoin-backed municipal bond, preventing what would have been the first state-authorized issuance of its kind.
The decision comes despite the bond receiving a provisional Ba2 credit rating from Moody’s earlier this year.
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The decision came months after the state’s Business Finance Authority (BFA) approved the groundbreaking bond structure, which aimed to bring Bitcoin-backed financing to the municipal bond market.
The proposed financing, developed by Wave Digital Assets in partnership with Rosemawr Management and the BFA, would have seen the BFA issue taxable municipal bonds backed by $175 million in Bitcoin collateral provided by CleanSpark, with BitGo Trust acting as custodian.
If Bitcoin’s value dropped below $140 million, the collateral would have been liquidated to ensure bondholders were repaid in full, without exposing taxpayers to losses.
Council members said the proposal failed to demonstrate meaningful benefits for New Hampshire and raised concerns about lending state legitimacy to a transaction tied to a highly volatile asset class.
Meanwhile, backers argued that the decision was a missed opportunity and urged officials to revisit the proposal.
“It was an extremely short-sighted decision,” New Hampshire House Majority Floor Leader Keith Ammon, who has long championed crypto initiatives in the state, said in a post on X. “They should gather all relevant facts and information and reconsider their vote at a future meeting.”
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Metaplanet zahájila společný průzkum Bitcoinem zajištěných digitálních úvěrových produktů s JPYC, Progmatem a svou japonskou divizí pro cenné papíry. Zatím však nebylo rozhodnuto o vydání žádného produktu.
Metaplanet has started a joint study into Bitcoin-backed digital credit products with stablecoin issuer JPYC, tokenization company Progmat and its securities arm in Japan.
Summary
Metaplanet will study Bitcoin-backed credit using JPYC settlement and Progmat’s security token infrastructure in Japan. No product has launched, while issuance timing, yields, terms, and distribution methods remain undecided. Project Nova seeks to turn Metaplanet’s Bitcoin treasury into collateral for regulated digital credit products. The study will assess whether Bitcoin can support digital corporate bonds and other credit products as collateral or a credit-enhancement asset. However, the companies said they have not decided to issue any product.
Metaplanet studies Bitcoin-backed digital credit According to Metaplanet’s July 10 announcement, the four companies will study product design, regulation, investor protection, settlement and technical requirements. Their work will cover digital corporate bonds and other blockchain-based credit instruments.
Metaplanet and Metaplanet Securities will lead product design and distribution. JPYC will examine stablecoin issuance, redemption and payment functions. Meanwhile, Progmat will provide infrastructure for security token issuance, ownership records and transfer controls.
The proposed structure would use security tokens to record investor rights. JPYC or similar yen-based instruments could handle interest payments, distributions and redemptions. The participants will also assess round-the-clock trading and daily interest calculations.
However, Metaplanet warned that “nothing has been determined” regarding issuance timing, yields, terms or distribution. Any future product would require internal approvals, technical checks and talks with relevant authorities.
Project Nova expands Bitcoin’s balance-sheet role The study forms part of Project Nova, Metaplanet’s plan to build a Bitcoin-focused financial services business in Japan. The company said the project treats Bitcoin as “productive collateral on the balance sheet” rather than only a reserve asset.
Under the plan, Bitcoin could back credit instruments while stablecoins and security tokens connect traditional securities infrastructure with blockchain settlement. Metaplanet said it wants to offer yield products and wider capital-market access to retail and institutional investors.
As previously reported by crypto.news, Metaplanet agreed in June to acquire Siiibo Securities for JPY 2.1 billion. The licensed brokerage is scheduled to become Metaplanet Securities on July 13.
The acquisition gives Metaplanet access to an established corporate bond platform and a Type I Financial Instruments Business Operator. The company previously said it could use the platform to distribute Bitcoin-linked bonds and other income products in Japan.
Bitcoin treasury reaches 43,000 BTC Metaplanet’s credit study follows another expansion of its corporate Bitcoin holdings. The company bought 2,823 BTC during the second quarter, raising its holdings to 43,000 BTC.
The company acquired the latest batch at an average price of about JPY 12.7 million per Bitcoin. Its total average purchase price stood near JPY 15.3 million per coin after the transaction.
At the same time, revenue from Metaplanet’s Bitcoin income business fell about 41% from the previous quarter to JPY 1.747 billion. The company has continued adding Bitcoin while developing products that could generate income from its treasury.
Metaplanet has also set a long-term goal of holding 210,000 BTC by the end of 2027. However, the new study does not confirm that the company will pledge its existing holdings to any specific credit product.
Tokenized credit market continues expanding The proposed study comes as demand for blockchain-based financial assets continues to grow. RWA.xyz tracks tokenized government debt, private credit, corporate credit, commodities and other real-world assets across public and private networks.
Metaplanet said credit is suited to digitization because interest, repayment and collateral terms are fixed when an instrument is issued. Blockchain systems can then manage ownership records, payments and redemptions.
Strategy mezi 1. a 5. červencem prodala 3 588 BTC za zhruba 216 milionů USD, což je největší jednorázová likvidace v historii firmy. Po prodeji drží 843 775 BTC.
Strategy, the company formerly known as MicroStrategy, sold 3,588 BTC for approximately $216 million between July 1 and July 5. That’s the largest single Bitcoin liquidation in the company’s history, and it came from the man who once made “never sell” sound like a blood oath.
Michael Saylor’s firm still holds 843,775 BTC after the sale.
From diamond hands to dynamic allocation Strategy didn’t sell Bitcoin because Saylor suddenly lost faith in his thesis. The company sold to replenish USD reserves earmarked for preferred-stock dividends on its Digital Credit securities.
The board authorized potential sales of up to $1.25 billion in Bitcoin on June 29, giving management room to sell significantly more if cash needs escalate. The goal, according to the company’s filings, is to avoid issuing additional equity, which would dilute existing shareholders.
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Strategy had already broken the seal in late May 2026, selling 32 BTC for $2.5 million. Selling 3,588 coins at roughly $60,000 each is not a rounding error.
The average sale price of approximately $60,000 per Bitcoin is worth noting because Strategy’s overall cost basis sits above that level — they sold at a loss relative to what they paid for much of their stack. The company reported an $8.32 billion loss in Q2 2026 related to digital assets.
Strategy is now framing this shift as “dynamic capital allocation” designed to improve Bitcoin-per-share metrics.
Why the market cares more than the math suggests 3,588 BTC represents roughly 0.4% of Strategy’s total holdings.
MSTR shares declined several percent intraday on July 6, though they stabilized afterward. Bitcoin itself saw modest selling pressure.
The board authorized up to $1.25 billion in potential Bitcoin sales. That’s roughly 20,800 BTC at current prices, or about 2.5% of the company’s total stack.
The institutional contagion risk The $8.32 billion quarterly loss on digital assets underscores how painful this Bitcoin winter has been for corporate holders who bought aggressively during the bull market. Strategy accumulated the vast majority of its 843,775 BTC at prices that now look elevated compared to current trading levels.
The Bitcoin-per-share metric that Strategy is now optimizing for could actually benefit remaining shareholders if executed well, since selling Bitcoin to avoid equity dilution preserves each share’s claim on the remaining stack.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Japonský věřitel CRYL spustil úvěry zajištěné bitcoiny až do výše 1 miliardy jenů (6,2 milionu USD), které umožňují získat fiat bez prodeje BTC. Úroky činí 3,5 % až 7 % ročně.
Japanese lender CRYL has launched Bitcoin-backed loans of up to 1 billion yen ($6.2 million), allowing individuals and businesses to raise fiat currency without selling their BTC.
On Thursday, the company announced that borrowers can access between 1 million yen ($6,200) and 1 billion yen ($6.2 million) at annual rates of 3.5% to 7%. The loans carry collateral ratios of 40% to 60%. They run for one year and can be used for expenses, including taxes, business funding and property purchases.
The launch expands Japan’s small market for regulated crypto-backed financing. In 2020, Fintertech, a Daiwa Securities Group and Credit Saison joint venture, launched a similar service and currently lends up to $3 million against Bitcoin or Ether. However, CRYL's service advertises a higher ceiling and a lower minimum, while limiting collateral to BTC.
CRYL framed the service as adding a third option beyond holding or selling their crypto. However, applicants must undergo screening, and most loans use a lump-sum repayment structure, with principal and interest due after one year.
Bitcoin-backed finance takes shape in JapanFintertech’s product shows that Bitcoin-backed lending has been available in Japan for several years. The company’s website currently lists loans for individuals and businesses with annual rates of 4% to 8%, a 50% collateral ratio and a minimum borrowing amount of 5 million yen ($31,000).
The service also gained a wider distribution channel in October 2025, when Daiwa Securities began introducing customers at its branches across Japan to Fintertech’s digital asset-backed loans. Fintertech is owned 80% by Daiwa Securities Group and 20% by Credit Saison.
Other Japanese companies are exploring how Bitcoin could support more complex credit products. On Friday, Metaplanet Securities, yen stablecoin issuer JPYC and tokenization infrastructure provider Progmat announced a study into using BTC as collateral or credit enhancement for digital corporate bonds and other blockchain-based credit instruments.
Unlike the loan products offered by CRYL and Fintertech, the Metaplanet initiative remains at the research phase, and the companies said no issuance has been decided.
Magazine: Bitcoin’s quantum dilemma: Bigger blocks or STARK proofs?
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EU obvinila společnost Meta, že Facebook a Instagram nezvládly rizika „návykového designu“ pro duševní zdraví uživatelů. Pokud se porušení potvrdí, hrozí firmě pokuta až 6 % ročního obratu.
EU regulators have accused Meta, the company behind Facebook and Instagram, of failing to tackle the risks of its “addictive design” on the physical and mental health of users.
In an official charge sheet against Meta released on Friday, the European Commission said features such as video autoplay and infinite scroll, which provides an endless stream of content, “shift the brain into autopilot mode, contributing to unhealthy habits and compulsive use”.
In a significant finding, as the EU considers a social media ban for minors, the commission said Meta had disregarded available information about the time children spend on Instagram and Facebook at night, and how features, such as reels and stories, could lead to “excessive or even compulsive use of its services”.
The commission said the addictive design of Facebook and Instagram was a breach of the EU’s Digital Services Act, which aims to protect users from a wide range of internet harms, including shopping scams, disinformation and illegal content.
A Meta spokesperson said: “We disagree with these preliminary findings, which don’t accurately take into account the significant steps we’ve taken to protect teens. Since this investigation began, we rolled out ‘Teen Accounts’ that automatically protect teens and put parents in control – allowing them to block access to Instagram at night and cap daily screen time at just 15 minutes.”
The findings are part of a wide-ranging investigation into Meta launched in May 2024. EU officials continue to assess other charges, notably “rabbit hole” effects, where an algorithm feeds young people negative content, such as on unrealistic body images. In another strand of the investigation, the commission said Meta had broken EU law – and its own terms and conditions – by failing to prevent children under 13 from using Facebook and Instagram.
EU officials want Meta to change the design of Instagram and Facebook by, for instance, scrapping autoplay and infinite scroll as default settings, implementing screen breaks and changing its algorithm, so users are offered less personal content.
Meta has the right to mount a defence and may examine the commission’s investigation files. If the ruling is confirmed, the company could be fined up to 6% of its total annual turnover.
The charges come days before a long-awaited report from an expert panel convened by the European Commission president, Ursula von der Leyen, examining social media bans for children. The special panel for child safety online is due to present recommendations on Monday.
Von der Leyen has already revealed her thinking, telling an AI safety conference in May: “We must consider a social media delay.” The commission president, a mother of seven who trained as a doctor, said: “The question is not whether young people should have access to social media, the question is whether social media should have access to young people.”
At least 10 EU member states are already drawing up plans for a social media ban, including France, Italy and Spain, putting pressure on the commission to come up with an EU-wide solution or risk a hotchpotch of different rules.
Announcing the latest charges against Meta, the commission’s lead official on tech policy, Henna Virkkunen, said: “The Digital Services Act provides a clear framework to hold platforms accountable for the addictive design and effects of their services. We are fully committed to enforcing our legislation in Europe.”
Intesa Sanpaolo zveřejnila zhruba 18 milionů USD v XRP, které drží prostřednictvím Grayscale XRP Trust, nikoli přímo v peněženkách ani přes ETF. Ukazuje to, že banky dál volí tradiční cenné papíry místo přímého držení krypta.
Italy’s largest bank disclosed an $18 million XRP position, and the interesting part is not the size but the plumbing: the exposure runs through Grayscale’s trust, not through wallets, keys, or even the shiny new ETFs. Bank crypto exposure has more than doubled in two quarters, and the wrappers banks choose reveal exactly how far the regulated world has actually come. This is the anatomy of how a bank buys a token.
Summary
Italy’s largest bank disclosed an $18 million XRP position through Grayscale’s trust, highlighting how regulated banks continue to prefer traditional securities over direct crypto holdings. European banks’ disclosed crypto exposure has more than doubled to $235 million, although most positions remain small, wrapped and focused on strategic exposure rather than treasury investments. The structure banks choose to hold crypto reflects regulatory, capital and custody constraints, offering a clearer signal of institutional adoption than the size of individual investments. The most institutionally significant XRP purchase of the year fits in a footnote. Intesa Sanpaolo, Italy’s largest banking group with over a trillion dollars in assets, disclosed a roughly $18 million position in XRP, acquired not on any crypto exchange, not through self-custody, not even through the spot exchange-traded funds that launched to such fanfare, but through shares of Grayscale’s XRP trust, a wrapper most retail traders stopped thinking about years ago.
Intesa bought an approximately $18 million position in the Grayscale XRP Trust
— Degi (@bryLFC88) July 9, 2026 Eighteen million dollars is a rounding error for Intesa, less than 0.002% of its balance sheet, and dismissing the disclosure on size would miss what it actually documents. Bank crypto exposure in aggregate has more than doubled across two quarters, from roughly $100 million to $235 million among disclosing European institutions, and each disclosure is a specimen of the same understudied question: when a regulated deposit-taking institution decides to hold a volatile digital asset, what does it actually buy, through what legal object, on whose books, and why that one? The answers are duller than the headlines and far more informative, because the wrapper a bank selects encodes everything, its regulators’ current mood, its capital treatment, its custody constraints, and its honest time horizon.
This piece uses the Intesa position as a dissection subject. It covers the menu of structures through which a bank can hold crypto and what each one costs in capital, operations, and optics; why a trust, of all things, beat both the ETFs and direct custody for this purchase; what the doubling of bank exposure does and does not signal about the institutional wave every forecast depends on; the XRP-specific reading, since the asset choice is itself information; and the checkable signals that would show bank demand becoming the structural bid the market has priced in advance so many times.
The menu: five ways a bank can own a coin A bank deciding to hold crypto chooses among five structures, and the choice is never about preference; it is about what its regulator, risk committee, and accounting framework will tolerate this quarter.
The first is direct ownership with self-custody: coins on the balance sheet, keys in the bank’s control. It is the purest exposure and the rarest, because it triggers everything at once, the harshest prudential capital treatment, under Basel-derived rules a risk weight so punitive that unhedged direct holdings can require capital near the position’s full value, plus operational custody risk the institution must build or buy, plus accounting volatility straight through earnings. A handful of pioneers run small direct books as strategic learning exercises; as a portfolio structure it barely exists.
The second is direct ownership with third-party custody: the bank owns coins held by a qualified custodian. It softens the operational problem and none of the capital problem, and it is the structure banks build for clients, custody as a fee business, far more often than for themselves; Intesa itself has run a proprietary desk and custody buildout along exactly these lines, which makes its choice of a different wrapper for this position all the more instructive.
The third is the exchange-traded fund: regulated, liquid, redeemable, tracking tightly through the creation-and-redemption machinery that keeps share and coin prices glued. For most institutions the ETF is the modern default, which is precisely why a bank bypassing it deserves attention.
The fourth is the trust or closed-end structure, the Grayscale lineage: a fund holding coins, whose shares trade as securities, historically without the redemption loop that disciplines ETF pricing, meaning shares can and famously did trade at large premiums and discounts to the underlying. The fifth is synthetic exposure, futures, notes, certificates, total-return swaps, owning the price without the asset, the structure of choice where regulators permit derivatives more readily than holdings.
JUST IN: Grayscale has categorized $XRP under the
"Global Payments" investment narrative, highlighting its role in cross-border payments and digital financial infrastructure. As institutional interest in blockchain continues to grow, #XRPArmy pic.twitter.com/g4NEi1p86Y
— Michelle Kirby X (@michelekirby623) July 10, 2026 Read as a ladder, the five structures run from maximum conviction and maximum friction at the top to minimum commitment at the bottom, and where an institution steps on reveals its constraints more honestly than its press releases. A bank in a jurisdiction with settled ETF access, clean capital rules, and a supportive supervisor buys the ETF. A bank that buys a trust is telling you something specific.
Why the trust: the unglamorous logic Intesa’s route through Grayscale’s XRP trust looks, at first glance, like choosing a flip phone, and the logic assembles quickly once the constraints are listed.
The first constraint is geography and availability. The US spot XRP ETFs are new, their European availability to a regulated Italian bank’s balance sheet runs through legal and distribution questions that a US-listed trust security, tradeable as an ordinary share, sidesteps; European institutions have bought American trust shares for years precisely because they slot into existing securities plumbing, custody, settlement, and reporting included, with no crypto-specific operational buildout at all. For a first position, or a small strategic one, the wrapper that requires zero new infrastructure wins on cost alone.
The second is the capital and accounting angle. A trust share is a security, held and risk-weighted as one under frameworks the bank already runs, while direct coin holdings drag the punitive crypto-specific capital treatment; the wrapper does not eliminate the exposure’s volatility, and it can materially simplify its regulatory life. The third is discretion and reversibility: an $18 million security position is entered, marked, and exited like any other line in a trading book, with no wallets to explain, no custodian onboarding, no board-level operational review, an experiment sized and structured to be abandonable, which is exactly how serious institutions run first experiments.
In diesem Video geht es um Goldman Sachs, Intesa Sanpaolo, sinkende XRP Bestände auf Börsen und die Frage, warum der Kurs trotz positiver Onchain Daten noch nicht wirklich reagiert.
Außerdem ordnen wir ein, ob die fehlende Krypto Liquidität wirklich verschwunden ist, oder nur… https://t.co/GcYvrwSBk7 pic.twitter.com/ttVelYqLEj
— CryptoTuts (@CryptoTuts) July 9, 2026 The fourth is the trust’s historical quirk turned feature: with spot ETFs now existing as conversion or competition targets, the old discount problem that made trusts hazardous has largely resolved, while the structure retains its accessibility. The instrument that spent years as the cautionary tale about wrappers, its discounts the very evidence that forced the ETF era into being, now serves as the quiet on-ramp for institutions whose plumbing has not caught up to the products the caution produced. Finance rarely wastes an old vehicle; it reassigns it.
The capital rules: the constraint underneath everything The single largest force shaping how banks hold crypto never appears in the headlines, so it earns its own section: prudential capital treatment, the rules deciding how much of a bank’s own equity must stand behind each asset it holds. The international framework finalized by the Basel Committee sorts crypto exposures into groups, with tokenized traditional assets and qualifying stablecoins receiving conventional treatment, and unbacked cryptoassets, the Bitcoin-and-XRP category, consigned to the punitive tier: a risk weight of 1,250%, the framework’s maximum, which in practice requires capital roughly equal to the exposure itself, plus an aggregate cap holding such exposures to a sliver of a bank’s Tier 1 capital. The design intent was explicit, to make direct crypto holdings nearly uneconomic for banks, and it succeeded: no meaningful direct bank crypto book exists anywhere under full Basel-aligned rules.
The wrapper economy documented in this piece is, in large part, the industry’s negotiated response to that number. A trust share or ETF position may, depending on jurisdiction and interpretation, route through securities and funds treatments instead of the maximum weight; synthetic exposures route through derivatives and market-risk frameworks; and client-custody businesses, where the bank never owns the coins at all, sit outside the exposure caps entirely, which is why custody is where bank crypto revenue actually lives. None of this is evasion, every structure is disclosed and supervised, and all of it is arbitrage in the honest sense: institutions selecting, among permitted forms, the one whose capital cost matches their conviction. The forward-looking point follows directly: the capital rules are under active review in multiple jurisdictions, industry bodies have pressed for recalibration as the classification legislation matures, and any softening of the 1,250% regime would do more for bank demand than a decade of conferences, because it changes the only number bank treasurers actually optimize. Watch the consultations, not the keynotes.
The specimen in context: who else, and how Intesa’s disclosure lands within a recognizable cohort, and the cohort’s composition sharpens the reading. European institutions dominate the disclosed-exposure aggregate for a structural reason: MiCA’s arrival gave the continent’s banks a supervisory framework to point to, and supervised clarity, even strict clarity, unlocks more institutional behavior than permissive ambiguity ever has. The cohort’s positions share the Intesa profile almost uniformly, small against the balance sheet, wrapped rather than direct, concentrated in the majors plus, notably, XRP, and framed internally as strategic learning. Around the disclosed positions sits the larger undisclosed economy: bank-run custody for funds and corporates, structured notes and certificates giving private-bank clients crypto exposure, and trading desks making markets in ETPs, all of which generate crypto revenue without crypto balance-sheet exposure and all of which grew straight through the drawdown. The honest map of bank adoption, in other words, is a pyramid: a vast base of client-service activity, a thin middle of wrapped proprietary positions like Intesa’s, and an apex of direct holdings that remains, by regulatory design, nearly empty. Adoption forecasts that conflate the layers, and most do, mistake the pyramid’s base for its apex and misprice both.
What $100M to $235M actually signals The aggregate number behind the Intesa specimen, disclosed bank crypto exposure more than doubling to $235 million in two quarters, invites two opposite readings, and the honest analysis requires holding both.
The deflationary reading starts with scale: $235 million across the European banking system is not institutional adoption; it is institutional curiosity, a few basis points of trading-book capacity spread across a handful of names, an order of magnitude below what single corporate treasuries deployed in the last cycle and three orders below the ETF complex. Banks hold these positions the way they hold any exotic, small, hedged or hedgeable, and structured for exit, and extrapolating a wave from a doubling of a tiny base is the oldest error in institutional-adoption forecasting. The doubling also coincides with the drawdown, which cuts both ways: it is conviction buying weakness, or it is desks accumulating inventory for client products rather than expressing any house view at all, and disclosures rarely distinguish the two.
The inflationary reading counts differently: it counts precedents. Every structure a bank uses for a small position is a structure approved, documented, and reusable for a large one; the expensive part of institutional adoption was never the buying but the permissioning, the risk-committee papers, the regulator conversations, the accounting memos, and each disclosed position is proof that some institution’s permissioning is complete. On this reading, $235 million is not the wave, it is the wave’s paperwork, and the doubling measures how fast the paperwork is clearing. The reading gains force from who is moving: Intesa is not a crypto-adjacent challenger but a systemically important incumbent whose choices get studied by every peer risk committee in Europe, and incumbent behavior is the single best-documented contagion vector in institutional finance.
Both readings share one implication worth stating plainly: the structural bank bid, the one in the conditional price forecasts, remains almost entirely in front of, not behind, the current market, which is precisely why the classification legislation gates so much of every forecast. Banks buy at the pace their constraints dissolve, and the constraints are dissolving on legislative and supervisory calendars, not market ones.
A note on the disclosure mechanics themselves rounds out the specimen. Bank positions of this kind surface through securities filings, fund shareholder registers, and periodic risk disclosures, each with its own lag and granularity, and the analysts who compiled the $235 million aggregate are stitching exactly these sources. The number is therefore a floor, not a census: positions below reporting thresholds, exposures inside synthetic structures, and holdings at institutions with lighter disclosure regimes all escape it, which means the true wrapped-proprietary layer is somewhat larger and its growth rate somewhat smoother than the headline doubling suggests. It also means the series improves mechanically as the asset class formalizes, more filings, finer categories, shorter lags, so part of every future increase will be measurement catching up with reality, a caveat worth carrying into each new headline about bank exposure records.
What a bank position is not Two category errors follow every bank-crypto disclosure, and clearing them sharpens what remains. The first is reading a trading-book position as a treasury strategy. Corporate treasury adopters hold coins as a reserve-asset thesis, financed by their capital structure and marked as conviction; a bank’s wrapped $18 million sits in a book built for exposures that come and go, sized inside limits designed to make its total loss immaterial, and often paired with hedges or client flows invisible from outside. The position’s information value is procedural, not directional: it proves the pipe exists, not that the water is committed. The second error is reading disclosure timing as buying timing. Positions surface through reporting cycles months after their construction, get built across many sessions to avoid moving thin markets, and can be inventory against structured products the bank has sold, not a view at all. The market’s habit of backdating conviction onto the disclosure date has embarrassed every analyst who indulged it, and the professional reading discipline is the same one every filing teaches: the fact is the exposure and its structure; the story is unrecoverable from public data and should be priced accordingly.
There is also the question of what would make a bank sell, which no adoption narrative ever models. Wrapped positions of this size exit for reasons that have nothing to do with crypto, quarter-end optics, risk-limit reshuffles, a supervisor’s raised eyebrow, a desk head’s rotation, and their departure would generate exactly the headlines their arrival did, inverted and equally overread. The institutional bid, when it truly forms, will be identifiable not by any single entry but by its behavior through stress: positions that persist across drawdowns, disclosures that grow through bad quarters, and wrapper migrations toward more committed structures while prices fall. By that standard, the current cohort is untested, the drawdown positions are its first examination, and the next two reporting cycles are worth more than the last ten announcements.
The XRP of it: why this asset, from this buyer The asset selection is its own signal, and it reads differently from a bank than it would from a fund. XRP is, among major assets, the one whose institutional story runs through exactly the world Intesa inhabits: cross-border payments, correspondent banking, and a corporate sponsor that has spent a decade selling to institutions like Intesa, an empire whose honest token accounting this publication has mapped. A European bank taking its crypto first step in XRP rather than only Bitcoin is choosing the asset whose bull case is denominated in its own industry’s plumbing, which makes the position readable as strategic reconnaissance as much as investment: a small, live stake in the asset one’s own payments division will inevitably be asked about.
The timing adds the contrarian layer: the position surfaces with XRP down roughly 70% from its peak, the tradable float at seven-year lows, and sentiment at cycle extremes, which is either exactly when patient institutional money historically steps in, or exactly the environment in which a small position is cheap enough to serve as an option on the payments thesis resolving. Eighteen million dollars does not move the asset. Eighteen million dollars of precedent, from this buyer, in this structure, at this point in the cycle, is the kind of data point the next dozen risk committees cite, and the market’s institutional wave, if it ever arrives, will be assembled out of citations exactly like it.
The historical rhyme deserves a paragraph, because banks have run this exact sequence before. Gold ETFs in the early 2000s, emerging-market debt in the 1990s, and high-yield credit before that each entered bank balance sheets the same way: first as client-service revenue, then as small wrapped proprietary positions justified as market-making inventory, then, after capital treatments matured and a cycle survived, as ordinary allocations nobody announced. The sequence’s clock is measured in years per stage, its motor is regulatory calibration, not price, and its tell, in every prior asset class, was the moment risk committees stopped writing special memos for the exposure, the bureaucratic non-event that never makes news and always precedes size. Crypto’s bank adoption is visibly mid-sequence: the client-service layer is thriving, the wrapped-position layer is doubling off a tiny base, and the special memos are still being written. The Intesa disclosure is one such memo made public, and the forecast it supports is not a price target but a schedule: the asset class is roughly one capital-rule revision and one uneventful cycle away from the stage where positions like this stop being articles.
One more actor deserves mention because it shadows every European bank’s calculus: the ECB and the digital-euro project, whose relationship with private crypto assets ranges from indifference to rivalry depending on the week. A eurozone bank’s crypto position lives under a supervisor whose own institution is building a competing settlement future, and the diplomacy of that position, small enough to be unobjectionable, wrapped enough to be conventional, useful enough to inform the bank’s own digital-asset strategy, explains the specimen’s every parameter as well as any market view does. Banks do not merely hold assets; they hold positions within relationships, and the wrapper is part of the diplomacy.
The signals that would show the wave forming The Intesa specimen suggests its own dashboard, and each line is public. Watch the disclosure aggregate, the $235 million line, for its next doubling and its composition, trusts versus ETFs versus direct, because wrapper migration toward more committed structures is the maturation signal. Watch European ETF and ETP access for banks, the plumbing whose arrival collapses the trust workaround. Watch the supervisory texture, capital-treatment consultations and national supervisor guidance, the constraint whose relaxation moves faster than any narrative. Watch whether custody businesses and proprietary positions converge, banks that custody for clients acquiring house exposure and vice versa, the pattern that preceded every prior asset class’s institutional normalization. And watch the legislation, always, because the classification question sets the risk weights and the risk weights set the size.
The conclusion the dissection supports is deliberately modest and, for that reason, durable. Intesa’s $18 million documents neither a wave nor a fad; it documents a procedure, the specific, replicable, now-approved path by which a trillion-dollar European bank holds a crypto asset without touching a key, and procedures, once they exist, get reused at whatever size conditions permit. The market has spent years pricing the day banks arrive. The disclosure’s quiet news is that the arrival, when it comes, will look exactly like this: no announcement, no wallet, a securities ticket in an old wrapper, and a footnote that compounds.
The dissection closes where it began, with proportion. Eighteen million dollars, one wrapper, one bank: as a market event it is nothing, and the piece has argued it is the most informative kind of nothing, a procedure caught on camera. Institutional adoption was never going to arrive as an announcement, because institutions do not announce; they file, and the filing cadence, the wrapper choices, and the capital consultations are the wave in its only observable form. Readers who want to track it need three bookmarks, the disclosure aggregates, the Basel-review docket, and the European ETP-access rulings, and one habit: when the next bank position surfaces, ask not how much but through what, because in this corner of the market, the plumbing is the story, and it has been telling it, quietly and in public, one footnote at a time.
And one sentence for the traders who read this far looking for the signal: there is none on the tape today, and there is a precise one coming, because bank flows, unlike whale flows, pre-announce themselves through rulemaking, and the rulemaking calendar is public. The edge in this corner of the market is not speed. It is literacy, and the literacy is teachable, which is what this dissection was for.
The specimen will be superseded, probably within a quarter, by a larger name or a bigger number, and the framework will not: five wrappers, one capital regime, a pyramid of adoption layers, and a disclosure lag between them all. Keep the framework, discard the headline, and the next footnote reads itself.
A closing housekeeping note: the exposure figures cited here reflect analyst compilations of public disclosures at this writing, the wrapper landscape is being actively reshaped by ETF access rulings and capital consultations, and readers applying this framework to future disclosures should expect the menu’s relative costs, though not its structure, to have shifted. The structure is the durable part; it always is.
The banks, unlike the traders, are in no hurry, and the wrappers, unlike the narratives, keep perfect records; between those two facts sits everything this piece has argued.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Digital asset markets are volatile, and you can lose your entire investment. Figures are current as of July 9, 2026, and may change. Always do your own research.
Bitmine Immersion Technologies koupila dalších 20 500 ETH za zhruba 35,9 milionu USD od Galaxy Digital. Jde o druhý velký nákup Etherea během dvou dnů.
Bitmine Immersion Technologies (NYSE: $BMNR), chaired by Fundstrat's Tom Lee, has purchased another 20,500 $ETH worth approximately $35.9 million from Galaxy Digital, according to onchain data cited by Lookonchain. The transaction is the company's second major Ethereum buy in as many days and adds further momentum to what has become one of the most closely watched corporate accumulation stories in crypto.
Back-to-Back Buys Push Holdings Higher The latest purchase follows a reported acquisition of 40,000 ETH on July 8, executed through FalconX and Kraken. Combined, the two transactions total roughly 60,500 ETH acquired within days. As of July 5, 2026, Bitmine's holdings stood at 5,742,237 ETH, representing approximately 4.8% of the total ETH supply of 120.7 million tokens. The latest buys reported on July 10 would push that figure higher still, bringing the company closer to its stated target.
The "Alchemy of 5%" and What's at Stake Guided by its philosophy of "the alchemy of 5%," Bitmine is committed to ETH as its primary treasury reserve asset, leveraging native protocol-level activities including staking and decentralised finance mechanisms. A 3.5 million share 9.50% Series A Perpetual Preferred (BMNP) deal raised about $273.8 million to fund additional digital assets, validator growth, and strategic ETH-ecosystem investments.
Chairman Thomas Lee attributed Ethereum's recent outperformance of Bitcoin and Bitmine's continued accumulation to rising investor optimism that the proposed Clarity Act will pass and bring greater regulatory certainty to crypto, especially Ethereum. Lee also believes Ethereum is undervalued, citing tokenization and rising demand from artificial intelligence applications as long-term catalysts.
Annualized staking revenues are projected at $235 million, with 4.9 million ETH representing 85% of the 5.74 million ETH held by Bitmine. Bitmine's crypto holdings rank it as the number one Ethereum treasury and number two global treasury, behind Strategy Inc. (NASDAQ: MSTR).
Sources:
Bitmine official press release via PR Newswire, July 6, 2026
CoinDesk: Bitmine adds $74 million in Ether as Tom Lee bets on Clarity Act boost
Yahoo Finance: Bitmine Purchases Another $74 Million of Ethereum
Ethereum Foundation zrušila tým Protocol Support, který pět let koordinoval upgrady, schůzky vývojářů a fellowship programy. Krok navazuje na širší restrukturalizaci a propuštění zhruba 20 % zaměstnanců.
The Ethereum Foundation has dissolved its Protocol Support team as part of a broader restructuring that recently cut about 20% of the nonprofit’s workforce.
Summary
Ethereum Foundation dissolved Protocol Support after five years coordinating upgrades, developer meetings and fellowship programs worldwide. Several team members lost their roles following the Foundation’s broader 20% workforce reduction announced recently. Core protocol work continues under Ethereum Foundation’s new structure, but some support programs face uncertainty. Protocol Support coordinated several parts of Ethereum’s development process. Its work covered core developer meetings, network upgrade tracking, Ethereum Improvement Proposal support and programs that trained new protocol contributors.
The Protocol Support account confirmed the team’s closure on X. It also invited Ethereum organizations seeking experienced developers to contact former team members.
the EF Protocol Support team has been dissolved 🖖
— EF Protocol Support (@EFprotocol) July 9, 2026 Mario Havel, who worked with Protocol Support for more than five years, said he remains at the Ethereum Foundation. However, he confirmed that the rest of his team had been dissolved and that several colleagues had lost their roles.
“I am still part of EF, continuing my work and figuring out what’s most needed in the future,” Havel wrote on X. “However, all of my team, Protocol Support, that I have been part of for 5+ years, has been dissolved.”
I was getting questions about recent EF layoffs and my situation so I should share something public as well.
I am still part of EF, continuing my work and figuring out what's most needed in the future. However, all of my team, Protocol Support, that I have been part for 5+… https://t.co/KRgKxiXQpa
— Mario Havel (@TMIYChao) July 8, 2026 Havel described the closure as the “bitter end” of a team that had supported Ethereum’s core development process through several forms and leadership changes.
Team managed key Ethereum developer programs Protocol Support helped organize All Core Developers meetings, where client teams and researchers discuss proposed upgrades. It also supported breakout calls, tracked network fork readiness and helped contributors understand Ethereum’s technical roadmap.
The team maintained Forkcast, a public platform that tracks Ethereum upgrades, proposed EIPs, testnet launches and mainnet activation plans. Former team lead William Morriss said the restructuring had ended his Ethereum Foundation role.
Protocol Support also ran the Ethereum Protocol Fellowship. The program trained developers seeking to contribute to Ethereum’s core protocol and connected participants with client teams, researchers and other technical groups.
Havel said he and former colleague Josh Davis built the fellowship over four years. The program has since brought dozens of new developers into Ethereum’s core development community.
The Foundation had opened applications for the seventh Ethereum Protocol Fellowship cohort in April. The available statements did not explain whether the current cohort will continue under another team.
Closure follows wider Foundation layoffs The team’s dissolution follows the Ethereum Foundation’s new organizational structure, announced on June 23. The Foundation cut 54 positions, equal to roughly 20% of its workforce, after a months-long review of its activities and spending.
As previously reported by crypto.news, the Foundation reorganized its work into five main areas: protocol, access, user, community and institutional layers. Separate groups handle operations and management.
The Foundation said affected workers would receive severance, career transition support and grants for related expenses. It described the changes as necessary to focus its staff and resources on work that the organization must perform over the coming years.
The latest closure also follows earlier changes to Ethereum’s research and development structure. The Foundation reduced its Protocol Research and Development team in 2025 and renamed the remaining group Protocol.
Core protocol work remains active The new protocol cluster remains responsible for Ethereum’s underlying technology. Its stated tasks include shipping upgrades safely, reducing technical complexity and improving privacy, security and censorship resistance.
Ethereum developers are also working on the Glamsterdam upgrade. The planned update includes changes to block construction, data access and network performance, as crypto.news previously reported.
However, the Foundation has not publicly detailed where every Protocol Support responsibility will move. The future management of developer meetings, Forkcast, fellowship programs and EIP support therefore remains unclear.
Protocol development does not depend on one Foundation team because Ethereum client developers, researchers and independent contributors work across several organizations. Still, Protocol Support provided coordination services that connected many of those groups during network upgrades.
Cardano founder Charles Hoskinson has confirmed that the ecosystem is close to launching a political party.
He made the announcement during his latest broadcast, where he also dismissed rumors that he plans to retire or leave the Cardano ecosystem. Reaffirming his long-term commitment to the network, Hoskinson revealed that preparations for the political party are already underway. He said the initiative is expected to launch soon, allowing ADA community members to participate.
“We are working on a political party, and we’ll imminently be launching that soon, and give people an opportunity to participate,” Hoskinson remarked.
His commentary signals that the initiative has progressed from a proposal to an active project, although Hoskinson did not provide a specific launch date.
A New Governance Structure for Cardano Hoskinson’s latest remarks build on his earlier proposal to establish a political party that would operate as a large, Delegate Representative (DRep) within Cardano’s on-chain governance system.
The idea emerged after months of governance disputes across the ecosystem. Several treasury proposals, including some associated with Hoskinson, failed to secure DRep approval. The resulting governance tensions eventually contributed to the cancellation of Cardano Summit 2026. In response, Hoskinson first suggested becoming a DRep before unveiling plans to create a political party.
In his view, the proposed organization would coordinate decision-making on ecosystem growth, treasury allocations, and long-term strategic priorities. The initiative would also give ADA holders and ecosystem participants a structured way to engage in governance by joining the organization and voting on key initiatives.
Hoskinson Backs the Cardano PRIME Proposal Meanwhile, Hoskinson has publicly endorsed the Cardano PRIME proposal. He expressed his support by replying “LFG” after AlphaGrowth announced that on-chain community voting for PRIME had officially begun.
PRIME is a 12-month initiative led by AlphaGrowth to accelerate Cardano’s decentralized finance (DeFi) ecosystem through protocol security audits, responsible liquidity incentive programs, and market expansion. The proposal seeks 120 million ADA in treasury funding, valued at approximately $19.2 million at an assumed ADA price of $0.16. If successful, the initiative aims to increase Cardano’s total value locked (TVL) by more than $200 million.
Such growth would represent a significant expansion from Cardano’s current TVL of roughly $73 million, with stablecoins currently accounting for most of the capital locked on the network.
Hoskinson has repeatedly emphasized that expanding Cardano’s DeFi ecosystem is one of the network’s highest priorities. He has previously described 2026 as a “do-or-die” year for Cardano’s DeFi ambitions, underscoring the need to attract more liquidity, users, and decentralized applications to the blockchain.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Británie zařadila cloudové poskytovatele Microsoft, Google, Amazon a Oracle mezi klíčové třetí strany finančního sektoru a podřídila je přímému dohledu. Cílem je omezit riziko výpadků z kyberútoků či technologických poruch.
Item 1 of 2 A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, March 25, 2024. REUTERS/Gonzalo Fuentes/File Photo
[1/2]A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, March 25, 2024. REUTERS/Gonzalo Fuentes/File Photo Purchase Licensing Rights, opens new tab
CompaniesLONDON, July 10 (Reuters) - Britain has designated cloud service providers Microsoft (MSFT.O), opens new tab, Google (GOOGL.O), opens new tab, Amazon (AMZN.O), opens new tab and Oracle (ORCL.N), opens new tab as critical third-party suppliers to its financial sector, bringing them under direct regulatory oversight.
The move is aimed at strengthening the resilience of financial firms by reducing the risk of widespread disruption from cyber attacks or technology outages.
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"As banks, insurers and financial market infrastructures become increasingly reliant on cloud services, disruption at a major supplier could affect multiple firms at the same time, potentially impacting services customers depend on," the government said in a statement on Friday.
The government designated Microsoft Ireland Operations Ltd, Google Cloud EMEA Ltd, Amazon Web Services EMEA SARL, and Oracle Corporation UK Ltd as critical third parties, effective July 13.
The firms will be supervised jointly by the Bank of England, the Prudential Regulation Authority and the Financial Conduct Authority. They will be required to undergo resilience testing, conduct regular self-assessments and report major incidents.
Britain's approach contrasts with that of the European Union, which in November designated 19 technology and services firms under a similar framework.
A Google Cloud spokesperson said: "With effective implementation and meaningful industry engagement, this new Critical Third Party framework can enhance the long-term resilience of the UK's financial ecosystem and increase understanding, transparency, and trust between all parties."
Reporting by Phoebe Seers and Muvija M. Editing by William James and Mark Potter
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Delta Air Lines ve čtvrtletí překonala odhady díky silné poptávce a potvrdila celoroční výhled EPS 6,50 až 7,50 USD. Zároveň zvýšila dividendu o 15 % od zářijového čtvrtletí.
June quarter earnings topped guidance on broad demand strength and strong execution, generating a double-digit return on invested capital
Expect continued momentum in September quarter with mid-teens revenue growth and double-digit margin
Affirming full-year guidance for adjusted EPS of $6.50 to $7.50 and free cash flow of $3 to $4 billion
Further strengthened investment grade balance sheet through debt paydown, and announced a 15 percent increase to dividend payment beginning in September quarter
, /PRNewswire/ -- Delta Air Lines (NYSE: DAL) today reported financial results for the June quarter and provided its outlook for the September quarter and full year 2026. Highlights of the June quarter, including both GAAP and adjusted metrics, are on page five and incorporated here.
"Today, we reported our June quarter results, and it is clear that Delta's brand and industry position are stronger than ever. We delivered $1.4 billion in pre-tax profit while absorbing the highest quarterly fuel expense in our history, reflecting broad demand strength, growing brand preference and momentum across our diversified revenue base. This industry-leading performance is powered by the best people in the business," said Ed Bastian, Delta's chief executive officer.
"Delta is executing from a position of strength, and we expect momentum to carry into the second half with double-digit margins and a return to earnings growth. For the full year, we are affirming the guidance we set at the start of the year to grow earnings by 20 percent, overcoming a multi-billion dollar fuel headwind. This reinforces Delta's durability while positioning us to continue our momentum into 2027."
June Quarter 2026 GAAP Financial Results
Operating revenue of $19.8 billion Operating income of $1.9 billion with an operating margin of 9.4 percent Pre-tax income of $2.0 billion with a pre-tax margin of 10.2 percent Earnings per share of $2.44 Operating cash flow of $1.6 billion June Quarter 2026 Non-GAAP Financial Results
Operating revenue of $17.7 billion Operating income of $1.6 billion with an operating margin of 8.8 percent Pre-tax income of $1.4 billion with a pre-tax margin of 7.7 percent Earnings per share of $1.56 Operating cash flow of $1.7 billion Financial Guidance1
FY 2026
Earnings Per Share
$6.50 - $7.50
Free Cash Flow ($B)
$3 - $4
Gross Leverage2
Approx. 2x
3Q26
Total Revenue YoY (%)
Up Mid-Teens
Operating Margin
11% - 13%
Earnings Per Share
$2.00 - $2.50
Guidance for the September quarter assumes fuel at the forward curve as of July 2, 2026, and includes a refinery benefit of 5-cents per gallon. This results in a projected all-in fuel price for the quarter of approximately $3.15 per gallon.
Revenue Environment and Outlook
"Revenue grew 14 percent in the June quarter, at the high end of our expectations, increasing more than $2 billion over last year on broad demand strength," said Joe Esposito, Delta's chief commercial officer.
"With continued momentum across customer segments and diverse revenue streams, we are confident in the sustainability of yield and revenue strength. For the September quarter, we expect revenue to grow mid-teens over prior year on modest capacity growth, with unit revenue growth improving sequentially. While still early, current trends provide a constructive setup for this strength to extend into the December quarter."
Record June quarter revenue reflects broad demand strength and growing brand preference: June quarter total revenue increased 14 percent over the same period last year to a record $17.7 billion on approximately 1 percent capacity growth. Adjusted total unit revenue (TRASM) grew 12.4 percent over prior year. Main cabin unit revenue grew double-digits, marking the second consecutive quarter of positive main cabin growth. Domestic unit revenue grew 12 percent year-over-year and international unit revenue increased 8 percent, led by Latin. Diversified, high-margin revenue streams continue to differentiate Delta's performance: Diverse revenue streams accounted for 61 percent of total revenue, up 2 points versus the same period last year. Premium revenue grew 17 percent year-over-year on yield strength and continued investment in premium seats. MRO revenue growth of 32 percent was primarily on legacy engine platforms. Cargo revenue increased 39 percent, driven largely by volume. Loyalty momentum powered by growing member engagement across ecosystem: Loyalty and related revenue grew 19 percent, with SkyMiles member engagement continuing to expand beyond air travel within the partner ecosystem. American Express remuneration of $2.4 billion grew 16 percent over last year, supported by accelerating card acquisitions and the seventh consecutive quarter of double-digit year-over-year growth in cardholder spend. Travel products and non-air partnership revenue increased nearly 20 percent over prior year. Corporate sales3 grew double-digits in all sectors: Corporate sales accelerated in the June quarter, led by Aerospace & Defense, Banking, and Automotive, with strong performance in coastal and core hubs. Sustained strength in premium product demand drove a more than 25 percent increase in premium corporate sales, benefiting from recent investments in Delta Comfort and Delta Premium Select.
1 Non-GAAP measures; Refer to Non-GAAP reconciliations for historical comparison figures
2 Adjusted debt to EBITDAR
3 Corporate travel sales represent the revenue from tickets sold to corporate contracted customers, including tickets for travel during and beyond the referenced time period
Cost Performance and Outlook
"Delta delivered June quarter results above guidance, with an operating margin of 8.8 percent and earnings of $1.56 per share. In the September quarter, we expect earnings per share to grow over prior year to $2.00 to $2.50 on an operating margin of 11 to 13 percent," said Erik Snell, Delta's chief financial officer. "Non‑fuel unit cost performance is expected to improve modestly from the June quarter with further progression in the December quarter as capacity growth begins to normalize. This puts us back on a path toward our long-term framework of low-single-digit non-fuel unit cost growth."
June Quarter 2026 Cost Performance
Operating expense of $17.9 billion and adjusted operating expense of $16.1 billion Adjusted non-fuel costs of $11.1 billion Non-fuel CASM was 14.09¢, an increase of 6.8 percent year-over-year Adjusted fuel expense of $4.4 billion was up 77 percent year-over-year Adjusted fuel price of $3.93 per gallon increased 75 percent year-over-year with a refinery benefit of 11¢ per gallon inclusive of a 5¢ discrete impact from a temporary refinery outage Fuel efficiency, defined as gallons per 1,000 ASMs, was 14.3 Balance Sheet, Cash and Liquidity
"Through the first half, we generated $4.1 billion of operating cash flow and delivered $1.4 billion of free cash flow. The durability of our cash generation enables us to consistently reinvest in the business, strengthen our balance sheet and grow shareholder returns. Debt reduction remains a top priority, and we expect to reach gross leverage of approximately 2x by year-end," Snell said.
Adjusted net debt of $13.6 billion at June quarter end, a reduction of $709 million from the end of 2025 Payments on debt and finance lease obligations for the June quarter of $536 million Weighted average interest rate of 4.9 percent with 78 percent fixed rate debt and 22 percent variable rate debt Adjusted operating cash flow in the June quarter of $1.7 billion, and with gross capital expenditures of $1.4 billion, free cash flow was $209 million Air Traffic Liability ended the quarter at $10.0 billion Liquidity4 of $7.7 billion at quarter-end, including $3.1 billion in undrawn revolver capacity
4 Includes cash and cash equivalents, short-term investments and undrawn revolving credit facilities
June Quarter 2026 Highlights
Operations, Network and Fleet
Led all carriers5 in on-time arrival and departure performance for the quarter and set an all-time6 Delta record for domestic mishandled baggage rate (MBR). Implemented proprietary Baggage AI technology in Atlanta which has driven improvement in Atlanta's year-to-date MBR by over 25 percent versus last year's strong baseline, with June improving 50 percent. Took delivery of 11 aircraft in the June quarter, including A350-900, A321neo, and A220-300 aircraft. Launched daily non-stop service from Los Angeles to Hong Kong and Chicago O'Hare, adding connectivity to key business markets from Los Angeles. Launched service to Porto, Malta, and Sardinia while adding service to Madrid, Nice, Rome, and Barcelona. Grew MRO presence and partnership portfolio with IndiGo (CFM56 engines) & LATAM (A320 components). Culture and People
Continued to invest in the Delta people with a 4 percent pay raise for eligible employees worldwide. Accrued nearly $500 million in profit sharing year-to-date towards next February's payout. Named to Points of Light's Civic 50 list for the ninth year in a row, the only commercial airline recognized among companies noted for their corporate social responsibility and civic engagement. Transported more than two dozen WWII veterans from Atlanta to Normandy, France to participate in D-Day remembrance ceremonies, honoring the 82nd anniversary of the Allied landings. Ranked No. 1 in Talent Readiness among the Wall Street Journal Leadership Institute's Best Companies for the Future index. Recognized as the No. 1 corporate blood drive sponsor with the American Red Cross for the ninth consecutive year with 15,911 units of blood collected at 392 blood drives in the last 12 months. Customer Experience and Loyalty
Ranked No. 1 best U.S. airline for eighth consecutive year by The Points Guy. Unveiled Delta's next-generation Delta One suite for the A350-1000 fleet and announced an expanded suite offering for the A330ceo fleet, extending Delta's lead with the most business class suites of any U.S. airline. Enhanced Delta - American Express co-brand card portfolio with new travel benefits including a Delta exclusive benefit allowing card Members to check a second bag free on domestic Delta flights with no increase to the annual fee. Over 95 percent of aircraft are already equipped with fast, free Wi-Fi for SkyMiles members, and will reach 100 percent by year-end. New satellite upgrades are also coming online soon to deliver faster speeds and broader global coverage. Expanded Delta Sync partnerships, including new collaborations with The Wall Street Journal and Fox ONE to further enhance the onboard experience. Enhanced the partnership with T-Mobile, now offering T-Mobile customers who link their SkyMiles membership a complimentary premium beverage on board. Relaunched and expanded the decade-long partnership with Airbnb allowing SkyMiles members to earn miles on where they stay and on experiences once they arrive. Continued Delta Concierge rollout to over 50 percent of SkyMiles members, offering expanded self‑service and messaging during travel through an AI-enabled digital assistant in the Fly Delta app. Opened a second Delta One Lounge at LAX, growing system to five Delta One Lounges and 55 Sky Clubs. Environmental Sustainability
Issued the 2025 Delta Difference Report, highlighting Delta's continued commitment to a sustainable future. Began installation of innovative finlet aerodynamic devices on 737 fleet reducing emissions and fuel burn.
5 FlightStats preliminary data for Delta flights system wide. All carriers is defined as competitive set (AA, AS, B6, DL, UA, and WN) from Apr 1 - Jun 30, 2026. On-time performance includes A0, and A14. Departure performance defined as D0
6 Excludes COVID years
June Quarter 2026 Results
June quarter results have been adjusted primarily for third-party refinery sales, gains/losses on investments and Monroe hedge results as described in the reconciliations in Note A.
GAAP
$
Change
%
Change
($ in millions except per share and unit costs)
2Q26
2Q25
Operating income
1,864
2,102
(238)
(11) %
Operating margin
9.4 %
12.6 %
(3.2) pts
(25) %
Pre-tax income
2,009
2,574
(565)
(22) %
Pre-tax margin
10.2 %
15.5 %
(5.3) pts
(34) %
Net income
1,604
2,130
(526)
(25) %
Diluted earnings per share
2.44
3.27
(0.83)
(25) %
Operating revenue
19,757
16,648
3,109
19 %
Total revenue per available seat mile (TRASM) (cents)
25.11
21.44
3.67
17 %
Operating expense
17,893
14,546
3,347
23 %
Cost per available seat mile (CASM) (cents)
22.74
18.73
4.01
21 %
Fuel expense
4,109
2,458
1,651
67 %
Average fuel price per gallon
3.66
2.21
1.45
66 %
Operating cash flow
1,596
1,856
(260)
(14) %
Capital expenditures
1,458
1,209
249
21 %
Total debt and finance lease obligations
13,952
15,056
(1,104)
(7) %
Adjusted
$
Change
%
Change
($ in millions except per share and unit costs)
2Q26
2Q25
Operating income
1,563
2,064
(501)
(24) %
Operating margin
8.8 %
13.3 %
(4.5) pts
(34) %
Pre-tax income
1,359
1,820
(461)
(25) %
Pre-tax margin
7.7 %
11.7 %
(4.0) pts
(34) %
Net income
1,027
1,385
(358)
(26) %
Diluted earnings per share
1.56
2.12
(0.56)
(26) %
Operating revenue
17,666
15,507
2,159
13.9 %
TRASM (cents)
22.45
19.97
2.48
12.4 %
Operating expense
16,102
13,443
2,659
20 %
Non-fuel cost7
11,091
10,247
844
8 %
Non-fuel unit cost (CASM-Ex) (cents)
14.09
13.20
0.89
6.8 %
Fuel expense
4,410
2,497
1,913
77 %
Average fuel price per gallon
3.93
2.25
1.68
75 %
Operating cash flow
1,651
1,844
(193)
(10) %
Free cash flow
209
733
(524)
(71) %
Gross capital expenditures
1,442
1,168
274
23 %
Adjusted net debt
13,591
16,316
(2,725)
(17) %
7 Updated definition excludes aircraft fuel and related taxes, Third-party refinery sales, MRO expense, and profit sharing
About Delta Air Lines Through exceptional service and the power of innovation, Delta Air Lines (NYSE: DAL) never stops looking for ways to make every trip feel tailored to every customer.
There are 100,000 Delta people leading the way to deliver a world-class customer experience on up to 5,500 daily Delta and Delta Connection flights to more than 300 destinations on six continents, connecting people to places and to each other.
Delta served more than 200 million customers in 2025 – safely, reliably and with industry-leading customer service innovation – and was recognized by Cirium for being the top on-time airline in North America for the fifth consecutive year.
We remain committed to ensuring that the future of travel is connected, personalized and enjoyable. Our people's genuine, enduring motivation is to make every customer feel welcomed and cared for across every point of their journey with us.
Headquartered in Atlanta, Delta operates significant hubs and key markets in Amsterdam, Atlanta, Bogota, Boston, Detroit, Lima, London-Heathrow, Los Angeles, Mexico City, Minneapolis-St. Paul, New York-JFK and LaGuardia, Paris-Charles de Gaulle, Salt Lake City, Santiago (Chile), Sao Paulo, Seattle, Seoul-Incheon and Tokyo.
As the leading global airline, Delta's mission to connect the world creates opportunities, fosters understanding and expands horizons by connecting people and communities to each other and to their own potential.
A founding member of the SkyTeam alliance and powered by innovative and strategic partnerships throughout the world with Aeromexico, Air France-KLM, China Eastern, Korean Air, LATAM, Virgin Atlantic and WestJet, Delta brings more choice and competition to customers worldwide. Delta's premium product line is elevated by its unique partnership with Wheels Up Experience.
Delta is America's most-awarded airline thanks to the dedication, passion and professionalism of its people. In addition to the award from Cirium, Delta has been recognized as the World's Most Admired Airline and one of the Best 100 Companies to Work For according to Fortune; the top carrier for business travelers by Business Travel News; and best U.S. airline by Forbes Travel Guide's Verified Air Travel Awards. In addition, Delta has been named to the Civic 50 by Points of Light as one of the most community minded companies in the U.S.
Forward Looking Statements
Statements made in this press release that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments or strategies for the future, should be considered "forward-looking statements" under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees or promised outcomes and should not be construed as such. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments and strategies reflected in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the possible effects of serious accidents involving our aircraft or aircraft of our airline partners; breaches or lapses in the security of technology systems we use and rely on, which could compromise the data stored within them, as well as failure to comply with evolving global privacy and security regulatory obligations or adequately address increasing customer focus on privacy issues and data security; disruptions in our information technology infrastructure; failure of the technology we use or depend on to perform effectively, including new and emerging technologies; increases in the price of aircraft fuel; extended disruptions in the supply of aircraft fuel, including from Monroe Energy, LLC ("Monroe"), our wholly-owned subsidiary that operates the Trainer refinery; failure to achieve expected results or returns from our commercial relationships with airlines in other parts of the world and the investments we have in certain of those airlines; the effects of a significant disruption in the operations or performance of third parties on which we rely; failure to comply with the financial or other covenants in our financing agreements; labor-related disruptions; the effects on our business of seasonality and other factors beyond our control, such as changes in value in our equity investments, severe weather conditions, natural disasters or other environmental events, including from the impact of climate change; failure or inability of insurance to cover a significant liability at Monroe's refinery; failure to comply with existing and future environmental regulations to which Monroe's refinery operations are subject, including those relating to the discharge of materials into the environment, waste management, pollution prevention measures and greenhouse gas emissions; significant damage to our reputation and brand, including from exposure to significant adverse publicity or inability to achieve certain sustainability goals; our ability to retain senior management and other key employees, and to maintain our company culture; disease outbreaks or other public health threats, and measures implemented to combat them; the effects of terrorist attacks, geopolitical conflict or security events; competitive conditions in the airline industry; extended interruptions or disruptions in service at major airports where we operate; significant problems associated with types of aircraft or engines we operate; the effects of extensive regulatory and legal compliance requirements we are subject to; the impact of laws and regulations governing environmental protection, including but not limited to regulation of hazardous substances, increased regulation to reduce emissions and other risks associated with climate change, and the cost of compliance with more stringent environmental regulations; and unfavorable economic or political conditions in the markets in which we operate or volatility in currency exchange rates.
Additional information concerning risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in our Securities and Exchange Commission (SEC) filings, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other filings filed with the SEC from time to time. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our views only as of the date of this press release, and which we undertake no obligation to update except to the extent required by law.
DELTA AIR LINES, INC
Consolidated Statements of Operations
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions, except per share data)
2026
2025
$ Change
% Change
2026
2025
$ Change
% Change
Operating Revenue:
Passenger
$ 15,607
$ 13,867
$ 1,740
13 %
$ 27,909
$ 25,347
$ 2,562
10 %
Cargo
294
212
82
39 %
521
421
100
24 %
Other
3,856
2,569
1,287
50 %
7,181
4,920
2,261
46 %
Total operating revenue
19,757
16,648
3,109
19 %
35,611
30,688
4,923
16 %
Operating Expense:
Salaries and related costs
4,762
4,402
360
8 %
9,302
8,485
817
10 %
Aircraft fuel and related taxes
4,109
2,458
1,651
67 %
6,851
4,869
1,982
41 %
Refinery expense
2,091
1,141
950
83 %
3,745
2,203
1,542
70 %
Contracted services
1,263
1,155
108
9 %
2,452
2,276
176
8 %
Landing fees and other rents
978
878
100
11 %
1,891
1,729
162
9 %
Aircraft maintenance materials and outside repairs
689
591
98
17 %
1,397
1,237
160
13 %
Regional carrier expense
673
651
22
3 %
1,322
1,264
58
5 %
Passenger commissions and other selling expenses
726
673
53
8 %
1,316
1,224
92
8 %
Depreciation and amortization
656
602
54
9 %
1,291
1,209
82
7 %
Passenger service
489
482
7
1 %
918
912
6
1 %
MRO expense
273
229
44
19 %
601
369
232
63 %
Profit sharing
328
470
(142)
(30) %
493
594
(101)
(17) %
Aircraft rent
168
137
31
23 %
311
274
37
14 %
Other
688
677
11
2 %
1,356
1,372
(16)
(1) %
Total operating expense
17,893
14,546
3,347
23 %
33,246
28,017
5,229
19 %
Operating Income
1,864
2,102
(238)
(11) %
2,365
2,671
(306)
(11) %
Non-Operating Income/(Expense):
Interest expense, net
(144)
(172)
28
(16) %
(296)
(350)
54
(15) %
Gain/(loss) on investments, net
349
735
(386)
(53) %
(202)
696
(898)
NM
Loss on extinguishment of debt
(1)
(20)
19
(95) %
(5)
(20)
15
(75) %
Miscellaneous, net
(59)
(71)
12
(17) %
(68)
(102)
34
(33) %
Total non-operating income/(expense), net
145
472
(327)
(69) %
(571)
224
(795)
NM
Income Before Income Taxes
2,009
2,574
(565)
(22) %
1,794
2,895
(1,101)
(38) %
Income Tax Provision
(405)
(444)
39
(9) %
(479)
(525)
46
(9) %
Net Income
$ 1,604
$ 2,130
$ (526)
(25) %
$ 1,315
$ 2,370
$ (1,055)
(45) %
Basic Earnings Per Share
$ 2.45
$ 3.28
$ 2.01
$ 3.66
Diluted Earnings Per Share
$ 2.44
$ 3.27
$ 2.00
$ 3.63
Basic Weighted Average Shares Outstanding
654
649
653
647
Diluted Weighted Average Shares Outstanding
658
652
657
652
DELTA AIR LINES, INC
Passenger Revenue
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions)
2026
2025
$ Change
% Change
2026
2025
$ Change
% Change
Ticket - Main cabin
$ 6,851
$ 6,347
$ 504
8 %
$ 12,256
$ 11,709
$ 547
5 %
Ticket - Premium products
6,920
5,899
1,021
17 %
12,282
10,605
1,677
16 %
Loyalty travel awards
1,247
1,092
155
14 %
2,277
2,033
244
12 %
Travel-related services
589
529
60
11 %
1,094
1,000
94
9 %
Passenger revenue
$ 15,607
$ 13,867
$ 1,740
13 %
$ 27,909
$ 25,347
$ 2,562
10 %
DELTA AIR LINES, INC
Other Revenue
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions)
2026
2025
$ Change
% Change
2026
2025
$ Change
% Change
Refinery
$ 2,091
$ 1,141
$ 950
83 %
$ 3,745
$ 2,203
$ 1,542
70 %
Loyalty and related
1,344
1,127
217
19 %
2,565
2,209
356
16 %
MRO
315
239
76
32 %
695
390
305
78 %
Miscellaneous
106
62
44
71 %
176
118
58
49 %
Other revenue
$ 3,856
$ 2,569
$ 1,287
50 %
$ 7,181
$ 4,920
$ 2,261
46 %
DELTA AIR LINES, INC
Total Revenue
(Unaudited)
Increase (Decrease)
2Q26 vs 2Q25
Revenue
2Q26 ($M)
Change
Unit Revenue
Yield
Capacity
Domestic
$ 10,673
15 %
12 %
13 %
2 %
Atlantic
3,112
8 %
7 %
9 %
1 %
Latin America
990
4 %
12 %
13 %
(7) %
Pacific
832
15 %
7 %
7 %
8 %
Passenger Revenue
$ 15,607
13 %
11 %
12 %
1 %
Cargo Revenue
294
39 %
Other Revenue
3,856
50 %
Total Revenue
$ 19,757
19 %
17 %
Third Party Refinery Sales
(2,091)
Total Revenue, adjusted (See Note A)
$ 17,666
13.9 %
12.4 %
DELTA AIR LINES, INC.
Statistical Summary
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
Change
2026
2025
Change
Revenue passenger miles (millions)
66,767
66,417
1
%
123,236
122,095
1
%
Available seat miles (millions)
78,694
77,645
1
%
147,857
146,045
1
%
Passenger mile yield (cents)
23.38
20.88
12
%
22.65
20.76
9
%
Passenger revenue per available seat mile (cents)
19.83
17.86
11
%
18.88
17.36
9
%
Total revenue per available seat mile (cents)
25.11
21.44
17
%
24.08
21.01
15
%
TRASM, adjusted - see Note A (cents)
22.45
19.97
12.4
%
21.55
19.50
10
%
Cost per available seat mile (cents)
22.74
18.73
21
%
22.48
19.18
17
%
CASM-Ex - see Note A (cents)
14.09
13.20
6.8
%
14.58
13.68
7
%
Passenger load factor
84.8 %
85.5 %
(1)
pt
83.3 %
83.6 %
—
pts
Fuel gallons consumed (millions)
1,122
1,112
1
%
2,110
2,088
1
%
Average price per fuel gallon
$ 3.66
$ 2.21
66
%
$ 3.25
$ 2.33
39
%
Average price per fuel gallon, adjusted - see Note A
$ 3.93
$ 2.25
75
%
$ 3.32
$ 2.34
42
%
DELTA AIR LINES, INC
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
June 30,
(in millions)
2026
2025
Cash Flows From Operating Activities:
Net income
$ 1,604
$ 2,130
Depreciation and amortization
656
602
(Gain) loss on fair value investments
(337)
(731)
Changes in air traffic liability
(721)
(1,129)
Changes in profit sharing
325
469
Changes in balance sheet and other, net
69
516
Net cash provided by operating activities
1,596
1,856
Cash Flows From Investing Activities:
Property and equipment additions:
Flight equipment, including advance payments
(1,244)
(996)
Ground property and equipment, including technology
(214)
(213)
Acquisition of strategic investments and related
(51)
—
Other, net
(3)
10
Net cash used in investing activities
(1,512)
(1,199)
Cash Flows From Financing Activities:
Proceeds from long-term obligations
103
1,998
Payments on debt and finance lease obligations
(536)
(2,941)
Cash dividends
(123)
(97)
Other, net
10
(29)
Net cash used in financing activities
(546)
(1,069)
Net Decrease in Cash, Cash Equivalents and Restricted Cash Equivalents
(462)
(412)
Cash, cash equivalents and restricted cash equivalents at beginning of period
5,235
3,941
Cash, cash equivalents and restricted cash equivalents at end of period
$ 4,773
$ 3,529
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the
same such amounts shown above:
Current assets:
Cash and cash equivalents
$ 4,665
$ 3,331
Restricted cash included in prepaid expenses and other
86
96
Other assets:
Restricted cash included in other noncurrent assets
22
102
Total cash, cash equivalents and restricted cash equivalents
$ 4,773
$ 3,529
DELTA AIR LINES, INC
Consolidated Balance Sheets
(Unaudited)
June 30,
December 31,
(in millions)
2026
2025
ASSETS
Current Assets:
Cash and cash equivalents
$ 4,665
$ 4,310
Accounts receivable, net
4,307
2,850
Fuel, expendable parts and supplies inventories, net
2,558
1,601
Prepaid expenses and other
2,706
2,207
Total current assets
14,236
10,968
Noncurrent Assets:
Property and equipment, net
41,544
39,743
Operating lease right-of-use assets
6,162
6,244
Goodwill
9,753
9,753
Identifiable intangibles, net
5,962
5,966
Equity investments
4,041
4,222
Other noncurrent assets
4,623
4,421
Total noncurrent assets
72,085
70,349
Total assets
$ 86,321
$ 81,317
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of debt and finance leases
$ 3,442
$ 1,605
Current maturities of operating leases
869
809
Air traffic liability
10,020
7,157
Accounts payable
6,738
5,226
Accrued salaries and related benefits
3,935
4,906
Loyalty program deferred revenue
5,243
4,876
Fuel card obligation
1,100
1,100
Other accrued liabilities
2,257
1,945
Total current liabilities
33,604
27,624
Noncurrent Liabilities:
Debt and finance leases
10,510
12,507
Noncurrent operating leases
5,163
5,353
Pension, postretirement and related benefits
3,066
3,156
Loyalty program deferred revenue
4,327
4,386
Deferred income taxes, net
3,916
3,444
Other noncurrent liabilities
3,920
3,994
Total noncurrent liabilities
30,902
32,840
Commitments and Contingencies
Stockholders' Equity:
21,815
20,853
Total liabilities and stockholders' equity
$ 86,321
$ 81,317
Note A: The following tables show reconciliations of non-GAAP financial measures. The reasons Delta uses these measures are described below. Reconciliations may not calculate exactly due to rounding.
Delta sometimes uses information ("non-GAAP financial measures") that is derived from the Consolidated Financial Statements, but that is not presented in accordance with accounting principles generally accepted in the U.S. ("GAAP"). Under the Securities and Exchange Commission rules, non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. The tables below show reconciliations of non-GAAP financial measures used in this release to the most directly comparable GAAP financial measures.
Forward Looking Projections. Delta is not able to reconcile forward looking non-GAAP financial measures without unreasonable effort because the adjusting items such as those used in the reconciliations below will not be known until the end of the period and could be significant.
Adjustments. These reconciliations include certain adjustments to GAAP measures that are made to provide comparability between the reported periods, if applicable, and for the reasons indicated below:
Third-party refinery sales. Refinery sales to third parties, and related expenses, are not related to our airline segment. Excluding these sales therefore provides a more meaningful comparison of our airline operations to the rest of the airline industry.
MTM adjustments and settlements on hedges. Mark-to-market ("MTM") adjustments are defined as fair value changes recorded in periods other than the settlement period. MTM fair value changes are not necessarily indicative of the actual settlement value of the underlying hedge in the contract settlement period, and therefore we remove this impact to allow investors to better understand and analyze our core performance. Settlements represent cash received or paid on hedge contracts closed (i.e., settled) during the applicable period. With respect to hedges related to Monroe's inventory, settlements often occur before the related refinery inventory is sold. Beginning in 2026, settlement gains and losses related to Monroe's inventory that remains on-hand at period end are excluded from our adjusted results. These settlement gains and losses will be reflected in adjusted results during the period the inventory is sold. This change was made to match the timing of expense and revenue recognition and we have similarly adjusted the presentation of reconciliations for prior periods included here.
MTM adjustments on investments. Unrealized MTM gains/losses result from our equity investments that are accounted for at fair value in non-operating expense. The gains/losses are driven by changes in stock prices, foreign currency fluctuations and other valuation techniques for investments in certain companies, particularly those without publicly-traded shares. Adjusting for these gains/losses allows investors to better understand and analyze our core operational performance in the periods shown.
Loss on extinguishment of debt. This adjustment relates to early termination of a portion of our debt. Adjusting for these losses allows investors to better understand and analyze our core operational performance in the periods shown.
Operating Revenue, adjusted and Total Revenue Per Available Seat Mile ("TRASM"), adjusted
Three Months Ended
2Q26 vs 2Q25
% Change
2Q26 vs 2Q25
$ Change
(in millions)
June 30, 2026
September 30, 2025
June 30, 2025
Operating revenue
$ 19,757
$ 16,673
$ 16,648
Adjusted for:
Third-party refinery sales
(2,091)
(1,476)
(1,141)
Operating revenue, adjusted
$ 17,666
$ 15,197
$ 15,507
14 %
$2,159
Three Months Ended
% Change
June 30, 2026
September 30, 2025
June 30, 2025
TRASM (cents)
25.11
21.09
21.44
Adjusted for:
Third-party refinery sales
(2.66)
(1.87)
(1.47)
TRASM, adjusted
22.45
19.22
19.97
12.4 %
Six Months Ended
June 30, 2026
June 30, 2025
TRASM (cents)
24.08
21.01
Adjusted for:
Third-party refinery sales
(2.53)
(1.51)
TRASM, adjusted
21.55
19.50
Operating Income, adjusted
Three Months Ended
(in millions)
June 30, 2026
June 30, 2025
Operating income
$ 1,864
$ 2,102
Adjusted for:
MTM adjustments and settlements on hedges
(301)
(39)
Operating income, adjusted
$ 1,563
$ 2,064
Operating Margin, adjusted
Three Months Ended
June 30, 2026
June 30, 2025
Operating margin
9.4 %
12.6 %
Adjusted for:
Third-party refinery sales
0.9
0.9
MTM adjustments and settlements on hedges
(1.5)
(0.2)
Operating margin, adjusted
8.8 %
13.3 %
Pre-Tax Income, Net Income, and Diluted Earnings per Share, adjusted
Three Months Ended
Three Months Ended
June 30, 2026
June 30, 2026
Pre-Tax
Income
Net
Earnings
(in millions, except per share data)
Income
Tax
Income
Per Diluted Share
GAAP
$ 2,009
$ (405)
$ 1,604
$ 2.44
Adjusted for:
MTM adjustments on investments
(349)
MTM adjustments and settlements on hedges
(301)
Loss on extinguishment of debt
1
Non-GAAP
$ 1,359
$ (332)
$ 1,027
$ 1.56
Three Months Ended
Three Months Ended
September 30, 2025
September 30, 2025
Pre-Tax
Income
Net
Earnings
(in millions, except per share data)
Income
Tax
Income
Per Diluted Share
GAAP
$ 1,777
$ (360)
$ 1,417
$ 2.17
Adjusted for:
MTM adjustments on investments
(311)
MTM adjustments and settlements on hedges
5
Loss on extinguishment of debt
6
Non-GAAP
$ 1,477
$ (363)
$ 1,114
$ 1.70
Three Months Ended
Three Months Ended
June 30, 2025
June 30, 2025
Pre-Tax
Income
Net
Earnings
(in millions, except per share data)
Income
Tax
Income
Per Diluted Share
GAAP
$ 2,574
$ (444)
$ 2,130
$ 3.27
Adjusted for:
MTM adjustments on investments
(735)
MTM adjustments and settlements on hedges
(39)
Loss on extinguishment of debt
20
Non-GAAP
$ 1,820
$ (435)
$ 1,385
$ 2.12
Year Ended
Year Ended
December 31, 2025
December 31, 2025
Pre-Tax
Income
Net
Earnings
(in millions, except per share data)
Income
Tax
Income
Per Diluted Share
GAAP
$ 6,185
$ (1,180)
$ 5,005
$ 7.66
Adjusted for:
MTM adjustments on investments
(1,212)
MTM adjustments and settlements on hedges
(21)
Loss on extinguishment of debt
26
Non-GAAP
$ 4,977
$ (1,179)
$ 3,798
$ 5.81
Pre-Tax Margin, adjusted
Three Months Ended
June 30, 2026
June 30, 2025
Pre-tax margin
10.2 %
15.5 %
Adjusted for:
Third-party refinery sales
0.8
0.8
MTM adjustments on investments
(1.8)
(4.4)
MTM adjustments and settlements on hedges
(1.5)
(0.2)
Loss on extinguishment of debt
—
0.1
Pre-tax margin, adjusted
7.7 %
11.7 %
Operating Cash Flow, adjusted. We present operating cash flow, adjusted because management believes adjusting for the following item provides a more meaningful measure for investors:
Net cash flows related to certain airport construction projects and other. Cash flows related to certain airport construction projects are included in our GAAP operating activities. We adjust for these items, which were primarily funded by cash restricted for airport construction, to provide investors a better understanding of the company's operating cash flow that is core to our operations in the periods shown.
Three Months Ended
(in millions)
June 30, 2026
June 30, 2025
Net cash provided by operating activities
$ 1,596
$ 1,856
Adjusted for:
Net cash flows related to certain airport construction projects and other
55
(12)
Operating cash flow, adjusted
$ 1,651
$ 1,844
Six Months Ended
(in millions)
June 30, 2026
Net cash provided by operating activities
$ 4,027
Adjusted for:
Net cash flows related to certain airport construction projects and other
38
Net cash provided by operating activities, adjusted
$ 4,065
Operating revenue, adjusted related to premium products and diverse revenue streams
Three Months Ended
% Change
(in millions)
June 30, 2026
June 30, 2025
Operating revenue
$ 19,757
$ 16,648
Adjusted for:
Third-party refinery sales
(2,091)
(1,141)
Operating revenue, adjusted
$ 17,666
$ 15,507
Less: main cabin revenue
(6,851)
(6,347)
Operating revenue, adjusted related to premium products and diverse revenue streams
$ 10,815
$ 9,160
18 %
Percent of operating revenue, adjusted related to premium products and diverse revenue streams
61 %
59 %
2 pts
Operating Expense, adjusted
Three Months Ended
(in millions)
June 30, 2026
June 30, 2025
Operating expense
$ 17,893
$ 14,546
Adjusted for:
Third-party refinery sales
(2,091)
(1,141)
MTM adjustments and settlements on hedges
301
39
Operating expense, adjusted
$ 16,102
$ 13,443
Adjusted Non-Fuel Cost and Non-Fuel Unit Cost or Cost per Available Seat Mile, ("CASM-Ex")
We adjust operating expense and CASM for certain items described above, as well as the following items and reasons described below:
Aircraft fuel and related taxes. The volatility in fuel prices impacts the comparability of year-over-year financial performance. The adjustment for aircraft fuel and related taxes allows investors to better understand and analyze our non-fuel costs and year-over-year financial performance.
MRO expense. We adjust for MRO expenses because this adjustment allows investors to better understand and analyze the airline's recurring cost performance and provides a more meaningful comparison of our core operating costs to the airline industry.
Profit sharing. We adjust for profit sharing because this adjustment allows investors to better understand and analyze our recurring cost performance and provides a more meaningful comparison of our core operating costs to the airline industry.
Three Months Ended
(in millions)
June 30, 2026
June 30, 2025
Operating expense
$ 17,893
$ 14,546
Adjusted for:
Aircraft fuel and related taxes
(4,109)
(2,458)
Third-party refinery sales
(2,091)
(1,141)
MRO expense
(273)
(229)
Profit sharing
(328)
(470)
Non-Fuel Cost
$ 11,091
$ 10,247
Three Months Ended
2Q26 vs 2Q25
% Change
June 30, 2026
September 30, 2025
June 30, 2025
CASM (cents)
22.74
18.96
18.73
Adjusted for:
Aircraft fuel and related taxes
(5.22)
(3.25)
(3.17)
Third-party refinery sales
(2.66)
(1.87)
(1.47)
MRO expense
(0.35)
(0.27)
(0.29)
Profit sharing
(0.42)
(0.50)
(0.61)
CASM-Ex
14.09
13.08
13.20
6.8 %
Six Months Ended
% Change
June 30, 2026
June 30, 2025
CASM (cents)
22.48
19.18
Adjusted for:
Aircraft fuel and related taxes
(4.63)
(3.33)
Third-party refinery sales
(2.53)
(1.51)
MRO expense
(0.41)
(0.25)
Profit sharing
(0.33)
(0.41)
CASM-Ex
14.58
13.68
7 %
Total fuel expense, adjusted and Average fuel price per gallon, adjusted
Average Price Per Gallon
Three Months Ended
Three Months Ended
June 30,
June 30,
% Change
June 30,
June 30,
% Change
(in millions, except per gallon data)
2026
2025
2026
2025
Total fuel expense
$ 4,109
$ 2,458
$ 3.66
$ 2.21
Adjusted for:
MTM adjustments and settlements on hedges
301
39
0.27
0.04
Total fuel expense, adjusted
$ 4,410
$ 2,497
77 %
$ 3.93
$ 2.25
75 %
Average Price Per Gallon
Six Months Ended
Six Months Ended
June 30,
June 30,
% Change
June 30,
June 30,
% Change
(in millions, except per gallon data)
2026
2025
2026
2025
Total fuel expense
$ 6,851
$ 4,869
$ 3.25
$ 2.33
Adjusted for:
MTM adjustments and settlements on hedges
151
24
0.07
0.01
Total fuel expense, adjusted
$ 7,001
$ 4,892
43 %
$ 3.32
$ 2.34
42 %
Free Cash Flow. We present free cash flow because management believes this metric is helpful to investors to evaluate the company's ability to generate cash that is available for use for debt service or general corporate initiatives. Free cash flow is also used internally as a component of our incentive compensation programs. Free cash flow is defined as net cash from operating activities and net cash from investing activities, adjusted for (i) pension plan contributions, (ii) net cash flows related to certain airport construction projects and other, and (iii) strategic investments and related. These adjustments are made for the following reasons:
Pension plan contributions. Cash flows related to pension funding are included in our GAAP operating activities. We adjust to exclude these contributions to allow investors to understand the cash flows related to our core operations.
Net cash flows related to certain airport construction projects and other. Cash flows related to certain airport construction projects are included in our GAAP operating activities and capital expenditures. We have adjusted for these items, which were primarily funded by cash restricted for airport construction, to provide investors a better understanding of the company's free cash flow and capital expenditures that are core to our operations in the periods shown.
Strategic investments and related. Certain cash flows related to our investments in and related transactions with other airlines and associated companies are included in our GAAP investing activities. We adjust for this activity because it provides a more meaningful comparison to our airline industry peers.
Three Months Ended
(in millions)
June 30, 2026
June 30, 2025
Net cash provided by operating activities
$ 1,596
$ 1,856
Net cash used in investing activities
(1,512)
(1,199)
Adjusted for:
Pension plan contributions
4
47
Net cash flows related to certain airport construction projects and other
70
28
Strategic investments and related
51
—
Free cash flow
$ 209
$ 733
Six Months Ended
(in millions)
June 30, 2026
Net cash provided by operating activities
$ 4,027
Net cash used in investing activities
(2,775)
Adjusted for:
Pension plan contributions
4
Net cash flows related to certain airport construction projects and other
75
Strategic investments and related
105
Free cash flow
$ 1,436
Adjusted Net Debt. We use adjusted gross debt, including fleet operating lease liabilities (comprised of aircraft and engine leases and regional aircraft leases embedded within our capacity purchase agreements) and unfunded pension liabilities (if applicable), in addition to adjusted debt and finance leases, to present estimated financial obligations. We reduce adjusted total debt by cash, cash equivalents, and LGA restricted cash, resulting in adjusted net debt, to present the amount of assets needed to satisfy the debt. Management believes this metric is helpful to investors in assessing the company's overall debt profile.
(in millions)
June 30, 2026
December 31,
2025
June 30, 2025
2Q26 vs 4Q25
$ Change
Debt and finance lease obligations
$ 13,952
$ 14,113
$ 15,056
Plus: sale-leaseback financing liabilities
1,749
1,779
1,807
Plus: unamortized discount/(premium) and debt issue cost, net and other
(12)
(6)
5
Adjusted debt and finance lease obligations
$ 15,688
$ 15,885
$ 16,868
Plus: fleet operating lease liabilities
2,591
2,780
2,880
Adjusted gross debt
$ 18,279
$ 18,665
$ 19,749
Less: cash and cash equivalents
(4,665)
(4,310)
(3,331)
Less: LGA restricted cash
(22)
(56)
(102)
Adjusted net debt
$ 13,591
$ 14,300
$ 16,316
$ (709)
Gross Capital Expenditures. We adjust capital expenditures for the following item to determine gross capital expenditures for the reason described below:
Net cash flows related to certain airport construction projects. Cash flows related to certain airport construction projects are included in capital expenditures. We adjust for these items because management believes investors should be informed that a portion of these capital expenditures from airport construction projects are either funded with restricted cash specific to these projects or reimbursed by a third party.
Three Months Ended
(in millions)
June 30, 2026
June 30, 2025
Flight equipment, including advance payments
$ 1,244
$ 996
Ground property and equipment, including technology
214
213
Adjusted for:
Net cash flows related to certain airport construction projects
(16)
(41)
Gross capital expenditures
$ 1,442
$ 1,168
After-tax Return on Invested Capital ("ROIC"). We present after-tax return on invested capital as management believes this metric is helpful to investors in assessing the company's ability to generate returns using its invested capital. Return on invested capital is tax-effected adjusted operating income (using our effective tax rate for each respective period) divided by average adjusted invested capital. Average stockholders' equity and average adjusted gross debt are calculated using amounts as of the end of the current period and comparable period in the prior year. All adjustments to calculate ROIC are intended to provide a more meaningful comparison of our results to comparable companies.
Interest expense included in aircraft rent. This adjustment relates to interest expense related to operating lease transactions. Adjusting for these results allows investors to better understand our core operational performance in the periods shown as it neutralizes the effect of lease financing structure.
Delta Air Lines uvedla, že vyšší ceny letenek by měly vydržet a její ziskový cíl pro rok 2026 je letos na dosah. Na třetí čtvrtletí čeká EPS 2,00 až 2,50 USD a pro celý rok potvrdila výhled EPS 6,50 až 7,50 USD.
Delta Air Lines' profit goal is in reach this year as the carrier passes along higher fuel costs to customers, pricing power CEO Ed Bastian expects to last even as oil prices drop from multiyear highs
"I think it's sustainable," Bastian told CNBC in an interview. He said fares will likely stay strong thanks to robust demand, more diverse seat options, and a more disciplined airline industry that's learned from the past and isn't likely to expand capacity as soon oil falls.
Delta on Friday forecast third-quarter per-share earnings of between $2.00 and $2.50, compared with analysts' estimates of $2.02 a share for the period. The company also projected revenue would be up in the mid-teens compared with the July-through-September period of 2025. For the full-year, the carrier reaffirmed its January per-share earnings forecast of between $6.50 and $7.50.
Here's what Delta reported for the second quarter compared with what Wall Street was expecting, based on consensus estimates from LSEG:
Earnings per share: $1.56 adjusted vs. $1.48 expectedRevenue: $17.67 billion adjusted vs. $17.53 billion expectedBastian said demand is strong across the board, noting that Delta, the most profitable U.S. airline, caters to higher-income customers in the K-shaped economy.
Indeed, its premium seat sales outpaced the back of the plane in coach. Its premium tickets like first class brought in $6.92 billion in revenue for the quarter, while the main cabin reported $6.85 billion in revenue.
Bastian said World Cup demand was stronger than expected, including from inbound visitors to the U.S. In an earnings release, the airline also said corporate travel rose in the second quarter, with the aerospace and defense, banking, and automotive sectors leading growth.
watch now
Carriers have scaled back growth plans and pruned unprofitable flights after this year's record run-up in fuel, and airfares have surged. According to the latest federal data, May airfare was up nearly 27% compared with last year, though executives say they still haven't passed the entirety of the higher fuel bill on to consumers. Bastian said Delta was passing along about 60% to consumers, and that should get to close to 100% this quarter.
Delta's second-quarter revenue per available seat mile, a measure of how much an airline is bringing in for each seat it flies, was up 17% from a year earlier, though its cost-per-available seat mile rose 21%. (Delta has other revenue streams including cargo, a maintenance business and its fuel refinery.)
Delta's net income dropped 25% in the second quarter from a year earlier to $1.6 billion, or $2.44 a share, though operating revenue was up 19% from the 2025 period to $19.76 billion. Adjusting for one-time items including third-party refinery sales, Delta posted earnings of $1.03 billion, or $1.56 a share.
Delta's refinery was also a bright spot, with revenue in the Trainer, Pennsylvania, facility surging 83% to $2.09 billion.
Delta Air Lines oznámila silné výsledky za 2. čtvrtletí, překonala odhady analytiků a potvrdila celoroční ziskovost navzdory vyšším nákladům na palivo. Tržby vzrostly o 14 % na 17,7 miliardy USD.
Soccer fans watch Spain celebrate over over Saudi Arabia during the FIFA World Cup 2026 match on June 21st at Atlanta Stadium. (Photo by Rich von Biberstein)
Icon Sportswire via Getty Images
The airline industry earnings season got off to a good start Friday as Delta reported strong second quarter results, beat Wall Street estimates and forecast a profitable full year, all despite absorbing an estimated $4 billion in increased 2026 fuel costs. “We’re seeing strong demand for our product,” Delta CFO Erik Snell told reporters on a media call on Thursday. He cited “Demand for all of our segments across the board, not only our premium product.”
As the industry continues to reflect broader economic trends, Snell said “Demand across the board for not only Delta but for the travel experience is so great. People are disproportionately placing their discretionary income in experiences and travel.”
For instance, he cited demand stimulated by World Cup games in the United States. Delta was initially concerned, he said, “because these types of events don’t always have a positive impact,” as some travelers avoid destinations where large crowds are expected. However, he said, “We’ve been pleasantly surprised with the inbound traffic to the U.S. to support the World Cup. We’ve certainly been a beneficiary of that travel.”
In general, airlines have been able to raise fares sufficiently to recapture much of the vast increase in the cost of fuel due to the Iran war. “We know the playbook at times like this when fuel is high,” Snell said, noting Delta’s $4 billion in increased full year fuel costs. In the second quarter, he said, Delta recovered about 60% of its added fuel cost, with that recovery rate expected to increase in the second half. Second quarter fuel costs were about $2 billion higher due, he said
When a reporter asked about the recent resumption of bombing in Iran, Snell responded, “Fuel will continue to remain volatile” and reminded that even “with higher fuel prices, we have managed to generate meaningful profit.” He noted that Delta’s ownership of a refinery benefits the carrier, contributing11 cents to the second quarter per share profit.
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Delta’s continued leadership of the airline industry, which has persisted since the turn of the century bankruptcies, has been reflected in its stock price gains. Through Thursday, Delta shares were up 29% year-to-date. Southwest shares were up 19%, United was up 14% and America was up 10%.
For the second quarter, Delta reported pre-tax income of $1.359 billion, down 25% from $1.820 billion in the same quarter a year earlier. Revenue was $17.7 billion, up 14%. Adjusted per share earnings were $1.56: analysts had estimated $2.02 per share. The carrier’s operating margin was 9%. In a press release, the carrier said it expects “continued momentum in 3Q with mid-teens revenue growth and double-digit margin,” as well as full-year adjusted earnings per share of $6.50 to $7.50, up 20% year over year.
Delta also said American Express remuneration grew 16% to $2.4 billion. Snell said remuneration will total $9 billion for the full year. Credit card partnerships have become increasingly important to the industry, with all three global carriers saying they eventually expect annual remuneration of $10 billion. Delta/American Express continue to lead the segment.
Delta’s gains reflected the broader expectations for the industry. In a note released Wednesday, Bank of America analyst Andrew Didora wrote, “We see a constructive setup into 2Q26 earnings, driven by strong demand trends and significantly lower fuel prices. Industry pricing has remained firm following the spring fare increases, while booking trends suggest a greater share of 3Q26 demand remains exposed to higher fares.”
Didora said industry capacity growth “remains relatively modest through the summer before accelerating in the fourth quarter,” noting “While the near-term supply backdrop remains supportive, we expect more capacity and lower fuel to result in moderating unit revenues.
