Track market-moving stories before they get noisy

The average 30-year fixed mortgage rate climbed to 6.85% on July 23, 2026, according to Mortgage News Daily’s daily index, up from 6.68% at the start of the prior week and the first time in 2026 that rates have run higher than the same point last year. Matthew Graham, chief operating officer of Mortgage News Daily, described the rise in Treasury yields as “a slow-motion train wreck playing out since March.” Mortgages track those yields, and the yields have been tracking a war.

From Ceasefire to Renewed Strikes The conflict began when U.S. and Israeli forces launched large-scale strikes on Iran on February 28, 2026, and Iran retaliated against U.S. and regional targets. A 60-day U.S.-Iran memorandum of understanding in April 2026 briefly cooled things off. During that window, oil prices fell roughly 20% from their 2026 peak. That truce collapsed this month, with both sides trading renewed attacks, and markets have been repricing the risk ever since.

Oil moved first. Brent crude, which had touched $68.53 a barrel on July 2, 2026, rebounded to $86.99 by July 20. West Texas Intermediate settled at $84.38 per barrel. After the initial February strikes, Brent surged 10% to 13% to roughly $80 to $82 a barrel, and the International Energy Agency characterized the resulting disruption as the largest supply disruption in the history of the global oil market, largely because roughly 20% of global oil trade passes through the Strait of Hormuz.

The Bond Market Does the Rest Higher oil feeds inflation expectations, lifting long yields. The 10-year Treasury yield, the benchmark most closely tied to mortgages, rose from 4.48% on July 1 to 4.71% on July 23, a 23 basis point move over three weeks. The 30-year yield rose from 4.97% to 5.17% over the same period. Gasoline has already reflected the shift: the national average sits at $4.00 per gallon as of July 20, 2026, up 3.8% on the week.

Mortgage rates had a different story only weeks earlier. The average 30-year fixed rate hit 6.55% in mid-July after renewed Iranian strikes rattled markets, itself a jump from ceasefire levels. Before the February strikes, rates had briefly dropped below 6% for the first time in four years.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Zillow Group didn't make the cut. Grab the names FREE today.

A Housing Market Losing Altitude The reversal is landing on a market that never fully recovered. Existing-home sales came in at 4.09 million (annualized) in June 2026, down 2.4% from May, in what FRED classifies as soft market territory. Sales hit a nine-month low after mortgage rates jumped back up toward 6.45% or higher. Consumer sentiment has followed the same trajectory, with the University of Michigan index at 44.8 in May 2026, down 5.0 points from April and deep in pessimistic territory.

Zillow (NASDAQ:Z | Z Price Prediction), which had forecast 4.3% growth in existing-home sales for 2026, cut that projection to 2.33% if elevated rates persisted through July 1, and warned of a possible 0.73% decline if rates stayed 50 basis points above the original trajectory alongside rising unemployment.

Zillow still expects rates to drift modestly lower to around 6.4% by the end of 2026, a forecast made before the ceasefire cracked. The signal to watch over the next two months is straightforward: whether the Strait of Hormuz stays open, and whether the 10-year yield tops 4.75%. Everything on a rate sheet keys off those two lines.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Zillow Group didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

, /PRNewswire/ -- Regeneron Pharmaceuticals (NASDAQ: REGN) faces a securities class action lawsuit after its surprising revelations concerning a Phase 3 clinical trial of a therapy intended to treat patients with melanoma.

The news that the trial failed drove the price of Regeneron shares sharply lower and, along with the severe market reaction ($11 billion market cap wipeout), triggered the lawsuit which seeks to represent investors who purchased or otherwise acquired shares of Regeneron common stock between August 1, 2025 and May 15, 2026. 

National shareholder rights firm Hagens Berman is investigating the legal claims and urges Regeneron investors with substantial losses to submit your losses now.  The firm also invites persons who may be able to assist in the investigation to contact its attorneys.

Class Period: Aug. 1, 2025 – May 15, 2026

Lead Plaintiff Deadline: Sept. 14, 2026

Visit: http://www.hbsslaw.com/investor-fraud/regn 

Contact the Firm Now: [email protected]
844-916-0895

Regeneron Pharmaceuticals, Inc. (REGN) Securities Class Action:

The litigation is focused on the propriety of Regeneron's repeated optimism about the state of- (and changes to-) its Phase 3 trial of Fianlimab in combination with Libtayo as a first-line treatment for metastatic or locally advanced melanoma (the "Study").

The Study's primary endpoint was progression-free survival ("PFS") and Regeneron has characterized the combination as a "potential blockbuster." "Events" – disease progression or death – determined the timing and statistical power of the primary PFS analysis.

The complaint alleges that Regeneron made false and misleading statements while failing to disclose critical information to investors. In particular, the lawsuit accuses the company and its management of not informing investors that the Study's preliminary statistical assumptions were flawed, the active treatment arm was not achieving meaningful differentiation over standard therapies, and achievement of its primary endpoint was unlikely.

Throughout the Class Period, Regeneron and the other defendants assured investors of their confidence in the Trial's achieving its primary endpoint even when events were slowing down. At one point, management said the slowing event rates are "because the test arms are performing well."

The truth began to emerge on April 29, 2026, when Regeneron first revealed that it decided to alter the Trial protocol such that "t]he primary analysis of progression-free survival will now consider all patients enrolled in the study with a minimum follow-up of 6 months."

One prominent analyst reportedly questioned whether the decision was made because, in contrast to management's expressed confidence, the "underlying PFS benefit may be insufficient to show statistical significance."

Then, on May 12, 2026, Regeneron admitted that the decision to alter the Trial protocol was made in response to "slow event rates," occurred nearly six months ago, and was "submitted it to all the global regulatory authorities in November, December timeframe."

Three days later, the final blow came. On May 15, 2026, Regeneron abruptly reported the "trial did not reach statistical significance of the primary endpoint of improvement in progression-free survival (PFS)."

"We're focused on whether Regeneron altered the Trial protocol without timely telling investors to intentionally mislead them because the defendants knew so-called blockbuster potential for the combination wasn't really there," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation of the pending claims in the suit.

If you invested in Regeneron and have substantial losses, or have knowledge that will assist the firm's investigation, submit your losses now » 

If you'd like more information and answers to other frequently asked questions about the Regeneron case and the firm's investigation, read more »

Whistleblowers: Persons with non-public information regarding Regeneron should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

Attorney Advertising. Prior results do not guarantee a similar outcome in any future case.

SOURCE Hagens Berman Sobol Shapiro LLP

WALTHAM, Mass.--(BUSINESS WIRE)--Thermo Fisher Scientific today announced the global launch of Thermo Scientific™ InstaFlux™, an integrated media-on-demand enrichment workflow that helps food microbiology laboratories simplify media preparation, improve productivity and enhance sample traceability. Food testing laboratories face growing pressure to process more samples, meet turnaround expectations and maintain consistent quality while managing staffing constraints, sustainability goals and inc.

2.72K Followers

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Union Pacific Corp. (NYSE:UNP) on Thursday reported better-than-expected second-quarter 2026 results.

Adjusted diluted EPS of $3.41 topped the $3.24 estimate, while operating revenue rose 12% to $6.864 billion, beating the $6.713 billion estimate.

Management said second-half demand is tracking above initial expectations, supported by industrial activity, grain, petrochemicals and domestic intermodal.

Union Pacific shares closed at $304.33 on Thursday.

These analysts made changes to their price targets on Union Pacific following earnings announcement.

Wells Fargo analyst Christian Wetherbee maintained the stock with an Overweight rating and raised the price target from $315 to $335. Benchmark analyst Nathan P. Martin maintained the stock with a Buy and raised the price target from $325 to $335. Considering buying UNP stock? Here’s what analysts think:

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HomeStock IdeasLong IdeasTech 

SummaryBroadcom continues to ride the AI infrastructure boom, with multi-year custom chip programs for leading AI labs like OpenAI and Anthropic.AVGO's revenue backlog is likely to be lifted further, as hyperscalers aggressively scale compute capacity and custom chip demand accelerates to improve cost efficiencies.Valuation remains highly disconnected from AVGO's earnings growth inflection, with forward P/E near historical averages despite revenue estimates exceeding $230B by FY2028.I see the recent valuation disconnect with Broadcom's price action as highly suggestive of an accumulation phase rather than a further breakdown.Broadcom remains fundamentally well-positioned to capitalize on the highly compute-constrained environment as AI custom compute becomes even more pivotal in this AI race.Looking for a helping hand in the market? Members of Ultimate Growth Investing get exclusive ideas and guidance to navigate any climate. Learn More » Sundry Photography/iStock Editorial via Getty Images

Do not fret over Broadcom's massive backlog conversion risk Semiconductor stocks continue to come under pressure, and even the leading bellwethers like Broadcom (AVGO) aren't immune.

Broadcom has been a massive beneficiary of

48.91K Followers

Analyst’s Disclosure: I/we have a beneficial long position in the shares of AVGO, AMD, NVDA, META either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Nucor Corporation (NYSE:NUE) will release its second-quarter earnings report after the closing bell on Monday, July 27.

Analysts expect the steel producer to report quarterly earnings of $4.53 per share. That’s up from $2.65 per share in the year-ago period. The consensus estimate for Nucor’s quarterly revenue is $10.13 billion. It reported $8.46 billion last year, according to Benzinga Pro.

With the recent buzz around Nucor, some investors may be eyeing potential gains from the company’s dividends. As of now, the company has an annual dividend yield of 0.93%, which is a quarterly dividend amount of 56 cents per share ($2.24 a year).  

So, how can investors exploit its dividend yield to pocket a regular $500 monthly?

To earn $500 per month or $6,000 annually from dividends alone, you would need an investment of approximately $646,041 or around 2,679 shares. For a more modest $100 per month or $1,200 per year, you would need $129,256 or around 536 shares.

To calculate: Divide the desired annual income ($6,000 or $1,200) by the dividend ($2.24 in this case). So, $6,000 / $2.24 = 2,679 ($500 per month), and $1,200 / $2.24 = 536 shares ($100 per month).

Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price fluctuate over time.

How that works: The dividend yield is computed by dividing the annual dividend payment by the stock’s current price.

For example, if a stock pays an annual dividend of $2 and is currently priced at $50, the dividend yield would be 4% ($2/$50). However, if the stock price increases to $60, the dividend yield drops to 3.33% ($2/$60). Conversely, if the stock price falls to $40, the dividend yield rises to 5% ($2/$40).

Similarly, changes in the dividend payment can impact the yield. If a company increases its dividend, the yield will also increase, provided the stock price stays the same. Conversely, if the dividend payment decreases, so will the yield.

NUE Price Action: Shares of Nucor gained 2.2% to close at $241.15 on Thursday.

Barclays analyst Richard Garchitorena, on July 16, maintained Nucor with an Overweight rating. He also raised the price target from $270 to $272.

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AGNC Investment (AGNC +0.76%) stands out for its mammoth monthly dividend. The real estate investment trust (REIT) currently yields 13.4%, more than 10 times higher than the S&P 500 (1.1% yield).

The mortgage REIT supports its ultra-high-yielding payout with a large portfolio of mortgage investments. Here's a look at the portfolio behind AGNC Investment's dividend.

Image source: The Motley Fool.

The portfolio supporting the dividend AGNC Investment recently reported its second-quarter financial results, which included an update on its investment portfolio. The REIT's portfolio stood at $97.1 billion at the end of the second quarter, up $2.5 billion from the prior quarter. That's the second-largest portfolio among residential mortgage REITs behind Annaly Capital, which had a $109.4 billion investment portfolio at the end of the second quarter.

The bulk of AGNC Investment's portfolio ($92 billion or 95%) consists of fixed-rated Agency mortgage-backed securities (MBS: pools of mortgages guaranteed against credit losses by government agencies such as Fannie Mae). These primarily 30-year mortgages have a weighted-average coupon of 5.04%, up from 4.95% at the end of the first quarter. They provide the REIT with stable fixed income.

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Most of the REIT's remaining investments are Agency MBS backed by multifamily properties ($3.5 billion or 4%). AGNC also has some Agency MBS backed by adjustable-rate mortgages (ARMs: $815 million, or about 1%), as well as some other credit and non-Agency securities.

Focused on one low-risk asset class Almost all of AGNC Investment's portfolio is Agency MBS, which are extremely low-risk fixed-income investments. That low-risk profile allows AGNC Investment to leverage its capital to earn a higher return. It currently leverages its capital at 7.0 to 7.5 times (7.4x at the end of the second quarter). That leverage boosts its returns.

In the current market environment, the REIT can earn a return on equity of 15% to 17% on new MBS investments if it leverages its capital at 7-7.5x. That's an attractive return compared to its current dividend level. AGNC Investment can sell stock at around a 13.5% yield and leverage that capital into new MBS investments, earning returns of 15% to 17%. That aligns with the economics of its dividend. As long as that alignment remains, AGNC can continue paying its current dividend.

AGNC's strategy is paying dividends AGNC Investment focuses exclusively on investing in Agency MBS, which are very low-risk fixed-income investments. That allows it to prudently use leverage to boost returns and provides it with the income to support its high dividend yield. While that use of leverage increases its risk, the REIT has navigated the market's challenges over the past few years, enabling it to maintain its dividend for 75 consecutive months. The REIT's investment strategy should continue to pay off for investors as long as there isn't a meaningful deterioration in the returns it can earn on levered Agency MBS investments.

Posted by Defense World Staff on Jul 24th, 2026

ABN Amro Investment Solutions increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 18.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,712 shares of the natural resource company’s stock after acquiring an additional 11,033 shares during the period. ABN Amro Investment Solutions’ holdings in Freeport-McMoRan were worth $4,098,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of FCX. Arrowstreet Capital Limited Partnership increased its stake in Freeport-McMoRan by 98.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock valued at $1,014,434,000 after acquiring an additional 9,924,573 shares during the period. Franklin Resources Inc. increased its stake in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after acquiring an additional 8,891,743 shares during the period. Amundi raised its position in Freeport-McMoRan by 102.5% in the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock worth $721,806,000 after purchasing an additional 7,192,955 shares in the last quarter. PointState Capital LP acquired a new position in Freeport-McMoRan in the fourth quarter worth about $198,523,000. Finally, Victory Capital Management Inc. lifted its stake in Freeport-McMoRan by 28.9% during the fourth quarter. Victory Capital Management Inc. now owns 17,366,596 shares of the natural resource company’s stock worth $882,050,000 after purchasing an additional 3,894,872 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In A number of research firms have weighed in on FCX. Stifel Nicolaus lifted their price objective on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday. BMO Capital Markets reaffirmed an “outperform” rating and issued a $78.00 price target on shares of Freeport-McMoRan in a research note on Thursday. Bank of America upped their price target on Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Scotiabank upped their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a report on Monday, June 15th. Finally, Barclays increased their target price on shares of Freeport-McMoRan from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $68.95.

Check Out Our Latest Analysis on FCX

Key Stories Impacting Freeport-McMoRan Here are the key news stories impacting Freeport-McMoRan this week:

Positive Sentiment: FCX reported second-quarter earnings of $0.74 per share, ahead of the $0.62 consensus, while revenue of $7.03 billion also topped estimates, helped by higher realized metal prices. Article Title Positive Sentiment: Freeport-McMoRan said net income rose sharply year over year, and commentary around strong income growth and improved operations points to healthy underlying profitability. Article Title Positive Sentiment: Higher copper prices provided a tailwind to results, and one analyst also raised FCX’s price target to $80, suggesting some optimism remains around the stock’s longer-term setup. Article Title Neutral Sentiment: Management posted its quarterly and six-month results and highlighted strategic expansions, but also noted challenges from capital spending and regulatory approvals. Article Title Negative Sentiment: Shares are under pressure because lower operating rates at the Grasberg mine and a softer copper sales outlook for the next quarter have raised concerns about near-term production and revenue. Article Title Negative Sentiment: Recent weakness in copper prices has also weighed on sentiment across the sector, adding to investor caution around FCX’s near-term earnings momentum. Article Title Freeport-McMoRan Trading Down 2.6% Shares of FCX opened at $63.31 on Friday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28. The firm has a market capitalization of $91.01 billion, a PE ratio of 33.67, a price-to-earnings-growth ratio of 0.64 and a beta of 1.37. The stock’s fifty day simple moving average is $63.59 and its 200-day simple moving average is $62.33.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last released its earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the prior year, the company posted $0.54 EPS. The company’s revenue was down 7.3% compared to the same quarter last year. As a group, research analysts predict that Freeport-McMoRan Inc. will post 2.72 earnings per share for the current year.

Freeport-McMoRan Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is presently 15.96%.

Freeport-McMoRan Profile (Free Report)

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

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

Recommended Stories Five stocks we like better than Freeport-McMoRan Premium Retail’s Stress Test Is Separating Winners From Losers D-Wave Quantum or a Quantum ETF: Which Is the Better Bet? GE Vernova Just Sent a Mixed AI Signal to Investors Alphabet Crushed Earnings, But One Number Spooked the Market Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX – Free Report).

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« PREVIOUS HEADLINEABN Amro Investment Solutions Has $2.81 Million Stock Position in SEI Investments Company $SEIC

Delivered diluted earnings per share (EPS) increase of 10%, or 11% on an adjusted basis and 12% on an adjusted basis at constant currency (1)Raised 2026 financial guidance, now assuming low single-digit RTM growth and expecting mid-to-high single-digit adjusted diluted EPS growthAchieved revenue ton miles (RTMs) increase of 5% year over year with strong overall volumes driven primarily by grain and energy productsRealized record first half and second quarter fuel efficiency performance Repurchased approximately 3 million shares for C$454 million Generated free cash flow of C$1,842 million, an increase of 19% for the first half of 2026 (consisting of net cash provided by operating activities of C$2,876 million and net cash used in investing activities of C$1,034 million) (1) MONTREAL, July 24, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today reported its financial and operating results for the second quarter ended June 30, 2026.

“I want to thank the CN team for the strong results this quarter, which reflect their discipline, focus, and execution. We delivered on our key commitments, with solid operational and commercial performance, improved productivity, strong cash flow generation, and continued financial discipline. We are raising our full-year guidance, supported by sustained business momentum and our continued ability to deliver results for our customers.”

–    Tracy Robinson, President and Chief Executive Officer, CN

Second-Quarter 2026 Results Highlights
CN saw improvements across operating metrics, with strong commercial and service performance. Gross ton miles (GTMs) increased by 3% to 121,082 (millions), while RTMs increased by 5% to 62,250 (millions). The Company delivered diluted EPS of C$2.06, an increase of 10%, and adjusted diluted EPS of C$2.08, an increase of 11%, or C$2.09 on an adjusted basis at constant currency, an increase of 12%. (1)

The quarter’s operating performance reflects the Company’s continued priority on operational execution as well as its ability to provide solid service to customers, allowing it to capture demand in grain and in other markets.

Quarterly Financial Results Highlights
Second-quarter 2026 compared to second-quarter 2025

Revenues of C$4,753 million, an increase of C$481 million, or 11%.Operating income of C$1,781 million, an increase of C$143 million, or 9%, and adjusted operating income of C$1,798 million, an increase of C$160 million, or 10%. (1)Operating ratio, defined as operating expenses as a percentage of revenues, of 62.5%, an increase of 80 basis points, and adjusted operating ratio of 62.2%, an increase of 50 basis points. (1)Net income of C$1,249 million, an increase of C$77 million, or 7%, and adjusted net income of C$1,261 million, an increase of C$89 million, or 8%. (1)Diluted EPS of C$2.06, an increase of 10% and adjusted diluted EPS of C$2.08, an increase of 11%, or C$2.09 on an adjusted basis at constant currency, an increase of 12%. (1)Net cash provided by operating activities of C$2,876 million and net cash used in investing activities of C$1,034 million for the first half of 2026.Free cash flow for the first half of 2026 was C$1,842 million, an increase of C$294 million, or 19%. (1)Adjusted EBITDA reported for the twelve months ended June 30, 2026 of C$8,832 million, an increase of 4%. (1)Adjusted debt-to-adjusted EBITDA of 2.61 times as at and for the twelve months ended June 30, 2026. (1)Repurchased approximately 2.9 million shares in the second quarter of 2026 for C$454 million. Quarterly Operating Performance Highlights *
Second-quarter 2026 compared to second-quarter 2025

GTMs increased 3% to 121,082 (millions).RTMs increased 5% to 62,250 (millions).Through dwell increased by 4% to 7.1 (entire railroad, hours).Car velocity decreased by 1% to 211 (car miles per day).Through network train speed increased by 1% to 19.1 (mph).Fuel efficiency of 0.836 (US gallons of locomotive fuel consumed per 1,000 GTMs), was 3% more efficient.Train length increased by 1% to 8,084 (feet).GTMs per average number of employees increased 9% to 5,105 (thousands).Operating expenses per GTM increased 9% to 2.45 (cents). * Statistical operating data and key operating measures are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available.

Dividends
CN's Board of Directors has approved a third-quarter 2026 dividend on the Company’s common shares outstanding. A quarterly dividend of ninety-one and a half cents (C$0.9150) per common share will be paid on September 29, 2026, to shareholders of record at the close of business on September 8, 2026.

Revised 2026 financial guidance (1)(2) 
Based on strong volume and solid operational execution in the first half of the year, the Company now assumes to deliver low single-digit RTM growth in 2026 (compared to its January 30, 2026 assumption of flattish growth). The Company now expects adjusted diluted EPS growth in the mid-to-high single-digit range (compared to its January 30, 2026 expectation of slightly exceeding RTM growth).

In 2026, CN continues to plan to invest approximately C$2.8 billion in its capital program, net of amounts reimbursed by customers. The Company also expects to continue improving its free cash flow conversion throughout 2026.

CONFERENCE CALL DETAILS
CN's senior officers will review the results and the railway's outlook in a conference call starting at 8:30 a.m. Eastern Time on July 24, 2026. Tracy Robinson, CN President and Chief Executive Officer, will lead the call. Parties wishing to participate via telephone may dial 1-800-715-9871 (Canada/U.S.), or 1-647-932-3411 (International), using 2015414 as the passcode. Participants are advised to dial in 10 minutes prior to the call.

(1) Non-GAAP Measures
CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP). CN may also use non-GAAP measures in this news release that do not have any standardized meaning prescribed by GAAP. These non-GAAP measures may not be comparable to similar measures presented by other companies. For further details of these non-GAAP measures, including a reconciliation to the most directly comparable GAAP financial measures, refer to the attached supplementary schedule, Non-GAAP Measures.

CN's outlook, guidance or targets (2) exclude certain adjustments, which are expected to be comparable to adjustments made in prior years. However, management cannot individually quantify on a forward-looking basis the impact of these adjustments, which could be significant, are difficult to predict and may be highly variable. As a result, CN does not provide a corresponding GAAP measure for, or reconciliation to, its outlook, guidance or targets.

(2) Forward-Looking Statements
Certain statements included in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management’s assessment and assumptions and publicly available information with respect to CN. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as "believes," "expects," "anticipates," "assumes," "outlook," "plans," "targets," "goals," or other similar words.

2026 key assumptions
CN has made a number of economic and market assumptions in preparing its 2026 outlook. The 2025/2026 grain crops in Canada and the U.S. were above their respective five-year averages. The Company continues to assume that the 2026/2027 grain crops in Canada and the U.S. will be in line with their respective five-year averages. CN now assumes low single-digit RTM growth (compared to its January 30, 2026 assumption of flattish growth). CN now assumes that in 2026, the value of the Canadian dollar in U.S. currency will be $0.71 (compared to its April 29, 2026 assumption of $0.73), and continues to assume that in 2026 the average price of crude oil (West Texas Intermediate) will be in the range of US$80 - US$110 per barrel. The Company notes there is a heightened demand risk as a result of volatile macroeconomic conditions, geopolitical conflicts and global trade tensions.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, general economic and business conditions, including factors impacting global supply chains such as pandemics and geopolitical conflicts or tensions; trade restrictions, trade barriers, or the imposition of tariffs or other changes to international trade arrangements; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators and other regulatory claims or proceedings; increases in maintenance and operating costs; security threats; reliance on technology, including the use of artificial intelligence, and related cybersecurity risk; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings and other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; the availability of and cost competitiveness of renewable fuels and the development of new locomotive propulsion technology; reputational risks; supplier concentration; pension funding requirements and volatility; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be made to Management’s Discussion and Analysis (MD&A) in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN.

The achievement of CN’s climate goals is subject to several risks and uncertainties, including those disclosed in the MD&A in CN’s annual and interim reports. There can be no certainty that the Company will achieve any or all of these goals within the stated timeframe, or that achieving any of these goals will meet all of the expectations of its stakeholders or applicable legal requirements.

Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Information contained on, or accessible through, our website is not incorporated by reference into this news release.

This earnings news release, as well as additional information, including the Financial Statements, Notes thereto and MD&A, is contained in CN’s Quarterly Review available on the Company's website at www.cn.ca/financial-results and on SEDAR+ at www.sedarplus.ca as well as on the U.S. Securities and Exchange Commission's website at www.sec.gov through EDGAR.

About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.

Contacts: MediaInvestment CommunityAshley MichnowskiJamie LockwoodSenior ManagerVice-President, Investor RelationsMedia Relationsand Special Projects(438) 596-4329(514) [email protected]@cn.ca     SELECTED RAILROAD STATISTICS – UNAUDITED

 Three months ended June 30
 Six months ended June 30
 2026 2025  2026 2025 Financial measures         Key financial performance indicators (1)         Total revenues ($ millions)4,753 4,272  9,132 8,675 Freight revenues ($ millions)4,559 4,090  8,826 8,378 Operating income ($ millions)1,781 1,638  3,330 3,248 Adjusted operating income ($ millions) (2)(3)1,798 1,638  3,364 3,248 Net income ($ millions) 1,249 1,172  2,395 2,333 Adjusted net income ($ millions) (2)(3)1,261 1,172  2,363 2,333 Diluted earnings per share ($) 2.06 1.87  3.93 3.71 Adjusted diluted earnings per share ($) (2)(3)2.08 1.87  3.88 3.71 Net cash provided by operating activities ($ millions)1,611 1,745  2,876 2,909 Net cash used in investing activities ($ millions)669 823  1,034 1,361 Free cash flow ($ millions) (2)(4)942 922  1,842 1,548 Gross property additions ($ millions)695 805  1,134 1,324 Share repurchases ($ millions)454 306  1,323 407 Dividends per share ($)0.9150 0.8875  1.8300 1.7750 Financial ratio         Operating ratio (%) (5)62.5 61.7  63.5 62.6 Adjusted operating ratio (%) (2)(3)62.2 61.7  63.2 62.6 Operational measures (6)         Statistical operating data         Gross ton miles (GTMs) (millions)121,082 117,335  239,471 232,178 Revenue ton miles (RTMs) (millions)62,250 59,215  124,084 119,264 Carloads (thousands)1,409 1,414  2,745 2,727 Route miles (includes Canada and the U.S., end of period)18,900 18,900  18,900 18,900 Employees (end of period)23,825 24,912  23,825 24,912 Employees (average for the period)23,719 25,003  23,636 24,815 Key operating measures         Freight revenue per RTM (cents)7.32 6.91  7.11 7.02 Freight revenue per carload ($)3,236 2,893  3,215 3,072 GTMs per average number of employees (thousands)5,105 4,693  10,132 9,356 Operating expenses per GTM (cents)2.45 2.24  2.42 2.34 Labor and fringe benefits expense per GTM (cents)0.73 0.73  0.75 0.77 Diesel fuel consumed (US gallons in millions)101.2 101.5  206.8 206.8 Average fuel price ($ per US gallon)5.67 3.55  4.86 3.98 Fuel efficiency (US gallons of locomotive fuel consumed per 1,000 GTMs)0.836 0.865  0.864 0.891 Train weight (tons)9,404 9,125  9,350 9,101 Train length (feet)8,084 8,016  7,979 7,863 Car velocity (car miles per day)211 213  206 200 Through dwell (entire railroad, hours)7.1 6.8  7.3 7.3 Through network train speed (miles per hour)19.1 18.9  18.9 18.3 Locomotive utilization (trailing GTMs per total horsepower)202 190  200 187 Safety indicators (7)         Injury frequency rate (per 200,000 person hours)1.01 0.83  1.09 0.97 Accident rate (per million train miles)2.30 1.56  2.26 1.82  (1)Amounts expressed in Canadian dollars and prepared in accordance with United States generally accepted accounting principles (GAAP), unless otherwise noted.(2)These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.(3)See the supplementary schedule entitled Non-GAAP Measures – Adjusted performance measures for an explanation of these non-GAAP measures.(4)See the supplementary schedule entitled Non-GAAP Measures – Free cash flow for an explanation of this non-GAAP measure.(5)Operating ratio is defined as operating expenses as a percentage of revenues.(6)Statistical operating data, key operating measures and safety indicators are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available. Definitions of gross ton miles, revenue ton miles, freight revenue per RTM, fuel efficiency, train weight, train length, car velocity, through dwell and through network train speed are included within the Company’s Management’s Discussion and Analysis. Definitions of all other indicators are provided on CN's website, www.cn.ca/glossary.(7)Based on Federal Railroad Administration (FRA) reporting criteria.   SUPPLEMENTARY INFORMATION – UNAUDITED

 Three months ended June 30 Six months ended June 30 2026 2025 % Change
Fav (Unfav) % Change at
constant
currency (1)
Fav (Unfav)  2026 2025 % Change
Fav (Unfav) % Change at
constant
currency (1)
Fav (Unfav) Revenues ($ millions) (2)             Petroleum and chemicals941 808 16%17% 1,869 1,723 8%10%Metals and minerals528 496 6%7% 996 1,019 (2%)(1%)Forest products495 461 7%8% 929 955 (3%)(1%)Coal243 242 —%—% 462 488 (5%)(5%)Grain and fertilizers980 834 18%18% 2,029 1,785 14%15%Intermodal1,087 1,008 8%8% 2,049 1,948 5%6%Automotive285 241 18%18% 492 460 7%8%Total freight revenues4,559 4,090 11%12% 8,826 8,378 5%7%Other revenues194 182 7%7% 306 297 3%4%Total revenues4,753 4,272 11%11% 9,132 8,675 5%7%Revenue ton miles (RTMs) (millions) (3)             Petroleum and chemicals11,874 10,740 11%11% 24,558 22,576 9%9%Metals and minerals7,030 7,074 (1%)(1%) 13,086 13,826 (5%)(5%)Forest products5,216 5,113 2%2% 10,128 10,500 (4%)(4%)Coal5,078 5,058 —%—% 9,905 10,504 (6%)(6%)Grain and fertilizers18,369 16,513 11%11% 37,894 33,763 12%12%Intermodal13,730 13,856 (1%)(1%) 26,793 26,442 1%1%Automotive953 861 11%11% 1,720 1,653 4%4%Total RTMs62,250 59,215 5%5% 124,084 119,264 4%4%Freight revenue / RTM (cents) (2)(3)             Petroleum and chemicals7.92 7.52 5%5% 7.61 7.63 —%1%Metals and minerals7.51 7.01 7%7% 7.61 7.37 3%5%Forest products9.49 9.02 5%5% 9.17 9.10 1%3%Coal4.79 4.78 —%—% 4.66 4.65 —%1%Grain and fertilizers5.34 5.05 6%6% 5.35 5.29 1%2%Intermodal7.92 7.27 9%9% 7.65 7.37 4%4%Automotive29.91 27.99 7%7% 28.60 27.83 3%4%Total freight revenue / RTM7.32 6.91 6%6% 7.11 7.02 1%3%Carloads (thousands) (3)             Petroleum and chemicals170 154 10%10% 340 317 7%7%Metals and minerals234 239 (2%)(2%) 448 452 (1%)(1%)Forest products70 71 (1%)(1%) 137 144 (5%)(5%)Coal110 115 (4%)(4%) 218 233 (6%)(6%)Grain and fertilizers194 177 10%10% 389 355 10%10%Intermodal573 602 (5%)(5%) 1,107 1,119 (1%)(1%)Automotive58 56 4%4% 106 107 (1%)(1%)Total carloads1,409 1,414 —%—% 2,745 2,727 1%1%Freight revenue / carload ($) (2)(3)             Petroleum and chemicals5,535 5,247 5%6% 5,497 5,435 1%3%Metals and minerals2,256 2,075 9%9% 2,223 2,254 (1%)—%Forest products7,071 6,493 9%9% 6,781 6,632 2%4%Coal2,209 2,104 5%5% 2,119 2,094 1%2%Grain and fertilizers5,052 4,712 7%7% 5,216 5,028 4%5%Intermodal1,897 1,674 13%13% 1,851 1,741 6%7%Automotive4,914 4,304 14%14% 4,642 4,299 8%10%Total freight revenue / carload3,236 2,893 12%12% 3,215 3,072 5%6% (1)This non-GAAP measure does not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. See the supplementary schedule entitled Non-GAAP Measures – Constant currency for an explanation of this non-GAAP measure.(2)Amounts expressed in Canadian dollars.(3)Statistical operating data and related key operating measures are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available.   NON-GAAP MEASURES – UNAUDITED

In this supplementary schedule, the "Company" or "CN" refers to Canadian National Railway Company, together with its wholly-owned subsidiaries. Financial information included in this schedule is expressed in Canadian dollars, unless otherwise noted.

CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP). The Company also uses non-GAAP measures that do not have any standardized meaning prescribed by GAAP, including adjusted performance measures, free cash flow, constant currency and adjusted debt-to-adjusted EBITDA multiple. These non-GAAP measures may not be comparable to similar measures presented by other companies. From management's perspective, these non-GAAP measures are useful measures of performance and provide investors with supplementary information to assess the Company's results of operations and liquidity. These non-GAAP measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.

Adjusted performance measures

Adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted operating expenses and adjusted operating ratio are non-GAAP measures that are used to set performance goals and to measure CN's performance and may include the following adjustments:

operating expense adjustments: workforce reduction program, advisory costs related to rail consolidation matters, depreciation expense on the deployment of a replacement system, advisory fees related to shareholder matters, losses and recoveries from assets held for sale, business acquisition-related costs;non-operating expense adjustments: business acquisition-related financing fees, merger termination income, gains and losses on disposal of property; andthe effect of changes in tax laws including rate enactments and changes in tax positions affecting prior years. These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.

For the three and six months ended June 30, 2026, the Company's adjusted net income was $1,261 million, or $2.08 per diluted share, and $2,363 million, or $3.88 per diluted share, respectively. The adjusted figures for the three and six months ended June 30, 2026 exclude advisory costs related to the analysis and advocacy for the U.S. Surface Transportation Board (STB) review of the impacts to fair competition pertaining to the potential merger between Union Pacific and Norfolk Southern of $17 million, or $12 million after-tax ($0.02 per diluted share) and $34 million, or $25 million after tax ($0.04 per diluted share), respectively, recorded in Purchased services and material within the Consolidated Statements of Income. The adjusted figures for the six months ended June 30, 2026 also exclude the sale of a portion of the Newmarket subdivision located in Washago and Sundridge, Ontario, Canada, together with rail fixtures, for cash proceeds of $84 million, which resulted in a gain of $66 million, or $57 million after-tax ($0.09 per diluted share) recorded in the first quarter of 2026 in Other income within the Consolidated Statements of Income.

For the three and six months ended June 30, 2025, the Company's net income was $1,172 million, or $1.87 per diluted share, and $2,333 million, or $3.71 per diluted share, respectively. There were no adjustments in the second quarter and the first half of 2025.

Adjusted net income is defined as Net income in accordance with GAAP adjusted for certain significant items. Management believes that adjusted net income provides additional insight to management and investors into the Company's operations and underlying business trends as well as facilitates period-to-period comparisons, as it excludes certain significant items that are not reflective of CN's underlying business operations and could distort the analysis of trends in business performance. Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted-average diluted shares outstanding. This measure helps management and investors evaluate the Company's profitability on a per-share basis, facilitating the assessment of period-over-period performance by removing the impact of significant, non-recurring items.   

The following table provides a reconciliation of Net income and Earnings per share in accordance with GAAP, as reported for the three and six months ended June 30, 2026 and 2025, to the non-GAAP adjusted performance measures presented herein:

 Three months ended June 30  Six months ended June 30 In millions, except per share data 2026  2025   2026  2025 Net income$            1,249  $        1,172  $     2,395  $      2,333 Adjustments:       Operating expense adjustment:       Advisory costs related to rail consolidation matters                    17                     —                 34                   — Non-operating expense adjustment:       Gain on disposal of property                     —                     —                (66)                 — Tax adjustment:       Tax effect of adjustments (1)                    (5)                   —                   —                   — Total adjustments$                 12  $              —  $         (32)$            — Adjusted net income$            1,261  $        1,172  $     2,363  $      2,333 Diluted earnings per share$              2.06  $         1.87  $       3.93  $       3.71 Impact of adjustments, per share                 0.02                     —            (0.05)                 — Adjusted diluted earnings per share$              2.08  $         1.87  $       3.88  $       3.71  (1)The tax impact of adjustments is based on the nature of the item for tax purposes and related tax rates in the applicable jurisdiction.   Adjusted operating income is defined as Operating income in accordance with GAAP adjusted for certain significant operating expense items that are not reflective of CN's underlying business operations. This measure helps management and investors assess the Company's core operating results by excluding items that may distort the analysis of ongoing business performance. Adjusted operating expenses is defined as Operating expenses in accordance with GAAP adjusted for certain significant operating expense items that are not reflective of CN's underlying business operations. This measure provides management and investors with a view of ongoing costs which exclude unusual or non-recurring items, enabling more accurate assessment of cost management and resource allocation across reporting periods. Adjusted operating ratio is defined as adjusted operating expenses as a percentage of revenues. For management and investors, the adjusted operating ratio serves as a key performance indicator of cost management and overall operational effectiveness, as it demonstrates how effectively management controls costs relative to total revenue by excluding unusual or non-recurring items.

The following table provides a reconciliation of Operating income, Operating expenses and operating ratio, as reported for the three and six months ended June 30, 2026 and 2025, to the non-GAAP adjusted performance measures presented herein:

 Three months ended June 30 Six months ended June 30In millions, except percentages 2026  2025   2026  2025 Operating income$1,781 $1,638  $3,330 $3,248 Adjustment:     Advisory costs related to rail consolidation matters 17  —   34  — Total adjustment$17 $—  $34 $— Adjusted operating income$1,798 $1,638  $3,364 $3,248       Operating expenses$2,972 $2,634  $5,802 $5,427 Total adjustment (17) —   (34) — Adjusted operating expenses$2,955 $2,634  $5,768 $5,427       Operating ratio 62.5% 61.7%  63.5% 62.6%Impact of adjustment (0.3
)%
 —%  (0.3
)%
 —%Adjusted operating ratio 62.2% 61.7%  63.2% 62.6%               Free cash flow

Free cash flow is a useful measure of liquidity as it demonstrates the Company's ability to generate cash for debt obligations and for discretionary uses such as payment of dividends, share repurchases, and strategic opportunities. The Company defines its free cash flow measure as the difference between net cash provided by operating activities and net cash used in investing activities, adjusted for the impact of (i) business acquisitions and combinations; and (ii) merger transaction-related payments, cash receipts and cash income taxes, which are items that are not indicative of operating trends. Free cash flow does not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.

The following table provides a reconciliation of net cash provided by operating activities in accordance with GAAP, as reported for the three and six months ended June 30, 2026 and 2025, to the non-GAAP free cash flow presented herein:

 Three months ended June 30 Six months ended June 30In millions 2026  2025   2026  2025 Net cash provided by operating activities$1,611 $1,745  $2,876 $2,909 Net cash used in investing activities (669) (823)  (1,034) (1,361)Free cash flow$942 $922  $1,842 $1,548                Constant currency

Financial results at constant currency allow results to be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons in the analysis of trends in business performance. Measures at constant currency are considered non-GAAP measures and do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. Financial results at constant currency are obtained by translating the current period results denominated in US dollars at the weighted average foreign exchange rates used to translate transactions denominated in US dollars of the comparable period of the prior year.

The weighted average foreign exchange rates were $1.384 and $1.378 per US$1.00 for the three and six months ended June 30, 2026, respectively and $1.385 and $1.411 per US$1.00 for the three and six months ended June 30, 2025, respectively. On a constant currency basis, the Company's net income for the three and six months ended June 30, 2026 would have been higher by $5 million ($0.01 per diluted share) and $26 million ($0.04 per diluted share), respectively.

The following table provides a reconciliation of the impact of constant currency and related percentage change at constant currency on the financial results, as reported for the three and six months ended June 30, 2026:

 Three months ended June 30Six months ended June 30
In millions, except per share data 2026 Constant
currency
impact
  2025 % Change at
constant
currency Fav
(Unfav)
  2026 Constant
currency
impact
  2025 % Change at
constant
currency Fav
(Unfav) Revenues        Petroleum and chemicals$941 $1 $808 17%$1,869 $25 $1,723 10%Metals and minerals 528  1  496 7% 996  17  1,019 (1%)Forest products 495  1  461 8% 929  16  955 (1%)Coal 243  —  242 —% 462  4  488 (5%)Grain and fertilizers 980  2  834 18% 2,029  24  1,785 15%Intermodal 1,087  —  1,008 8% 2,049  11  1,948 6%Automotive 285  —  241 18% 492  7  460 8%Total freight revenues 4,559  5  4,090 12% 8,826  104  8,378 7%Other revenues 194  —  182 7% 306  3  297 4%Total revenues 4,753  5  4,272 11% 9,132  107  8,675 7%Operating expenses        Labor and fringe benefits 889  (1) 862 (3%) 1,803  16  1,782 (2%)Purchased services and material 641  (2) 576 (11%) 1,264  6  1,153 (10%)Fuel 659  3  413 (60%) 1,142  26  931 (25%)Depreciation and amortization 486  —  489 1% 970  9  982 —%Equipment rents 106  —  105 (1%) 218  4  223 —%Other 191  (1) 189 (1%) 405  4  356 (15%)Total operating expenses 2,972  (1) 2,634 (13%) 5,802  65  5,427 (8%)Operating income 1,781  6  1,638 9% 3,330  42  3,248 4%Interest expense (241) —  (219)(10%) (475) (8) (452)(7%)Other components of net periodic benefit income 133  —  126 6% 266  —  251 6%Other income 7  —  16 (56%) 80  —  41 95%Income before income taxes  1,680  6  1,561 8% 3,201  34  3,088 5%Income tax expense (431) (1) (389)(11%) (806) (8) (755)(8%)Net income$1,249 $5 $1,172 7%$2,395 $26 $2,333 4%Diluted earnings per share $2.06 $0.01 $1.87 11%$3.93 $0.04 $3.71 7%         Adjusted net income (1)$1,261 $5 $1,172 8%$2,363 $26 $2,333 2%Adjusted diluted earnings per share  (1)$2.08 $0.01 $1.87 12%$3.88 $0.04 $3.71 6% (1)These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. See the section of this MD&A entitled Adjusted performance measures for an explanation and reconciliation of these non-GAAP measures. Adjusted net income at constant currency and adjusted diluted EPS at constant currency allow results to be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons in the analysis of trends in business performance. For the three months ended June 30, 2026, the Adjusted net income at constant currency was $1,266 million, calculated as adjusted net income of $1,261 million, adjusted for the impact of fluctuations in foreign currency exchange rates of $5 million. For the six months ended June 30, 2026, the Adjusted net income at constant currency was $2,389 million, calculated as adjusted net income of $2,363 million, adjusted for the impact of fluctuations in foreign currency exchange rates of $26 million. For the three months ended June 30, 2026, the Adjusted diluted EPS at constant currency was $2.09, calculated as adjusted diluted EPS of $2.08, adjusted for the impact of fluctuations in foreign currency exchange rates of $0.01 per diluted share. For the six months ended June 30, 2026, the Adjusted diluted EPS at constant currency was $3.92, calculated as adjusted diluted EPS of $3.88, adjusted for the impact of fluctuations in foreign currency exchange rates of $0.04 per diluted share.   Adjusted debt-to-adjusted EBITDA multiple

Management believes that the adjusted debt-to-adjusted EBITDA multiple is a useful credit measure because it reflects the Company's ability to service its debt and other long-term obligations. The Company calculates the adjusted debt-to-adjusted EBITDA multiple as adjusted debt divided by the last twelve months of adjusted EBITDA. Adjusted debt is defined as the sum of Long-term debt and Current portion of long-term debt as reported on the Company’s Consolidated Balance Sheets as well as Operating lease liabilities, including current portion and pension plans in deficiency recognized on the Company's Consolidated Balance Sheets due to the debt-like nature of their contractual and financial obligations. Adjusted EBITDA is calculated as Net income excluding Interest expense, Income tax expense, Depreciation and amortization, operating lease cost, Other components of net periodic benefit income, Other income (loss), and other significant items that are not reflective of CN's underlying business operations and which could distort the analysis of trends in business performance. Adjusted debt and adjusted EBITDA are non-GAAP measures used to compute the adjusted debt-to-adjusted EBITDA multiple. These measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.

The following table provides a reconciliation of debt and Net income in accordance with GAAP, reported as at and for the twelve months ended June 30, 2026 and 2025, to the adjusted measures presented herein, which have been used to calculate the non-GAAP adjusted debt-to-adjusted EBITDA multiple:

In millions, unless otherwise indicatedAs at and for the twelve months ended June 30, 2026  2025 Debt (1)$              22,254  $           20,425 Adjustments:  Operating lease liabilities, including current portion (2)                      465                       443 Pension plans in deficiency (3)                      337                       342 Adjusted debt$              23,056  $           21,210 Net income$                4,782  $             4,564 Interest expense                      936                       913 Income tax expense                   1,595                    1,441 Depreciation and amortization                   1,926                    1,946 Operating lease cost (4)                      154                       158 Other components of net periodic benefit income                    (517)                   (478)Other income                    (127)                     (49)Adjustments:  Workforce reduction program (5)
                        34                          — Advisory costs related to rail consolidation matters (6)                        49                          — Adjusted EBITDA$                8,832  $             8,495 Adjusted debt-to-adjusted EBITDA multiple (times)                    2.61                      2.50  (1)Represents the aggregate of Current portion of long-term debt and Long-term debt as disclosed on the Consolidated Balance Sheets.(2)Represents the present value of operating lease payments.(3)Represents the total funded deficit of all defined benefit pension plans with a projected benefit obligation in excess of plan assets.(4)Represents the operating lease costs recorded in Purchased services and material and Equipment rents within the Consolidated Statements of Income.(5)Relates to employee termination benefits and severance costs related to a workforce reduction program, recorded in the fourth quarter of 2025 in Labor and fringe benefits within the Consolidated Statements of Income.(6)Represents advisory costs related to the analysis and advocacy for the STB review of the impacts to fair competition pertaining to the potential merger between Union Pacific and Norfolk Southern recorded in Purchased services and material within the Consolidated Statements of Income.

The Canadian railroad boosted its full-year outlook, citing firmer freight demand and shifting economic conditions, after posting higher profit and revenue in the second quarter.

24.7.2026 15:44, CMCSA

Americký telekomunikační a mediální konglomerát Comcast zveřejnil výsledky hospodaření za druhý kvartál roku 2026. Výnosy sice meziročně poklesly o 1,2 %, překonaly však očekávání analytiků. Nad odhady se umístil rovněž očištěný zisk na akcii a volné peněžní toky. Streamovací služba Peacock poprvé vykázala kladný očištěný zisk EBITDA, když těžila mimo jiné z vysílání play-off NBA a mistrovství světa ve fotbale.

Výsledky společnosti Comcast (CMCSA) za 2Q 2026   2Q 2026 Konsensus 2Q 2026 2Q 2025 Výnosy (mld. USD) 29,94 29,30 30,31 Čistý zisk (mld. USD) 3,53 -- 11,12 Očištěný zisk na akcii (EPS, USD/akcie) 1,04 0,97 1,25 Výsledky za 2Q Výnosy společnosti v tomto kvartále vzrostly meziročně poklesly o 1,2 %, resp. vzrostly o 4,7 % na pro forma bázi, očištěné o vliv oddělení společnosti Versant Media a prodeje aktivit televize Sky v Německu. Výnosy dosáhly 29,94 mld. USD, čímž překonaly očekávání Wall Street ve výši 29,30 mld. USD.

Očištěný zisk na akcii společnost vykázala ve výši 1,04 USD, což představuje meziroční pokles z 1,25 USD. Trh očekával 0,97 USD.

Na úrovni očištěného zisku EBITDA Comcast vykázal 8,90 mld. USD, meziročně o 13 % méně. Analytici očekávali 8,84 mld. USD.

Provozní hotovostní toky dosáhly 8,09 mld. USD a výrazně překonaly konsensus analytiků ve výši 6,90 mld. USD. Meziročně byly o 3,5 % vyšší.

Volné peněžní toky meziročně vzrostly o 2,3 % na 4,60 mld. USD, zatímco trh očekával 3,61 mld. USD.

Kapitálové výdaje společnosti se zvýšily o 8,3 % na 2,9 mld. USD. Kapitálové výdaje segmentu konektivita a platformy meziročně vzrostly o 20 % na 2,30 mld. USD. Kapitálové výdaje segmentu média a zážitky meziročně poklesly o 20 % na 584 mil. USD. Trh očekával 661,9 mil. USD.

Ve druhém čtvrtletí roku 2026 zaznamenala společnost úbytek 167 tis. zákazníků domácího širokopásmového připojení (Broadband), což představuje zmírnění úbytku zákazníků o 34 tisíc oproti stejnému období minulého roku.

Počet domácích mobilních linek vzrostl o 448 tis., což představuje meziroční nárůst o 19 %. Comcast tak překonal očekávání analytiků ve výši 384,3 tis. nových linek.

Úbytek zákazníků domácích video služeb činil 280 tis., což představuje meziroční zlepšení o 14 %. Analytici očekávali úbytek 284,7 tis. zákazníků.

Streamovací služba Peacock Streamovací služba Peacock dosáhla celkového počtu 48 mil. předplatitelů, což představuje meziroční nárůst o 17 %. Tržní odhad činil 46,24 mil. předplatitelů.

Výnosy z této služby se meziročně zvýšily o 54 % na 1,9 mld. USD, čímž překonaly očekávání analytiků ve výši 1,76 mld. USD.

Peacock poprvé vykázal kladný očištěný zisk EBITDA, a to ve výši 189 mil. USD. Ve stejném období minulého roku společnost vykázala ztrátu 101 mil. USD. Analytici očekávali očištěný zisk EBITDA ve výši 38 mil. USD.

Růst podle společnosti podpořilo vysílání významných sportovních událostí, včetně play-off NBA a mistrovství světa ve fotbale FIFA, stejně jako reality show Love Island USA.

Dividendy a zpětné odkupy akcií Společnost Comcast vyplatila dividendy v hodnotě 1,2 mld. USD a odkoupila akcie v hodnotě 0,9 mld. USD, čímž vrátila akcionářům kapitál v celkové výši 2,1 mld. USD. Dne 29. června 2026 společnost oznámila, že pozastaví program zpětného odkupu akcií, zatímco pracuje na rozdělení svých aktivit do dvou nezávislých veřejně obchodovaných společností.

Komentář vedení „Výsledky za druhé čtvrtletí ukazují pokračující pokrok při naplňování našich strategických priorit,“ uvedli spolugenerální ředitelé Brian L. Roberts a Mike Cavanagh.

„V segmentu Connectivity & Platforms začíná naše strategická změna v oblasti širokopásmového připojení přinášet výsledky a tento pokrok se promítá i do širšího portfolia konektivity. Dosáhli jsme historicky nejlepšího čtvrtletního výsledku v mobilních službách a překročili hranici 10 milionů aktivních linek. Míra penetrace přitom nadále zůstává pod 7 % z celkového počtu dostupných mobilních linek v oblastech, kde působíme, což nám poskytuje značný prostor pro další prohlubování konvergence služeb a rozvoj vztahů se zákazníky. Segment Business Services rovněž pokračoval v růstu, který patří k nejvyšším v odvětví, a dále tak potvrdil sílu a šíři našeho portfolia.“

„V rámci segmentu Content & Experiences dosáhla divize Media růstu EBITDA ve střední části jednociferného pásma a streamovací služba Peacock se poprvé dostala do zisku. K tomu přispěla široká nabídka sportovního a zábavního obsahu i významných živě vysílaných událostí, které podpořily vysokou míru zapojení uživatelů napříč našimi platformami. Naše filmová studia si nadále udržovala vysokou výkonnost napříč franšízami, animovanou tvorbou, původní produkcí i specializovanými tituly, přičemž toto období završil nedávný úspěch filmu The Odyssey.“

„Přestože v segmentu zábavních parků v krátkodobém horizontu pozorujeme určité oslabení, nadále věříme v jeho dlouhodobý růstový potenciál. Ten podporují naše globálně etablované značky, atraktivní lokality a prokázaná schopnost vytvářet atrakce a zážitky, které generují skutečnou spotřebitelskou poptávku.“

„Na úrovni celé skupiny jsme vytvořili volný peněžní tok ve výši 4,6 mld. USD, akcionářům jsme vrátili 2,1 mld. USD a oznámili jsme záměr oddělit společnosti NBCUniversal a Sky. Jde o důležitý krok směřující k vytvoření dvou samostatně zaměřených společností, které budou mít dostatečnou finanční sílu a flexibilitu k realizaci svých vlastních růstových strategií.“

Komentář analytiků Analytici z Bloomberg Intelligence označili volné peněžní toky za nejvýraznější pozitivní překvapení kvartálu. Silnější hospodaření filmových studií a ziskovost služby Peacock podle nich pomohly kompenzovat slabší výsledky zábavních parků. Úbytek 167 tis. zákazníků širokopásmového připojení byl mírně lepší než konsensus, který počítal s úbytkem přibližně 170 tis. zákazníků. Výsledek však pravděpodobně nezmírní obavy investorů ohledně dlouhodobého konkurenčního prostředí.

Analytici Benchmark označili zveřejněná čísla za „výborné výsledky na přechodný kvartál“. Podle analytiků by akcie mohla ve druhé polovině roku 2026 zaznamenat výraznější růst.

New Street Research uvedla, že Comcast překonal očekávání téměř napříč všemi ukazateli. Jediným slabším bodem byl podle analytiků úbytek zákazníků širokopásmového připojení, který se umístil mírně pod jejich očekáváním. Lepší finanční výsledky by však podle nich měly negativní vliv tohoto ukazatele převážit.

Vývoj akcie Comcast

Akcie Comcast (CMCSA) posilují 0,7 % na 22,075 USD Ukazatel   Ukazatel   Kapitalizace (mld. USD) 78,4 P/E 6,9 Vývoj za letošní rok (%) -21,1 Očekávané P/E 6,4 52týdenní minimum (USD) 21,3 Prům. cílová cena (USD) 30,6 52týdenní maximum (USD) 33,7 Dividendový výnos (%) 6,0
Zdroj: Comcast, Bloomberg

Marek Krejčiřík, Fio banka, a.s.

LONDON--(BUSINESS WIRE)--Paysafe Limited (NYSE: PSFE), a global payments platform, will announce second quarter 2026 financial results on Thursday, August 13, 2026, before market open. Management will host a live webcast to discuss the results at 8:30a.m. ET the same day. The webcast, along with supplemental information, can be accessed on the investor relations section of the Paysafe website at ir.paysafe.com. An archive will be available after the conclusion of the event and will remain avail.

SLB logged higher revenue in the second quarter, as higher offshore activity and strong demand across its quickly growing data-center business helped to offset continued disruptions across the Middle East.

HomeEarnings AnalysisHealthcare 

SummaryWest Pharmaceutical Services delivered a strong 2Q26, beating on both revenue ($872.3M, +13.8% YoY) and EPS ($2.37, +$0.29 vs. consensus).WST raised full-year guidance to $3.345–$3.380B in sales and $8.85–$9.05 in EPS, reflecting confidence in sustained double-digit organic growth and margin expansion.High-Value Product components and biologics drove mix shift, with HVP now 49% of revenue and biologics up 29% organically, supporting durable margin gains.Valuation remains rich at 41x forward earnings, but the premium is justified by high-quality compounding, visible growth pillars, and conservative guidance. nortonrsx/iStock via Getty Images

Thesis West Pharmaceutical Services, Inc. (WST) delivered a clean beat this week. 2Q26 adjusted EPS came in at $2.37, a $0.29 beat over the consensus, with revenue managing to hit $872.3 million. That revenue figure is up 13.8% YoY and also

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Key Takeaways Lam Research expects Q4 revenues of $6.6B, indicating nearly 28% YoY growth.Q4 earnings are projected at $1.65 per share, suggesting a 24% YoY increase.AI-driven chip demand and higher DRAM spending likely boosted system revenues. Lam Research Corporation (LRCX - Free Report) is likely to beat earnings estimates when it releases fourth-quarter fiscal 2026 results on July 29. The company expects revenues of $6.6 billion (+/- $400 million) for the quarter. The Zacks Consensus Estimate is pegged at $6.67 billion, indicating 29% growth from the figure reported in the year-ago quarter.

Lam Research expects earnings of $1.65 (+/- 15 cents) per share for the fourth quarter. The consensus mark for fourth-quarter earnings has been revised upward by a penny to $1.69 per share over the past 30 days, implying a 27% year-over-year increase.

Image Source: Zacks Investment Research

Lam Research has an impressive earnings surprise history. In the last reported quarter, it delivered an earnings surprise of 8.09%. The company’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 7.90%.

Q4 Earnings Whispers for Lam ResearchOur proven model predicts an earnings beat for Lam Research this earnings season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is exactly the case here.

Earnings ESP of LRCX: Earnings ESP, which represents the difference between the Most Accurate Estimate ($1.71) and the Zacks Consensus Estimate ($1.69), is +1.38%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

Lam Research’s Zacks Rank: LRCX presently sports a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Factors Likely to Influence LRCX’s Q4 ResultsLam Research has been riding on the wave of a strong rebound in the semiconductor industry, driven by the surging demand for memory and advanced AI applications. The rise in spending on artificial intelligence (AI) and machine learning, particularly with the growing influence of Generative AI, is likely to have provided a significant boost to the company's performance in the fiscal fourth quarter. The increasing need for advanced AI-centric chips has become a key growth catalyst.

Heightened DRAM spending, especially in response to demand for high-bandwidth memory, is likely to have played in Lam Research's favor. The company's momentum in 3D DRAM and advanced packaging technologies is also expected to have added to its strong performance. At the same time, ongoing technological advancements are pushing NAND spending higher, which is likely to contribute to LRCX’s quarterly results.

Lam Research’s focus on expanding semiconductor fabrication capabilities, along with its heavy investment in research and development, positions it well in a competitive landscape. Its innovation through Semiverse solutions, particularly in high-aspect-ratio memory hole etch for NAND, is likely to have fueled this progress. LRCX’s strategic investments in cutting-edge technologies are anticipated to have bolstered its performance in the foundry and logic segment, while the increasing adoption of 3D architectures is expected to have supported growth in its etch and deposition services.

The company’s robust suite of tools, which enable foundry logic inflections, is likely to have secured strong customer traction. With the accelerating deployment of 5G and the Internet of Things (IoT), Lam Research’s semiconductor and memory solutions remain in high demand, reinforcing its market position in the fiscal fourth quarter.

All these factors are likely to have driven growth in system revenues. The Zacks Consensus Estimate for fourth-quarter systems revenues is pegged at $4.55 billion, implying year-over-year growth of 32%, underscoring Lam Research’s continued strength in the evolving tech landscape. The consensus mark for the Customer Support segment’s fourth-quarter revenues is pegged at $2.13 billion, indicating a year-over-year increase of 23%.

LRCX’s Stock Price Performance & ValuationLam Research shares have surged 90.1% year-to-date, outperforming the Zacks Electronics – Semiconductors industry, which has risen 35.2%. Compared with peers, the stock has outpaced ASML Holding (ASML - Free Report) and KLA Corporation (KLAC - Free Report) but underperformed Applied Materials (AMAT - Free Report) . Shares of ASML Holding, KLAC and Applied Materials have soared 68.5%, 80% and 123.9%, respectively.

Lam Research YTD Price Return Performance
Image Source: Zacks Investment Research

Let us look at the value Lam Research offers investors at current levels. Currently, LRCX is trading at a premium, with a forward 12-month P/E of 39.78X compared with the industry’s 30.20X.

Lam Research Forward 12-Month P/E Ratio
Image Source: Zacks Investment Research

Compared with semiconductor giants, the stock trades at a higher multiple than ASML Holding and Applied Materials, but at a lower multiple than KLA Corporation. At present, ASML Holding, Applied Materials and KLA Corporation have forward 12-month P/E of 36.82X, 37.22X and 42.48X, respectively.

Investment Thesis on LRCX StockLam Research sits at the center of the AI chip manufacturing ecosystem. Instead of designing chips, it supplies the manufacturing equipment that companies like Taiwan Semiconductor Manufacturing and Samsung use to produce advanced semiconductors.

This position gives Lam Research direct exposure to one of the strongest investment themes today — AI infrastructure. The company is benefiting from rising demand for advanced packaging technologies, high-bandwidth memory (HBM) and next-generation chip architectures, all of which require increasingly sophisticated etch and deposition equipment.

Lam Research is also strengthening its technology portfolio. Its ALTUS ALD system improves chip manufacturing efficiency through molybdenum-based deposition, while the Aether platform helps customers build denser and more powerful chips. As AI processors become more complex, these technologies become increasingly valuable.

Management expects advanced packaging revenues to grow by more than 50% in 2026 after strong growth in 2025. New manufacturing technologies such as backside power distribution and dry-resist processing should provide additional growth opportunities over the next several years.

Lam Research has already started seeing the benefits. The company’s revenues have remained above $5 billion for four consecutive quarters, indicating healthy demand from leading semiconductor manufacturers.

Conclusion: Buy LRCX Stock for NowLam Research remains a high-quality AI infrastructure play with strong growth prospects. The AI infrastructure buildout remains in its early stages, advanced packaging demand continues to grow, and LRCX's leadership in etch and deposition gives it a competitive advantage that should be difficult to replicate.

Lam Research’s innovation and operational efficiency provide a solid foundation for future growth. Considering these factors, accumulating LRCX stock appears to be the most prudent strategy for investors.

ROUND ROCK, Texas--(BUSINESS WIRE)--Texas A&M Engineering Experiment Station (TEES) has selected Dell Technologies (NYSE: DELL) to design and build the Innovative Growth in Next Generation AI Technology Ecosystem (IGNITE), a new AI and high-performance computing (HPC) platformi. Funded by the State of Texas, IGNITE will support large scale, AI-driven research across engineering, national security, scientific discovery and other research disciplines using shared infrastructure built to handl.

HomeEarnings AnalysisConsumer Staples Analysis

SummarySnacking business Mondelēz International will report its second-quarter 2026 earnings report on Tuesday, July 28.In this update, I'll look into the metrics that matter most in MDLZ's upcoming Q2 earnings report, including pricing, volumes, and regional performance.Considering my original analysis was published 1.5 years ago, I'll give an in-depth update on Mondelēz's fundamentals.I'll point out why pricing power remains one of Mondelēz's key competitive advantages, despite the ongoing margin pressure suggesting otherwise.Finally, I'll explain why I continue adding to my position through outright purchases as well as selling out-of-the-money put options. jfmdesign/iStock Unreleased via Getty Images

Introduction It has been a long time since I wrote about the snacking company Mondelēz International, Inc. (MDLZ). With its broadly diversified exposure from both a brands and a geographic perspective, I have

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Disclaimer: The contents of this article, my previous articles, and my comments are for informational purposes only and may not be considered investment and/or tax advice. I am a private investor from Europe and share my investing journey here on Seeking Alpha. I am neither a licensed investment advisor nor a licensed tax advisor. Furthermore, I am not an expert on taxes and related laws—neither in relation to the U.S. nor other geographies/jurisdictions. It is not my intention to give financial and/or tax advice, and I am in no way qualified to do so. Although I do my best to make sure that what I write is accurate and well-researched, I cannot be held responsible and accept no liability whatsoever for any errors, omissions, or consequences resulting from the enclosed information. The writing reflects my personal opinion at the time of writing. If you intend to invest in the stocks or other investment vehicles mentioned in this article—or in any investment vehicle generally—please consult your licensed investment advisor. If uncertain about tax-related implications, please consult your licensed tax advisor.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Oshkosh: Navigating Flat Revenue TrendsOshkosh (OSK +0.84%) primarily generates revenue by designing and manufacturing purpose-built vehicles and equipment, including access platforms, tactical military transport, and commercial fire apparatus for global customers.

It recently received a $92 million delivery order from the U.S. Marine Corps for autonomous mission systems and faced ongoing antitrust lawsuits, while it reported about 2% net income margin for the quarter ended March 31, 2026.

Caterpillar: Expanding the Revenue BaseCaterpillar (CAT +0.40%) primarily generates revenue by producing heavy machinery for construction and mining, alongside diesel engines, natural gas power units, and industrial gas turbines.

It announced the acquisition of spatial data capture provider Skycatch and initiated patent infringement cases against a competitor, while it recorded approximately 15% net income margin for the quarter ended March 31, 2026.

Why Revenue Matters for Retail InvestorsRevenue here refers to the data provider's standardized income-statement revenue line item, and it serves as a crucial starting point that shows investors the total amount of money brought in by a company's sales before any operating expenses, taxes, or interest are deducted.

Quarter (Period End)Oshkosh RevenueCaterpillar RevenueQ2 2024 (June 2024)$2.8 billion$16.7 billionQ3 2024 (Sept. 2024)$2.7 billion$16.1 billionQ4 2024 (Dec. 2024)$2.6 billion$16.2 billionQ1 2025 (March 2025)$2.3 billion$14.2 billionQ2 2025 (June 2025)$2.7 billion$16.6 billionQ3 2025 (Sept. 2025)$2.7 billion$17.6 billionQ4 2025 (Dec. 2025)$2.7 billion$19.1 billionQ1 2026 (March 2026)$2.3 billion$17.4 billionData source: Company filings. Data as of July 10, 2026.

Foolish TakeWhen you’re looking at the financial health of a company, revenue can tell you a lot. Is it growing, stagnant, or declining? How does it match up against industry benchmarks? And what can it tell investors about the market the company operates in?

The chart above tells two different revenue stories. Caterpillar’s overall revenue base is much larger than Oshkosh’s, topping $19 billion last year while Oshkosh hovers just under $3 billion. Caterpillar has also demonstrated revenue growth, notwithstanding a recent pullback in the first quarter of 2026, despite its much larger total revenue pool, while Oshkosh’s revenue has remained stagnant.

The revenue differences primarily come down to what the two companies do and how they make their money. Caterpillar, one of the largest industrials companies by market cap, is a global manufacturer of mining and construction machinery. That gives it a huge market, but also means it’s a cyclical stock that is dependent on global infrastructure spending and demand, commodity prices, and supply chain disruptions.

Much smaller Oshkosh is more specialized, focusing on defense, fire, and purpose-built vehicles (like the delivery fleet for the U.S. Postal Service). Its reliance on government contracts, which tend to be steady and long-term, helps contextualize the revenue picture above. It may seem like a steadier gig, but it’s also limited by government budgets and highly reliant on maintaining or expanding its institutional relationships. And with a smaller overall revenue base, plus a tighter net margin, Oshkosh may have less room for error.

UiPath (NYSE:PATH | PATH Price Prediction) has quietly become one of the more interesting orphans in enterprise software. The automation pioneer carries a market cap of just $5.3 billion, with shares down 37.8% year to date and off 84.0% over five years. Yet the underlying business is finally working: Q1 FY27 revenue of $418.38 million grew 17.3% year over year, annual recurring revenue (ARR) reached $1.901 billion, and the company posted its first GAAP profitability in company history. Free cash flow hit $352.16 million in FY26, funding $243.8 million in buybacks last quarter alone.

That combination (a depressed multiple, real cash generation, a genuine agentic AI product roadmap, and short interest sitting at 35.6% of float) creates the classic setup for strategic conversations. To be clear, no deal talks have been reported. But as a matter of strategic logic, several enterprise software giants have credible reasons to look. Below, we rank five plausible acquirers from longest shot to cleanest fit.

5. Adobe: The Longest Shot Adobe (NASDAQ:ADBE) has the balance sheet, with an $84.3 billion market cap and AI-first ARR that tripled year over year to surpass $500 million in Q2 FY26. But Adobe’s DNA is creative and marketing workflows, not back-office RPA. CEO Shantanu Narayen just raised full-year guidance, and the Semrush deal already stretched the M&A muscle. Strategic overlap with UiPath’s financial-crime and ERP automation is thin. Fit: weak.

4. Workday: Adjacent, Not Aligned Workday (NASDAQ:WDAY) is pushing hard into agentic AI, with more than 4,000 customers using at least one agentic product and a Recruiting Agent that supported 14 million hires. But Workday sells into HR and finance, not the horizontal automation layer UiPath occupies. A $31.6 billion market cap acquirer buying a $5.3 billion target is doable, yet returning CEO Aneel Bhusri is prioritizing internal AI builds such as Sana. Strategic rationale exists but stops short of compelling.

3. Microsoft: The Sleeping Giant Microsoft (NASDAQ:MSFT) is already UiPath’s partner on Azure AI Foundry and Defender integrations, and its $2.8 trillion market cap makes the price rounding-error territory. Microsoft’s AI business surpassed $37 billion in annual revenue run rate, up 123%, and Copilot needs deterministic execution rails. The knock: antitrust scrutiny post-Activision, and Microsoft prefers building over buying in automation. Powerful strategic case, complicated politics.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Microsoft didn't make the cut. Grab the names FREE today.

2. Salesforce: The Agentic Consolidator Salesforce (NYSE:CRM) has been the most aggressive AI acquirer, closing Informatica (which contributed $444 million last quarter) and pushing Agentforce ARR to $1.2 billion, up 205% year over year. UiPath’s Maestro Connector already lives on Salesforce AgentExchange. Marc Benioff called agentic AI “the biggest growth opportunity,” and Salesforce’s forward P/E of 13 gives it currency flexibility. The fit is clean, if Benioff can resist his stated aversion to large deals.

1. ServiceNow: The Cleanest Fit ServiceNow (NYSE:NOW) is the most natural home. Bill McDermott’s platform just crossed $1 billion in AI ACV, with agentic deployments up ninefold in nine months and Q2 revenue of $3.99 billion, up 24%. ServiceNow already digested Moveworks and is pitching AI Control Tower as the market standard. Bolting on UiPath’s Maestro orchestration, WorkFusion’s financial-crime agents, and UiPath’s Fortune 500 RPA installed base would extend ServiceNow’s workflow moat directly into the automation execution layer. At $95.1 billion market cap, the deal is digestible, and the product overlap is minimal. This is the acquirer that preserves the most synergy value.

Where Private Equity Fits A sponsor-led take-private is credible. UiPath generates real free cash flow, carries no meaningful debt, and trades at an EV/revenue of 3. The CEO’s recent divorce-settlement share transfer of 9,615,297 shares reduced the founder ownership overhang. Vista, Thoma Bravo, and Silver Lake have all done software LBOs at this profile.

What to Watch UiPath closed at $10.20 on July 23, versus a mean analyst target of $13.25. The setup is speculative, not reported. But with agentic products moving from pilot to production, a Q2 ARR guide of $1.929 billion to $1.934 billion, and analyst consensus stuck on Hold, UiPath fits every profile of a company where strategic conversations tend to happen quietly. Investors should keep an eye on the stock through the August earnings window.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Microsoft didn't make the cut. Grab the names FREE today.

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The $4,000 level continues to act as support and an area that has attracted a lot of attention from gold traders and has shown itself to be important yet again.

Gold Technical Analysis

Gold trades at 4,060.1, consolidating just above $4,000 after falling from its February high near $5,700. Source: TradingView The gold market initially fell a bit during the trading session on Friday but did turn around to show signs of life. The $4,000 level continues to act as support and an area that has attracted a lot of attention in general. It’s a large, round, psychologically significant figure, and an area that had previously been resistance.

Key Market Levels Ultimately, this is a market that I think continues to see a lot of volatility and choppiness, mainly due to the fact that gold is highly influenced by the overall interest rate situation, which has been stronger than usual, and the overall situation when it comes to risk appetite. This is a market that continues to see a lot of questions asked about where flows of capital will end up, as the gold market spins its wheels.

Recently, we’ve seen a lot of money flowing into the US dollar away from precious metals, and then it just went sideways between $4,000 and $4,200. There’s nothing on this chart that suggests the market is about to change that attitude, but we also have to keep in mind that headlines coming out of the Middle East could change everything, and it could happen at any given moment. As we drift into the weekend, it makes sense that the market be somewhat quiet, mainly due to people not wanting to be too overexposed in one direction or the other. This is a market that continues to see a lot of chop, and this is a somewhat confused market.

If you’d like to know more about how to trade gold and silver, please visit our educational area.

Now that Elon Musk's rocket company trades publicly, it is fair to ask what a modest stake might become. So how much could $5,000 in Space Exploration Technologies (SPCX -2.55%) be worth by 2030? It depends almost entirely on a valuation that is already sky-high.

And that concern is exactly why I think a much cheaper, profitable space company, Northrop Grumman (NOC +0.38%), may be the smarter buy right now.

Image source: Getty Images.

The SpaceX math, and the catch Start with the numbers. SpaceX (as Musk's company is also known) carries a market value of about $1.5 trillion, which works out to roughly 80 times annual sales, a hefty multiple even for a fast grower.

For $5,000 to become meaningful money by 2030, the stock would essentially need to double, lifting SpaceX toward $3 trillion. That is possible if Starlink, its satellite internet provider, keeps growing and Starship finally hits its stride, in which case your $5,000 could easily grow to roughly $10,000.

Today's Change

(

-2.55

%) $

-3.02

Current Price

$

115.23

But here is the catch: At 80 times sales, SpaceX revenue has to increase enormously simply to justify today's price, let alone double it. If that premium multiple compresses even modestly, as rich valuations often do, the stock could tread water or fall even while the business grows. And that is precisely what has happened lately, with the shares slipping below their offering price. You are betting on a flawless five years and a market willing to keep paying a steep premium the whole way.

Why Northrop Grumman may be the better buy today Now, consider the alternative: Northrop Grumman is not a hype stock; it is one of the largest space companies. It builds satellites, launch vehicles, rocket motors, and missile-defense systems, and it has missile-tracking and defense satellites on order, plus a central role in the B-21 Stealth Bomber. Its order backlog recently hit a record of almost $105 billion, giving it years of work, and generating billions of dollars in real free cash flow every year.

Today's Change

(

0.38

%) $

2.02

Current Price

$

535.50

The valuation is where it gets compelling. Northrop trades at roughly 16 times earnings, a fraction of SpaceX's multiple, and it pays a growing dividend on top of that. With global defense budgets climbing to records and initiatives like the Golden Dome missile shield ramping up, it is riding many of the same space and security tailwinds as SpaceX.

But you are buying proven profits at a sensible price rather than paying up for a promise. That combination gives your $5,000 a genuine margin of safety, something SpaceX simply cannot offer at recent prices

The trade-offs worth naming I will be fair to SpaceX because it has the higher ceiling. Starlink's consumer reach, direct-to-cell ambitions, and the sheer scale of Starship are things Northrop will never match, and if those bets pay off, SpaceX could deliver returns a defense contractor cannot.

Northrop, for its part, grows more slowly, in the mid-single-digit percentages, and has a history of occasional costly charges on complex programs. This is a choice between a high-ceiling, high-price bet and a lower-ceiling, lower-price one.

Could $5,000 in SpaceX roughly double by 2030? Perhaps, if many things breaks right. But you would be paying one of the richest valuations in the market for that hope, with real risk of disappointment along the way.

Northrop Grumman offers a cheaper, profitable, dividend-paying way to invest in the same space and defense boom, with much more downside protection. It's for investors who care about the price they pay. And over a five-year horizon, they should consider the unglamorous industrial as the better buy today. Sometimes the smartest way to bet on the future is to avoid overpaying for it.

Warren Buffett might no longer be the CEO of Berkshire Hathaway (BRKA +0.53%) (BRKB +0.24%), but the business still has the same issue it had under the leadership of the Oracle of Omaha. It has more cash than it knows what to do with.

But this deep liquidity has become a source of meaningful profit. In fact, Berkshire Hathaway earns more from its cash pile in a year than most S&P 500 index companies report in total earnings. Here's the math.

Image source: Getty Images.

A sizable passive income stream As of March 31, the Nebraska conglomerate had $397 billion in cash, cash equivalents, and short-term U.S. Treasuries on its balance sheet. That figure has trended higher in recent years, as the company has been a net seller of stocks.

Instead of simply holding dollars, this huge sum is primarily allocated to U.S. Treasuries. So, Berkshire is able to earn a risk-free return on this capital. During the first quarter of this year, the interest income it collected, coming mainly from its Treasury holdings, was $3.1 billion.

Today's Change

(

0.53

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3,882.40

Current Price

$

736,632.41

If rates go up, it's no surprise that this figure also rises. With the federal funds rate currently not far from its highest level in the past 15 years, Berkshire Hathaway's balance sheet benefits.

On an annualized basis, the conglomerate generated $12.4 billion in after-tax profit in the first quarter, funded by its cash pile. This is higher than most companies in the benchmark S&P 500 index. In fact, it's about the same as Walt Disney's trailing-12-month net income.

Today's Change

(

-3.17

%) $

-3.04

Current Price

$

92.83

Waiting for a better use of capital Buffett, who is still chairman, and CEO Greg Abel certainly wish they didn't have a large cash hoard. The ideal situation is for the business to find ample opportunities to deploy this capital at a higher potential rate of return. That's the ultimate objective that can drive shareholder value for Berkshire Hathaway's investor base.

The fact that there is so much cash on the balance sheet is a clear sign of the lack of opportunities the market is presenting right now. As a company with a value-focused philosophy, Berkshire Hathaway is cautious due to the elevated valuations it's been seeing.

The almost $400 billion in cash, cash equivalents, and Treasuries, however, can still be viewed in a very positive light, even though Berkshire is not earning the returns it could if its cash were actually used to buy stocks or entire businesses. This gives the conglomerate a substantial financial cushion, not only making it a safer company, but also allowing it to act quickly when opportunities eventually present themselves.

Shares in Aehr Test Systems (AEHR -5.38%) rose 15.4% in the week to Friday morning. The reasons behind the move will have to come down to speculation, as there's no hard, fundamental news about the stock in the last week. Still, Aehr is somewhat of a proxy for the theme of investing in the growth of AI semiconductor spending, and that's probably why there's been speculative buying this week.

Why Aehr Test Systems shares rose this week As a reminder, Aehr Test Systems makes test equipment and systems that help semiconductor manufacturers ensure reliability and quality. It's also a company that has successfully transitioned its focus from the electric vehicle (EV) market to the AI processor market, in line with shifts in end demand.

Today's Change

(

-5.38

%) $

-5.03

Current Price

$

88.51

The company is known for being tight-lipped about its customers for commercial reasons and lists customers who have been responsible for at least 10% of its revenue in terms of "Customer A" to "Customer G" in its SEC filings. As such, investors are always left playing the guessing game of who its customers might be. That's a big issue, considering how small the company is, with just $50 million in revenue in its recently completed 2026 financial year. In other words, every major order (bookings were $60.7 million in the fourth quarter of 2026) is a game changer.

Image source: Getty Images.

Aehr's customers reporting? Management refers to two lead customers in its reporting. One is a leading hyperscaler developing AI processors, and the other is an AI production customer developing silicon photonics technology. Given that Alphabet's Google and Intel could fit the profile of these two unnamed customers, and that both reported this week, it's possible investors bought into Aehr in anticipation of these two companies announcing ramp-ups in capital spending that might be beneficial to Aehr.

As long as momentum continues to build toward a ramp in AI spending, then stocks like Aehr will find favor among investors, and vice versa if the market starts slowing.

Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Intel. The Motley Fool has a disclosure policy.

, /PRNewswire/ -- QuidelOrtho Corporation (Nasdaq: QDEL) (the "Company" or "QuidelOrtho"), a leading global provider of diagnostic solutions, announced today that it will report its financial results for the second quarter 2026 ended June 28, 2026, after the market closes on Thursday, August 6, 2026.

Following the release of financial results, QuidelOrtho will hold a conference call beginning at 2:00 p.m. PT / 5:00 p.m. ET to discuss its financial results. Interested parties can access the call from the "Events & Presentations" section of the "Investor Relations" page of the Company's website at https://ir.quidelortho.com. Presentation materials will also be posted to the "Events & Presentations" section of the "Investor Relations" page of the Company's website at the time of the call. A replay of the conference call will be available shortly after the event on the "Investor Relations" page of the Company's website under the "Events & Presentations" section.

QuidelOrtho is dedicated to advancing diagnostics to power a healthier future. For more information, please visit quidelortho.com and follow QuidelOrtho on LinkedIn, Facebook and X.

About QuidelOrtho Corporation

With expertise spanning clinical chemistry, immunoassay, immunohematology and molecular testing, QuidelOrtho Corporation (Nasdaq: QDEL) is a leading global provider of diagnostic solutions, dedicated to advancing fast, accurate and reliable results that help improve patient outcomes – from the point of care to hospital, lab to clinic. Building on a legacy of innovation, QuidelOrtho works with healthcare providers to advance diagnostics that connect insights with solutions, defining a clearer path for informed decisions and better care.

Investor Contact:
Juliet Cunningham
Vice President, Investor Relations
[email protected]

Media Contact:
Stephanie Kleewein
Senior Corporate Communications and PR Manager
[email protected]

SOURCE QuidelOrtho Corporation