BOSTON, July 23, 2026 (GLOBE NEWSWIRE) -- The Boston Beer Company, Inc. (NYSE: SAM), today reported financial results for the second quarter ended June 27, 2026. Key results were:
Second Quarter 2026 Summary:
Depletions decreased 6% and shipments decreased 4.5%Net revenue of $568.3 million decreased 3.3%Gross margin of 50.4% up 60 basis points year over yearGAAP diluted income per share of $4.96, which includes a previously disclosed favorable adjustment to non-recurring litigation expenses of $1.31 per shareNon-GAAP diluted earnings per share of $3.65 Year-to-date 2026 Summary:
Depletions decreased 5% and shipments decreased 5.6%Net revenue of $1.002 billion decreased 3.8%Gross margin of 49.9% up 80 basis points year over yearGAAP diluted loss per share of $8.99, which includes non-recurring litigation expenses of $14.27 per shareNon-GAAP diluted earnings per share of $5.28 Capital Structure
Ended the second quarter with $265.5 million in cash and no debtRepurchased $54 million in shares from December 29, 2025 to July 17, 2026 “As we continue to navigate a challenging operating environment, we are managing the business with discipline while investing behind our category-leading brands and bringing innovation to market” said Chairman, Founder and CEO Jim Koch. “We are highly focused on marketplace execution for the remainder of the summer selling season and improving market share trends. Our strong cash flow generation and healthy balance sheet provide flexibility to support our strategic priorities and drive long-term value.”
“We delivered meaningful gross margin expansion and are maintaining our earnings outlook while navigating a dynamic consumer demand environment and input cost headwinds,” said CFO Diego Reynoso. “These results demonstrate the progress we continue to make through our multi-year supply chain transformation efforts, combined with a disciplined approach to investment.”
Details of the results were as follows:
Second Quarter 2026 (13 weeks ended June 27, 2026) Summary of Results
Depletions for the second quarter decreased 6% compared to the second quarter of the prior year. Shipment volume for the quarter was approximately 2.0 million barrels, a 4.5% decrease compared to the second quarter of the prior year due to decreases in Twisted Tea, Truly, Samuel Adams, Hard Mountain Dew and Dogfish Head brands that were partially offset by increases in Sun Cruiser and Angry Orchard brands.
The Company believes distributor inventories as of June 27, 2026 were at appropriate levels and averaged approximately four and one half weeks on hand which was consistent with the weeks on hand at the end of June 2025.
Revenue for the quarter decreased 3.3% due to decreases in volume partially offset by favorable product mix and pricing.
Gross margin of 50.4% increased from the 49.8% margin realized in the second quarter of 2025, or an increase of 60 basis points year over year. Gross margin primarily benefited from improved brewery efficiencies, favorable product mix, procurement savings and price increases, and were partially offset by inflationary, commodity and tariff costs.
The second quarter gross margin of 50.4% includes $1.6 million of shortfall fees and non-cash expense of third-party production pre-payments in total, which negatively impacted gross margin by approximately 28 basis points on an absolute basis.
Advertising, promotional and selling expenses for the second quarter of 2026 increased $26.2 million or 16.4% from the second quarter of 2025, resulting from increased brand local marketing and point of sale investments of $17.5 million and higher freight costs of $8.6 million due to higher rates partially offset by lower volumes.
General and administrative expenses increased $3.1 million compared to the second quarter of 2025 primarily due to increased legal fees and salaries and benefit costs. This increase included $1.4 million of legal fees related to the previously disclosed supplier dispute litigation.
Litigation reduction of $19.4 million, related to the supplier dispute, consists of a favorable adjustment to pre-judgement interest of $21.1 million and post-judgement interest expense of $1.7 million. Post-judgement interest expense through the appeals process will be applied to the combined pre-tax total of the judgement and pre-judgement interest amounts of $191.0 million at the statutory rate, which is estimated to be 3.79%. The Company continues to deny that it breached the terms of the contract with the supplier and intends to pursue all available post-trial motions and appellate remedies. The Company cannot estimate when or if damages or interest will ultimately be paid or when this matter will ultimately be resolved.
In the second quarter of 2026, the combined pre-tax income related to the supplier dispute litigation of $18.0 million consists of legal expenses of $1.4 million, recorded in general and administrative expenses, and litigation reduction of $19.4 million. The after-tax impact on earnings per share is a benefit of $1.31 per share.
The Company’s effective tax rate for the second quarter was a provision of 28.7%. Excluding the impact of the supplier dispute litigation, the effective tax rate was a provision of 30.1% compared to a provision of 28.1% in the prior year. This increase in rate is due primarily to the increased negative impact of non-deductible stock compensation.
Year-to-date 2026 (26 weeks ended June 27, 2026) Summary of Results
Depletions year-to-date decreased 5% from the prior year. Shipment volume year-to-date was approximately 3.6 million barrels, a 5.6% decrease from the prior year, primarily due to decreases in Twisted Tea, Truly, Samuel Adams, Hard Mountain Dew and Dogfish Head brands that were partially offset by increases in Sun Cruiser and Angry Orchard brands.
Revenue year-to-date decreased 3.8% due to decreases in volume partially offset by favorable product mix and pricing.
Gross margin year-to-date of 49.9% increased from the 49.1% margin realized in year-to-date 2025, or an increase of 80 basis points year over year. Gross margin primarily benefited from improved brewery efficiencies, product mix, price increases and procurement savings, which were partially offset by increased inflationary, commodity and tariff costs.
The year-to-date gross margin of 49.9% includes $3.2 million of shortfall fees and non-cash expense of third-party production pre-payments in total, which negatively impacted gross margin by approximately 32 basis points on an absolute basis.
Advertising, promotional and selling expenses year-to-date increased $28.7 million or 9.7% from year-to-date 2025, resulting from increased brand local marketing investments of $17.6 million and higher freight costs of $11.1 million due to higher rates partially offset by lower volumes.
General and administrative expenses year-to-date increased $7.5 million or 8.0% from year-to-date 2025, primarily due to increased legal fees and salaries and benefit costs. This increase included $5.4 million of legal fees related to the previously disclosed supplier dispute litigation.
Litigation expense of $192.6 million, related to the supplier dispute, consists of the judgement of $175.5 million, pre-judgement interest expense of $15.5 million and post-judgement interest expense of $1.7 million.
The litigation expense of $192.6 million combined with related legal expenses of $5.4 million, recorded in general and administrative expenses, have an after-tax negative impact on earnings per share of $14.27 per share.
Impairment of brewery assets of $0.2 million decreased by $4.7 million from year-to-date 2025, due to decreased write-offs of equipment at third party and Company-owned breweries.
The Company’s effective tax rate year-to-date was a benefit of 19.7%. Excluding the impact of the supplier dispute litigation, the effective tax rate was a provision of 32.3% compared to a provision of 29.2% in the prior year. This increase in rate is due primarily to the increased negative impact of non-deductible stock compensation.
The Company expects that its June 27, 2026 cash balance of $266 million, together with its projected future operating cash flows and the unused balance on its $150.0 million line of credit, will be sufficient to fund future cash requirements, including the potential litigation-related payments.
During the 26-week period ended June 27, 2026 and the period from June 29, 2026 through July 17, 2026, the Company repurchased shares of its Class A Common Stock in the amounts of $48.5 million and $5.6 million, respectively, for a total of $54.1 million year to date. As of July 17, 2026, the Company had approximately $174 million remaining on the $1.6 billion share buyback expenditure limit set by the Board of Directors.
Depletions Estimate
Year-to-date depletions through the 29-week period ended July 18, 2026 are estimated by the Company to have decreased approximately 5% from the comparable period in 2026.
Full-Year 2026 Projections
The Company has updated its financial guidance for the full year 2026. The Company’s actual 2026 results could vary significantly from the current projection and are highly sensitive to changes in volume projections, supply chain performance, inflationary and commodity impacts and tariff policy. Tariff cost projections below are consistent with tariffs currently being charged by the Company’s suppliers and that the Company currently expects to continue for the remainder of 2026.
Full Year 2026Current GuidancePrevious GuidanceDepletions and Shipments Percentage ChangeDown low-single digits to mid-single digitsDown low-single digits to mid-single digitsPrice Increases1% to 2%1% to 2%Gross Margin (including Tariffs)48.5% to 50%48% to 50%Tariff Costs($ million)$20 to $30$20 to $30Advertising, Promotion, and Selling ExpenseYear Over Year Change($ million)$0 to $20$20 to $40GAAP Tax Rate (Benefit)/ Provision(11.0%) to (12.0%)(9.5%) to (10.5%)Non GAAP Tax Rate Provision29% to 30%29% to 30%GAAP EPS (Income/ (Loss))($6.23) to ($4.23)($7.02) to ($5.02)Non-recurring Litigation Expenses impact per share($14.73) ($15.52) Non GAAP EPS$8.50 to $10.50$8.50 to $10.50Capital Spending($ million)$60 to $80$70 to $90 Underlying the Company's current 2026 projections are the following full-year estimates and targets:
The Company is monitoring changes in commodity costs driven by macroeconomic factors, particularly energy, which impacts freight expense as well as aluminum expense given the energy intensive nature of aluminum production. The Company’s current estimates of these cost increases are reflected in its guidance.Supply chain improvements implemented during 2025 resulted in more consistent levels of distributor inventory in terms of weeks on hand. The impact of these initiatives on prior year shipment timing, together with expected timing of shipments to meet demand in 2026, is expected to affect second half 2026 shipment phasing. The Company expects shipments to decline low to mid-single digits year over year in the third quarter followed by modest shipment growth in the fourth quarter.The Company’s business is seasonal, with the fourth quarter typically a lower volume quarter and the lowest gross margin rate of the year. The Company expects year over year gross margin rate improvement to be the most meaningful in the fourth quarter as shortfall fees are expected to be lower in 2026 versus 2025 and the Company typically expenses the majority of its shortfall fees in the fourth quarter. During full year 2026, the Company estimates shortfall fees and non-cash expense of third-party production pre-payments in total will negatively impact gross margins by 40 to 60 basis points.The advertising, selling and promotional expense projection does not include any changes in freight costs for the shipment of products to the Company’s distributors. Advertising investment levels are expected to decline year over year in the fourth quarter as a result of lower full year investment levels and comparisons against high levels of investment in the fourth quarter of 2025 that included production costs associated with preparation for 2026 programming. Use of Non-GAAP Measures
Non-GAAP EPS and Non-GAAP Tax Rate are not defined terms under U.S. generally accepted accounting principles (“GAAP”). Non-GAAP EPS, or Non-GAAP earnings per diluted share, excludes from projected GAAP EPS the impact of the non-recurring litigation relating to a supplier dispute of $1.31 per diluted share in income in the second quarter of 2026 and $14.27 per diluted share in expense in the first half of 2026. Non-GAAP Tax Rate excludes from the projected GAAP Tax Rate the tax impact of the non-recurring litigation expense. These non-GAAP measures should not be considered in isolation or as a substitute for diluted earnings per share prepared in accordance with GAAP, and may not be comparable to calculations of similarly titled measures by other companies. Management uses these non-GAAP financial measures to make operating and strategic decisions and to evaluate the Company’s underlying business performance. Management believes these forward-looking non-GAAP measures provide meaningful and useful information to investors and analysts regarding the Company’s outlook for its ongoing financial and business performance or trends and facilitates period to period comparisons of its forecasted financial performance.
Forward-Looking Statements
Statements made in this press release that state the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Company’s actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company’s SEC filings, including, but not limited to, the Company’s report on Form 10-K for the year ended December 27, 2025 and subsequent reports filed by the Company with the SEC on Forms 10-Q and 8-K. Copies of these documents are available from the SEC and may be found on the Company’s website, www.bostonbeer.com. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
About the Company
The Boston Beer Company, Inc. (NYSE: SAM) began in 1984 brewing Samuel Adams beer and has since grown to become one of the largest and most respected craft brewers in the United States. We consistently offer the highest-quality products to our drinkers, and we apply what we’ve learned from making great-tasting craft beer to making great-tasting and innovative “beyond beer” products. Boston Beer Company has pioneered not only craft beer but also hard cider, hard seltzer and hard tea. Our core brands include household names like Angry Orchard Hard Cider, Dogfish Head, Sun Cruiser, Truly Hard Seltzer, Twisted Tea Hard Iced Tea, and Samuel Adams. We have taprooms and hospitality locations in Delaware, Massachusetts, New York and Ohio. For more information, please visit our website at www.bostonbeer.com, which includes links to our respective brand websites.
Thursday, July 23, 2026
THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands, except per share data) (unaudited) Thirteen weeks ended Twenty-six weeks ended June 27, 2026 June 28,
2025 June 27, 2026 June 28,
2025 Revenue $607,757 $625,425 $1,069,333 $1,106,782 Less excise taxes 39,419 37,476 67,065 64,966 Net revenue 568,338 587,949 1,002,268 1,041,816 Cost of goods sold 281,968 295,431 501,937 530,035 Gross profit 286,370 292,518 500,331 511,781 Operating expenses: Advertising, promotional, and selling expenses 185,881 159,713 325,957 297,249 General and administrative expenses 48,878 45,751 101,180 93,702 Impairment of brewery assets 234 4,985 236 4,985 Litigation (reduction) expense (19,389) — 192,646 — Total operating expenses 215,604 210,449 620,019 395,936 Operating income (loss) 70,766 82,069 (119,688) 115,845 Other income (expense), net: Interest income, net 2,001 2,294 3,890 4,625 Other expense, net (449) (309) (812) (574)Total other income (expense), net 1,552 1,985 3,078 4,051 Income (loss) before income tax provision (benefit) 72,318 84,054 (116,610) 119,896 Income tax provision (benefit) 20,751 23,621 (22,916) 35,051 Net income (loss) $51,567 $60,433 $(93,694) $84,845 Net income (loss) per common share – basic $4.96 $5.45 $(8.99) $7.59 Net income (loss) per common share – diluted $4.96 $5.45 $(8.99) $7.58 Weighted-average number of common shares – basic 10,387 11,090 10,427 11,183 Weighted-average number of common shares – diluted 10,358 11,067 10,427 11,163 Net income (loss) $51,567 $60,433 $(93,694) $84,845 Other comprehensive (loss) income: Foreign currency translation adjustment (127) 245 (235) 394 Total other comprehensive (loss) income (127) 245 (235) 394 Comprehensive income (loss) $51,440 $60,678 $(93,929) $85,239 THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (unaudited) June 27,
2026 December 27,
2025 Assets Current Assets: Cash and cash equivalents $265,549 $223,378 Accounts receivable, net 100,495 57,094 Inventories, net 118,118 92,532 Prepaid expenses and other current assets 27,184 20,316 Income tax receivable 4,466 24,259 Total current assets 515,812 417,579 Property, plant, and equipment, net 554,911 578,125 Operating right-of-use assets 24,716 30,229 Goodwill 112,529 112,529 Intangible assets, net 13,907 14,753 Third-party production prepayments 5,916 7,099 Note receivable 7,783 11,218 Other assets 19,520 22,063 Total assets $1,255,094 $1,193,595 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $125,029 $94,975 Accrued expenses and other current liabilities 166,201 144,797 Accrued litigation expenses 192,646 - Current operating lease liabilities 9,687 12,762 Total current liabilities 493,563 252,534 Deferred income taxes, net 21,347 64,785 Non-current operating lease liabilities 21,863 25,111 Other liabilities 3,749 4,885 Total liabilities 540,522 347,315 Commitments and Contingencies Stockholders' Equity: Class A Common Stock, $0.01 par value; 22,700,000 shares authorized; 8,224,038 and 8,408,458 issued and outstanding as of June 27, 2026 and December 27, 2025, respectively 82 84 Class B Common Stock, $0.01 par value; 4,200,000 shares authorized; 2,068,000
issued and outstanding as of June 27, 2026 and December 27, 2025 21 21 Additional paid-in capital 709,867 698,811 Accumulated other comprehensive loss (614) (380)Retained earnings 5,216 147,744 Total stockholders' equity 714,572 846,280 Total liabilities and stockholders' equity $1,255,094 $1,193,595 THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Twenty-six weeks ended June 27,
2026 June 28,
2025 Cash flows provided by operating activities: Net (loss) income $(93,694) $84,845 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 42,563 45,178 Impairment of brewery assets 236 4,985 Gain on sale of property, plant, and equipment (78) (42)Litigation expense 192,646 — Change in right-of-use assets 5,513 (8,405)Stock-based compensation expense 11,470 10,924 Deferred income taxes (43,439) (10,517)Other non-cash income (282) (20)Changes in operating assets and liabilities: Accounts receivable (43,399) (31,388)Inventories (25,801) (17,404)Prepaid expenses and other current assets (7,091) (6,625)Income tax receivable 19,793 6,643 Third-party production prepayments 1,183 5,151 Brewery-related assets and cloud computing 3,000 2,673 Other non-current assets (242) (1,042)Accounts payable 34,452 25,449 Accrued expenses and other current liabilities 27,322 9,668 Operating lease liabilities (6,323) 7,923 Other non-current liabilities (254) 423 Net cash provided by operating activities 117,575 128,419 Cash flows used in investing activities: Purchases of property, plant, and equipment (22,865) (24,156)Proceeds from disposal of property, plant, and equipment 78 42 Net cash used in investing activities (22,787) (24,114)Cash flows used in financing activities: Repurchases and retirement of Class A common stock (49,957) (101,617)Proceeds from exercise of stock options and sale of investment shares 1,158 833 Cash paid on finance leases (847) (848)Payment of tax withholding on stock-based payment awards and investment shares (2,971) (2,060)Net cash used in financing activities (52,617) (103,692)Change in cash and cash equivalents 42,171 613 Cash and cash equivalents at beginning of period 223,378 211,819 Cash and cash equivalents at end of period $265,549 $212,432 Copies of The Boston Beer Company's press releases, including quarterly financial results, are available at www.bostonbeer.com Investor Relations Contact: Media Contact:Nora Doherty Dave DeCecco(617) 368-5390 (914) [email protected][email protected]
HOUSTON--(BUSINESS WIRE)--Expro Ltd (NYSE: XPRO) (the “Company” or “Expro”) today announced it has closed the previously announced acquisition of Enhanced Well Technologies Group AS (“Enhanced Drilling”). Under the terms of the agreement Expro purchased Enhanced Drilling for approximately 2 billion Norwegian kroner (“NOK”) in cash (or approximately $215 million) plus customary closing and working capital adjustments. With this acquisition Expro becomes a leading provider of next-generation dril.
Key Takeaways CCI's Q2 AFFO per share rose 10.8% and beat estimates by 13% amid lower interest expense.Site rental revenues fell 4.1% as DISH terminations and Sprint cancellations weighed on results.CCI raised its 2026 AFFO outlook after repaying over $7B of debt and buying back $1B of shares. Crown Castle Inc. (CCI - Free Report) reported second-quarter 2026 adjusted funds from operations (AFFO) per share of $1.13, up 10.8% year over year. The metric surpassed the Zacks Consensus Estimate of $1.00 by 13%.
Results reflected a rise in AFFO per share, driven by a decrease in interest expense and an increase in interest income resulting from the use of proceeds from the sale of its Fiber and Small Cell businesses.
Quarterly revenues of $1.01 billion, declined 4.9% from the prior-year period but beat the consensus estimate by 1.52%. The decrease was due to lower site rental revenues, services and other revenues.
CCI Site Rental Results Reflect Tenant HeadwindsSite rental revenues were $967 million, down 4.1% year over year. The decline reflected a $49 million impact from DISH terminations, $5 million from Sprint cancellations and a $25 million reduction in straight-lined revenues and the amortization of prepaid rent.
Organic Contribution to Site Rental Billings, adjusted for DISH terminations and Sprint cancellations, totaled $38 million, representing 3.9% growth. The metric included $15 million from core leasing activity, $25 million from escalators, a $7 million drag from non-renewals and a $5 million increase in other billings.
CCI's EBITDA Declines on Lower Rental RevenuesAdjusted EBITDA came in at $675 million, down 4.3% from $705 million in the prior-year quarter. Management attributed the decrease mainly to the lower contribution from site rental revenues.
Interest expense and the amortization of deferred financing costs declined to $208 million from $243 million. Net income fell to $94 million from $291 million.
CCI Capital Spending Rises on Land PurchasesCapital expenditures from continuing operations totaled $59 million, up 47.5% year over year. The total included $52 million of discretionary capital expenditures and $7 million of sustaining capital expenditures.
The increase was mainly driven by a $20 million rise in land capital expenditures. Crown Castle continues to prioritize land ownership under its towers to improve margins, strengthen control of its assets and shorten customer delivery times.
CCI Maintains a Stronger Post-Sale Balance SheetCrown Castle ended the quarter with 100% fixed-rate debt and a weighted-average debt maturity of approximately seven years. The company had around $4.5 billion available under its revolving credit facility.
CCI completed the sale of its fiber and small-cell businesses on May 1, receiving $8.4 billion in net proceeds. Following the transaction, the company completed $1 billion of share repurchases and repaid more than $7 billion of debt.
CCI Raises Its 2026 AFFO OutlookCrown Castle raised the midpoint of its full-year 2026 AFFO outlook by $5 million. The company now expects AFFO between $1.95 billion and $2.00 billion compared with its previous range of $1.945-$1.995 billion. AFFO per share is projected between $4.53 and $4.65. The Zacks Consensus Estimate presently is pinned at $4.43.
The site rental revenue outlook was raised by $5 million to a range of $3.833-$3.878 billion. Adjusted EBITDA guidance was maintained between $2.665 billion and $2.715 billion.
Crown Castle currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other REITsPrologis, Inc. (PLD - Free Report) reported second-quarter 2026 core funds from operations (FFO) per share of $1.63, up from $1.46 in the year-ago quarter. The figure surpassed the Zacks Consensus Estimate of $1.53 by 6.54%.
Rental revenues totaled $2.18 billion, up 7.5% year over year. The top line also exceeded the Zacks Consensus Estimate of $2.14 billion with a 1.68% surprise, supported by continued rent growth and resilient operating fundamentals. PLD currently carries a Zacks Rank #2.
Upcoming Earnings ReleaseWe now look forward to the earnings release of other REITs, such as W.P. Carey (WPC - Free Report) , which is slated to report on July 28, 2026.
The Zacks Consensus Estimate for W.P. Carey’s second-quarter 2026 FFO per share is pegged at $1.31, which suggests a year-over-year increase of 2.3%. W.P. Carey currently carries a Zacks Rank #2.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
, /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) announced today that its Board of Directors declared a cash dividend of $0.35 per share payable August 20, 2026, to shareholders of record as of August 6, 2026.
About Crown Holdings, Inc.
Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. World headquarters are located in Tampa, Florida. Learn more at www.crowncork.com.
For more information, contact:
Kevin C. Clothier, Senior Vice President and Chief Financial Officer, (215) 698-5281, or
Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720
TSMC’s Price Hikes Could Show Which AI Chip Stocks Have Real Pricing PowerAt its Advancing AI 2026 event in San Francisco, Advanced Micro Devices NASDAQ: AMD laid out an expansive AI roadmap spanning data center racks, server CPUs, enterprise accelerators, developer software, personal AI systems and robotics platforms, while highlighting partnerships with major AI and enterprise customers.
AMD said AI demand is accelerating as usage shifts from training models to running them. The company said more than 35 quadrillion tokens are consumed each month, up nearly 160 times over two years, and estimated that roughly 60% of global AI compute capacity in 2026 will be used for inference. AMD also said agentic AI is driving a “step change” in compute demand because agents reason through multiple steps, call tools, access data and coordinate workloads.
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AMD’s $5 Billion Anthropic Deal Could Redraw the AI Chip BattleThe company updated its market outlook, saying it now expects the AI accelerator market to reach about $1.4 trillion by 2030. AMD also said it expects the server CPU market to grow from about $25 billion today to more than $200 billion by 2030, citing agentic AI as a new growth driver for CPUs.
AMD Launches Helios AI Rack AMD announced Helios, which it described as the “industry’s highest performance AI rack,” built around Instinct GPUs, EPYC CPUs and Pensando networking. The company said the rack includes MI455 accelerators, Venice EPYC processors, Pensando DPUs and Vulcano AI NICs using the open Ultra Ethernet standard.
The 2026 Blueprint: 6 Stocks for a Brand New PortfolioAMD said Helios is in full production, with shipments on track to begin at the end of the third quarter and ramp in the fourth quarter. The company claimed Helios delivers 15% more compute, 50% more HBM4 memory capacity and bandwidth, and 50% more scale-out bandwidth than competing systems. It also said the rack delivers up to 30% more tokens per dollar than the competition.
Anthropic Co-founder and Chief Compute Officer Tom Brown joined the event and said Anthropic will deploy up to 2 gigawatts of Helios. Brown said Anthropic’s evaluation of MI355X was faster than expected, saying one engineer connected the system to Claude and had it producing performance data over a weekend. Brown also said Claude is increasingly useful in software engineering and adjacent technical workloads such as design and layout.
OpenAI Head of Infrastructure Sachin Katti said OpenAI expects to deploy Helios at massive scale starting toward the end of the year and accelerating through 2027. Katti said OpenAI has been working side by side with AMD engineers to optimize software and run GPT-class workloads on Helios. He also said future AI infrastructure must be treated as a data-center-scale systems problem involving CPUs, GPUs, memory, networking, storage, power distribution and cooling.
Venice EPYC CPUs Target Agentic AI AMD also detailed Venice, its next-generation EPYC server CPU family built on Zen 6. The company said Venice is designed for the agentic era and delivers up to 1.8 times more performance than Turin, with support for up to 512 threads per socket. AMD said Venice is in full production, with major server OEMs and cloud providers expected to begin rolling out systems in the fourth quarter.
The company described several Venice variants, including Venice HF for AI host nodes, a 256-core EPYC Venice chip for agent sandboxes and a 128-core version for enterprise and general-purpose servers. AMD said it also plans Verano for AI host nodes and Venice-X for high-performance and technical computing workloads.
Meta Head of Infrastructure Santosh Janardhan said demand across inference, training, recommendation systems and content creation is growing rapidly. He said Meta is moving from optimizing individual servers to treating the data center as one integrated system involving servers, networking, cooling and power. Janardhan said Meta has worked with AMD across multiple EPYC generations and is also collaborating on accelerator deployments, including MI450.
ROCm AI and Enterprise Products Vamsi Boppana, AMD senior vice president of AI, introduced ROCm AI, an agentic AI platform intended to help developers build and optimize workloads for AMD GPUs through coding agents such as Cursor, Claude and Codex. Boppana said ROCm releases now go out every six weeks, compared with every four months previously, and said AMD has expanded support across open-source AI ecosystems including Hugging Face, PyTorch, JAX, vLLM and SGLang.
Boppana said ROCm AI includes HyperLoom, an AI-assisted optimization layer that can analyze workloads, tune configurations and iterate toward performance targets. In one example, he said ROCm AI produced a 38% tokens-per-second improvement for MiniMax M3 with vLLM on MI355s. Philippe Tillet, a researcher at OpenAI and creator of Triton, said OpenAI and AMD are collaborating across the software stack, including LLVM code generation, and said AMD’s open software approach has enabled performance gains that would be harder to achieve in a closed stack.
For enterprise AI, Dan McNamara, AMD senior vice president and general manager of compute and enterprise AI, announced the Instinct MI350P, an air-cooled GPU designed to fit within existing enterprise server power and cooling envelopes. AMD said a single MI350P can support up to 260 billion parameters and delivers more than four times the tokens per second per dollar than the competition.
AT&T Chief Technology Officer Jeremy Legg said AT&T is consuming more than 1 trillion tokens per month and has more than 100 GenAI models in production. He said AT&T has used AMD technology to train and post-train models, manage token costs and support open-source telecom AI models. Legg also announced OTel 2.0, an updated Open Telco AI model trained on AMD and made available through open source.
Personal AI, Robotics and Roadmap Jack Huynh, AMD senior vice president and general manager of the computing and graphics group, outlined AMD’s personal AI strategy, including Ryzen AI Halo and a new Gorgon Halo system with 192 gigabytes of unified memory and support for models up to 300 billion parameters. Huynh said AMD is expanding its partnership with Hugging Face and that later this year every Ryzen AI Halo box will include a full year of Hugging Face Pro.
Cisco President and Chief Product Officer Jeetu Patel said enterprises will need management, security, observability and cost controls as inference spreads beyond data centers to desk-side systems. Patel said Cisco’s management apparatus for AMD Halo devices is in early availability for select customers and is expected to reach general availability in the U.S. in early fall.
AMD also introduced the Kria AI System-on-Module, powered by Ryzen AI Embedded X100, and a Kria AI robotics developer platform built on ROCm and ROS2. Huynh said the platform brings CPU, GPU, NPU and unified memory together for robotics workloads involving perception, reasoning and real-time control.
Looking ahead, AMD said it plans Florence EPYC CPUs with Zen 7 cores in 2028 and Ravenna with Zen 8 for 2030. On GPUs, AMD said MI500 will bring next-generation HBM, a larger scale-up domain and new copper and optical interconnects, while MI600 is in development for 2028. The company said customers should expect a new Helios system every year.
About Advanced Micro Devices (NASDAQ:AMD)Advanced Micro Devices, Inc NASDAQ: AMD is a global semiconductor company that designs and sells microprocessors, graphics processors, chipsets and adaptive computing solutions for a broad set of markets. The company's product portfolio includes consumer and commercial CPUs under the Ryzen and Threadripper brands, data center processors under the EPYC brand, and Radeon graphics processing units for gaming and professional visualization. AMD also offers semi-custom system-on-chip (SoC) products for gaming consoles and other specialized applications, and provides supporting software and platform technologies for OEMs, cloud service providers and end users.
Founded in 1969, AMD has evolved from a supplier of logic chips into a diversified, fabless semiconductor designer.
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Rate Cuts Make These 3 Income ETFs More Attractive Than EverVisteon NASDAQ: VC reported second-quarter 2026 sales of $960 million, down 1% from a year earlier, as lower customer vehicle production weighed on volumes across major regions. The automotive electronics supplier said it still outperformed its customer-weighted production by approximately 4 percentage points, helped by recent product launches in Europe and India.
President and Chief Executive Officer Sachin Lawande said customer vehicle production declined about 5% during the quarter, while Visteon’s sales remained “essentially flat year-over-year.” Adjusted EBITDA was $116 million, representing a 12.1% margin, and adjusted free cash flow was positive. The company ended the quarter with $650 million in cash and net cash of $351 million.
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3 Automotive Parts Makers Growing at Double-Digit Rates“Visteon delivered another quarter of solid execution despite a challenging industry production environment,” Lawande said, citing the ramp of recently launched programs and the company’s diversified customer base.
Launches and Bookings Support Second-Half Outlook Visteon launched 24 new products across 11 automakers during the quarter, bringing first-half launches to 44. More than half of the second-quarter launches were display products, reflecting what Lawande described as the industry’s continued shift toward larger, higher-content digital cockpits.
5 medical stocks growing earnings by triple digitsAmong the launches highlighted by the company were the Mercedes-Benz S-Class Superscreen, display systems on other Mercedes platforms, a dual display system for Nissan’s Elgrand minivan, a center display for Renault Boreal, digital clusters with Hyundai in India and two-wheeler programs with Royal Enfield and Hero MotoCorp.
The company also secured $2 billion of new business awards during the quarter, bringing first-half bookings to $3 billion. Visteon said it remains on track for its full-year bookings target of $6 billion. Approximately 60% of first-half wins came from its strategic software-defined vehicle portfolio, including SmartCore cockpit domain controllers, high-performance compute platforms and advanced display systems.
Lawande said second-quarter bookings included another SmartCore high-performance compute program with a premium brand under the Geely Group, two new commercial vehicle customers in North America, multiple display programs with an existing North American customer and a first digital cluster win with a Japanese OEM.
Regional Performance Mixed as China Remains Challenging Visteon said Europe was its strongest region in the quarter, with sales increasing despite weaker customer production. The company attributed the performance to display launches with Audi, Renault and Mercedes. In the rest of Asia, growth in India offset currency headwinds and the roll-off of a Mazda program in Japan, supported by SmartCore programs with Mahindra, infotainment launches with Tata and two-wheeler growth.
In the Americas, sales reflected previously discussed headwinds, including lower customer production, reduced battery management system volumes with GM and Ford vehicle discontinuations. Those pressures were partially offset by Nissan multi-display systems and Volkswagen infotainment programs.
China remained under pressure. Lawande said sales reflected weakness in the value segment after changes in government policies and incentives, as well as continued market-share losses by international OEMs. However, he said the premium domestic OEM segment was more resilient and better aligned with Visteon’s strategy.
During the question-and-answer session, Lawande said the Chinese market is undergoing what appears to be a structural change, with demand pressure concentrated in internal combustion vehicles and electric vehicles not considered “smart cars.” He said Visteon’s second-quarter sales grew with domestic OEMs that have premium technology portfolios but were hurt by lower volumes with international OEMs.
Guidance Reaffirmed, With Sales Tracking Toward High End Senior Vice President and Chief Financial Officer Jerome Rouquet said Visteon is reaffirming full-year guidance across key financial metrics. The company continues to expect:
Sales of $3.625 billion to $3.825 billion, trending toward the high end at about $3.8 billion. Adjusted EBITDA of $455 million to $495 million, trending toward the midpoint at approximately $475 million. Adjusted free cash flow of $170 million to $210 million, trending toward the low end at about $170 million. Rouquet said the sales outlook reflects year-to-date performance, continued customer recoveries, and a strong second-half launch schedule, partially offset by softer customer production. Lawande said Visteon expects sales to grow in the second half versus the prior year despite customer vehicle production being forecast to decline about 5% during the same period.
The company expects sales growth in all regions except the Americas. In Europe and the rest of Asia, Visteon expects mid-teen sales growth. In China, it expects to return to low single-digit sales growth as its first SmartCore high-performance compute programs launch with Geely and Chery.
Cost Recovery and Memory Supply Remain Key Issues Rouquet said Visteon made progress in the quarter recovering semiconductor-related cost increases, securing agreements with many customers that offset memory cost inflation incurred in the second quarter. He said the company expects to close remaining customer agreements in the second half.
Rouquet also said cost pressures initially seen in memory are now extending to other purchased components, making it difficult to fully offset inflation in 2026. He said margins are expected to improve through the rest of the year as customer recoveries and cost initiatives ramp.
In response to analyst questions, Lawande discussed a recent agreement with Micron, saying it provides better assurance of supply, improved long-term visibility into memory availability and better price predictability. However, he said Visteon still expects 2027 to be challenging for memory supply and is working with alternate suppliers while redesigning some products to allow more flexibility in the use of different memory parts.
Lawande said Visteon expects to pursue full recovery of memory cost increases from customers next year, while some engineering costs tied to qualifying alternate memory sources may be absorbed by the company.
Capital Returns and Insourcing Questions Addressed Visteon announced a $200 million accelerated share repurchase program, which Rouquet said is expected to be completed by early in the fourth quarter. The program will exhaust the remaining capacity under the company’s 2023 authorization and use part of the $800 million authorization announced at its June Investor Day.
Rouquet said the ASR is the first step in Visteon’s plan to return approximately $1 billion to shareholders between 2026 and 2029, primarily through share repurchases and dividends. He reiterated that the company’s net cash target is $150 million, compared with $351 million at the end of the quarter.
Analysts also asked about the risk of automakers insourcing cockpit domain controllers and high-performance compute systems. Lawande said Ford and GM remain important customers and that about 20% of Visteon’s first-half new business wins came from those two OEMs, mostly Ford display business. He said the company continues to see opportunities to collaborate with large automakers as cockpit electronics become more complex.
Lawande said OEMs face increasing challenges from technologies such as high-performance computing and artificial intelligence, particularly across multiple vehicle segments and regions. He said Chinese OEMs are actively collaborating with strategic suppliers for certain technologies, which has supported Visteon’s wins in China.
“We think that we can be a good collaborative partner and support all OEMs in their transitions through these technologies,” Lawande said.
About Visteon (NASDAQ:VC)Visteon Corporation is a global automotive electronics supplier that specializes in designing, engineering and manufacturing cockpit electronics and connected vehicle solutions. The company's product portfolio spans digital instrument clusters, infotainment systems, domain controllers and advanced driver interaction technologies. By integrating hardware, software and services, Visteon aims to deliver complete cockpit electronics platforms that enhance driver experience, safety and connectivity.
Founded in 2000 as a spin-off from Ford Motor Company, Visteon has evolved its focus toward next-generation electronics and software-driven vehicle architectures.
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Key Takeaways Norfolk Southern's adjusted EPS rose 7% as record revenue climbed 11% on volume and pricing gains.Intermodal revenue jumped 22%, led by 11% growth in domestic units and a 16% rise in revenue per unit.NSC raised its 2026 expense outlook as higher fuel costs and volumes pressured the operating ratio. Norfolk Southern Corporation (NSC - Free Report) ) reported adjusted second-quarter 2026 earnings of $3.52 per share, up 7% year over year and 9% above the Zacks Consensus Estimate of $3.23. Railway operating revenues rose 11% to a record $3.47 billion, beating the consensus mark of $3.32 billion by 4.4%.
The top-line gain reflected 4% volume growth, stronger revenue per unit and higher fuel surcharges. Total units reached 1.86 million, while adjusted income from railway operations increased 5% to $1.20 billion.
NSC’s Revenue Mix Shows Broad-Based StrengthMerchandise revenues increased 8% year over year to $2.13 billion. Units rose 2%, while revenue per unit advanced 6%, supported by higher fuel surcharge revenue and favorable rate and mix.
Chemicals revenues climbed 18%, agriculture, forest and consumer products increased 4% and metals and construction rose 5%. Automotive revenues advanced 3%, with units remaining essentially flat.
Norfolk Southern's Intermodal Leads GrowthIntermodal revenues jumped 22% to $908 million, with units up 5% and revenue per unit rising 16%. Domestic intermodal units grew 11%, more than offsetting a 3% decline in international units.
Coal revenues climbed 7% to $424 million as units increased 3% and revenue per unit improved 4%. Export coal tonnage surged 25%, while utility and domestic metallurgical tonnage declined 8% and 15%, respectively.
NSC's Costs Weigh on EfficiencyAdjusted railway operating expenses rose 15% to $2.27 billion. Fuel expense surged 85%, or $186 million, mainly because of higher prices. Compensation and benefits increased 8%, while purchased services and rents climbed 6%.
The adjusted operating ratio, which measures operating expenses as a percentage of revenues, deteriorated 210 basis points to 65.5%. Higher fuel expense and the related surcharge revenues created a 110-basis-point year-over-year headwind. Excluding fuel, revenues grew 5%, while revenue per unit increased 1%.
Norfolk Southern's Network Metrics Face PressureService and network measures weakened during the quarter. Train speed declined to 19.9 miles per hour from 21.6 a year ago, while terminal dwell increased to 24.0 hours from 22.7 hours. Car miles per day fell to 138 from 142.
Customer-facing metrics also softened. Merchandise plan compliance dropped to 68% from 78%, and the intermodal service composite declined to 85% from 89%. Management said that network velocity was regaining momentum in the third quarter and reiterated that NSC remains on track for at least $650 million of three-year cost reductions.
NSC's Safety Progress Remains IntactSafety performance provided a counterweight to the service pressure. The first-half FRA accident rate improved to 1.61 from 2.37 in the prior-year period, while the FRA mainline accident rate declined to 0.49 from 0.56.
The first-half personal injury index improved to 1.03 from 1.08. Management emphasized continued investment in safety and linked the progress to longer-term culture change across the railroad.
Norfolk Southern's Cash Flow Funds PrioritiesNet cash provided by operating activities totaled $1.40 billion in the first six months of 2026, down from $2.03 billion a year earlier. Property additions were $821 million, while dividends totaled $606 million. Norfolk Southern did not repurchase shares during the period.
NSC ended June with $1.07 billion in cash and cash equivalents. Total debt declined to $16.62 billion from $17.09 billion at year-end 2025, while the debt-to-total-capitalization ratio improved to 50.6% from 52.4%.
NSC Raises Its Expense OutlookManagement now expects adjusted operating expenses of $8.8 billion to $8.9 billion for 2026. The revised view includes a projected $400 million to $500 million incremental fuel impact versus the original guidance, along with higher volumes.
Capital spending is expected to be $1.9 billion, about $300 million or 14% below the 2025 level. The program is expected to support network reliability and capability as the company prioritizes safety, consistent service and disciplined execution.
Currently, NSC carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q2 Performances of Other Transportation CompaniesDelta Air Lines (DAL - Free Report) reported second-quarter 2026 earnings (excluding 88 cents from non-recurring items) of $1.56 per share, beating the Zacks Consensus Estimate of $1.51. Earnings declined in double digits (% wise) from a year ago as sharply higher fuel costs pressured profitability.
Revenues rose on a year-over-year basis to $17.67 billion but missed the consensus estimate of $17.76 billion. Broad demand strength lifted adjusted total revenue per available seat mile, or TRASM, 12.4%, while premium and diversified revenue streams continued to expand.
United Airlines Holdings, Inc. (UAL - Free Report) reported second-quarter 2026 adjusted earnings of $1.99 per share, down 48.6% year over year but above the Zacks Consensus Estimate of $1.92 by 3.7%.
Operating revenues rose 16% to $17.67 billion and were essentially in line with the $17.68-billion consensus mark. A 12.1% increase in total revenue per available seat mile, or TRASM, and broad-based gains across premium, loyalty and cargo revenues supported the top line despite sharply higher fuel costs.
J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported second-quarter 2026 earnings of $1.91 per share, up 45.8% from $1.31 a year ago. The figure beat the Zacks Consensus Estimate of $1.71 by 11.7%.
Operating revenues climbed 19.4% year over year to $3.50 billion and surpassed the consensus mark of $3.19 billion by 9.5%. Higher volumes and pricing across several businesses supported growth, led by a 10% increase in Intermodal loads.
Norfolk Southern Corporation (NSC) Q2 2026 Earnings Call July 23, 2026 10:00 AM EDT
Company Participants
Luke Nichols - Senior Director of Investor Relations
Mark George - President, CEO & Director
Brian Barr - Chief Operating Officer
Ed Elkins - Executive VP & Chief Commercial Officer
Jason Zampi - Executive VP & CFO
Conference Call Participants
Christian Wetherbee - Wells Fargo Securities, LLC, Research Division
Scott Group - Wolfe Research, LLC
Brian Ossenbeck - JPMorgan Chase & Co, Research Division
Jason Seidl - TD Cowen, Research Division
Jonathan Chappell - Evercore ISI Institutional Equities, Research Division
David Vernon - Bernstein Institutional Services LLC, Research Division
Madison Pasterchick - Morgan Stanley, Research Division
Stephanie Benjamin Moore - Jefferies LLC, Research Division
Bascome Majors - Stephens Inc., Research Division
Richa Talwar - Deutsche Bank AG, Research Division
Eric Morgan - Barclays Bank PLC, Research Division
Ariel Rosa - Citigroup Inc., Research Division
Presentation
Operator
Good morning, ladies and gentlemen, and welcome to the Norfolk Southern Corporation Q2 2026 Earnings Conference Call. [Operator Instructions] Also note that this call is being recorded on Thursday, July 23, 2026. And I would like to turn the conference over to Luke Nichols. Please go ahead, sir.
Luke Nichols
Senior Director of Investor Relations
Thank you, and good morning, everyone. Please note that during today's call, we will make certain forward-looking statements within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future performance of Norfolk Southern Corporation, which are subject to risks and uncertainties and may differ materially from actual results.
Please refer to our annual and quarterly reports filed with the SEC for a full discussion of those risks and uncertainties we view as most important. Our presentation slides are available at norfolksouthern.com in the Investors Section along with a reconciliation of any non-GAAP measures
Celsius Holdings stock is testing key support levels. Why is CELH stock at lows? CELH Breaks to a Fresh 52-Week Low as the Downtrend Tightens its GripThe stock slipped below its prior 52-week floor of $27.47 Thursday, touching a new low as the weight of the longer-term trend continues to overwhelm any near-term attempts at recovery.
The technical picture is unambiguous. CELH is sitting 9.1% beneath its 20-day moving average, 8.2% below its 50-day, 18.6% under its 100-day and 34.8% below its 200-day, a stacked configuration that signals sustained trend deterioration rather than a temporary pause.
A death cross that took hold in March, when the 50-day crossed beneath the 200-day, continues to cast a shadow over any rally attempt by establishing overhead supply at virtually every level above where the stock currently trades. Momentum is providing no relief either, with MACD sitting below its signal line and the histogram in negative territory, a setup that historically favors sellers until buyers can reclaim enough ground to shift the baseline.
The stock is now pressing against the lower boundary of its 52-week range, a zone that can attract dip buyers but also one that tends to accelerate selling if it gives way without a meaningful bounce.
A genuine recovery would require the stock to reclaim the $31.50 area, a level that aligns with the 20-day and 50-day moving averages and a prior pivot zone, and hold it rather than surrendering gains back to sellers at the first sign of strength.
Earnings Loom With a Mixed MessageAdding uncertainty to the technical pressure is an earnings report scheduled for Aug. 6. Analysts are projecting earnings of 43 cents per share, down from 47 cents in the same quarter a year ago, on revenue of approximately $890 million, an improvement from $740 million in the prior year period. The combination of top-line growth alongside shrinking earnings power is landing on a valuation of 66.2 times earnings that leaves little margin for disappointment.
Wall Street has not abandoned the stock but the tone has shifted noticeably. Three analysts trimmed their price targets in recent weeks while holding onto their Buy ratings.
Stifel lowered its target to $45 on July 16, Citigroup cut to $50 on July 14 and Needham moved its target down to $55 on July 9. The consensus price target of $52.08 still implies meaningful upside from current levels but the direction of revisions tells a story of analysts adjusting to the tape rather than fighting it, with the market effectively demanding either a better entry point or clearer evidence that the long-term growth narrative remains intact.
CELH Shares Are DippingCELH Price Action: Celsius shares were down 4.64% at $27.15 at the time of publication on Thursday. The stock is trading at a new 52-week low, according to Benzinga Pro.
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READING, Pa.--(BUSINESS WIRE)-- #EnerSys--EnerSys (NYSE: ENS), a global leader in stored energy solutions for industrial, infrastructure, and defense applications, today provided an update on its planned U.S. lithium cell manufacturing facility in Greenville, South Carolina, reflecting a refined strategy under which the plant will be focused on the development and manufacturing of lithium cells for aerospace and defense and specialized industrial applications where a secure U.S.-based supply chain is esse.
DALLAS--(BUSINESS WIRE)--Energy Transfer LP (“ET”) today announced the quarterly cash distribution of $0.2111 per Series I Preferred Unit (NYSE: ETprI).The cash distribution for the Series I unitholders will be paid on August 14, 2026 to Series I unitholders of record as of the close of business on August 4, 2026.Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with approximately 140,000 miles of pipeline an.
HOUSTON--(BUSINESS WIRE)--Comfort Systems USA, Inc. (NYSE: FIX), a leading provider of commercial, industrial and institutional heating, ventilation, air conditioning and electrical contracting services, today announced that its board of directors declared a quarterly dividend of $0.90 per share, which is a $0.10 increase from the Company's most recent dividend, on Comfort Systems USA, Inc. common stock. The dividend is payable on August 24, 2026 to stockholders of record at the close of busine.
HOUSTON--(BUSINESS WIRE)--Comfort Systems USA, Inc. (NYSE: FIX) (the “Company”) today reported results for the quarter ended June 30, 2026. For the quarter ended June 30, 2026, net income was $441.6 million, or $12.53 per diluted share, as compared to $230.8 million, or $6.53 per diluted share, for the quarter ended June 30, 2025. Revenue for the second quarter of 2026 was $3.27 billion compared to $2.17 billion in 2025. The Company reported operating cash flow of $1.14 billion in the current q.
HARTFORD, Conn.--(BUSINESS WIRE)--The Hartford (NYSE: HIG) today announced financial results for the second quarter ended June 30, 2026. “The Hartford delivered another quarter of strong results, reflecting the strength of our franchise, the breadth of our distribution relationships and our commitment to a superior customer experience,” said The Hartford's Chairman and CEO Christopher Swift. “Supported by market-leading positions and differentiated capabilities across Property and Casualty and.
Sonoco Products Company (SON) Q2 2026 Earnings Call July 23, 2026 8:00 AM EDT
Company Participants
Roger Schrum - Head of Investor Relations & Global Marketing Communications
Robert Coker - President, CEO & Director
Paul Joachimczyk - CFO & Principal Accounting Officer
Conference Call Participants
George Staphos - BofA Securities, Research Division
Anthony Pettinari - Citigroup Inc., Research Division
John Dunigan - Jefferies LLC, Research Division
Michael Roxland - Truist Securities, Inc., Research Division
Mark Weintraub - Seaport Research Partners
Hillary Cacanando - Deutsche Bank AG, Research Division
Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division
Matthew Roberts - CGS International
Gabe Hajde - Wells Fargo Securities, LLC, Research Division
Anojja Shah - UBS Investment Bank, Research Division
Presentation
Operator
Hello, everyone. Thank you for joining us, and welcome to the Sonoco Second Quarter 2026 Earnings Conference Call. [Operator Instructions] I will now hand the conference over to Roger Schrum, Head of Investor Relations and Global Marketing Communications. Roger, please go ahead.
Roger Schrum
Head of Investor Relations & Global Marketing Communications
Thank you, Warren, and good morning, everyone. Last evening, we issued a news release and posted an investor presentation that reviews Sonoco's Second Quarter 2026 financial results. Both are posted on the Investor Relations section of our website at sonoco.com. A replay of today's conference call will be available on our website later today, and we'll post a transcript later this week.
If you would turn to Slide 2, I'll remind you that during today's call, we will discuss a number of forward-looking statements based on current expectations, estimates and projections. These statements are not guarantees of future performance and are subject to certain risks and uncertainties. Therefore, actual results may differ materially.
Additionally, today's presentation includes the use of non-GAAP financial measures, which management believes provides useful information to investors about the company's financial condition
BILLINGS, Mont.--(BUSINESS WIRE)--First Interstate BancSystem, Inc. (NASDAQ: FIBK) (the “Company”) today reported financial results for the second quarter of 2026. For the quarter, the Company reported net income of $83.9 million, or $0.87 per diluted share, which compares to net income of $60.2 million, or $0.61 per diluted share, for the first quarter of 2026 and net income of $71.7 million, or $0.69 per diluted share, for the second quarter of 2025. HIGHLIGHTS Completed the sale of eleven Ne.
"Our second quarter results demonstrate the resilience of our franchise and reflect the value of disciplined execution across the company," said Clint Stein, Chairman, CEO & President. "While the operating environment remains dynamic, we continued to execute on our strategic priorities through prudent expense management, ongoing balance sheet optimization, and consistent capital returns to shareholders. Commercial loan balances continued to grow, reflecting the strength of our customer relationships and the trust we have built across our markets. We also continued to reposition the balance sheet in ways that support stronger long-term performance. Supported by our diversified business model, sound credit culture, and strong capital generation, we remain committed to delivering sustainable returns and creating long-term value for our shareholders."
Clint Stein, Chairman, CEO & President of Columbia Banking System, Inc.
2Q26 HIGHLIGHTS (COMPARED TO 1Q26)
Net Interest
Income and
NIM
• Net interest income decreased by $5 million
from the prior quarter, due in part to $4 million of
interest income reversals, alongside modest
balance sheet deleveraging.
• Net interest margin was 3.93%, down 3 basis
points from the prior quarter, as the interest
income reversals mentioned above reduced the
net interest margin by 3 basis points.
Non-Interest
Income and
Expense
• Non-interest income increased by $5 million,
due primarily to higher treasury management
and card-based fees, partially offset by quarterly
changes in fair value adjustments and hedging
activity. Results also include $3 million in death
benefit proceeds related to a single policy.
• Non-interest expense decreased by $19 million,
due to lower merger expense and the realization
of acquisition-related cost savings.
Credit
Quality
• Net charge-offs were 0.25% of average loans
and leases (annualized), compared to 0.30% for
the prior quarter.
• Provision expense was $27 million, compared to
$28 million for the prior quarter.
• Non-performing assets to total assets ratio was
0.42%, compared to 0.40% as of March 31,
2026.
Capital
• Estimated total risk-based capital ratio of 13.4%
and estimated common equity tier 1 risk-based
capital ratio of 11.6%.
• Declared a quarterly cash dividend of $0.37 per
common share on May 15, 2026, which was
paid June 15, 2026.
• Repurchased $199 million of common stock
under our current repurchase plan.
Notable
Items
• Our first small business and retail campaign of
2026, which began in February and
ended April 30, 2026, brought over $600
million in new deposits to the bank and also was
successful in generating new SBA lending
relationships. Our second campaign began in
June and has generated approximately $650
million in new deposit balances through mid-
July.
2Q26 KEY FINANCIAL DATA
PERFORMANCE METRICS
2Q26
1Q26
2Q25
Return on average assets
1.27 %
1.18 %
1.19 %
Return on average common equity
10.99 %
10.00 %
11.56 %
Return on average tangible common
equity1
15.29 %
13.88 %
16.03 %
Operating return on average assets1
1.33 %
1.28 %
1.25 %
Operating return on average
common equity1
11.46 %
10.89 %
12.16 %
Operating return on average
tangible common equity1
15.95 %
15.11 %
16.85 %
Net interest margin
3.93 %
3.96 %
3.75 %
Efficiency ratio
55.15 %
58.03 %
54.29 %
Operating efficiency ratio, as
adjusted 1
52.92 %
53.68 %
51.79 %
INCOME STATEMENT
($ in millions, excl. per share data)
2Q26
1Q26
2Q25
Net interest income
$589
$594
$446
Provision for credit losses
$27
$28
$30
Non-interest income
$88
$83
$65
Non-interest expense
$375
$394
$278
Pre-provision net revenue1
$302
$283
$233
Operating pre-provision net
revenue1
$314
$306
$242
Earnings per common
share - diluted
$0.73
$0.66
$0.73
Operating earnings per common
share - diluted1
$0.76
$0.72
$0.76
Dividends paid per share
$0.37
$0.37
$0.36
BALANCE SHEET
($ in millions, excl. per share data)
2Q26
1Q26
2Q25
Total assets
$65,380
$66,027
$51,901
Loans and leases
$47,166
$47,697
$37,637
Deposits
$52,056
$53,489
$41,743
Book value per common share
$26.70
$26.47
$25.41
Tangible book value per common
share1
$19.22
$19.03
$18.47
Organizational Update
Columbia Banking System, Inc. ("Columbia," the "Company," "we," or "our") closed its acquisition of Pacific Premier Bancorp, Inc. ("Pacific Premier") on August 31, 2025, and completed the systems conversion and nine branch consolidations during the first quarter of 2026. All organizational changes and cost-related synergies were essentially complete as of June 30, 2026, including the achievement of our previously disclosed cost savings target associated with the Pacific Premier acquisition.
During the second quarter, we opened a branch in Colorado Springs and a financial hub in Las Vegas. We continue to strategically expand and refine our physical footprint to support relationship-driven growth, while funding these initiatives through targeted real estate optimization and other efficiency improvements.
Net Interest Income and Net Interest Margin
Net interest income was $589 million for the second quarter of 2026, down $5 million from the first quarter of 2026, due in part to $4 million of interest income reversals, alongside modest balance sheet deleveraging.
Columbia's net interest margin was 3.93% for the second quarter of 2026, down 3 basis points from the first quarter of 2026, as the interest income reversals mentioned above reduced the net interest margin by 3 basis points during the second quarter. Excluding this impact, net interest margin was consistent between periods, as higher yields on loans and leases partially offset a lower yield on taxable securities, driven by changes in prepayment speed expectations. Improved funding costs also contributed favorably to the net interest margin.
The cost of interest-bearing deposits decreased 8 basis points from the prior quarter to 1.96% for the second quarter of 2026, compared to 2.04% for the first quarter of 2026. The decrease during the second quarter reflects our active management of deposit rates and a lower mix of higher-cost brokered deposits. The cost of interest-bearing deposits was 1.95% for the month of June and 1.94% as of June 30, 2026.
Columbia's cost of interest-bearing liabilities decreased 3 basis points from the prior quarter to 2.21% for the second quarter of 2026, compared to 2.24% for the first quarter of 2026. The cost of interest-bearing liabilities was 2.22% for the month of June and 2.21% as of June 30, 2026. Refer to the Q2 2026 Earnings Presentation for additional net interest margin change details and interest rate sensitivity information.
Non-interest Income
Non-interest income was $88 million for the second quarter of 2026, up $5 million from the prior quarter. Quarterly changes in fair value adjustments and mortgage servicing rights ("MSR") hedging activity, which reflect interest rate fluctuations during the quarter, collectively resulted in a net fair value loss of $3 million for the second quarter, compared to a net fair value gain of $2 million for the first quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was $91 million2 for the second quarter of 2026, up $10 million between periods, due primarily to higher treasury management and card-based fees. We also received $3 million in death benefit proceeds during the second quarter related to a single policy, which was recorded in other income.
Non-interest Expense
Non-interest expense was $375 million for the second quarter of 2026, down $19 million from the prior quarter, due to lower merger expense. Excluding merger and restructuring expense and exit and disposal costs, as detailed in our non-GAAP disclosures, non-interest expense was $366 million2, down $3 million from the prior quarter, due to cost savings related to the Pacific Premier acquisition. Refer to the Q2 2026 Earnings Presentation for additional expense details.
Balance Sheet
Total consolidated assets were $65.4 billion as of June 30, 2026, compared to $66.0 billion as of March 31, 2026. The decrease reflects balance sheet optimization activity. Cash and cash equivalents were $1.8 billion as of June 30, 2026, compared to $2.1 billion as of March 31, 2026. Including secured off-balance sheet lines of credit, total available liquidity was $25.6 billion as of June 30, 2026, representing 39% of total assets, 49% of total deposits, and 125% of uninsured deposits. Available-for-sale securities, which are held on balance sheet at fair value, were $11.1 billion as of June 30, 2026, compared to $10.9 billion as of March 31, 2026. The increase is due to the purchase of $462 million of investment securities, which offset paydowns and a decrease in the fair value of the portfolio. Refer to the Q2 2026 Earnings Presentation for additional details related to our investment securities portfolio and liquidity position.
Gross loans and leases were $47.2 billion as of June 30, 2026, compared to $47.7 billion as of March 31, 2026. The decrease reflects continued expected runoff in below-market-rate transactional loans and lower balances in non-owner occupied commercial real estate given elevated payoffs, due in part to competitive pricing pressure. Commercial loans, inclusive of owner-occupied commercial real estate, increased by 5% on an annualized basis relative to March 31, 2026, partially offsetting contraction in other portfolios. "Our bankers remained focused on relationship-driven activity during the second quarter, generating new business opportunities while continuing to manage the balance sheet with discipline," commented Tory Nixon, President of Columbia Bank. "Commercial relationship growth remained solid, and the continued runoff of lower-return transactional loans is reshaping our balance sheet as intended. Customer engagement remains healthy, and we remain encouraged by the quality of our pipelines and the opportunities we see across our western footprint." Refer to the Q2 2026 Earnings Presentation for additional details related to our loan portfolio, which include underwriting characteristics, the composition of our commercial portfolios, and disclosure related to transactional loans.
Total deposits were $52.1 billion as of June 30, 2026, compared to $53.5 billion as of March 31, 2026. The decrease reflects intentional reductions in brokered deposits and wholesale public deposits, which declined to $978 million and $928 million, respectively, as of June 30, 2026, compared to $1.6 billion and $1.2 billion, respectively, as of March 31, 2026. Customer deposit contraction in April due to seasonal tax payments also contributed to the decline between periods. "Seasonal factors reduced deposit balances early in the quarter, with balances stabilizing in May and June despite increasing competition," stated Mr. Nixon. "Our teams continue to emphasize relationship banking, serving our customers through advice-driven conversations and tailored solutions, while preserving the strength of our core deposit franchise. Meeting the evolving needs of our customers remains at the center of the value we provide." We utilized borrowings, which were $4.3 billion as of June 30, 2026, compared to $3.4 billion as of March 31, 2026, to supplement funding needs. Refer to the Q2 2026 Earnings Presentation for additional details related to deposit characteristics and flows.
Credit Quality
The allowance for credit losses ("ACL") was $475 million, or 1.01% of loans and leases, as of June 30, 2026, compared to $478 million, or 1.00% of loans and leases, as of March 31, 2026. The provision for credit losses was $27 million for the second quarter of 2026 and reflects loan portfolio runoff, credit migration trends, charge-off activity, and changes in the economic forecasts used in credit models.
Net charge-offs were 0.25% of average loans and leases (annualized) for the second quarter of 2026, compared to 0.30% for the first quarter of 2026. Net charge-offs in the FinPac portfolio were $15 million for the second quarter, compared to $14 million for the first quarter. Net charge-offs excluding the FinPac portfolio were $15 million for the second quarter, compared to $21 million for the first quarter. Non-performing assets were $273 million, or 0.42% of total assets, as of June 30, 2026, compared to $264 million, or 0.40% of total assets, as of March 31, 2026. Refer to the Q2 2026 Earnings Presentation for additional details related to the allowance for credit losses and other credit trends.
Capital
Columbia's book value per common share was $26.70 as of June 30, 2026, compared to $26.47 as of March 31, 2026. During the second quarter, Columbia repurchased 6.6 million common shares under its current repurchase plan at an average price of $29.93, representing 2.3% of outstanding common shares. Book value also was impacted by the change in accumulated other comprehensive (loss) income ("AOCI") to $(310) million as of June 30, 2026, compared to $(291) million as of the prior quarter-end. The change in AOCI is due primarily to an increase in the tax-effected net unrealized loss on available-for-sale securities to $275 million as of June 30, 2026, compared to $260 million as of March 31, 2026. Tangible book value per common share3 was $19.22 as of June 30, 2026, compared to $19.03 as of March 31, 2026.
Columbia's estimated total risk-based capital ratio was 13.4% and its estimated common equity tier 1 risk-based capital ratio was 11.6% as of June 30, 2026, compared to 13.5% and 11.7%, respectively, as of March 31, 2026. Columbia remains above current "well-capitalized" regulatory minimums. The regulatory capital ratios as of June 30, 2026 are estimates, pending completion and filing of Columbia's regulatory reports.
Earnings Presentation and Conference Call Information
Columbia's Q2 2026 Earnings Presentation provides additional disclosure. A copy will be available on our investor relations page: www.columbiabankingsystem.com.
Columbia will host its second quarter 2026 earnings conference call on July 23, 2026 at 2:00 p.m. PT (5:00 p.m. ET). During the call, Columbia's management will provide an update on recent activities and discuss its second quarter 2026 financial results. Participants may join the audiocast or register for the call using the link below to receive dial-in details and their own unique PINs. It is recommended you join 10 minutes prior to the start time.
Join the audiocast: https://edge.media-server.com/mmc/p/thdt6a5z/
Register for the call: https://register-conf.media-server.com/register/BIb20bf1c21e7e4dcd93e446da448dd1e9
Access the replay through Columbia's investor relations page: https://www.columbiabankingsystem.com/news-market-data/event-calendar/default.aspx
About Columbia Banking System, Inc.
Columbia Banking System, Inc. (Nasdaq: COLB) is headquartered in Tacoma, Washington and is the parent company of Columbia Bank, an award-winning preeminent regional bank with offices in Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Washington. Columbia Bank combines the resources, sophistication, and expertise of a national bank with a commitment to deliver superior, personalized service. The bank supports consumers and businesses through a full suite of services, including retail and commercial banking, Small Business Administration lending, institutional and corporate banking, and equipment leasing. Columbia Bank customers also have access to comprehensive investment and wealth management expertise as well as healthcare and private banking through Columbia Wealth Management. Learn more at www.columbiabankingsystem.com.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "target," "projects," "outlook," "forecast," "will," "may," "could," "should," "can" and similar references to future periods. In this press release we make forward-looking statements about strategic and growth initiatives and the result of such activity. Risks and uncertainties that could cause results to differ from forward-looking statements we make include, without limitation: current and future economic and market conditions, including the effects of declines in housing and commercial real estate prices, high unemployment rates, renewed inflation and any recession or slowdown in economic growth particularly in the western United States; economic forecast variables that are either materially worse or better than end of quarter projections and deterioration in the economy that could result in increased loan and lease losses, especially those risks associated with concentrations in real estate related loans; risks related to our acquisition of Pacific Premier (the "Transaction"), including, among others, (i) any revenue synergies from the Transaction may not be fully realized or may take longer than anticipated to be realized, and (ii) deposit attrition as a result of the Transaction; the impact of proposed or imposed tariffs by the U.S. government and retaliatory tariffs proposed or imposed by U.S. trading partners that could have an adverse impact on customers; our ability to effectively manage problem credits; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the liquidity and stability of banks; changes in interest rates that could significantly reduce net interest income and negatively affect asset yields and valuations and funding sources; changes in the scope and cost of FDIC insurance and other coverage; our ability to successfully implement efficiency and operational excellence initiatives; our ability to successfully develop and market new products and technology; changes in laws or regulations; potential adverse reactions or changes to business or employee relationships; the effect of geopolitical instability, including wars, conflicts and terrorist attacks; and natural disasters and other similar unexpected events outside of our control. We also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of Columbia, market conditions, capital requirements, applicable law and regulations (including federal securities laws and federal banking and state regulations), and other factors deemed relevant by Columbia's Board of Directors.
_________________________
1 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for additional information.
2 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for additional information.
3 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for additional information.
TABLE INDEX
Page
Consolidated Statements of Income
7
Consolidated Balance Sheets
8
Financial Highlights
10
Loan & Lease Portfolio Balances and Mix
11
Deposit Portfolio Balances and Mix
13
Credit Quality - Non-performing Assets
14
Credit Quality - Allowance for Credit Losses
15
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
17
Residential Mortgage Banking Activity
19
GAAP to Non-GAAP Reconciliation
21
Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
Quarter Ended
% Change
($ in millions, shares in thousands)
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Seq.
Quarter
Year
over
Year
Interest income:
Loans and leases
$ 683
$ 684
$ 722
$ 619
$ 564
— %
21 %
Interest and dividends on investments:
Taxable
98
103
102
89
80
(5) %
23 %
Exempt from federal income tax
12
12
12
8
7
— %
71 %
Dividends
4
3
3
4
3
33 %
33 %
Temporary investments and interest bearing deposits
13
14
19
20
16
(7) %
(19) %
Total interest income
810
816
858
740
670
(1) %
21 %
Interest expense:
Deposits
173
184
195
195
180
(6) %
(4) %
Securities sold under agreement to repurchase and
federal funds purchased
1
1
1
1
1
— %
— %
Borrowings
39
30
27
30
35
30 %
11 %
Junior and other subordinated debentures
8
7
8
9
8
14 %
— %
Total interest expense
221
222
231
235
224
— %
(1) %
Net interest income
589
594
627
505
446
(1) %
32 %
Provision for credit losses
27
28
23
70
30
(4) %
(10) %
Non-interest income:
Service charges on deposits
23
20
24
21
20
15 %
15 %
Card-based fees
17
15
16
15
14
13 %
21 %
Financial services and trust revenue
15
15
15
9
6
— %
150 %
Residential mortgage banking revenue, net
7
12
7
7
8
(42) %
(13) %
(Loss) gain on investment securities, net
(1)
—
2
2
—
nm
nm
Gain on loan and lease sales, net
—
1
1
—
—
(100) %
nm
(Loss) gain on loans held for investment, at fair value
(1)
(2)
—
4
—
(50) %
nm
BOLI income
9
9
9
6
5
— %
80 %
Other income
19
13
16
13
12
46 %
58 %
Total non-interest income
88
83
90
77
65
6 %
35 %
Non-interest expense:
Salaries and employee benefits
196
196
201
171
155
— %
26 %
Occupancy and equipment, net
65
66
67
54
47
(2) %
38 %
FDIC assessments
9
9
4
8
8
— %
13 %
Intangible amortization
38
41
42
31
26
(7) %
46 %
Merger and restructuring expense
9
24
39
87
8
(63) %
13 %
Other expenses
58
58
59
42
34
— %
71 %
Total non-interest expense
375
394
412
393
278
(5) %
35 %
Income before provision for income taxes
275
255
282
119
203
8 %
35 %
Provision for income taxes
67
63
67
23
51
6 %
31 %
Net income
$ 208
$ 192
$ 215
$ 96
$ 152
8 %
37 %
Weighted average basic shares outstanding (in
thousands)
285,558
290,933
295,376
237,838
209,125
(2) %
37 %
Weighted average diluted shares outstanding (in
thousands)
286,472
292,160
296,760
238,925
209,975
(2) %
36 %
Earnings per common share – basic
$ 0.73
$ 0.66
$ 0.72
$ 0.40
$ 0.73
11 %
— %
Earnings per common share – diluted
$ 0.73
$ 0.66
$ 0.72
$ 0.40
$ 0.73
11 %
— %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
Six Months Ended
% Change
($ in millions, shares in thousands)
Jun 30, 2026
Jun 30, 2025
Year over
Year
Interest income:
Loans and leases
$ 1,367
$ 1,117
22 %
Interest and dividends on investments:
Taxable
201
149
35 %
Exempt from federal income tax
24
14
71 %
Dividends
7
6
17 %
Temporary investments and interest bearing deposits
27
32
(16) %
Total interest income
1,626
1,318
23 %
Interest expense:
Deposits
357
357
0 %
Securities sold under agreement to repurchase and federal funds purchased
2
2
0 %
Borrowings
69
71
(3) %
Junior and other subordinated debentures
15
17
(12) %
Total interest expense
443
447
(1) %
Net interest income
1,183
871
36 %
Provision for credit losses
55
57
(4) %
Non-interest income:
Service charges on deposits
43
39
10 %
Card-based fees
32
27
19 %
Financial services and trust revenue
30
11
173 %
Residential mortgage banking revenue, net
19
17
12 %
(Loss) gain on investment securities, net
(1)
2
(150) %
Gain on loan and lease sales, net
1
—
nm
(Loss) gain on loans held for investment, at fair value
(3)
7
(143) %
BOLI income
18
10
80 %
Other income
32
18
78 %
Total non-interest income
171
131
31 %
Non-interest expense:
Salaries and employee benefits
392
300
31 %
Occupancy and equipment, net
131
95
38 %
FDIC assessments
18
16
13 %
Intangible amortization
79
54
46 %
Merger and restructuring expense
33
23
43 %
Legal settlement
—
55
(100) %
Other expenses
116
75
55 %
Total non-interest expense
769
618
24 %
Income before provision for income taxes
530
327
62 %
Provision for income taxes
130
88
48 %
Net income
$ 400
$ 239
67 %
Weighted average basic shares outstanding (in thousands)
288,130
208,964
38 %
Weighted average diluted shares outstanding (in thousands)
289,212
209,965
38 %
Earnings per common share – basic
$ 1.39
$ 1.14
22 %
Earnings per common share – diluted
$ 1.38
$ 1.14
21 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Consolidated Balance Sheets
(Unaudited)
% Change
($ in millions, shares in thousands)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Seq.
Quarter
Year
over
Year
Assets:
Cash and due from banks
$ 648
$ 577
$ 511
$ 535
$ 608
12 %
7 %
Interest-bearing cash and temporary
investments
1,121
1,522
1,869
1,808
1,334
(26) %
(16) %
Investment securities:
Equity and other, at fair value
126
124
113
112
93
2 %
35 %
Available for sale, at fair value
11,131
10,915
11,112
11,013
8,653
2 %
29 %
Held to maturity, at amortized cost
17
18
18
18
2
(6) %
nm
Loans held for sale
61
81
262
340
66
(25) %
(8) %
Loans and leases
47,166
47,697
47,776
48,462
37,637
(1) %
25 %
Allowance for credit losses on loans and
leases
(458)
(459)
(466)
(473)
(421)
— %
9 %
Net loans and leases
46,708
47,238
47,310
47,989
37,216
(1) %
26 %
Restricted equity securities
207
168
159
119
161
23 %
29 %
Premises and equipment, net
424
426
422
416
357
— %
19 %
Goodwill
1,482
1,482
1,482
1,481
1,029
— %
44 %
Other intangible assets, net
633
671
712
754
430
(6) %
47 %
Bank-owned life insurance
1,227
1,222
1,218
1,199
705
— %
74 %
Other assets
1,595
1,583
1,644
1,712
1,247
1 %
28 %
Total assets
$ 65,380
$ 66,027
$ 66,832
$ 67,496
$ 51,901
(1) %
26 %
Liabilities:
Deposits
Non-interest-bearing
$ 17,218
$ 17,635
$ 17,419
$ 17,810
$ 13,220
(2) %
30 %
Interest-bearing
34,838
35,854
36,792
37,961
28,523
(3) %
22 %
Total deposits
52,056
53,489
54,211
55,771
41,743
(3) %
25 %
Securities sold under agreements to
repurchase
189
162
207
167
191
17 %
(1) %
Borrowings
4,250
3,400
3,200
2,300
3,350
25 %
27 %
Junior subordinated debentures, at fair value
339
333
338
331
323
2 %
5 %
Junior and other subordinated debentures,
at amortized cost
97
97
97
107
108
— %
(10) %
Other liabilities
897
882
939
1,030
844
2 %
6 %
Total liabilities
57,828
58,363
58,992
59,706
46,559
(1) %
24 %
Shareholders' equity:
Common stock
7,702
7,896
8,099
8,189
5,826
(2) %
32 %
Retained earnings (accumulated deficit)
160
59
(26)
(131)
(151)
171 %
nm
Accumulated other comprehensive loss
(310)
(291)
(233)
(268)
(333)
7 %
(7) %
Total shareholders' equity
7,552
7,664
7,840
7,790
5,342
(1) %
41 %
Total liabilities and shareholders' equity
$ 65,380
$ 66,027
$ 66,832
$ 67,496
$ 51,901
(1) %
26 %
Common shares outstanding at period end (in
thousands)
282,817
289,530
295,422
299,147
210,213
(2) %
35 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
Quarter Ended
% Change
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Seq.
Quarter
Year
over
Year
Per Common Share Data:
Dividends
$ 0.37
$ 0.37
$ 0.37
$ 0.36
$ 0.36
— %
3 %
Book value
$ 26.70
$ 26.47
$ 26.54
$ 26.04
$ 25.41
1 %
5 %
Tangible book value (1)
$ 19.22
$ 19.03
$ 19.11
$ 18.57
$ 18.47
1 %
4 %
Performance Ratios:
Efficiency ratio (2)
55.15 %
58.03 %
57.30 %
67.29 %
54.29 %
(2.88)
0.86
Non-interest expense to average assets (1)
2.29 %
2.41 %
2.44 %
2.74 %
2.16 %
(0.12)
0.13
Return on average assets ("ROAA")
1.27 %
1.18 %
1.27 %
0.67 %
1.19 %
0.09
0.08
Pre-provision net revenue ("PPNR") ROAA (1)
1.85 %
1.73 %
1.80 %
1.32 %
1.81 %
0.12
0.04
Return on average common equity
10.99 %
10.00 %
10.92 %
6.19 %
11.56 %
0.99
(0.57)
Return on average tangible common equity (1)
15.29 %
13.88 %
15.24 %
8.58 %
16.03 %
1.41
(0.74)
Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1),(2)
52.92 %
53.68 %
51.39 %
52.32 %
51.79 %
(0.76)
1.13
Operating non-interest expense to average assets (1)
2.24 %
2.26 %
2.20 %
2.14 %
2.10 %
(0.02)
0.14
Operating ROAA (1)
1.33 %
1.28 %
1.44 %
1.42 %
1.25 %
0.05
0.08
Operating PPNR ROAA (1)
1.92 %
1.87 %
2.02 %
1.89 %
1.88 %
0.05
0.04
Operating return on average common equity (1)
11.46 %
10.89 %
12.34 %
13.15 %
12.16 %
0.57
(0.70)
Operating return on average tangible common equity (1)
15.95 %
15.11 %
17.22 %
18.24 %
16.85 %
0.84
(0.90)
Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases
5.77 %
5.78 %
5.92 %
5.96 %
6.00 %
(0.01)
(0.23)
Yield on earning assets (2)
5.40 %
5.44 %
5.55 %
5.62 %
5.62 %
(0.04)
(0.22)
Cost of interest bearing deposits
1.96 %
2.04 %
2.08 %
2.43 %
2.52 %
(0.08)
(0.56)
Cost of interest bearing liabilities
2.21 %
2.24 %
2.27 %
2.65 %
2.78 %
(0.03)
(0.57)
Cost of total deposits
1.32 %
1.39 %
1.40 %
1.66 %
1.73 %
(0.07)
(0.41)
Cost of total funding (3)
1.55 %
1.56 %
1.57 %
1.87 %
1.98 %
(0.01)
(0.43)
Net interest margin (2)
3.93 %
3.96 %
4.06 %
3.84 %
3.75 %
(0.03)
0.18
Average interest bearing cash / Average interest earning assets
2.33 %
2.59 %
3.12 %
3.41 %
2.97 %
(0.26)
(0.64)
Average loans and leases / Average interest earning assets
78.67 %
78.44 %
78.12 %
78.39 %
78.64 %
0.23
0.03
Average loans and leases / Average total deposits
90.19 %
88.58 %
87.34 %
88.39 %
90.07 %
1.61
0.12
Average non-interest bearing deposits / Average total deposits
32.90 %
32.26 %
32.45 %
31.41 %
31.39 %
0.64
1.51
Average total deposits / Average total funding (3)
91.88 %
93.58 %
94.52 %
93.47 %
91.92 %
(1.70)
(0.04)
Select Credit & Capital Ratios:
Non-performing loans and leases to total loans and leases
0.57 %
0.55 %
0.41 %
0.40 %
0.47 %
0.02
0.10
Non-performing assets to total assets
0.42 %
0.40 %
0.30 %
0.29 %
0.35 %
0.02
0.07
Allowance for credit losses to loans and leases
1.01 %
1.00 %
1.02 %
1.01 %
1.17 %
0.01
(0.16)
Total risk-based capital ratio (4)
13.4 %
13.5 %
13.6 %
13.4 %
13.0 %
(0.10)
0.40
Common equity tier 1 risk-based capital ratio (4)
11.6 %
11.7 %
11.8 %
11.6 %
10.8 %
(0.10)
0.80
(1) See GAAP to Non-GAAP Reconciliation.
(2) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.
(3) Total funding = total deposits + total borrowings.
(4) Estimated holding company ratios.
Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
Six Months Ended
% Change
Jun 30, 2026
Jun 30, 2025
Year over Year
Per Common Share Data:
Dividends
$ 0.74
$ 0.72
2.78 %
Performance Ratios:
Efficiency ratio (2)
56.59 %
61.54 %
(4.95)
Non-interest expense to average assets (1)
2.35 %
2.42 %
(0.07)
Return on average assets
1.22 %
0.94 %
0.28
PPNR ROAA (1)
1.79 %
1.50 %
0.29
Return on average common equity
10.49 %
9.18 %
1.31
Return on average tangible common equity (1)
14.58 %
12.80 %
1.78
Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1),(2)
53.29 %
53.40 %
(0.11)
Operating non-interest expense to average assets (1)
2.25 %
2.11 %
0.14
Operating ROAA (1)
1.30 %
1.17 %
0.13
Operating PPNR ROAA (1)
1.90 %
1.78 %
0.12
Operating return on average common equity (1)
11.17 %
11.52 %
(0.35)
Operating return on average tangible common equity (1)
15.53 %
16.07 %
(0.54)
Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases
5.78 %
5.96 %
(0.18)
Yield on earning assets (2)
5.42 %
5.56 %
(0.14)
Cost of interest bearing deposits
2.00 %
2.52 %
(0.52)
Cost of interest bearing liabilities
2.23 %
2.79 %
(0.56)
Cost of total deposits
1.35 %
1.72 %
(0.37)
Cost of total funding (3)
1.56 %
1.98 %
(0.42)
Net interest margin (2)
3.94 %
3.67 %
0.27
Average interest bearing cash / Average interest earning assets
2.46 %
3.05 %
(0.59)
Average loans and leases / Average interest earning assets
78.55 %
78.78 %
(0.23)
Average loans and leases / Average total deposits
89.38 %
90.21 %
(0.83)
Average non-interest bearing deposits / Average total deposits
32.58 %
31.57 %
1.01
Average total deposits / Average total funding (3)
92.73 %
91.90 %
0.83
(1) See GAAP to Non-GAAP Reconciliation.
(2) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.
(3) Total funding = Total deposits + Total borrowings.
Columbia Banking System, Inc.
Loan & Lease Portfolio Balances and Mix
(Unaudited)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
% Change
($ in millions)
Amount
Amount
Amount
Amount
Amount
Seq.
Quarter
Year
over
Year
Loans and leases:
Commercial real estate: (1)
Non-owner occupied term
$ 7,584
$ 8,113
$ 8,206
$ 8,444
$ 6,190
(7) %
23 %
Owner occupied term
7,405
7,258
7,314
7,361
5,320
2 %
39 %
Multifamily
10,122
10,173
10,281
10,377
5,735
(1) %
76 %
Construction & development
1,529
1,670
1,707
2,071
2,070
(8) %
(26) %
Residential development
369
373
362
367
286
(1) %
29 %
Commercial:
Term
7,004
6,887
6,713
6,590
5,353
2 %
31 %
Lines of credit & other
3,794
3,804
3,643
3,582
2,951
— %
29 %
Leases & equipment finance
1,617
1,619
1,599
1,614
1,641
— %
(1) %
Residential:
Mortgage
5,402
5,483
5,624
5,722
5,830
(1) %
(7) %
Home equity loans & lines
2,176
2,147
2,149
2,153
2,083
1 %
4 %
Consumer & other
164
170
178
181
178
(4) %
(8) %
Total loans and leases, net of deferred fees
and costs
$ 47,166
$ 47,697
$ 47,776
$ 48,462
$ 37,637
(1) %
25 %
Loans and leases mix:
Commercial real estate: (1)
Non-owner occupied term
16 %
17 %
17 %
18 %
16 %
Owner occupied term
16 %
15 %
15 %
15 %
14 %
Multifamily
22 %
21 %
22 %
21 %
15 %
Construction & development
3 %
4 %
4 %
4 %
6 %
Residential development
1 %
1 %
1 %
1 %
1 %
Commercial:
Term
15 %
15 %
14 %
14 %
14 %
Lines of credit & other
8 %
8 %
8 %
7 %
8 %
Leases & equipment finance
3 %
3 %
3 %
3 %
4 %
Residential:
Mortgage
11 %
11 %
12 %
12 %
15 %
Home equity loans & lines
5 %
5 %
4 %
4 %
6 %
Consumer & other
— %
— %
— %
1 %
1 %
Total
100 %
100 %
100 %
100 %
100 %
(1)
During the three months ended June 30, 2026, the Company aligned the presentation of certain loans with its established loan classification methodology. This resulted in approximately $174 million of loans being reported within different commercial real estate loan categories, primarily multifamily loans, with a corresponding decrease in non-owner occupied term loans.
Columbia Banking System, Inc.
Deposit Portfolio Balances and Mix
(Unaudited)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
% Change
($ in millions)
Amount
Amount
Amount
Amount
Amount
Seq. Quarter
Year
over
Year
Deposits:
Demand, non-interest bearing
$ 17,218
$ 17,635
$ 17,419
$ 17,810
$ 13,220
(2) %
30 %
Demand, interest bearing
11,093
10,860
10,763
11,675
8,335
2 %
33 %
Money market
16,415
16,843
17,013
16,816
11,694
(3) %
40 %
Savings
2,392
2,437
2,442
2,504
2,276
(2) %
5 %
Time
4,938
5,714
6,574
6,966
6,218
(14) %
(21) %
Total
$ 52,056
$ 53,489
$ 54,211
$ 55,771
$ 41,743
(3) %
25 %
Total core deposits (1)
$ 49,488
$ 50,245
$ 50,174
$ 51,535
$ 37,294
(2) %
33 %
Deposit mix:
Demand, non-interest bearing
33 %
33 %
32 %
32 %
32 %
Demand, interest bearing
21 %
20 %
20 %
21 %
20 %
Money market
32 %
31 %
31 %
30 %
28 %
Savings
5 %
5 %
5 %
5 %
5 %
Time
9 %
11 %
12 %
12 %
15 %
Total
100 %
100 %
100 %
100 %
100 %
(1) Core deposits are defined as total deposits less time deposits greater than $250,000 and all brokered deposits.
Columbia Banking System, Inc.
Credit Quality – Non-performing Assets
(Unaudited)
Quarter Ended
% Change
($ in millions)
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Seq.
Quarter
Year
over
Year
Non-performing assets:(1)
Loans and leases on non-accrual status:
Commercial real estate
$ 96
$ 91
$ 50
$ 53
$ 31
5 %
210 %
Commercial
84
96
66
67
67
(13) %
25 %
Total loans and leases on non-accrual status
180
187
116
120
98
(4) %
84 %
Loans and leases past due 90+ days and accruing: (2)
Commercial real estate
4
3
2
—
—
33 %
nm
Commercial
4
2
8
5
5
100 %
(20) %
Residential (2)
80
69
72
71
74
16 %
8 %
Total loans and leases past due 90+ days and
accruing (2)
88
74
82
76
79
19 %
11 %
Total non-performing loans and leases (1), (2)
268
261
198
196
177
3 %
51 %
Other real estate owned
5
3
2
3
3
67 %
67 %
Total non-performing assets (1), (2)
$ 273
$ 264
$ 200
$ 199
$ 180
3 %
52 %
Loans and leases past due 31-89 days
$ 125
$ 168
$ 94
$ 85
$ 142
(26) %
(12) %
Loans and leases past due 31-89 days to total loans and
leases
0.27 %
0.35 %
0.20 %
0.18 %
0.38 %
(0.08)
(0.11)
Non-performing loans and leases to total loans and
leases (1), (2)
0.57 %
0.55 %
0.41 %
0.40 %
0.47 %
0.02
0.10
Non-performing assets to total assets (1), (2)
0.42 %
0.40 %
0.30 %
0.29 %
0.35 %
0.02
0.07
Non-accrual loans and leases to total loan and leases (2)
0.38 %
0.39 %
0.24 %
0.25 %
0.26 %
(0.01)
0.12
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
(1)
Non-accrual and 90+ days past due loans include government guarantees of $78 million, $88 million, $79 million, $70 million, and $68 million at June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.
(2)
Excludes certain mortgage loans that carry a government guarantee, which Columbia has the unilateral right to repurchase but has not done so, totaling $4 million, $4 million, $3 million, $2 million, and $2 million at June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.
Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
Quarter Ended
% Change
($ in millions)
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Seq.
Quarter
Year
over
Year
Allowance for credit losses on loans and leases
(ACLLL)
Balance, beginning of period
$ 459
$ 466
$ 473
$ 421
$ 421
(2) %
9 %
Initial ACL recorded for PCD loans acquired during
the period
—
—
—
5
—
nm
nm
Provision for credit losses on loans and leases
29
28
23
69
29
4 %
0 %
Charge-offs
Commercial real estate
(1)
—
(8)
(3)
—
nm
nm
Commercial
(32)
(39)
(23)
(22)
(33)
(18) %
(3) %
Residential
—
—
(1)
—
—
nm
nm
Consumer & other
(2)
(1)
(1)
(2)
(1)
100 %
100 %
Total charge-offs
(35)
(40)
(33)
(27)
(34)
(13) %
3 %
Recoveries
Commercial
4
4
3
4
5
0 %
(20) %
Consumer & other
1
1
—
1
—
0 %
nm
Total recoveries
5
5
3
5
5
0 %
0 %
Net charge-offs
Commercial real estate
(1)
—
(8)
(3)
—
nm
nm
Commercial
(28)
(35)
(20)
(18)
(28)
(20) %
0 %
Residential
—
—
(1)
—
—
nm
nm
Consumer & other
(1)
—
(1)
(1)
(1)
nm
0 %
Total net charge-offs
(30)
(35)
(30)
(22)
(29)
(14) %
3 %
Balance, end of period
$ 458
$ 459
$ 466
$ 473
$ 421
0 %
9 %
Reserve for unfunded commitments
Balance, beginning of period
$ 19
$ 19
$ 19
$ 18
$ 17
0 %
12 %
(Recapture) provision for credit losses on
unfunded commitments
(2)
—
—
1
1
nm
(300) %
Balance, end of period
17
19
19
19
18
(11) %
(6) %
Total Allowance for credit losses (ACL)
$ 475
$ 478
$ 485
$ 492
$ 439
(1) %
8 %
Net charge-offs to average loans and leases
(annualized)
0.25 %
0.30 %
0.25 %
0.22 %
0.31 %
(0.05)
(0.06)
Recoveries to gross charge-offs
14.29 %
12.50 %
9.09 %
18.52 %
15.19 %
1.79
(0.90)
ACLLL to loans and leases
0.97 %
0.96 %
0.98 %
0.98 %
1.12 %
0.01
(0.15)
ACL to loans and leases
1.01 %
1.00 %
1.02 %
1.01 %
1.17 %
0.01
(0.16)
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
Six Months Ended
% Change
($ in millions)
Jun 30, 2026
Jun 30, 2025
Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period
$ 466
$ 425
10 %
Provision for credit losses on loans and leases
57
55
4 %
Charge-offs
Commercial real estate
(1)
—
nm
Commercial
(71)
(66)
8 %
Residential
—
(1)
nm
Consumer & other
(3)
(2)
50 %
Total charge-offs
(75)
(69)
9 %
Recoveries
Commercial
8
9
(11) %
Consumer & other
2
1
100 %
Total recoveries
10
10
0 %
Net charge-offs
Commercial real estate
(1)
—
nm
Commercial
(63)
(57)
11 %
Residential
—
(1)
nm
Consumer & other
(1)
(1)
0 %
Total net charge-offs
(65)
(59)
10 %
Balance, end of period
$ 458
$ 421
9 %
Reserve for unfunded commitments
Balance, beginning of period
$ 19
$ 16
19 %
(Recapture) provision for credit losses on unfunded commitments
(2)
2
(200) %
Balance, end of period
17
18
(6) %
Total Allowance for credit losses (ACL)
$ 475
$ 439
8 %
Net charge-offs to average loans and leases (annualized)
0.28 %
0.31 %
(0.03)
Recoveries to gross charge-offs
13.33 %
14.62 %
(1.29)
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
Quarter Ended
June 30, 2026
March 31, 2026
June 30, 2025
($ in millions)
Average
Balance
Interest
Income
or
Expense
Average
Yields
or Rates
Average
Balance
Interest
Income
or
Expense
Average
Yields
or Rates
Average
Balance
Interest
Income
or
Expense
Average
Yields
or Rates
INTEREST-EARNING ASSETS:
Loans held for sale
$ 66
$ —
6.86 %
$ 189
$ 3
5.17 %
$ 67
$ 1
6.66 %
Loans and leases (1)
47,419
683
5.77 %
47,714
681
5.78 %
37,648
563
6.00 %
Taxable securities
10,173
102
3.97 %
10,097
106
4.22 %
7,937
83
4.22 %
Non-taxable securities (2)
1,219
15
4.63 %
1,253
14
4.51 %
798
8
3.95 %
Temporary investments and
interest-bearing cash
1,402
13
3.71 %
1,578
14
3.65 %
1,421
16
4.46 %
Total interest-earning assets (1), (2)
60,279
$ 813
5.40 %
60,831
$ 818
5.44 %
47,871
$ 671
5.62 %
Goodwill and other intangible
assets
2,136
2,175
1,472
Other assets
3,217
3,209
2,209
Total assets
$ 65,632
$ 66,215
$ 51,552
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits
$ 11,002
$ 45
1.65 %
$ 10,780
$ 43
1.60 %
$ 8,480
$ 48
2.28 %
Money market deposits
16,658
87
2.10 %
16,848
88
2.12 %
11,783
72
2.46 %
Savings deposits
2,413
1
0.14 %
2,443
1
0.12 %
2,287
1
0.13 %
Time deposits
5,205
40
3.03 %
6,414
52
3.32 %
6,126
59
3.85 %
Total interest-bearing deposits
35,278
173
1.96 %
36,485
184
2.04 %
28,676
180
2.52 %
Repurchase agreements and
federal funds purchased
163
1
1.65 %
187
1
1.86 %
186
1
2.06 %
Borrowings
4,050
39
3.90 %
3,071
30
3.96 %
3,058
35
4.53 %
Junior and other subordinated
debentures
431
8
7.07 %
435
7
7.03 %
428
8
8.05 %
Total interest-bearing liabilities
39,922
$ 221
2.21 %
40,178
$ 222
2.24 %
32,348
$ 224
2.78 %
Non-interest-bearing deposits
17,301
17,378
13,123
Other liabilities
814
873
794
Total liabilities
58,037
58,429
46,265
Common equity
7,594
7,786
5,287
Total liabilities and shareholders'
equity
$ 65,631
$ 66,215
$ 51,552
NET INTEREST INCOME (2)
$ 592
$ 596
$ 447
NET INTEREST SPREAD (2)
3.19 %
3.20 %
2.84 %
NET INTEREST INCOME TO
EARNING ASSETS OR NET
INTEREST MARGIN (1), (2)
3.93 %
3.96 %
3.75 %
(1)
Non-accrual loans and leases are included in the average balance.
(2)
Tax-exempt income was adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $3 million for the three months ended June 30, 2026, as compared to $2 million for the three months ended March 31, 2026 and $1 million for the three months ended June 30, 2025.
Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
Six Months Ended
June 30, 2026
June 30, 2025
($ in millions)
Average
Balance
Interest
Income
or Expense
Average
Yields
or Rates
Average
Balance
Interest
Income or
Expense
Average
Yields or
Rates
INTEREST-EARNING ASSETS:
Loans held for sale
$ 127
$ 3
5.62 %
$ 63
$ 2
6.49 %
Loans and leases (1)
47,565
1,364
5.78 %
37,663
1,115
5.96 %
Taxable securities
10,135
208
4.09 %
7,815
155
3.97 %
Non-taxable securities (2)
1,236
29
4.57 %
808
16
3.91 %
Temporary investments and interest-bearing cash
1,490
27
3.67 %
1,457
32
4.46 %
Total interest-earning assets (1), (2)
60,553
$ 1,631
5.42 %
47,806
$ 1,320
5.56 %
Goodwill and other intangible assets
2,156
1,487
Other assets
3,213
2,210
Total assets
$ 65,922
$ 51,503
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits
$ 10,892
$ 88
1.63 %
$ 8,426
$ 95
2.27 %
Money market deposits
16,753
175
2.11 %
11,694
141
2.43 %
Savings deposits
2,428
2
0.13 %
2,319
1
0.12 %
Time deposits
5,806
92
3.19 %
6,131
120
3.93 %
Total interest-bearing deposits
35,879
357
2.00 %
28,570
357
2.52 %
Repurchase agreements and federal funds purchased
175
2
1.76 %
201
2
1.94 %
Borrowings
3,563
69
3.93 %
3,048
71
4.67 %
Junior and other subordinated debentures
433
15
7.05 %
433
17
7.99 %
Total interest-bearing liabilities
40,050
$ 443
2.23 %
32,252
$ 447
2.79 %
Non-interest-bearing deposits
17,339
13,180
Other liabilities
844
819
Total liabilities
58,233
46,251
Common equity
7,689
5,252
Total liabilities and shareholders' equity
$ 65,922
$ 51,503
NET INTEREST INCOME (2)
$ 1,188
$ 873
NET INTEREST SPREAD (2)
3.19 %
2.77 %
NET INTEREST INCOME TO EARNING ASSETS OR NET
INTEREST MARGIN (1), (2)
3.94 %
3.67 %
(1)
Non-accrual loans and leases are included in the average balance.
(2)
Tax-exempt income was adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $5 million for the year ended June 30, 2026, as compared to $2 million for the same period in 2025.
Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
Quarter Ended
%
($ in millions)
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Seq.
Quarter
Year over
Year
Residential mortgage banking revenue:
Origination and sale
$ 6
$ 5
$ 5
$ 5
$ 5
20 %
20 %
Servicing
5
6
6
5
6
(17) %
(17) %
Change in fair value of MSR asset:
Changes due to collection/realization of
expected cash flows over time
(3)
(3)
(3)
(3)
(3)
— %
— %
Changes due to valuation inputs or
assumptions
1
6
(1)
—
(2)
(83) %
nm
MSR hedge (loss) gain
(2)
(2)
—
—
2
— %
(200) %
Total
$ 7
$ 12
$ 7
$ 7
$ 8
(42) %
(13) %
Closed loan volume for sale
$ 195
$ 171
$ 176
$ 166
$ 164
14 %
19 %
Gain on sale margin
3.08 %
2.92 %
2.84 %
3.01 %
2.77 %
0.16
0.31
Residential mortgage servicing rights:
Balance, beginning of period
$ 105
$ 99
$ 101
$ 103
$ 106
6 %
(1) %
Additions for new MSR capitalized
2
3
2
1
2
(33) %
— %
Change in fair value of MSR asset:
Changes due to collection/realization of
expected cash flows over time
(3)
(3)
(3)
(3)
(3)
— %
— %
Changes due to valuation inputs or
assumptions
1
6
(1)
—
(2)
(83) %
nm
Balance, end of period
$ 105
$ 105
$ 99
$ 101
$ 103
— %
2 %
Residential mortgage loans serviced for others
$ 7,734
$ 7,812
$ 7,755
$ 7,797
$ 7,852
(1) %
(2) %
MSR as % of serviced portfolio
1.36 %
1.34 %
1.28 %
1.30 %
1.31 %
0.02
0.05
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
Six Months Ended
% Change
($ in millions)
Jun 30, 2026
Jun 30, 2025
Year over
Year
Residential mortgage banking revenue:
Origination and sale
$ 11
$ 9
22 %
Servicing
11
12
(8) %
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time
(6)
(6)
0 %
Changes due to valuation inputs or assumptions
7
(3)
nm
MSR hedge (loss) gain
(4)
5
(180) %
Total
$ 19
$ 17
12 %
Closed loan volume for sale
$ 366
$ 300
22 %
Gain on sale margin
3.01 %
2.98 %
0.03
Residential mortgage servicing rights:
Balance, beginning of period
$ 99
$ 108
(8) %
Additions for new MSR capitalized
5
4
25 %
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time
(6)
(6)
0 %
Changes due to valuation inputs or assumptions
7
(3)
nm
Balance, end of period
$ 105
$ 103
2 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), this press release contains certain non-GAAP financial measures. The Company believes presenting certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends, and our financial position. We utilize these measures for internal planning and forecasting purposes, and operating pre-provision net revenue and operating return on tangible common equity are also used as part of our incentive compensation program for our executive officers. We, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. We believe that our presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitution for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation
Tangible Capital, as adjusted
(Unaudited)
Quarter Ended
% Change
($ in millions, except per-share data)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Seq.
Quarter
Year
over
Year
Total shareholders' equity
a
$ 7,552
$ 7,664
$ 7,840
$ 7,790
$ 5,342
(1) %
41 %
Less: Goodwill
1,482
1,482
1,482
1,481
1,029
— %
44 %
Less: Other intangible assets, net
633
671
712
754
430
(6) %
47 %
Tangible common shareholders' equity
b
$ 5,437
$ 5,511
$ 5,646
$ 5,555
$ 3,883
(1) %
40 %
Total assets
c
$ 65,380
$ 66,027
$ 66,832
$ 67,496
$ 51,901
(1) %
26 %
Less: Goodwill
1,482
1,482
1,482
1,481
1,029
— %
44 %
Less: Other intangible assets, net
633
671
712
754
430
(6) %
47 %
Tangible assets
d
$ 63,265
$ 63,874
$ 64,638
$ 65,261
$ 50,442
(1) %
25 %
Common shares outstanding at period end (in
thousands)
e
282,817
289,530
295,422
299,147
210,213
(2) %
35 %
Total shareholders' equity to total assets ratio
a / c
11.55 %
11.61 %
11.73 %
11.54 %
10.29 %
(0.06)
1.26
Tangible common equity to tangible assets ratio
b / d
8.59 %
8.63 %
8.73 %
8.51 %
7.70 %
(0.04)
0.89
Book value per common share
a / e
$ 26.70
$ 26.47
$ 26.54
$ 26.04
$ 25.41
1 %
5 %
Tangible book value per common share
b / e
$ 19.22
$ 19.03
$ 19.11
$ 18.57
$ 18.47
1 %
4 %
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Income Statements, as adjusted
(Unaudited)
Quarter Ended
% Change
($ in millions)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Seq.
Quarter
Year
over
Year
Non-Interest Income Adjustments
(Loss) gain on investment securities, net
$ (1)
$ —
$ 2
$ 2
$ —
nm
nm
Gain (loss) on swap derivatives
—
—
1
(1)
(1)
nm
nm
(Loss) gain on loans held for investment, at
fair value
(1)
(2)
—
4
—
(50) %
nm
Change in fair value of MSR due to valuation
inputs or assumptions
1
6
(1)
—
(2)
(83) %
nm
MSR hedge (loss) gain
(2)
(2)
—
—
2
— %
(200) %
Total non-interest income adjustments
a
$ (3)
$ 2
$ 2
$ 5
$ (1)
(250) %
200 %
Non-Interest Expense Adjustments
Merger and restructuring expense
$ 9
$ 24
$ 39
$ 87
$ 8
(63) %
13 %
Exit and disposal costs
—
1
1
—
—
(100) %
nm
FDIC special assessment
—
—
(5)
(1)
—
nm
nm
Legal settlement and other non-operating
expense
—
—
4
—
—
nm
nm
Total non-interest expense adjustments
b
$ 9
$ 25
$ 39
$ 86
$ 8
(64) %
13 %
Net interest income
c
$ 589
$ 594
$ 627
$ 505
$ 446
(1) %
32 %
Non-interest income (GAAP)
d
$ 88
$ 83
$ 90
$ 77
$ 65
6 %
35 %
Less: Non-interest income adjustments
a
3
(2)
(2)
(5)
1
nm
200 %
Operating non-interest income (non-GAAP)
e
$ 91
$ 81
$ 88
$ 72
$ 66
12 %
38 %
Revenue (GAAP)
f=c+d
$ 677
$ 677
$ 717
$ 582
$ 511
— %
32 %
Operating revenue (non-GAAP)
g=c+e
$ 680
$ 675
$ 715
$ 577
$ 512
1 %
33 %
Non-interest expense (GAAP)
h
$ 375
$ 394
$ 412
$ 393
$ 278
(5) %
35 %
Less: Non-interest expense adjustments
b
(9)
(25)
(39)
(86)
(8)
(64) %
13 %
Operating non-interest expense (non-GAAP)
i
$ 366
$ 369
$ 373
$ 307
$ 270
(1) %
36 %
Net income (GAAP)
j
$ 208
$ 192
$ 215
$ 96
$ 152
8 %
37 %
Provision for income taxes
67
63
67
23
51
6 %
31 %
Income before provision for income taxes
275
255
282
119
203
8 %
35 %
Provision for credit losses
27
28
23
70
30
(4) %
(10) %
Pre-provision net revenue (PPNR) (non-
GAAP)
k
302
283
305
189
233
7 %
30 %
Less: Non-interest income adjustments
a
3
(2)
(2)
(5)
1
nm
200 %
Add: Non-interest expense adjustments
b
9
25
39
86
8
(64) %
13 %
Operating PPNR (non-GAAP)
l
$ 314
$ 306
$ 342
$ 270
$ 242
3 %
30 %
Net income (GAAP)
j
$ 208
$ 192
$ 215
$ 96
$ 152
8 %
37 %
Acquisition-related provision expense
—
—
—
70
—
nm
nm
Less: Non-interest income adjustments
a
3
(2)
(2)
(5)
1
nm
200 %
Add: Non-interest expense adjustments
b
9
25
39
86
8
(64) %
13 %
Tax effect of adjustments
(3)
(6)
(9)
(43)
(1)
(50) %
200 %
Operating net income (non-GAAP)
m
$ 217
$ 209
$ 243
$ 204
$ 160
4 %
36 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Average Balances, Earnings Per Share, and Performance Metrics, as adjusted
(Unaudited)
Quarter Ended
% Change
($ in millions, shares in thousands)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Seq.
Quarter
Year
over
Year
Average assets
n
$ 65,632
$ 66,215
$ 67,114
$ 56,823
$ 51,552
(1) %
27 %
Less: Average goodwill and other intangible
assets, net
2,136
2,175
2,217
1,719
1,472
(2) %
45 %
Average tangible assets
o
$ 63,496
$ 64,040
$ 64,897
$ 55,104
$ 50,080
(1) %
27 %
Average common shareholders' equity
p
$ 7,594
$ 7,786
$ 7,814
$ 6,157
$ 5,287
(2) %
44 %
Less: Average goodwill and other intangible
assets, net
2,136
2,175
2,217
1,719
1,472
(2) %
45 %
Average tangible common equity
q
$ 5,458
$ 5,611
$ 5,597
$ 4,438
$ 3,815
(3) %
43 %
Weighted average basic shares outstanding
(in thousands)
r
285,558
290,933
295,376
237,838
209,125
(2) %
37 %
Weighted average diluted shares
outstanding (in thousands)
s
286,472
292,160
296,760
238,925
209,975
(2) %
36 %
Select Per-Share & Performance Metrics
Earnings per share - basic
j / r
$ 0.73
$ 0.66
$ 0.72
$ 0.40
$ 0.73
11 %
— %
Earnings per share - diluted
j / s
$ 0.73
$ 0.66
$ 0.72
$ 0.40
$ 0.73
11 %
— %
Efficiency ratio (1)
h / f
55.15 %
58.03 %
57.30 %
67.29 %
54.29 %
(2.88)
0.86
Non-interest expense to average assets
h / n
2.29 %
2.41 %
2.44 %
2.74 %
2.16 %
(0.12)
0.13
Return on average assets
j / n
1.27 %
1.18 %
1.27 %
0.67 %
1.19 %
0.09
0.08
Return on average tangible assets
j / o
1.31 %
1.22 %
1.31 %
0.69 %
1.22 %
0.09
0.09
PPNR return on average assets
k / n
1.85 %
1.73 %
1.80 %
1.32 %
1.81 %
0.12
0.04
Return on average common equity
j / p
10.99 %
10.00 %
10.92 %
6.19 %
11.56 %
0.99
(0.57)
Return on average tangible common equity
j / q
15.29 %
13.88 %
15.24 %
8.58 %
16.03 %
1.41
(0.74)
Operating Per-Share & Performance Metrics
Operating earnings per share - basic
m / r
$ 0.76
$ 0.72
$ 0.82
$ 0.86
$ 0.77
6 %
(1) %
Operating earnings per share - diluted
m / s
$ 0.76
$ 0.72
$ 0.82
$ 0.85
$ 0.76
6 %
— %
Operating efficiency ratio, as adjusted (1)
u / y
52.92 %
53.68 %
51.39 %
52.32 %
51.79 %
(0.76)
1.13
Operating non-interest expense to average assets
i / n
2.24 %
2.26 %
2.20 %
2.14 %
2.10 %
(0.02)
0.14
Operating return on average assets
m / n
1.33 %
1.28 %
1.44 %
1.42 %
1.25 %
0.05
0.08
Operating return on average tangible assets
m / o
1.37 %
1.32 %
1.49 %
1.47 %
1.28 %
0.05
0.09
Operating PPNR return on average assets
l / n
1.92 %
1.87 %
2.02 %
1.89 %
1.88 %
0.05
0.04
Operating return on average common equity
m / p
11.46 %
10.89 %
12.34 %
13.15 %
12.16 %
0.57
(0.70)
Operating return on average tangible common equity
m / q
15.95 %
15.11 %
17.22 %
18.24 %
16.85 %
0.84
(0.90)
(1) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.
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Marek Kameništiak
Fio banka, a.s.
Prohlášení
Key Takeaways FAF beat Q2 earnings and revenue estimates on strong commercial title business and higher investment income.Direct premiums, escrow fees and average revenues per order increased, boosting Title segment margins. Higher expenses partly offset gains, while buybacks and dividends returned capital. First American Financial Corporation (FAF - Free Report) reported second-quarter 2026 operating earnings of $2.08 per share, which beat the Zacks Consensus Estimate by 15.6% and rose 35.9% year over year.
Operating revenues climbed 15% to $2.1 billion, driven by growth in direct premiums, escrow fees, and Information and other revenues. The top line surpassed the consensus estimate by 4.4%.
The quarterly results benefited from robust commercial title business, higher average revenue per order, solid investment income growth and continued strength in information and subservicing businesses. Elevated operating expenses partly offset these gains.
What’s Behind the Headlines for FAF?Direct premiums and escrow fees reached $794.1 million, marking a 14.8% increase from the prior-year level. The figure exceeded the Zacks Consensus Estimate and our model estimate by 2.3%.
Investment income totaled $183.7 million in the second quarter, up 14.7% year over year, supported by higher interest income from the investment portfolio. The title segment increased 12% in investment income, partially offset by losses at the corporate level. The figure was above our estimate and the Zacks Consensus Estimate of $182.3 million.
Expenses increased 11.4% to $1.83 billion, primarily due to higher personnel costs, production expenses, premiums retained by agents and a rise in interest expense. The figure was above our estimate of $1.80 billion.
FAF’s Segmental ResultsTitle Insurance and Services: Total revenues rose 16.9% year over year to $2 billion, which beat the Zacks Consensus Estimate by 6.2%. This was driven by 15% growth in direct premiums and escrow fees, agent premiums and steady net investment income. Investment income increased 11% to $164 million, supported by higher interest income from the company's investment portfolio.
Adjusted pretax margin expanded 310 bps to 15.7%. Title open orders increased 0.7% to 188,200, while closed orders declined 0.7% to 137,300. Average revenue per direct title order increased to $4,572, reflecting a 31% increase in commercial average revenue per order, partially offset by a mix shift toward lower-premium refinance transactions.
Home Warranty: Total revenues rose 3.3% to $113.8 million, exceeding our model estimate of $111 million. Pretax income climbed 8.5% year over year to $24.2 million. The claim loss rate improved to 40%, due to lower claim frequency, partly offset by higher claim severity. Pretax margin expanded 110 basis points to 21.3%.
Corporate: The Corporate segment reported a net pretax loss of $56.2 million, narrowing from a $43.8 million loss in the year-ago quarter.
FAF’s Financial UpdateFirst American exited the second quarter of 2026 with cash and cash equivalents of $2.6 billion, up 89.6% from the 2025-end level.
Notes and contracts payable were $1.5 billion, remaining flat from the 2025-end level.
Stockholders’ equity was $5.6 billion at the end of the second quarter of 2026, up 2.2% from the 2025-end level. The debt-to-capital ratio was 31.4.
Capital DeploymentThe board of directors paid a dividend of 55 per cent per share in the second quarter. FAF repurchased 0.3 million shares for $20 million in the reported quarter at an average price of $61.99 per share.
Zacks RankFAF currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other InsurersThe Progressive Corporation’s (PGR - Free Report) second-quarter 2026 earnings per share of $4.85 beat the Zacks Consensus Estimate by 3.2%. The bottom line, however, decreased 6.1% year over year. Net premiums written were $21.1 billion in the quarter, up 5% from $20.1 billion a year ago.
Net premiums earned grew 6% to $21.6 billion, in line with the Zacks Consensus Estimate. Net realized gains on securities were $604 million, up 56% year over year. The combined ratio, the percentage of premiums paid out as claims and expenses, deteriorated 110 basis points from the prior-year quarter’s level to 87.1.
The Travelers Companies, Inc. (TRV - Free Report) reported second-quarter 2026 core income of $10.04 per share, which beat the Zacks Consensus Estimate of $5.21 by 92.7%. The bottom line climbed 54% year over year. Revenues of $12.09 billion missed the Zacks Consensus Estimate of $12.27 billion by 1.5%.
Net investment income rose 14% year over year to $1.07 billion pre-tax ($883 million after tax). The combined ratio improved 670 basis points year over year to 83.6%, reflecting lower catastrophe losses, stronger reserve development and a better underlying combined ratio.
W.R. Berkley Corporation (WRB - Free Report) reported second-quarter 2026 operating income of $1.27 per share, which beat the Zacks Consensus Estimate by 16.5%. The bottom line increased 21% year over year. W.R. Berkley’s net premiums written were about $3.4 billion, up 2.4% year over year. The figure surpassed our estimate of $3.4 billion.
Operating revenues totalled $ 3.8 billion, up 3.6% year over year. The top line surpassed the consensus estimate by 1.87%. Net investment income grew 10.4% to $418.7 million, supported by higher invested assets and higher portfolio yields. The figure topped our estimate of $407 million. The Zacks Consensus Estimate was $395.6 million.
First American Financial NYSE: FAF reported stronger second-quarter earnings as growth in commercial title activity, higher investment income tied to deposit growth and continued investment in artificial intelligence initiatives helped offset sluggish residential purchase demand.
On the company’s second-quarter 2026 earnings call, Chief Executive Officer Mark Seaton said First American generated adjusted earnings per share of $2.08, up 36% from the prior year. Chief Financial Officer Matt Wajner said GAAP earnings were $2.12 per diluted share, while adjusted earnings excluded net investment gains and purchase-related intangible amortization.
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“Our earnings momentum continued in the second quarter,” Seaton said, highlighting commercial as a “standout performer.”
Commercial Title Revenue Sets Second-Quarter Record Commercial revenue increased 34% from the year-ago period to $314 million, according to Wajner. The gain was driven by a 31% increase in average revenue per order, which reached $19,980 per transaction, a record for the company’s commercial business.
Seaton said commercial revenue set a second-quarter record, with the company closing 14 transactions that generated more than $1 million in premium, compared with 11 such transactions a year earlier. Within First American’s National Commercial Services division, Seaton said demand remained broad-based, with 10 of 11 asset classes growing year-over-year.
During the question-and-answer portion of the call, Seaton said industrial represented 23% of commercial premium, followed by multifamily at 16%, development sites at 14% and retail at 14%. He added that development site revenue was up 33% from last year, multifamily rose 23% and retail increased 59%. Data center revenue rose 147%, but Seaton emphasized that commercial growth was not limited to that category.
“We’re seeing broad-based growth,” Seaton said. “It’s not like we’re just doing a few data centers that are driving our revenue.”
Seaton said First American’s commercial pipeline “has never been stronger,” noting that the company had already closed three transactions generating more than $1 million in premium during July and that commercial open orders were up 9% over the first three weeks of the month.
Residential Purchase Market Remains Soft Residential purchase revenue increased 2% during the quarter, with Wajner citing a 6% increase in average revenue per order that was partially offset by a 3% decline in closed orders. He said the decline in closed purchase orders reflected continued weakness in home sale activity.
Seaton said affordability challenges continued to weigh on existing home sales. Through the first three weeks of July, open purchase orders were flat compared with last year, and he said the company remained “more cautious than the broader consensus” on the residential purchase market.
Refinance revenue rose 18% year-over-year, supported by a brief decline in mortgage rates earlier in the year. Wajner said refinance closed orders increased 12%, while average revenue per order rose 5%. However, both executives noted that refinance activity has moderated as mortgage rates moved higher again. Wajner said refinance accounted for just 5% of direct revenue during the quarter, underscoring how challenged the market remains relative to historical levels.
First American Trust Drives Deposit and Investment Income Growth Seaton identified First American Trust as one of the company’s most important earnings drivers, calling it a growing source of investment income. Average deposits at the bank totaled $7.9 billion in the quarter, up 30% from last year. Seaton said 36% of deposits came from sources outside the company’s captive title operations.
ServiceMac, First American’s mortgage sub-servicer, was the largest contributor to non-title deposits, accounting for $1.7 billion, up 76% from last year. Seaton said ServiceMac’s loan portfolio grew 54% during the quarter and that deposits should increase as the portfolio expands.
The company’s 1031 exchange banking solution also contributed to deposit growth. Seaton said average deposits from that business were $827 million in the second quarter, representing about one-third of total 1031 balances, less than a year after the solution launched. He also said 310 title agents now bank with First American Trust, up 37% from last year.
Wajner said investment income was $164 million in the second quarter, up 11% from the year-ago period, driven primarily by growth in the investment portfolio tied to higher deposits. Interest expense increased 33% to $30 million because of higher deposit balances at First American Trust. In response to an analyst question, Wajner said investment income net of interest expense grew 8% year-over-year and said that figure was a “good proxy” for growth in the second half of the year.
AI Initiatives Remain a Strategic Focus Seaton said First American’s primary strategic priority remains using artificial intelligence across the company to improve productivity, customer service and operating capabilities. He cited several examples, including a project to update 1,300 forms that historically required a lengthy manual process. Seaton said new AI tools reduced the time required by 97%.
The company also launched Exam Assist QC, an AI-enabled quality control workflow that has processed more than 50,000 orders, with 92% requiring no additional human review. At ServiceMac, Seaton said a virtual agent for loan transfer inquiries improved self-service success from 0% in April to 42% in June, with plans to expand from one self-service use case to seven by year-end.
Seaton also updated investors on Endpoint and Sequoia, two platforms tied to First American’s efforts to reimagine title and settlement processes. Endpoint, which uses agentic AI to automate routine escrow tasks, remains on track to scale across the company’s local title branch network by the end of 2027. First American converted its first title office in Spokane, Washington, during the quarter and plans a statewide rollout in Washington by year-end before a broader national deployment in 2027.
Sequoia, the company’s AI-powered title decisioning platform, expanded refinance capabilities into a centralized lender division in Southern California and broadened California refinance coverage from eight counties to 41. Seaton said the refinance automation rate improved from 35% to 40% during the quarter. For purchase transactions, Sequoia currently provides instant title decisioning for about 16% of purchase orders at opening in certain counties, with management seeing longer-term potential to automate about 70% of purchase title decisions and 80% of refinance decisions in markets where First American maintains title plants.
Margins, Cash Flow and Capital Allocation In the title segment, adjusted total revenue was $2 billion, up 14% from the same quarter of 2025. Wajner said agency revenue was $820 million, up 14%, while information and other revenue rose 12% to $295 million, driven by ServiceMac revenue growth, higher demand for non-insured information products and services, and refinance activity in Canadian operations.
Personnel costs rose 9% to $572 million, mainly due to incentive compensation tied to improved financial performance and higher salary expense. Other operating expenses increased 15% to $319 million, primarily reflecting higher production expenses from higher volumes and increased software expense. The title segment’s pretax margin was 15.7%, or 14.0% on an adjusted basis.
The home warranty segment reported adjusted total revenue of $112 million, up 1%. Its loss ratio improved to 40% from 41% a year earlier, as lower claim frequency was partially offset by higher claim severity. Adjusted pretax margin in the segment was 20.2%.
Seaton said free cash flow totaled $285 million in the first six months of the year, up 32% from last year, driven by improving operating cash flow and an 18% decline in capital expenditures. He said First American’s top capital allocation priority remains investing in technology, platforms and products, followed by acquisitions with strong strategic synergies and returning capital through dividends and opportunistic share repurchases.
During the quarter, First American repurchased 330,000 shares for $20 million at an average price of $61.99, Wajner said. Seaton said the company is not currently in the market repurchasing shares but continues to evaluate buybacks opportunistically. He added that the company expects to continue increasing its dividend over time.
About First American Financial (NYSE:FAF)First American Financial Corporation is a leading provider of title insurance, settlement services and diversified real estate-related data and analytics. Headquartered in Santa Ana, California, the company serves customers throughout the United States as well as in Canada, Europe, Latin America and Asia. Its business is built on the underwriting capabilities of its title insurance operations combined with comprehensive closing and escrow services for homebuyers, sellers, mortgage lenders and real estate professionals.
The company's title insurance segment issues policies that protect property owners and mortgage lenders against defects in titles, liens or encumbrances that can arise during real property transactions.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Grosse Pointe, Michigan, July 23, 2026 (GLOBE NEWSWIRE) -- Broad Arrow, driven by Hagerty (NYSE: HGTY), has added an incredible amount of horsepower to its inaugural edition of The Quail Auction with a thrilling lineup of exceedingly rare and luxuriously appointed modern hypercars and supercars. All set for the official auction of The Quail by The Peninsula, A Motorsports Gathering on August 13 and 14 in Carmel, California, the group is commanded by a 2025 Bugatti W16 Mistral, estimated to bring $8,000,000 to $10,000,000.
The Mistral on offer is a fantastic example of Bugatti’s ultimate open-air roadster and the final model powered by the marque’s potent quad-turbocharged 8.0-liter W16 engine. Producing 1,578 horsepower and mind-bending stats of zero-to-62 mph in 2.6 seconds with a 260-mph top speed, it remains the fastest recorded production roadster on the planet.
Strikingly specified in Matt Argent/Black Carbon over a Beluga Black and Tangerine interior, it is further enhanced by Bugatti Light Blue Sport accents throughout the vehicle alongside nearly $650,000 in bespoke appointments. One of a mere 99 examples produced, showing just 652 miles from new and recently serviced at Bugatti Beverly Hills, the Mistral is primed to become the crown jewel in any world-class collection of landmark hypercars.
“Our lineup of incredible hypercars at The Quail Auction offers serious collectors their pick of truly the most visceral driving experiences today’s technology can afford,” says Alexander Weaver, VP and Senior Car Specialist for Broad Arrow. “This selection of cars also allows bidders to choose an aesthetic that suits their tastes, with both subtle and wild bespoke specifications on some of the most desirable performance cars on the planet. The W16 Mistral stands out from a very distinguished pack, preserving Bugatti’s sixteen-cylinder masterpiece and peerless luxury while adding an unobstructed, open-air connection from engine to driver.”
Joining the Mistral at Broad Arrow’s The Quail Auction is its open-top W16-powered predecessor, a 2011 Bugatti Veyron 16.4 Grand Sport (Estimate: $3,350,000 - $3,850,000). If the original Bugatti Veyron redefined the limits of the modern hypercar, the next logical step was to remove the roof. Introduced in 2008, the Veyron 16.4 Grand Sport debuted with a targa-top and an array of subtle but meaningful mechanical enhancements that brought a new level of open-air enjoyment to Bugatti’s genre-defining, record-breaking masterpiece. The example on offer is one of only 150 examples produced and is elegantly finished in White over a Saddle brown Nappa leather interior. Presented with 8,595 miles at cataloging, this is a desirable example of the benchmark hypercar of the 21st Century.
Beyond the Bugattis, The Quail Auction is set to feature an adrenaline-pumping, eye-catching selection of some of the collector car hobby’s most sought-after hypercars and performance icons, including:
2023 Hennessey Venom F5 Revolution Coupe (Estimate: $2,900,000 - $3,200,000)
One of just 24 examples of Hennessey’s most extreme track weapon to date, this Venom F5 Revolution Coupe is finished in a unique two-tone “Exposed Carbon Fade” exterior, a $404,000 option, and powered by a twin-turbocharged 6.6-liter V8 producing an astonishing 1,817 horsepower. Offered from single ownership and with just 508 miles, its window sticker, and factory “treasure chest” accessory crate, the Hennessey affords its next caretaker the rare luxury of choice. It is equally deserving of a place among the world’s foremost collections of contemporary hypercars as it is attacking the apexes of America’s greatest racing circuits.
The Collector’s Reserve
An open-air 2023 Hennessey Venom F5 Roadster (Estimate: $2,200,000 - $2,600,000) also joins The Quail Auction lineup as the headlining car in The Collector’s Reserve, an exciting group of 15 performance and supercars offered from a single owner and largely without reserve. The fifth of just 30 Venom F5 Roadsters built by Hennessey Special Vehicles of Sealy, Texas, this ultra-exclusive American hypercar was specified in Banner Green with $150,000 in optional paintwork, including the Exclusive Color Match program and Shark Grey accent livery. Also powered by a twin-turbocharged 6.6-liter “Fury” V8, the incredible machine is capable of zero-to62 mph in 2.6 seconds and zero-to-249 mph in an unbelievable 15.5 seconds. Presented in essentially as-delivered condition, the Venom F5 Roadster promises a driving experience that few machines can approach.
The remainder of The Collector’s Reserve features highly desirable performance and supercars from the market’s top marques, including Porsche, Ferrari, Mercedes-Benz, and Lamborghini. Highlights include a 2021 McLaren Elva (Estimate: $1,750,000 - $2,100,000), one of 149 examples produced and among the very few factory-equipped with the windshield. Showing just 600 miles, exceptionally specified through McLaren Special Operations Bespoke, and maintained exclusively by McLaren, this Elva stands among the finest examples of the model to come to market. The Elva is joined by a Paint to Sample Gulf Blue 2018 Porsche 911 GT2 RS Weissach Package (Estimate: $900,000 - $1,200,000 | Offered Without Reserve), a rare, highly collectible 1994 Porsche 911 Turbo 3.6 (Estimate: $700,000 - $900,000 | Offered Without Reserve), a wonderfully preserved 2005 Ferrari Superamerica (Estimate: $500,000 - $600,000 | Offered Without Reserve), and more.
2017 Ferrari F12tdf (Estimate: $3,300,000 - $3,800,000)
Ferrari is well-represented within Broad Arrow’s supercar lineup as well, headlined by a 2017 Ferrari F12tdf, breathtakingly specified in Bianco Italia over a White leather/Nero Alcantara interior with a generous complement of carbon fiber and special options. Having had just two owners from new, just 1,060 miles recorded, and regularly serviced by Ferrari Dallas, this is a collector-grade example of the final Ferrari styled in collaboration with Pininfarina and among the most focused front-engined cars Maranello has ever built.
An exquisitely finished example of McLaren’s track-focused hypercar dedicated to the remarkable impact of legendary driver Ayrton Senna is also on offer at Broad Arrow’s Quail Auction; a 2019 McLaren Senna. Powered by the marque’s proven twin-turbocharged 4.0-liter V8, the Senna offers 789 horsepower and bespoke aerodynamics piloted from a racing-inspired cockpit. This is one of only three examples specified through McLaren Special Operations with the renowned McLaren F1 FINA livery, inspired by the famous McLaren F1 GTR Longtail chassis number 17R driven by Nelson Piquet—another Brazilian multiple Formula 1 World Champion—at the 1997 24 Hours of Le Mans.
Adding to the Senna lore to be celebrated at Broad Arrow’s 2026 The Quail Auction is a 1982 Ralt RT3 F3 ex-Ayrton Senna (Estimate: $500,000 - $700,000), perhaps the car that spawned one of the most successful and legendary careers in motorsport. The Ralt was driven to pole position, victory, and fastest lap by Ayrton Senna in his first-ever Formula 3 race at Thruxton in November 1982, after which he made the decision to choose racing over his family enterprise. The car has been beautifully restored, is highly eligible for premier historic single-seater events, and is believed to be the sole surviving Formula 3 car raced by Senna.
Additional information on the just-announced hypercars and on all lots in Broad Arrow’s inaugural edition of The Quail Auction can be found at broadarrowauctions.com. Collectors interested in registering to bid are invited to speak with a Broad Arrow car specialist via broadarrowauctions.com or by contacting [email protected] or +1 313-312-0780. Final exciting entries and the complete digital catalog will be available soon.
Editor’s Notes
Photo Captions/Credits:
2025 Bugatti W16 Mistral (Credit – Robin Adams/Courtesy of Broad Arrow Auctions)2011 Bugatti Veyron 16.4 Grand Sport (Credit – Robin Adams/Courtesy of Broad Arrow Auctions)2023 Hennessey Venom F5 Revolution Coupe (Credit – Kevin McCauley/Courtesy of Broad Arrow Auctions)2023 Hennessey Venom F5 Roadster (Credit – Jordan Fry/Courtesy of Broad Arrow Auctions)2017 Ferrari F12tdf (Credit – Rasy Ran/Courtesy of Broad Arrow Auctions)2019 McLaren Senna (Credit – Robin Adams/Courtesy of Broad Arrow Auctions)1982 Ralt RT3 F3 ex-Ayrton Senna (Credit – Karissa Hosek/Courtesy of Broad Arrow Auctions) About Broad Arrow Auctions
Broad Arrow Auctions, driven by Hagerty (NYSE: HGTY), is a leading global collector car auction house founded in 2021 by industry veterans. As the fastest-growing auction house in its segment, Broad Arrow connects exceptional collector cars with enthusiasts worldwide through flagship events including The Broad Arrow Quail Auction (the official auction of The Quail by The Peninsula, A Motorsports Gathering), The Amelia Auction (the official auction of The Amelia Concours), The Porsche Auction in collaboration with Air | Water by Luftgekühlt, the Las Vegas Auction in partnership with Concours at Wynn Las Vegas, as well as international auctions held in partnership with Concorso d’Eleganza Villa d’Este, Zoute Grand Prix, and Auto Zürich.
Learn more at broadarrowauctions.com and follow us on Instagram, Facebook, LinkedIn, and Twitter.
About Hagerty, Inc. (NYSE: HGTY)
Hagerty is a company built by drivers for drivers, protecting 2.8 million vehicles in the United States, Canada and the UK. We make it easier and more enjoyable for enthusiasts to drive and celebrate the machines they love through innovative insurance products, live and digital auctions, engaging media and events, as well as the Hagerty Drivers Club, the world’s largest community of car lovers.
For more information, please visit www.hagerty.com or www.newsroom.hagerty.com.
Forward-Looking Statements - This press release contains statements that constitute “forward-looking statements” within the meaning of the federal securities laws. All statements provided, other than statements of historical fact, are forward-looking statements, including those regarding Hagerty’s future operating results and financial position, Hagerty’s business strategy and plans, products, services, and technology implementations, market conditions, growth and trends, expansion plans and opportunities, and Hagerty’s objectives for future operations. The words “anticipate,” “believe,” “envision,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” “ongoing,” “contemplate,” and similar expressions, and the negative of these expressions, are intended to identify forward-looking statements.
Hagerty has based these forward-looking statements largely on current expectations about future events, which may not materialize. Actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. These factors include, among other things, Hagerty’s ability to: (i) compete effectively within our industry and attract and retain our insurance policyholders and paid Hagerty Drivers Club (“HDC”) subscribers; (ii) maintain key strategic relationships with our insurance distribution and underwriting carrier partners; (iii) prevent, monitor, and detect fraudulent activity; (iv) manage risks associated with disruptions, interruptions, outages or other issues with our technology platforms or our use of third-party services; (v) accelerate the adoption of our membership and marketplace products and services, as well as any new insurance programs and products we offer; (vi) manage the cyclical nature of the insurance business, including through any periods of recession, economic downturn or inflation; (vii) address unexpected increases in the frequency or severity of claims, and (viii) comply with the numerous laws and regulations applicable to our business, including state, federal and foreign laws relating to insurance and rate increases, privacy, the internet, and accounting matters.
The forward-looking statements herein represent the judgment of Hagerty as of the date of this release and Hagerty disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in Hagerty’s other press releases, reports and other filings with the Securities and Exchange Commission. Understanding the information contained in these filings is important in order to fully understand Hagerty’s reported financial results and its business outlook for future periods.
2025 Bugatti W16 Mistral set to star at Broad Arrow's inaugural edition of The Quail Auction on August 13-14 2025 Bugatti W16 Mistral set to star at Broad Arrow's inaugural edition of The Quail Auction on August 13-14
, /PRNewswire/ -- Robert Half Inc. (NYSE: RHI) today reported revenues and earnings for the second quarter ended June 30, 2026.
For the three months ended June 30, 2026, net income was $26 million, or $0.26 per share, on revenues of $1.336 billion. For the three months ended June 30, 2025, net income was $41 million, or $0.41 per share, on revenues of $1.370 billion.
For the six months ended June 30, 2026, net income was $40 million, or $0.40 per share, on revenues of $2.637 billion. For the six months ended June 30, 2025, net income was $58 million, or $0.58 per share, on revenues of $2.722 billion.
"For the second quarter of 2026, global enterprise revenues were $1.336 billion, down 2 percent from last year's second quarter on a reported basis and down 3 percent on an adjusted basis," said M. Keith Waddell, president and chief executive officer of Robert Half. "Talent solutions delivered its third consecutive quarter of sequential revenue growth on an adjusted basis, while its permanent placement operations also posted adjusted year-over-year revenue growth of 2.5 percent. Global enterprise revenues and earnings exceeded the midpoint of our second-quarter guidance.
"Hiring demand continues to improve, and market conditions are increasingly more supportive of our business. Our unique combination of award-winning high-tech capabilities and high-touch expertise positions us well to help clients navigate a dynamic business environment and connect them with the specialized talent and consulting services they need.
"We would like to thank our global workforce for their continued dedication. Their commitment to excellence was recently recognized as Robert Half earned the No. 1 ranking among Forbes' America's Best Professional Recruiting Firms," Waddell concluded.
Robert Half management will host a conference call at 5 p.m. ET. The prepared remarks for this call are available now in the Investor Center of the Robert Half website (www.roberthalf.com/investor-center). Simply click on the Quarterly Conference Calls link. The dial-in number is 800-330-6710 (+1-213-279-1505 outside the United States and Canada). The confirmation code to access the call is 6715269.
A recorded replay of the call will be available for audio replay beginning July 23 and will remain accessible for 12 months at https://webcasts.com/RobertHalfQ22026. The conference call also will be archived in audio format on the Company's website at roberthalf.com.
Robert Half is the world's first and largest specialized talent solutions and business consulting firm, connecting highly skilled job seekers with rewarding opportunities at great companies. We offer contract talent and permanent placement solutions in the fields of finance and accounting, technology, marketing and creative, legal, and administrative and customer support, and we also provide executive search services. Robert Half is the parent company of Protiviti®, a global consulting firm that delivers internal audit, risk, business and technology consulting solutions. In the last 12 months, Robert Half has been recognized as one of America's Most Innovative Companies by Fortune and, with Protiviti, has been named as a Fortune® Most Admired Company™ and one of the 100 Best Companies to Work For.
Certain information contained in Management's Discussion and Analysis and in other parts of this report may be deemed forward-looking statements regarding events and financial trends that may affect the future operating results or financial positions of Robert Half Inc. (the "Company"). Forward-looking statements are not guarantees or promises that goals or targets will be met. These statements may be identified by words such as "anticipate," "potential," "estimate," "forecast," "target," "project," "plan," "intend," "believe," "expect," "should," "could," "would," "may," "might," "will," or variations or negatives thereof or by similar or comparable words or phrases. In addition, historical, current and forward-looking information about the Company's corporate responsibility and compliance programs, including targets or goals, may not be considered material for the Securities and Exchange Commission ("SEC") or other mandatory reporting purposes and may be based on standards for measuring progress that are still developing; on internal controls, diligence or processes that are evolving; on representations reviewed or provided by third parties; and on assumptions that are subject to change in the future. Forward-looking statements are estimates only and are based on management's current expectations; currently available information; and current strategy, plans or forecasts, and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict, often beyond the Company's control and are inherently uncertain. Forward-looking statements are subject to risks and uncertainties that could cause actual results and outcomes, or the timing of these results or outcomes, to differ materially from those expressed or implied in the statements.
These risks and uncertainties include, but are not limited to, the following: changes to or new interpretations of United States of America ("U.S.") or international tax regulations; the global financial and economic situation; changes in levels of unemployment and other economic conditions in the U.S. or foreign countries where the Company does business, or in particular regions or industries; reduction in the supply of candidates for contract employment or the Company's ability to attract candidates; the development, proliferation and adoption of artificial intelligence ("AI") by the Company and the third parties it serves; the entry of new competitors into the marketplace or expansion by existing competitors; the ability of the Company to maintain existing client relationships and attract new clients in the context of changing economic or competitive conditions; the impact of competitive pressures, including any change in the demand for the Company's services, or the Company's ability to maintain its margins; the possibility of the Company incurring liability for its activities, including the activities of its engagement professionals, or for events impacting its engagement professionals on clients' premises; the possibility that adverse publicity could impact the Company's ability to attract and retain clients and candidates; the success of the Company in attracting, training and retaining qualified management personnel and other staff employees; the Company's ability to comply with governmental regulations affecting personnel services businesses in particular or employer/employee relationships in general; whether there will be ongoing demand for Sarbanes-Oxley or other regulatory compliance services; the Company's reliance on short-term contracts for a significant percentage of its business; litigation relating to prior or current transactions or activities, including litigation that may be disclosed from time to time in the Company's SEC filings; the impact of extreme weather conditions on the Company and its candidates and clients; the ability of the Company to manage its international operations and comply with foreign laws and regulations; the impact of fluctuations in foreign currency exchange rates; the possibility that the additional costs the Company will incur as a result of health care or other reform legislation may adversely affect the Company's profit margins or the demand for the Company's services; the possibility that the Company's computer and communications hardware and software systems could be damaged or their service interrupted, or that the Company could experience a cybersecurity breach; and the possibility that the Company may fail to maintain adequate financial and management controls, and as a result suffer errors in its financial reporting.
Additionally, with respect to Protiviti, other risks and uncertainties include the fact that future success will depend on its ability to retain employees and attract clients; there can be no assurance that there will be ongoing demand for broad-based consulting, regulatory compliance, technology services, public sector or other high-demand advisory services; failure to produce projected revenues could adversely affect financial results; and there is the possibility of involvement in litigation relating to prior or current transactions or activities.
A summary of additional risks and uncertainties can be found in the Annual Report on Form 10-K for the year ended December 31, 2025, and in the Company's other filings with the U.S. Securities and Exchange Commission.
Because long-term contracts are not a significant part of the Company's business, future results cannot be reliably predicted by considering past trends or extrapolating past results. Except as required by law, the Company undertakes no obligation to update information in this report, whether as a result of new information, future events or otherwise, and notwithstanding any historical practice of doing so.
A copy of this release is available at www.roberthalf.com/investor-center.
ATTACHED:
Summary of Operations
Supplemental Financial Information
Non-GAAP Financial Measures
ROBERT HALF INC.
SUMMARY OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(Unaudited)
(Unaudited)
Service revenues
$ 1,336,365
$ 1,369,743
$ 2,636,544
$ 2,721,650
Costs of services
862,338
860,269
1,682,608
1,713,131
Gross margin
474,027
509,474
953,936
1,008,519
Selling, general and administrative expenses
536,326
507,934
979,324
968,097
Operating (loss) income
(62,299)
1,540
(25,388)
40,422
(Income) loss from investments held in employee deferred
compensation trusts (which is completely offset by related costs and
expenses)
(100,878)
(57,654)
(92,651)
(37,483)
Interest income, net
(2,013)
(2,239)
(4,771)
(5,811)
Income before income taxes
40,592
61,433
72,034
83,716
Provision for income taxes
14,274
20,465
31,926
25,398
Net income
$ 26,318
$ 40,968
$ 40,108
$ 58,318
Diluted net income per share
$ 0.26
$ 0.41
$ 0.40
$ 0.58
Weighted average shares:
Basic
99,941
100,410
99,783
100,537
Diluted
100,307
100,539
100,104
100,776
ROBERT HALF INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(Unaudited)
(Unaudited)
SERVICE REVENUES INFORMATION
Contract talent solutions
Finance and accounting
$ 551,722
$ 555,626
$ 1,090,475
$ 1,118,559
Administrative and customer support
154,859
165,591
304,194
331,218
Technology
162,202
158,403
315,960
310,945
Elimination of intersegment revenues (1)
(121,378)
(119,812)
(238,208)
(237,709)
Total contract talent solutions
747,405
759,808
1,472,421
1,523,013
Permanent placement talent solutions
117,991
114,713
226,995
226,804
Protiviti
470,969
495,222
937,128
971,833
Total service revenues
$ 1,336,365
$ 1,369,743
$ 2,636,544
$ 2,721,650
(1)
Service revenues for finance and accounting, administrative and customer support, and technology include intersegment revenues, which represent revenues from services provided to the Company's Protiviti segment in connection with the Company's blended business solutions. Intersegment revenues for each functional specialization are aggregated and then eliminated as a single line.
June 30,
2026
2025
(Unaudited)
SELECTED BALANCE SHEET INFORMATION:
Cash and cash equivalents
$ 324,714
$ 380,547
Accounts receivable, net
$ 821,442
$ 826,872
Total assets
$ 2,858,499
$ 2,832,196
Total current liabilities
$ 1,456,057
$ 1,322,626
Total stockholders' equity
$ 1,207,659
$ 1,311,918
Six Months Ended June 30,
2026
2025
(Unaudited)
SELECTED CASH FLOW INFORMATION:
Depreciation
$ 24,639
$ 25,608
Capitalized cloud computing implementation costs
$ 16,169
$ 13,217
Capital expenditures
$ 15,651
$ 27,573
Open market repurchases of common stock (shares)
—
1,128
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
The financial results of Robert Half Inc. (the "Company") are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the SEC. To help readers understand the Company's financial performance, the Company supplements its GAAP financial results with the following non-GAAP measures: adjusted gross margin; adjusted selling, general and administrative expenses; adjusted operating income; and adjusted revenue growth rates.
The following measures: adjusted gross margin, adjusted selling, general and administrative expenses and adjusted operating income, include gains and losses on investments held to fund the Company's obligations under employee deferred compensation plans. The Company provides these measures because they are used by management to review its operational results.
Adjusted revenue growth rates represent year-over-year revenue growth rates after removing the impacts on reported revenues from the changes in the number of billing days and foreign currency exchange rates. The Company provides this data because it focuses on the Company's revenue growth rates attributable to operating activities and aids in evaluating revenue trends over time. The impacts from the changes in billing days and foreign currency exchange rates are calculated as follows:
Billing days impact is calculated by dividing each comparative period's reported revenues by the number of billing days for that period to arrive at a per billing day amount. Same billing day growth rates are then calculated based on the per billing day amounts. Management calculates a global, weighted-average number of billing days for each reporting period based upon inputs from all countries and all functional specializations and segments. Foreign currency impact is calculated by retranslating current-period international revenues, using foreign currency exchange rates from the prior year's comparable period. The non-GAAP financial measures provided herein may not provide information that is directly comparable to that provided by other companies in the Company's industry, as other companies may calculate such financial results differently. The Company's non-GAAP financial measures are not measurements of financial performance under GAAP and should not be considered as alternatives to amounts presented in accordance with GAAP. The Company does not consider these non-GAAP financial measures to be a substitute for, or superior to, the information provided by GAAP financial results. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is provided on the following pages.
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED GROSS MARGIN (UNAUDITED):
(in thousands)
Three Months Ended June 30,
Relationships
Six Months Ended June 30,
Relationships
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
Gross Margin
Contract talent solutions
$ 292,422
$ 297,367
$ 292,422
$ 297,367
39.1 %
39.1 %
39.1 %
39.1 %
$ 574,175
$ 594,300
$ 574,175
$ 594,300
39.0 %
39.0 %
39.0 %
39.0 %
Permanent placement talent
solutions
117,823
114,551
117,823
114,551
99.9 %
99.9 %
99.9 %
99.9 %
226,549
226,412
226,549
226,412
99.8 %
99.8 %
99.8 %
99.8 %
Total talent solutions
410,245
411,918
410,245
411,918
47.4 %
47.1 %
47.4 %
47.1 %
800,724
820,712
800,724
820,712
47.1 %
46.9 %
47.1 %
46.9 %
Protiviti
63,782
97,556
87,170
110,357
13.5 %
19.7 %
18.5 %
22.3 %
153,212
187,807
174,596
196,569
16.3 %
19.3 %
18.6 %
20.2 %
Total
$ 474,027
$ 509,474
$ 497,415
$ 522,275
35.5 %
37.2 %
37.2 %
38.1 %
$ 953,936
$ 1,008,519
$ 975,320
$ 1,017,281
36.2 %
37.1 %
37.0 %
37.4 %
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the three months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
Three Months Ended June 30, 2025
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Gross Margin
As Reported
$ 292,422
39.1 %
$ 117,823
99.9 %
$ 410,245
47.4 %
$ 63,782
13.5 %
$ 474,027
35.5 %
$ 297,367
39.1 %
$ 114,551
99.9 %
$ 411,918
47.1 %
$ 97,556
19.7 %
$ 509,474
37.2 %
Adjustments (1)
—
—
—
—
—
—
23,388
5.0 %
23,388
1.7 %
—
—
—
—
—
—
12,801
2.6 %
12,801
0.9 %
As Adjusted
$ 292,422
39.1 %
$ 117,823
99.9 %
$ 410,245
47.4 %
$ 87,170
18.5 %
$ 497,415
37.2 %
$ 297,367
39.1 %
$ 114,551
99.9 %
$ 411,918
47.1 %
$ 110,357
22.3 %
$ 522,275
38.1 %
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the six months ended June 30, 2026 and 2025:
Six Months Ended June 30, 2026
Six Months Ended June 30, 2025
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Gross Margin
As Reported
$ 574,175
39.0 %
$ 226,549
99.8 %
$ 800,724
47.1 %
$ 153,212
16.3 %
$ 953,936
36.2 %
$ 594,300
39.0 %
$ 226,412
99.8 %
$ 820,712
46.9 %
$ 187,807
19.3 %
$ 1,008,519
37.1 %
Adjustments (1)
—
—
—
—
—
—
21,384
2.3 %
21,384
0.8 %
—
—
—
—
—
—
8,762
0.9 %
8,762
0.3 %
As Adjusted
$ 574,175
39.0 %
$ 226,549
99.8 %
$ 800,724
47.1 %
$ 174,596
18.6 %
$ 975,320
37.0 %
$ 594,300
39.0 %
$ 226,412
99.8 %
$ 820,712
46.9 %
$ 196,569
20.2 %
$ 1,017,281
37.4 %
(1)
Changes in the Company's employee deferred compensation plan obligations related to Protiviti operations are included in costs of services, while the related investment (income) loss is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes.
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (UNAUDITED):
(in thousands)
Three Months EndedJune 30,
Relationships
Six Months Ended June 30,
Relationships
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
Selling, General and
Administrative Expenses
Contract talent solutions
$ 343,038
$ 318,871
$ 274,618
$ 278,944
45.9 %
42.0 %
36.7 %
36.7 %
$ 610,119
$ 595,083
$ 547,058
$ 569,186
41.4 %
39.1 %
37.2 %
37.4 %
Permanent placement talent
solutions
115,999
111,218
106,929
106,292
98.3 %
97.0 %
90.6 %
92.7 %
217,805
217,353
209,599
214,529
96.0 %
95.8 %
92.3 %
94.6 %
Total talent solutions
459,037
430,089
381,547
385,236
53.0 %
49.2 %
44.1 %
44.1 %
827,924
812,436
756,657
783,715
48.7 %
46.4 %
44.5 %
44.8 %
Protiviti
77,289
77,845
77,289
77,845
16.4 %
15.7 %
16.4 %
15.7 %
151,400
155,661
151,400
155,661
16.2 %
16.0 %
16.2 %
16.0 %
Total
$ 536,326
$ 507,934
$ 458,836
$ 463,081
40.1 %
37.1 %
34.3 %
33.8 %
$ 979,324
$ 968,097
$ 908,057
$ 939,376
37.1 %
35.6 %
34.4 %
34.5 %
The following tables provide reconciliations of the non-GAAP adjusted selling, general and administrative expenses to reported selling, general and administrative expenses for the three months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
Three Months Ended June 30, 2025
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Selling, General and
Administrative Expenses
As Reported
$ 343,038
45.9 %
$ 115,999
98.3 %
$ 459,037
53.0 %
$ 77,289
16.4 %
$ 536,326
40.1 %
$ 318,871
42.0 %
$ 111,218
97.0 %
$ 430,089
49.2 %
$ 77,845
15.7 %
$ 507,934
37.1 %
Adjustments (1)
(68,420)
(9.2 %)
(9,070)
(7.7 %)
(77,490)
(8.9 %)
—
—
(77,490)
(5.8 %)
(39,927)
(5.3 %)
(4,926)
(4.3 %)
(44,853)
(5.1 %)
—
—
(44,853)
(3.3 %)
As Adjusted
$ 274,618
36.7 %
$ 106,929
90.6 %
$ 381,547
44.1 %
$ 77,289
16.4 %
$ 458,836
34.3 %
$ 278,944
36.7 %
$ 106,292
92.7 %
$ 385,236
44.1 %
$ 77,845
15.7 %
$ 463,081
33.8 %
The following tables provide reconciliations of the non-GAAP adjusted selling, general and administrative expenses to reported selling, general and administrative expenses for the six months ended June 30, 2026 and 2025:
Six Months Ended June 30, 2026
Six Months Ended June 30, 2025
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Selling, General and
Administrative Expenses
As Reported
$ 610,119
41.4 %
$ 217,805
96.0 %
$ 827,924
48.7 %
$ 151,400
16.2 %
$ 979,324
37.1 %
$ 595,083
39.1 %
$ 217,353
95.8 %
$ 812,436
46.4 %
$ 155,661
16.0 %
$ 968,097
35.6 %
Adjustments (1)
(63,061)
(4.2 %)
(8,206)
(3.7 %)
(71,267)
(4.2 %)
—
—
(71,267)
(2.7 %)
(25,897)
(1.7 %)
(2,824)
(1.2 %)
(28,721)
(1.6 %)
—
—
(28,721)
(1.1 %)
As Adjusted
$ 547,058
37.2 %
$ 209,599
92.3 %
$ 756,657
44.5 %
$ 151,400
16.2 %
$ 908,057
34.4 %
$ 569,186
37.4 %
$ 214,529
94.6 %
$ 783,715
44.8 %
$ 155,661
16.0 %
$ 939,376
34.5 %
(1)
Changes in the Company's employee deferred compensation plan obligations related to talent solutions operations are included in selling, general and administrative expenses, while the related investment (income) loss is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes.
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED OPERATING INCOME (UNAUDITED):
(in thousands)
Three Months EndedJune 30,
Relationships
Six Months Ended June 30,
Relationships
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
Operating (Loss) Income
Contract talent solutions
$ (50,616)
$ (21,504)
$ 17,804
$ 18,423
(6.8 %)
(2.8 %)
2.4 %
2.4 %
$ (35,944)
$ (783)
$ 27,117
$ 25,114
(2.4 %)
(0.1 %)
1.8 %
1.6 %
Permanent placement talent
solutions
1,824
3,333
10,894
8,259
1.5 %
2.9 %
9.2 %
7.2 %
8,744
9,059
16,950
11,883
3.9 %
4.0 %
7.5 %
5.2 %
Total talent solutions
(48,792)
(18,171)
28,698
26,682
(5.6 %)
(2.1 %)
3.3 %
3.1 %
(27,200)
8,276
44,067
36,997
(1.6 %)
0.5 %
2.6 %
2.1 %
Protiviti
(13,507)
19,711
9,881
32,512
(2.9 %)
4.0 %
2.1 %
6.6 %
1,812
32,146
23,196
40,908
0.2 %
3.3 %
2.5 %
4.2 %
Total
$ (62,299)
$ 1,540
$ 38,579
$ 59,194
(4.7 %)
0.1 %
2.9 %
4.3 %
$ (25,388)
$ 40,422
$ 67,263
$ 77,905
(1.0 %)
1.5 %
2.6 %
2.9 %
The following tables provide reconciliations of the non-GAAP adjusted operating income to reported operating (loss) income for the three months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
Three Months Ended June 30, 2025
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Operating (Loss) Income
As Reported
$ (50,616)
(6.8 %)
$ 1,824
1.5 %
$ (48,792)
(5.6 %)
$ (13,507)
(2.9 %)
$ (62,299)
(4.7 %)
$ (21,504)
(2.8 %)
$ 3,333
2.9 %
$ (18,171)
(2.1 %)
$ 19,711
4.0 %
$ 1,540
0.1 %
Adjustments (1)
68,420
9.2 %
9,070
7.7 %
77,490
8.9 %
23,388
5.0 %
100,878
7.6 %
39,927
5.2 %
4,926
4.3 %
44,853
5.2 %
12,801
2.6 %
57,654
4.2 %
As Adjusted
$ 17,804
2.4 %
$ 10,894
9.2 %
$ 28,698
3.3 %
$ 9,881
2.1 %
$ 38,579
2.9 %
$ 18,423
2.4 %
$ 8,259
7.2 %
$ 26,682
3.1 %
$ 32,512
6.6 %
$ 59,194
4.3 %
The following tables provide reconciliations of the non-GAAP adjusted operating income to reported operating (loss) income for the six months ended June 30, 2026 and 2025:
Six Months Ended June 30, 2026
Six Months Ended June 30, 2025
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Operating (Loss) Income
As Reported
$ (35,944)
(2.4 %)
$ 8,744
3.9 %
$ (27,200)
(1.6 %)
$ 1,812
0.2 %
$ (25,388)
(1.0 %)
$ (783)
(0.1 %)
$ 9,059
4.0 %
$ 8,276
0.5 %
$ 32,146
3.3 %
$ 40,422
1.5 %
Adjustments (1)
63,061
4.2 %
8,206
3.6 %
71,267
4.2 %
21,384
2.3 %
92,651
3.6 %
25,897
1.7 %
2,824
1.2 %
28,721
1.6 %
8,762
0.9 %
37,483
1.4 %
As Adjusted
$ 27,117
1.8 %
$ 16,950
7.5 %
$ 44,067
2.6 %
$ 23,196
2.5 %
$ 67,263
2.6 %
$ 25,114
1.6 %
$ 11,883
5.2 %
$ 36,997
2.1 %
$ 40,908
4.2 %
$ 77,905
2.9 %
(1)
Changes in the Company's employee deferred compensation plan obligations are included in operating (loss) income. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes.
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATES (%) (UNAUDITED):
Year-Over-Year Growth Rates
(As Reported)
Non-GAAP Year-Over-Year Growth Rates
(As Adjusted)
2025
2026
2025
2026
Q1
Q2
Q3
Q4
Q1
Q2
Q1
Q2
Q3
Q4
Q1
Q2
Global
Finance and accounting
-12.3
-10.8
-9.9
-6.9
-4.3
-0.7
-10.0
-10.8
-10.7
-7.8
-6.3
-1.3
Administrative and customer support
-17.2
-13.0
-11.1
-11.4
-9.8
-6.5
-15.2
-13.3
-12.1
-12.5
-11.8
-6.9
Technology
-3.4
0.3
-1.5
-1.0
0.8
2.4
-1.3
0.4
-1.9
-1.2
-0.3
2.3
Elimination of intersegment revenues (1)
4.5
2.9
1.1
3.0
-0.9
1.3
6.8
2.5
0.2
2.2
-2.8
1.2
Total contract talent solutions
-14.0
-11.1
-10.1
-8.2
-5.0
-1.6
-11.8
-11.1
-10.9
-9.0
-6.8
-2.1
Permanent placement talent solutions
-10.2
-12.5
-10.7
-5.1
-2.8
2.9
-7.8
-12.6
-11.4
-5.9
-4.7
2.5
Total talent solutions
-13.5
-11.3
-10.2
-7.9
-4.7
-1.0
-11.3
-11.3
-11.0
-8.6
-6.6
-1.5
Protiviti
2.7
1.8
-2.6
-2.0
-2.2
-4.9
4.7
1.5
-3.4
-2.8
-3.8
-5.0
Total
-8.4
-7.0
-7.5
-5.8
-3.8
-2.4
-6.2
-7.1
-8.3
-6.6
-5.6
-2.8
United States
Contract talent solutions
-11.8
-10.7
-10.3
-9.5
-7.6
-2.1
-10.7
-10.7
-10.4
-9.2
-7.5
-1.8
Permanent placement talent solutions
-8.5
-13.2
-11.3
-5.8
-5.9
6.0
-7.3
-13.2
-11.4
-5.5
-5.7
6.3
Total talent solutions
-11.4
-11.0
-10.4
-9.0
-7.4
-1.1
-10.3
-11.0
-10.5
-8.8
-7.3
-0.8
Protiviti
2.3
-0.7
-5.5
-5.9
-6.4
-5.8
3.6
-0.7
-5.6
-5.6
-6.3
-5.5
Total
-6.9
-7.4
-8.6
-7.9
-7.1
-2.9
-5.7
-7.4
-8.7
-7.6
-6.9
-2.5
International
Contract talent solutions
-20.7
-12.5
-9.7
-4.0
4.3
-0.1
-16.2
-12.9
-12.4
-8.7
-3.4
-3.5
Permanent placement talent solutions
-14.5
-10.6
-9.0
-3.5
5.7
-4.8
-10.1
-11.2
-11.2
-7.0
-0.9
-7.1
Total talent solutions
-19.8
-12.2
-9.6
-3.9
4.5
-0.9
-15.3
-12.6
-12.2
-8.4
-3.0
-4.1
Protiviti
4.4
13.1
11.1
14.7
16.0
-1.2
7.9
10.7
7.5
9.1
8.1
-3.1
Total
-13.6
-5.3
-3.8
1.8
8.1
-1.0
-9.4
-6.3
-6.7
-3.0
0.4
-3.8
(1)
Service revenues for finance and accounting, administrative and customer support, and technology include intersegment revenues, which represent revenues from services provided to Protiviti in connection with the Company's blended business solutions. Intersegment revenues for each functional specialization are aggregated and then eliminated as a single line item.
The non-GAAP financial measures included in the table above adjust for the following items:
Billing Days. The "As Reported" revenue growth rates are based upon reported revenues. Management calculates the billing day impact by dividing each comparative period's reported revenues by the number of billing days for that period to arrive at a per billing day amount. Same billing day growth rates are then calculated based on the per billing day amounts. Management calculates a global, weighted-average number of billing days for each reporting period based upon input from all countries and all functional specializations and segments.
Foreign Currency Translation. The "As Reported" revenue growth rates are based upon reported revenues, which include the impact of changes in foreign currency exchange rates. The foreign currency impact is calculated by retranslating current-period international revenues, using foreign currency exchange rates from the prior year's comparable period.
The term "As Adjusted" means that the impact of different billing days and constant currency fluctuations are removed from the revenue growth rate calculation. A reconciliation of the non-GAAP year-over-year revenue growth rates to the "As Reported" year-over-year revenue growth rates is included herein, on Pages 10-12.
REITs Set for a 2026 Rebound? 7 Top Picks as Rate Cuts ApproachEastGroup Properties NYSE: EGP reported a stronger-than-expected second quarter, with executives pointing to record leasing activity, resilient occupancy and rising development demand across its industrial portfolio.
Chief Executive Officer Marshall Loeb said the company’s second-quarter funds from operations were $2.36 per share, $0.02 above the midpoint of guidance and up 6.8% from the same quarter a year earlier. Year-to-date FFO per share increased 7.6%, continuing what Loeb described as a more than decade-long trend of quarterly FFO per share exceeding the prior-year quarter.
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After Earnings Results, Markets Love Prologis Stock “We had a strong quarter as well as first half of the year,” Loeb said, citing the quality of the company’s portfolio and strength in industrial markets.
Leasing Hits Quarterly Record President Reid Dunbar said signed leases totaled 3.9 million square feet during the second quarter, a new quarterly record for EastGroup. Development and first-generation leasing also reached a record, at nearly 1.1 million square feet.
Dunbar said customers are increasingly looking past geopolitical and macroeconomic uncertainty and focusing on longer-term space requirements. He said demand remains positive across EastGroup’s markets and that the company’s “high-quality infill portfolio” is positioned to generate organic growth.
At quarter-end, EastGroup’s portfolio was 96.8% leased and 95.6% occupied. Average quarterly occupancy was 95.6%, down 30 basis points from the second quarter of 2025. Same-store occupancy at quarter-end was 96.9%.
The company reported leasing spreads of 34% on a GAAP basis and 19% on a cash basis for leases signed during the quarter. Year-to-date leasing spreads were similar, at 35% GAAP and 19% cash. Cash same-store net operating income increased 8.3% for the quarter and 8.8% year to date.
Loeb also highlighted EastGroup’s tenant diversification, saying its top 10 tenants accounted for 6.6% of rents, down 30 basis points from last year. He said the company targets both geographic and tenant diversity as a way to stabilize earnings through different economic environments.
Guidance Raised on Same-Property Strength and Development Starts Chief Financial Officer Staci Tyler said second-quarter FFO outperformance was primarily driven by higher-than-projected same-property net operating income, largely due to higher occupancy than expected.
For the third quarter, EastGroup expects FFO of $2.37 to $2.45 per share, with a midpoint of $2.41. The company raised the midpoint of its full-year 2026 FFO guidance by $0.03 to $9.59 per share, representing a 6.8% increase over 2025 actual results.
EastGroup also raised several operating and investment assumptions:
Cash same-property NOI growth guidance was increased by 60 basis points to 6.8% for the year. Expected same-property occupancy was raised to 96.7%, 30 basis points above prior guidance. Average month-end portfolio occupancy guidance increased to 95.7%. Projected 2026 development starts were increased by $60 million to $325 million. Acquisition guidance was increased by $55 million to $215 million. Tyler said the company has started $123 million of development projects year to date and now assumes another $202 million of starts in the second half. She said the increase reflects strong development leasing year to date and the current leasing pipeline.
On the balance sheet, Tyler said EastGroup ended the quarter with no balance drawn on its unsecured bank credit facility, leaving $675 million of available capacity. Debt to total market capitalization was 12.9%, the annualized debt-to-EBITDA ratio was 3 times, and interest and fixed charge coverage was 15.1 times.
Development and Acquisitions Expand Dunbar said EastGroup transferred four development projects in Houston, Austin and Los Angeles to the operating portfolio during the quarter. The projects totaled 669,000 square feet and were 100% leased.
Subsequent to quarter-end, EastGroup acquired a 143,000-square-foot building in the southeast Phoenix submarket. In Austin, the company is under contract to acquire a five-building portfolio in the northeast submarket totaling 388,000 square feet.
Dunbar said development remains the company’s preferred external growth channel from a risk-adjusted return perspective. He said EastGroup has land holdings in more than 20 submarkets, giving it flexibility to pursue additional development if leasing activity continues.
Loeb said the acquisition market remains competitive, with strong private buyer interest in high-quality industrial properties. He said EastGroup has been a “strategic” acquirer rather than an opportunistic one, given the market conditions.
Data Centers, Texas and Infill Demand in Focus During the question-and-answer session, Loeb said data center-related tenants accounted for about 40% of first-quarter development leasing and 20% of second-quarter development leasing. He characterized the demand driver as early-stage and said EastGroup is leasing to suppliers serving data centers rather than building tenant-specific data center space.
Loeb said markets including Dallas, Phoenix and Atlanta have substantial planned data center capacity relative to current capacity, adding that EastGroup has land presence in markets where that demand may grow.
Executives also pointed to strength in Texas. Dunbar said Dallas and Houston were among EastGroup’s strongest markets at midyear. He said Texas demand is broader than energy and includes data center activity, population growth and corporate relocations.
Loeb said higher diesel prices have not affected leasing decisions in the short term. However, he said sustained higher transportation costs could make last-mile industrial locations more valuable over time, particularly in markets with heavy traffic and growing populations.
Executives Cite Consumer Demand as Key Risk Asked where weakness could emerge, Loeb said the company is most focused on the consumer. He said higher interest rates and fuel costs could pressure businesses and ultimately affect tenant demand or credit quality.
Chief Operating Officer Brent Wood said supply could typically be a concern in an improving market, but he said supply is currently “in check” across EastGroup’s markets, particularly in smaller, multi-tenant industrial buildings. He said the company has land, buildings and permits positioned to respond if demand continues to improve.
Loeb closed by saying market demand has been gaining momentum for several consecutive quarters. He said EastGroup’s goals remain driving FFO per share growth while improving portfolio quality, which he said should continue to create net asset value growth for shareholders.
About EastGroup Properties (NYSE:EGP)EastGroup Properties, Inc NYSE: EGP is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company's portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.
Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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July 23, 2026 16:10 ET | Source: DoubleVerify Inc.
NEW YORK, July 23, 2026 (GLOBE NEWSWIRE) -- DoubleVerify (“DV”) (NYSE: DV), a leading software platform for digital media measurement, data and analytics, today announced that it will report second quarter 2026 financial results after the market close on Thursday, August 6, 2026. Management will host a conference call and webcast to discuss DV's financial results, recent developments and business outlook at 4:30 p.m. ET following the release of the financial results.
What:DoubleVerify Second Quarter 2026 Financial Results Conference CallWhen:Thursday, August 6, 2026Time:4:30 p.m. ETWebcast:The live webcast, pre-registration for the event, and any related materials can be accessed from both the Financial Results and the IR Calendar page of the DV investor relations website.
A replay of the webcast will also be accessible through the DoubleVerify investor relations website shortly following the call and will be available for at least seven days.
About DoubleVerify
DoubleVerify (“DV”) (NYSE: DV) is the industry’s leading media effectiveness platform that leverages AI to drive superior outcomes for global brands. By creating more effective, transparent ad transactions, we make the digital advertising ecosystem stronger, safer and more secure, thereby preserving the fair value exchange between buyers and sellers of digital media. Learn more at www.doubleverify.com.
Investor Relations
Brinlea Johnson
The Blueshirt Group [email protected]
Media Contact
Chris Harihar
Crenshaw Communications
646-535-9475 [email protected]
The clinical contract research organization reported earnings of $4.25, beating the consensus of $3.97.
The company reported sales of $707.33 million, surpassing the consensus of $687.65 million.
Revenues increased 17.2% year over year, representing a backlog conversion rate of 24.1%.
EBITDA climbed 17.6% to $153.4 million, representing 21.7% of total revenue.
Backlog Continues To GrowMeanwhile, the company’s project backlog grew 4.9% year-over-year to over $3.01 billion. Net new business awards hit $795.7 million for the quarter, generating a healthy net book-to-bill ratio of 1.13x.
CEO August Troendle in the earnings conference call said, “Cancellations were well-behaved and supported a record quarter for net bookings. RFPs were up sequentially and year over year, generating high-quality opportunities.”
“Overall, the environment remains constructive into July, and we are making good progress in positioning the business for 2027,” Troendle further commented.
Medpace Raises Fiscal 2026 GuidanceMedpace on Wednesday raised its fiscal 2026 earnings from $16.68-$17.50 per share to $17.25-$17.95 per share compared to the consensus of $16.97.
The company also increased fiscal 2026 revenue guidance from $2.755 billion-$2.855 billion to $2.805 billion-$2.885 billion compared to the consensus of $2.778 billion.
EBITDA is expected to reach between $618.0 million and $642.0 million.
MEDP Stock Price Activity: Medpace Holdings shares were up 14.24% at $603.31 at the time of publication on Thursday, according to Benzinga Pro data.
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Key Takeaways CoStar Group expects Q2 2026 revenues of $922-$932 million, up 18% to19% year over year. Residential revenues are projected to rise 32% to 34%, led by Homes.com and Apartments.com. New products and expansion may help offset high interest rates and sluggish commercial real estate activity. CoStar Group (CSGP - Free Report) is slated to report second-quarter 2026 results on July 28.
For second-quarter 2026, the company expects revenues to be between $922 million and $932 million, indicating 18-19% year-over-year growth.
The Zacks Consensus Estimate for second-quarter 2026 revenues is currently pegged at $929.32 million, suggesting growth of 18.95% from the year-ago quarter’s levels.
For the reported quarter, adjusted earnings per share are anticipated to be in the range of 27 cents to 30 cents. The consensus mark for second-quarter 2026 earnings has been unchanged at 28 cents per share over the past 30 days, suggesting a 64.71% increase from the year-ago quarter’s figure.
CoStar Group’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 22.95%.
Let us see how things have shaped up for CSGP before the announcement.
Factors to Note Ahead of CSGP's Q2 ResultsCoStar Group's second-quarter performance is likely to have been driven by continued strength across its portfolio of digital real estate marketplaces, including Apartments.com, LoopNet and Homes.com.
Strong momentum across the commercial and residential businesses is expected to have supported top-line growth in the to-be-reported quarter. Commercial revenues are expected to be in the range of $479-$484 million, reflecting 7-9% growth from the year-ago quarter, while residential revenues are projected at $443-$448 million, indicating a robust 32-34% increase year over year. The residential segment is also expected to have returned to profitability, highlighting improving operating leverage from Homes.com and Apartments.com.
The commercial segment is poised to benefit from new product rollouts and international expansion. CoStar plans to launch its New Homes platform and commence operations in France in the to-be-reported quarter, while LoopNet's nationwide rollout of asset-based pricing is expected to increase listings, advertiser adoption and revenues. Matterport's expanding enterprise pipeline and deeper integration across CoStar's platforms are also likely to support commercial growth.
Homes.com is expected to have remained a key growth driver, supported by rising subscriber additions, higher agent engagement and attractive returns on investment for members. Integration with Apartments.com is likely to have enhanced cross-platform traffic and monetization, while the rollout of Apartments AI ahead of the Apartmentalize conference is expected to have strengthened customer engagement. Improving sales productivity from representatives hired during 2025, coupled with stronger contributions from field sales teams across Homes.com, Apartments.com, LoopNet and Matterport, is likely to have supported bookings and revenue growth.
However, persistent macroeconomic uncertainty, elevated interest and mortgage rates, and sluggish commercial real estate activity are expected to have remained headwinds.
What Our Model Says About CSGPOur proven model does not conclusively predict an earnings beat for CoStar Group this time. Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
CoStar Group presently has an Earnings ESP of 0.00% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they report earnings with our Earnings ESP Filter.
Stocks to ConsiderHere are some companies worth considering, as our model shows that they have the right combination of elements to post an earnings beat in their upcoming releases.
Amphenol (APH - Free Report) has an Earnings ESP of +1.12% and a Zacks Rank #1 at present. APH is set to report second-quarter fiscal 2026 results on July 29. You can see the complete list of today’s Zacks #1 Rank stocks here.
ASE Technology (ASX - Free Report) has an Earnings ESP of +21.21% and a Zacks Rank #2 at present. ASX is scheduled to report its second-quarter 2026 results on July 30.
Celestica (CLS - Free Report) has an Earnings ESP of +1.86% and a Zacks Rank #2 at present. CLS is set to report its second-quarter 2026 results on July 28.
Kinder Morgan (KMI) delivered a record second quarter in 2026, posting financial results that once again exceeded internal budgets and prompted an upward revision to its full-year guidance. The midstream company continues to benefit from a robust energy infrastructure landscape, driven by surging U.S. natural gas demand, newly expanded pipeline infrastructure, and elevated liquefied natural gas (LNG) exports.
Key Takeaways Kinder Morgan delivered a record second quarter in 2026, reporting an adjusted EBITDA of $2.199 billion, representing a 12% year-over-year increase that beat consensus estimates and led to an upward revision of full-year guidance. The official project backlog stands at $9.6 billion, with 92% of that growth linked to the natural gas projects. Over 60% of these projects are specifically targeted at power generation and distribution demand, fueled in part by AI and data center energy requirements. The company maintained a strong balance sheet with a net debt-to-adjusted EBITDA ratio of 3.6x and declared a 2% year-over-year dividend increase. The midstream company reported an adjusted EBITDA of $2.199 billion, beating the consensus estimate of $2.081 billion and representing a 12% increase year-over-year. Following a strong first half of the year, management now projects full-year adjusted EBITDA to beat original 2026 budgets by more than 5%, or approximately $430 million.
Surging Natural Gas Demand Driving Backlog The company provided updates on its project backlog, now sitting at $9.6 billion. Kinder Morgan added $200 million in new project additions during the quarter. It placed approximately $660 million in expansion projects into services. The backlog, excluding $1.1 billion from CO2 enhanced oil recovery projects and gathering & processing projects, maintains a favorable project EBITDA multiple of 5.6x. Management noted that while the official backlog has hovered around $10 billion, there is still capacity to grow.
This growth is linked almost exclusively to the natural gas sector; such projects make up 92% of the current backlog. Moreover, more than 60% of the backlog is specifically geared toward supporting local distribution company demand and power generation, a segment increasingly driven by the energy requirements of AI and data centers. Management highlighted continued interest from customers in developing additional natural gas infrastructure.
The board provided contingent approval for almost $400 million in new projects that are not yet in the backlog. Kinder Morgan’s shadow backlog currently stands at over $10 billion. The company sanctioned around $2 billion in projects over the past 12 months, with management looking to add at least $1 billion in the back half of the year.
Update on Expansion Projects Kinder Morgan’s three largest natural gas expansion projects underway remain both on schedule and budget. The Mississippi Crossing and South System Expansion 4 received final FERC Environmental Impact statements in June. They are expected to receive FERC certificates by the end of the month. Additionally, Trident is now approximately 60% complete.
The company anticipates reaching a final investment decision (FID) on the Western Gateway system with Phillips 66 (PSX) in the next two months. The project aims to decrease dependence on global oil markets by providing a domestic supply of refined products to California and Arizona.
Disciplined Debt Management and Dividends Kinder Morgan declared a cash dividend of $0.2975 per share, representing a 2% increase from the same period last year. The company achieved a record second quarter net income of $867 million. This strong financial execution generated $2 billion in cash flow from operations and $1 billion in free cash flow after capital expenditures.
Despite continued growth in capital expenditures and the successful closing of the $500 million Monument pipeline acquisition during the quarter, management expects to hold net debt-to-adjusted EBITDA at 3.6x through the end of the year, sitting at the low end of its targeted range.
Investors can gain exposure to KMI in the Alerian Energy Infrastructure ETF (ENFR), weighted 5.0% as of July 21. ENFR tracks the Alerian Midstream Energy Select Index, a composite of North American midstream energy infrastructure companies. The fund recently crossed $500 million in assets on July 17, garnering $170 million in net assets from flows and price appreciation since January 1.
For more news, information, and analysis, visit the Energy Infrastructure Channel.
vettafi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for ENFR, for which it receives an index licensing fee. However, ENFR is not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of ENFR.
NEW YORK, July 23, 2026 (GLOBE NEWSWIRE) -- Carlyle Credit Income Fund (“we,” “us,” “our,” “CCIF” or the “Fund”) (NYSE: CCIF) announced today that it will release financial results after market close on Wednesday, August 19, 2026, for its third quarter of 2026. CCIF will host a conference call at 10:00 a.m.
Pendle Finance unveiled its second-half 2026 roadmap on July 23, and the message is clear: real-world assets are the main course, not a side dish. The protocol is doubling down on RWA infrastructure, expanding listings, and actively courting issuers to grow its on-chain yield product suite.
Pendle’s numbers suggest it has already built the plumbing to make this work, with total value locked nearly doubling from $6.9 billion to $13.4 billion and $45 billion in settled value for Principal Token holders during 2025.
Boros hits $200M in open interest as Pendle expands beyond crypto-native yields The most concrete proof point in Pendle’s expansion story is Boros, its rates trading platform. As of July 22, Boros reported $200 million in open interest. Boros has also been branching into commodities and equities, extending Pendle’s rate speculation concept across asset classes.
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Pendle lets you split yield-bearing assets into their principal and yield components, then trade them separately. Boros extends that concept to rate speculation across asset classes.
Institutional doors are opening, literally Pendle’s institutional play got a concrete boost on July 16, when Galaxy Curator launched on Fireblocks. That integration gives institutional players access to yield vaults supporting Principal Tokens through Fireblocks’ custody infrastructure.
Pendle’s Citadels initiative, first announced in January 2025, targets KYC-compliant institutional frameworks and has pursued Shariah-compliant yield offerings. Citadels also has a cross-chain dimension, targeting non-EVM chains to broaden Pendle’s reach beyond the Ethereum ecosystem.
The RWA thesis and why tokenized Treasuries are just the beginning Pendle’s Principal Tokens function like zero-coupon bonds, letting holders lock in a fixed yield. Yield Tokens let speculators take leveraged bets on variable yields. The protocol’s H2 roadmap includes continued stablecoin-related pool listings planned through late 2026, alongside incentive programs designed to bootstrap liquidity in new markets.
The TVL growth from $6.9 billion to $13.4 billion during 2025, roughly a 94% increase, reflects capital allocator interest in Pendle’s yield tokenization model. Settling $45 billion in value for PT holders in the same period shows real economic activity flowing through its contracts.
What this means for investors The Fireblocks integration and Citadels initiative lower the barriers for institutional participation. Pendle’s success depends heavily on continued growth in the tokenized RWA market, which itself relies on regulatory clarity that remains uneven across jurisdictions.
For traders watching Boros specifically, $200 million in open interest is a solid foundation, but the platform’s expansion into commodities and equities means it’s competing in much larger, more established markets. The next few quarters will reveal whether Pendle can attract enough volume in these new verticals to justify the infrastructure investment, or whether crypto-native rate trading remains its core revenue driver.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
, /PRNewswire/ -- Analog Devices, Inc. (Nasdaq: ADI) today announced it will release financial results for the third quarter fiscal year 2026 at 7:00 a.m. Eastern time on Wednesday, August 19, 2026. Following the press release, the Company will host a conference call at 10:00 a.m. Eastern time, the same day. Vincent Roche, Chief Executive Officer and Chair, Richard Puccio, Executive Vice President and Chief Financial Officer, and Jeff Ambrosi, Head of Investor Relations, Senior Director, will discuss ADI's results and business outlook.
The press release, live conference call and subsequent archived copies can be accessed on Analog Devices' Investor Relations website at investor.analog.com. To participate in the live conference call, please pre-register at: register-conf.media.server.com. Upon registering, you will be emailed a dial-in number and unique PIN.
About Analog Devices, Inc.
Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, AI, and software technologies into solutions that combat climate change, reliably connect humans and the world, and help drive advancements in automation and robotics, mobility, healthcare, energy and data centers. With revenue of more than $11 billion in FY25, ADI ensures today's innovators stay Ahead of What's Possible. Learn more at www.analog.com and on LinkedIn and X.
Jeff Ambrosi
Head of Investor Relations, Senior Director
Analog Devices, Inc.
781-461-3282
[email protected]
Semiconductor exchange-traded funds have gained more than 25% this year. Intel Corporation’s (INTC) second-quarter earnings report after today’s close could test whether that rally continues.
Key Takeaways: Semiconductor ETFs have surged this year ahead of Intel’s earnings report today. Intel’s stock has soared but slid about 28% this month on valuation worries. Fund exposure to Intel ranges from about 4% to 6% across the four ETFs. AI demand for server chips is powering a wave of growth for Intel’s data-center business, according to MarketWatch. However, its consumer computing unit faces a slowdown tied to rising memory prices. Today’s earnings report will show which side of that divide is winning out.
Intel’s data center and AI segment is projected to grow 37.8% to $5.4 billion in the quarter, according to MarketWatch. Its client computing group, which includes PC chips, is expected to grow just 1.7% to $8 billion.
Shares of Intel have gained 178% this year, putting the stock on pace for its best year since 1983. The rally has cooled since June, with shares down about 28% this month, according to Bloomberg. Investors have grown cautious on chipmaker valuations.
See more: VettaFi’s Murphy Discusses Q2 Earnings & Sector Trends on CNBC’s ETF Edge
Demand for server processors has surged as agentic AI leans on central processing units, or CPUs, for inference work. KeyBanc Capital Markets analyst John Vinh projected 25% to 30% server CPU unit growth for Intel, according to Yahoo Finance. He cited expanded manufacturing capacity and rising demand from AI infrastructure deployments.
Rising memory chip prices are pushing computer makers to pull back on entry-level and midrange laptops. That will lead to weaker demand in the back half, Susquehanna analyst Christopher Rolland said, according to MarketWatch.
Intel trades at about 74 times projected earnings, a premium to its 10-year average of 22 times, according to Bloomberg. That multiple ranks among the highest in the semiconductor index, above Nvidia Corp. (NVDA) and Broadcom Inc. (AVGO).
Semiconductor ETF Performance Diverges by Strategy Four semiconductor ETFs carry exposure to Intel alongside other chipmakers riding the same AI-driven demand. Each fund has climbed this year, though by different margins.
The iShares Semiconductor ETF (SOXX) leads with a year-to-date gain of 84.7% through July 22, according to VettaFi.
The VanEck Semiconductor ETF (SMH) follows at 63%, trailed by the Invesco AI and Next Gen Software ETF (IGPT) at 56.7% and the State Street SPDR NYSE Technology ETF (XNTK) at 26.5%.
All four funds have also fallen over the past month, according to VettaFi. SOXX dropped 15.2%, SMH shed 12.2%, IGPT lost 13% and XNTK fell 9.8% through July 22.
SOXX invests in a modified-cap-weighted basket of 30 U.S.-listed semiconductor companies, according to VettaFi. The fund holds $45.8 billion in assets with a 0.34% expense ratio.
SMH instead weights its portfolio by market capitalization across 25 of the largest U.S.-listed semiconductor companies, according to VettaFi. The fund carries $70.4 billion in assets and a 0.35% expense ratio.
XNTK spreads exposure evenly across 35 U.S.-listed technology-related stocks, according to VettaFi. The fund holds $2.2 billion in assets at a 0.35% expense ratio.
IGPT holds global companies deriving most revenue from software and next-generation technology, according to VettaFi. The fund is the smallest of the group at $1.2 billion in assets, charging 0.56%.
Intel carries different weightings across the four funds. XNTK holds Intel at 6.14%, its largest weighting in the group, according to VettaFi. SOXX holds Intel at 5.37% and IGPT at 4.06%.
SMH does not count Intel among its top 10 holdings. That dilutes the chipmaker’s influence within a portfolio led by Nvidia at 20.78%, according to VettaFi.
For more news, information, and analysis, visit the Equity ETF Content Hub.
Marvell Technology: Steady Upward Revenue StepsMarvell Technology (MRVL -1.02%) provides data infrastructure semiconductor solutions spanning from the data center core to the network edge.
It launched the Teralynx T100 switch and acquired Polariton Technologies earlier in the period, while reporting a 1% net income margin for the quarter ended May 2, 2026.
Nvidia: Accelerating Sequential Revenue ExpansionsNvidia (NVDA -1.56%) provides advanced graphics, computational, and networking solutions applied across the gaming, visualization, and automotive sectors.
It established a partnership with the Japanese government to launch a national infrastructure project and introduced the Vera CPU architecture, while generating a 66% EBIT margin for the quarter ended April 26, 2026.
Why Revenue Matters for Retail InvestorsRevenue serves as a fundamental baseline for measuring a company's total sales volume before any expenses are deducted. Tracking this figure helps investors understand the total scale and top-line growth trajectory of a business.
Quarterly Revenue for Marvell Technology and NvidiaQuarter (Period End)Marvell Technology RevenueNvidia RevenueQ3 2024$1.3 billion (period ended Aug. 2024)$30.0 billion (period ended July 2024)Q4 2024$1.5 billion (period ended Nov. 2024)$35.1 billion (period ended Oct. 2024)Q1 2025$1.8 billion (period ended Jan. 2025)$39.3 billion (period ended Jan. 2025)Q2 2025$1.9 billion (period ended May 2025)$44.1 billion (period ended April 2025)Q3 2025$2.0 billion (period ended Aug. 2025)$46.7 billion (period ended July 2025)Q4 2025$2.1 billion (period ended Nov. 2025)$57.0 billion (period ended Oct. 2025)Q1 2026$2.2 billion (period ended Jan. 2026)$68.1 billion (period ended Jan. 2026)Q2 2026$2.4 billion (period ended May 2026)$81.6 billion (period ended April 2026)Data source: Company filings. Data as of July 17, 2026.
Foolish TakeMarvell Technology and Nvidia have seen their businesses explode thanks to the rise of the artificial intelligence sector. In examining their revenue trends, both have seen quarter-over-quarter sales growth, which is an impressive accomplishment. A year-over-year increase in sales is more commonplace, so the quarterly expansion demonstrates how significant the AI industry has been in transforming Marvell and Nvidia.
Of the two, Nvidia’s revenue trend shows two things. First, its far larger total sales illustrates its dominance over the AI semiconductor chip market. Second, the incredible sales acceleration is indicative of the central role the company’s products play in the AI ecosystem. Customers are gobbling up the semiconductor giant’s offerings at a rapid pace. The latest example is the Japanese government partnering with Nvidia to launch the world’s first national infrastructure dedicated to AI.
Marvell’s much lower sales totals point to its role as one of the “picks and shovels” of the AI era. Its products are not as central to AI as Nvidia’s, but are key components that are finding customer adoption. Its consistent sales growth indicates demand for its solutions is growing. Marvell’s stock soared in June to a 52-week high of $329.88 after it was added to the S&P 500 index.
Robert Izquierdo has positions in Marvell Technology and Nvidia. The Motley Fool has positions in and recommends Marvell Technology and Nvidia. The Motley Fool has a disclosure policy.
Opendoor Technologies stock is feeling bearish pressure. What’s behind OPEN decline? The Chart Offered No CushionThe technical setup coming into Thursday gave buyers little to stand on. OPEN was already trading 16.1% below its 20-day moving average, 15.7% below its 50-day, 19.5% below its 100-day and 31.6% below its 200-day, a configuration that signals sellers have maintained control across every meaningful time frame.
A death cross established in March, when the 50-day dropped below the 200-day, continues to act as overhead resistance that limits how far rallies can travel before running into supply. MACD sits below its signal line with a negative histogram, pointing to fading upside pressure that makes multi-day bounces vulnerable to being sold.
Key resistance sits at $4.60 near the 50-day moving average while $4.28 represents the nearest support level around current prices. The 52-week range stretches from $1.70 to $10.87, and despite a 75% gain over the past year the stock remains well off its highs, a profile that tends to invite profit-taking when the market turns defensive.
Benzinga Edge assigns the stock a momentum score of 70.16, flagging it as bullish on the longer-window trend even after Thursday’s pullback. The risk embedded in that reading is straightforward: when momentum is the primary thesis rather than value or fundamental quality, the chart becomes everything, and losing key moving average levels can accelerate selling rapidly.
Earnings Are Around the CornerThe next concrete catalyst arrives Aug. 4 when Opendoor reports second-quarter results. Analysts are projecting a loss of 3 cents per share, worse than the 1 cent loss posted in the same period last year, on revenue of $900.86 million, down sharply from $1.57 billion a year ago.
In an environment where the market is already reducing risk, year-over-year declines on both the top and bottom line are the kind of numbers that keep cautious investors on the sidelines until management can demonstrate the trajectory is stabilizing.
The analyst community is deeply divided. The stock carries a consensus Hold rating with an average price target of $5.33, but the range of individual views tells a more complicated story. Keefe Bruyette raised its Underperform target to $2.65, Alliance Global Partners initiated with a Buy and an $8.00 target and Citigroup maintained its Sell with a target of $1.40.
OPEN Shares Are PlummetingOPEN Price Action: Opendoor shares were down 12.10% at $3.85 at the time of publication on Thursday, according to Benzinga Pro.
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Key Takeaways WFRD's Q2 earnings fell 70.6% year over year, while revenues beat estimates by 3.8%.Middle East disruptions, pricing pressure and higher logistics costs weighed on profitability.WFRD expects a gradual Middle East recovery and third-quarter revenues of $1.11-$1.16 billion. Weatherford International plc (WFRD - Free Report) reported second-quarter 2026 earnings of 55 cents per share, down 70.6% from $1.87 a year ago. The bottom line missed the Zacks Consensus Estimate of 92 cents by 40.2%.
Quarterly revenues of $1.11 billion beat the consensus estimate of $1.06 billion by 3.8% but declined 8.2% year over year.
Weak quarterly earnings can be attributed to disruptions in the Middle East and lower activity across several markets.
WFRD’s Regional Results Reflect Broad PressureNorth America revenues fell 15% year over year to $205 million. Lower Artificial Lift and Cementation Products activity affected the segment, partially offset by stronger Completions activity in the U.S. offshore market.
International revenues declined to $900 million from $963 million in the year-ago quarter. Latin America revenues edged up 1% year over year to $197 million, backed by stronger Completions activity in the Caribbean and managed pressure drilling in Mexico.
Middle East/North Africa/Asia revenues dropped 15% from the year-ago period to $446 million in the second quarter due to escalating geopolitical tensions that disrupted activity. Europe/Sub-Sahara Africa/Russia revenues rose to $257 million, up 5% from the corresponding period in 2025, driven by stronger Pressure Pumping and managed pressure drilling activity, partially offset by reduced Drilling Services activity in Europe.
Weatherford’s Segment ResultsDrilling and Evaluation revenues decreased 13% year over year to $291 million. Segment adjusted EBITDA fell 16% to $58 million, primarily due to lower Wireline and drilling-related services activity, partly offset by stronger managed pressure drilling performance in Europe/Sub-Sahara Africa/Russia.
Well Construction and Completions revenues declined 5% from the prior-year quarter to $433 million, while segment adjusted EBITDA fell 9% to $107 million. Revenues in the segment were pressured by lower activity in the Middle East/North Africa/Asia, while higher Completions activity in Latin America partially offset the impact.
Production and Intervention revenues slipped to $316 million, down 3% from the prior-year period due to reduced Artificial Lift activity in North America and Latin America. However, segment adjusted EBITDA increased to $70 million from $63 million in the second quarter of 2025, supported by stronger fall-through in Intervention Services and Drilling Tools in North America and Europe/Sub-Sahara Africa/Russia.
WFRD’s Profitability Faces Operational HeadwindsOperating income totaled $107 million, down approximately 55% from $237 million in the prior-year quarter. Net income attributable to Weatherford declined to $39 million from $136 million a year ago, while the net income margin was 3.5% in the reported quarter.
Adjusted EBITDA totaled $223 million, down 12% year over year. The company absorbed the impact of lower activity, pricing pressure and elevated freight and logistics costs related to the Middle East conflict.
Moreover, reduced activity in Indonesia and a union strike in Norway further pressured performance in the second quarter. Cost discipline helped keep the adjusted EBITDA margin nearly flat sequentially despite the weaker revenue base.
Weatherford Strengthens Cash Flow and LiquidityCash provided by operating activities was $175 million, up 37% year over year. Adjusted free cash flow increased 76% to $139 million, supported by working capital improvement, continued customer collections and lower capital spending. Capital expenditures were $42 million in the second quarter.
Weatherford returned $36 million to shareholders through $20 million in dividends and $16 million in share repurchases. The company ended the quarter with approximately $1.14 billion of cash and restricted cash, total liquidity of $1.7 billion and a net leverage ratio of 0.34X. Weatherford’s long-term debt at the end of the quarter stood at $1.45 billion.
WFRD Advances Key Strategic InitiativesWeatherford agreed to acquire NCS Multistage in a stock-and-cash transaction that expands its completions portfolio and exposure to unconventional resources. Management expects the deal to generate at least $15 million of annual cost synergies within 18 months of closing.
The company also introduced an updated proposal to redomesticate from Ireland to Delaware. Subject to shareholder and Irish High Court approvals, the move is expected to generate annual cash savings of $20-$30 million beginning in 2027.
Weatherford Updates Guidance Amid Gradual RecoveryFor the third quarter of 2026, management expects revenues of $1.11-$1.16 billion and adjusted EBITDA of $235-$265 million. Adjusted free cash flow is projected to exceed $100 million. The outlook assumes a progressive recovery in the Middle East, partly offset by activity declines in certain markets and the expiration of a Saudi contract.
For 2026, Weatherford now expects revenues of $4.54-$4.80 billion and adjusted EBITDA of $951 million to $1.05 billion. Adjusted free cash flow conversion is projected in the mid-to-high 40% range. Management expects the Middle East recovery to remain gradual and dependent on regional stability.
WFRD’s Zacks Rank & Key PicksWFRD currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Par Pacific Holdings (PARR - Free Report) , Valero Energy (VLO - Free Report) and FuelCell Energy (FCEL - Free Report) . While Par Pacific sports a Zacks Rank #1 (Strong Buy), Valero Energy and FuelCell Energy carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks Rank #1 stocks here.
Par Pacific Holdings operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho, refining operations in Hawaii, Wyoming, Washington and Montana, and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products.
Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. Valero’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.
FuelCell Energy is a clean energy company that offers scalable, reliable, low-carbon power solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company’s proprietary molten carbonate fuel cell systems generate electricity through an electrochemical process instead of burning fuel, reducing carbon emissions and minimizing the environmental impact of power generation. FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.
Key Takeaways HBAN posted Q2'26 EPS of 39 cents, matching estimates and rising from 35 cents a year ago.HBAN's NII rose 40% Y/Y, while non-interest income increased 67% Y/Y.Higher expenses, provisions and non-performing assets remained key headwinds. Huntington Bancshares Incorporated (HBAN - Free Report) reported second-quarter 2026 adjusted earnings per share (EPS) of 39 cents, which matched the Zacks Consensus Estimate. In the prior-year quarter, the company reported EPS of 38 cents.
Results reflected improvements in net interest income (NII) and non-interest income. Also, an increase in loan and deposit balances was a tailwind. However, an increase in non-interest expenses and higher provisions acted as a spoilsport.
The quarter’s results excluded 6 cents per share of the after-tax impact of acquisition-related expenses. After considering this, net income attributable to common shareholders (GAAP basis) was $727 million, up 36% year over year.
HBAN’s Revenues & Expenses IncreaseTotal quarterly revenues (on a fully taxable-equivalent or FTE basis) increased 46% year over year to $2.86 billion in the second quarter. The top line surpassed the Zacks Consensus Estimate of $2.85 billion.
NII (FTE basis) was $2.07 billion, up 40% from the prior-year quarter’s tally. The increase reflected higher average earning assets and an expansion in net interest margin (NIM). NIM rose 10 basis points year over year to 3.21%.
Non-interest income climbed 67% year over year to $785 million. The upside was driven by increases in capital markets and advisory fees, payments and cash management revenues, customer deposit and loan fees, wealth and asset management revenues and mortgage banking income. The prior-year quarter also included a $58-million loss from the sale of certain investment securities.
Non-interest expenses surged 51% year over year to $1.81 billion. The rise was mainly due to increases in personnel costs, outside data processing and other services, net occupancy expenses, equipment costs and amortization of intangibles. Adjusted non-interest expenses increased 39% to $1.66 billion.
The efficiency ratio was 61.5%, up from 59% in the year-ago quarter. An increase in the efficiency ratio indicates lower profitability.
HBAN’s Loans and Deposits IncreaseAverage loans and leases at Huntington rose 9% sequentially to $189.3 billion. Growth was supported by the full-quarter impact of the Cadence acquisition and organic growth across corporate and specialty banking, asset finance and middle-market lending.
Average total deposits increased 9% sequentially to $223.4 billion. The rise was driven by the full-quarter impact of the Cadence acquisition and growth in demand, savings and time deposits.
HBAN’s Credit Quality DeterioratesNet charge-offs were $119 million, up from $66 million reported in the prior-year quarter. The quarter-end allowance for credit losses increased to $3.38 billion from $2.52 billion in the year-ago quarter. Total non-performing assets were $1.61 billion as of June 30, 2026, up from $852 million in the prior-year quarter.
Net charge-offs as a percentage of average total loans and leases were 0.25%, up from 0.20% in the year-ago quarter.
In the second quarter, the company recorded a provision for credit losses of $132 million, up from $103 million in the year-ago quarter.
HBAN’s Capital Ratios: Mixed BagThe common equity tier 1 (CET1) risk-based capital ratio was 10% in the second quarter, down from 10.5% in the year-ago period.
The regulatory Tier 1 risk-based capital ratio was 11.3%, down from 11.8% in the comparable period in 2025.
The tangible common equity to tangible assets ratio was 7.1%, up from 6.6% in the year-ago quarter.
HBAN’s Share Repurchase UpdateDuring the second quarter, Huntington repurchased $159 million of common shares. The company repurchased $309 million, or approximately 19 million shares, in the first half of 2026.
Our View on HBANThe company’s acquisitions and continued organic loan and deposit growth are likely to support revenues. In June 2026, Huntington successfully completed the systems conversion of Cadence Bank, marking the final major integration milestone. The company also realized $70 million of annualized run-rate expense savings in the second quarter from its October 2025 Veritex acquisition and expects the full earnings contribution from its recent acquisitions by the fourth quarter. The anticipated cost and revenue synergies are encouraging. However, elevated expenses and an increase in non-performing assets remain concerns.
Currently, Huntington carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other BanksFirst Horizon Corporation (FHN - Free Report) posted second-quarter 2026 earnings per share of 54 cents, surpassing the Zacks Consensus Estimate of 52 cents. This compares favorably with 45 cents in the year-ago quarter
FHN’s results benefited from higher NII and non-interest income, along with a lower provision for credit losses. Higher loan and deposit balances also provided support. However, rising expenses and weaker capital ratios were headwinds.
M&T Bank Corporation (MTB - Free Report) reported second-quarter 2026 net operating earnings per share of $5.35, which beat the Zacks Consensus Estimate of $4.66. The bottom line compared favorably with earnings of $4.28 per share in the year-ago quarter.
MTB’s results were aided by higher NII and a rise in non-interest income on a year-over-year basis, along with loan growth. However, higher expenses acted as headwinds.
Huntington Bancshares Incorporated (HBAN) Q2 2026 Earnings Call July 23, 2026 9:00 AM EDT
Company Participants
Eric Wasserstrom - Executive VP & Head of Investor Relations
Stephen Steinour - Chairman, President & CEO
Brantley Standridge - Senior EVP and President of Consumer & Regional Banking
Zachary Wasserman - CFO & Senior EVP
Conference Call Participants
L. Erika Penala - UBS Investment Bank, Research Division
Manan Gosalia - Morgan Stanley, Research Division
Jon Arfstrom - RBC Capital Markets, Research Division
John Pancari - Evercore ISI Institutional Equities, Research Division
Kenneth Usdin - Bernstein Autonomous LLP
Presentation
Operator
Greetings, and welcome to the Huntington Bancshares Second Quarter 2026 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Eric Wasserstrom.
Eric Wasserstrom
Executive VP & Head of Investor Relations
Thank you, operator. Good morning, and welcome, everyone, to our second quarter call. Our presenters today are Steve Steinour, Chairman, President and CEO; Brant Standridge, President of Consumer and Regional Banking; and Zach Wasserman, Chief Financial Officer; Brendan Lawlor, Chief Credit Officer, will join us for Q&A.
Earnings documents, which include our forward-looking statements disclaimer and non-GAAP information and copies of the slides we will be reviewing today are available on the Investor Relations section of our website, which is www.ir.huntington.com. As a reminder, this call is being recorded, and a replay will be available starting about 1 hour after the close of the call.
With that, let me now turn it over to Steve.
Stephen Steinour
Chairman, President & CEO
Thanks, Eric. Good morning, and thank you for joining us. Starting on Slide 3. We delivered an exceptional quarter marked by strong organic growth, expanding revenue and profitability and the successful completion of the Cadence systems conversion. We achieved these results while continuing to invest in our businesses, technology and support
SummaryQuantumScape is upgraded to Buy, while Solid Power is downgraded to Hold, reflecting a shift from pair trade to single-name conviction.QS demonstrates superior funding quality, avoiding equity dilution and showing disciplined capital spending, while SLDP relies more on share issuance for liquidity.Recent QS progress includes exceeding annual billings targets, securing a multi-year Honda partnership, and reducing full-year capital guidance, strengthening its strategic position.Position sizing in QS is now preferred over hedging with SLDP, as duration-sensitive markets favor companies with strong funding and tangible progress. PeopleImages/iStock via Getty Images
I was originally bullish on QuantumScape (QS) in January 2026. Leant toward a hedged trade by expressing a bullish thesis on Solid Power (SLDP) in April. This latest stance was to stay
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Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Ryder System, Inc. (R) Q2 2026 Earnings Call July 23, 2026 11:00 AM EDT
Company Participants
Calene Candela - Vice President of Investor Relations
John Diez - CEO & Director
Cristina Gallo-Aquino - CFO, EVP & Principal Accounting Officer
John Sensing - President of Global Supply Chain Solutions & Dedicated Transportation Solutions
Tom Havens - President of Global Fleet Management Solutions
Conference Call Participants
Bascome Majors - Stephens Inc., Research Division
Jordan Alliger - Goldman Sachs Group, Inc., Research Division
Robert Salmon - Wells Fargo Securities, LLC, Research Division
Nancy Hipp - Morgan Stanley, Research Division
Harrison Bauer - Susquehanna Financial Group, LLLP, Research Division
Brandon Oglenski - Barclays Bank PLC, Research Division
Jeffrey Kauffman - Citizens JMP Securities, LLC, Research Division
Scott Group - Wolfe Research, LLC
Benjamin Mohr Mok - Citigroup Inc., Research Division
Brian Ossenbeck - JPMorgan Chase & Co, Research Division
Presentation
Operator
Good morning, and welcome to the Ryder System Second Quarter 2026 Earnings Release Conference Call. [Operator Instructions] Today's call is being recorded. If you have any objections, please disconnect at this time. I would now like to introduce Ms. Calene Candela, Vice President, Investor Relations for Ryder. Ms. Candela, you may begin.
Calene Candela
Vice President of Investor Relations
Thank you. Good morning, and welcome to Ryder's Second Quarter 2026 Earnings Conference Call. I'd like to remind you that during this presentation, you'll hear some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive, market, political and regulatory factors.
More detailed information about these factors and a reconciliation of each non-GAAP financial measure to the nearest GAAP measure is contained in this morning's earnings release, earnings call presentation
NEW YORK--(BUSINESS WIRE)--Why: Rosen Law Firm, a global investor rights law firm, reminds investors about a class action lawsuit on behalf of purchasers of securities of AeroVironment, Inc. (NASDAQ: AVAV) between June 25, 2025 and March 10, 2026, inclusive (the “Class Period”). AeroVironment is a defense technology provider.For more information, submit a form, email attorney Phillip Kim, or give us a call at 866-767-3653.The Allegations: Rosen Law Firm is Investigating the Allegations that Aero.
An attacker extracted 24.15 million USDC from Arbitrum-based platform AFX Trade by using hot-validator signatures to authorize a massive withdrawal, according to the original report. Security firms traced the exploit to compromised keys tied to the external bridge the project operated, not to any vulnerability in the layer-2 network’s core infrastructure.
Arbitrum quickly confirmed that its native bridge remained untouched. The distinction matters because custom bridges—built by individual teams to connect Ethereum-based applications to L2s—often rely on a smaller validator set, making a key compromise attack more feasible. In this case, the attacker gathered enough valid signatures to move the funds off the platform without triggering standard safety thresholds.
Validator Signature Vulnerability External bridges frequently depend on a multi-sig or proof-of-authority system where a quorum of keys can greenlight transfers. Security researchers noted that the attack vector on AFX Trade points to poor key management practices rather than a smart contract flaw. The funds, denominated in USDC, were withdrawn in a single transaction that observers say would normally require multiple independent approvals.
The incident underscores a pattern that has plagued cross-chain infrastructure for years. Bridges remain the weakest link between networks, and the track record of exploits—from Wormhole to Ronin—has consistently involved governance or validator key compromises. What sets this case apart is the clean isolation from Arbitrum’s own security model, which might shield the broader ecosystem from direct contagion.
While Arbitrum has cemented its place among the top blockchains by developer activity, the proliferation of third-party bridges built atop its scalability framework introduces risks that the core protocol cannot fully mitigate.
What Remains Unknown Details about how the keys were initially compromised are scarce. It is unclear whether the attack originated from a phishing campaign, insider threat, or infrastructure breach. On-chain investigators are tracking the movement of the USDC, but no central issuer or law enforcement agency has yet announced a freeze, and the funds may already be routed through mixers or other obfuscation layers.
The lack of immediate recoverability is likely to weigh on users who parked liquidity on a relatively lesser-known bridge. For traders and liquidity providers inside the Arbitrum DeFi scene, the episode reintroduces a familiar tension: the speed and composability gains of newer bridges often come at the cost of diluted security assumptions.
Broader Impact on Layer-2 Security Narratives AFX Trade’s loss arrives during a period when institutional attention on Ethereum scaling solutions is growing, and security guarantees are becoming a selling point. Arbitrum’s quick separation from the exploit—emphasizing its native bridge’s integrity—suggests that prominent L2 teams are acutely aware of the reputational damage that bridge hacks can inflict, even when they are not technically at fault.
Still, the practical outcome for affected users is the same as in any bridge theft: tokens gone and uncertainty about recourse. The incident does not signal systemic risk for Arbitrum as a network, but it reinforces the caution that DeFi participants must apply when evaluating the custody chains of any application that sits on top of a major rollup.
The next phase of the story will depend on forensic reports and whether the attacker leaves a trace that can tie the wallet activity to a known entity. For now, the exploitation of hot-validator signatures serves as yet another data point in the ongoing struggle to secure cross-chain messaging layers without reintroducing centralization.
AUTHOR
Brenda is a writer with three years of experience specializing in cryptocurrency, artificial intelligence and emerging technologies. She graduated from the University of Mombasa with a degree in Psychology. She has worked at Cryptopolitan and Blockchain Reporter.
Two major cross-chain bridges suffered security breaches in July 2026, with attackers stealing over $31 million from AFX Trade and VerusCoin in separate but closely timed incidents. Blockchain security firm Blockaid identified and publicized both exploits as they were in progress, increasing concerns about ongoing vulnerabilities in the bridge infrastructure supporting decentralized finance (DeFi).
AFX Trade bridge hacked for $24 million on ArbitrumBlockaid first detected an attack on the Arbitrum-based AFX Trade protocol at 21:30 UTC on July 22. The hacker managed to compromise five hot-validator signatures on AFX’s custody bridge, bypassing the required quorum and executing an unauthorized transfer of $24.15 million in USDC tokens.
Security teams revealed that the stolen USDC was moved to an Ethereum wallet, then swapped out for 12,467.5 ETH. PeckShieldAlert traced the movement of these funds, which remain in the address 0x6276…ebAC.
Blockaid stated it had identified a targeted exploit affecting a bridge operated by AFX on Arbitrum. The incident enabled an attacker to drain approximately $24.15 million in USDC from the protocol in a single operation.
AFX paused bridge operations as soon as the breach was discovered, clarifying that neither its core trading infrastructure nor the wider Arbitrum network was affected. Steven Goldfeder, representing the Arbitrum Foundation, separately confirmed that Arbitrum’s native bridge had not been compromised, attributing the unauthorized withdrawal to a third-party protocol integration.
AFX disclosed that all stolen funds are still located in the attacker’s wallet. Security firm SlowMist reported the wallet address to the Crypto Defense Alliance, an industry network tracking stolen digital assets, while Zellic, which previously audited the bridge’s code, joined the ongoing investigation.
AFX pledged to provide frequent updates as more facts are verified and as recovery efforts continue.
Mini dictionary: Arbitrum is a layer 2 scaling solution for Ethereum that aims to provide faster and cheaper transactions by processing them off the Ethereum main chain and then settling the results back onto the mainnet.
VerusCoin bridge loses $7.5 million in recurring exploitBlockaid also flagged a breach in the VerusCoin Ethereum Bridge, resulting in a further loss of roughly $7.54 million. The attacker manipulated the bridge’s import mechanism to trigger payouts that lacked the necessary asset reserves, siphoning off multiple cryptocurrencies, including ETH, tBTC, USDC, USDT, EURC, MKR, and scrvUSD. The stolen funds were transferred from the bridge contract to a wallet ending in C142D54.
Analysis revealed similarities between this attack and a previous incident on the same bridge in May 2026. Both leveraged an identical vulnerability, but July’s exploit appeared to originate from a different attacker using a new wallet.
Blockaid noted this latest breach exploited the same contract and entry path as the May attack, and described both incidents as sharing an identical bug class, pointing to persistent flaws in validation logic for bridge transfers.
PeckShieldAlert reported that the attacker soon began laundering the stolen assets through Tornado Cash. At the time of the incident, VerusCoin had not yet released any public statements.
The May incident on the VerusCoin bridge involved a manipulation of its cross-chain export process, enabling the attacker to extract $11.58 million for a relatively low transaction fee.
Mini dictionary: VerusCoin is a blockchain platform focused on privacy and interoperability, allowing users to move assets across different chains through its bridging technology.
BridgeDate of ExploitAmount StolenAssets AffectedAFX Trade (Arbitrum)July 22, 2026$24.15 millionUSDCVerusCoin Ethereum BridgeJuly 23, 2026$7.54 millionETH, tBTC, USDC, USDT, EURC, MKR, scrvUSDVerusCoin Ethereum BridgeMay 2026$11.58 millionMultiple currenciesSecurity sector response and ongoing investigationsThese incidents have brought renewed scrutiny to the recurring vulnerabilities affecting cross-chain bridges, which have previously experienced high-profile breaches including those involving Wormhole and Nomad in 2022.
Blockaid indicated that the root causes in the VerusCoin exploits involved missing checks on incoming transfer values, a class of bugs observed previously in the sector. Security firms, including SlowMist and PeckShieldAlert, are actively monitoring the stolen funds and collaborating with exchanges and other ecosystem partners to track suspicious wallet activity.
Neither AFX nor VerusCoin has provided a date for restoring bridge operations. Both investigations remain open, and recovery or remediation plans have not yet been announced as authorities and security teams work to follow the movements of the stolen assets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
AFX Trade, a decentralized exchange running on Arbitrum, just lost $24.15 million in USDC through a bridge attack. And now it’s essentially negotiating with the person who robbed it, offering them roughly $7.2 million to give the rest back.
The white-hat bounty deal, proposed publicly by AFX head of growth Ken C, would let the attacker keep 30% of the stolen funds as a “bounty” in exchange for returning the remaining 70%.
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What actually happened The exploit hit on July 22, 2026, targeting AFX Trade’s custody bridge rather than its smart contracts or Arbitrum’s underlying infrastructure. The attacker compromised off-chain validator signing keys.
Once inside, the attacker drained approximately $24.15 million in USDC from the bridge. They then moved the funds to Ethereum and swapped them for about 12,467 ETH, which was trading at roughly $1,937 per token at the time. AFX suspended its bridge immediately after discovering the breach.
Security firms Blockaid and PeckShield both confirmed the attack and were quick to note that Arbitrum’s native bridge remained completely unaffected.
Part of a much bigger problem AFX wasn’t the only victim that week. The exploit was part of a concentrated wave of attacks on July 22 and 23, which collectively resulted in losses exceeding $35 million across multiple platforms. Zoom out further and July 2026 saw nearly $97 million in total hack-related losses, according to data from Blockaid and PeckShield.
The AFX exploit is particularly instructive because it didn’t involve a smart contract flaw. The contracts worked exactly as designed. The weakness was in the off-chain validator key management. Smart contract audits only cover one layer of security. The operational security of key management, validator selection, and bridge architecture often receives far less scrutiny from users, even though it represents a substantial attack surface.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
New York, New York--(Newsfile Corp. - July 23, 2026) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against PicS N.V. ("PicS" or the "Company") (NASDAQ: PICS) on behalf of all persons or entities who purchased PicS Class A common stock in and/or traceable to PicS' initial public offering ("IPO") on or around January 30, 2026.
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If you are an investor in PicS and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (646) 315-9003.
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than August 4, 2026 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
On or around January 30, 2026, PicS concluded its IPO, selling approximately 22.9 million shares of Class A common stock at $19 per share.
On March 19, 2026, less than three months after the IPO, PicS released its fourth quarter and full year 2025 financial results, which ended December 31, 2025 - before the IPO. The Company revealed that in December 2025, as part of the Company's "annual review of expected credit loss parameters," the Company had "implemented a stricter policy to accelerate the classification of renegotiated non-performing exposures from Stage 2 to Stage 3." Consequently, "R$590 million of Stage 2 portfolio balances were reclassified to Stage 3, resulting in an ECL increase of R$88 million in the quarter." Stage 3 is the Company's highest risk category for its credit portfolio, or "credit impaired."
On March 19, 2026, the price of PicS shares fell $3.56 per share, or 22.5%, to close at $12.27 per share.
The complaint alleges, among other things, that in connection with the IPO, Defendants made false and/or misleading statements and/or failed to disclose that "(a) that PicS had conducted an evaluation of its credit evaluation procedures in December 2025 and determined that such procedures were deficient and in need of enhancement; (b) that, as a result of the new procedures the Company had implemented in December 2025, PicS had reclassified approximately R$590 million of exposures previously classified as Stage 2 to Stage 3, leading to an incremental ECL charge of R$88 million in the three months ended December 31, 2025; (c) that PicS had experienced a heightened, but unreported, Stage 3 formation rate of more than 7% in the fourth quarter of 2025 that deviated substantially from the historical results and trends provided in the Offering Documents; (d) that the Offering Documents had materially overstated the quality and ability of the Company's credit models and user data to inform the Company's underwriting practices and to allow PicS to timely and effectively monitor, assess, and identify adverse credit events, credit risks, and credit deterioration across its portfolio; and (e) that PicS suffered from degradations in customer credit quality and heightened risks of default and loan impairment as a result of its entrance into materially riskier business lines leading up to the IPO, resulting in undisclosed adverse financial and operational trends such as heightened incidents of default, which predated the IPO and were internally projected by PicS to continue to worsen following the IPO, materially impairing the Company's business, operations, and financial results."
The complaint alleges that as of June 4, 2026, PicS Class A common stock fell to a low of less than $9 per share, representing a more than 50% decline from the $19 per share IPO price.
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