Index Dow Jones -0,01 % na 52219,35 b. S&P 500 -0,14 % na 7499,04 b. Nasdaq Composite -0,57 % na 25690,9 b.
Ve středeční seanci americké indexy korigovaly nárůs z předchozí seance a index Dow Jones, který byl v průběhu seance v kladných úrovních se nakonec přetočil do červených a uzavřel s menší ztrátou -0,01% a také širší index S&P 500 oslabil o -0,14 %. Trhy stále citelně vnímají americko-íránský konflikt, jelikož obě strany pokračovaly ve vzájemných úderech již jedenáctý den po sobě. Lehká ropa WTI po reportu zásob od EIA opět posílila o 2,7% a dostala se tak k úrovni 86,6 USD/barel a opět tak začínají vznikat obavy z narušení dodávek ropy způsobených potenciálně se rozšiřujícím konfliktem na Blízkém východě. Růstu cen WTI pomáhá také oslabující dolar, který na páru s eurem oslabil o -0,12% tj. 1,1410 USD/EUR. Slabší dolar také dnes prospěl žluténu kovu, který přidal 1,5% a zlato se tak dostalo k úrovni 4 140 USD/Troy. unci. Na celkovém poklesu indexu měl dnes největší zásluhu sektor Komunikační služby se ztrátou -1,3%, dále Zbytná spotřeba -0,8% a také Zdravotní péče -0,6%. Naopak většímu poklesu indexu byl dnes největší brzdou sektor Utility se ziskem 2,3%, dále Základní materiály 1,4% a také Energie se ziskem 1,2%.
Index S&P 500 -0,14 % na 7499,04 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Utility +2,3 % Komunikační služby -1,3 % Základní materiály +1,4 % Zbytná spotřeba -0,8 % Energie +1,2 % Zdravotní péče -0,6 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Super Micro Computer (SMCI) +20 % GE Vernova (GEV) -8,7 % Westinghouse Air Brake Technologies Corp (WAB) +10,0 % ServiceNow (NOW) -6,5 % Dell Technologies (DELL) +9,3 % PTC (PTC) -6,3 % EQT Corp (EQT) +8,5 % Workday (WDAY) -6,2 % NRG Energy (NRG) +6,4 % Palantir Technologies (PLTR) -6,1 %
Luboš Bedrník
Fio banka, a.s.
Prohlášení
3 Regional Bank Stocks That Crushed Q3 EarningsWestern Alliance Bancorporation NYSE: WAL reported stronger second-quarter 2026 earnings, with management pointing to commercial loan growth, higher net interest income and stable credit trends while outlining a shift toward greater share repurchases and deposit cost optimization.
Chairman, President and Chief Executive Officer Ken Vecchione said the quarter reflected “broad-based C&I-driven loan growth, strong net interest income, PP&R expansion, stable net interest margin, and continued balance sheet strength.” He said the company has begun executing several initiatives discussed at its May Investor Day, including reducing higher-cost deposits and expanding its share repurchase program.
Get WAL alerts:
Banking and trucking: Is the economy rolling toward troubles?Western Alliance is approaching the $100 billion asset threshold, with total assets remaining just below $99 billion at quarter-end. Vecchione said the bank is entering its next phase “from a position of strength,” citing growth, improving profitability and greater capital returns.
Loan Growth Led by Commercial and Industrial Lending Held-for-investment loans increased by $1.8 billion during the quarter, with more than 80% of the growth coming from commercial and industrial categories, according to Chief Financial Officer Vishal Idnani. Average HFI loan growth was $1.1 billion, contributing to average earning asset growth of $2.7 billion.
PacWest, First Horizon Shares Plummet On Continued Bank WorriesIdnani said commercial banking grew by $950 million, led by specialty commercial banking verticals and Hotel Franchise Finance within commercial real estate. C&I loans now account for nearly 49% of the HFI portfolio, while CRE excluding construction has declined to 19.5% of the portfolio.
Management said the company continues to see a strong loan origination pipeline, but it revised its full-year loan growth outlook to $5 billion from a higher prior expectation. Vecchione said the reduction reflects a capital allocation decision rather than a lack of demand, allowing the bank to direct more capital toward share repurchases while still producing growth expected to rank near the top of its peer group.
Net Interest Income Rises as Margin Holds Steady Net interest income rose to $797 million, up 4% from the prior quarter and 14% from a year earlier. Idnani attributed the increase primarily to earning asset growth, including loan growth and higher average securities balances.
The net interest margin was essentially stable, declining one basis point from the prior quarter to 3.53%. Idnani said lower funding costs helped offset the modest impact of remixing loans toward C&I from CRE and slightly lower average earning asset yields.
Western Alliance’s securities yield increased five basis points to 4.64%, while HFI loan yields declined three basis points to 5.82%. Interest-bearing deposit costs declined one basis point to 2.74%, and overall liability funding costs fell three basis points to 1.96%.
Management said deposit optimization efforts should continue to lower interest expense and deposit costs. Vecchione said the bank reduced higher-cost deposits by more than $1 billion late in the second quarter and another $1 billion in the first few weeks of the third quarter.
Deposit Optimization Drives Revised Growth Outlook Total deposits ended the quarter at $81.9 billion, up $10.8 billion from a year earlier but down $849 million from the prior quarter. Idnani said the linked-quarter decline reflected the intentional reduction of about $1.2 billion in higher-cost deposits.
Vecchione said Western Alliance expects to transition roughly $3 billion of higher-cost deposits off the balance sheet for the year. He said the bank is taking a “finesse” approach with clients, helping them transition certain balances while maintaining broader relationships that may include loans, operating accounts and treasury management services.
Management lowered its full-year deposit growth outlook to $6 billion, citing reduced funding needs and continued efforts to remix the deposit base. The company expects total deposits to grow by about $1 billion in the third quarter despite additional higher-cost deposit reductions, with fourth-quarter deposits expected to be roughly flat.
Executives highlighted lower-cost deposit channels such as HOA, Business Escrow Services, Corporate Trust, Juris Banking and digital assets as areas expected to grow faster than traditional deposit channels.
Fee Income Outlook Trimmed on Mortgage Headwinds Non-interest income was $199 million, essentially unchanged from the first quarter when excluding $50.5 million of securities gains recorded in that period. Year-over-year, non-interest income increased by about $51 million, or 34%, supported by commercial banking, treasury management and foreign exchange offerings.
Mortgage banking revenue improved from the prior quarter and from a year earlier, but management cited higher rates and tighter spreads as headwinds. Loan production and lock commitment volume were both up double-digit percentages from the prior quarter and year earlier, while the gain-on-sale margin compressed eight basis points from the first quarter to 29 basis points.
Idnani said servicing revenue rebounded to $31 million, mainly because of slower prepayment speeds in a higher-rate environment. He also said Western Alliance generated $6 million in gains from selling covered call options on mortgage bonds as a hedge against mortgage market volatility, with an additional $3 million of income realized in July.
The company reduced its full-year non-interest income growth outlook to 13% to 17%, down from 20% to 25%. Vecchione said mortgage banking revenue is expected to remain in line with second-quarter levels in the third and fourth quarters, citing geopolitical conditions and higher Treasury and mortgage rates.
Credit Trends and Capital Returns in Focus Western Alliance reported provision expense of $80 million, which Idnani said replenished net charge-offs and supported loan growth, primarily in C&I. Net charge-offs declined to 37 basis points. The company reaffirmed its core net charge-off guidance of 25 to 35 basis points for 2026.
Special mention loans declined by $87 million to $316 million, while classified accruing loans fell by $15 million to $440 million. Non-accrual loans increased by $70 million, but management said nearly all of the increase came from a previously disclosed loan that is current on contractual payments.
Vecchione said two of six non-accrual loans discussed at Investor Day have been resolved, with the remaining four expected to be addressed in the second half of 2026. Chief Credit Officer Lynne Herndon said management has “high confidence” in those asset resolutions.
The allowance for loan losses increased to $487 million, or 80 basis points of funded HFI loans, while the allowance for credit losses rose to 89 basis points. Idnani said the reserve ratio is expected to move higher incrementally as the loan portfolio continues to remix toward C&I.
Capital levels remained a central part of the company’s updated outlook. Western Alliance maintained its common equity tier 1 ratio at its targeted 11% level, and its tangible common equity to tangible assets ratio rose to 7%. Tangible book value per share increased $2.10 from the end of the first quarter to $63.24, up 13% year over year.
Vecchione said the company plans $150 million of share repurchases in the second half of 2026. He said Western Alliance’s shares trade at a “meaningful discount” to management’s view of intrinsic value and that buybacks represent an attractive use of capital. In response to analyst questions, he said the bank will continue evaluating the balance between loan growth, risk-adjusted returns, maintaining its 11% CET1 target and repurchasing stock.
Western Alliance now expects 2026 net interest income growth of 12% to 14%, compared with its prior forecast of 11% to 14%. The outlook includes an assumed 25-basis-point rate hike in September, which was not included in previous guidance. The company kept its deposit cost guidance at $650 million to $700 million and operating expense outlook at $1.6 billion to $1.65 billion. Management also said it expects a full-year effective tax rate of 19%.
About Western Alliance Bancorporation (NYSE:WAL)Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.
The company's core offerings include deposit products, treasury management and a variety of lending services.
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].
Should You Invest $1,000 in Western Alliance Bancorporation Right Now?Before you consider Western Alliance Bancorporation, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Western Alliance Bancorporation wasn't on the list.
While Western Alliance Bancorporation currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Learn the basics of options trading and how to use them to boost returns and manage risk with this free report from MarketBeat. Click the link below to get your free copy.
Western Alliance Bancorporation (WAL) Q2 2026 Earnings Call July 22, 2026 12:00 PM EDT
Company Participants
Miles Pondelik - Director of Investor Relations & Corporate Development
Kenneth Vecchione - Chairman, President & CEO
Vishal Idnani - Chief Financial Officer
Dale Gibbons - Vice Chairman and Chief Banking Officer, Deposit Initiatives & Innovation
Lynnee Herndon - Chief Credit Officer
Timothy Bruckner - Chief Banking Officer For Regional Banking
Conference Call Participants
David Smith - Truist Securities, Inc., Research Division
Anthony Elian - JPMorgan Chase & Co, Research Division
Jared David Shaw - Barclays Bank PLC, Research Division
Ebrahim Poonawala - BofA Securities, Research Division
Sun Young Lee - TD Cowen, Research Division
Casey Haire
Bernard Von Gizycki - Deutsche Bank AG, Research Division
Gary Tenner - D.A. Davidson & Co., Research Division
Timur Braziler - UBS Investment Bank, Research Division
Christopher McGratty - Keefe, Bruyette, & Woods, Inc., Research Division
Presentation
Operator
Good day, everyone. Welcome to Western Alliance Bancorporation's Second Quarter 2026 Earnings Call. You may also view the presentation today via webcast through the company's website at www.westernalliancebancorporation.com. I would now like to turn the call over to Miles Pondelik, Director of Investor Relations and Corporate Development. Please go ahead, Miles.
Miles Pondelik
Director of Investor Relations & Corporate Development
Good day, everyone. Welcome to Western Alliance Bancorporation's Second Quarter 2026 Earnings Call. You may also view the presentation today via webcast through the company's website at www.westernalliancebancorporation.com.
Our speakers today are Ken Vecchione, Chairman, President and Chief Executive Officer; and Vishal Idnani, Chief Financial Officer. Before I hand the call over to Ken, please note that today's presentation contains forward-looking statements, which are subject to risks, uncertainties and assumptions. Except as required by law, the company does not undertake any obligation to update any forward-looking statements. For a more complete discussion of the risks and uncertainties that could cause actual results to differ materially from any forward-looking statements, please refer to the
, /PRNewswire/ -- Prosperity Bancshares, Inc.® (NYSE: PB) today announced that its Board of Directors declared a quarterly common stock dividend of $0.60 per share for the third quarter of 2026, payable October 1, 2026, to shareholders of record as of September 15, 2026.
Prosperity Bancshares, Inc.®
As of March 31, 2026, Prosperity Bancshares, Inc.® is a $43.619 billion Houston, Texas based regional financial holding company providing personal banking services and investments to consumers and businesses throughout Texas and Oklahoma.
Founded in 1983, Prosperity believes in a community banking philosophy, taking care of customers, businesses, and communities in the areas it serves by providing financial solutions to simplify everyday financial needs. In addition to offering traditional deposit and loan products, Prosperity offers digital banking solutions, credit and debit cards, mortgage services, retail brokerage services, trust and wealth management, and treasury management.
Prosperity currently operates 363 full-service banking locations: 62 in the Houston area, including The Woodlands; 36 in the South Texas area including Corpus Christi and Victoria; 61 in the Dallas/Fort Worth area; 21 in the East Texas area; 28 in the Central Texas area including Austin and San Antonio; 45 in the West Texas area including Lubbock, Midland-Odessa, Abilene; Amarillo and Wichita Falls; 15 in the Bryan/College Station area, 6 in the Central Oklahoma area; 8 in the Tulsa, Oklahoma area, 18 in the Central, South Texas and San Antonio areas doing business as American Bank and 11 in the San Antonio area doing business as Texas Partners Bank and 52 in the Houston (including Beaumont), East Texas and Dallas/Ft. Worth areas doing business as Stellar Bank.
Cautionary Notes on Forward-Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are typically, but not exclusively, identified by the use in the statements of words or phrases such as "aim," "anticipate," "estimate," "expect," "goal," "guidance," "intend," "is anticipated," "is expected," "is intended," "objective," "plan," "projected," "projection," "will affect," "will be," "will continue," "will decrease," "will grow," "will impact," "will increase," "will incur," "will reduce," "will remain," "will result," "would be," variations of such words or phrases (including where the word "could," "may," or "would" is used rather than the word "will" in a phrase) and similar words and phrases indicating that the statement addresses some future result, occurrence, plan or objective. Forward-looking statements include all statements other than statements of historical fact, including forecasts or trends, and are based on current expectations, assumptions, estimates and projections about Prosperity Bancshares and its subsidiaries. These forward-looking statements may include information about Prosperity's possible or assumed future economic performance or future results of operations, including future revenues, income, expenses, provision for loan losses, provision for taxes, effective tax rate, earnings per share and cash flows and Prosperity's future capital expenditures and dividends, future financial condition and changes therein, including changes in Prosperity's loan portfolio and allowance for loan losses, future capital structure or changes therein, as well as the plans and objectives of management for Prosperity's future operations, future or proposed acquisitions, the future or expected effect of acquisitions on Prosperity's operations, results of operations, financial condition, and future economic performance, statements about the anticipated benefits of a proposed transaction, and statements about the assumptions underlying any such statement. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of Prosperity's control, which may cause actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties include but are not limited to whether Prosperity can: successfully identify acquisition targets and integrate the businesses of acquired companies and banks; continue to sustain its current internal growth rate or total growth rate; provide products and services that appeal to its customers; continue to have access to debt and equity capital markets; and achieve its sales objectives. Other risks include, but are not limited to: the possibility that credit quality could deteriorate; actions of competitors; changes in laws and regulations (including changes in governmental interpretations of regulations and changes in accounting standards); the possibility that the anticipated benefits of an acquisition transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of two companies or as a result of the strength of the economy and competitive factors generally; a deterioration or downgrade in the credit quality and credit agency ratings of the securities in Prosperity's securities portfolio; customer and consumer demand, including customer and consumer response to marketing; effectiveness of spending, investments or programs; fluctuations in the cost and availability of supply chain resources; economic conditions, including currency rate, interest rate and commodity price fluctuations; and weather. These and various other factors are discussed in Prosperity Bancshares' Annual Report on Form 10-K for the year ended December 31, 2025 and other reports and statements Prosperity Bancshares has filed with the Securities and Exchange Commission ("SEC"). Copies of the SEC filings for Prosperity Bancshares may be downloaded from the Internet at no charge from http://www.prosperitybankusa.com.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Hagerty, Inc. (NYSE: HGTY), a business that makes it easier and more enjoyable to be a driving enthusiast, today announced it will report its second quarter 2026 financial results before the market opens on Wednesday, August 5, 2026.
Hagerty will hold a conference call to discuss the financial results at 10:00 am Eastern Time on that day. A live webcast of the conference call will be available on Hagerty's investor relations website at investor.hagerty.com. To dial-in for the conference call, please register using the link found here to receive your unique dial-in and PIN.
A webcast replay of the call will be available at investor.hagerty.com following the call.
About Hagerty, Inc. (NYSE: HGTY)
Hagerty is a company built by drivers for drivers, protecting 2.9 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, and the Hagerty Drivers Club, the world's largest membership community of car lovers.
For more information, please visit www.hagerty.com or www.newsroom.hagerty.com.
, /PRNewswire/ -- Hagens Berman, a leading national shareholder rights law firm, is conducting an investigation into Peabody Energy Corporation (NYSE: BTU) regarding alleged violations of federal securities laws. This investigation follows the recent filing of a class action lawsuit, which alleges that Peabody misled investors concerning the operational status and production capabilities of its flagship underground longwall metallurgical coal mine, Centurion, in Queensland, Australia.
INVESTOR NOTICE: DEADLINE APPROACHING
Action: Submit your Peabody losses here Class Period: Oct. 14, 2024 – May 4, 2026 Lead Plaintiff Deadline: Aug. 24, 2026 Visit: www.hbsslaw.com/investor-fraud/btu Contact the Firm Now: [email protected] | 844-916-0895 Focus of Peabody Energy (BTU) Securities Class Action:
The pending securities class action alleges that Peabody and its management made materially false and misleading statements regarding the true state of the Centurion mine and its readiness to achieve full-scale production. The complaint contends that throughout the class period, the company repeatedly assured investors that development was on track—highlighting in February 2026 that the team was installing the "very last shield" and that mining of premier metallurgical coal had begun.
Plaintiffs allege these statements were false because the company was encountering mechanical, electrical, and operational issues that severely impaired the ramp-up, all of which management allegedly knew or recklessly disregarded while maintaining positive production and financial guidance.
The truth behind these alleged misrepresentations emerged in stages through surprise disclosures. On March 30, 2026, Peabody filed a current report with the SEC abruptly slashing its first-quarter Centurion production guidance from approximately 700,000 tons down to roughly 250,000 tons.
The news sent the price of Peabody shares down almost 10%.
Subsequently, on May 5, 2026, the company disclosed further setbacks, lowering its full-year sales outlook for Centurion to 2.5 million tons and citing commissioning and operational headwinds. This full year 28% reduction helped send the price of Peabody shares down nearly 6%.
"Our investigation is actively probing the full scope of these pending claims to determine exactly when Peabody's management knew that the production ramp-up at the Centurion mine was falling off track," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation of the alleged claim in the pending suit.
Investor Rights
Investors who purchased or acquired Peabody Energy common stock during the Class Period are encouraged to contact our legal team:
Report your losses to HBSS: Click here Email: [email protected] Phone: 844-916-0895 If you'd like more information and answers to other frequently asked questions about the Peabody case and the firm's investigation, read more.
Whistleblowers: Persons with non-public information regarding Peabody Energy should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Attorney Advertising. Prior results do not guarantee a similar outcome in any future case.
, /PRNewswire/ -- Hagens Berman, a leading national shareholder rights law firm, is conducting an investigation into Peabody Energy Corporation (NYSE: BTU) regarding alleged violations of federal securities laws. This investigation follows the recent filing of a class action lawsuit, which alleges that Peabody misled investors concerning the operational status and production capabilities of its flagship underground longwall metallurgical coal mine, Centurion, in Queensland, Australia.
INVESTOR NOTICE: DEADLINE APPROACHING
Action: Submit your Peabody losses hereClass Period: Oct. 14, 2024 – May 4, 2026Lead Plaintiff Deadline: Aug. 24, 2026Visit: www.hbsslaw.com/investor-fraud/btuContact the Firm Now: [email protected] | 844-916-0895Focus of Peabody Energy (BTU) Securities Class Action:
The pending securities class action alleges that Peabody and its management made materially false and misleading statements regarding the true state of the Centurion mine and its readiness to achieve full-scale production. The complaint contends that throughout the class period, the company repeatedly assured investors that development was on track—highlighting in February 2026 that the team was installing the "very last shield" and that mining of premier metallurgical coal had begun.
Plaintiffs allege these statements were false because the company was encountering mechanical, electrical, and operational issues that severely impaired the ramp-up, all of which management allegedly knew or recklessly disregarded while maintaining positive production and financial guidance.
The truth behind these alleged misrepresentations emerged in stages through surprise disclosures. On March 30, 2026, Peabody filed a current report with the SEC abruptly slashing its first-quarter Centurion production guidance from approximately 700,000 tons down to roughly 250,000 tons.
The news sent the price of Peabody shares down almost 10%.
Subsequently, on May 5, 2026, the company disclosed further setbacks, lowering its full-year sales outlook for Centurion to 2.5 million tons and citing commissioning and operational headwinds. This full year 28% reduction helped send the price of Peabody shares down nearly 6%.
"Our investigation is actively probing the full scope of these pending claims to determine exactly when Peabody's management knew that the production ramp-up at the Centurion mine was falling off track," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation of the alleged claim in the pending suit.
Investor Rights
Investors who purchased or acquired Peabody Energy common stock during the Class Period are encouraged to contact our legal team:
Report your losses to HBSS: Click hereEmail: [email protected]: 844-916-0895If you'd like more information and answers to other frequently asked questions about the Peabody case and the firm's investigation, read more.
Whistleblowers: Persons with non-public information regarding Peabody Energy should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Attorney Advertising. Prior results do not guarantee a similar outcome in any future case.
View original content to download multimedia:https://www.prnewswire.com/news-releases/btu-investor-alert-peabody-energy-corporation-investors-with-substantial-losses-have-opportunity-to-lead-the-peabody-class-action-lawsuit---hbss-302831731.html
Net Income Attributable to Common Stockholders of $1.40 Per Diluted Share for Second Quarter 2026 Compared to $1.20 Per Diluted Share for Second Quarter 2025 (Gains on Sales of Real Estate Investments were $5 Million, or $0.10 Per Diluted Share, in Second Quarter 2026; There Were No Sales in Second Quarter 2025) Funds from Operations ("FFO"), Excluding Gain on Involuntary Conversion and Business Interruption Claims, of $2.36 Per Diluted Share for Second Quarter 2026 Compared to $2.21 Per Diluted Share for Second Quarter 2025, an Increase of 6.8% Same Property Net Operating Income for the Same Property Pool, Excluding Income From Lease Terminations, Increased 6.2% on a Straight-Line Basis and 8.3% on a Cash Basis for Second Quarter 2026 Compared to the Same Period in 2025 Operating Portfolio was 96.8% Leased and 95.6% Occupied as of June 30, 2026; Average Month-End Occupancy of Operating Portfolio was 95.6% for Second Quarter 2026 as Compared to 95.9% for Second Quarter 2025 Rental Rates on New and Renewal Leases Increased an Average of 34.1% on a Straight-Line Basis Raised Approximately $160 Million Pursuant to the Company's Continuous Common Equity Offering Program at a Weighted Average Price of $203.15 Transferred Four Development Projects Containing 669,000 Square Feet which are 100% Leased to the Operating Portfolio Started Construction of Two Development Projects Located in Charlotte and Houston Totaling 347,000 Square Feet with Projected Total Costs of Approximately $39 Million Signed 16 Leases on Active Development and First Generation Development Properties From April 1, 2026 through July 21, 2026, Totaling Approximately 1,101,000 Square Feet Subsequent to Quarter-End, Acquired an Operating Property in Phoenix Containing 143,000 Square Feet for Approximately $28 Million and Under Contract to Acquire an Operating Property in Austin Containing Five Multi-Tenant Buildings Totaling 388,000 Square Feet for Approximately $83 Million , /PRNewswire/ -- EastGroup Properties, Inc. (NYSE: EGP) (the "Company", "we", "us" or "EastGroup") announced today the results of its operations for the three and six months ended June 30, 2026.
Commenting on EastGroup's performance, Marshall Loeb, CEO, stated, "The team and the portfolio have performed ahead of expectations this year. The leasing environment has 'normalized' compared to the protracted decision making we experienced much of last year. Looking beyond the current environment, I remain bullish on the continuing external trends benefitting our shallow bay, last mile, high-growth market portfolio."
Reid Dunbar, President, added, "Record leasing activity this quarter reflects the continued strength of demand across our markets and has enabled us to steadily increase our full-year development guidance, and we are now projecting $325 million of starts for 2026. As we have said before, our developments are pulled by market demand, and the leasing progress we are seeing today supports both near-term execution and long-term value creation."
EARNINGS PER SHARE
Three Months Ended June 30, 2026
On a diluted per share basis, earnings per common share ("EPS") were $1.40 for the three months ended June 30, 2026, compared to $1.20 for the same period of 2025. The increase in EPS was primarily due to the following:
The Company's property net operating income ("PNOI") was $142,916,000 ($2.66 per diluted share) for the three months ended June 30, 2026, as compared to $129,184,000 ($2.46 per diluted share) for the same period of 2025, which was an increase of $0.20 per diluted share. EastGroup recognized gains on sales of real estate investments of $5,189,000 ($0.10 per diluted share) during the three months ended June 30, 2026. There were no sales during the three months ended June 30, 2025. The increase in EPS was partially offset by the following:
Depreciation and amortization expense was $56,406,000 ($1.05 per diluted share) for the three months ended June 30, 2026, as compared to $53,012,000 ($1.01 per diluted share) for the same period of 2025, which was an increase of $0.04 per diluted share. General and administrative expense was $7,207,000 ($0.13 per diluted share) for the three months ended June 30, 2026, as compared to $5,290,000 ($0.10 per diluted share) for the same period of 2025, which was an increase of $0.03 per diluted share. Interest expense was $8,990,000 ($0.17 per diluted share) for the three months ended June 30, 2026, as compared to $7,690,000 ($0.15 per diluted share) for the same period of 2025, which was an increase of $0.02 per diluted share. Weighted average shares outstanding increased by 1,204,000 shares on a diluted basis for the three months ended June 30, 2026, as compared to the same period of 2025. Six Months Ended June 30, 2026
EPS for the six months ended June 30, 2026 were $3.17 per diluted share, as compared to $2.35 per diluted share for the same period of 2025. The increase in EPS was primarily due to the following:
PNOI was $282,936,000 ($5.27 per diluted share) for the six months ended June 30, 2026, as compared to $255,362,000 ($4.88 per diluted share) for the same period of 2025, which was an increase of $0.39 per diluted share. EastGroup recognized gains on sales of real estate investments of $30,074,000 ($0.56 per diluted share) during the six months ended June 30, 2026. There were no sales during the six months ended June 30, 2025. The increase in EPS was partially offset by the following:
Depreciation and amortization expense was $111,903,000 ($2.09 per diluted share) for the six months ended June 30, 2026, as compared to $105,532,000 ($2.02 per diluted share) for the same period of 2025, which was an increase of $0.07 per diluted share. Interest expense was $18,069,000 ($0.34 per diluted share) for the six months ended June 30, 2026, as compared to $15,715,000 ($0.30 per diluted share) for the same period of 2025, which was an increase of $0.04 per diluted share. General and administrative expense was $14,823,000 ($0.28 per diluted share) for the six months ended June 30, 2026, as compared to $13,244,000 ($0.25 per diluted share) for the same period of 2025, which was an increase of $0.03 per diluted share. Weighted average shares outstanding increased by 1,361,000 shares on a diluted basis for the six months ended June 30, 2026, as compared to the same period of 2025. FUNDS FROM OPERATIONS AND PROPERTY NET OPERATING INCOME
Three Months Ended June 30, 2026
For the three months ended June 30, 2026, funds from operations attributable to common stockholders ("FFO") and FFO, Excluding Gain on Involuntary Conversion and Business Interruption Claims, were $2.36 per diluted share compared to $2.21 per diluted share during the same period of 2025, an increase of 6.8%.
PNOI increased by $13,732,000, or 10.6%, during the three months ended June 30, 2026, compared to the same period of 2025. PNOI increased $7,644,000 due to same property operations (based on the same property pool), $3,561,000 due to newly developed and value-add properties, and $2,965,000 due to 2025 and 2026 acquisitions. PNOI decreased $671,000 due to operating properties sold in 2025 and 2026.
Same PNOI, Excluding Income from Lease Terminations, increased 6.2% on a straight-line basis for the three months ended June 30, 2026, compared to the same period of 2025; on a cash basis (excluding straight-line rent adjustments and amortization of above/below market rent intangibles), Same PNOI increased 8.3%.
On a straight-line basis, rental rates on new and renewal leases signed during the three months ended June 30, 2026 (representing 4.5% of the operating portfolio's square footage) increased an average of 34.1%.
Six Months Ended June 30, 2026
FFO for the six months ended June 30, 2026, were $4.70 per diluted share compared to $4.37 per diluted share during the same period of 2025, an increase of 7.6%.
FFO, Excluding Gain on Involuntary Conversion and Business Interruption Claims, were $4.66 per diluted share for the six months ended June 30, 2026, compared to $4.33 per diluted share for the same period of 2025, an increase of 7.6%.
PNOI increased by $27,574,000, or 10.8%, during the six months ended June 30, 2026, compared to the same period of 2025. PNOI increased $16,434,000 due to same property operations (based on the same property pool), $6,264,000 due to newly developed and value-add properties, and $5,623,000 due to 2025 and 2026 acquisitions. PNOI decreased $1,043,000 due to operating properties sold in 2025 and 2026.
Same PNOI, Excluding Income from Lease Terminations, increased 6.8% on a straight-line basis for the six months ended June 30, 2026, compared to the same period of 2025; on a cash basis (excluding straight-line rent adjustments and amortization of above/below market rent intangibles), Same PNOI increased 8.8%.
On a straight-line basis, rental rates on new and renewal leases signed during the six months ended June 30, 2026 (representing 7.8% of the operating portfolio's square footage) increased an average of 35.2%.
The same property pool for the three and six months ended June 30, 2026 includes properties which were included in the operating portfolio for the entire period from January 1, 2025 through June 30, 2026; this pool is comprised of properties containing 58,269,000 square feet.
FFO, FFO Excluding Gain on Involuntary Conversion and Business Interruption Claims, PNOI, and Same PNOI are non-GAAP financial measures, which are defined under Definitions later in this release. Reconciliations of Net Income to PNOI and Same PNOI, and Net Income Attributable to EastGroup Properties, Inc. Common Stockholders to FFO and FFO, Excluding Gain on Involuntary Conversion and Business Interruption Claims, are presented in the attached schedule "Reconciliations of GAAP to Non-GAAP Measures."
ACQUISITIONS AND DISPOSITIONS
Subsequent to June 30, 2026, EastGroup closed on the acquisition of Airgate in Phoenix for approximately $28,000,000. The industrial building contains 143,000 square feet, which is 100% leased to a single tenant. This acquisition expands the Company's portfolio in the Phoenix market to 3,661,000 square feet.
EastGroup is under contract to acquire a property in the Northeast submarket of Austin for approximately $83,000,000. The property includes five buildings containing 388,000 square feet, is currently 92% leased to nine tenants, and increases the Company's ownership in Austin to 2,273,000 square feet. The closing is expected to occur in the third quarter of 2026.
As previously announced, in April 2026, the Company closed on the disposition of Beach Commerce Center, a 46,000 square foot building in Jacksonville. The property was sold for $7,000,000 resulting in a gain of $5,189,000. Gains on sales of real estate investments are excluded from FFO.
Subsequent to quarter-end, the Company sold a 6.9 acre parcel of land in Miami for approximately $14,000,000. A gain of approximately $5,000,000 is expected to be recognized during the three months ended September 30, 2026; this gain will be excluded from FFO.
DEVELOPMENT AND VALUE-ADD PROPERTIES
During the second quarter of 2026, EastGroup began construction of two development projects containing 347,000 square feet located in Charlotte and Houston, with projected total costs of $39,200,000.
The development projects started during the six months ended June 30, 2026 are detailed in the table below:
Development Projects Started During the Six Months Ended
June 30, 2026
Location
Size
Anticipated
Conversion Date
Projected Total
Costs
(Square feet)
(In thousands)
Country Club 5 Expansion (1)
Tucson, AZ
100,000
04/2027
$
10,600
Crossroads 3
Tampa, FL
156,000
10/2027
26,900
Grand West Crossing 3 & 4
Houston, TX
128,000
02/2028
18,900
Skyway 3
Charlotte, NC
156,000
03/2028
20,400
World Houston 48
Houston, TX
191,000
03/2028
18,800
Schertz Summit Park 1 & 2
San Antonio, TX
202,000
07/2028
27,700
Total Development Projects Started
933,000
$
123,300
(1) 100% pre-leased expansion of an existing building that currently contains 305,000 square feet.
At June 30, 2026, EastGroup's development and value-add program consisted of 17 projects (3,175,000 square feet) in 12 markets. The projects, which were collectively 22% leased as of July 21, 2026, have a projected total cost of $486,800,000, of which $175,105,000 remained to be invested as of June 30, 2026.
During the second quarter of 2026, EastGroup transferred four projects to the operating portfolio (at the earlier of 90% occupancy or one year after completion). The projects, which are located in Houston, Austin and Los Angeles, contain 669,000 square feet and were collectively 100% leased as of July 21, 2026.
The development projects transferred to the operating portfolio during the six months ended June 30, 2026 are detailed in the table below:
Development and Value-Add Properties
Transferred to the Operating Portfolio During the
Six Months Ended June 30, 2026
Location
Size
Conversion Date
Cumulative Cost as
of 6/30/26
Percent Leased as
of 7/21/26
(Square feet)
(In thousands)
Denton 35 Exchange 1 & 2
Dallas, TX
244,000
02/20]26
$
33,194
100
%
Skyway 1 & 2
Charlotte, NC
318,000
03/2026
37,783
79
%
Grand West Crossing 2
Houston, TX
97,000
04/2026
11,183
100
%
Texas Avenue 1 & 2
Austin, TX
129,000
04/2026
21,770
100
%
World Houston 46
Houston, TX
181,000
04/2026
17,062
100
%
Dominguez (1)
Los Angeles, CA
262,000
06/2026
7,834
100
%
Total Projects Transferred
1,231,000
$
128,826
95
%
Projected Stabilized Yield (2)
9.4 %
(1) Represents a redevelopment project.
(2) Weighted average yield based on projected stabilized annual property net operating income on a straight-line basis at 100% occupancy divided by projected total costs. The projected stabilized yield excluding the redevelopment project is 7.6%.
DIVIDENDS
EastGroup declared a cash dividend of $1.55 per share of common stock in the second quarter of 2026, which was paid on July 15, 2026. This was the Company's 186th consecutive quarterly cash distribution to shareholders. The Company has increased or maintained its dividend for 33 consecutive years and has increased it 30 years over that period, including increases in each of the last 14 years. The annualized dividend rate of $6.20 per share represents a dividend yield of 2.8% based on the closing stock price of $221.34 on July 21, 2026.
FINANCIAL STRENGTH AND FLEXIBILITY
EastGroup continues to maintain a strong and flexible balance sheet. Debt-to-total market capitalization was 12.9% at June 30, 2026. The Company's interest and fixed charge coverage ratio was 15.1x and 14.9x for the three and six months ended June 30, 2026, respectively. The Company's ratio of debt to earnings before interest, taxes, depreciation and amortization for real estate ("EBITDAre") was 3.0x for both the three and six months ended June 30, 2026. EBITDAre and the Company's interest and fixed charge coverage ratio are non-GAAP financial measures defined under Definitions later in this release. Refer to the schedule "Reconciliations of GAAP to Non-GAAP Measures" attached for the calculation of the Company's interest and fixed charge coverage ratio, the debt to EBITDAre ratio, and the reconciliation of Net Income to EBITDAre.
During the three months ended June 30, 2026, the Company entered into forward equity sale agreements with respect to 788,321 shares of common stock with an initial weighted average forward price of $203.15 per share and approximate gross sales proceeds of $160,144,000 based on the initial forward price. The Company did not receive any proceeds from the sale of common shares by the forward purchasers at the time it entered into forward equity sale agreements. As of July 21, 2026, EastGroup had 1,040,457 shares of common stock available for settlement prior to the expiration of the applicable settlement periods ranging from March to June 2027, for approximate net proceeds of $207,051,000, based on a weighted average forward price of $199.00 per share.
OUTLOOK FOR 2026
We now estimate EPS for 2026 to be in the range of $5.83 to $5.97 and FFO per share attributable to common stockholders for 2026 to be in the range of $9.52 to $9.66. The table below reconciles projected net income attributable to common stockholders to projected FFO. The Company is providing a projection of estimated net income attributable to common stockholders in order to meet the disclosure requirements of the U.S. Securities and Exchange Commission.
EastGroup's projections are based on management's current beliefs and assumptions about our business, the industry and the markets in which we operate; there are known and unknown risks and uncertainties associated with these projections. We assume no obligation to update publicly any forward-looking statements, including our Outlook for 2026, whether as a result of new information, future events or otherwise. Please refer to the "Forward-Looking Statements" disclosures included in this earnings release and "Risk Factors" disclosed in our annual and quarterly reports filed with the Securities and Exchange Commission for more information.
The following table presents the guidance range for 2026:
Low Range
High Range
Q3 2026
Y/E 2026
Q3 2026
Y/E 2026
(In thousands, except per share data)
Net income attributable to common stockholders
$
70,130
313,100
74,432
320,622
Depreciation and amortization
57,586
228,280
57,586
228,280
Gain on sales of real estate investments and non-operating
real estate
—
(30,074)
—
(30,074)
Funds from operations attributable to common stockholders*
$
127,716
511,306
132,018
518,828
Weighted average shares outstanding — Diluted
53,786
53,726
53,786
53,726
Per share data (diluted):
Net income attributable to common stockholders
$
1.30
5.83
1.38
5.97
Funds from operations attributable to common stockholders
2.37
9.52
2.45
9.66
*This is a non-GAAP financial measure. Please refer to Definitions.
The following assumptions were used for the mid-point:
Metrics
Revised Guidance for
Year 2026
April Earnings Release
Guidance for Year
2026
Actual for Year 2025
FFO per share
$9.52 - $9.66
$9.46 - $9.66
$8.98
FFO per share increase over prior year
6.8 %
6.5 %
7.5 %
FFO per share, excluding gain on involuntary conversion and business
interruption claims
$9.48 - $9.62
$9.42 - $9.62
$8.95
FFO per share increase over prior year, excluding gain on involuntary
conversion and business interruption claims
6.7 %
6.4 %
7.7 %
Same PNOI growth: cash basis (1)
6.3% - 7.3% (2)
5.7% - 6.7% (2)
6.7 %
Average month-end occupancy — Operating portfolio
95.3% - 96.1%(3)
95.0% - 96.0%
95.9 %
Average month-end occupancy — Same property pool
96.3% - 97.1% (2)
95.9% - 96.9% (2)
96.5 %
Development starts:
Square feet
2.2 million
1.8 million
1.4 million
Projected total investment
$325 million
$265 million
$179 million
Operating property acquisitions
$215 million
$160 million
$143 million
Operating property dispositions
(Potential gains on dispositions are not included in the projections)
$75 million
$75 million
$4 million
Gross capital proceeds (4)
$300 million
$300 million
$517 million
General and administrative expense
$26.7 million
$26.3 million
$24.0 million
(1) Excludes straight-line rent adjustments, amortization of market rent intangibles for acquired leases, and income from lease terminations.
(2) Includes properties which have been in the operating portfolio since 1/1/25 and are projected to be in the operating portfolio through 12/31/26; includes 58,047,000 square feet.
(3) Represents estimated average month-end occupancy from January-December 2026. Average month-end occupancy for July-September 2026 is estimated to be between 95.2%-96.0%.
(4) Gross capital proceeds includes proceeds raised from external sources, such as new long-term debt or equity issuances; excludes borrowings on unsecured bank credit facilities.
DEFINITIONS
Net income is used by the Company's management as the primary measure of operating results in making decisions. Investor and industry analysts primarily utilize two supplemental operating performance measures in analyzing operating results, which include: (1) funds from operations attributable to common stockholders ("FFO"), including FFO as adjusted as described below, and (2) property net operating income ("PNOI"), as defined below.
FFO is computed in accordance with standards established by the National Association of Real Estate Investment Trusts, Inc. ("Nareit"). Nareit's guidance allows preparers an option as it pertains to whether gains or losses on sale, or impairment charges, on real estate assets incidental to a real estate investment trust's ("REIT's") business are excluded from the calculation of FFO. EastGroup has made the election to exclude activity related to such assets that are incidental to our business. FFO is calculated as net income (loss) attributable to common stockholders computed in accordance with U.S. generally accepted accounting principles ("GAAP"), excluding gains and losses from sales of real estate property (including other assets incidental to the Company's business) and impairment losses, adjusted for real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.
FFO, Excluding Gain on Involuntary Conversion and Business Interruption Claims, is calculated as FFO (as defined above), adjusted to exclude gains on involuntary conversion and business interruption claims. The Company believes that this exclusion presents a more meaningful comparison of operating performance across periods.
PNOI is defined as Income from real estate operations less Expenses from real estate operations (including market-based internal management fee expense) plus the Company's share of income and property operating expenses from its less-than-wholly-owned real estate investments. EastGroup sometimes refers to PNOI from Same Properties as "Same PNOI" in this press release and the accompanying reconciliation; the Company also presents Same PNOI Excluding Income from Lease Terminations. The Company presents Same PNOI and Same PNOI, Excluding Income from Lease Terminations, as a property-level supplemental measure of performance used to evaluate the performance of the Company's investments in real estate assets and its operating results on a same property basis. The Company believes it is useful to evaluate Same PNOI, Excluding Income from Lease Terminations, on both a straight-line and cash basis. The straight-line basis is calculated by averaging the customers' rent payments over the lives of the leases; GAAP requires the recognition of rental income on a straight-line basis. The cash basis excludes adjustments for straight-line rent and amortization of market rent intangibles for acquired leases; cash basis is an indicator of the rents charged to customers by the Company during the periods presented and is useful in analyzing the embedded rent growth in the Company's portfolio. "Same Properties" is defined as operating properties owned during the entire current period and prior year reporting period. Operating properties are stabilized real estate properties (land including building and improvements) that make up the Company's operating portfolio. Properties developed or acquired are excluded from the same property pool until held in the operating portfolio for both the current and prior year reporting periods. Properties sold during the current or prior year reporting periods are also excluded. A key component of the change in PNOI is the rental rate change on new and renewal leases. The Company calculates rental rate changes on new and renewal leases on a cash basis and straight-line basis. The cash basis rental changes are calculated as the difference, weighted by square feet, of the annualized base rent due the first month of the new lease's term and the annualized base rent of the rent due the last month of the former lease's term, for leases signed during the reporting period. If free rent, discounts, or premiums are in the lease terms, then the first full rent value is used. The straight-line basis rental changes are calculated as the difference, weighted by square feet, of the average rent over the life of the new lease and the average rent over the life of the former lease, for leases signed during the reporting period. Rent amounts exclude amortization of market rent intangibles for acquired leases, hold over rent, and base stop amounts. These calculations exclude leases with terms of less than 12 months and leases for first generation space on properties acquired or developed by EastGroup.
FFO and PNOI are supplemental industry reporting measurements used to evaluate the performance of the Company's investments in real estate assets and its operating results. The Company believes that the exclusion of depreciation and amortization in the industry's calculations of PNOI and FFO provides supplemental indicators of the properties' performance since real estate values have historically risen or fallen with market conditions. PNOI and FFO as calculated by the Company may not be comparable to similarly titled but differently calculated measures for other REITs. Investors should be aware that items excluded from or added back to FFO are significant components in understanding and assessing the Company's financial performance.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") is also used by the Company's management as a key performance measure. EBITDAre is computed in accordance with standards established by Nareit and defined as Net Income, adjusted for gains and losses from sales of real estate investments, non-operating real estate and other assets incidental to the Company's business, interest expense, income tax expense, depreciation and amortization. EBITDAre is a non-GAAP financial measure used by the Company's management to measure the Company's operating performance and its ability to meet interest payment obligations and pay quarterly stock dividends on an unleveraged basis.
Debt-to-EBITDAre ratio is a non-GAAP financial measure calculated by dividing the Company's debt by its EBITDAre, and is used by the Company's management in analyzing the financial condition and operating performance of the Company relative to its leverage.
The Company's interest and fixed charge coverage ratio is a non-GAAP financial measure calculated by dividing the Company's EBITDAre by its interest expense. The Company believes this ratio is useful to investors because it provides a basis for analysis of the Company's leverage, operating performance and its ability to service the interest payments due on its debt.
CONFERENCE CALL
EastGroup will host a conference call and webcast to discuss the results of its second quarter, review the Company's current operations, and present its earnings outlook for 2026 on Thursday, July 23, 2026, at 10:00 a.m. Eastern Time. A live broadcast of the conference call is available by dialing 1-800-836-8184 (conference ID EastGroup) or by webcast through a link on the Company's website at www.eastgroup.net. If you are unable to listen to the live conference call, a telephone and webcast replay will be available on Thursday, July 23, 2026. The telephone replay will be available through Thursday, July 30, 2026, and can be accessed by dialing 1-888-660-6345 (access code 27874#). The webcast replay can be accessed through a link on the Company's website at www.eastgroup.net.
SUPPLEMENTAL INFORMATION
Supplemental financial information is available under Quarterly Results in the Investor Relations section of the Company's website at www.eastgroup.net.
COMPANY INFORMATION
EastGroup Properties, Inc. (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 2000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in high-growth markets throughout the United States with an emphasis in the states of Texas, Florida, California, Arizona and North Carolina. The Company's goal is to maximize shareholder value by being a leading provider in its markets of functional, flexible and quality business distribution space for location sensitive customers (primarily in the 20,000 to 100,000 square foot range). The Company's strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. The Company's portfolio, including development projects and value-add acquisitions in lease-up and under construction, currently includes approximately 65.8 million square feet. EastGroup Properties, Inc. press releases are available at www.eastgroup.net.
The Company announces information about the Company and its business to investors and the public using the Company's website (eastgroup.net), including the investor relations website (investor.eastgroup.net), filings with the Securities and Exchange Commission, press releases, public conference calls, and webcasts. The Company also uses social media to communicate with its investors and the public. While not all the information that the Company posts to the Company's website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Therefore, the Company encourages investors, the media, and others interested in the Company to review the information that it posts on the social media channels, including Facebook (facebook.com/eastgroupproperties), LinkedIn (linkedin.com/company/eastgroup-properties-inc), and X (X.com/eastgroupprop). The list of social media channels that the Company uses may be updated on its investor relations website from time to time. The information contained on, or that may be accessed through, our website or any of our social media channels is not incorporated by reference into, and is not a part of, this document.
FORWARD-LOOKING STATEMENTS
The statements and certain other information contained in this press release, which can be identified by the use of forward-looking terminology such as "may," "will," "seek," "expects," "anticipates," "believes," "targets," "intends," "should," "estimates," "could," "continue," "assume," "projects," "goals," "plans" or variations of such words and similar expressions or the negative of such words, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These forward-looking statements reflect the Company's current views about its plans, intentions, expectations, strategies and prospects, which are based on the information currently available to the Company and on assumptions it has made. For instance, the amount, timing and frequency of future dividends is subject to authorization by the Company's Board of Directors and will be based upon a variety of factors. Although the Company believes that its plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, the Company can give no assurance that such plans, intentions, expectations or strategies will be attained or achieved. Furthermore, these forward-looking statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties could cause actual results to differ materially from those projected. These uncertainties include, but are not limited to:
international, national, regional and local economic conditions and conflicts; the competitive environment in which the Company operates; fluctuations of occupancy or rental rates; potential defaults (including bankruptcies or insolvency) on or non-renewal of leases by tenants, or our ability to lease space at current or anticipated rents, particularly in light of the ongoing uncertainty around interest rates, tariffs and general economic conditions; disruption in supply and delivery chains; increased construction and development costs, including as a result of tariffs or the recent inflationary environment; acquisition and development risks, including failure of such acquisitions and development projects to perform in accordance with our projections or to materialize at all; potential changes in the law or governmental regulations and interpretations of those laws and regulations, including changes in real estate laws, real estate investment trust ("REIT") or corporate income tax laws, potential changes in zoning laws, or increases in real property tax rates, and any related increased cost of compliance; our ability to maintain our qualification as a REIT; natural disasters such as fires, floods, tornadoes, hurricanes, earthquakes or other extreme weather events, which may or may not be directly caused by longer-term shifts in climate patterns, could destroy buildings and damage regional economies; the availability of financing and capital, increases in or long-term elevated interest rates, and our ability to raise equity capital on attractive terms; financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest, and we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms or at all; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; credit risk in the event of non-performance by the counterparties to our interest rate swaps; how and when pending forward equity sales may settle; lack of or insufficient amounts of insurance; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; our ability to attract and retain key personnel or lack of adequate succession planning; risks related to the failure, inadequacy or interruption of our data security systems and processes, including security breaches through cyber attacks; pandemics, epidemics or other public health emergencies, such as the coronavirus pandemic; potentially catastrophic events, such as acts of war, civil unrest and terrorism, including escalation or expansion of the war in the Middle East; and environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us. All forward-looking statements should be read in light of the risks identified in Part I, Item 1A. Risk Factors within the Company's most recent Annual Report on Form 10-K, as such factors may be updated from time to time in the Company's periodic filings and current reports filed with the SEC.
The Company assumes no obligation to update publicly any forward-looking statements, including its Outlook for 2026, whether as a result of new information, future events or otherwise.
CONTACT
[email protected]
EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
REVENUES
Income from real estate operations
$
193,292
177,256
383,526
349,900
Other revenue
39
30
61
1,835
193,331
177,286
383,587
351,735
EXPENSES
Expenses from real estate operations
50,684
48,363
101,207
95,123
Depreciation and amortization
56,406
53,012
111,903
105,532
General and administrative
7,207
5,290
14,823
13,244
Indirect leasing costs
231
171
456
434
114,528
106,836
228,389
214,333
OTHER INCOME (EXPENSE)
Interest expense
(8,990)
(7,690)
(18,069)
(15,715)
Gain on sales of real estate investments
5,189
—
30,074
—
Other income
521
553
2,944
1,063
NET INCOME
75,523
63,313
170,147
122,750
Net income attributable to noncontrolling interest in joint ventures
—
(14)
—
(28)
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
75,523
63,299
170,147
122,722
Other comprehensive income (loss) — Interest rate swaps
3,426
(4,136)
5,405
(11,063)
TOTAL COMPREHENSIVE INCOME
$
78,949
59,163
175,552
111,659
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP
PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders
$
1.41
1.21
3.18
2.35
Weighted average shares outstanding — Basic
53,672
52,508
53,562
52,237
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP
PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders
$
1.40
1.20
3.17
2.35
Weighted average shares outstanding — Diluted
53,783
52,579
53,665
52,304
EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON
STOCKHOLDERS
$
75,523
63,299
170,147
122,722
Depreciation and amortization
56,406
53,012
111,903
105,532
Company's share of depreciation from unconsolidated investment
31
31
62
62
Depreciation and amortization attributable to noncontrolling interest
—
(1)
(1)
(2)
Gain on sales of real estate investments
(5,189)
—
(30,074)
—
FUNDS FROM OPERATIONS ("FFO") ATTRIBUTABLE TO COMMON STOCKHOLDERS*
126,771
116,341
252,037
228,314
Gain on involuntary conversion and business interruption claims
—
—
(1,950)
(1,763)
FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS, EXCLUDING GAIN ON
INVOLUNTARY CONVERSION AND BUSINESS INTERRUPTION CLAIMS*
$
126,771
116,341
250,087
226,551
NET INCOME
$
75,523
63,313
170,147
122,750
Interest expense (1)
8,990
7,690
18,069
15,715
Depreciation and amortization
56,406
53,012
111,903
105,532
Company's share of depreciation from unconsolidated investment
31
31
62
62
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ("EBITDA")
140,950
124,046
300,181
244,059
Gain on sales of real estate investments
(5,189)
—
(30,074)
—
EBITDA FOR REAL ESTATE ("EBITDAre")*
$
135,761
124,046
270,107
244,059
Debt
$
1,609,488
1,454,379
1,609,488
1,454,379
Debt-to-EBITDAre ratio*
3.0
2.9
3.0
3.0
EBITDAre*
$
135,761
124,046
270,107
244,059
Interest expense (1)
8,990
7,690
18,069
15,715
Interest and fixed charge coverage ratio*
15.1
16.1
14.9
15.5
DILUTED PER COMMON SHARE DATA FOR EASTGROUP PROPERTIES, INC. COMMON
STOCKHOLDERS
Net income attributable to common stockholders
$
1.40
1.20
3.17
2.35
FFO attributable to common stockholders*
$
2.36
2.21
4.70
4.37
FFO attributable to common stockholders, excluding gain on involuntary conversion and business
interruption claims*
$
2.36
2.21
4.66
4.33
Weighted average shares outstanding for EPS and FFO purposes — Diluted
53,783
52,579
53,665
52,304
(1) Net of capitalized interest of $5,649 and $5,340 for the three months ended June 30, 2026 and 2025, respectively; and $11,572 and $10,500 for the six months ended June 30, 2026 and 2025, respectively.
*This is a non-GAAP financial measure. Please refer to Definitions.
EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES (Continued)
(IN THOUSANDS)
(UNAUDITED)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
NET INCOME
$
75,523
63,313
170,147
122,750
Gain on sales of real estate investments
(5,189)
—
(30,074)
—
Gain on involuntary conversion and business interruption claims
—
—
(1,950)
(1,763)
Interest income
(244)
(277)
(439)
(509)
Other
(39)
(30)
(61)
(72)
Indirect leasing costs
231
171
456
434
Depreciation and amortization
56,406
53,012
111,903
105,532
Company's share of depreciation from unconsolidated investment
31
31
62
62
Interest expense (1)
8,990
7,690
18,069
15,715
General and administrative expense (2)
7,207
5,290
14,823
13,244
Noncontrolling interest in PNOI of consolidated joint ventures
—
(16)
—
(31)
PROPERTY NET OPERATING INCOME ("PNOI")*
142,916
129,184
282,936
255,362
PNOI from 2025 and 2026 acquisitions
(2,965)
—
(5,623)
—
PNOI from 2025 and 2026 development and value-add properties
(6,138)
(2,577)
(10,625)
(4,361)
PNOI from 2025 and 2026 operating property dispositions
(5)
(676)
(363)
(1,406)
Other PNOI
222
455
417
713
SAME PNOI (Straight-Line Basis)*
134,030
126,386
266,742
250,308
Lease termination fee income from same properties
(52)
(193)
(95)
(732)
SAME PNOI, EXCLUDING INCOME FROM LEASE TERMINATIONS (Straight-Line Basis)*
133,978
126,193
266,647
249,576
Straight-line rent adjustments for same properties
(1,274)
(3,391)
(2,813)
(6,386)
Acquired leases — Market rent adjustment amortization for same properties
(1,323)
(1,520)
(2,692)
(3,087)
SAME PNOI, EXCLUDING INCOME FROM LEASE TERMINATIONS (Cash Basis)*
$
131,381
121,282
261,142
240,103
(1) Net of capitalized interest of $5,649 and $5,340 for the three months ended June 30, 2026 and 2025, respectively; and $11,572 and $10,500 for the six months ended June 30, 2026 and 2025, respectively.
(2) Net of capitalized development costs of $1,785 and $1,717 for the three months ended June 30, 2026 and 2025, respectively; and $4,124 and $3,671 for the six months ended June 30, 2026 and 2025, respectively.
*This is a non-GAAP financial measure. Please refer to Definitions.
NOVI, Mich., July 22, 2026 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ: THRM), a global market leader of innovative thermal management and pneumatic comfort technologies, today announced it has acquired Innovative Medical Equipment, LLC (IME), a Cleveland-area provider of the ThermaZone® thermal therapy device. The acquisition supports Gentherm's strategy to strengthen its Medical business through a strategic investment that expands its product portfolio.
IME adds an established technology platform and customer base that expands Gentherm’s addressable opportunities in healthcare while remaining aligned with the Company’s broader expertise. ThermaZone is a non-opioid thermal therapy solution designed to support pain management and recovery through controlled hot-and-cold therapy.
“We are intent on transforming Gentherm by building on our leadership in thermal management and expanding into markets where our capabilities and customer relationships can create long-term value,” said Bill Presley, President and CEO of Gentherm. “This transaction reflects Gentherm’s disciplined approach to capital deployment, prioritizing investments that align with its thermal and precision flow management capabilities and scalable global operating model.”
“Joining Gentherm creates an opportunity to build on the foundation we have established with ThermaZone and support the next stage of growth for the business,” said Brad Pulver, Founder and President of Innovative Medical Equipment. “Gentherm’s scale, technical capabilities and global operating experience make it a strong fit for IME as we look to broaden access to our technology.”
Gentherm expects the acquisition to support its long-term strategic initiatives by adding a new platform that advances the Company’s broader growth strategy and will deliver revenue synergies by leveraging its expanded customer relationships across additional channels.
About Gentherm
Gentherm (NASDAQ: THRM) is a global market leader of innovative thermal management and pneumatic comfort technologies. Automotive products include Climate Control Seats (CCS®), Climate Control Interiors (CCI™), Lumbar and Massage Comfort Solutions, and Valve Systems. Medical products include patient temperature management systems. The Company is also developing new technologies and products for existing and adjacent markets. Gentherm has more than 14,000 employees in facilities across 13 countries. In 2025, the Company recorded annual sales of approximately $1.5 billion and secured $2.2 billion in automotive new business awards. For more information, go to www.gentherm.com.
Logitech International SA (USA) (NASDAQ:LOGI) is expected to deliver fiscal first-quarter results near the upper end of its guidance range when it reports on July 28, according to Wedbush analysts.
The analysts maintained their ‘Outperform’ rating and $135 price target ahead of the release, implying upside from current levels of about $104.
They expect Logitech to post revenue of $1.21 billion for the quarter, up 5% from a year earlier and slightly above the consensus estimate of $1.20 billion.
They also expect non-GAAP operating income of $215 million, at the top end of the company's guidance range of $195 million to $215 million and above the consensus estimate of $209 million.
Wedbush projects earnings per share of $1.39, compared with the consensus forecast of $1.32. The firm expects gross margin to improve by about 160 basis points year over year to 43.7%, driven by pricing improvements, although partially offset by promotional activity.
The analysts expect Logitech to report growth despite ongoing pressure on the broader PC market, supported by strength across multiple product categories and geographic markets.
"We expect Logitech to report in line growth despite category headwinds as it diversifies its strengths across categories and geographies," Wedbush wrote.
By segment, the firm forecasts 3% year-over-year growth in Personal Workspace Solutions, including 5% growth in Keyboards & Combos and 4% growth in Pointing Devices, while Webcams and Tablets & Other Accessories are expected to remain broadly flat. Video Collaboration revenue is projected to rise 5% despite a difficult comparison from the prior year, while Gaming revenue is expected to increase 10%, supported by the launch of Logitech's G Pro X2 Superstrike gaming mouse and continued momentum from its China-focused strategy.
Wedbush also highlighted Logitech's ability to expand margins despite higher component and shipping costs, citing product innovation, cost reductions, targeted promotions, and supply chain improvements. The firm noted that the company's focus on expanding its business-to-business operations, gaining market share in China, reaccelerating its video conferencing business, and strengthening its position in personal workspace solutions has helped offset broader industry challenges.
The analysts also pointed to Logitech's balance sheet as a source of flexibility, noting the company holds approximately $12 per share in cash and carries no debt, providing capacity for acquisitions, share repurchases, and dividend growth.
Logitech will report its fiscal Q1 results after the market closes on July 28.
, /PRNewswire/ -- Rollins, Inc. (NYSE:ROL) ("Rollins" or the "Company"), a premier global consumer and commercial services company, reported unaudited financial results for the second quarter of 2026.
Key Highlights
Second quarter revenues were $1.1 billion, an increase of 7.9% over the second quarter of 2025 with organic revenues* increasing 5.7%. Quarterly operating income was $201 million, an increase of 1.5% over the second quarter of 2025. Quarterly operating margin was 18.7%, a decrease of 110 basis points compared to the second quarter of 2025. Adjusted operating income* was $210 million, an increase of 2.0% over the prior year. Adjusted operating margin* was 19.5%, a decrease of 110 basis points compared to the prior year. Quarterly net income was $144 million, an increase of 1.7% over the prior year. Adjusted net income* was $152 million, an increase of 3.4% over the prior year. Adjusted EBITDA* was $236 million, an increase of 2.2% over the prior year. Adjusted EBITDA margin* was 21.9%, a decrease of 120 basis points versus the second quarter of 2025. Quarterly EPS was $0.30 per diluted share, a 3.4% increase over the prior year EPS of $0.29. Adjusted EPS* was $0.32 per diluted share, an increase of 6.7% over the prior year. Operating cash flow was $173 million for the quarter, a decrease of 1.5% compared to the prior year. Free cash flow* was $166 million for the quarter, a decrease of 1.2% compared to the prior year. The Company invested $117 million in acquisitions, $6 million in capital expenditures, and paid dividends totaling $88 million. *Amounts are non-GAAP financial measures. See the schedules below for a discussion of non-GAAP financial metrics including a reconciliation to the most directly comparable GAAP measure.
Management Commentary
"Our second quarter results fell short of our expectations due to slower growth in parts of our residential pest control business, specifically brands more reliant on consumer-initiated demand through search, digital media and inbound calls, as lead volume declined in the quarter. Meanwhile, areas of the business that leverage relationship-based channels, such as home builders and door-to-door sales, delivered solid organic growth in the quarter, reinforcing the importance of our diversified, multi-brand approach. Although we remain cautious regarding near-term demand trends, lead volume improved toward the end of June and has maintained this momentum through the first few weeks of July," said Jerry Gahlhoff, Jr., President and Chief Executive Officer.
"Demand trends softened during the quarter, while our cost structure remained positioned for a stronger growth environment entering peak season. As a result, our margin performance was below our expectations. We have implemented organizational and operational changes to improve local execution, strengthen accountability, and better align resources with current demand conditions, while continuing to invest in areas that will drive long-term growth. Despite near-term challenges, our balance sheet remains strong, cash flow generation is healthy, and we have significant flexibility to reinvest in our business through our disciplined and balanced approach to capital allocation," said Will Harkins, Executive Vice President and Chief Financial Officer.
Three and Six Months Ended Financial Highlights
Three Months Ended June 30,
Six Months Ended June 30,
Variance
Variance
(unaudited, in thousands, except per
share data and margins)
2026
2025
$
%
2026
2025
$
%
GAAP Metrics
Revenues
$ 1,078,576
$ 999,527
$ 79,049
7.9 %
$ 1,985,000
$ 1,822,031
$ 162,969
8.9 %
Gross profit (1)
$ 569,946
$ 537,666
$ 32,280
6.0 %
$ 1,030,848
$ 960,036
$ 70,812
7.4 %
Gross profit margin (1)
52.8 %
53.8 %
(100) bps
51.9 %
52.7 %
(80) bps
Operating income
$ 201,359
$ 198,333
$ 3,026
1.5 %
$ 346,845
$ 340,981
$ 5,864
1.7 %
Operating margin
18.7 %
19.8 %
(110) bps
17.5 %
18.7 %
(120) bps
Net income
$ 143,910
$ 141,489
$ 2,421
1.7 %
$ 251,748
$ 246,737
$ 5,011
2.0 %
EPS
$ 0.30
$ 0.29
$ 0.01
3.4 %
$ 0.52
$ 0.51
$ 0.01
2.0 %
Net cash provided by operating
activities
$ 172,506
$ 175,122
$ (2,616)
(1.5) %
$ 290,873
$ 322,014
$ (31,141)
(9.7) %
Non-GAAP Metrics
Adjusted operating income (2)
$ 209,939
$ 205,900
$ 4,039
2.0 %
$ 362,732
$ 352,769
$ 9,963
2.8 %
Adjusted operating margin (2)
19.5 %
20.6 %
(110) bps
18.3 %
19.4 %
(110) bps
Adjusted net income (2)
$ 151,927
$ 146,902
$ 5,025
3.4 %
$ 265,156
$ 254,775
$ 10,381
4.1 %
Adjusted EPS (2)
$ 0.32
$ 0.30
$ 0.02
6.7 %
$ 0.55
$ 0.53
$ 0.02
3.8 %
Adjusted EBITDA (2)
$ 236,292
$ 231,152
$ 5,140
2.2 %
$ 415,761
$ 403,009
$ 12,752
3.2 %
Adjusted EBITDA margin (2)
21.9 %
23.1 %
(120) bps
20.9 %
22.1 %
(120) bps
Free cash flow (2)
$ 166,077
$ 168,046
$ (1,969)
(1.2) %
$ 277,305
$ 308,157
$ (30,852)
(10.0) %
(1) Exclusive of depreciation and amortization
(2) Amounts are non-GAAP financial measures. See the appendix to this release for a discussion of non-GAAP financial metrics including a reconciliation to the most directly comparable GAAP measure.
The following table presents financial information, including our significant expense categories, for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,
Six Months Ended June 30,
(unaudited, in thousands)
2026
2025
2026
2025
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Revenue
$ 1,078,576
100.0 %
$ 999,527
100.0 %
$ 1,985,000
100.0 %
$ 1,822,031
100.0 %
Less:
Cost of services provided (exclusive of
Employee expenses
328,787
30.5 %
298,354
29.8 %
618,509
31.2 %
560,077
30.7 %
Materials and supplies
66,339
6.2 %
59,500
6.0 %
119,556
6.0 %
107,991
5.9 %
Insurance and claims
21,932
2.0 %
20,734
2.1 %
43,079
2.2 %
37,258
2.0 %
Fleet expenses
46,959
4.4 %
41,834
4.2 %
89,131
4.5 %
78,691
4.3 %
Other cost of services provided (1)
44,613
4.1 %
41,439
4.1 %
83,877
4.2 %
77,978
4.3 %
Total cost of services provided (exclusive of
depreciation and amortization below)
508,630
47.2 %
461,861
46.2 %
954,152
48.1 %
861,995
47.3 %
Sales, general and administrative:
Selling and marketing expenses
151,967
14.1 %
140,177
14.0 %
263,966
13.3 %
238,428
13.1 %
Administrative employee expenses
95,733
8.9 %
89,303
8.9 %
185,482
9.3 %
170,783
9.4 %
Insurance and claims
13,239
1.2 %
12,939
1.3 %
25,822
1.3 %
22,943
1.3 %
Fleet expenses
11,775
1.1 %
10,443
1.0 %
22,037
1.1 %
19,846
1.1 %
Other sales, general and administrative (2)
62,263
5.8 %
54,734
5.5 %
120,588
6.1 %
106,109
5.8 %
Total sales, general and administrative
334,977
31.1 %
307,596
30.8 %
617,895
31.1 %
558,109
30.6 %
Depreciation and amortization
33,610
3.1 %
31,737
3.2 %
66,108
3.3 %
60,946
3.3 %
Interest expense, net
9,391
0.9 %
7,380
0.7 %
18,242
0.9 %
13,176
0.7 %
Other (income) expense, net
2,214
0.2 %
(292)
— %
1,751
0.1 %
(984)
(0.1) %
Income tax expense
45,844
4.3 %
49,756
5.0 %
75,104
3.8 %
82,052
4.5 %
Net income
$ 143,910
13.3 %
$ 141,489
14.2 %
$ 251,748
12.7 %
$ 246,737
13.5 %
1) Other cost of services provided includes facilities costs, professional services, maintenance & repairs, software license costs, and other expenses directly related to providing services.
2) Other sales, general and administrative includes facilities costs, professional services, maintenance & repairs, software license costs, bad debt expense, and other administrative expenses.
About Rollins, Inc.:
Rollins, Inc. (ROL) is a premier global consumer and commercial services company. Through its family of leading brands, the Company and its franchises provide essential pest control services and protection against termite damage, rodents, and insects to more than 2.8 million customers in North America, South America, Europe, Asia, Africa, and Australia, with approximately 22,000 employees from more than 850 locations. Rollins is parent to numerous brands, including Aardwolf Pestkare, Clark Pest Control, Crane Pest Control, Critter Control, Fox Pest Control, HomeTeam Pest Defense, Industrial Fumigant Company, MissQuito, Northwest Exterminating, OPC Pest Services, Orkin, Orkin Australia, Orkin Canada, Orkin UK, Safeguard, Romex Pest Control, Saela Pest Control, Trutech, Waltham Services, and Western Pest Services. You can learn more about Rollins and its subsidiaries by visiting www.rollins.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release as well as other written or oral statements by the Company may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current opinions, expectations, intentions, beliefs, plans, objectives, assumptions and projections about future events and financial trends affecting the operating results and financial condition of our business. Although we believe that these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions, or expectations. Generally, statements that do not relate to historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. The words "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "should," "will," "would," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements regarding: the Company's expectations with respect to financial and business performance; near-term demand trends; lead volumes and consumer-initiated demand through search, digital media, inbound calls, and other channels; the sustainability of any improvement in lead volumes or demand trends experienced toward the end of the second quarter of 2026 or during the first weeks of July 2026; the performance and growth of relationship-based channels, including home builder and door-to-door sales channels; the benefits of the Company's diversified, multi-brand approach; seasonal profitability, margin performance, margin trends, and the alignment of the Company's cost structure with demand conditions; the expected effects of organizational and operational changes, including efforts to improve local execution, strengthen accountability, and align resources with demand conditions; investments intended to support long-term growth; the strength of the Company's balance sheet; cash flow generation; financial flexibility; capital allocation, including reinvestment in the business, acquisitions, capital expenditures, dividends, and share repurchases; and the Company's ability to execute its strategy and continue to grow.
These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts, and assumptions, and involve a number of judgments, risks and uncertainties. Important factors could cause actual results to differ materially from those indicated or implied by forward-looking statements including, but not limited to, those set forth in the sections entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and may also be described from time to time in our future reports filed with the SEC.
Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required by law.
Conference Call
Rollins will host a conference call on Thursday, July 23, 2026 at 8:30 a.m. Eastern Time to discuss the second quarter 2026 results. The conference call will also broadcast live over the internet via a link provided on the Rollins, Inc. website at www.rollins.com. Interested parties can also dial into the call at 1-877-869-3839 (domestic) or +1-201-689-8265 (internationally) with conference ID of 13761216. For interested individuals unable to join the call, a replay will be available on the website for 180 days.
ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands)
(unaudited)
June 30,
2026
December 31,
2025
ASSETS
Cash and cash equivalents
$ 109,085
$ 100,004
Trade receivables, net
238,989
202,518
Financed receivables, short-term, net
49,261
44,723
Materials and supplies
42,807
42,982
Other current assets
150,259
82,455
Total current assets
590,401
472,682
Equipment and property, net
126,689
126,187
Goodwill
1,449,382
1,374,664
Intangibles, net
601,532
582,384
Operating lease right-of-use assets
408,136
424,528
Financed receivables, long-term, net
118,181
110,057
Other assets
60,611
50,021
Total assets
$ 3,354,932
$ 3,140,523
LIABILITIES
Short-term debt
$ 215,918
$ 123,683
Accounts payable
79,759
44,361
Accrued insurance – current
48,706
44,123
Accrued compensation and related liabilities
132,197
128,259
Unearned revenues
196,468
187,670
Operating lease liabilities – current
138,677
137,410
Other current liabilities
126,376
120,019
Total current liabilities
938,101
785,525
Accrued insurance, less current portion
92,394
79,157
Operating lease liabilities, less current portion
273,601
290,765
Long-term debt
487,107
486,147
Other long-term accrued liabilities
134,132
124,608
Total liabilities
1,925,335
1,766,202
STOCKHOLDERS' EQUITY
Common stock
481,124
481,194
Retained earnings and other equity
948,473
893,127
Total stockholders' equity
1,429,597
1,374,321
Total liabilities and stockholders' equity
$ 3,354,932
$ 3,140,523
ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
REVENUES
Customer services
$ 1,078,576
$ 999,527
$ 1,985,000
$ 1,822,031
COSTS AND EXPENSES
Cost of services provided (exclusive of
depreciation and amortization below)
508,630
461,861
954,152
861,995
Sales, general and administrative
334,977
307,596
617,895
558,109
Depreciation and amortization
33,610
31,737
66,108
60,946
Total operating expenses
877,217
801,194
1,638,155
1,481,050
OPERATING INCOME
201,359
198,333
346,845
340,981
Interest expense, net
9,391
7,380
18,242
13,176
Other (income) expense, net
2,214
(292)
1,751
(984)
CONSOLIDATED INCOME BEFORE INCOME
TAXES
189,754
191,245
326,852
328,789
PROVISION FOR INCOME TAXES
45,844
49,756
75,104
82,052
NET INCOME
$ 143,910
$ 141,489
$ 251,748
$ 246,737
NET INCOME PER SHARE - BASIC AND
DILUTED
$ 0.30
$ 0.29
$ 0.52
$ 0.51
Weighted average shares outstanding - basic
481,375
484,643
481,380
484,530
Weighted average shares outstanding - diluted
481,389
484,674
481,397
484,559
DIVIDENDS PAID PER SHARE
$ 0.1825
$ 0.1650
$ 0.3650
$ 0.3300
ROLLINS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED CASH FLOW INFORMATION
(in thousands)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
OPERATING ACTIVITIES
Net income
$ 143,910
$ 141,489
$ 251,748
$ 246,737
Depreciation and amortization
33,610
31,737
66,108
60,946
Change in working capital and other operating
activities
(5,014)
1,896
(26,983)
14,331
Net cash provided by operating activities
172,506
175,122
290,873
322,014
INVESTING ACTIVITIES
Acquisitions, net of cash acquired
(116,767)
(226,387)
(135,255)
(253,578)
Capital expenditures
(6,429)
(7,076)
(13,568)
(13,857)
Other investing activities, net
1,554
2,939
2,614
4,344
Net cash used in investing activities
(121,642)
(230,524)
(146,209)
(263,091)
FINANCING ACTIVITIES
Net borrowings (repayments)
51,992
59,989
101,488
155,204
Payment of dividends
(88,092)
(79,463)
(175,941)
(159,373)
Cash paid for common stock purchased
(20,476)
(251)
(42,826)
(14,922)
Other financing activities, net
(1,954)
(4,233)
(17,443)
(9,479)
Net cash used in financing activities
(58,530)
(23,958)
(134,722)
(28,570)
Effect of exchange rate changes on cash and
cash equivalents
208
1,218
(861)
3,052
Net increase (decrease) in cash and cash
equivalents
$ (7,458)
$ (78,142)
$ 9,081
$ 33,405
APPENDIX
Reconciliation of GAAP and non-GAAP Financial Measures
A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.
These measures should not be considered in isolation or as a substitute for revenues, net income, earnings per share or other performance measures prepared in accordance with GAAP. Management believes all of these non-GAAP financial measures are useful to provide investors with information about current trends in, and period-over-period comparisons of, the Company's results of operations. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.
The Company has used the following non-GAAP financial measures in this earnings release:
Organic revenues
Organic revenues are calculated as revenues less the revenues from acquisitions completed within the prior 12 months and excluding the revenues from divested businesses. Acquisition revenues are based on the trailing 12-month revenue of our acquired entities. Management uses organic revenues, and organic revenues by type to compare revenues over various periods excluding the impact of acquisitions and divestitures.
Adjusted operating income and adjusted operating margin
Adjusted operating income and adjusted operating margin are calculated by adding back to operating income those expenses associated with the amortization of intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control, Saela Pest Control and Romex Pest Control. Adjusted operating margin is calculated as adjusted operating income divided by revenues. Management uses adjusted operating income and adjusted operating margin as measures of operating performance because these measures allow the Company to compare performance consistently over various periods.
Adjusted net income and adjusted EPS
Adjusted net income and adjusted EPS are calculated by adding back to the GAAP measures amortization of intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control, Saela Pest Control and Romex Pest Control, excluding gains and losses on the sale of non-operational assets and gains on the sale of businesses, and by further subtracting the tax impact of those expenses, gains, or losses. Management uses adjusted net income and adjusted EPS as measures of operating performance because these measures allow the Company to compare performance consistently over various periods.
EBITDA is calculated by adding back to net income depreciation and amortization, interest expense, net, and provision for income taxes. EBITDA margin is calculated as EBITDA divided by revenues. Adjusted EBITDA and adjusted EBITDA margin are calculated by further adding back those expenses associated with the adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control, Saela Pest Control and Romex Pest Control, and excluding gains and losses on the sale of non-operational assets and gains on the sale of businesses. Management uses EBITDA, EBITDA margin, adjusted EBITDA and adjusted EBITDA margin as measures of operating performance because these measures allow the Company to compare performance consistently over various periods. Incremental EBITDA margin is calculated as the change in EBITDA divided by the change in revenue. Management uses incremental EBITDA margin as a measure of operating performance because this measure allows the Company to compare performance consistently over various periods. Adjusted incremental EBITDA margin is calculated as the change in adjusted EBITDA divided by the change in revenue. Management uses adjusted incremental EBITDA margin as a measure of operating performance because this measure allows the Company to compare performance consistently over various periods.
Free cash flow and free cash flow conversion
Free cash flow is calculated by subtracting capital expenditures from cash provided by operating activities. Management uses free cash flow to demonstrate the Company's ability to maintain its asset base and generate future cash flows from operations. Free cash flow conversion is calculated as free cash flow divided by net income.
Management uses free cash flow conversion to demonstrate how much net income is converted into cash. Management believes that free cash flow is an important financial measure for use in evaluating the Company's liquidity. Free cash flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities as a measure of our liquidity. Additionally, the Company's definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, management believes it is important to view free cash flow as a measure that provides supplemental information to our condensed consolidated statements of cash flows.
Adjusted sales, general and administrative ("SG&A")
Adjusted SG&A is calculated by removing the adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control, Saela Pest Control and Romex Pest Control. Management uses adjusted SG&A to compare SG&A expenses consistently over various periods.
Leverage ratio
Leverage ratio, a financial valuation measure, is calculated by dividing adjusted net debt by adjusted EBITDAR. Adjusted net debt is calculated by adding short-term debt and operating lease liabilities to total long-term debt less a cash adjustment of 90% of total consolidated cash. Adjusted EBITDAR is calculated by adding back to net income depreciation and amortization, interest expense, net, provision for income taxes, operating lease cost, and stock-based compensation expense. Management uses leverage ratio as an assessment of overall liquidity, financial flexibility, and leverage.
Set forth below is a reconciliation of the non-GAAP financial measures contained in this release to their most directly comparable GAAP measures.
(unaudited, in thousands, except per share data and margins)
Three Months Ended June 30,
Six Months Ended June 30,
Variance
Variance
2026
2025
$
%
2026
2025
$
%
Reconciliation of Revenues to Organic Revenues
Revenues
$ 1,078,576
$ 999,527
79,049
7.9
$ 1,985,000
$ 1,822,031
162,969
8.9
Revenues from acquisitions
(21,817)
—
(21,817)
2.2
(51,675)
—
(51,675)
2.8
Organic revenues
$ 1,056,759
$ 999,527
57,232
5.7
$ 1,933,325
$ 1,822,031
111,294
6.1
Reconciliation of Residential Revenues to Organic Residential Revenues
Residential revenues
$ 485,845
$ 455,665
30,180
6.6
$ 875,349
$ 811,978
63,371
7.8
Residential revenues from
acquisitions
(13,950)
—
(13,950)
3.0
(32,095)
—
(32,095)
3.9
Residential organic revenues
$ 471,895
$ 455,665
16,230
3.6
$ 843,254
$ 811,978
31,276
3.9
Reconciliation of Commercial Revenues to Organic Commercial Revenues
Commercial revenues
$ 347,913
$ 320,490
27,423
8.6
$ 659,639
$ 604,847
54,792
9.1
Commercial revenues from
acquisitions
(4,467)
—
(4,467)
1.4
(9,838)
—
(9,838)
1.7
Commercial organic revenues
$ 343,446
$ 320,490
22,956
7.2
$ 649,801
$ 604,847
44,954
7.4
Reconciliation of Termite and Ancillary Revenues to Organic Termite and Ancillary Revenues
Termite and ancillary revenues
$ 234,151
$ 211,855
22,296
10.5
$ 429,574
$ 383,985
45,589
11.9
Termite and ancillary revenues from
acquisitions
(3,400)
—
(3,400)
1.6
(9,742)
—
(9,742)
2.6
Termite and ancillary organic
revenues
$ 230,751
$ 211,855
18,896
8.9
$ 419,832
$ 383,985
35,847
9.3
Reconciliation of Franchise and Other Revenues to Organic Franchise and Other Revenues
Franchise and other revenues
$ 10,667
$ 11,517
(850)
(7.4)
$ 20,438
$ 21,221
(783)
(3.7)
Franchise and other revenues from
acquisitions
—
—
—
—
—
—
—
—
Franchise and other organic
revenues
$ 10,667
$ 11,517
(850)
(7.4)
$ 20,438
$ 21,221
(783)
(3.7)
Three Months Ended June 30,
Six Months Ended June 30,
Variance
Variance
2026
2025
$
%
2026
2025
$
%
Reconciliation of Operating Income and Operating Income Margin to Adjusted Operating Income and Adjusted Operating Margin
Operating income
$ 201,359
$ 198,333
$ 346,845
$ 340,981
Acquisition-related expenses (1)
8,580
7,567
15,887
11,788
Adjusted operating income
$ 209,939
$ 205,900
4,039
2.0
$ 362,732
$ 352,769
9,963
2.8
Revenues
$ 1,078,576
$ 999,527
$ 1,985,000
$ 1,822,031
Operating margin
18.7 %
19.8 %
17.5 %
18.7 %
Adjusted operating margin
19.5 %
20.6 %
18.3 %
19.4 %
Reconciliation of Net Income and EPS to Adjusted Net Income and Adjusted EPS
Net income
$ 143,910
$ 141,489
$ 251,748
$ 246,737
Acquisition-related expenses (1)
8,580
7,567
15,887
11,788
Loss (gain) on sale of assets, net (2)
2,196
(292)
2,135
(984)
Tax impact of adjustments (3)
(2,759)
(1,862)
(4,614)
(2,766)
Adjusted net income
$ 151,927
$ 146,902
5,025
3.4
$ 265,156
$ 254,775
10,381
4.1
EPS - basic and diluted
$ 0.30
$ 0.29
$ 0.52
$ 0.51
Acquisition-related expenses (1)
0.02
0.02
0.03
0.02
Loss (gain) on sale of assets, net (2)
—
—
—
—
Tax impact of adjustments (3)
(0.01)
—
(0.01)
(0.01)
Adjusted EPS - basic and diluted (4)
$ 0.32
$ 0.30
0.02
6.7
$ 0.55
$ 0.53
0.02
3.8
Weighted average shares outstanding
– basic
481,375
484,643
481,380
484,530
Weighted average shares outstanding
– diluted
481,389
484,674
481,397
484,559
Reconciliation of Net Income to EBITDA, Adjusted EBITDA, EBITDA Margin, Incremental EBITDA Margin, Adjusted EBITDA
Margin, and Adjusted Incremental EBITDA Margin
Net income
$ 143,910
$ 141,489
$ 251,748
$ 246,737
Depreciation and amortization
33,610
31,737
66,108
60,946
Interest expense, net
9,391
7,380
18,242
13,176
Provision for income taxes
45,844
49,756
75,104
82,052
EBITDA
$ 232,755
$ 230,362
2,393
1.0
$ 411,202
$ 402,911
8,291
2.1
Acquisition-related expenses (1)
1,341
1,082
2,424
1,082
Loss (gain) on sale of assets, net (2)
2,196
(292)
2,135
(984)
Adjusted EBITDA
$ 236,292
$ 231,152
5,140
2.2
$ 415,761
$ 403,009
12,752
3.2
Revenues
$ 1,078,576
$ 999,527
79,049
$ 1,985,000
$ 1,822,031
162,969
EBITDA margin
21.6 %
23.0 %
20.7 %
22.1 %
Incremental EBITDA margin
3.0 %
5.1 %
Adjusted EBITDA margin
21.9 %
23.1 %
20.9 %
22.1 %
Adjusted incremental EBITDA margin
6.5 %
7.8 %
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow and Free Cash Flow Conversion
Net cash provided by operating activities
$ 172,506
$ 175,122
$ 290,873
$ 322,014
Capital expenditures
(6,429)
(7,076)
(13,568)
(13,857)
Free cash flow
$ 166,077
$ 168,046
(1,969)
(1.2)
$ 277,305
$ 308,157
(30,852)
(10.0)
Free cash flow conversion
115.4 %
118.8 %
110.2 %
124.9 %
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Reconciliation of SG&A to Adjusted SG&A
SG&A
$ 334,977
$ 307,596
$ 617,895
$ 558,109
Acquisition-related expenses (1)
1,341
1,082
2,424
1,082
Adjusted SG&A
$ 333,636
$ 306,514
$ 615,471
$ 557,027
Revenues
$ 1,078,576
$ 999,527
$ 1,985,000
$ 1,822,031
Adjusted SG&A as a % of revenues
30.9 %
30.7 %
31.0 %
30.6 %
Period Ended
June 30, 2026
Period Ended
December 31, 2025
Reconciliation of Debt and Net Income to Leverage Ratio
Short-term debt (5)
$ 215,918
$ 123,683
Long-term debt (6)
500,000
500,000
Operating lease liabilities (7)
412,278
428,175
Cash adjustment (8)
(98,177)
(90,004)
Adjusted net debt
$ 1,030,019
$ 961,854
Net income
$ 531,716
$ 526,705
Depreciation and amortization
129,906
124,744
Interest expense, net
33,624
28,558
Provision for income taxes
167,273
174,221
Operating lease cost (9)
167,888
159,924
Stock-based compensation expense
41,393
39,707
Adjusted EBITDAR
$ 1,071,800
$ 1,053,859
Leverage ratio
1.0x
0.9x
(1) Consists of expenses resulting from the amortization of intangible assets and adjustments to the fair value of contingent consideration associated with the acquisitions of Fox Pest Control, Saela Pest Control and Romex Pest Control. While we exclude such expenses in this non-GAAP measure, the revenue from the acquired companies is reflected in this non-GAAP measure and the acquired assets contribute to revenue generation.
(2) Consists of the gain or loss on the sale of non-operational assets.
(3) The tax effect of the adjustments is calculated using the applicable statutory tax rates for the respective periods.
(4) In some cases, the sum of the individual EPS amounts may not equal total adjusted EPS calculations due to rounding.
(5) The Company's short-term borrowings are presented under the short-term debt caption of our condensed consolidated statement of financial position, net of unamortized discounts.
(6) As of June 30, 2026 and December 31, 2025, the Company had outstanding borrowings of $500 million from the issuance of our 2035 Senior Notes. These borrowings are presented under the long-term debt caption of our condensed consolidated statement of financial position, net of unamortized discount and unamortized debt issuance costs. As of June 30, 2026 and December 31, 2025, the Company had no outstanding borrowings under the Revolving Credit Facility.
(7) Operating lease liabilities are presented under the operating lease liabilities - current and operating lease liabilities, less current portion captions of our condensed consolidated statement of financial position.
(8) Represents 90% of cash and cash equivalents per our condensed consolidated statement of financial position as of both periods presented.
(9) Operating lease cost excludes short-term lease cost associated with leases that have a duration of 12 months or less.
For Further Information Contact
Lyndsey Burton (404) 888-2348
SAN JOSE, Calif.--(BUSINESS WIRE)--BILL (NYSE: BILL), the financial operations platform trusted by nearly half a million businesses to manage, move and maximize their money, announced today it will report financial results for its fiscal fourth quarter and fiscal year ended June 30, 2026 on Wednesday, August 19, 2026 after the close of market. Management will conduct a conference call to discuss these results at 1:30 p.m. PT.The news release with financial results and a live webcast of the call.
HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc.’s (NYSE: KMI) board of directors today approved a cash dividend of $0.2975 per share for the second quarter ($1.19 annualized), payable on August 17, 2026, to stockholders of record as of the close of business on August 3, 2026. This dividend is a 2% increase over the second quarter of 2025.
KMI is reporting:
Second quarter net income attributable to KMI of $867 million, an all-time record high for the second quarter. This was up from $715 million in the second quarter of 2025. Adjusted Net Income Attributable to KMI, which excludes Certain Items, was $821 million, 33% higher than the second quarter of 2025. Adjusted EBITDA of $2,199 million was also a record for the second quarter and was up 12% versus the second quarter of 2025. Earnings per share (EPS) of $0.39, up 22% versus the second quarter of 2025, and Adjusted EPS of $0.37, up 32% versus the second quarter of 2025. “Our fee-based business model, strategically located network of assets, and portfolio of long-term contracts with financially strong customers continue to support stable and predictable cash flows,” Executive Chairman Richard D. Kinder said.
“At the same time, demand for natural gas infrastructure continues to grow. Increasing LNG exports, rising power demand, and industrial expansion make our existing highly utilized assets more valuable and create significant opportunities for investment across our footprint.
“The company’s stable cash flows provide the financial flexibility to fund virtually all of our project backlog internally, support a growing dividend and maintain a strong balance sheet,” Kinder said. “We expect those projects to generate attractive returns, driving future earnings and cash flow growth while helping meet the nation's growing energy infrastructure needs.”
“Strong financial contributions from our business segments resulted in a record second quarter. The company delivered second quarter 2026 net income attributable to KMI of $867 million, 21% higher than the second quarter of 2025, while Adjusted EPS and Adjusted EBITDA were 32% and 12% higher, respectively, than the second quarter of 2025,” Chief Executive Officer Kim Dang said.
Dang continued, “In the second quarter, we continued to internally fund high-quality capital projects while generating cash flow from operations of $2 billion and free cash flow (FCF), which is after capital expenditures, of $1 billion. Our balance sheet remains healthy, as we ended the quarter with a Net Debt-to-Adjusted EBITDA ratio of 3.6 times, at the low end of our targeted range.
“We also achieved very strong results from capital expansion project execution this quarter, placing approximately $660 million (KM-share) in expansion projects into service. These included Tennessee Gas Pipeline’s (TGP) Cumberland Project that will serve a new natural gas-fired power plant in Tennessee; Hiland Express, a conversion of our Double H Pipeline system from crude oil to natural gas liquids service; and the eagerly anticipated Gulf Coast Express pipeline expansion to increase natural gas flows from the Permian Basin to South Texas markets. These revenue-generating expansion projects now join our strong base business, adding to our unparalleled network of pipeline and storage assets.
“As a result of placing those large projects into service, our project backlog at the end of the second quarter of 2026 was $9.6 billion, down $500 million from the first quarter of 2026, although the board today provided contingent approval on almost $400 million in projects that are not yet in the backlog. Natural gas projects account for approximately 92% of our project backlog, and more than 60% of the backlog is associated with projects supporting power generation and local distribution company demand. Even beyond the backlog, we continue to see strong interest from our customers in developing additional natural gas infrastructure.
“In calculating backlog Project EBITDA multiples, we exclude both the capital and EBITDA from our CO2 enhanced oil recovery projects and our gathering and processing projects where first-full-year multiples are more favorable, but the earnings are more uneven than with our other business segments. We expect the remaining $8.5 billion of projects in the backlog, when realized, to generate an aggregate first-full-year Project EBITDA multiple of approximately 5.6 times.”
2026 Outlook
For 2026, KMI budgeted net income attributable to KMI of $3.1 billion, Adjusted EPS of $1.36, declared dividends of $1.19 per share, Adjusted EBITDA of $8.6 billion, and year-end Net Debt-to-Adjusted EBITDA of 3.8 times. Based on results through the second quarter, KMI currently expects to be more than 5% favorable to budget on an Adjusted EBITDA basis and more than 12% favorable to budget on Adjusted EPS for the year. We also expect to end the year with an improved Net Debt-to-Adjusted EBITDA of 3.6 times.
This press release includes Adjusted Net Income Attributable to KMI, Adjusted EPS, Adjusted Segment EBDA, Adjusted EBITDA, Net Debt, FCF, and Project EBITDA, all of which are non-GAAP financial measures. For descriptions of these non-GAAP financial measures and reconciliations to the most comparable measures prepared in accordance with generally accepted accounting principles, please see “Non-GAAP Financial Measures” and the tables accompanying our preliminary financial statements.
Overview of Business Segments
“The Natural Gas Pipelines business segment’s financial performance was up in the second quarter of 2026 relative to the second quarter of 2025, on higher contributions from our Texas Intrastate system and our gathering assets,” KMI President Dax Sanders said.
“Natural gas transport volumes were up 7% compared to the second quarter of 2025, primarily due to LNG deliveries on TGP, increased demand for services on our Texas Intrastate system, and increased exports to Mexico as well as higher power generation demand in Arizona on El Paso Natural Gas Pipeline.
“Natural gas gathering volumes were up 26% from the second quarter of 2025 across our assets, with our KinderHawk system experiencing the largest growth.
“Contributions from the Products Pipelines business segment were up compared to the second quarter of 2025 due primarily to higher commodity prices.
“Total refined products volumes were down 5% compared to the second quarter of 2025 due to temporary West Coast supply disruptions, as well as a higher commodity price environment over the quarter. Crude and condensate volumes were down 16% compared to the second quarter of 2025, largely due to the conversion of our Double H pipeline to natural gas liquids service,” Sanders said.
“Terminals business segment earnings were up compared to the second quarter of 2025. The increase was led by our liquids terminals business, which benefited from higher rates and ancillary fees at our Houston Ship Channel hub facilities as well as favorable commodity pricing. Earnings from our Jones Act tanker fleet, which remains fully contracted under term charter agreements, were also up versus the prior year period on higher average charter rates. Contributions from our bulk terminals business were down despite higher volumes owing to one-time events in the prior year period,” Sanders continued.
“CO2 business segment earnings, which include the Energy Transition Ventures group, were up compared to the second quarter of 2025 due primarily to higher commodity prices and volumes. Volumes at SACROC, our largest field, were up 15% compared to the prior year period,” Sanders said.
Other News
Natural Gas Pipelines
On June 26, 2026, the Federal Energy Regulatory Commission (FERC) issued a Final Environmental Impact Statement covering both Southern Natural Gas (SNG) and Elba Express (EEC) Companies’ South System Expansion 4 (SSE4) project and TGP’s Mississippi Crossing (MSX) project. FERC has previously indicated that it expects to issue orders granting certificates of public convenience and necessity for both projects by the end of July 2026. The approximately $3.5 billion SSE4 project (KM-share, including EEC, approximately $1.8 billion) is designed to increase SNG’s South Main Line capacity by roughly 1.3 billion cubic feet per day (Bcf/d). With the timely receipt of all permits and approvals, KMI expects to place the first phase of SSE4 in service in the fourth quarter of 2028 and the second phase in the fourth quarter of 2029. The approximately $1.7 billion MSX project is expected to be placed in service as early as the second quarter of 2028, subject to the timely receipt of all permits and approvals. On June 5, 2026, TGP filed an application with the FERC for its South Texas Enhancement Project. The approximately $90 million project is designed to provide incremental firm natural gas transportation to South Texas and Mexico markets and extend existing shippers’ transportation paths to access incremental natural gas supplies. The project includes approximately 1.7 miles of new pipeline, an overpressure protection facility, and a new compressor station. With the timely receipt of all required permits and approvals, TGP expects the project to be placed in service in the second quarter of 2028. Natural Gas Pipeline Company of America LLC (NGPL) is continuing to develop its Amarillo Expansion project to support growing demand in the Texas Panhandle, including additional data center development. The expansion is expected to provide incremental firm transportation capacity of up to approximately 550,000 Dth/d. All of the project’s capacity is fully subscribed under a long-term contract. NGPL is preparing to file an application with the FERC for the approximately $200 million project (KM-share approximately $75 million) in the third quarter of 2026. With the timely receipt of all required permits and approvals, NGPL expects the project to be placed in service in the third quarter of 2028. On May 26, 2026, TGP placed in service its approximately $235 million Cumberland project, an approximately 32-mile, 30-inch pipeline lateral originating from TGP’s existing 100 Line in Dickson County, Tennessee and terminating at Tennessee Valley Authority’s (TVA) new natural gas-fired power plant in Stewart County, Tennessee. The project provides approximately 245,000 Dth/d of additional natural gas transportation service to support TVA’s commissioning and operation of its new power plant. On April 29, 2026, KMI placed in service its approximately $165 million Hiland Express Pipeline project, converting the Double H Pipeline system from crude oil to natural gas liquids service and providing Williston Basin producers and midstream companies with pipeline capacity to key market hubs. On June 23, 2026, the approximately $450 million Gulf Coast Express expansion project (KM-share approximately $160 million) was placed in service. The expansion increases natural gas transportation capacity by approximately 570 million cubic feet per day from the Permian Basin to South Texas markets and brings total system capacity to approximately 2.59 Bcf/d. Products Pipelines
KMI and Phillips 66 continue to advance the Western Gateway Pipeline project and have started the process of pursuing the necessary permits. As previously noted, the project is subject to the execution of definitive transportation service agreements, joint venture agreements, and respective board approvals. The refined products pipeline system would connect Midwest and Gulf Coast refinery supplies to Phoenix, Arizona, and California markets with connectivity to Las Vegas, Nevada, via KMI’s CALNEV Pipeline. Terminals
KMI is expanding its industry-leading storage, connectivity, and logistics offering in its Houston Ship Channel refined products hub. The scope of work includes the construction of two dedicated refined products pipelines connecting KMI’s Pasadena Terminal with a nearby major refinery, as well as various intra-terminal piping and tank modifications, including enhanced in-tank blending capabilities for butane and other gasoline components. The approximately $139 million project is supported by a long-term storage and volume commitment with a major national oil company and is expected to be in service in the third quarter of 2027. KMI is expanding the connectivity and capabilities of its 1.5-million-barrel Kinder Morgan Export Terminal (KMET) on the Houston Ship Channel. The scope of work includes the reconfiguration of two existing bi-directional refined products pipelines between KMET and KMI’s Pasadena Terminal and various piping and tank modifications enhancing the in-tank blending capabilities at KMET. The approximately $30 million project is supported by a long-term storage commitment with a major international trading company and is expected to be in service in the first quarter of 2027. All expected in-service dates for projects described above assume timely receipt and continued effectiveness of all necessary permits and approvals.
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient, and environmentally responsible manner for the benefit of the people, communities, and businesses we serve. We own an interest in or operate approximately 78,000 miles of pipelines, 136 terminals, more than 700 Bcf of working natural gas storage capacity and have renewable natural gas generation capacity of approximately 6.9 Bcf per year of gross production. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2, renewable fuels and other products, and our terminals store and handle various commodities, including gasoline, diesel fuel, jet fuel, chemicals, metals, petroleum coke, and ethanol and other renewable fuels and feedstocks. Learn more about our work advancing energy solutions on the lower carbon initiatives page at www.kindermorgan.com.
Please join Kinder Morgan, Inc. at 4:30 p.m. ET on Wednesday, July 22, at www.kindermorgan.com for a LIVE webcast conference call on the company’s second quarter earnings.
Non-GAAP Financial Measures
As described in further detail below, our management evaluates our performance primarily using Net income attributable to Kinder Morgan, Inc. and Segment earnings before DD&A expenses (EBDA), along with the non-GAAP financial measures of Adjusted Net Income Attributable to Common Stock, in the aggregate and per share, Adjusted Segment EBDA, Adjusted Net Income Attributable to Kinder Morgan, Inc., Adjusted earnings before interest, income taxes, DD&A expenses (EBITDA), and Net Debt.
Our non-GAAP financial measures described below should not be considered alternatives to GAAP net income attributable to Kinder Morgan, Inc. or other GAAP measures and have important limitations as analytical tools. Our computations of these non-GAAP financial measures may differ from similarly titled measures used by others. You should not consider these non-GAAP financial measures in isolation or as substitutes for an analysis of our results as reported under GAAP. Management compensates for the limitations of our consolidated non-GAAP financial measures by reviewing our comparable GAAP measures identified in the descriptions of consolidated non-GAAP measures below, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes.
Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in net income attributable to Kinder Morgan, Inc., but typically (1) do not have a cash impact (for example, unsettled commodity hedges and asset impairments), (2) by their nature are separately identifiable from our normal business operations and in most cases are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation and casualty losses), or (3) align the timing of cash impacts from natural gas inventory hedges with the future associated physical withdrawals from inventory. (See the accompanying Tables 2, 3, 5, and 6.) We also include adjustments related to joint ventures (see “Amounts associated with Joint Ventures” below).
The following table summarizes our Certain Items for the three and six months ended June 30, 2026 and 2025.
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(In millions)
Certain Items
Risk management activities (1)(2)
$
(83
)
$
(95
)
$
30
$
(11
)
Income tax Certain Items (3)
37
(2
)
11
(37
)
Other
—
1
—
1
Total Certain Items (4)(5)
$
(46
)
$
(96
)
$
41
$
(47
)
Notes
(1)
Includes changes in fair value of unsettled derivatives, of which gains or losses are reflected within non-GAAP financial measures when realized.
(2)
Includes natural gas inventory hedges, of which gains or losses are reflected within non-GAAP financial measures when the associated physical gas is withdrawn from inventory.
(3)
Represents the income tax provision on Certain Items plus discrete income tax items. Includes the impact of KMI’s income tax provision on Certain Items affecting earnings from equity investments and is separate from the related tax provision recognized at the investees by the joint ventures which are also taxable entities.
(4)
Amounts for the periods ended June 30, 2026 and 2025 include $(1) million and $(2) million for the three-month periods, respectively, and $(1) million for the six-month 2026 period reported within “Earnings from equity investments” on the accompanying Preliminary Consolidated Statement of Income of "Risk management activities."
(5)
Amounts for the three and six-month periods ended June 30, 2025 includes $(1) and $1 million, respectively, reported within "Interest, net" on the accompanying Preliminary Consolidated Statement of Income of “Risk management activities.”
Adjusted Net Income Attributable to Kinder Morgan, Inc. (KMI) is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items. Adjusted Net Income Attributable to Kinder Morgan, Inc. is used by us, our investors, and other external users of our financial statements as a supplemental measure that provides decision-useful information regarding our period-over-period performance and ability to generate earnings that are core to our ongoing operations. We believe the GAAP measure most directly comparable to Adjusted Net Income Attributable to Kinder Morgan, Inc. is net income attributable to Kinder Morgan, Inc. (See the accompanying Tables 1 and 2.)
Adjusted Net Income Attributable to Common Stock is calculated by adjusting Net income attributable to Kinder Morgan, Inc., the most comparable GAAP measure, for Certain Items, and further for net income allocated to participating securities and adjusted net income in excess of distributions for participating securities. We believe Adjusted Net Income Attributable to Common Stock allows for calculation of adjusted earnings per share (Adjusted EPS) on the most comparable basis with earnings per share, the most comparable GAAP measure to Adjusted EPS. Adjusted EPS is calculated as Adjusted Net Income Attributable to Common Stock divided by our weighted average shares outstanding. Adjusted EPS applies the same two-class method used in arriving at basic earnings per share. Adjusted EPS is used by us, our investors, and other external users of our financial statements as a per-share supplemental measure that provides decision-useful information regarding our period-over-period performance and ability to generate earnings that are core to our ongoing operations. (See the accompanying Table 2.)
Adjusted Segment EBDA is calculated by adjusting segment earnings before DD&A, general and administrative expenses and corporate charges, interest expense, and income taxes (Segment EBDA) for Certain Items attributable to the segment. Adjusted Segment EBDA is used by management in its analysis of segment performance and management of our business. We believe Adjusted Segment EBDA is a useful performance metric because it provides management, investors, and other external users of our financial statements additional insight into performance trends across our business segments, our segments’ relative contributions to our consolidated performance, and the ability of our segments to generate earnings on an ongoing basis. Adjusted Segment EBDA is also used as a factor in determining compensation under our annual incentive compensation program for our business segment presidents and other business segment employees. We believe it is useful to investors because it is a measure that management uses to allocate resources to our segments and assess each segment’s performance. (See the accompanying Table 3.)
Adjusted EBITDA is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items and further for DD&A, including the amortization of basis differences related to our joint ventures, income tax expense, and interest. We also include amounts from joint ventures for income taxes and DD&A (see “Amounts associated with Joint Ventures” below). Adjusted EBITDA (on a rolling 12-months basis) is used by management, investors, and other external users, in conjunction with our Net Debt (as described further below), to evaluate our leverage. Management and external users also use Adjusted EBITDA as an important metric to compare the valuations of companies across our industry. Our ratio of Net Debt-to-Adjusted EBITDA is used as a supplemental performance target for purposes of our annual incentive compensation program. We believe the GAAP measure most directly comparable to Adjusted EBITDA is net income attributable to Kinder Morgan, Inc. (See the accompanying Tables 2 and 5.)
Amounts associated with Joint Ventures - Certain Items and Adjusted EBITDA reflect amounts from unconsolidated joint ventures (JVs) and consolidated JVs utilizing the same recognition and measurement methods used to record “Earnings from equity investments” and “Noncontrolling interests (NCI),” respectively. The calculation of Adjusted EBITDA related to our unconsolidated and consolidated JVs includes the same adjustments (DD&A, including the amortization of basis differences related to joint ventures only, and income tax expense) with respect to the JVs as those included in the calculation of Adjusted EBITDA for our wholly-owned consolidated subsidiaries; further, we remove the portion of these adjustments attributable to non-controlling interests. (See Tables 2, 5 and 6.) Although these amounts related to our unconsolidated JVs are included in the calculation of Adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses, or cash flows of such unconsolidated JVs.
Net Debt is calculated by subtracting from debt (1) cash and cash equivalents, (2) debt fair value adjustments, and (3) the foreign exchange impact on Euro-denominated bonds for which we have entered into currency swaps to convert that debt to U.S. dollars. Net Debt, on its own and in conjunction with our Adjusted EBITDA (on a rolling 12-months basis) as part of a ratio of Net Debt-to-Adjusted EBITDA, is a non-GAAP financial measure that is used by management, investors, and other external users of our financial information to evaluate our leverage. Our ratio of Net Debt-to-Adjusted EBITDA is also used as a supplemental performance target for purposes of our annual incentive compensation program. We believe the most comparable measure to Net Debt is total debt as reconciled in the notes to the accompanying Preliminary Consolidated Balance Sheets in Table 5.
Project EBITDA is calculated for an individual capital project as earnings before interest expense, taxes, DD&A, and general and administrative expenses attributable to such project, or for JV projects, consistent with the methods described above under “Amounts associated with Joint Ventures,” and in conjunction with capital expenditures for the project, is the basis for our Project EBITDA multiple. Management, investors, and others use Project EBITDA to evaluate our return on investment for capital projects before expenses that are generally not controllable by operating managers in our business segments. We believe the GAAP measure most directly comparable to Project EBITDA is the portion of net income attributable to a capital project. We do not provide the portion of budgeted net income attributable to individual capital projects (the GAAP financial measure most directly comparable to Project EBITDA) due to the impracticality of predicting, on a project-by-project basis through the second full year of operations, certain amounts required by GAAP, such as projected commodity prices, unrealized gains and losses on derivatives marked to market, and potential estimates for certain contingent liabilities associated with the project completion.
FCF is calculated by reducing cash flow from operations for capital expenditures (sustaining and expansion), and FCF after dividends is calculated by further reducing FCF for dividends paid during the period. FCF is used by management, investors, and other external users as an additional leverage metric, and FCF after dividends provides additional insight into cash flow generation. Therefore, we believe FCF is useful to our investors. We believe the GAAP measure most directly comparable to FCF is cash flow from operations. (See the accompanying Table 6.)
Important Information Relating to Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Generally, the words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” “projects,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements in this news release include, among others, express or implied statements pertaining to: the long-term demand for KMI’s assets and services; KMI’s 2026 expectations; anticipated dividends; KMI’s capital projects, including the regulatory environment for projects and expected costs, completion timing, and benefits of those projects; and proposed joint ventures. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize nor their ultimate impact on our operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include: the timing and extent of changes in the supply of and demand for the products we transport and handle; trends expected to drive new natural gas demand for electricity generation; commodity prices; counterparty financial risk; changes in tariffs and trade restrictions; repercussions of recent armed conflicts in the Middle East; including commodity price volatility and potential adverse effects on financial and economic conditions; our ability to obtain required permits and approvals for pending expansion projects when expected; KMI’s ability to negotiate terms of the proposed Western Gateway Pipeline joint venture with Phillips 66; and the other risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2025 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere), and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, KMI undertakes no obligation to update any forward-looking statement because of new information, future events, or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.
Table 1
Kinder Morgan, Inc. and Subsidiaries
Preliminary Consolidated Statements of Income
(In millions, except per share amounts, unaudited)
Three Months Ended
June 30,
%
change
Six Months Ended
June 30,
%
change
2026
2025
2026
2025
Revenues
$
4,477
$
4,042
$
9,305
$
8,283
Operating costs, expenses, and other
Costs of sales (exclusive of items shown separately below)
1,405
1,211
3,154
2,687
Operations and maintenance
806
773
1,517
1,484
Depreciation, depletion, and amortization
620
616
1,253
1,226
General and administrative
192
188
376
375
Taxes, other than income taxes
120
111
234
223
Other income, net
(12
)
(9
)
(19
)
(9
)
Total operating costs, expenses, and other
3,131
2,890
6,515
5,986
Operating income
1,346
1,152
2,790
2,297
Other income (expense)
Earnings from equity investments
225
206
479
426
Interest, net
(425
)
(452
)
(855
)
(903
)
Other, net
20
13
40
28
Income before income taxes
1,166
919
2,454
1,848
Income tax expense
(272
)
(177
)
(559
)
(363
)
Net income
894
742
1,895
1,485
Net income attributable to NCI
(27
)
(27
)
(52
)
(53
)
Net income attributable to Kinder Morgan, Inc.
$
867
$
715
$
1,843
$
1,432
Class P Shares
Basic and diluted earnings per share
$
0.39
$
0.32
22
%
$
0.82
$
0.64
28
%
Basic and diluted weighted average shares outstanding
2,225
2,222
—
%
2,225
2,222
—
%
Declared dividends per share
$
0.2975
$
0.2925
2
%
$
0.595
$
0.585
2
%
Adjusted Net Income Attributable to Kinder Morgan, Inc. (1)
$
821
$
619
33
%
$
1,884
$
1,385
36
%
Adjusted EPS (1)
$
0.37
$
0.28
32
%
$
0.84
$
0.62
35
%
Table 2
Kinder Morgan, Inc. and Subsidiaries
Preliminary Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc., to Adjusted Net Income Attributable to Common Stock and to Adjusted EBITDA Reconciliations
(In millions, unaudited)
Three Months Ended
June 30,
%
change
Six Months Ended
June 30,
%
change
2026
2025
2026
2025
Net income attributable to Kinder Morgan, Inc.
$
867
$
715
21
%
$
1,843
$
1,432
29
%
Certain Items (1)
Risk management activities
(83
)
(95
)
30
(11
)
Income tax Certain Items
37
(2
)
11
(37
)
Other
—
1
—
1
Total Certain Items
(46
)
(96
)
52
%
41
(47
)
187
%
Adjusted Net Income Attributable to Kinder Morgan, Inc.
$
821
$
619
33
%
$
1,884
$
1,385
36
%
Net income attributable to Kinder Morgan, Inc.
$
867
$
715
21
%
$
1,843
$
1,432
29
%
Total Certain Items (2)
(46
)
(96
)
41
(47
)
Net income allocated to participating securities and other (3)
(4
)
(4
)
(10
)
(8
)
Adjusted Net Income Attributable to Common Stock
$
817
$
615
33
%
$
1,874
$
1,377
36
%
Net income attributable to Kinder Morgan, Inc.
$
867
$
715
21
%
$
1,843
$
1,432
29
%
Total Certain Items (2)
(46
)
(96
)
41
(47
)
DD&A
620
616
1,253
1,226
Income tax expense (4)
235
179
548
400
Interest, net (5)
425
453
855
902
Amounts associated with joint ventures
Unconsolidated JV DD&A (6)
92
100
183
200
Remove consolidated JV partners' DD&A
(15
)
(16
)
(31
)
(31
)
Unconsolidated JV income tax expense (7)
21
21
46
47
Adjusted EBITDA
$
2,199
$
1,972
12
%
$
4,738
$
4,129
15
%
Notes
(1)
See table included in “Non-GAAP Financial Measures—Certain Items.”
(2)
For a detailed listing, see the above reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc.
(3)
Other for each of the periods ended June 30, 2026 and 2025 includes Adjusted net income in excess of distributions for participating securities of less than $1 million.
(4)
To avoid duplication, adjustments for income tax expense for the periods ended June 30, 2026 and 2025 exclude $37 million and $(2) million for the three-month periods, respectively, and $11 million and $(37) million for the six-month periods, respectively, which amounts are already included within “Certain Items.” See table included in “Non-GAAP Financial Measures—Certain Items.”
(5)
To avoid duplication, adjustments for interest, net excludes $(1) million and $1 million for the three and six-month periods ended June 30, 2025, respectively, which amounts are already included within “Certain Items.” See table included in “Non-GAAP Financial Measures—Certain Items.”
(6)
Includes amortization of basis differences related to our JVs.
(7)
Includes the tax provision on Certain Items recognized by the investees that are taxable entities associated with our Citrus, NGPL, and Products (SE) Pipe Line equity investments. The impact of KMI’s income tax provision on Certain Items affecting earnings from equity investments is included within “Certain Items” above.
Table 3
Kinder Morgan, Inc. and Subsidiaries
Preliminary Reconciliation of Segment EBDA to Adjusted Segment EBDA
(In millions, unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Segment EBDA (1)
Natural Gas Pipelines Segment EBDA
$
1,520
$
1,436
$
3,231
$
2,889
Certain Items (2)
Risk management activities
(59
)
(89
)
27
(9
)
Natural Gas Pipelines Adjusted Segment EBDA
$
1,461
$
1,347
$
3,258
$
2,880
Products Pipelines Segment EBDA
$
343
$
289
$
663
$
562
Certain Items (2)
Risk management activities
(4
)
—
1
1
Products Pipelines Adjusted Segment EBDA
$
339
$
289
$
664
$
563
Terminals Segment EBDA
$
310
$
300
$
639
$
575
Certain Items (2)
Risk management activities
(1
)
—
—
—
Terminals Adjusted Segment EBDA
$
309
$
300
$
639
$
575
CO2 Segment EBDA
$
226
$
150
$
394
$
331
Certain Items (2)
Risk management activities
(19
)
(5
)
2
(4
)
CO2 Adjusted Segment EBDA
$
207
$
145
$
396
$
327
Table 4
Segment Volume and CO2 Segment Hedges Highlights
(Historical data is pro forma for acquired and divested assets, JV volumes at KMI share (1))
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Natural Gas Pipelines
Natural gas transport volumes (BBtu/d)
47,886
44,818
48,830
45,509
Natural gas sales volumes (BBtu/d)
3,908
2,832
3,900
2,716
Gathering volumes (BBtu/d)
4,637
3,692
4,479
3,725
NGL transport (MBbl/d)
52
39
48
35
Products Pipelines (MBbl/d)
Gasoline (2)
970
1,016
941
975
Diesel fuel
357
369
349
353
Jet fuel
296
325
294
314
Total refined product volumes
1,623
1,710
1,584
1,642
Crude and condensate
421
503
420
490
Total delivery volumes (MBbl/d)
2,044
2,213
2,004
2,132
Terminals
Liquids leasable capacity (MMBbl)
78.6
78.7
78.6
78.7
Liquids utilization % (3)
93.0
%
94.4
%
93.2
%
94.3
%
Bulk transload tonnage (MMtons)
12.9
12.6
25.0
24.8
CO2 (MBbl/d)
SACROC oil production
21.11
18.42
20.68
18.84
Yates oil production
5.88
6.01
5.77
5.98
Other
1.05
1.09
1.05
1.09
Total oil production - net (MBbl/d) (4)
28.04
25.52
27.50
25.91
NGL sales volumes - net (MBbl/d) (4)
9.80
9.03
9.77
9.16
CO2 sales volumes - net (Bcf/d)
0.306
0.291
0.309
0.301
RNG sales volumes (BBtu/d)
13
12
13
10
Realized weighted average oil price ($ per Bbl)
$
73.78
$
67.60
$
69.71
$
67.99
Realized weighted average NGL price ($ per Bbl)
$
33.38
$
32.08
$
31.71
$
33.74
CO2 Segment Hedges
Remaining
2026
2027
2028
Crude Oil (5)
Price ($ per Bbl)
$
64.54
$
63.92
$
67.28
Volume (MBbl/d)
23.15
18.10
11.30
NGLs
Price ($ per Bbl)
$
42.42
$
52.33
Volume (MBbl/d)
4.18
0.99
Notes
(1)
Volumes for acquired assets are included for all periods. However, EBDA contributions from acquisitions are included only for periods subsequent to their acquisition. Volumes for assets divested, idled and/or held for sale are excluded for all periods presented.
(2)
Gasoline volumes include ethanol pipeline volumes.
(3)
The ratio of our tankage capacity in service to liquids leasable capacity.
(4)
Net of royalties and outside working interests.
(5)
Includes West Texas Intermediate hedges.
Table 5
Kinder Morgan, Inc. and Subsidiaries
Preliminary Consolidated Balance Sheets
(In millions, unaudited)
June 30,
December 31,
2026
2025
Assets
Cash and cash equivalents
$
89
$
63
Other current assets
2,499
2,691
Property, plant, and equipment, net
40,522
39,331
Investments
7,705
7,532
Goodwill
20,084
20,084
Deferred charges and other assets
3,163
3,047
Total assets
$
74,062
$
72,748
Liabilities and Stockholders' Equity
Short-term debt
$
2,443
$
1,226
Other current liabilities
3,204
3,096
Long-term debt
29,701
30,597
Debt fair value adjustments
104
180
Other
5,731
5,200
Total liabilities
41,183
40,299
Other stockholders' equity
31,681
31,117
Accumulated other comprehensive (loss) income
(50
)
45
Total KMI stockholders' equity
31,631
31,162
Noncontrolling interests
1,248
1,287
Total stockholders' equity
32,879
32,449
Total liabilities and stockholders' equity
$
74,062
$
72,748
Net Debt (1)
$
32,027
$
31,716
Adjusted EBITDA Twelve Months Ended (2)
Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Last Twelve Months Adjusted EBITDA
June 30,
December 31,
2026
2025
Net income attributable to Kinder Morgan, Inc.
$
3,467
$
3,056
Total Certain Items (3)
(69
)
(157
)
DD&A
2,480
2,453
Income tax expense (4)
982
834
Interest, net (4)
1,741
1,788
Amounts associated with joint ventures
Unconsolidated JV DD&A (5)
372
391
Less: Consolidated JV partners' DD&A
(62
)
(63
)
Unconsolidated JV income tax expense
89
89
Adjusted EBITDA
$
9,000
$
8,391
Net Debt-to-Adjusted EBITDA
3.6
3.8
Notes
(1)
Amounts calculated as total debt, less (i) cash and cash equivalents; (ii) debt fair value adjustments; and (ii) the foreign exchange impact on our Euro denominated debt of $28 million and $44 million as of June 30, 2026 and December 31, 2025, respectively, as we have entered into swaps to convert that debt to U.S.$.
(2)
Reflects the rolling 12-month amounts for each period above.
(3)
See table included in “Non-GAAP Financial Measures—Certain Items.”
(4)
Amounts are adjusted for Certain Items. See “Non-GAAP Financial Measures—Certain Items” for more information.
(5)
Includes amortization of basis differences related to our JVs.
Table 6
Kinder Morgan, Inc. and Subsidiaries
Preliminary Supplemental Information
(In millions, unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
KMI FCF
Net income attributable to Kinder Morgan, Inc.
$
867
$
715
$
1,843
$
1,432
Net income attributable to noncontrolling interests
Vertiv Holdings (VRT -0.81%) stock more than doubled in the first half of 2026, surging 106.7% overall according to data provided by S&P Global Market Intelligence. It hit a 52-week high of $379.93 in mid-May.
When hyperscalers committed to spending over $650 billion combined going into 2026, they ran into a massive physical bottleneck. Artificial intelligence (AI) data centers stacked with high-density chips draw insane amounts of power and generate heat that would melt standard air-conditioning and power systems. Multi-billion-dollar AI infrastructures would crumble if you can't cool down those server racks 24X7.
That's where Vertiv stepped in and essentially cornered the market. Between explosive order flows, earnings growth, and acquisitions, the stock skyrocketed in the first six months of the year.
Image source: Getty Images.
A $15 billion backlog Because direct-to-chip liquid cooling has become an absolute necessity for data centers, Vertiv's order book is exploding. Its fourth-quarter organic orders jumped 252% year over year, and backlog more than doubled to a record $15 billion.
Its Q1 numbers again beat estimates, with net sales and operating profit surging 30% and 51%, respectively.
The company didn't disclose first-quarter orders, but expects strong order growth this year. Management immediately raised its full-year outlook, projecting 29% to 31% organic sales growth and 66% earnings-per-share growth at the midpoint.
Those numbers sent the stock into a tizzy, but Vertiv didn't just ride the numbers game.
Aggressive expansion to meet AI demand Vertiv has deepened its partnership with Nvidia this year.
Today's Change
(
-0.81
%) $
-2.48
Current Price
$
302.02
It adapted its existing OneCore modular infrastructure line into a version built for Nvidia's Vera Rubin DSX AI factory blueprint. Vertiv also added a digital twin of its SmartRun infrastructure system, allowing data center builders to simulate and test their power and cooling setup virtually before construction using Nvidia's software.
Vertiv is positioning itself as a core partner in Nvidia's AI build-out, and that's one of the reasons the stock has drawn investor attention in recent months.
Knowing that liquid-cooling components would be a bottleneck, Vertiv also went on a strategic buying spree, lapping up Strategic Thermal Labs, BMarko Structures, and ThermoKey, all in the first half of 2026.
In between, Vertiv announced a major expansion program, including two new manufacturing facilities in South Carolina that alone could boost regional capacity by nearly 7 times at full capacity. It also announced expansions in Pennsylvania and Mexico.
Should you buy Vertiv stock before July 29? Several analysts lifted their price targets as Vertiv stock outran their models. Loop Capital is among the most bullish, with a $500 per share price target. Analysts from the firm expect AI spending on power and cooling systems to surge through 2028, expanding Vertiv's AI data center revenue opportunity by almost 7x between 2023 and 2028.
Vertiv continues to expand. In July alone, it has opened a manufacturing facility in Malaysia to cater to AI infrastructure demand across Asia, including Southeast Asia, North Asia, Australia, and New Zealand. It has also announced plans to double chiller production near Italy by the end of this year.
Grand View Research's June report predicts that the global data center liquid cooling market will grow at an annualized rate of 20% from 2026 to 2033. Asia-Pacific will be the fastest-growing market, according to the report.
Vertiv is a hyper-growth AI infrastructure play, and remains a solid buy for 2026 and beyond. July 29 is the next big date to watch, when the company announces its second-quarter results before market open.
Hypertriglyceridemia is the presence of high levels of triglycerides (a type of fat) in the blood. The disease substantially raises the likelihood of fatal acute pancreatitis and frequent hospitalizations.
Trial Outcomes And Efficacy HighlightsBoth Phase 3 investigations successfully achieved their primary milestone by cutting triglyceride levels compared to a placebo.
Additionally, the studies satisfied all secondary objectives, demonstrating a statistically meaningful drop in acute pancreatitis occurrences.
Patients receiving a quarterly 25 mg subcutaneous dose of plozasiran experienced median triglyceride decreases of 79% in SHASTA-3 and 81% in SHASTA-4 after 12 months, whereas placebo groups saw reductions of around 27%.
A combined analysis indicated a statistically significant drop in single-event patient rates (p<0.0221) and overall event frequency (p<0.0077).
Across the broader patient group with triglyceride counts exceeding 500 mg/dL, cumulative pancreatitis events fell by 78%.
Notably, high-risk patients possessing triglyceride levels above 880 mg/dL alongside a history of acute pancreatitis achieved a 100% reduction in pancreatitis incidents compared to placebo.
Safety Metrics And Regulatory RoadmapPlozasiran exhibited a favorable safety profile, showing treatment-related adverse events in line with earlier trial observations.
Researchers recorded no novel safety concerns, standard laboratory variations, hypersensitivity cases, or thrombocytopenia risks. Liver enzyme changes remained clinically insignificant, and liver fat content evaluations matched placebo levels.
While complete evaluation of the trials continues ahead of future publications, plozasiran currently holds regulatory clearance under the brand name Redemplo across several regions, including the U.S., European Union, China, Australia, and Canada, for familial chylomicronemia syndrome.
The company plans to use data from SHASTA-3, SHASTA-4, and MUIR-3 to submit a supplemental new drug application to the U.S. FDA before the end of 2026, alongside seeking global authorizations.
ARWR Stock Price Activity: Arrowhead shares were up 22% at $90.96 at last check on Wednesday, according to Benzinga Pro data.
Photo by T. Schneider via Shutterstock
Market News and Data brought to you by Benzinga APIs
Weatherford International plc (WFRD) Q2 2026 Earnings Call July 22, 2026 8:30 AM EDT
Company Participants
Luke Lemoine - Senior VP of Corporate Development & Investor Relations
Girish Saligram - President, CEO & Director
Anuj Dhruv - Executive VP & CFO
Conference Call Participants
John Anderson - Barclays Bank PLC, Research Division
Scott Gruber - Citigroup Inc., Research Division
James West - Melius Research LLC
Saurabh Pant - BofA Securities, Research Division
Derek Podhaizer - Piper Sandler & Co., Research Division
James Rollyson - Raymond James & Associates, Inc., Research Division
Doug Becker - Capital One Securities, Inc., Research Division
Phillip Jungwirth - BMO Capital Markets Equity Research
Keith MacKey - RBC Capital Markets, Research Division
Joshua Silverstein - UBS Investment Bank, Research Division
Ati Modak - Goldman Sachs Group, Inc., Research Division
Joshua Jayne - Daniel Energy Partners, LLC
Presentation
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the Weatherford Second Quarter 2026 Results. [Operator Instructions]. As a reminder, today's event is being recorded.
I would now like to turn the conference over to Luke Lemoine, Senior Vice President of Corporate Development. Sir, you may begin.
Luke Lemoine
Senior VP of Corporate Development & Investor Relations
Welcome, everyone, to the Weatherford International Second Quarter 2026 Earnings Conference Call. I'm joined today by Girish Saligram, President and CEO; and Anuj Dhruv, Executive Vice President and CFO. We'll start today with our prepared remarks and then open up for questions. You may download a copy of the presentation slides corresponding today's call from our website, Investor Relations section. I want to remind everyone that some of today's comments include forward-looking statements.
These statements are subject to many risks and uncertainties that could cause our actual results to differ materially from any expectation expressed herein. Please refer to our latest Securities and Exchange Commission filings for risk factors and cautions regarding
Key Takeaways Toast launched an AI marketing agent to help restaurants create campaigns and attract more guests.Pilot users of Toast IQ Grow saw average sales rise 8% versus similar Toast restaurants.Toast's AI push lifted coding velocity 60% and resolved 40% of customer-support interactions. Toast, Inc. (TOST - Free Report) is making artificial intelligence (AI) a central part of its growth strategy. In May 2026, the company launched Toast IQ Grow, a marketing product built around its first AI agent. It creates campaigns using restaurant sales data across email, text messages and social channels, helping busy operators save time and attract guests.
Early results appear encouraging. Pilot customers using Toast IQ Grow recorded an average 8% increase in sales compared with similar Toast restaurants. Sahara Bistro Shawarma attributed nearly one-third of its March 2026 sales to Toast marketing tools. Its sales also rose more than 30% from the prior four weeks, suggesting that AI agents can produce measurable returns.
Toast also has a large base for expanding AI services. It ended the first quarter of 2026 with about 171,000 locations, up 22% year over year, after adding roughly 7,000 net locations. Toast IQ already had 40,000 weekly active locations, giving the platform more operating, payment and guest data to generate useful recommendations.
The AI push is also supporting Toast’s internal efficiency. Engineering coding velocity increased more than 60% year over year, helping the company launch its marketing agent three months earlier than planned. About 40% of customer-support interactions were resolved by AI, improving efficiency and enabling Toast to invest more in account management, product development and sales.
Investors need to watch whether AI usage is converting into stronger financial growth. First-quarter 2026 annualized recurring run-rate (ARR) rose 26% to $2.2 billion, while recurring gross profit grew 27%. Adjusted EBITDA reached $179 million, and operating income climbed to $110 million from $43 million.
How Are XYZ & LSPD Integrating AI?Block’s (XYZ - Free Report) Square has embedded AI into its merchant services through automated marketing, customer insights and operational recommendations. These tools help restaurants personalize promotions, simplify decisions and improve efficiency within the broader Square ecosystem. XYZ reported serving more than 4 million sellers across its global digital commerce platforms.
Lightspeed (LSPD - Free Report) applies AI to restaurant analytics, inventory planning and customer engagement. Its AI-driven features help operators interpret sales patterns, forecast demand and identify practical actions that may improve margins. LSPD ended the fourth quarter of fiscal 2026 with approximately 150,000 total customer locations using its commerce platform worldwide.
TOST’s Price Performance, Valuation & EstimatesShares of Toast have outperformed in the past three months compared with the broader industry.
Image Source: Zacks Investment Research
From a valuation standpoint, Toast’s shares have a Value Score of C. In terms of forward 12-month P/E, TOST stock is trading at 26.20X, which is at a discount to the Zacks Internet Software industry’s 27.43X.
Image Source: Zacks Investment Research
Toast’s estimate revisions reflect a positive trend. The Zacks Consensus Estimate for full-year 2026 earnings per share has been revised upward to $1.35 in the past two months. The consensus estimate for the metric indicates a year-over-year increase of 51.69%.
Image Source: Zacks Investment Research
Toast currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
GBP/JPY holds firm on Wednesday, with the cross-pair trading above the 218.00 figure, as sellers seem to have the upper hand, after a break of a key support trendline, which could open the door for further losses. At the time of writing, the cross trades at 218.16, down 0.05%.
GBP/JPY Price Forecast: Technical outlookAfter reaching a yearly high of 219.61, GBP/JPY retreated 150 pips to the current exchange rate, opening the door for further downside.
The Relative Strength Index (RSI) remains bullish, but it is aiming lower, approaching the 50-neutral level, which could open the door to further downside. However, the market structure suggests that the downtrend stays intact.
For a bearish reversal, if GBP/JPY drops below the July 21 daily low of 217.53. A breach of the latter will expose the April 30 high of 216.60, followed by the 216.00 mark. Below, the next support would be the 50-day Simple Moving Average (SMA) at 215.09, followed by the 100-day SMA at 214.12.
Conversely, if GBP/JPY reaches 219.00, this opens the door to challenge the year-to-date (YTD) high at 219.61, followed by the 220.00 psychological level.
GBP/JPY Price Chart – Daily
GBP/JPY daily chart Japanese Yen Price This week The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies this week. Japanese Yen was the strongest against the Swiss Franc.
USDEURGBPJPYCADAUDNZDCHFUSD0.15%0.61%0.51%0.51%-0.41%0.32%0.76%EUR-0.15%0.46%0.28%0.37%-0.56%0.17%0.61%GBP-0.61%-0.46%-0.17%-0.11%-1.01%-0.29%0.19%JPY-0.51%-0.28%0.17%0.09%-0.86%-0.20%0.37%CAD-0.51%-0.37%0.11%-0.09%-0.87%-0.31%0.30%AUD0.41%0.56%1.01%0.86%0.87%0.73%1.21%NZD-0.32%-0.17%0.29%0.20%0.31%-0.73%0.48%CHF-0.76%-0.61%-0.19%-0.37%-0.30%-1.21%-0.48% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
USD/ZAR daily price chart showing the descending triangle pattern, EMA cluster (20/50/100/200), and support zones at 16.18 and 15.72. Source: TradingView A descending triangle is drawn on the chart, with a falling upper trendline capping every rally since April and horizontal support underneath. That pattern typically resolves lower, which aligns with the marked target arrow pointing down toward the support zones.
Will the SARB Hike Keep the Rand Bid? The case for a lower USD/ZAR rests on South African carry. According to Statistics South Africa, headline inflation jumped to 5.0% in June from 4.5% in May, the highest reading in two years and above the 4.7% consensus.
Transport was the main driver, with fuel prices up 34.3% over the year. That print lands one day before the South African Reserve Bank decision on July 23.
Bank of America and Goldman Sachs both expect a 25bp move to 7.25%, and Governor Kganyago has flagged that further tightening may be needed. Higher local rates widen the yield gap that pays traders to hold the rand, which supports the currency and pressures USD/ZAR.
If the SARB delivers and defends that carry, the bearish trend stays live. A daily close below the 20- and 50-day EMAs near 16.39 opens the door to the first support band at 16.18. A break of 16.18 would expose the lower support zone around 15.72.
The key risk to this bearish thesis is a dovish surprise. A split committee that holds at 7.00%, similar to the 4-2 vote in May, would remove the carry catalyst and let the pair drift back toward its moving averages.
Teledyne Technologies Incorporated (TDY) Q2 2026 Earnings Call July 22, 2026 11:00 AM EDT
Company Participants
Jason VanWees - Vice Chairman
Robert Mehrabian - Executive Chairman
George Bobb - President, CEO & Director
Stephen Blackwood - CFO & Executive VP
Conference Call Participants
Zachary Walljasper - UBS Investment Bank, Research Division
Bradley Eyster - Citigroup Inc., Research Division
Adam Samuelson - Jefferies LLC, Research Division
James Ricchiuti - Needham & Company, LLC, Research Division
Edward Magi - BNP Paribas, Research Division
Joseph Giordano - TD Cowen, Research Division
Sebastian Rivera - Stifel, Nicolaus & Company, Incorporated, Research Division
Robert Jamieson - Vertical Research Partners, LLC
Presentation
Operator
Welcome to Teledyne's Second Quarter Earnings Call. Here is our first speaker, Mr. Jason VanWees.
Jason VanWees
Vice Chairman
Good morning. This is Jason VanWees, Vice Chairman. I'd like to welcome everyone to Teledyne's Second Quarter 2026 Earnings Release Conference Call. We released our earnings earlier this morning before the NYSE open. Joining me today are Teledyne's Executive Chairman, Robert Mehrabian; President and CEO, George Bobb; EVP and CFO, Steve Blackwood; Melanie Cibik, EVP, General Counsel, Chief Compliance Officer and Secretary.
After remarks by Robert, George and Steve, we will ask for your questions. But of course, before we get started, attorneys have reminded me to tell you that all forward-looking statements made this morning are subject to various assumptions, risks and caveats as noted in the earnings release and our periodic SEC filings. And of course, actual results may differ materially. In order to avoid potential selective disclosures, this call is simultaneously being webcast and a replay, both via webcast and dial-in will be available for approximately 1 month.
Here is Robert.
Robert Mehrabian
Executive Chairman
Thank you, Jason. This morning, we were pleased to announce the strongest quarterly orders, sales and operating profit in the company's history. Specifically, sales increased 9.8% and non-GAAP earnings increased 20.8%. Orders
Options traders are bracing for a sizable post-earnings move in QuantumScape (NASDAQ:QS) shares ahead of the company’s Q2 results.
The solid-state battery developer is set to report after Wednesday’s closing bell, with Benzinga Pro estimates calling for a loss of 18 cents per share.
Benzinga options data implies an approximately 11.38% one-standard-deviation move over the relevant expiration window based on current option prices.
QuantumScape and Honda’s Joint Research DealQuantumScape has entered a joint research agreement with Honda focused on solid-state battery technology. The multi-year plan targets battery solutions and manufacturing processes. Honda’s evaluation of QuantumScape’s technology found unique advantages, leading the partners to explore applications beyond automotive uses.
Honda Targets Motorcycles and Industrial EquipmentHonda sees potential to deploy solid-state batteries in motorcycles, scooters, and industrial equipment. The platform’s high energy density and fast charging could support products where reliability and efficiency matter. The deal also expands the scope of QuantumScape’s work beyond cars.
QS Stock Price Activity: QuantumScape shares were down 2.40% at $5.91 at the time of publication on Wednesday, according to Benzinga Pro data.
Image: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs
SummaryOld National Bancorp delivered a strong Q2, with record net income of $249.4M and adjusted EPS beating consensus by $0.02.ONB posted robust 8.3% annualized loan growth, a stable net interest margin at 3.54%, and a record commercial lending pipeline of $5.6B.Credit quality remains excellent, with net charge-offs flat at 0.26% and nonaccrual loans improving to 0.91%; the efficiency ratio hit a record 45.2%.Despite strong fundamentals and raised guidance, ONB stock's valuation near $26 per share appears rich versus book, supporting a continued neutral stance.Looking for a helping hand in the market? Members of BAD BEAT Investing get exclusive ideas and guidance to navigate any climate. Learn More » Brian Logan/iStock via Getty Images
We are making significant progress in our ongoing Q2 regional bank earnings updates and understanding how the tough macro situation is impacting performance and the outlook for the group as a whole. If you regularly
44.97K Followers
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
RALEIGH, N.C., July 22, 2026 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE:HIW) announces its Board of Directors has declared a cash dividend of $0.50 per share of common stock for the quarter ended June 30, 2026, which equates to an annualized dividend of $2.00 per share. This quarterly dividend is payable on September 9, 2026 to all holders of record as of August 17, 2026.
The Board also declared a cash dividend of $21.5625 per share of the Company’s 8 5/8% Series A Cumulative Redeemable Preferred Stock. The dividend is payable on August 31, 2026 which is the next regularly scheduled dividend payment date, to all holders of record as of August 17, 2026.
About Highwoods
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW), fully-integrated office real estate investment trust (“REIT”) that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Our vision is to be a leader in the evolution of commercial real estate for the benefit of our customers, our communities and those who invest with us. Our mission is to create environments and experiences that inspire our teammates and our customers to achieve more together. We are in the work-placemaking business and believe that by creating exceptional environments and experiences, we can deliver greater value to our customers, their teammates and, in turn, our shareholders. For more information about Highwoods, please visit our website at www.highwoods.com.
Contact: Brendan Maiorana
Executive Vice President and Chief Financial Officer [email protected]
919-872-4924
DoorDash’s banking product for delivery drivers, DoorDash Crimson, now includes instant deposits powered by Astra’s Payment Cloud.
With this capability, DoorDash delivery drivers can use Visa Direct and Mastercard Send to add funds from external accounts in real time, Astra said in a Wednesday (July 22) press release.
Astra’s Payment Cloud is a vertically integrated platform that powers real-time money movement for businesses through a single application programming interface (API), according to the release.
The integration of this payments infrastructure into DoorDash Crimson includes payment execution, workflow automation, optimized card authorization, embedded risk controls and automated treasury functionality, per the release.
“We chose Astra because their platform architecture combines instant payments with automated treasury capabilities in a single system,” Nancy Yang, director, strategy and operations at DoorDash, said in the release. “The ease of integration and consistent performance gave us confidence we could support DoorDash Crimson at scale.”
Astra CEO Gil Akos said in the release that Astra’s payments infrastructure delivers the reliability and speed required by companies like DoorDash that process millions of transfers.
“We built the Payments Cloud to provide infrastructure that makes real-time money movement dependable and straightforward for teams building modern financial products,” Akos said.
The PYMNTS Intelligence report “Banking Both Sides: Instant Payouts Turn Receivers Into Customers” found that instant deposit has become something workers actively shop for when they are picking gig platforms and employers.
Thirty-one percent of gig workers said it is urgent that they receive disbursements instantly, according to the report.
Gig, creator and marketplace platforms are the most aggressive adopters of instant payouts in absolute terms, with nearly one-third of senders offering instant payouts always or most of the time, per the report.
“The disbursement market is moving to instant with or without any individual bank’s participation,” the report said. “Recipient demand is real, sender response is accelerating and the rails are in place.”
Astra announced in a February blog post that it secured a $10 million strategic investment from Nyca Partners to scale the Payments Cloud.
“Instant capabilities are no longer nice-to-have,” Akos said in the post. “Velocity creates value and enabling real-time payments is the difference between winning and losing customers.”
Americké akcie dnes hledaly směr, protože investoři vyčkávali na začátek klíčové části výsledkové sezóny technologických firem. Trhy zároveň znervózněl další růst cen ropy způsobený eskalací konfliktu mezi USA a Íránem.
Článek se odemkne 22.07.2026 23:01
Pokračování článku je dostupné jen klientům placených služeb Patria Plus / Investor Plus případně uživatelům platformy Patria Direct. Pokud jste klientem těchto služeb, potom je nutné se Přihlásit.
V rámci placeného informačního servisu získáte přístup ke kompletnímu zpravodajství www.patria.cz bez jakýchkoliv omezení. Veškeré zprávy, komentáře a horké zprávy jsou zobrazovány terminálovou metodou (bez nutnosti obnovovat stránku) bez zpoždění a v plné verzi.
Nejen zpravodajství, ale i další služby získáte v Patria Plus / Investor Plus - sms a e-mailové zpravodajství, data z finančních trhů v reálném čase, kompletní analytický servis, rozsáhlé databáze časových řad ke stažení, prognózy vývoje a valuace, ekonomické fundamenty, nástroje a kalkulátory... více
, /PRNewswire/ -- Axon (Nasdaq: AXON), the global public safety technology leader, today announced that it will report second quarter 2026 financial results after the market closes on August 5, 2026. Axon will host a live Zoom video webinar to discuss the company's financial results at 5:00 p.m. ET that same day.
The live webinar to discuss financial results, followed by Q&A, will be linked from Axon's investor relations website at https://investor.axon.com. An archived replay will be available after the call ends.
Upcoming Conference Participation
The Company also announced that Axon will participate in the following upcoming conferences. If applicable, events will be webcast live and archived on Axon's investor relations website at https://investor.axon.com.
2026 Goldman Sachs Communacopia + Technology Conference - September 8, 2026 2026 Wolfe Research TMT Conference - September 9, 2026 2026 Piper Sandler Growth Frontiers Conference - September 15, 2026 About Axon
Axon (Nasdaq: AXON) is the global leader in public safety technology, relentlessly innovating to protect more lives in more places. Founder-led since 1993, Axon began with a mission to reimagine conflict in law enforcement and has grown into a global company serving everyone who takes on the responsibility of public safety, enterprise security, and national security — from first responders and governments to companies, frontline workers, and communities. Our trusted network connects TASER energy devices, cameras and sensors including body-worn, fixed and in-car cameras, drones and robotics, digital evidence and records management, real-time operations, immersive training, productivity tools, and AI-driven capabilities and insights. Designed to work seamlessly together, these solutions create a connected picture of safety that helps protect people and places with greater speed, clarity, and accountability.
Non-Axon trademarks are the property of their respective owners. Axon, TASER and the Delta Logo are trademarks of Axon Enterprise, Inc., some of which are registered in the US and other countries. For more information, visit www.axon.com/legal. All rights reserved.
Responsible Innovation at Axon
At Axon, innovation is inseparable from responsibility. We believe technology must serve humanity, and every product we build is designed to solve the real challenges our customers face in protecting their communities. That means developing solutions in close collaboration with the people who use them and grounding our work in transparency, fairness, accountability, and privacy. Our independent Ethics & Equity Advisory Council provides ongoing input and feedback that helps shape our approach, ensuring we remain thoughtful and aligned with community needs as technology evolves. Learn more at axon.com/responsibility.
Follow Axon here:
Axon on X: https://x.com/axon_enterprise Axon on Facebook: https://www.facebook.com/Axon.ProtectLife/ Axon on LinkedIn: https://www.linkedin.com/company/axon-protect-life/ Note to Investors
Please visit http://investor.axon.com, https://www.axon.com/press, https://x.com/axon_enterprise and https://www.facebook.com/Axon.ProtectLife/ where Axon discloses information about the company, its financial information and its business.
CONTACT:
Investor Relations
Axon Enterprise, Inc.
[email protected]
Ondo price has climbed 27% from $0.32 on July 15 to an intraday high near $0.42 as institutional tokenization deals and a decisive chart breakout have strengthened bullish sentiment around the RWA-focused token.
Summary
ONDO price surged 27% from $0.32 as institutional tokenization deals and stronger network activity attracted buyers. A breakout from the descending channel has opened potential targets at $0.45 and $0.47. Liquidation clusters near $0.417 could fuel another short squeeze, while $0.39 remains the key support. According to data from crypto.news, Ondo (ONDO) price traded near $0.41 at press time, up about 2% on the day, with a market capitalization close to $2 billion. The token has outperformed Bitcoin and Ethereum over the past week as traders moved toward crypto projects tied to real-world financial infrastructure.
Recent interest followed Ondo Finance’s work with the Depository Trust & Clearing Corporation on a model for tokenizing securities held at the Depository Trust Company. Products linked to assets such as the SPDR S&P 500 ETF and Circle shares could use entitlements tied to securities held within existing custody systems, rather than stand-alone synthetic copies.
Ondo’s institutional case also includes a cross-border redemption completed with Mastercard, Kinexys by J.P. Morgan and Ripple. The transaction announced in May tested the redemption of tokenized U.S. Treasuries across two banking networks, giving investors another example of how regulated assets can move between blockchain and conventional payment systems.
Meanwhile, Ondo has expanded its tokenized-stock platform to more than 440 assets, while its website reports about $1.05 billion in value locked across those products. The company also introduced round-the-clock minting and redemption for tokenized stocks in June, reducing the dependence on U.S. market hours.
A separate agreement with Japan’s SBI Group added another source of demand for the RWA narrative. The companies plan to explore tokenized Japanese securities distributed through SBI’s network, with yen-based settlement through the JPYSC stablecoin.
Institutional deals have driven ONDO’s breakout Daily active addresses rose from 2,589 to around 3,300 on July 21 as the price approached $0.40, according to network data cited in the market analysis. The increase came alongside a sharp rise in trading volume, which helped ONDO break from a descending channel that had controlled price action since May.
Spot buying also pushed cumulative volume delta back above zero, while derivatives open interest rebounded from its recent low. Those moves show that fresh capital entered both markets during the advance, although the speed of the recovery also forced traders holding short positions to close contracts as ONDO crossed $0.39.
Investor sentiment has turned firmly positive after repeated failures below the same resistance. According to analyst Michaël van de Poppe, the token’s brief return to $0.34 created a successful retest before the latest push.
“I assume that, with this short retest at $0.34 and the fact that we’re having a test of this resistance so fast, it’s likely that we’ll continue to rally upwards.”
Van de Poppe placed $0.45 as the next likely objective and argued that strength in ONDO could also pull other RWA tokens higher. His view matches the latest spot structure, though the token must first absorb sellers between $0.41 and $0.42.
Macro conditions have also favored assets with clear institutional links. Bitcoin traded near $66,000, and Ethereum hovered around $1,930 as both assets registered limited daily gains, while investors assessed commodity volatility and the next round of central-bank decisions. ONDO’s 27% weekly advance has separated it from that subdued large-cap performance.
ONDO price must secure $0.42 before targeting $0.47 The daily chart shows ONDO breaking above the upper boundary of its multimonth descending channel after several failed attempts. Based on the height of the channel, the measured move places the main bullish target near $0.472, an area that also served as resistance during May.
Ondo price daily chart has broken out of a descending channel pattern on the daily chart — July 22 | Source: crypto.news Momentum supports the advance but leaves little room for a weak close. The daily relative strength index has reached 69.18, just below the conventional overbought threshold of 70, while its average remains at 53.89. The MACD line has risen to 0.0130 above the 0.0044 signal line, and the positive histogram has expanded to 0.0086.
On the 4-hour chart, ONDO has moved above the Murray Math ultimate resistance at $0.3906 and the $0.4028 overbought level. Price has now entered the band between $0.4028 and $0.4150, where traders may take profits after the rapid advance. The next extension sits at $0.4272 if buyers secure a 4-hour close above $0.415.
Ondo price 4-hour chart — July 22 | Source: crypto.news Cash flow remains supportive, with the 4-hour Chaikin Money Flow reading at 0.28. A positive value of that size confirms that buying volume has outweighed selling volume during the breakout, though a drop below $0.3906 would weaken the immediate setup. Lower supports sit at $0.3784 and $0.3662.
CoinGlass’ 24-hour liquidation heatmap places the largest nearby leverage pool around $0.416–$0.417, just above the current price. A push through that cluster could liquidate additional short positions and carry ONDO toward $0.42. Below the market, leveraged positions are concentrated near $0.393–$0.390, with another dense pocket around $0.389.
Ondo liquidation heatmap | Source: CoinGlass A daily close above $0.42 would open the route toward $0.45 and the channel target at $0.472. Rejection from the current resistance could send ONDO back toward $0.39, while loss of that level would expose $0.378 and delay the bullish continuation.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Ondo, Backed Finance, and Robinhood Chain all set all-time highs in tokenized equity holdings this week, while dYdX's new Arcus exchange posted record perps volume — signs the market for onchain stocks is scaling on multiple fronts at once.
The market for tokenized stocks reached a record $2.3 billion in market capitalization in mid-July, according to Token Terminal data, nearly doubling since March, when the sector first cleared $1 billion, and the growth is showing up across every major issuer at once.
On July 21 alone, Artemis data recorded all-time highs for Ondo Finance's tokenized shares outstanding (514.5 million) and holder count (93,880), Backed Finance's tokenized market cap ($579.4 million), and Robinhood Chain's tokenized shares (126,720) and equity holder count (36,170).
Arcus, the tokenized-stock exchange launched this month by the team behind dYdX, posted record daily perps volume of $11.9 million and record open interest of $6.8 million the same day.
Ethereum leads the sector with 34% of tokenized stock market share, followed by BNB Chain at 30% and Solana at 23%, per Token Terminal. Tokenized stocks remain a small corner of the broader tokenized real-world asset market — roughly 5% by Token Terminal's count, while DefiLlama tracks about $27.3 billion in active RWA market cap — but they have been the fastest-growing asset class on Ethereum this year.
Ondo Extends Its LeadOndo's tokenized shares outstanding roughly doubled over six months to 514.5 million, while holder count more than tripled to 93,880 — both all-time highs on July 21. Data: Artemis.Ondo Finance is the largest issuer with $955 million in onchain equities, per Token Terminal, and its July has been dense with catalysts. The firm partnered with Japan's SBI Group on July 16 to tokenize Japanese stocks and explore settlement in JPYSC, SBI's trust-backed yen stablecoin. It also switched on 24/7 minting and redemption for tokenized US stocks and ETFs, added voting rights to its tokenized stocks, and enabled tokenized stock collateral on OndoPerps, its perpetual futures venue — the product behind its record $39.8 million in open interest, per Artemis.
The firm's catalog has passed 430 tokenized stocks and ETFs across Ethereum, Solana, and BNB Chain, and its distribution now runs through MetaMask and Felix on Hyperliquid.
ONDO traded around $0.41 on July 22 with a market capitalization of $1.99 billion, near the top of its seven-day range of $0.32 to $0.41, per CoinGecko. The token jumped roughly 15% in the 24 hours after the SBI announcement.
Backed and the Exchange-Issued WaveBacked Finance, the Swiss issuer behind the xStocks product distributed on Kraken, Bybit, and Solana DeFi, reached a record $579.4 million in tokenized market cap on July 21, per Artemis. Kraken said xStocks surpassed $25 billion in cumulative transaction volume within eight months of launch. Token Terminal puts xStocks' onchain holdings at $507 million, with Binance's bStocks third among issuers at $334 million — a sign exchange-issued products are becoming a distinct growth channel alongside DeFi-native issuers.
Backed Finance's tokenized market cap nearly tripled since late January, jumping from about $430 million to over $530 million in a June 29 step-change before its July 21 record. Arcus perp volume, overlaid since its July 1 launch, hit $11.9 million the same day. Data: Artemis.New Entrants: Robinhood Chain and ArcusRobinhood's Stock Tokens, issued on the company's own Layer 2 that launched July 1, remain the smallest of the cohort at $19.3 million in tokenized market cap, but all three of the product's Artemis metrics — market cap, shares tokenized, and holder count — hit records on July 21. The tokens are available in more than 120 countries and are already being used as collateral on Lighter, a derivatives protocol on the chain.
The speculative layer is arriving too. Arcus, launched July 1 by dYdX Labs with investment from Robinhood Crypto, offers 24/7 spot trading on 95 stock tokens with zero fees and is rolling out perpetual futures on equities, commodities, and indices with up to 50x leverage. The exchange is not available in the US, UK, or Canada. Its record $11.9 million in daily perps volume, while small against crypto-native perps venues, is an early data point for leveraged trading built on tokenized equities.
The Road to $3BAn Ondo executive said in May the company expects the tokenized equity market to reach between $2.5 billion and $3 billion by year-end, per TheStreet. At the current pace — the sector has nearly doubled in four months — that target implies slower growth than the market is delivering.
Holder counts remain the metric to watch. Ondo's 93,880 and Robinhood Chain's 36,170 tokenized-equity holders are records, per Artemis, but are small next to any retail brokerage's user base. Whether 24/7 settlement, DeFi collateral use, and yen-settled Japanese stocks translate into sustained holder growth is what the next two quarters will show.
Cencora (COR) is transitioning from a bulk pharmaceutical distributor to a specialty medicines infrastructure provider, targeting higher-margin, service-driven growth. Recent acquisitions of OneOncology and Retina Consultants of America are driving margin expansion, with Q2 adjusted gross profit up 15.7% and margin rising to 4.31%. Management raised FY2026 adjusted EPS guidance to $17.70–$17.90, expects $3B adjusted FCF, and targets 10–14% long-term EPS growth.
DUBLIN--(BUSINESS WIRE)--The Board of Directors of intelligent power management company Eaton (NYSE:ETN) today declared a quarterly dividend of $1.10 per ordinary share. The dividend is payable August 28, 2026, to shareholders of record at the close of business on August 7, 2026. Eaton has paid dividends on its shares every year since 1923. Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make pr.
Rosen Law Firm, a global investor rights law firm, announces a class action lawsuit on behalf of purchasers of common stock of Primoris Services Corporation (NY
LOS ANGELES, July 22, 2026 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Primoris Services Corporation, (“Primoris” or the "Company") (NYSE: PRIM) investors of a class action on behalf of investors that bought securities between August 5, 2025 and June 22, 2026, inclusive (the “Class Period”). Primoris investors have until September 21, 2026 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: [email protected], to discuss their legal rights, or join the case via https://portnoylaw.com/primoris-services-corporation. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for PURSUING claims to recover their losses.
We are investigating Primoris Services Corporation (PRIM) (“Primoris” or the “Company”) for potential violations of the federal securities laws. On February 23, 2026, Primoris issued a press release reporting its fourth-quarter and full-year 2025 financial results. In the press release, Primoris disclosed increased costs on certain renewable energy projects, more challenging-than-anticipated soil conditions, and margin compression within its Energy segment, acknowledging that these issues adversely affected fourth-quarter profitability despite higher revenue. On this news, Primoris’s stock price fell $13.72 per share, or 8.28%, to close at $151.92 per share on February 24, 2026. Then, on May 5, 2026, Primoris issued a press release reporting its financial results for the first quarter of 2026. In the press release, Primoris disclosed additional adverse developments affecting its renewable energy business, including revenue and margin pressure, delayed project starts, and weaker-than-expected first-quarter 2026 results. The Company also reduced its full-year 2026 Adjusted EPS guidance from $5.80-$6.00 to $4.80-$5.00 and lowered its Adjusted EBITDA guidance. On this news, Primoris’s stock price fell $101.69 per share, or 50.11%, to close at $101.23 per share on May 6, 2026. Then, on June 8, 2026, Primoris issued a press release announcing that Anthony Vorderbruggen, the Company’s President of Renewables, was departing Primoris, effective immediately. On this news, Primoris’s stock price fell $18.92 per share, or 15.4%, to close at $103.90 per share on June 9, 2026. Finally, on June 22, 2026, Primoris issued a Business Update announcing that, following an internal review supported by an independent third-party industry expert, it had identified substantial challenges, cost overruns, and project delays affecting six renewable energy projects. The Company reduced its full-year 2026 Adjusted EPS guidance to $2.05-$2.60, lowered its Adjusted EBITDA guidance to $275 million-$325 million, projected that 2026 Renewables revenue would decline to approximately $2.1 billion, and announced the resignation of its Chief Operating Officer. On this news, Primoris’s stock price fell $23.39 per share, or 21.59%, to close at $84.95 per share on June 23, 2026.
The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA, NY and TX Bar [email protected]
310-692-8883
www.portnoylaw.com
SAN DIEGO--(BUSINESS WIRE)---- $PRIM #Energy--Robbins LLP informs stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired Primoris Services Corporation (NYSE: PRIM) securities between August 5, 2025 and June 22, 2023. Primoris is an infrastructure services company that provides engineering, procurement, construction, and maintenance services to customers in the utilities, energy, and infrastructure markets.For more information, submit a form, email attorney Aaron.
Why: Rosen Law Firm, a global investor rights law firm, announces a class action lawsuit on behalf of purchasers of common stock of Primoris Services Corporation (NYSE: PRIM) between August 5, 2025 and June 22 2026, inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 21, 2026.
So what: If you purchased Primoris common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
What to do next: To join the Primoris class action, go to https://rosenlegal.com/cases/primoris-services-corporation/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 21, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
Details of the case: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Primoris' cost estimation, cost-to-complete forecasting, and project oversight processes were deficient and failed to provide reliable estimates of the costs and expected profitability of significant fixed-price renewable energy projects; (2) as a result, Primoris systematically underestimated the costs and risks of significant fixed-price renewable energy projects that were experiencing material cost overruns, execution problems, and schedule delays; and (3) accordingly, defendants' statements regarding Primoris' estimating processes, project execution, ability to manage project risk, financial performance, and financial guidance lacked a reasonable basis and omitted material adverse facts. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Primoris class action, go to https://rosenlegal.com/cases/primoris-services-corporation/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com
Why: Rosen Law Firm, a global investor rights law firm, announces a class action lawsuit on behalf of purchasers of common stock of Primoris Services Corporation (NYSE: PRIM) between August 5, 2025 and June 22 2026, inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 21, 2026.
So what: If you purchased Primoris common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
What to do next: To join the Primoris class action, go to https://rosenlegal.com/cases/primoris-services-corporation/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 21, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
Details of the case: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Primoris' cost estimation, cost-to-complete forecasting, and project oversight processes were deficient and failed to provide reliable estimates of the costs and expected profitability of significant fixed-price renewable energy projects; (2) as a result, Primoris systematically underestimated the costs and risks of significant fixed-price renewable energy projects that were experiencing material cost overruns, execution problems, and schedule delays; and (3) accordingly, defendants' statements regarding Primoris' estimating processes, project execution, ability to manage project risk, financial performance, and financial guidance lacked a reasonable basis and omitted material adverse facts. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Primoris class action, go to https://rosenlegal.com/cases/primoris-services-corporation/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827 [email protected]
www.rosenlegal.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/prim-investors-have-opportunity-to-lead-primoris-services-corporation-securities-fraud-lawsuit-302832400.html
[url="]Robbins LLP[/url] informs stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired Primoris Services Cor
Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. But finding a growth stock that can live up to its true potential can be a tough task.
By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss.
However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.
Our proprietary system currently recommends RBC Bearings (RBC - Free Report) as one such stock. This company not only has a favorable Growth Score, but also carries a top Zacks Rank.
Studies have shown that stocks with the best growth features consistently outperform the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.
Here are three of the most important factors that make the stock of this maker of bearings and components a great growth pick right now.
Earnings GrowthEarnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.
While the historical EPS growth rate for RBC Bearings is 27.1%, investors should actually focus on the projected growth. The company's EPS is expected to grow 17% this year, crushing the industry average, which calls for EPS growth of 11.1%.
Cash Flow GrowthWhile cash is the lifeblood of any business, higher-than-average cash flow growth is more important and beneficial for growth-oriented companies than for mature companies. That's because, growth in cash flow enables these companies to expand their businesses without depending on expensive outside funds.
Right now, year-over-year cash flow growth for RBC Bearings is 19.5%, which is higher than many of its peers. In fact, the rate compares to the industry average of 6.3%.
While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 30.8% over the past 3-5 years versus the industry average of 9.1%.
Promising Earnings Estimate RevisionsBeyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
There have been upward revisions in current-year earnings estimates for RBC Bearings. The Zacks Consensus Estimate for the current year has surged 0.6% over the past month.
Bottom LineRBC Bearings has not only earned a Growth Score of B based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #2 because of the positive earnings estimate revisions.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
This combination positions RBC Bearings well for outperformance, so growth investors may want to bet on it.
@BinanceWallet has kicked off Trade and Win Season 4, a two-week on-chain trading competition run in partnership with @Virtuals_io and built entirely around the AI agent ecosystem on the @RobinhoodChain.
What the Competition Involves The campaign runs from July 22 to August 5, 2026. Participants trade eligible tokens launched through the @Virtuals_io protocol, with all activity required to take place on-chain via the Binance Web3 interface. Rankings are determined by realized profit and loss (PnL), and the top performers share a prize pool of 60,000 $USDG.
This is the first season of the Trade and Win series to focus exclusively on a single external blockchain, marking a deliberate push by Binance into the Robinhood Chain ecosystem. The move comes weeks after @BinanceWallet added Robinhood Chain filters to its Meme Rush token discovery feature, adding support for Robinhood Chain projects including Virtuals Protocol on July 18 and 19, roughly two and a half weeks after Robinhood Chain's mainnet went live on July 1.
Why Robinhood Chain Is Attracting Attention Robinhood Chain is a layer-2 blockchain built on Arbitrum and designed for tokenized real-world assets and decentralized finance applications. Its public mainnet launch brought tokenized stock trading live in more than 120 countries and introduced Robinhood Earn, a decentralized lending product offering an estimated 7% yield on USDG, as Robinhood expands beyond its brokerage roots into crypto, tokenized assets, and AI-powered trading.
@Virtuals_io has moved quickly to establish itself on the new network. Between 2,100 and 2,400 individual AI agents went live on the chain within roughly two weeks of that integration, generating trading volume in the range of $77 million to $100 million. The $VIRTUAL token saw a roughly 20% price increase tied to the Robinhood Chain integration milestones.
For Binance, anchoring a high-profile trading competition to Robinhood Chain at this early stage serves a dual purpose: it draws its own user base onto a fast-growing network while giving @Virtuals_io tokens a concrete incentive layer. Whether trading volumes hold beyond the promotional window remains the key question for both ecosystems.
Sources:
Crypto Briefing: Virtuals Protocol agents now discoverable on Binance Wallet's Meme Rush after Robinhood Chain integration
CoinDesk: Robinhood rolls out public blockchain as it expands deeper into crypto
Robinhood Newsroom: Robinhood Chain Mainnet launch announcement
Law Offices of Howard G. Smith reminds investors of the upcoming September 14, 2026 deadline to file a lead plaintiff motion in the case filed on behalf of inve
Key Takeaways C.H. Robinson is set to report Q2 results on July 29, with earnings and revenues seen rising y/y. CHRW faces soft freight demand, higher spot and fuel costs, and pressure on truckload margins. C.H. Robinson's disciplined revenue management and strong LTL performance support its prospects. C.H. Robinson Worldwide (CHRW - Free Report) is scheduled to report second-quarter 2026 results on July 29, after market close.
The Zacks Consensus Estimate for the second-quarter 2026 earnings has been revised upward by 1.34% over the past 60 days to $1.51 per share. The consensus mark indicates a 17.05% increase from the second-quarter 2025 actuals. The Zacks Consensus Estimate for second-quarter 2026 revenues is pegged at $4.37 billion, indicating a 5.6% increase from second-quarter 2025 actuals.
C.H. Robinson has an encouraging earnings surprise history. The company’s earnings have outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 9.37%.
Let’s see how things have shaped up for C.H. Robinson this earnings season.
Factors Likely to Have Influenced CHRW's Q2 PerformanceWe expect CHRW's performance in the to-be-reported quarter to have faced pressure from soft freight demand, elevated truckload spot market costs, lower ocean freight rates due to excess vessel capacity and continued geopolitical and trade-related disruptions affecting global shipping networks.
The Zacks Consensus Estimate for Global Forwarding’s second-quarter 2026 revenues is pegged at $786.04 million, indicating a 1.5% decrease from the year-ago reported figure. For All Other and Corporate (Robinson Fresh, Managed Services and Other Surface Transportation), the second-quarter 2026 revenues are pegged at $412.58 million, indicating a 2% decline from the year-ago reported figure.
Elevated truckload spot market costs, supply-driven capacity constraints, higher fuel costs, rising carrier operating expenses and continued pressure on contractual truckload margins are expected to have put a strain on CHRW's performance in the June-end quarter.
On the contrary, the company's disciplined revenue management practices, coupled with strong LTL performance, are expected to have supported its prospects. The Zacks Consensus Estimate for second-quarter 2026 North American Surface Transportation revenues is pegged at $3.07 billion, indicating a 5.1% increase from the year-ago reported figure.
What Our Model Says About CHRWOur proven model does not predict an earnings beat for C.H. Robinson this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. Which is not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
CHRW has an Earnings ESP of -1.23% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Highlights of CHRW’s Q1 ResultsCHRW reported mixed first-quarter 2026 results, wherein earnings surpassed the Zacks Consensus Estimate while revenues missed the same.
Quarterly earnings per share (EPS) of $1.35 outpaced the Zacks Consensus Estimate of $1.24 and improved 15.4% year over year. Total revenues of $4.01 billion missed the Zacks Consensus Estimate of $4.08 billion and fell 0.8% year over year.
Stocks to ConsiderHere are a few stocks from the broader Zacks Transportation sector that investors may consider, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.
Herc Holdings Inc. (HRI - Free Report) has an Earnings ESP of +14.47% and a Zacks Rank #3 at present. HRI is scheduled to report second-quarter 2026 results on July 28, before the market opens.
The Zacks Consensus Estimate for the second-quarter 2026 earnings has been revised upward by 7.04% over the past 60 days to 76 cents per share. The Zacks Consensus Estimate for revenues is pegged at $1.15 billion, indicating a 16.75% increase from the second-quarter 2025 actuals.
Schneider National (SNDR - Free Report) has an Earnings ESP of +1.50% and a Zacks Rank #1 at present. SNDR is scheduled to report second-quarter 2026 earnings on July 30.
The Zacks Consensus Estimate for second-quarter 2026 earnings has remained flat at 22 cents over the past 60 days. SNDR’s earnings beat the Zacks Consensus Estimate in one of the preceding four quarters (missing the mark twice and met the mark once in the remaining three quarters). The average miss is 17.97%.
It's been a rough year for SoFi Technologies (SOFI -3.09%) shareholders. The stock is down 34% year to date in a thriving bull market.
But as the second-quarter earnings report approaches, investors got excellent news from the big banks, including JPMorgan Chase and Goldman Sachs. Bank stocks in general tend to move as a group, and the good news should trickle down to SoFi as well. Here's what's happening.
What's good for some banks is good for all banks The main growth driver for both JPMorgan Chase and Goldman Sachs was investment banking. Both companies reported strong growth in the segment: 55% for Goldman Sachs and 45% for JPMorgan Chase.
Image source: SoFi.
Investment banking includes activities like initial public offerings (IPOs) and other capital raises, mergers and acquisitions (M&A), and asset management -- the kinds of things that Wall Street is known for doing. Heightened investment banking activity is a great sign of a healthy economy, where businesses transact and make deals.
High IPO activity often comes when there's a strong bull market, and Q2 featured the Space Exploration Technologies (SpaceX) IPO, the largest ever. Goldman Sachs said that M&A activity increased 90% year over year in the quarter and that the artificial intelligence (AI) build-out is driving growth in many areas.
Increased activity in the big banks is good for smaller banks, too. More money is going around, more people are investing, and that leads to a robust economy. While there have been warning signs about the economy, conditions remain strong so far.
It's not just investment banking While investment banking accounted for much of the growth in Q2, it was a great quarter all around for all segments. In particular, lending was strong, which is an excellent indicator for SoFi. At JPMorgan Chase, for example, average loans were up 10% year over year.
Today's Change
(
-3.09
%) $
-0.55
Current Price
$
17.10
SoFi has expanded into a full digital banking app, but its original and core business is lending. Lending was responsible for more than half of total revenue in the 2026 first quarter, and it increased 55% year over year. Total originations were up 68%, with particular strength in home loans, which were up 137%, and student loans, which were up 119%.
SoFi doesn't have an investment banking arm, but it's also benefiting from the wave of capital activity through its investing tools, and it was one of the platforms that offered retail IPO access to SpaceX.
SoFi reports Q2 earnings on July 29, and there's a lot to get excited about now.
JPMorgan Chase is an advertising partner of Motley Fool Money. Jennifer Saibil has positions in SoFi Technologies. The Motley Fool has positions in and recommends Goldman Sachs Group and JPMorgan Chase. The Motley Fool has a disclosure policy.
Pegasystems (NASDAQ:PEGA) shares fell about 15% following the release of its second quarter 2026 results, after the enterprise software company missed Wall Street expectations on both earnings and revenue.
The company reported adjusted earnings per share of $0.35 for the quarter, below analyst estimates of $0.43.
Revenue came in at $420.7 million, compared with consensus expectations of $427.4 million.
Revenue increased 9% year over year from $384.5 million, driven by growth in subscription-related businesses. Pega Cloud revenue rose 28% year over year to $213.9 million, while subscription services revenue increased 17% to $288.5 million. Consulting revenue declined 13% to $50.2 million.
Pegasystems highlighted growth in annual contract value (ACV), with total ACV increasing 7% year over year to $1.62 billion, or 8% on a constant currency basis. Pega Cloud ACV grew 22% year over year.
The company also reported strong cash generation during the first half of the year, with operating cash flow reaching $298 million and free cash flow totaling $288 million.
“Pega generated record first-half cash flow and returned substantial capital to shareholders,” Pegasystems’ chief operating officer and chief financial officer Ken Stillwell said in a statement.
“As the market shifts from AI experimentation to tokenomics and reliable business outcomes, that evolution plays directly to Pega’s strengths, and we remain confident in our strategy to capitalize on the opportunity ahead.”
Pegasystems CEO Alan Trefler highlighted the company’s AI-focused product developments, including the release of Pega Infinity 26, which the company said is designed to help enterprises deploy AI with more predictable costs and outcomes.
“Pega Infinity 26 uniquely deploys the power of AI with predictable outcomes and predictable costs by applying agents at design time to optimize run-time token use,” Trefler wrote.
Pegasystems noted that changes in the artificial intelligence market have caused some customers to delay purchasing decisions, impacting ACV growth during the first half of the year. The company warned that these factors could continue to weigh on ACV growth for the remainder of 2026.
Key Takeaways Pegasystems' revenues rose 9.4%, while earnings increased 25% but missed estimates. Pega Cloud revenues jumped 28% and accounted for 51% of quarterly revenues.Pegasystems warned that delayed client decisions may pressure ACV growth and cash generation. Pegasystems (PEGA - Free Report) reported second-quarter 2026 non-GAAP earnings of 35 cents per share, missing the Zacks Consensus Estimate by 18.61%. Earnings rose 25% year over year.
Revenues rose 9.4% year over year to $420.72 million but missed the consensus mark by 1.84%. The shortfalls came despite continued cloud momentum. Pega Cloud annual contract value rose 22% year over year, while total annual contract value increased 7% or 8% in constant currency.
Backlog grew year over year, supporting longer-term revenue visibility. Total backlog increased 10% year over year to $2.02 billion as of June 30, 2026 or 11% in constant currency. Pega Cloud backlog rose 18% to $1.56 billion and accounted for 77% of total backlog, up from 72% a year earlier.
PEGA's Cloud Growth Supports Revenue ExpansionPega Cloud revenues climbed 28% year over year to $213.93 million and represented 51% of quarterly revenues, up from 43% a year earlier. Maintenance revenues declined 6% to $74.53 million.
Together, subscription services revenues advanced 17% to $288.46 million. Subscription license revenues rose 2% to $82.03 million, taking total subscription revenues up 13% to $370.49 million.
PEGA's Revenue Mix Shows Subscription StrengthConsulting revenues declined 13% year over year to $50.23 million and accounted for 12% of total revenues compared with 15% in the prior-year quarter. The decline partly offset gains across the subscription business.
Subscription revenues represented 88% of quarterly revenues, up from 85% a year earlier. The higher recurring-revenue mix supported the top-line increase, but higher operating costs and delayed client decisions limited the benefit to profitability.
Pegasystems Faces Slower ACV GrowthTotal annual contract value reached $1.62 billion at June 30, 2026, compared with $1.51 billion a year earlier. Pega Cloud ACV increased to $926.29 million from $761.05 million, highlighting the continued shift toward cloud contracts.
However, management said unprecedented changes in the AI market prompted clients to delay purchasing decisions. The company added that ACV growth slowed in the first half and warned that these factors may continue to pressure growth for the rest of the year.
PEGA's Operating DetailsGross profit rose 13.7% year over year to $312.69 million. The gross margin expanded about 280 basis points to 74.3%, driven by revenue growth and a slight decline in total cost of revenues.
Operating expenses increased 14.9% to $296.05 million. Selling and marketing expenses rose 12.4%, research and development expenses increased 6.8%, and general and administrative expenses jumped 37.6%.
GAAP operating income slipped 3.7% year over year to $16.64 million. The operating margin contracted roughly 50 basis points to 4% as expense growth outpaced revenues.
PEGA’s Balance Sheet & Cash FlowAs of June 30, 2026, cash and cash equivalents and marketable securities totaled $361.9 million, down from $474 million as of March 31, 2026.
For the first six months of 2026, cash provided by operating activities increased 2.7% year over year to $298.23 million. Free cash flow rose 0.6% to $288.26 million, even as the company cautioned that slower ACV growth could weigh on cash generation for the remainder of the year.
PEGA's Zacks Rank & Stocks to ConsiderCurrently, Pegasystems carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Computer and Technology sector include Agilysys (AGYS - Free Report) , Bandwidth (BAND - Free Report) and Fortinet (FTNT - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Agilysys have declined 15.3% in the year-to-date period. AGYS is set to report its first-quarter fiscal 2027 results on July 27.
Shares of Bandwidth have surged 355.4% in the year-to-date period. BAND is slated to report its second-quarter 2026 results on July 29.
Fortinet shares have gained 99.1% in the year-to-date period. FTNT is set to report its second-quarter 2026 results on July 29.
Pegasystems Inc. (PEGA) Q2 2026 Earnings Call July 22, 2026 8:00 AM EDT
Company Participants
Peter Welburn - Vice President of Investor Relations
Alan Trefler - Founder, CEO & Chairman of the Board
Kenneth Stillwell - COO & CFO
Conference Call Participants
Steven Enders - Citigroup Inc., Research Division
Raimo Lenschow - Barclays Bank PLC, Research Division
Devin Au - KeyBanc Capital Markets Inc., Research Division
Patrick Walravens - Citizens JMP Securities, LLC, Research Division
Mark Schappel - Loop Capital Markets LLC, Research Division
Patrick McIlwee - William Blair & Company L.L.C., Research Division
Presentation
Operator
Hello, everyone. Thank you for joining us, and welcome to the Pegasystems Second Quarter 2026 Earnings Call and Webcast.
[Operator Instructions] I will now hand the conference over to Peter Welburn, Vice President of Corporate Development and Investor Relations. Please go ahead.
Peter Welburn
Vice President of Investor Relations
Good morning, everyone, and welcome to Pegasystems Q2 '26 Earnings Call. Before we begin, I'd like to read our safe harbor statement. Certain statements contained in this presentation may be construed as forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, plans, believes, will, could, should, estimates, may, forecasts and similar expressions are intended to identify these forward-looking statements.
These statements speak only as of the date the statement was made and are based on current expectations and assumptions. Because these statements relate to future events, they are subject to certain risks and uncertainties that could cause actual results to differ materially from our current expectations for fiscal year 2026 and beyond. Factors that could cause such differences are described in the company's press release announcing our Q2 2026 results and in our filings with the Securities and Exchange Commission including our annual report on Form 10-K for the year ended December 31, 2025, as
Key Takeaways TEL beat Q3 earnings and revenue estimates as sales rose 14% and orders hit a record $5.7 billion. TEL expects about $5.25B in Q4 sales and adjusted EPS of about $3.05, with 11% sales growth. TEL agreed to acquire Astrodyne TDI for $1.4B to expand its Industrial Solutions power portfolio. TE Connectivity (TEL - Free Report) reported third-quarter fiscal 2026 adjusted earnings of $2.94 per share, up 22% year over year. The figure beat the Zacks Consensus Estimate of $2.85 by 3.2%.
Net sales increased 14% year over year to $5.16 billion and surpassed the Zacks Consensus estimate by 3.14%. Growth across both the Industrial and Transportation segments supported performance. Orders reached a record $5.7 billion, rising 27% year over year.
TEL's Q3 Top-Line DetailsTransportation Solutions generated revenues of $2.58 billion, accounting for half of total sales. Segment revenues increased 7% on a reported basis and 5% organically from the year-ago quarter.
Industrial Solutions also recorded revenues of $2.58 billion, representing the remaining half of sales. The figure climbed 22% year over year on a reported basis and 21% organically, reflecting broad-based demand across most of its businesses.
TE Connectivity's Segment PerformanceWithin Transportation Solutions, Automotive sales rose 5% to $1.91 billion, including 3% organic growth, supported by content outperformance in Asia and Europe. Commercial Transportation revenues advanced 20% to $434 million and increased 18% organically on strong content growth across all regions.
Sensor’s revenues declined 1% to $233 million and fell 3% organically. The segment's adjusted operating income increased to $541 million from $486 million, while adjusted operating margin expanded 90 basis points to 21%.
TEL's Industrial Businesses Maintain MomentumDigital Data Networks revenues surged 34% to $813 million on both a reported and organic basis, aided by continued momentum in artificial intelligence applications. Management indicated that orders support another strong sequential sales increase for the business in the fourth quarter.
Energy sales increased 34% to $516 million, including 33% organic growth, driven by grid-hardening activity and data-center construction. Automation and Connected Living revenues rose 16% to $664 million, while Aerospace, Defense and Marine sales advanced 12% to $419 million. Medical revenues decreased 7% to $168 million. The segment's adjusted operating income increased to $588 million from $467 million, while adjusted operating margin expanded 70 basis points to 22.8%.
TE Connectivity's Q3 Operating DetailsIn third-quarter fiscal 2026, GAAP gross margin expanded 26 basis points (bps) year over year to 35.6%.
Selling, general and administrative expenses increased to $532 million from $491 million. Research, development and engineering expenses rose to $230 million from $211 million.
GAAP operating income increased to $981 million from $857 million. Operating margin edged up 10 bps to 19%. Adjusted operating income rose to $1.13 billion from $953 million, while adjusted operating margin expanded 90 bps to 21.9%.
TEL's Cash Flow and Balance SheetAs of June 26, 2026, cash and cash equivalents totaled $1.24 billion. Total debt was $5.63 billion.
TE Connectivity generated $1.19 billion in cash from operating activities during the quarter, nearly unchanged from the prior-year period. Free cash flow declined to $883 million from $962 million.
TEL repurchased $529 million of shares and paid $226 million in dividends during the quarter.
TE Connectivity's Positive Q4 GuidanceFor the fourth quarter of fiscal 2026, TE Connectivity expects sales of approximately $5.25 billion, indicating 11% growth on both a reported and organic basis. Adjusted earnings are projected to be approximately $3.05 per share, representing an 18% year-over-year increase.
TEL also agreed to acquire Astrodyne TDI for approximately $1.4 billion. The business is expected to contribute annual sales of more than $250 million and expand the company's power-management portfolio within Industrial Solutions.
TEL’s Zacks Rank & Other Stocks to ConsiderCurrently, TE Connectivity has a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader Zacks Computer and Technology sector are Bandwidth (BAND - Free Report) , Amphenol (APH - Free Report) , and Amkor Technology (AMKR - Free Report) . While Bandwidth and Amphenol sport a Zacks Rank #1 (Strong Buy), Amkor Technology carries a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Bandwidth is set to report second-quarter 2026 results on July 29. Bandwidth shares have appreciated 355.4% year to date.
Amphenol is slated to report second-quarter 2026 results on July 29. Amphenol shares have gained 16.8% year to date.
Amkor Technology is set to report second-quarter 2026 results on July 29. Amkor Technology shares have surged 69% year to date.
Hyperliquid’s [HYPE] recovery attempt failed again, with the altcoin facing rejection at $63. As a result, HYPE plunged, breaching the $60 support, falling to a low of $58.
At press time, HYPE was trading around $59.28, after dropping 6.11% on the daily charts. Therefore, the coin hovered below the short-term Moving Averages, reflecting downside pressure.
Multicoin Capital unstakes HYPE to sell Notably, HYPE dropped below $60 after on-chain monitors reported on Multicoin Capital’s token movements.
Onchain Lens reported that Multicoin Capital unstaked 1.96 million HYPE worth around $120 million spread across three wallets. These tokens had been staked for two months.
Source: Onchain Lens After unstaking, the firm appeared to be selling. Lookonchain reported that Multicoin Capital deposited 395,570 HYPE worth $23.78 million into Coinbase Prime. The deposit hinted at the preparation to sell and take profits. So far, the firm’s position on HYPE is sitting on $18 million in profit.
Interestingly, Multicoin Capital is not the only investor unstaking to cash out. According to Hyperscreener data, there are over 4.09 million HYPE worth $241 million pending unstake.
Source: Hyperscreener This implies that stakers have requested to unstake, and once completed, these tokens will also enter market circulation.
HYPE whales show optimism While Multicoin Capital unstaked its HYPE, other high-net-worth investors have continued to stake.
According to Onchain Lens, a dormant Hyperliquid whale, inactive since November 2025, returned and resumed staking HYPE. The whale staked 387.8K HYPE worth $23.42 million across two wallets.
Source: Onchain Lens Previously, the whale had staked 619.12k HYPE in November 2025. In total, the whale has staked 1.006 million HYPE worth $61.16 million. Moreover, whales continued to pile in, showing strong confidence and demand for Hyperliquid’s staking.
In fact, AMBCrypto earlier reported that 438.7 million HYPE was staked, accounting for 43.9% of the total supply. This indicated that most investors still prefer staking, even during downturns.
What do HYPE’s momentum indicators say? HYPE’s Relative Strength Index (RSI) fell deeper into the bearish zone, crashing to 40 as of writing. Such a drop suggested that the market faced increased selling pressure.
Source: TradingView Furthermore, the altcoin dropped below its 21- and 9-day Moving Averages, confirming the downtrend’s momentum. Under such market conditions, HYPE sits at risk of more losses on the price charts.
If the sentiment persists, Hyperliquid will extend its stay below $60, with $52 as critical support. To invalidate the bearishness, bulls must push for a close above $65k.
Final Summary Multicoin Capital unstaked 1.96 million HYPE worth around $120 million and sold 395,570 HYPE worth $23.78 million. Hyperliquid [HYPE] declined 6%, breaching the $60 support level, and touched a low of $58 amid intense pressure.
