Key Takeaways Mondelez to report second-quarter 2026 earnings on July 28, with revenue estimates of $9.22 billion.MDLZ EPS consensus stands at 67 cents, indicating an 8.2% decline year over year.MDLZ earnings may face pressure from elevated cocoa costs, inflation and higher brand spending. Mondelez International, Inc. (MDLZ - Free Report) is likely to witness top-line growth when it reports second-quarter 2026 earnings on July 28. The Zacks Consensus Estimate for revenues is pegged at $9.22 billion, indicating growth of 2.6% from the prior-year quarter’s reported figure.
The consensus mark for earnings has remained unchanged over the past 30 days at 67 cents per share, which, however, implies an 8.2% decline from the figure reported in the year-ago quarter. MDLZ has a trailing four-quarter earnings surprise of 5.4%, on average.
Factors Likely to Influence MDLZ’s Upcoming ResultsMondelez’s second-quarter performance is likely to have been supported by resilient demand across its global snacking portfolio, particularly in emerging markets, where consumer demand has remained relatively healthy. Pricing actions across several categories, coupled with continued strength in chocolate, biscuits and gum, are likely to have aided revenue growth despite mixed volume trends in certain developed markets. These factors are likely to have helped the company deliver year-over-year top-line improvement during the to-be-reported quarter.
The company’s broad geographic footprint is also likely to have remained a key strength. Emerging markets are likely to have continued driving business momentum, backed by wider distribution, strong brand execution and healthy performances across key regions. At the same time, developed markets are likely to have shown gradual stabilization, with improving retail dynamics in Europe and sequential recovery in the U.S. biscuit business strengthening the overall operating backdrop.
Mondelez’s continued focus on innovation, brand investments and channel expansion is also likely to have reinforced its competitive positioning. The company has been witnessing steady consumer demand for its well-established brands despite a challenging macro backdrop, supported by premium offerings, product innovation and a broader channel presence. Growing traction across convenience, club and e-commerce channels is also likely to have strengthened customer demand and supported market share trends.
However, profitability is likely to have remained under pressure in the upcoming quarter, as elevated cocoa costs and persistent commodity inflation continued to weigh on gross margins despite pricing actions. Higher brand-building investments and promotional spending might have further pressured operating margins, while pricing-related elasticity and package resizing initiatives are also likely to have weighed on earnings performance.
Earnings Whispers for MDLZOur proven model predicts an earnings beat for Mondelez 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 exactly the case here.
Mondelez carries a Zacks Rank #3 and has an Earnings ESP of +0.38%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks With the Favorable CombinationHere are some other companies worth considering, as our model shows that these also have the right combination of elements to beat on earnings this reporting cycle.
Archer-Daniels-Midland Company (ADM - Free Report) currently has an Earnings ESP of +12.50% and a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Archer-Daniels’ upcoming quarter’s EPS is pegged at $1.28, which implies a 37.6% rise year over year. The consensus estimate for ADM’s quarterly revenues is pinned at $22.4 billion, which calls for 5.7% growth from the figure reported in the prior-year quarter. ADM delivered a trailing four-quarter earnings surprise of 5.4%, on average.
Kimberly-Clark Corporation (KMB - Free Report) currently has an Earnings ESP of +2.70% and a Zacks Rank of 3. The Zacks Consensus Estimate for Kimberly-Clark’s upcoming quarterly revenues is pegged at $4.2 billion. The figure implies a 1.7% increase from the prior-year quarter.
The Zacks Consensus Estimate for Kimberly-Clark’s quarterly earnings per share is pegged at $2.00, indicating a 4.2% gain from the year-ago period figure. KMB delivered a trailing four-quarter earnings surprise of 19.1%, on average.
Monster Beverage Corporation (MNST - Free Report) currently has an Earnings ESP of +0.45% and a Zacks Rank of 3. The consensus estimate for Monster Beverage’s quarterly revenues is pinned at $2.4 billion, which implies 14.6% growth from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for the upcoming quarter’s EPS is pegged at 59 cents, which indicates a 13.5% jump year over year. MNST delivered a trailing four-quarter earnings surprise of 9.6%, on average.
Earnings came in at $3.20 per share, beating the analyst consensus estimate of $3.06. Revenue increased to $9.23 billion from a year earlier, exceeding analysts’ expectations of $9.18 billion.
D.R. Horton lowered its fiscal 2026 revenue outlook to $32.5 billion to $33.0 billion from its prior forecast of $33.5 billion to $34.5 billion. The new range is below the analyst consensus estimate of $33.66 billion.
The company also reduced its homebuilding closing forecast to 83,800 to 84,300 homes from its previous guidance of 86,000 to 87,500 homes.
D.R. Horton shares fell 0.7% to trade at $142.50 on Wednesday.
These analysts made changes to their price targets on D.R. Horton following earnings announcement.
RBC Capital analyst Mike Dahl maintained the stock with an Underperform rating and raised the price target from $123 to $125. Evercore ISI Group analyst Stephen Kim maintained the stock with an In-Line rating and raised the price target from $171 to $177. Considering buying DHI stock? Here’s what analysts think:
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Key Takeaways D.R. Horton trades at 12.3X forward earnings, with valuation supportive but not a deep homebuilding bargain.DHI returned capital through buybacks and dividends while maintaining $6.1 billion in liquidity.D.R. Horton cut fiscal 2026 revenue and homebuilding closings guidance amid affordability pressures. D.R. Horton, Inc. (DHI - Free Report) presents a restrained investment case rather than a clean buy signal. The homebuilder is still producing cash, supporting shareholders and managing inventory carefully.
The question is whether those strengths are enough while earnings growth softens. Valuation helps, but lower margins, higher cancellations and reduced fiscal 2026 guidance keep the setup mixed.
DHI Valuation Looks MeasuredDHI trades at 12.3X forward 12-month earnings. That is above the Zacks sub-industry multiple of 10.9X, but below the Zacks sector at 20.2X and the S&P 500 at 20.7X.
The valuation does not screen as stretched against the broader market. It also does not show a deep bargain within homebuilding, where investors remain focused on affordability, incentives and sales pace.
The $151 price target implies limited upside from the recent stock price of $143.92. That makes valuation a supportive part of the DHI case, not a stand-alone reason to buy aggressively.
D.R. Horton Still Returns Big CashD.R. Horton ended June 30, 2026, with consolidated liquidity of $6.1 billion, including $2.13 billion of cash, cash equivalents and restricted cash and $4 billion of available credit facility capacity. Debt to total capital was 23.0%, which supports flexibility through a cyclical housing slowdown.
The company also continues to return capital. In the third quarter of fiscal 2026, it repurchased 4.2 million shares for $615.7 million and paid $127.1 million in dividends.
For the first nine months of fiscal 2026, D.R. Horton repurchased 14.6 million shares for $2.2 billion and paid $388.3 million in dividends. Management still expects at least $3 billion in operating cash flow, about $2.5 billion of repurchases and roughly $500 million in dividends for fiscal 2026.
Lennar Corporation (LEN - Free Report) and PulteGroup, Inc. (PHM - Free Report) provide useful peer context because both compete in the same public homebuilder universe. For investors comparing builders, D.R. Horton’s liquidity and capital returns remain key parts of its relative appeal.
DHI Earnings Quality Needs ScrutinyD.R. Horton beat third-quarter fiscal 2026 expectations, with earnings of $3.20 per share and revenues of $9.23 billion. Homebuilding revenues rose 1.2% year over year, and homes closed increased 4% to 23,983.
The headline beat does not remove the pressure points. Earnings declined 4.8% year over year, net income fell 11.7% and income before taxes declined 9.7%.
Home sales gross margin slipped to 20.7% from 21.8% a year earlier. The cancellation rate also rose to 20% from 17%, showing that affordability constraints and cautious buyer sentiment are still weighing on demand quality.
D.R. Horton Cut Its 2026 OutlookD.R. Horton lowered its fiscal 2026 consolidated revenue guidance to $32.5-$33 billion from its prior view of $33.5-$34.5 billion. That compares with $34.25 billion in fiscal 2025.
The company also reduced its homebuilding closings outlook to 83,800-84,300 homes from the prior projection of 86,000-87,500 homes. This revised view points to a more measured sales pace rather than a rapid demand recovery.
The lower outlook matters for investors because it reflects the same affordability and mortgage-rate uncertainty affecting the broader housing market. Management is still prioritizing cash generation and disciplined sales activity, but the earnings backdrop is not accelerating.
DHI Ratings Point to Selective AppealThe bottom line is that DHI offers a reasonable but selective investment setup. Liquidity, cash returns and a measured valuation support the stock, while weaker margins, lower earnings and trimmed guidance argue against a broadly bullish stance.
DHI currently carries a Zacks Rank #3 (Hold). That rank fits a stock where estimate trends do not yet point to a stronger near-term earnings catalyst. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The stock has a VGM Score of A, Value Score of B, Growth Score of C and Momentum Score of A. These scores suggest attractive characteristics in value and momentum, while growth remains less convincing.
For investors who prioritize balance-sheet strength, shareholder returns and valuation discipline, DHI has appeal. For those seeking cleaner near-term growth, the stock still requires patience.
Key Takeaways D.R. Horton lowered average closing prices 2% to $362,000 to support affordability and demand.DHI improved construction cycle times and kept aged completed inventory limited with faster turns.DHI's gross margin fell to 20.7% as incentives stayed high despite lower stick-and-brick costs. D.R. Horton, Inc. (DHI - Free Report) is working through a housing market where affordability, mortgage-rate volatility and cautious buyers still shape demand.
The company’s current setup rests on a practical trade-off. It is using incentives, lower prices, product mix and its mortgage platform to keep homes moving while trying to protect returns.
DHI Leans on Affordable DemandD.R. Horton’s demand defense starts with affordability. In the third quarter of fiscal 2026, its average closing price declined 2% year over year to $362,000, reflecting a continued push toward more affordable offerings.
First-time buyers remain central to that strategy. They represented 65% of mortgage closings in the quarter, while net sales orders totaled 23,084 homes with an order value of $8.4 billion despite a difficult housing backdrop.
D.R. Horton Gains From Faster TurnsOperational speed is another part of the thesis. Median construction cycle times improved roughly three weeks year over year in the quarter, helping homes move through inventory more quickly.
D.R. Horton ended the quarter with 38,000 homes in inventory, including 23,300 unsold homes. Completed unsold homes were 7,600, with only 600 completed for more than six months, limiting the drag from aged supply.
DHI Uses Its Lot Strategy for FlexibilityThe company’s lot position supports future volume without forcing too much owned land onto the balance sheet. At June 30, 2026, D.R. Horton controlled 568,500 homebuilding lots, including 126,600 owned lots and 441,900 lots under purchase contracts.
That structure gives DHI room to adjust if demand changes. During the first nine months of fiscal 2026, 67% of homes closed were built on lots developed by Forestar or third parties, reinforcing its flexible land model.
PulteGroup (PHM - Free Report) is another large homebuilder competing for buyers across major housing markets, so its trends remain relevant to the same demand cycle. Toll Brothers (TOL - Free Report) , with a more luxury-oriented position, offers a useful contrast to DHI’s affordability-led approach.
D.R. Horton Still Faces Margin PressureThe offset is profitability. Home sales gross margin fell to 20.7% in the third quarter of fiscal 2026 from 21.8% a year earlier, even as closings increased 4% year over year.
Cost relief has not fully solved the issue. Stick-and-brick costs declined 5% year over year, but lot costs rose 5%, while incentives are expected to remain elevated through the fourth quarter as affordability remains the primary demand constraint.
DHI Signals a Balanced Stock SetupDHI’s setup remains balanced rather than one-sided. The company is using scale, inventory control and land flexibility to defend demand, but margin pressure and rate-sensitive buyers keep the near-term earnings picture measured.
The stock currently carries a Zacks Rank #3 (Hold), which fits a neutral short-term earnings-revision backdrop. DHI also has a VGM Score of A, Value Score of B, Growth Score of C and Momentum Score of A. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Style Scores point to favorable value and momentum characteristics, while the Growth Score is more middle-of-the-road. For investors, the combination suggests that DHI has useful support factors, but the Rank keeps the stock in hold territory until earnings visibility improves.
If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Corteva, Inc. (CTVA - Free Report) . This company, which is in the Zacks Agriculture - Operations industry, shows potential for another earnings beat.
This agriculture has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 15.94%.
For the most recent quarter, Corteva, Inc. was expected to post earnings of $1.18 per share, but it reported $1.5 per share instead, representing a surprise of 27.12%. For the previous quarter, the consensus estimate was $0.21 per share, while it actually produced $0.22 per share, a surprise of 4.76%.
Price and EPS Surprise
With this earnings history in mind, recent estimates have been moving higher for Corteva, Inc.. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Corteva, Inc. currently has an Earnings ESP of +4.81%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on July 30, 2026.
With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
The Warner Bros. Water Tower is pictured at Warner Bros. Studios in Burbank on the day it was announced that California and 11 states are suing to block Paramount's $110 billion acquisition of... Purchase Licensing Rights, opens new tab Read more
CompaniesBRUSSELS, July 22 (Reuters) - Paramount Skydance Corp (PSKY.O), opens new tab on Wednesday gained European Union antitrust approval for its $110 billion acquisition of Warner Bros Discovery (WBD.O), opens new tab after agreeing to ditch a film distribution joint venture with Universal Pictures.
The European Commission, which acts as EU competition enforcer, said Paramount Skydance's offer to end the United International Pictures JV in Europe within 13 months of closing the deal addressed its concerns, confirming a Reuters story.
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The company will not do any film distribution deal with Universal in Europe for 10 years and will not transfer the distribution of Warner's films in theatres to its own distributor, the Commission said.
"These commitments fully address the competition concerns identified by the Commission by ensuring that the films of the merged entity will not be distributed jointly with those of Universal or Disney," it added.
The transaction faces tougher U.S. challenges.
Last week Paramount Skydance was ordered by a U.S. court to pause the deal, which has been cleared by the U.S. Department of Justice, after a California-led coalition of states argued the merger would irreparably harm competition.
A prolonged interruption will cost Paramount Skydance financially as Paramount CEO David Ellison would be on the hook to pay Warner Bros. shareholders a 25-cent-per-share “ticking fee,” or about $7 million a day for each calendar day the merger is delayed past September 30.
The deal is also the target of a lawsuit by the Writers Guild of America which said it would jeopardize writers' livelihoods and threaten the health of U.S. entertainment.
Another hurdle is Britain, which last month said it may intervene because of the potential impact on news, children's television and streaming services.
Reporting by Foo Yun Chee, editing by Inti Landauro and Alexander Smith
Our Standards: The Thomson Reuters Trust Principles., opens new tab
An agenda-setting and market-moving journalist, Foo Yun Chee is a 21-year veteran at Reuters. Her stories on high profile mergers have pushed up the European telecoms index, lifted companies' shares and helped investors decide on their next move. Her knowledge and experience of European antitrust laws and developments helped her break stories on Microsoft, Google, Amazon, Meta and Apple, numerous market-moving mergers and antitrust investigations. She has previously reported on Greek politics and companies, when Greece's entry into the eurozone meant it punched above its weight on the international stage, as well as on Dutch corporate giants and the quirks of Dutch society and culture that never fail to charm readers.
European Union antitrust regulators said on Wednesday they had signed off on Paramount Skydance's proposed acquisition of Warner Bros. Discovery.
The approval, which included concessions made by Paramount, comes as the deal has been delayed in the U.S. due to concerns raised by state attorneys general.
A Paramount spokesperson didn't immediately respond to comment.
In order to garner the approval, the European Commission said Paramount agreed to divest its stake in a film distribution joint venture with United International Pictures in Europe, and said it would not enter into any film distribution deal with Universal for the next 10 years in Europe.
"These commitments fully address the competition concerns identified by the Commission by ensuring that the films of the merged entity will not be distributed jointly with those Universal or Disney," according to the EU's release.
Paramount's stock rose 3% in midday trading.
The EU's approval marks a major regulatory milestone for the $110 billion proposed merger.
The deal earlier won approval from the antitrust division of the U.S. Department of Justice. Various other global jurisdictions have also signed off on the deal.
However, in the U.S., a lawsuit brought forward by a group of state attorneys general last week has become a potential holdup in this deal moving forward.
The coalition led by California's Rob Bonta filed a lawsuit seeking to block the merger due to antitrust concerns. The tie-up is set to combine two major film studios, Paramount and Warner Bros., a massive portfolio of pay TV networks and streaming services HBO Max and Paramount+.
Earlier this week a California district judge granted a temporary restraining order that puts a 14-day pause on anything moving forward with the merger.
Paramount previously said it is on track to close the merger by the end of September.
EU Approves Paramount’s $110 Billion Warner Bros. Takeover—Despite Pushback In The U.S. Ty Roush is a breaking news reporter based in New York City.
Jul 22, 2026, 02:12pm EDT
ToplineThe European Union on Wednesday approved Paramount Skydance’s $110 billion takeover of Warner Bros. Discovery, even as the deal faces pushback in the U.S. over concerns the agreement violates antitrust law.
A federal judge paused the merger, ruling states had raised “serious questions” about antitrust law.
NurPhoto via Getty Images
Key FactsThe European Commission said in a statement Paramount’s deal for Warner Bros. was approved after Paramount agreed to end a distribution agreement with Universal Pictures in Europe, which regulators said “fully [addresses]” competition concerns.
Carvana (CVNA -2.76%) turned many investors' heads when it began scooping up brick-and-mortar dealerships recently. The strategic move seemed to go against the entire company's vision of online used-car sales (we'll get into that in a second). A smaller detail many overlooked was that Carvana opted to buy Stellantis (STLA +0.26%) dealerships primarily, a strange decision given the automaker's long list of recent struggles and receding market share. That said, this strange pairing might just be a match made in heaven for Carvana, and here's why.
What's going on? At first glance, Carvana scooping up physical dealerships goes against its historic strategy, but in reality, it's attempting to disrupt the age-old dealership model as we know it. As it attempts this strategic pivot, there's also reason to believe the synergy created could reward investors.
Jeep will play a big role in reversing market share losses. Image source: Stellantis.
Carvana's physical dealerships still won't sell you a vehicle in person; instead, they're for test drives, showing car capabilities, and helping consumers buy from a larger selection online. What this strategy also does is give Carvana control of the entire trade-in lifecycle. One of the more challenging aspects for Carvana was bringing in valuable used-vehicle inventory. Controlling dealerships that allow consumers to bring trade-in vehicles when purchasing new ones gives Carvana a bloodline of used-vehicle inventory to boost its historical business.
Another aspect of this strategy is that Carvana's acquired dealerships still plan to use the service bay as usual, potentially unlocking additional service revenue from its consumer base that may want to continue doing business with Carvana. What some investors aren't aware of is that while new and used vehicles drive dealerships' top-line revenue, the most profitable aspects, by a large margin, are service and parts, and finance and insurance. Carvana is unlocking the bread-and-butter of dealerships that its traditional online-only business lacked: high-margin maintenance and repair.
The initial results are incredibly intriguing, with its Arizona store booming in sales and becoming a top-selling dealership. More specifically, according to reports from The Wall Street Journal, Carvana's recently purchased Arizona dealership went from averaging 30 to 50 monthly sales to selling more than 700 new vehicles in May, according to Stellantis figures given to CNBC.
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Here's why it's a great match While Stellantis would surely benefit from increased sales across many dealerships, the match is primarily important to Carvana. That's because, at least initially, Carvana has chosen to make Stellantis dealerships its primary purchase. The question is why. The old saying "Buy low, sell high" is a fitting one for this scenario. Stellantis has experienced executive turnover, including the appointment of a new CEO, and it recently unveiled a massive $70 billion global turnaround plan with a strong focus on North America.
Stellantis has faced seemingly endless questions over the past few years about its product decisions, shrinking product lineups, receding market share, delayed launches, and uncertainty about the future of some of its many brands. That story is likely to change over the next five years as 11 new vehicles are headed to the U.S. market as Stellantis is committing 70% of its future investment into four primary brands. Two of them -- Ram and Jeep -- are focused on turning around Stellantis' North America market.
Furthermore, a growing concern has been rising new-car prices. Some analysts have called this an affordability crisis. This gives Stellantis, and by extension Carvana, the opportunity to quickly boost sales from the growing consumer demand for more affordable vehicles. In fact, at least nine upcoming models are targeting launch prices starting under $40,000, and two are targeting under $30,000. Stellantis' reduced focus on less-profitable, typically pricier electric vehicles (EVs) could also help Carvana's early efforts in the new-car business.
What it all means for Stellantis and Carvana At the same time, Stellantis' struggles have given Carvana an opportunity to purchase dealerships at lower prices than in the past. It also strategically pivots to a company putting up tens of billions to revive market share, product lineups, and brand identity. You could argue that Stellantis, because of its massive investment and potential turnaround, could be the best dealership partner over the next five years as Carvana fine-tunes its new strategy to disrupt the industry.
It's certainly a strange pairing, considering Carvana's history of used-car and online-only sales, but it might just be a match made in heaven over the next five years, especially if early results continue. As far as these two companies go, this is a much bigger deal for Carvana. Not only is it perhaps timing the brands of physical dealerships perfectly, considering Stellantis' upcoming massive investment in product and branding, Carvana opening the doors to new-car sales will give it entirely new revenue and profit streams, including servicing that is higher margin, that its historical business has lacked. If Carvana executes its strategy and disrupts the new-car dealership model, its earnings and stock price could soar over the next five years.
[url="]WHOOP[/url], the human performance company, today announced a new partnership with [url="]Robinhood[/url] that gives Robinhood Platinum Card cardholders
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Monday.com cited its "AI-driven growth strategy" in its layoff plans. Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images Big cuts are coming for Monday.com.
The enterprise software company plans to cut 20% of its workforce, according to a Form 6-K it filed. The layoffs are meant to align the company with its "strategic focus on the AI Work Platform," the disclosure said.
Monday.com joins the growing group of companies citing AI while announcing layoffs, like Snap and Block. Monday.com said that it was pursuing an "AI-driven growth strategy."
"We entered a new era where AI is transforming the role of software, creating the greatest opportunity our industry has ever seen," Monday.com cofounder and co-CEO Eran Zinman said in a note published to LinkedIn. "We have a new market to capture. Without a fundamental change in how we operate, we will not be able to compete and win that market."
The changes mean Monday.com is becoming flatter with more autonomous teams, Zinman wrote.
As to whether the layoffs were driven by AI improvements, the co-CEO wrote that the decision "was not made to reduce costs or replace people with AI."
While Monday.com plans to cut 20% of its workforce, it also said it plans to continue hiring in areas of focus.
It's not immediately clear exactly how many workers will be affected. In its 2025 annual report, Monday.com said that it had 3,155 employees. Monday.com did not immediately respond to a request for comment from Business Insider.
The company's stock rose throughout the morning, though it has since ticked back down. The stock has slumped roughly 75% in the last year.
Monday.com provides project management software to enterprises. This category is the target of growing "SaaSpocalypse" worries. Investors and analysts fret that AI and vibe coding could weaken companies' reliance on these tools.
Read the Monday.com co-CEO's full note:Hi everyone,Over the past nine months, we have shifted our core vision moving from managing work to doing the work for our customers, with people and AI agents working together in one workspace.This has required us to change our product, our strategy, and how we serve our customers.But it became clear that changing our strategy and product is not enough. The organization we built for our previous chapter is not the organization that fits the new AI era.Today, we are announcing the very difficult decision to reduce our global workforce by ~20%, affecting around 620 people.This is the most painful decision we have made since founding monday.com - yet we are certain it is the right one. We made it. We own it. And we take full responsibility for it.The people leaving are talented colleagues and friends. They helped build this company, support our customers, and create a culture we are deeply proud of. We are incredibly grateful to them, and we know that nothing we say can lessen the impact this will have on them and their families.We are not making this change to protect what we have. We are making it to go all in on what monday.com can become.Why are we making this change?We entered a new era where AI is transforming the role of software, creating the greatest opportunity our industry has ever seen.We have a new market to capture. Without a fundamental change in how we operate, we will not be able to compete and win that market.To fully realize this opportunity, and ensure monday.com is positioned to lead in this landscape, we need to move faster, execute more decisively, take on new challenges, respond quickly to market changes, and empower people in the company to create greater impact. Some of the things we are changing in monday:A flatter organization - We are reducing management layers, creating more empowered teams, and enabling faster decision-making.More autonomous teams - We are moving from teams with many dependencies to smaller groups with broader ownership and greater authority to execute.A new go-to-market model - Our new offering is opening a new market, and that market requires us to work differently. New and existing customers increasingly expect deeper implementation support as they adopt AI. We will work more closely with customers, increase our on-site presence, create new roles, and adapt many existing ones.Improving margins was not the purpose of this decision. We intend to reinvest the vast majority of the savings in our people, our products, AI, and future growth.For the people leaving monday.comThank you. Thank you for all your hard work, for the significant impact you have made, for caring so deeply about monday.com, and for always being willing to help and lend a hand. We know this is part of our culture, and it is something we consistently hear from everyone who interacts with people at monday.com.We want to be very clear: this decision is not a reflection of your performance, your contribution, or your value. It is the result of a management decision about how to structure the company for its next chapter.We are committed to supporting you through this transition with care, respect, and meaningful assistance. We will do everything we reasonably can to help you find your next opportunity, and we will provide you with a generous support package.To companies that are hiring: we recommend these people wholeheartedly. They are exceptional professionals and teammates, and we will help connect them with organizations looking for outstanding talent.For the people stayingIt is not easy to be part of such a significant change or to see colleagues and friends leave so quickly. We understand how difficult this will be. We also owe you clarity about what this change means.The change is not about asking fewer people to do the same amount of work. We are making real choices about what we will stop doing. We will simplify how we work, remove unnecessary friction, and give teams more authority to make decisions.The company that comes out of this change will have clearer priorities, fewer layers, faster decisions, and greater ownership.We are deeply confident about our futureOur path is very clear to us. This is a change we have chosen to make, and we are taking full responsibility for it. We have never seen such a significant opportunity in software, driven by such exciting technology.Nothing gives us more confidence than seeing how new and existing customers are responding to our new offering, and seeing adoption of our AI products accelerate.Every week, we see more evidence that our strategy is the right one. Customers are embracing our new vision, adoption of our AI capabilities continues to accelerate, and our confidence continues to grow.Our momentum is strong, and we believe we are on the right path to success on a massive market opportunity.To ease the uncertainty around this we will send all employees an email message within the next hour, followed by a personal call from one of your managers.For all managers - we know how difficult it is to process this personally, even as you continue to lead your teams. We have every confidence in your leadership and know you'll approach these conversations with the care, clarity, and respect that define our culture. Thank you for being there for your people during this transition.Thank you,Roy & EranDuring the change process, we received a few questions we'd like to clarify:Is the reason we are doing this reduction is to improve margins? No. Improving margins was not the purpose of this decision. We intend to reinvest the vast majority of the savings in our talent, our products, AI, and future growth.Do we plan more reductions in the future? We designed this change to create the organization we believe we need for our next chapter. We are not planning any further workforce reductions.Is this reduction driven by AI improvements? No. While we are seeing significant value from AI internally, this decision was not made to reduce costs or replace people with AI. We see internal AI adoption as an accelerator of our growth. This change was made to adapt the company to our new vision.Are people expected to work harder now that we have less people? Not harder - better. To give one example, we had many situations where work that could have been done in a few days took many months with multiple meetings and endless friction. This wasn't people's fault and everyone was frustrated by this. Our new org changes ownership to allow people to make decisions and move fast.You're talking about the new AI products, what about our existing market and customers? We are lucky to have amazing customers that love our product and actually use these words to describe it. We need to be there for them with our new vision of doing the work with AI and not just managing it. They are also undergoing change and we will invest heavily to help them - they are our biggest asset.
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Image Credits:Cheng Xin / Contributor / Getty Images Israeli workplace software maker Monday.com is laying off hundreds of employees as part of a restructuring plan to refocus its investments around AI projects.
The company said it is reducing its headcount by 20%, or about 630 staff, to “support a leaner, more focused operating model” as it concentrates on its AI Work Platform.
Monday.com earlier this year pivoted hard toward making its AI platform a core offering, redesigning its entire product around the belief that its enterprise customers increasingly want AI agents to work together with their employees. The AI Work Platform currently comprises a no-code app builder, a customizable AI agent, a workflow automation tool, and a chatbot that can do tasks like generating reports and updating dashboards.
The company joins a host of large tech firms that have laid off hundreds of thousands of people as they seek to invest more in AI. Tech layoffs in May hit a monthly high unseen in years, and a record 78% of companies have blamed a need to refocus their efforts around AI as a reason for letting people go this year, according to Layoffs.fyi.
More than 122,000 tech roles have been cut so far in 2026, Layoffs.fyi data shows.
Monday.com expects to incur $45 million to $55 million in charges due to the restructuring.
Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Nasdaq (NDAQ - Free Report) , which belongs to the Zacks Securities and Exchanges industry, could be a great candidate to consider.
When looking at the last two reports, this exchange operator has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 4.36%, on average, in the last two quarters.
For the most recent quarter, Nasdaq was expected to post earnings of $0.93 per share, but it reported $0.96 per share instead, representing a surprise of 3.23%. For the previous quarter, the consensus estimate was $0.91 per share, while it actually produced $0.96 per share, a surprise of 5.49%.
Price and EPS Surprise
With this earnings history in mind, recent estimates have been moving higher for Nasdaq. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Nasdaq has an Earnings ESP of +0.14% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on July 23, 2026.
When the Earnings ESP comes up negative, investors should note that this will reduce the predictive power of the metric. But, a negative value is not indicative of a stock's earnings miss.
Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Shares of Genpact fell as investors questioned the pace at which the company can translate its investments in AI into meaningful revenue acceleration. Permian Resources detracted from performance as energy stocks weakened following a decline in crude oil prices. Ralliant rallied following a strong earnings report in which organic revenue grew nearly 9%, well above expectations, driven by strength across both the Sensors & Safety Systems and Test & Measurement segments.
Key Takeaways CME Group topped Q2 earnings and revenue estimates on record market data revenues and solid trading activity. CME posted its third-highest quarterly ADV, with solid equity index and agricultural products. CME returned capital through dividends and buybacks while expanding products with new futures offerings. CME Group's (CME - Free Report) second-quarter 2026 adjusted earnings of $2.99 per share beat the Zacks Consensus Estimate of $2.91 by 2.7%. The bottom line increased 1% from the year-ago quarter. Revenues of $1.70 billion surpassed the consensus estimate of $1.68 billion by 1.2% and rose 1% year over year.
The quarter benefited from record market data revenues and resilient trading activity, with average daily volume reaching 29.8 million contracts, the third-highest quarterly level in the company's history.
CME’s Revenue Growth Supported by Market DataRevenue growth was driven by record market data and information services revenues, which rose 20% year over year to $238.1 million. Clearing and transaction fee revenues totaled $1.35 billion, while total revenues increased to $1.71 billion from $1.69 billion in the prior-year quarter.
The company also generated $115.6 million in other revenues, which grew 9.2% year over year. Total average rate per contract improved to 67.8 cents from 65.2 cents in the first quarter of 2026, reflecting lower volume tiering and a lower member mix.
CME Group Trading Activity Remains RobustTrading activity remained strong despite lapping a record second quarter of 2025. Average daily volume totaled 29.8 million contracts, representing the company's third-highest quarterly ADV.
Financial products averaged 24.2 million contracts daily, while commodities averaged 5.7 million. Equity Index ADV increased 13% year over year to 8.6 million contracts, Agricultural products ADV rose 6% to a record quarterly level of 2.1 million, and Metals ADV advanced 5% to 865,000 contracts. Non-U.S. ADV reached 9.1 million contracts, marking the third-highest international quarterly volume in the company's history.
CME Expenses Rise as Profitability Stays SolidTotal expenses increased to $599.1 million from $562.7 million in the year-ago quarter. Operating income was $1.11 billion compared with $1.13 billion a year earlier.
On an adjusted basis, operating expenses were $521.2 million and adjusted operating income totaled $1.19 billion. Adjusted operating margin remained strong at 69.5%, while adjusted net income increased 1% year over year to $1.08 billion.
CME’s Innovation Expands Product PortfolioCME continued to broaden its product lineup during the quarter. The company commenced 24/7 trading for its cryptocurrency futures suite and announced that 1-Ounce Gold futures would also begin trading around the clock.
Management also unveiled plans to launch Single Stock futures during the third quarter of 2026, introduce Compute futures later this year, roll out Treasury Link in the fourth quarter and expand CME Securities Clearing. These initiatives are intended to broaden the customer base and strengthen risk-management capabilities across asset classes.
CME’s Balance Sheet and 2026 OutlookCME ended the quarter with approximately $2.3 billion in cash and $3.4 billion of debt. During the quarter, the company paid regular dividends of approximately $468 million and repurchased $695 million of common shares.
Management expects full-year adjusted operating expenses, excluding license fees, of approximately $1.695 billion and capital expenditures, net of leasehold improvement allowances, of roughly $85 million. The adjusted effective tax rate is projected to be at the low end of the previously communicated 23.5-24.5% range. July trading activity has remained strong, with average daily volume trending toward the highest July in company history.
Zacks RankCME currently sports a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Industry PlayersThe Progressive Corporation’s (PGR - Free Report) second-quarter 2026 earnings per share of $4.85 beat the Zacks Consensus Estimate by 3.2%. The bottom line, however, decreased 6.1% year over year. Net premiums written were $21.1 billion in the quarter, up 5% from $20.1 billion a year ago.
Net premiums earned grew 6% to $21.6 billion. The reported figure met the Zacks Consensus Estimate. Net realized gains on securities were $604 million, up 56% year over year. Combined ratio — the percentage of premiums paid out as claims and expenses — deteriorated 110 basis points from the prior-year quarter’s level to 87.1.
The Travelers Companies, Inc. (TRV - Free Report) reported second-quarter 2026 core income of $10.04 per share, which beat the Zacks Consensus Estimate of $5.21 by 92.7%. The bottom line climbed 54% year over year. Revenues of $12.09 billion missed the Zacks Consensus Estimate of $12.27 billion by 1.5%.
Net investment income rose 14% year over year to $1.07 billion pre-tax ($883 million after tax). The combined ratio improved 670 basis points year over year to 83.6%, reflecting lower catastrophe losses, stronger reserve development and a better underlying combined ratio.
W.R. Berkley Corporation (WRB - Free Report) reported second-quarter 2026 operating income of $1.27 per share, which beat the Zacks Consensus Estimate by 16.5%. The bottom line increased 21% year over year. W.R. Berkley’s net premiums written were about $3.4 billion, up 2.4% year over year. The figure surpassed our estimate of $3.4 billion.
Operating revenues totalled $ 3.8 billion, up 3.6% year over year. The top line surpassed the consensus estimate by 1.87%. Net investment income grew 10.4% to $418.7 million, supported by higher invested assets and higher portfolio yields. The figure topped our estimate of $407 million. The consensus estimate was $395.6 million.
CME Group Inc. (CME) Q2 2026 Earnings Call July 22, 2026 8:30 AM EDT
Company Participants
Adam Minick - Investor Contact
Terrence Duffy - Chairman & CEO
Lynne Fitzpatrick - Senior MD, President & CFO
Tim McCourt - Senior MD & Global Head of Equities, FX and Alternative Products
Derek Sammann - Senior MD & Global Head of Commodities Markets
Julie Winkler - Senior MD & Chief Commercial Officer
Suzanne Sprague - Senior MD, Group COO & Global Head of Clearing
Michael Dennis - Senior Managing Director & Global Head of Fixed Income
Conference Call Participants
Daniel Fannon - Jefferies LLC, Research Division
Alex Kramm - UBS Investment Bank, Research Division
Christopher Allen - Keefe, Bruyette, & Woods, Inc., Research Division
Kenneth Worthington - JPMorgan Chase & Co, Research Division
Patrick Moley - Piper Sandler & Co., Research Division
Brian Bedell - Deutsche Bank AG, Research Division
Alexander Blostein - Goldman Sachs Group, Inc., Research Division
Benjamin Budish - Barclays Bank PLC, Research Division
Michael Cyprys - Morgan Stanley, Research Division
William Katz - TD Cowen, Research Division
Simon Alistair Clinch - Rothschild & Co Redburn, Research Division
William Qi - RBC Capital Markets, Research Division
Presentation
Operator
Welcome to the CME Group Second Quarter 2026 Earnings Call. [Operator Instructions]
I will now turn the call over to Adam Minick. Please go ahead.
Adam Minick
Investor Contact
Good morning, and I hope you're all doing well today. Earlier this morning, we released our earnings commentary, which provides extensive details on the second quarter 2026, which we will be discussing on this call. I'll start with the safe harbor language, and then I'll turn it over to Terry.
Statements made on this call and in the other reference documents on our website that are not historical facts are forward-looking statements. These statements are not guarantees of future performance. They involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes
Jimothy Reaches Record Price After Week-Long RallyJimothy, a Solana-based memecoin, climbed another 30% on July 22, reaching a new all-time high of $0.026. The token has now surged roughly 970% over the past seven days, extending one of the more remarkable short-term runs in the Solana memecoin market.
The token's origin follows a now-familiar pattern on the network. Jimothy is a raccoon living in Seattle's Ballard neighborhood, filmed by local resident Kiana Hall near a Goodwill store. Once the raccoon clips spread, anonymous developers moved quickly to list a token named after it. The token launched on Pump.fun, a Solana-based meme-coin issuance platform, as interest in the original meme spread. Pump.fun's official account then reposted the token on X, pushing it in front of an even larger trading audience.
Warner Bros. Amplifies the MomentThe rally received a notable boost from an unexpected corner. Warner Bros. Games posted on social media: "URGENT UPDATE: Jimothy has reached Gotham City," a nod to the raccoon's crossover into gaming culture. Warner Bros. Games noted that Jimothy had found its way into LEGO Batman's Gotham City. The post added mainstream visibility to a token that had until then been driven largely by organic crypto-community activity.
The broader gaming world has also taken notice. Among Us posted a tribute to Jimothy featuring a Crewmate and the raccoon, while Dead by Daylight and The Sims also shared their own versions of the character. Video game mods featuring Jimothy have begun appearing as well, broadening the cultural footprint beyond social media.
Despite the momentum, analysts urge caution. Analysts tracking Pumpfun note that most tokens launched on the platform lose the bulk of their value within days of debuting. Like most Pump.fun launches, the token has no whitepaper and no official connection to the raccoon or the city, and its price moves on attention alone.
Sources:
BeInCrypto: Jimothy The Raccoon Solana Token Climbs After Viral Meme Fame
CryptoNews: What Is Jimothy Memecoin?
GosuGamers: Viral Raccoon Jimothy Goes Viral in Gaming
U.S. Solana exchange-traded funds (ETFs) saw significant investor interest with $5.83 million in net inflows recorded on July 21, marking the highest daily inflow in two weeks. This surge was concentrated entirely in the Bitwise BSOL fund, highlighting the fund’s appeal among participants despite a broader trend of smaller or stagnant inflows. The overall assets under management (AUM) for all U.S. Solana ETFs stand at approximately $912.73 million, with cumulative net flows reaching $1.16 billion. This development comes after a period of subdued activity in the Solana ETF market, potentially indicating renewed confidence among market participants.
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Key Takeaways The $5.83 million net inflow into Solana ETFs appears to suggest a renewed interest in the Solana market, driven primarily by the BSOL fund. This inflow marks the largest daily increase in 14 days, indicating a potential shift in participant sentiment. The total AUM of U.S. Solana ETFs remains robust, reflecting consistent engagement despite previous flat inflow periods. What to Watch Market participants will be closely monitoring whether this inflow pattern continues, as sustained interest could impact Solana’s price trajectory. Key factors to watch include further ETF inflow data, potential regulatory developments, and innovations within the Solana ecosystem that could drive demand. Observers will also be attentive to any announcements from key figures like Anatoly Yakovenko or developments related to Solana-based financial products approved by regulatory bodies. These elements could be consistent with scenarios where Solana’s price increases, potentially reaching or surpassing the $90 mark in July.
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Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 7.5% — — View market → August 1 2026 0.2% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.6% — — View market → August 1 2026 0.4% — — View market → August 1 2026 1.6% — — View market → August 1 2026 0.4% — — View market → August 1 2026 2.6% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.1% — — View market → August 1 2026 22% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.1% — — View market →
Companies can execute USDC and USDT transactions around the clock via Ramp’s platform.
Ramp eliminates the need for standalone wallets in corporate stablecoin payment processes.
Solana network enables Ramp to facilitate rapid international stablecoin settlements.
Ramp extends integrated stablecoin payment capabilities to over 140 nations.
Ramp has unveiled a new corporate payment solution featuring Solana-integrated stablecoin accounts designed for organizations conducting international business. This offering enables companies to store, transfer, and receive USDC and USDT without requiring independent cryptocurrency infrastructure. By embedding stablecoin functionality directly into corporate financial operations, Ramp facilitates continuous cross-border payment processing.
Ramp Embeds Stablecoin Functionality Into Corporate Financial Systems Ramp unveiled Stablecoin Accounts that enable organizations to maintain USDC and USDT holdings directly within its corporate finance platform. These accounts function in parallel with conventional cash reserves through a unified interface and authorization framework. Financial departments can oversee both traditional currency and blockchain-based transfers without altering current operational procedures.
STABLECOINS ARE NOW ON RAMP.
Your business operates 24/7, but your money only operates Mon-Fri, unavailable on evenings, weekends, & holidays.
Now you can pay vendors faster across borders & move money in USDC or USDT with the approvals & accounting workflows you already use.… pic.twitter.com/3LWphYZRmd
— Ramp (@tryramp) July 21, 2026
The solution eliminates requirements for independent cryptocurrency wallets, exchange platforms, or manual reconciliation tasks. Organizations can initiate transactions using stablecoin reserves, Ramp Checking accounts, or connected banking relationships. The platform automatically logs each transaction within integrated accounting systems utilizing established compliance documentation.
This rollout addresses increasing corporate requirements for expedited international payment mechanisms. Throughout the public testing phase, over 150 organizations implemented these accounts spanning various sectors. Participating entities included companies beyond the cryptocurrency industry, demonstrating widespread corporate appetite for stablecoin-powered payment technology.
Solana Network Enables Accelerated International Stablecoin Transactions Ramp constructed this payment capability on infrastructure accommodating stablecoin deposits through seven blockchain protocols, with Solana among them. This blockchain delivers rapid transaction processing and reduced network fees for digital currency movements. Organizations can therefore finalize international settlements independent of conventional banking timeframes.
Businesses can transmit USDC or USDT directly to suppliers and independent contractors across more than 140 nations. They additionally possess the ability to exchange stablecoin payments into traditional currencies within over 40 regional markets. Organizations no longer face delays associated with banking hours when executing international transfers.
The system also permits companies to compensate suppliers using stablecoins without maintaining digital asset holdings. Ramp transforms funds from connected U.S. dollar accounts into USDC or USDT prior to transaction completion. Organizations obtain blockchain payment capabilities while maintaining operations through established banking relationships.
Ramp Broadens Stablecoin Offerings Amid Rising Corporate Implementation Ramp announced that organizations can accumulate rewards reaching 3.25% on qualifying stablecoin holdings maintained within Stablecoin Accounts. The firm characterized these holdings as digital dollar equivalents supported by cash reserves for transaction processing and treasury operations. It framed the accounts as payment mechanisms rather than speculative instruments.
Over 1,000 organizations currently utilize stablecoins via Ramp for compensating suppliers internationally. The company reports that more than 70% of these transaction volumes take place beyond standard banking hours. This activity underscores growing corporate demand for payment infrastructure functioning outside traditional financial operating windows.
This service expansion represents broader sector initiatives to incorporate stablecoins into conventional corporate finance operations. Ramp constructed the platform using infrastructure supplied by Stripe via Bridge and Privy. As stablecoin utilization increases, Ramp seeks to streamline international transaction processing while minimizing operational complexity for financial teams.
Oliver Dale
Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]
Solana has solidified its position as the leading blockchain for decentralized exchange (DEX) activity, outpacing not only other blockchains but also some established centralized exchanges. Recent spikes in both DEX volumes and user participation have been driven by active trading on platforms like Meteora and PumpSwap.
Currently, Solana accounts for approximately 20% of all spot DEX trading volume. While activity is still below the levels seen during the 2021 bull market surge, the network maintains a steady baseline and continues to attract new interest.
Solana DEXs have now surpassed the likes of Bybit, as the top five chains engage in fierce competition to secure higher token volumes—including the growing segment of tokenized security trading.
An important factor behind Solana’s steady growth is the sustained influx of stablecoins from both major and smaller issuers. Over the past day, $300 million in new USDC liquidity has been injected into the network, enhancing liquidity and trading activity.
Chain/ExchangeWeekly DEX Spot VolumeSolana$10.29 billionEthereum$6.7 billionBNB Chain$5.8 billionNYSE American$6 billionThe combination of increased meme token offerings and a push into tokenized securities continues to set Solana apart from competing chains.
MetaMask, a widely used multi-chain crypto wallet, has introduced a new incentive for users engaging in swaps on Solana. The wallet will now pay gas fees for all swaps greater than $200, lowering the barrier for retail traders who may not hold SOL tokens.
“SOL-less? we gotchu covered. MetaMask will now pay the gas fee for you on Solana swaps over $200,” MetaMask stated in its latest announcement.
This update comes as retail participation on Solana remains strong, with failed transaction rates hovering around 23%. Retail-friendly tools like Jupiter’s routing services and swap solutions integrated in the Phantom wallet are further facilitating user access to spot trading.
Solana currently offers predictable and competitive average DEX trading fees at $0.19, making it more appealing for newcomers, especially when compared to established networks such as Ethereum and BNB Chain.
Solana overtakes traditional exchange volumesWhile the overall activity on Solana remains lower than traditional fiat-based markets, its presence is increasingly significant in the digital asset space. Solana’s weekly spot DEX volumes have consistently surpassed those of the NYSE American in 2026 to date, with decentralized trading on Solana reaching $10.29 billion last week.
The ongoing increase in trading is largely fueled by PumpSwap tokens and the fast-expanding market for tokenized equities.
Tokenized assets on Solana have risen to $5.77 billion in the second quarter of 2026, marking a 114% increase compared to the previous quarter. Tokenized equities make up 84% of these real-world assets, extending their growth streak to six consecutive quarters.
For the first time, tokenized asset trading has overtaken meme tokens as the primary use case for Solana as of June 23. This shift points towards Solana’s growing appeal among institutional traders and large holders seeking robust settlement layers.
These tokenized equities are also adding significant value to the lending sector on Solana, with a weekly collateral record of $51.9 million—$31 million on Kamino and $20 million on Jupiter’s lending platform.
Mini dictionary: MetaMask is a non-custodial crypto wallet widely used for managing assets and executing swaps across multiple blockchains, including Ethereum and now Solana.
Compared to competitor chains, Solana has become more accessible to newcomers, combining fast transaction speeds with low, predictable fees and a vibrant mix of retail and institutional activity.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Uranium spot prices have settled into a comfortable range around $85 per pound, and long-term contract prices for U3O8 are sitting at $90 per pound, a level not seen since 2008, according to Cameco data.
Data center electricity demand is expected to more than double by the end of the decade. Nuclear power offers consistent baseload generation for hyperscale computing facilities that need 99.999% uptime. Major tech companies have started signing nuclear power purchase agreements. On the supply side, new uranium mining projects take years to bring online, and even if every planned mine broke ground tomorrow, production wouldn’t catch up with demand anytime soon.
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Bitcoin miners pivot to AI, nuclear enters the conversation Several companies that built their businesses around Bitcoin mining are now repurposing their infrastructure for AI and high-performance computing data centers. Applied Digital, Cipher Mining, and Hut 8 have all made moves in this direction.
Then there’s Uranium Digital, a project that plans to tokenize uranium trading on the Solana blockchain. The platform aims to be fully operational by early 2026 and has attracted backing from prominent family offices and investors. No major crypto-native tokens currently offer direct uranium exposure.
What investors should watch More than 85% of surveyed investors believe 2026 will be a pivotal year for uranium pricing. Analyst forecasts suggest prices could reach $100 to $120 per pound if AI-driven demand maintains its current trajectory, representing a potential 18% to 41% upside from current spot levels. Uranium spent most of the 2010s trading below $30 per pound following the post-Fukushima depression.
Tokenized commodity platforms like Uranium Digital represent a potential expansion of blockchain utility into markets that genuinely need better trading infrastructure. The spot uranium market is thin, bilaterally negotiated, and difficult for smaller participants to access.
The near-term catalyst to watch is whether long-term uranium contract prices break above $90 per pound and hold, which would confirm the market has moved past the post-Fukushima hangover and into a new structural regime.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
S&P Dow Jones and Pantera Capital have launched a new index featuring 18 altcoins, including Ethereum, BNB, Solana, and TRX.
Although the cryptocurrency market has been on a downward trend since October 2025, its adoption continues to increase rapidly.
At this point, the latest move came from S&P Dow Jones and Pantera Capital. Accordingly, S&P Dow Jones Indices and Pantera Capital launched the S&P Pantera Digital Asset Index, consisting of 18 assets designed to offer institutional investors a more structured way to evaluate cryptocurrencies.
Unlike existing crypto indexes that select tokens based on price momentum or market popularity, the new index uses a rule-based methodology similar to traditional finance metrics. It includes projects and tokens with real-world use cases and revenue generation.
Accordingly, for an asset to be included in the list, it must have a market capitalization of at least $500 million, and newly added assets must have a liquidity ratio above a certain level. Projects are ranked according to their revenues in the last two quarters, and their place in the index is determined accordingly. This system ensures that projects that do not generate economic value are eliminated.
The index currently consists of 18 digital assets, and the full list of altcoins included has not been disclosed. However, the identified assets include Ethereum, BNB, Solana (SOL), Tron (TRX), and Hyperliquid (HYPE).
*This is not investment advice.
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Every transaction on a public blockchain is permanently recorded and visible to anyone in the world. But raw blockchain data — stored as cryptographic hashes across thousands of nodes — is unreadable without a tool that translates it into something a human can actually interpret. That tool is a blockchain explorer.
If you’ve ever pasted a Bitcoin transaction ID into a search bar and watched a page populate with sender addresses, recipient addresses, amounts, confirmations, and timestamps — you’ve used a blockchain explorer. It’s the closest thing the crypto ecosystem has to a public ledger with a search interface, and understanding what it shows you is foundational to working with any blockchain seriously.
What Is a Blockchain Explorer? A blockchain explorer is a web-based application that indexes all publicly available data on a given blockchain and presents it in a searchable, human-readable format. Think of it as a search engine specifically built for blockchain data — except unlike Google, which decides what to index and what to surface, a blockchain explorer surfaces everything, because every transaction on a public blockchain is accessible to anyone.
The explorer connects to a blockchain node (or a network of nodes), continuously receives new blocks as they’re confirmed, parses the data in each block, and stores it in a structured database that users can query. The result is a real-time, fully auditable window into every transfer, every wallet balance, every smart contract interaction, and every block that has ever been added to the chain.
Different blockchains have their own explorers because the underlying data structures differ. Bitcoin’s UTXO model records transactions differently from Ethereum’s account-based model, which records activity differently from a Layer-2 network like Arbitrum. The most widely used explorers include:
Etherscan — the dominant Ethereum explorer, also the model for dozens of EVM-compatible chain explorers Blockchain.com Explorer — one of the oldest Bitcoin explorers, covering BTC, ETH, and BCH Mempool.space — a clean, open-source Bitcoin mempool and block explorer widely used by technical users Solscan — the primary explorer for the Solana ecosystem Each provides the same core function — making blockchain data searchable — but their interfaces, data depth, and additional features differ significantly. For live activity on the two largest networks, see Bitcoin News Today and Ethereum News Today.
What Information Does a Blockchain Explorer Show? The information available through a blockchain explorer falls into several categories. Understanding each one tells you what you can actually verify.
Transaction Data The most common use case. When you paste a transaction hash (also called a transaction ID or TXID) into an explorer, you get:
Status — confirmed, pending, or failed Block number — which block the transaction was included in Timestamp — when the block containing your transaction was mined or validated From address — the wallet that initiated the transaction To address — the receiving wallet or smart contract Value — the amount transferred Gas fee / transaction fee — what was paid to the network validators or miners to process it Input data — for smart contract interactions, the encoded function call and parameters On Ethereum, a “failed” transaction still shows up in the explorer and still costs gas, because the network processed the attempt even if it didn’t succeed. This is a common source of confusion for new users — seeing a failed transaction consuming fees is counterintuitive until you understand that execution costs are charged regardless of outcome.
Wallet and Address Data Entering any wallet address into a blockchain explorer shows you:
Current balance — across native tokens and, on explorers like Etherscan, ERC-20 tokens held at that address Complete transaction history — every inbound and outbound transaction, in chronological order Token holdings — for Ethereum addresses, a list of all ERC-20 tokens and NFTs associated with the address First and last activity — when the address first appeared on-chain and its most recent transaction One thing beginners often find surprising: blockchain explorers reveal this information for every wallet address, including those belonging to large institutions, exchange cold wallets, and smart contracts — whether that wallet is a software wallet like Trust Wallet or a hardware wallet like the Ledger Nano X. There is no privacy at the address level on a public blockchain. The pseudonymity comes from the separation between a wallet address and a real-world identity — but once an address is linked to a person (through an exchange deposit, a public disclosure, or chain analysis), all historical activity becomes visible.
Block Data Each block on a blockchain contains a batch of transactions. Clicking on a specific block in an explorer shows:
Block height — the sequential number of the block in the chain Block hash — the unique cryptographic identifier for that block Previous block hash — the hash of the block immediately before it, which is what creates the “chain” structure Miner / validator — the address that produced the block and received the block reward Transactions count — how many transactions are included Block size — in bytes, relevant for network capacity analysis Gas used / gas limit (Ethereum) — actual consumption versus maximum allowed Timestamp — exactly when the block was added Difficulty / total difficulty (for proof-of-work chains) Blocks are the fundamental unit of the blockchain. Every transaction you’ve ever made is stored inside one of these blocks, linked backward to the genesis block through an unbroken chain of cryptographic hashes. The explorer makes that structure navigable.
Smart Contract Data For Ethereum and other smart contract platforms, blockchain explorers provide a layer of transparency over contract code and activity:
Contract source code — if the developer verified and published the code, you can read the exact logic defining how the contract works ABI (Application Binary Interface) — the technical specification for how to interact with the contract Read functions — query the contract’s current state (token balances, pool reserves, ownership) Write functions — interact directly with verified contracts through the explorer’s interface Events and logs — a record of every event the contract emitted, which is how DeFi protocols record swaps, liquidity additions, liquidations, and governance votes Contract verification is voluntary — developers choose to publish their source code for public audit. Unverified contracts show only bytecode, which is machine-readable but not human-readable. A contract that isn’t verified isn’t necessarily malicious, but it is a legitimate reason for caution.
The Mempool: What Happens Before Confirmation Most blockchain explorers include a view of the mempool — the pool of unconfirmed transactions that have been broadcast to the network but not yet included in a block. This is where transactions live between the moment you submit them and the moment a validator or miner includes them in a block.
The mempool is dynamic. During periods of high network activity — a popular NFT mint, a major market move, or a large airdrop — thousands of transactions compete simultaneously for limited block space. Transactions with higher fees attached move to the front of the queue; transactions with lower fees wait, sometimes for hours.
Understanding the mempool helps users make informed decisions about fee settings. Before sending a time-sensitive transaction, checking the current mempool state on an explorer tells you what fee level is required for inclusion in the next block versus a longer wait. This is why tools like Mempool.space, which specializes in Bitcoin mempool visualization, have become popular with experienced Bitcoin users.
How to Use a Blockchain Explorer: Step by Step Using a blockchain explorer requires no account, no login, and no software. It’s a website.
Step 1: Choose the right explorer for your blockchain. Etherscan is for Ethereum mainnet. If you’re looking up a transaction on Polygon, use Polygonscan. For Solana, use Solscan. Using the wrong explorer for your network will return no results — your transaction exists on a different chain’s database.
Step 2: Get your transaction hash, wallet address, or block number. Your crypto wallet app shows transaction hashes in the transaction details view. An exchange withdrawal confirmation email typically includes one. A wallet address is the alphanumeric string you share with others to receive funds.
Step 3: Paste it into the search bar. The explorer identifies what type of data you entered (address, transaction hash, or block number) and routes you to the appropriate view automatically.
Step 4: Read the results. For a transaction, the most important fields are status (confirmed/pending/failed), the number of confirmations, and the timestamp. For an address, the balance and recent transaction history are the most relevant views. For a smart contract, the “Contract” tab shows whether the source code has been verified.
Step 5: Verify what you need to verify. Most explorer use cases involve confirming that a transaction occurred, checking a wallet’s balance before sending, or verifying that a smart contract does what its developers claimed.
Why Blockchain Explorers Matter Beyond Basic Verification The immediate utility of blockchain explorers — confirming that your transaction went through — is obvious. The deeper value is less obvious but more significant.
On-chain transparency as accountability. Every protocol that claims to hold funds in a smart contract can be verified. Every exchange that claims to maintain reserves can be audited against its published wallet addresses. Every token contract that claims a fixed supply can be confirmed against the total minted. The “don’t trust, verify” principle of crypto culture is operationally meaningless without the tools to actually verify — and blockchain explorers are those tools.
Market intelligence. Large wallet movements, exchange inflows and outflows, whale accumulation patterns, and smart contract interactions are all visible on-chain before they appear in price charts. On-chain analysts who monitor these signals have developed an entire discipline around reading blockchain data for market signals.
Due diligence on projects. Before interacting with a new DeFi protocol or buying a new token, checking the contract address on an explorer tells you whether the code is verified, how long the contract has been active, how many users have interacted with it, and whether the deployer address has a suspicious history. It’s not foolproof, but it’s a meaningful filter.
Troubleshooting. When a transaction is stuck, the explorer tells you exactly why — whether it’s still in the mempool waiting for higher-fee transactions to clear, whether it failed due to insufficient gas, or whether it was replaced by a later transaction with a higher fee (a process called RBF, or Replace-By-Fee, on Bitcoin).
For context on how blockchain transparency connects to real-world financial applications including institutional crypto infrastructure, blockchainreporter’s latest blockchain and crypto news coverage tracks how these fundamentals are being applied across DeFi, payments, and enterprise adoption.
Limitations of Blockchain Explorers Blockchain explorers show everything that’s on-chain. They don’t show what isn’t.
Off-chain activity is invisible. Transactions processed on centralized exchanges (a trade on Coinbase, a transfer between accounts on Binance) don’t appear on blockchain explorers unless they involve an on-chain withdrawal or deposit. The internal ledger of a centralized exchange is not a blockchain.
Layer-2 activity requires Layer-2 explorers. Transactions on Lightning Network channels, Optimism, Arbitrum, or other Layer-2 networks have their own data structures and require their own explorers. Settlement of Layer-2 batches back to the base layer is visible on the L1 explorer, but individual L2 transactions are not.
Privacy coins by design. Monero and Zcash use cryptographic techniques (ring signatures and zk-SNARKs respectively) to obscure sender, receiver, and amount information. Their blockchain explorers exist but show substantially less information than Bitcoin or Ethereum explorers — see Zcash News Today for more on how Zcash’s shielded transactions work.
Address labels are incomplete. Explorers can tell you what happened on-chain but usually can’t tell you who owns an address without supplementary data. Some explorers (Etherscan in particular) allow the community to tag known addresses — exchange hot wallets, protocol treasuries, identified hackers — but most addresses remain unlabeled.
Popular Blockchain Explorers by Network NetworkExplorerKey FeatureBitcoinMempool.spaceBest mempool visualizationBitcoinBlockchain.com ExplorerLong-established, multi-chainEthereumEtherscanIndustry standard, contract verificationSolanaSolscanSPL token and NFT supportPolygonPolygonscanEVM-compatible, Etherscan-basedBNB ChainBscScanEVM-compatible, Etherscan-basedBitcoin testnetMempool.space/testnetDevelopment testing The EVM-compatible explorers (Polygonscan, BscScan, and dozens of others) are all built on the same Etherscan codebase, which is why their interfaces look nearly identical. Etherscan provides the infrastructure as a service to other chains — a practical example of how blockchain tooling has become modular.
This article is for informational and educational purposes only.
Frequently Asked Questions What is a blockchain explorer? A web application that indexes all data on a public blockchain — transactions, wallet addresses, blocks, and smart contracts — and presents it in a searchable, human-readable format. It functions like a search engine built specifically for on-chain data.
What can I find on a blockchain explorer? Transaction status and history, wallet balances and activity, block data, smart contract source code and interactions, and token holdings. Most explorers also show a live mempool view of unconfirmed transactions waiting to be included in the next block.
Do I need an account to use a blockchain explorer? No. Blockchain explorers are publicly accessible websites requiring no login, registration, or payment for standard browsing. Some offer optional paid API tiers for developers who need automated, high-volume access to the data.
Is every blockchain transaction visible on an explorer? Yes, for public blockchains. Privacy coins like Monero and Zcash are an exception, using cryptographic techniques to obscure transaction details. Off-chain activity, such as trades within a centralized exchange's internal ledger, also won't appear on a blockchain explorer.
What is a transaction hash? A unique alphanumeric identifier for a specific blockchain transaction, generated when the transaction is broadcast to the network. Pasting it into an explorer retrieves all details about that transaction.
Which blockchain explorer should I use? Use Etherscan for Ethereum, Mempool.space for Bitcoin, and the chain-specific explorer for any other network (Solscan for Solana, Polygonscan for Polygon, etc.).
Can I see who owns a wallet address? No. Blockchain explorers show transaction history and balances for any address but cannot identify the real-world owner unless the address has been voluntarily linked to an identity or labeled through community tagging.
Is blockchain down if an explorer isn't loading? Not necessarily. An explorer outage means the indexing service itself is temporarily unavailable, not that the underlying blockchain has stopped running. The network can continue confirming transactions normally even if a specific explorer's website is briefly slow or inaccessible — trying a different explorer for the same network will confirm this.
A digital collectible car platform just pulled off one of the more eye-catching fundraises on Solana this year. Rip Cars, which bills itself as the world’s first Hot Wheels-inspired gacha platform on the blockchain, attracted $20.9M in commitments through its ICO on MetaDAOProject, a Solana-native launchpad that governs fundraising through decision markets rather than the usual token-holder voting.
To put the oversubscription in perspective: the project set a minimum raise target of $250K. It closed with commitments of $20.9M. That is not a rounding error.
What MetaDAO actually does differently The platform uses a governance model built on futarchy, which is a fancy word for decision markets. In English: instead of token holders voting on proposals with their wallets, the system uses prediction-market-style mechanisms to determine which proposals are likely to produce good outcomes. Governance follows the market signal rather than a popularity contest.
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MetaDAO also structures its raises around what it calls “ownership coins,” where early investors acquire genuine stakes in projects through a transparent and refundable process. The goal is to legally connect token ownership with actual business outcomes, not just speculative upside.
The platform completed a $2.2M private funding round in August 2024 and has now executed 14 launches in total. Cumulative fundraising across those projects has surpassed $44M, with the Rip Cars ICO representing a substantial portion of that total.
Gacha mechanics meet blockchain collectibles Rip Cars is essentially betting that two things with proven mass-market appeal, randomized collectible mechanics and die-cast car nostalgia, translate well to a blockchain-native format.
Gacha is a collectible model borrowed from Japanese vending machines and popularized by mobile games like Pokémon GO and countless others. You pay a set amount, you receive a randomized item. Sometimes it is common, sometimes it is rare, and the uncertainty is precisely the point.
The fundraising event launched around July 20, 2026, with a live period running approximately three days at a fully diluted valuation of $645K.
What this means for investors and the Solana ecosystem The $20.9M commitment figure deserves some scrutiny before drawing sweeping conclusions. Commitments are not the same as capital settled. Refundable raise structures, which MetaDAO uses, mean that not every dollar committed necessarily converts to a completed investment.
The Rip Cars raise also tests an interesting allocation mechanism. MetaDAO is experimenting with something called an Ownership Score for determining how allocations are distributed among participants.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Solana is maintaining its position above a critical support level, as the blockchain platform resists further downside pressure. Market analysts indicate that a sustained move above $98 could open the door to higher targets, possibly reaching $120 and beyond in the coming months.
Analysts highlight key price levelsAfter briefly dipping below its established trading range, Solana bounced back to defend its lower boundary. Crypto strategist Michaël van de Poppe identified this renewed strength, suggesting that the current structure may provide the foundation for a rally toward $120.
The $75 mark remains a pivotal level for Solana, having served as reliable support in recent sessions. Holding this area may give SOL, the blockchain’s native token, the momentum to challenge immediate resistance and potentially attempt to retest the upper limit of its trading range near $98.
Staying above $75 could create the conditions for Solana to take on its next resistance barriers, with analysts emphasizing that the zone just below $100 is especially significant for gauging renewed bullish interest.
Should Solana establish a breakout above $98, technical analysis points to a possible advance toward the $118–$127 range, which has served as a resistance cluster in previous moves.
Price LevelKey Role$60–$65Deviation/Last support zone$68Secondary support$70–$75Primary support$98Major resistance / Breakout level$118–$127Target resistance zone$150Analyst target for OctoberUpside and downside scenariosAnalyst Shah pointed out that, if Solana consolidates above its current support and begins reversing its trend of lower highs, a move toward $150 by October may become feasible. This outlook hinges on continued strength at the $75 level and follow-through above the $98 resistance.
The $90–$100 band is seen as the first major hurdle on this path. Regaining a foothold in this region may provide further confirmation that the trend is shifting, possibly triggering a push to the upper resistance zone around $120–$125.
Despite the optimism among some analysts, the overall chart does not yet signal a confirmed rally toward $150. The price must prove its resilience above $75 to maintain a constructive structure, while further downside below this level could undermine bullish targets for the rest of the year.
Risks to the outlookIf SOL fails to hold the $70–$75 region, technical signals suggest a renewed threat of decline. A drop below this support could retest the recent low near $60 and would likely invalidate any near-term aim for $150.
Solana is a high-performance, proof-of-stake blockchain known for its fast transaction speeds and low fees, making it a favored platform for decentralized applications. Its token, SOL, is among the largest cryptocurrencies by market capitalization.
Mini dictionary: Solana is a blockchain platform focused on high throughput and low-cost transactions, with its native token SOL facilitating payments, staking, and governance functions within its ecosystem.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Melee Markets, an emerging Solana prediction market application, has revealed the mechanics behind its Parimutuel Market Maker model.
Designed to enable permissionless prediction market creation, Melee’s PMM architecture represents an ambitious departure from the order book model made popular by heavyweights like Polymarket and Kalshi.
With Melee approaching its mainnet launch, prediction markets sit at a critical inflection point as traders eagerly await the next landmark event following the Football World Cup.
The Parimutuel Market Maker After raising $3.5M in last year’s September pre-seed, Melee Markets is closer than ever to its mainnet launch, bringing permissionless prediction markets to Solana DeFi. Originally touted as “pump.fun meets PolyMarket”, Melee Markets has published further details on its novel design, the Parimutuel Market Maker.
Unlike existing prediction markets, which rely on orderbooks and professional market makers, Melee claims its PMM pools enable permissionless market creation and profitable passive liquidity provision.
In the simplest terms, Melee’s PMM is a passive liquidity pool that, similar to rival prediction markets, resolves to one of several mutually exclusive outcomes. Market participants can join presales to obtain pool shares and provide initial liquidity, with resolution share prices changing dynamically based on trading activity.
Open positions continuously grow based on counterparty liquidity rewards and on spread captured by an instant cashout vault, creating what Melee Markets calls a rising minimum-return floor.
According to simulated tests on 126 ‘15 Minute BTC Up-or-Down’ markets, Melee’s PMM model returned higher profits in 65.1% of winning positions when compared against traditional market structures. Melee attributes this edge to counterparty rewards, highlighting that heightened volatility resulted in greater outcomes for participants.
Prediction Markets Seek Continuation Following World Cup Melee Market’s drive towards mainnet launch comes in the wake of one of the biggest events in the prediction market calendar. According to Artemis Data, the 2026 FIFA World Cup drove trading volumes on venues like Kalshi to new all-time highs. In the tournament’s first week, prediction markets collectively witnessed over $17B in trading volume.
With the great speculative event behind us, prediction markets may face a quieter period over the coming weeks and months until the US midterm elections. Onchain data suggests prediction market trading on Solana may be slowing down, with World.xyz spot volumes dropping after recording all-time highs during the World Cup Final.
Between onchain venues like World.xyz, and creative new mechanisms like Melee Market’s PMM, Solana DeFi is one step closer to challenging the dominance of established platforms and joining the race in one of crypto’s biggest verticals.
Read More on SolanaFloor JTX if finally here
Jito’s JTX Goes Live, Giving Solana DeFi Its First Professional-Grade Trading Venue
TLDR: RWA perpetuals now represent nearly 35% of on-chain perpetual trading, with June volume reaching about $118 billion across 652 markets. Public equities control 46% of RWA open interest, supported by roughly $2 billion in positions, $2.2 billion in daily volume and 411 markets. Hyperliquid HIP-3, Solana and exchange-based tokenized stock products are widening round-the-clock access to equities, indices and commodities. Oracle failures, weekend pricing gaps, concentrated liquidity and uneven investor rights create new risks as leveraged RWA markets expand. RWA perpetuals now account for nearly 35% of total on-chain perpetual trading volume in early Q3 2026. Their share stood at only 0.16% in Q4 2025, showing how quickly traditional-market exposure has moved onto crypto rails.
June volume reached about $118 billion, while the number of available markets expanded to 652. Other market trackers also recorded more than $100 billion in June volume and over 600 listed contracts.
Public equities lead the expansion as traders seek leveraged, round-the-clock access to familiar companies without using traditional brokerage hours.
RWA Perpetuals Shift Demand Toward Public Equities Public equities now represent 46% of RWA perpetuals open interest. The segment holds roughly $2 billion in outstanding positions and generated about $2.2 billion in 24-hour volume.
Source: Cryptorank It also supports 411 active markets, compared with 54 precious-metals markets and 41 equity-index markets.
That concentration shows traders prefer listed companies over less liquid real-world assets. Equity contracts offer clear price references, frequent news events, and deep underlying markets.
Earnings, guidance, and macro data can quickly create trading opportunities. Stock perps also remain active when traditional exchanges close.
These contracts provide synthetic price exposure rather than direct share ownership. Traders can open long or short positions, often using USDC collateral, but receive no voting rights or dividends.
Funding rates and oracle prices keep each contract linked to its underlying stock. A Micron contract on TradeXYZ, for example, trades continuously through Hyperliquid infrastructure.
Hyperliquid’s HIP-3 framework has accelerated this shift by allowing qualified builders to deploy custom perpetual markets. The protocol requires deployers to stake 500,000 HYPE, creating an economic backstop for market operators.
HIP-3 markets cover equities, indices, commodities, and pre-IPO references.
The broader tokenized-equities market is also expanding across Solana, Kraken, Bybit and Robinhood-linked infrastructure. Solana accounted for 97% of cumulative tokenized-equity spot volume in May.
Kraken separately expanded xStocks to 100 backed US stocks and ETFs, widening access outside standard market hours.
RWA Perpetuals Growth Exposes New Risks Across Platforms The rapid rise of RWA perpetuals introduces risks that differ from crypto-native contracts. Equity markets close overnight and on weekends, while on-chain perps continue trading.
Platforms must manage price gaps, funding changes and thin liquidity when primary exchanges are inactive.
Oracle dependence creates another weak point. RWA contracts rely on external feeds for stock, index and commodity prices.
Ostium halted trading after an attacker manipulated its price-reporting infrastructure and drained about $18 million in USDC during July. The incident showed how a compromised oracle component can turn false prices into profitable trades.
Liquidity is also concentrated among a small group of venues and builders. TradeXYZ has controlled most HIP-3 open interest during several growth phases.
Such dominance can improve execution, but it increases exposure to one platform’s technology, market design, and risk controls.
Regulatory treatment remains uneven. Some tokenized shares represent backed instruments, while equity perps provide only cash-settled exposure.
Jurisdiction, investor rights, custody, and disclosure rules vary across platforms. Traders must therefore examine contract terms, oracle design, liquidation rules, and weekend pricing before taking leveraged positions.
22 July 2026 | 19:46 Solana is trading around $78, caught between improving spot ETF flows and a technical structure that has not yet committed to a direction.
Key Takeaways Four consecutive ETF weeks remain positive. Current inflows exceed three prior weeks combined. SOL remains trapped between $73 and $84. $79 is the first breakout hurdle. Alpenglow could become the next catalyst. The price has recovered substantially from the June low near $60, but it remains inside the $73 to $84 range that has controlled trading since the crash. SOL is also sitting just below its flat 100-day simple moving average at $79, placing the market directly beneath its first meaningful resistance.
At the same time, Solana spot ETFs have recorded four consecutive positive weekly readings, creating a more supportive flow backdrop while the chart remains unresolved.
ETF Demand Is Accelerating, Not Merely Staying Positive The four-week sequence shows uninterrupted net inflows into Solana spot ETFs, but the size of those inflows has changed considerably.
Weekly Reading Total Net Inflow July 21, 2026 $8.47 million July 17, 2026 $948,210 July 10, 2026 $930,430 July 2, 2026 $5.75 million The latest $8.47 million total came from $2.64 million on July 20 and another $5.83 million on July 21, per SoSoValue data. Those two days alone brought in more than the approximately $7.63 million recorded across the previous three positive weekly readings combined.
The concentration of demand in the latest period strengthens the flow signal, but ETF inflows do not automatically resolve the price structure. SOL remains below the resistance levels that have repeatedly contained the recovery, meaning the data supports the base without confirming a breakout.
The June Crash Has Turned Into a Defined Range The June decline pushed Solana toward $60 before buyers established a recovery. Since then, price has formed a sequence of higher lows, but every stronger advance has stalled beneath the upper part of the current range.
Daily Solana technical price chart / Source: TradingView The result is a sideways consolidation between approximately $73 and $84. The rising 50-day simple moving average at $73 now overlaps with the lower boundary, giving the range floor both horizontal and moving-average support.
SOL is positioned near the middle of that structure rather than at either extreme. That limits the significance of small daily moves around $78, as price is neither breaking resistance nor threatening the base.
The flat 100-day average reinforces the neutral reading. Its position directly above the market shows that the earlier downtrend has lost some momentum, but it has not yet been replaced by a confirmed uptrend.
$79 Opens the Door, but $84 Confirms the Move The first test is the 100-day average at $79. A daily close above it would move SOL out of the middle of the range and reopen the path toward $84, where the recovery stalled around the middle of July.
Reclaiming it would improve the short-term structure, but the more important confirmation sits at the range ceiling. A move above $84 with stronger volume would produce the first higher high since May.
That would change the character of the recovery. Instead of continuing to rotate between established support and resistance, SOL would begin breaking the sequence that has kept it under pressure since the earlier highs.
The falling 200-day simple moving average at $89 would then become the next visible obstacle, testing whether the market can extend beyond a range breakout into a broader trend reversal.
The relative strength index is near 55, leaving room for price to move in either direction. Momentum is neither overbought nor deeply weakened, so the outcome is more likely to depend on how SOL reacts at 100 SMA and $84 than on an extreme indicator reading.
Why the $73 Floor Might Define the Entire Base The $73 area combines the range floor with the rising 50-day average, making it the level that protects the recovery from returning to its June structure.
A rejection below the 100-day average would initially keep SOL trapped inside the range. Price could rotate back toward $73 without invalidating the base, provided buyers continue defending that area. A daily close below $73 would be more damaging. It would break both horizontal support and the moving average that has risen beneath price during the recovery. That loss would expose the lower recovery zone near $66, followed by the June base around $60. A return to those levels would show that the recent consolidation failed to establish a durable floor.
Alpenglow Adds a Catalyst Beyond ETF Flows Solana is approaching the expected activation window for its Alpenglow consensus upgrade, scheduled for mainnet between August and October 2026.
The timing remains contingent on the release of the Agave 4.2 client and sufficient validator key registrations to complete the required testing and security audits.
Alpenglow represents a complete overhaul of Solana’s consensus layer, replacing Proof of History and Tower BFT. The approaching upgrade could attract additional market attention while ETF inflows are strengthening.
However, the event would not confirm that the range has ended while SOL remains below $79 and $84. A stronger response would require continued ETF demand, a reclaim of the 100-day average and enough volume to clear the July ceiling. Without that combination, Alpenglow may strengthen the narrative around Solana while price continues moving sideways.
Between Flows and Structure Solana’s backdrop is becoming more constructive, but the price has not yet followed with the same conviction. ETF demand is strengthening and Alpenglow provides a potential catalyst, while the chart remains confined beneath its main resistance levels.
The structure therefore stays neutral until the range resolves. Buyers have protected the recovery so far, but only a confirmed move through the upper boundary would turn the consolidation into something more durable.
This article is provided for informational purposes only and does not constitute financial, investment or legal advice.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
The 0x Solana API now routes swaps involving Token2022 (Token Extensions) tokens. Existing integrations pick this up automatically: no code changes, no new parameter, no version bump.
Teams can now route common Token2022 assets, including PayPal USD (PYUSD), Global Dollar (USDG), tokenized equities, and launchpad tokens.
How it worksTo support Token2022, DEX programs added a second instruction variant that includes the token mint account, letting the DEX check which extensions are active before it builds the swap. Solana caps account locks and transaction size per transaction, so carrying that extra account on non-Token2022 swaps adds real, unnecessary cost.
The Solana Swap API routes around that cost automatically. Pairs not involving Token2022 keep using the lean, existing instruction. Only pairs that touch a Token2022 token switch to the mint-aware variant. Every route gets the cheapest instruction set for the tokens it actually contains, so Token2022 support doesn't tax the swaps that don't need it.
What to knowFor integrators, request and response shapes are unchanged.
Token2022 routing is live across the major of venues and is extending to the full Token2022-ready DEX set as the remaining venues are enabled. The /enabled-sources endpoint returns the current list.
Use casesStablecoin routing: A wallet quoting PayPal USD (PYUSD) or Global Dollar (USDG) pairs settles them directly through the Solana Swap API instead of dropping the request.Tokenized equities: An app offering tokenized securities issued in Token2022 format executes in and out of those assets through the same swap flow it already uses.Launchpad tokens: An aggregator integrated with a Solana launchpad routes that launchpad's Token2022 tokens without handling a rejection.Bridged assets: A wallet supporting tokens bridged to Solana in Token2022 format routes them exactly as it routes SPL tokens.See the guide for the full API reference & examples.
Start building for free by signing up through the 0x dashboard.
Spot cryptocurrency ETFs recorded strong net inflows on July 21, with Bitcoin and Ethereum products leading the session, according to data from several analytics platforms. The figures show continued investor interest and rising capital commitments across leading crypto assets for a sixth consecutive day in Bitcoin’s case and a third for Ethereum.
Bitcoin ETFs extend inflow streakSpot Bitcoin ETFs brought in $203 million in net inflows on July 21, data from SoSoValue and Wu Blockchain revealed. This marked the sixth consecutive day of net positive flows for US-based Bitcoin investment products.
SBlockSpy, a market tracking account, posted a similar figure of $203.2 million for the day and calculated that the combined inflows for the six-day streak totaled approximately $930 million. These continued inflows highlight persistent institutional and retail demand for spot Bitcoin ETFs.
BlackRock’s iShares Bitcoin Trust (IBIT) led the daily rankings, adding $163.9 million in net inflows. Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed, attracting $23.1 million. This dominance by two of the world’s largest asset managers underscores institutional adoption of exchange-traded Bitcoin products.
Spot Bitcoin ETFs registered $203 million in net inflows on July 21, making it the sixth successive day of positive flows, while spot Ethereum ETFs reported $37.47 million in net inflows, extending their own streak to three days.
Ethereum ETFs maintain momentumSpot Ethereum ETFs also ended July 21 with another positive day, posting $37.47 million in net inflows. This continued the run to three consecutive days of incoming capital, as reported by Wu Blockchain and confirmed by market commentator That Martini Guy.
While Ethereum’s figures were below Bitcoin’s, the positive net flows suggest increasing appeal for regulated ETH investment products. The data indicates that, despite being outpaced by Bitcoin, Ethereum ETFs are holding investor attention after a period of mixed daily flows.
Market participants are now watching closely to see if Ethereum ETFs can extend their streak and attract greater capital throughout the week.
ETFJuly 21 Net InflowStreakBitcoin ETFs$203 million6 daysEthereum ETFs$37.47 million3 daysSOL and XRP enjoy rising ETF demandInterest in spot crypto investment products also spread to Solana (SOL) and XRP, which both posted notable inflows on July 21. That Martini Guy noted that Solana products brought in $5.83 million, while XRP ETFs registered $5.66 million. These inflows indicate that institutional and retail investors are beginning to diversify asset exposure beyond Bitcoin and Ethereum.
Although these sums remain much smaller compared to the Bitcoin and Ethereum ETFs, the expanding interest underscores a broadening of the market’s focus within regulated crypto products.
ETF inflows can shift rapidly depending on price action and investor sentiment. However, consistent multiday inflow streaks are often regarded as a sign of growing confidence among traditional market participants seeking exposure to crypto assets. The coming days may determine whether this positive momentum continues or reverses.
Institutional money is beginning to move beyond Bitcoin and Ethereum, with new capital entering Solana and XRP ETFs, according to recent market data.
Mini dictionary: Wu Blockchain, a widely followed industry news account, provides real-time blockchain and cryptocurrency market data, often aggregating fund flow information and analytics from multiple providers.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Grayscale has filed a new Form 8-K tied to its Solana product, outlining a trust agreement amendment that would allow net staking rewards to be distributed to shareholders at least quarterly.
The filing relates to Grayscale Solana Staking ETF, or GSOL, and was filed with the SEC on July 17. The amendment is expected to become effective on August 7, 2026.
The key point is that this is not a spot Solana ETF approval story.
The filing concerns how staking rewards may be handled for the existing Solana-linked trust structure. It introduces a cash payout mechanism for net staking rewards, which could make the product more attractive to investors who want Solana exposure with a clearer income component.
For Solana, it also shows how staking economics continue to shape institutional product design.
TL;DR Grayscale filed a Form 8-K tied to its Solana staking product on July 17. The amendment would allow net staking rewards to be paid to shareholders at least quarterly. The filing concerns distribution mechanics, not approval of a new spot Solana ETF. Solana Staking Is Becoming Part Of Product Design Solana is a proof-of-stake network, which means staking is central to how the network works.
Tokenholders can delegate SOL to validators and earn rewards for helping secure the chain. In direct ownership, those rewards are part of the appeal. But when investors access SOL through a trust or fund product, staking becomes more complicated.
Who controls the staking process? How are rewards calculated? What fees are deducted? Are rewards reinvested or paid out? How often are distributions made? What risks come with validator selection?
These are not small details for institutional investors.
A product that holds staked SOL but does not clearly pass benefits through to shareholders may be less attractive than one with a defined payout structure. Grayscale’s proposed amendment addresses that question by introducing cash payouts of net staking rewards at least quarterly.
That gives investors a clearer framework for how staking income may be reflected.
Why Quarterly Payouts Matter Quarterly payouts make the product easier to understand.
Traditional investors are used to funds that distribute income on a schedule. Bond funds, dividend funds, and other yield-linked products often use regular distributions to make income visible.
Crypto staking rewards are different, but the investor expectation can be similar.
If a Solana product can translate staking rewards into scheduled cash payouts, it may become easier for advisors, funds, and institutions to evaluate. It turns an on-chain reward mechanism into something closer to a familiar financial product feature.
That does not remove risk.
Staking yields can fluctuate. Validator performance matters. Network conditions can change. Fees and expenses reduce net payouts. Regulatory treatment may evolve.
But the structure is more legible to traditional investors than a vague promise of staking exposure.
Not A Spot ETF Approval It is important to keep the filing in proportion.
The Form 8-K does not mean regulators have approved a new spot Solana ETF. It does not mean Solana has cleared the same path as Bitcoin or Ethereum in the ETF market. It is a trust agreement amendment involving distribution mechanics.
That distinction matters because Solana ETF speculation has been a major market theme.
Traders often react quickly to anything involving Grayscale, Solana, SEC filings, or staking language. But not every filing is an ETF approval milestone. Some filings deal with product operations, disclosures, agreements, or shareholder mechanics.
This one is about staking reward distributions.
That is still meaningful, especially for investors watching how crypto products evolve. It just should not be misread as a regulatory green light for a spot Solana ETF.
Solana Products Are Getting More Sophisticated The broader trend is that Solana investment products are becoming more sophisticated.
As Solana’s network activity, DeFi ecosystem, and institutional profile grow, asset managers have more reason to design products around SOL exposure. Staking is a natural part of that conversation because it is embedded in the network’s economics.
For institutions, the question is not only whether they want SOL exposure. It is what kind of exposure they want.
Direct custody gives maximum control but requires operational infrastructure. Fund products simplify access but introduce fees, structures, and rules around staking. A trust with scheduled net reward payouts sits somewhere in the middle.
Grayscale’s filing shows how these products may evolve before or alongside any future ETF decisions.
Solana investors should watch the effective date and any further disclosures about payout mechanics, expenses, and staking operations.
For now, the filing adds another institutional layer to Solana’s market story.
It does not change the regulatory status of spot Solana ETFs, but it does show that staking rewards are becoming harder for asset managers to ignore.
This article is based on Grayscale’s July 17 SEC Form 8-K filing for GSOL.
This article was written by the News Desk and edited by Samuel Rae.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Silver (XAG/USD) trades with modest gains on Wednesday, supported by a slight pullback in the US Dollar (USD). However, the metal lacks strong upside momentum as traders weigh energy-driven inflation risks and their impact on the Federal Reserve’s (Fed) interest-rate outlook.
At the time of writing, XAG/USD trades around $59.90 after hitting a two-week high of $60.94 earlier in the day.
Traders expect the Fed to keep monetary policy restrictive for longer, while pricing in at least one interest-rate hike this year. Higher borrowing costs typically weigh on non-yielding assets such as Silver.
From a technical perspective, Silver bulls are struggling to hold above the psychological $60.00 mark. Still, XAG/USD trades above the 20-day Simple Moving Average (SMA), the Bollinger middle band, near $58.86, suggesting that buyers retain some control.
Moving Average Convergence Divergence (MACD) is modestly positive, suggesting a slight bullish tilt in short-term pressure, but Average Directional Index (ADX) at 39 indicates the underlying trend remains fairly strong, limiting the scope for abrupt reversals.
On the upside, initial resistance is seen at the intraday high of $60.94, followed by the upper Bollinger Band near $62.39. A sustained break above this area could open the door toward the $70.00 barrier.
On the downside, the 20-day SMA near $58.86 offers immediate support, followed by the lower Bollinger Band at $55.34. A deeper decline could expose the psychological $50 level.
Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Key Takeaways VLO offers stronger near-term upside, while CVE provides greater earnings resilience through integration.VLO benefits from complex Gulf Coast refineries, feedstock flexibility and firm refining margins.CVE targets more than 1 million BOE/d by 2028, but regulation and geopolitics cloud its outlook. Valero Energy Corporation (VLO - Free Report) and Cenovus Energy Inc. (CVE - Free Report) are two well-known names in the energy industry, operating in different segments. VLO is a leading firm in the downstream sector, with an extensive refining footprint. Notably, VLO operates a network of 14 refineries with approximately 3 million barrels per day of high-complexity throughput capacity and a combined Nelson Complexity Index of 11.5, indicating that it can process and refine a wide variety of feedstocks into higher-value products.
Cenovus Energy, on the other hand,is a Canada-based integrated energy company with exposure to both the upstream and downstream segments of the industry. The company’s upstream production is primarily focused on its Canadian oil sands assets, alongside conventional and offshore production, while its downstream infrastructure comprises refining assets in Canada and the United States.
Over the past year, VLO shares have rallied 116.7%, outperforming CVE’s 104.5% gain. Price performance alone does not fully indicate a stock’s attractiveness or strength, as it merely reflects investor sentiment across market cycles. Hence, it is necessary to assess the fundamentals and broader operating environment of both stocks before arriving at an investment decision.
Image Source: Zacks Investment Research
Valero Benefits From Strong Refining FundamentalsValero Energy stands out as a premier refining operator with an advantaged refining portfolio mainly concentrated along the U.S. Gulf Coast, enabling the company to benefit from feedstock sourcing flexibility, export infrastructure and exposure to global product markets.
Additionally, its complex refining system is capable of processing heavy sour grades into high-value refined products efficiently. Heavy sour crude has a higher sulfur content and typically trades at a discount to lighter crude grades because it is more difficult to refine. This provides cheaper feedstock for Valero’s refineries, thereby improving refining economics and supporting better margins. The flexibility of Valero’s refinery systems allows it to shift product yields between light products and distillates based on market signals to capture higher margins during volatile periods. This gives the refining player a competitive edge, as it can shift its production toward higher-margin products.
Moreover, renewed tensions between the United States and Iran have raised uncertainty regarding shipping traffic through the Strait of Hormuz, reigniting supply concerns. Notably, the supply disruptions have tightened refined-product markets at a time when global refining capacity remains constrained. These factors are expected to support refining fundamentals, keeping margins steady.
While geopolitical tensions in the Middle East may raise concerns regarding crude availability, VLO has stated that this is not a significant constraint because its refining network is heavily concentrated along the U.S. Gulf Coast and the Midcontinent.
Cenovus’ Integrated Business Model Supports Resilient GrowthCenovus Energy’s upstream production predominantly comes from its oil sands assets in Canada. Its oil sands assets are characterized by a low cost of production and a long reserve life. Following the acquisition of MEG Energy, the Christina Lake North expansion has emerged as one of Cenovus' most important growth assets, strengthening its long-term production outlook.
The company is pursuing several other growth projects, including Foster Creek optimization, Sunrise optimization and the West White Rose project, which are expected to contribute to its target of producing more than 1 million barrels of oil equivalent per day (BOE/d) by 2028.
While Canadian heavy crude is typically priced against the Western Canadian Select at a discount to the Western Texas Intermediate benchmark, Cenovus' integrated business model helps offset Canadian heavy oil price dislocations to some extent. Its access to pipeline capacity and midstream infrastructure, combined with reliable Canadian and U.S. refining operations, enables the company to process discounted heavy crude into higher-value refined products. This supports downstream margins and makes earnings less volatile.
Nevertheless, heightened geopolitical tensions in the Middle East have increased volatility in product prices, making future earnings more difficult to predict. Management cautioned that Canada's climate policies and regulatory framework have made the country less competitive for energy investments, discouraging new oil sands developments. While Cenovus continues to expand through brownfield developments and optimization projects, its long-term production growth will require a more competitive investment and regulatory environment.
Image Source: Cenovus Energy Inc.
Valuation SnapshotConsidering the valuation story, it has become evident that Valero Energy is currently trading at a premium compared with Cenovus Energy. This is reflected in the fact that VLO trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 9.68X, higher than CVE’s 7.07X.
Image Source: Zacks Investment Research
VLO vs CVE: Final VerdictVLO and CVX both have their own strengths. Valero offers greater near-term upside through strong refining margins and feedstock flexibility, while Cenovus combines low-cost oil sands production with an integrated business model that provides greater earnings resilience. However, the current geopolitical situation and Canada's regulatory environment may cloud the outlook for Cenovus.
Therefore, investors who wish to gain from VLO’s upside potential in the current environment may consider owning the stock, currently carrying a Zacks Rank #2 (Buy). CVE warrants a more cautious approach, carrying a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Rocket Lab (RKLB) rose 3.15% premarket after winning a $266 million firm-fixed-price contract from the US Department of War for suborbital launch services. The
If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Motorola (MSI - Free Report) . This company, which is in the Zacks Wireless Equipment industry, shows potential for another earnings beat.
This communications equipment maker has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 4.48%.
For the last reported quarter, Motorola came out with earnings of $3.37 per share versus the Zacks Consensus Estimate of $3.25 per share, representing a surprise of 3.69%. For the previous quarter, the company was expected to post earnings of $4.36 per share and it actually produced earnings of $4.59 per share, delivering a surprise of 5.28%.
Price and EPS Surprise
With this earnings history in mind, recent estimates have been moving higher for Motorola. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Motorola currently has an Earnings ESP of +0.52%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #1 (Strong Buy) indicates that another beat is possibly around the corner.
When the Earnings ESP comes up negative, investors should note that this will reduce the predictive power of the metric. But, a negative value is not indicative of a stock's earnings miss.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Key Takeaways Tesla’s Q2 2026 earnings announcement arrives Wednesday after market close, with analysts forecasting revenue between $26.2 billion and $27.3 billion, representing approximately 16% annual growth Second quarter vehicle deliveries reached 480,126 units, marking a 25% year-over-year increase powered by the refreshed Model Y production ramp, aggressive pricing strategies, and diminishing political controversy Consensus estimates point to adjusted earnings per share of $0.50–$0.55; adjusted EBITDA anticipated around $4 billion versus $2.3 billion in the prior-year period Analysts project deeply negative free cash flow of approximately -$3.25 billion as capital expenditures surge to $6.7 billion for Optimus robot manufacturing, Cybercab development, and artificial intelligence infrastructure TSLA shares have declined roughly 16% in 2026; the company has fallen short of adjusted EPS consensus in five out of eight recent quarters Tesla’s second quarter 2026 financial results arrive Wednesday evening, and unlike previous reporting periods, automotive sales aren’t generating the most anxiety. Trading at $378.93 before Wednesday’s session, the stock has surrendered approximately 16% of its value since January.
Tesla, Inc., TSLA
Analyst consensus calls for quarterly revenue landing between $26.21 billion and $27.3 billion, representing roughly 16% growth versus the comparable 2025 period. On the bottom line, Wall Street anticipates adjusted earnings per share in the $0.50 to $0.55 range, improving from $0.40 one year earlier. Adjusted EBITDA estimates center around $4 billion, approaching double the $2.3 billion recorded in Q2 2025.
Vehicle delivery figures have already been disclosed, and they exceeded expectations. Tesla announced Q2 deliveries totaling 480,126 units, climbing 25% annually and significantly surpassing Bloomberg’s consensus forecast of 397,466 vehicles.
Multiple factors contributed to the outperformance. Production of the redesigned Model Y has reached full capacity following last year’s factory retooling that temporarily constrained output. The company has implemented aggressive price reductions across global markets, stimulating customer demand. Energy storage installations also surged, reaching 13.5 GWh — exceeding Q1’s 8.8 GWh by more than 50%.
Geographic performance shows divergence. Domestic US sales face headwinds, with Cox Automotive estimating a 20% decline following the elimination of federal EV tax incentives. European markets tell a different story. Registrations across Greater Europe jumped nearly 108% in May, with EU-specific registrations more than doubling. Tesla’s response included announcing expanded production capacity at its German Gigafactory.
Chinese market dynamics remain supportive. Deutsche Bank analyst Edison Yu identified Europe as “the standout driver” while noting China continues providing meaningful contribution.
Deepwater Investment’s Gene Munster attributed strengthening demand to the conclusion of what he termed “the EV winter that started in March of 2024,” combined with elevated gasoline prices and waning political controversies associated with DOGE.
Cash Flow Takes Center Stage Wednesday’s primary concern isn’t top-line growth or unit volumes — it’s liquidity. Consensus estimates project Q2 free cash flow deteriorating to approximately -$3.25 billion. This represents a stark reversal from positive FCF of nearly $5.6 billion in Q2 2025. Capital expenditures are forecast at $6.7 billion for the current quarter.
Tesla’s investment spans several initiatives simultaneously: Optimus humanoid robot manufacturing infrastructure, artificial intelligence data center construction, and Cybercab production scaling. For full-year 2026, Tesla has communicated guidance of $25 billion in capital spending, more than doubling the sub-$10 billion invested during 2025.
Automotive gross margins, excluding regulatory credit revenue, are projected around 18%, declining approximately one percentage point sequentially from Q1.
Musk’s AI Commentary Takes Priority The earnings conference call commences at 5:30 p.m. Eastern time. CEO Elon Musk’s participation is anticipated, and market observers suggest his remarks regarding artificial intelligence initiatives — Robotaxi development, Optimus progress, data center expansion — will influence investor sentiment more than quarterly financial metrics.
Morgan Stanley analyst Andrew Percoco articulated the situation directly: “As capex more than doubles and free cash flow turns negative, investors are increasingly focused on evidence that Tesla’s spending is strengthening its physical AI moat.”
An additional consideration entering the announcement: Tesla has underperformed adjusted EPS consensus estimates in five of the previous eight quarters.
Key Takeaways GEV shares declined 2.7% in premarket activity following a Q2 adjusted EPS of $2.47, falling short of the $3.04 analyst estimate Quarterly revenue reached $11.1 billion, representing a 22% year-over-year increase and surpassing the $10.73 billion forecast Company elevated full-year 2026 revenue projections to a range of $45.5–$46.5 billion Free cash flow forecast significantly upgraded to $11.5–$12.5 billion, up from the previous $6.5–$7.5 billion range New orders jumped 88% organically to $24.2 billion, driven primarily by the Power and Electrification divisions GE Vernova unveiled its Q2 2026 financial results on Wednesday, delivering mixed outcomes that exceeded revenue expectations while falling short on earnings. Shares retreated 2.7% during premarket hours following the announcement.
GE Vernova Inc., GEV
The company’s adjusted earnings per share registered at $2.47, significantly trailing the Street’s consensus forecast of $3.04. On the top line, quarterly revenue totaled $11.1 billion, exceeding projections of $10.73 billion and marking a 22% increase compared to the prior-year period.
This expansion was primarily fueled by robust performance in the Power and Electrification divisions, which demonstrated 12% organic growth. These two business units have served as the foundation of GEV’s growth narrative over recent quarters.
$GEV Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $11.10B (Est. $10.7B) 🟢; +22% YoY
🔹 Orders: $24.2B; +88% organic
🔹 Backlog: $176B; +$13B QoQ
🔹 Data Center Orders: Over $5B YTD, more than double 2025 total
Notwithstanding the earnings shortfall, company leadership elevated its full-year 2026 revenue outlook to $45.5–$46.5 billion. This represents an increase from the previous forecast of $44.5–$45.5 billion, positioning the midpoint slightly above the analyst consensus of $45.45 billion.
Cash Flow Guidance Sees Dramatic Upgrade Perhaps the most significant development emerged in cash generation projections. GEV boosted its full-year free cash flow guidance to $11.5–$12.5 billion, representing a substantial increase from the earlier projection of $6.5–$7.5 billion.
During the second quarter, free cash flow totaled $5.1 billion — surpassing the company’s entire 2025 annual generation. Management attributed this performance to enhanced working capital management and robust EBITDA growth.
The order book provided additional positive momentum. Total orders climbed 88% organically to $24.2 billion for the quarter, versus $12.4 billion in the corresponding period last year. Within the Power division, the company secured 20 GW worth of new gas equipment agreements, expanding its backlog to 116 GW.
Chief Executive Scott Strazik indicated the company anticipates having no fewer than 125 GW of gas equipment under contract by the close of 2026, while maintaining its trajectory to achieve annual gas turbine production capacity of 20 GW in Q3 2026, with further expansion to 24 GW planned for 2028.
Wind Division Continues to Underperform The results weren’t uniformly positive across all segments. The Wind division remained challenged, posting a 10% revenue decline alongside an EBITDA deficit of $275 million. Elevated Offshore Wind project expenses and reduced Onshore Wind equipment shipments were identified as primary headwinds.
By contrast, the Electrification division delivered strong results. Core profit surged to $671 million from $314 million in the year-ago quarter. Year-to-date data center orders surpassed $5 billion, more than doubling the complete 2025 fiscal year total.
The Power division generated core profit of $1.03 billion, representing approximately 31% year-over-year growth.
GEV acknowledged that international tariffs are projected to introduce $100–$200 million in additional costs during 2026, even accounting for contractual protections and mitigation initiatives.
The company reaffirmed its adjusted EBITDA margin guidance range of 12%–14% for the complete fiscal year.
The overall backlog currently totals $176 billion.
Key Takeaways Royal Gold sold 69,000 GEOs in Q2, up 8% year over year but below Q1's 96,300 GEOs.RGLD's stream sales jumped to $311 million, while royalty sales are estimated at $137-$142 million.Royal Gold repaid $200 million of debt and settled an outstanding gold delivery with Americas Gold and Silver. Royal Gold, Inc. (RGLD - Free Report) issued a preliminary sales update for second-quarter 2026. In the quarter, Royal Gold sold 69,000 gold equivalent ounces (GEOs), comprising 54,500 ounces of gold, 595,500 ounces of silver, 2.5 million pounds of copper and 1.3 million pounds of lead.
This marks a decrease from 96,300 GEOs sold in the first quarter of 2026 but an increase from 63,900 GEOs sold in the second quarter of 2025.
In the second quarter of 2026, the cost of sales totaled $871 per GEO compared with $596 in the prior year quarter.
The company reported stream segment sales of $311 million compared with $123 million in the second quarter of 2025. Royalty segment sales for the second quarter of 2026 are estimated between $137 million and 142 million. The company posted Royalty segment sales of $51.1 million in the prior year quarter.
During the second quarter, RGLD repaid $200 million of debt. As of June 30, 2026, it had an outstanding balance of $400 million on its revolving credit facility, with $1.0 billion undrawn and available.
Royal Gold’s Other Updates Royal Gold and Americas Gold and Silver Corporation (USAS - Free Report) announced that they reached an agreement during the second quarter of 2026 to settle their outstanding gold delivery. USAS originally entered into a Precious Metals Delivery Agreement with Sandstorm Gold Ltd. in 2019 before Sandstorm Gold was acquired by Royal Gold in 2025. The new deal resolves America's Gold and Silver's outstanding commitment to deliver 8,861 ounces of gold to RGLD between June 2026 and December 2027.
Americas Gold and Silver will clear the outstanding obligation immediately in exchange for 5,000 ounces of gold and 2,652,532 common shares issued at a deemed price of $5.86 per share. RGLD recognized the proceeds from the settlement of the gold delivery as stream sales in the second quarter of 2026, which added $12 million of additional DD&A expense.
RGLD Stock’s Price Performance & Zacks RankIn the past year, Royal Gold shares have gained 24.4% compared with the industry’s growth of 32.3%.
Image Source: Zacks Investment Research
Royal Gold currently has a Zacks Rank #5 (Strong Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q2 Preliminary Results of Other Mining StocksEndeavour Silver Corp. (EXK - Free Report) produced 1.94 million ounces of silver in the second quarter of 2026. This reflected a 31% increase from the year-ago quarter, driven by the addition of the Kolpa operation in May 2025. Endeavour Silver’s total gold production grew 35% year over year to 10,474 ounces. The company’s silver-equivalent ounces production increased 36% year over year.
Fortuna Mining Corp. (FSM - Free Report) produced 72,217 GEO from ongoing operations in the second quarter of 2026, bringing the total first-half production to 145,089 GEOs. With first-half production already exceeding half of Fortuna Mining’s lower-end guidance, the company seems on track to achieve its 2026 production target of 281,000-305,000 GEO. The second-quarter 2026 reported figure marked a 1.4% increase from the year-ago quarter. The reported figure was broadly in line with 72,872 ounces produced in the first quarter of 2026.
Key Takeaways NOC signed an MOU with Airbus to expand NATO ISR capabilities using MQ-4C Triton systems.The pact covers communications, data processing, intelligence analysis, dissemination and command systems.NOC's NATO experience and partnerships support faster deployment and allied interoperability. Northrop Grumman (NOC - Free Report) continues to strengthen its position in the Intelligence, Surveillance and Reconnaissance (ISR) market through its advanced unmanned aircraft systems, communications technologies and mission-critical defense solutions. The company develops integrated ISR capabilities that help military customers improve situational awareness, enhance decision-making and support operations across multiple domains.
A key example is Northrop Grumman's recently signed Memorandum of Understanding (MOU) with Airbus Defence and Space to support the expansion of the NATO Intelligence, Surveillance and Reconnaissance Force with MQ-4C Triton uncrewed aircraft systems. The collaboration will explore a transatlantic solution to deliver advanced ISR capabilities for NATO operations while strengthening defense cooperation across the Alliance.
Per the agreement, Northrop Grumman will work with Airbus and several European defense companies to provide services that include airborne and ground communications, data processing, intelligence analysis and dissemination, as well as command and control capabilities. The partnership also builds on the company's experience supporting NATO's existing RQ-4D Phoenix fleet, helping accelerate the deployment of next-generation ISR capabilities and strengthen interoperability among allied forces.
As defense agencies worldwide continue to invest in advanced ISR capabilities, demand for integrated surveillance, communications and command systems is expected to remain strong. Northrop Grumman's expanding international partnerships, proven MQ-4C Triton platform and expertise in communications, networking and mission systems position it well to benefit from long-term defense modernization programs and growing demand for ISR solutions.
Other Stocks to Keep on the WatchlistOther aerospace and defense companies expanding their ISR capabilities are discussed below:
General Dynamics (GD - Free Report) : Through its General Dynamics Information Technology business, the company provides ISR and C5ISR solutions, including secure communications, systems integration and mission support services for military customers.
L3Harris Technologies (LHX - Free Report) : The company offers advanced ISR solutions, including airborne sensors, intelligence systems and secure communications that help improve surveillance, information sharing and mission effectiveness.
The Zacks Rundown for NOCShares of NOC have lost 0.2% in the past month compared with the industry’s 3.6% decline.
Image Source: Zacks Investment Research
The company shares are trading at a discount on a relative basis, with its forward 12-month Price/Sales being 1.60X compared with its industry’s average of 2.46X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for NOC’s 2026 earnings has moved south over the past 60 days.
Interactive Brokers (IBKR) experienced a slight decline in stock price following a robust Q2 earnings report. The company posted earnings per share (EPS) of $0.
Key Takeaways IBKR beat Q2 earnings estimates as revenues, customer accounts and DARTs increased y/y.IBKR reported adjusted net revenues of $1.88 billion, while the pre-tax profit margin rose to 77%.Interactive Brokers strengthened its capital position with higher cash, total assets and equity balances. Interactive Brokers Group’s (IBKR - Free Report) second-quarter 2026 adjusted earnings per share of 69 cents surpassed the Zacks Consensus Estimate of 64 cents. The bottom line reflected a rise of 35.3% from the prior-year quarter.
Results were primarily aided by an increase in revenues, growth in customer accounts and a rise in daily average revenue trades (DARTs). However, higher expenses were the undermining factor.
After considering non-recurring items, net income available to common shareholders (GAAP basis) was $312 million, up from $224 million in the prior-year quarter.
Interactive Brokers reported comprehensive income available to common shareholders of $297 million, or 66 cents per share, compared with $303 million, or 69 cents per share, in the prior-year quarter.
IBKR’s Revenues Improve, Expenses RiseAdjusted net revenues were $1.88 billion, up 27.2% year over year. Total GAAP net revenues were $1.90 billion, up 28.1% year over year. The Zacks Consensus Estimate for the top line was $1.79 billion.
Total non-interest expenses increased 17% year over year to $440 million. The rise was due to an increase in almost all cost components, except for communications costs.
Income before income taxes was $1.46 billion, up 31.9% year over year.
The adjusted pre-tax profit margin was 77%, up from 75% a year ago.
In the reported quarter, total customer DARTs jumped 36% year over year to 4.82 million.
Customer accounts grew 34% from the year-ago quarter to 5,185,000.
Interactive Brokers’ Capital Position StrongAs of June 30, 2026, cash and cash equivalents (including cash and securities set aside for regulatory purposes) totaled $103.9 billion compared with $81.8 billion as of Dec. 31, 2025.
As of June 30, 2026, total assets were $247.3 billion compared with $203.2 billion as of Dec. 31, 2025. Total equity was $22.3 billion, up from $20.5 billion as of Dec. 31, 2025.
Our View on IBKRInteractive Brokers' efforts to develop proprietary software and enhance its emerging market customers and global footprint, along with its product suite expansion, are expected to continue aiding revenues. However, elevated expenses and high exposure to overseas geopolitical risks are headwinds.
Currently, Interactive Brokers carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Release Dates of IBKR’s PeersHere are some of IBKR’s peers that are yet to come out with quarterly numbers.
Robinhood Markets (HOOD - Free Report) is slated to announce quarterly numbers on July 29.
In the past week, the Zacks Consensus Estimate for Robinhood’s quarterly earnings has moved lower to 39 cents. The figure suggests a 7.1% decline from the prior-year quarter reported number.
Tradeweb Markets (TW - Free Report) is slated to announce second-quarter 2026 results on July 30.
In the past week, the Zacks Consensus Estimate for TW’s quarterly earnings has been revised lower to 95 cents. The figure indicates a 9.2% rise from the prior-year reported number.
Travel + Leisure NYSE: TNL raised its full-year 2026 outlook after reporting stronger second-quarter results and announcing two acquisitions that management said will expand its resort network and owner base.
President and Chief Executive Officer Michael Brown said the company’s second-quarter and first-half performance reflected “consistent execution” and the durability of its business model, citing healthy owner trends, robust travel demand, recurring upgrade sales and increasing new owner sales.
For the second quarter, Travel + Leisure reported revenue of $1.06 billion and adjusted EBITDA of $269 million. Brown said gross vacation ownership interest, or VOI, sales increased 6% and exceeded the company’s guidance range, supported by high-quality tours and strong owner engagement. Volume per guest rose 2% year over year to $3,318, also ahead of plan.
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Chief Financial Officer Erik Hoag said revenue increased 4%, adjusted EBITDA rose 8% and adjusted earnings per share grew 14% in the quarter. Adjusted EBITDA margin expanded 70 basis points, which he attributed to operating leverage across the business.
Vacation Ownership Drives Growth The company’s Vacation Ownership segment remained the primary driver of results. Hoag said gross VOI sales increased 6% to $693 million, while segment revenue rose 6% to $907 million. Segment adjusted EBITDA increased 13% to $247 million.
Hoag said tours increased 1% in the quarter, reflecting solid demand and new owner acquisition. New owner mix was slightly higher year over year, with healthy transaction volume and close rates.
Brown said the company’s consumer remains healthy and continues to prioritize travel. He pointed to first-half arrivals, adjusted for strategic resort closures, increasing year over year, as well as strong forward bookings. The booking window was 109 days and the average length of stay was four days, both at or above prior-year levels.
In response to a question from Patrick Scholes of Truist Securities about the state of the consumer, Hoag said booking patterns, forward bookings, length of stay and distance traveled remained consistent with what the company saw in the first quarter. “We’ve not seen anything in our metrics that would indicate there’s a weakening occurring,” Hoag said.
Guidance Raised After Strong First Half and Acquisitions Travel + Leisure raised its full-year outlook, citing stronger-than-expected core business performance and the expected contribution from the acquisitions of Yes& Vacations and Spinnaker Resorts.
Hoag said that, excluding acquisitions, the company now expects full-year adjusted EBITDA of $1.05 billion to $1.065 billion. Including the expected contribution from the acquisitions, Travel + Leisure now expects:
Gross VOI sales of $2.6 billion to $2.675 billion; Adjusted EBITDA of $1.065 billion to $1.085 billion; A consolidated loan loss provision rate of approximately 21%; A full-year adjusted tax rate of approximately 29%; Free cash flow conversion of roughly half of adjusted EBITDA; and Year-over-year adjusted EPS growth of approximately 20%. For the third quarter, the company expects gross VOI sales of $700 million to $740 million, adjusted EBITDA of $275 million to $285 million, and volume per guest of $3,300 to $3,350.
Yes& Vacations and Spinnaker Resorts Add Resorts and Owners Brown said the acquisitions of Yes& Vacations and Spinnaker Resorts add 23 resorts, including six properties in Hilton Head and seven in Maui. He described those markets as high-demand leisure destinations where new development is challenging.
The acquisitions also add more than 100,000 owners, expanding Travel + Leisure’s owner base by more than 10%. Brown said the acquired owners are similar in age and average income to the company’s existing owner base, and approximately 80% have fully paid off their timeshare loans.
Hoag said Travel + Leisure is investing approximately $340 million to acquire businesses expected to generate about $50 million of adjusted EBITDA on a full-year synergized basis. After securitizing roughly $80 million of finance receivables, he said net capital deployed falls to about $260 million, implying a net investment multiple of approximately 5 times adjusted EBITDA.
Hoag said the transactions add approximately 0.2 turn of leverage, and the company expects to end 2026 with leverage of 3.2 times. He said the deals were funded through cash and existing debt capacity and did not require a change to the company’s capital return commitment.
During the question-and-answer portion of the call, Brown said the acquisitions provide both resort portfolio expansion and a larger owner base for potential future upgrades, particularly as owners are introduced to Travel + Leisure’s broader network and points-based system.
Capital Returns Continue Management emphasized that shareholder returns remain a priority. Brown said the company returned $253 million to shareholders through dividends and share repurchases during the first half of the year and reduced common shares outstanding by 4%.
Hoag said the company repurchased approximately $88 million of common stock in the second quarter, up 25% from the prior year, while continuing to pay its quarterly dividend. He said Travel + Leisure expects a similar level of buybacks in 2026 compared with 2025, even after the announced acquisitions.
The company ended the quarter with more than $1.2 billion of available liquidity across cash and its revolving credit facility. Hoag also said Travel + Leisure completed its second asset-backed securities transaction of the year, raising $300 million at a 98% advance rate and a 5.52% coupon.
Loan Performance and Segment Trends Hoag said credit performance remained consistent with underwriting standards. Weighted average FICO scores at origination remained above 740, down payment levels improved year over year, and the loan provision rate was flat year over year. Delinquency rates improved sequentially from the first quarter.
Asked about loan loss trends, Hoag said early-stage delinquencies improved by roughly 80 basis points from the first quarter, more than the roughly 40 basis points of seasonal improvement the company would typically expect. He reiterated that Travel + Leisure expects its organic 2026 loan loss provision to be below 2025 levels, though the acquired portfolios are expected to add some pressure.
The Travel and Membership segment remained under pressure. Hoag said second-quarter revenue declined 5% to $157 million, while segment adjusted EBITDA fell 11% to $49 million, reflecting the continued evolution of the exchange business. He said the company is focused on stabilizing long-term earnings and free cash flow through operational improvements, strategic partnerships and digital initiatives.
Brown also highlighted progress in Travel + Leisure’s multi-brand strategy, saying Margaritaville is on track to exceed $150 million in annual VOI sales, Accor Vacation Club sales are on track to nearly double in 2026, and Eddie Bauer Adventure Club sales are exceeding expectations. Sports Illustrated Resorts is progressing, with the Nashville resort expected to open in the third quarter and sales already underway at a new sales center.
Brown closed the call by saying 2026 is “shaping up to be another great year” for the company, supported by first-half growth, the two acquisitions and continued capital discipline.
About Travel + Leisure (NYSE:TNL)Travel + Leisure Co NYSE: TNL is a leisure travel company headquartered in Orlando, Florida, that specializes in vacation ownership, membership programs and branded travel experiences. The company operates an extensive portfolio of vacation clubs and destination services, offering members access to resorts, hotels, cruises and guided tours in markets around the world. Through its flagship membership brands, Travel + Leisure Co provides curated vacation packages, exchange services and unique travel itineraries that cater to both individual and family travelers.
In addition to its membership offerings, Travel + Leisure Co manages a network of resort properties and hospitality assets across North America, the Caribbean, Europe and Asia-Pacific.
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