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The income needed to buy a home is roughly $22,000 above what the typical U.S. household earns, according to Redfin. But the gap is shrinking: it was $26,000 a year ago, and $29,000 two years ago.

SEATTLE, Aug. 5, 2026 /PRNewswire/ — Americans need to earn $109,796 to afford the typical U.S. home for sale—down 0.5% from an all-time high of $110,382 a year ago—according to a new report from Redfin, the real estate brokerage powered by Rocket.

Redfin considers a home affordable if a buyer taking out a mortgage would spend no more than 30% of their income on their monthly housing payment. This is based on a Redfin analysis of median home sale prices, prevailing mortgage rates and property-tax payments, and assumes a 15% down payment. This report focuses on June 2026—the most recent period for which data is available.

Homebuying affordability is essentially flat from a year ago because monthly housing costs are increasing
—
and incomes are increasing at a similar rate:

• The median U.S. home sale price rose 2.2% year over year in June, and the average mortgage rate came down slightly but was still elevated in the mid-6% range.
• The median household income was an estimated $87,599, up 4% year over year.

The income required to afford a home soared in 2022 and 2023: Home prices skyrocketed amid the pandemic homebuying frenzy, then mortgage rates doubled. Now, the story is different, with the income needed to afford a home consistently dropping since October 2025. But the declines have been small, and the income required to afford a home is still $22,197 higher than the typical U.S. household income of $87,599.

Still, the gap between the income required to buy a home and actual incomes is shrinking. One year ago, the typical American household earned $26,125 less than they needed to afford the median-priced home—and two years ago, the gap was $28,834. That’s because incomes are growing a bit faster than housing costs.

“The earnings needed to buy a house have stabilized after several years of deterioration, but that doesn’t mean homes are affordable to the average American,” said Redfin Senior Economist Yingqi Xu. “There’s still a double-digit gap between what the typical household earns and what they need to comfortably buy a home, leaving many prospective first-time buyers stalled on the sidelines. But even if the market isn’t becoming much more affordable, it is becoming a bit more manageable for house hunters. It’s a buyer’s market in most of the country, especially places that were once pandemic homebuying hotspots like Nashville and Austin, giving buyers lots of options to choose from and strong negotiating power.”

Redfin economists say housing affordability could improve slightly more by the end of the year. But affordability could also worsen, especially if the Fed needs to hike interest rates more than projected, oil prices jump even more than they already have, or the AI boom intensifies the recent increase in inflation.

The affordability story is a bit brighter for starter homes: Americans need to earn $70,693 to afford the typical U.S. entry-level home, down 1.5% from a year ago. Please see this separate report for more on starter-home affordability.

Housing Costs Are Taking Up a Smaller Share of Buyers’ Budgets

The typical American homebuyer would need to spend 37.6% of their income to buy the median-priced U.S. home, down from 39.3% a year earlier. While the income required to purchase a home hasn’t budged, the median annual income has increased—from $84,257 to $87,599—pushing down the portion spent on housing.

34% of Home Listings Are Affordable, Up From 31% Last Year

The share of home listings that are affordable—i.e. they would require no more than 30% of income spent on housing—has increased over the last year. Just over one-third (34.2%) of U.S. home listings were affordable to someone earning the median income in June, up from 30.5% a year earlier.

Still, there are far fewer affordable home listings than there used to be. Before mortgage rates shot up in 2022, more than half of U.S. home listings were affordable to the typical American nearly every single month in records dating back through 2013.

Homebuying Is Getting More Affordable on the West Coast
—
But It’s Still Too Expensive For the Average Local

Homebuying affordability is improving in 24 of the 46 U.S. metro areas included in this analysis. In Seattle, homebuyers needed to earn $221,831 to afford the median-priced home in June, down 7.4% year over year—the biggest decline of all the metros. That’s because prices are falling more in Seattle than anywhere else in the nation.

San Jose, CA had the second-biggest decline: Buyers there must earn $423,840, down 6.5% year over year. Portland, OR, where buyers must earn $153,844, down 4.5%, rounds out the top three. While those places are more affordable than a year ago, the income needed to buy a home is still much higher than local salaries. In San Jose, for instance, the median income of $176,401 is about $250,000 less than what’s required to afford the typical home.

There are just three major metro areas where the typical household earns more than what’s required to afford a home: St. Louis, Indianapolis and Pittsburgh.

Homebuying Is Getting Less Affordable in the Country’s Hot Markets

Pittsburgh homebuyers needed an income of $82,816 to afford the median-priced local home in June, up 6.3% year over year—the biggest increase of the metros Redfin analyzed. Next comes San Francisco, where residents must earn $453,205, more than anywhere else in the country and up 6.2%.

The next biggest increase was in West Palm Beach, FL (5.6% to $146,404). Pittsburgh, San Francisco and West Palm Beach saw home prices rise more than any other major metro in June. San Francisco is also one of just seven seller’s markets in the country, largely because demand is soaring due to the AI boom.

To view the full report, including charts and additional metro-level data, please visit: redfin.com/news/affordability-homebuying-2026 

About Redfin 
Redfin is a technology-driven real estate company with the country’s most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin’s clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at https://www.redfin.com/news. For more information about Rocket Companies, visit https://www.rocketcompanies.com.

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SOURCE Redfin

SAN DIEGO, Aug. 5, 2026 /PRNewswire/ — Aethlon Medical, Inc. (Nasdaq: AEMD), a medical therapeutic company focused on developing products to treat cancer and life threatening infectious diseases, today announced that it will issue financial results for its fiscal first quarter ended June 30, 2026, at 4:15 p.m. ET on Thursday, August 13, 2026.

Management will host a conference call on Thursday, August 13, 2026, at 4:30 p.m. ET to review financial results and recent corporate developments. Following management’s formal remarks, there will be a question and answer session.

Interested parties can register for the conference call by navigating to  https://dpregister.com/sreg/10211144/104a3acc428. Please note that registered participants will receive their dial-in number upon registration.

Interested parties without internet access or unable to pre-register may dial in by calling:

PARTICIPANT DIAL IN (TOLL FREE): 1-844-836-8741

PARTICIPANT INTERNATIONAL DIAL IN: 1-412-317-5442

All callers should ask for the Aethlon Medical, Inc. conference call.

A replay of the call will be available approximately one hour after the end of the call through September 13, 2026. The replay can be accessed via Aethlon Medical’s website or by dialing 1-855-669-9658 (USA or Canada) or 1-412-317-0088 (international) or Canada toll free at 1-855-669-9658. The replay conference ID number is 6711524.

About Aethlon and the Hemopurifier®

Aethlon Medical is a medical therapeutic company focused on developing the Hemopurifier, a clinical stage immunotherapeutic device which is designed to combat cancer and life-threatening viral infections and for use in organ transplantation. In human studies, the Hemopurifier has demonstrated the removal of life-threatening viruses and in pre-clinical studies, the Hemopurifier has demonstrated the removal of harmful exosomes from biological fluids, utilizing its proprietary lectin-based technology. This action has potential applications in cancer, where exosomes may promote immune suppression and metastasis, and in life-threatening infectious diseases. The Hemopurifier is a U.S. Food and Drug Administration (FDA) designated Breakthrough Device indicated for the treatment of individuals with advanced or metastatic cancer who are either unresponsive to or intolerant of standard of care therapy, and with cancer types in which exosomes have been shown to participate in the development or severity of the disease. The Hemopurifier also holds an FDA Breakthrough Device designation and an open Investigational Device Exemption (IDE) application related to the treatment of life-threatening viruses that are not addressed with approved therapies.

Additional information can be found at www.AethlonMedical.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties. Statements containing words such as “may,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “project,” “will,” “projections,” “estimate,” “potentially” or similar expressions constitute forward-looking statements. Such forward-looking statements are subject to significant risks and uncertainties and actual results may differ materially from the results anticipated in the forward-looking statements. Risks and uncertainties include, but are not limited to, clinical trial outcomes, regulatory approvals, the ability to obtain additional financing, and market acceptance of the Company’s products, as more fully described in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements are based upon Aethlon’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except as may be required by law, the Company does not intend, nor does it undertake any duty, to update this information to reflect future events or circumstances.

Company Contact:

Jim Frakes
Chief Executive Officer and Chief Financial Officer
Aethlon Medical, Inc.
[email protected] 

Investor Contact:

Susan Noonan
S.A. Noonan Communications, LLC
[email protected] 

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SOURCE Aethlon Medical, Inc.

• Program life extension and significant volume increase for a leading European premium OEM’s V6 hybrid and gasoline engine family
• Conquest win for a major Chinese OEM’s high volume 1.5-liter turbocharged gasoline engine family
• Center-bolt torsional assistance with Variable Cam Timing enables faster cam phasing response and lower oil consumption

AUBURN HILLS, Mich., Aug. 5, 2026 /PRNewswire/ — BorgWarner continues to expand its variable cam timing (VCT) business with new program awards in Europe and China. The wins include a program life extension and significant volume increase for a leading European premium OEM’s V6 engine family and a conquest win for a major Chinese OEM’s 1.5-liter turbocharged gasoline engine family, replacing the previous incumbent supplier.

“These awards underline the long-term competitiveness of our VCT portfolio across both hybrid and combustion powertrains,” said Henk Vanthournout, Vice President of BorgWarner Inc. and President and General Manager, Drivetrain and Morse Systems. “They reflect the quality, reliability and cost competitiveness our customers continue to value in our VCT and timing drive solutions.”

Compared with oil pressure actuated VCT architectures, BorgWarner’s center-bolt CTA VCT system shortens and simplifies internal oil passages, enabling superior cam phasing response, stronger lock-pin engagement and reduced oil consumption for improved fuel economy. These advantages make it well-suited for the fast response and high efficiency requirements of both hybrid and combustion engines.

For the European premium OEM, BorgWarner supplies its center-bolt Cam Torque Actuated (CTA) VCT system for a V6 engine family used in premium and sports cars, covering two power output classes from 260 to 375 kW in both hybrid and pure gasoline configurations. The program is already in series production, and the newly awarded volume increase and program life extension are scheduled to begin in January 2027.

For the Chinese OEM, BorgWarner’s CTA VCT system was selected for a high volume 1.5-liter turbocharged gasoline engine family powering a range of SUV and sedan models for the Chinese market. The conquest award replaces the previous incumbent supplier, with BorgWarner’s market-leading solution offering fuel efficiency, local manufacturing and improved cost competitiveness. Start of production is planned for September 2026.

About BorgWarner
For more than 130 years, BorgWarner has been a transformative global product leader bringing successful mobility innovation to market. With a focus on sustainability, we’re helping to build a cleaner, healthier, safer future for all. 

Forward-Looking Statements: This press release contains forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that are based on management’s current outlook, expectations, estimates and projections. Words such as “anticipates,” “believes,” “continues,” “could,” “designed,” “effect,” “estimates,” “evaluates,” “expects,” “forecasts,” “goal,” “guidance,” “initiative,” “intends,” “may,” “outlook,” “plans,” “potential,” “predicts,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Further, all statements, other than statements of historical fact contained or incorporated by reference in this press release that we expect or anticipate will or may occur in the future regarding our business strategy, competitive strengths, goals, expansion and growth of our business and operations, plans, references to future success and other such matters, are forward-looking statements. All forward-looking statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. Forward-looking statements are not guarantees of performance, and the Company’s actual results may differ materially from those expressed, projected or implied in or by the forward-looking statements.

You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Forward-looking statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed, projected or implied in or by the forward-looking statements. These risks and uncertainties, among others, include: the possibility that our turbocharging technology will not achieve its intended benefits; the supply disruptions impacting us or our customers, commodity availability and pricing; conditions in the automotive industry; competitive challenges from existing and new competitors, including original equipment manufacturer (“OEM”) customers; the challenges associated with rapidly changing technologies, including artificial intelligence, and our ability to innovate in response; potential future changes in laws and regulations, including, by way of example, taxes and tariffs, in the countries in which we operate; potential disruptions in the global economy caused by wars or other geopolitical conflicts; our dependence on automotive and truck production, which is highly cyclical and subject to disruptions; our reliance on major OEM customers; impacts of any future strikes involving any of our OEM customers and any actions such OEM customers take in response; fluctuations in interest rates and foreign currency exchange rates; our dependence on information systems; the uncertainty of the global economic environment; the uncertainty surrounding global trade policies, including tariffs and export restrictions, and their impacts on the Company, its customers and its suppliers; the outcome of existing or any future legal proceedings, including litigation with respect to various claims, or governmental investigations, including related litigation; impacts from any potential future acquisition or disposition transactions; and the other risks discussed in reports that we file with the Securities and Exchange Commission, including in Item 1A, “Risk Factors” in our most recently-filed Annual Report on Form 10-K and/or Quarterly Report on Form 10-Q. We do not undertake any obligation to update or announce publicly any updates to or revisions to any of the forward-looking statements in this release to reflect any change in our expectations or any change in events, conditions, circumstances, or assumptions underlying the statements.

 

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SOURCE BorgWarner

Japan’s airline cuts network provisioning time from months to weeks and prepares for a tenfold increase in global data volumes

REDWOOD CITY, Calif. and TOKYO, Aug. 5, 2026 /PRNewswire/ — Equinix, Inc. (Nasdaq: EQIX), the world’s digital infrastructure company^®, today announced that All Nippon Airways Co., Ltd. (ANA) has transformed its digital infrastructure with Equinix Fabric^® to support the next generation of passenger services, including reservations, boarding, customer communications and operational systems. Facing a projected 10x increase in global data volumes, Japan’s leading airline established a centralized cloud network hub that reduced network provisioning time by approximately 80%, making resources available for application development and testing. This agile foundation allows ANA to accelerate application testing, increase business agility and target a 30% reduction in its five-year total cost of ownership.

As organizations modernize digital infrastructure for hybrid multicloud environments and growing data volumes, many are adopting more agile and scalable connectivity models. ANA’s deployment of Equinix Fabric reflects this broader shift, transforming its network into a future-ready digital foundation that enhances passenger services, increases business agility, and supports long-term growth. Through Equinix Fabric, ANA has accelerated connectivity deployment, improved cost efficiency and strengthened its ability to support the next generation of data-driven passenger experiences. Equinix helps ANA ensure security and compliance through private connectivity, consistent centralized policy enforcement and alignment with modern security frameworks.

Jun Nakazato, Manager, IT Infrastructure Team, Digital Governance Department, Digital Transformation Division, All Nippon Airways, said, “Our rapid business expansion demanded a network with unprecedented flexibility. Rather than continuing to expand our existing network environment, we recognized that implementing network-as-a-service was the most effective path forward. Equinix Fabric delivers the dynamic foundation we need to scale seamlessly. Equinix serves not merely as a vendor, but as a critical strategic partner in modernizing our global systems and enabling our future growth.”

Operating approximately 280 aircraft across more than 200 domestic and international routes, ANA’s operations are built on a highly resilient digital infrastructure that serves as the foundation for mission-critical passenger services, including reservations, boarding, customer communications and operational systems. As ANA expanded its business and accelerated adoption of hybrid and multicloud environments, the organization faced growing pressure to integrate increasingly sophisticated systems while maintaining the speed, flexibility and reliability expected of a world-class airline. Traditional network architectures that relied on dedicated circuits for individual systems became increasingly complex and costly to scale as connectivity requirements continued to evolve.

To address these challenges, ANA redesigned its network architecture around a centralized cloud network hub powered by Equinix Fabric. The software-defined interconnection platform enables secure, on-demand connectivity to leading cloud providers, including Amazon Web Services (AWS), Microsoft Azure and Google Cloud, without the need to deploy additional physical circuits.

By centralizing connectivity through Equinix Fabric, ANA has transformed its network from a traditionally provisioned infrastructure into a more agile, software-defined platform. The cloud network hub provides secure, on-demand access to leading cloud environments while enabling ANA to scale connectivity more efficiently as business needs evolve. Faster infrastructure provisioning and seamless connectivity across cloud environments can enable more integrated customer services, real-time operational coordination, and earlier adoption of new applications and services. This flexible architecture supports ANA’s broader passenger service modernization strategy and provides a resilient foundation for advanced analytics, automation, emerging AI workloads and future digital innovation.

Kuniko Ogawa, Managing Director, Japan, Equinix, said, “ANA’s deployment of Equinix Fabric demonstrates what’s possible when enterprises evolve how they consume infrastructure, not by ripping and replacing, but by adding intelligence and flexibility on top of a resilient physical infrastructure. We’re proud to support ANA as it builds a digital foundation capable of handling tomorrow’s data demands while delivering better experiences for passengers today.”

About All Nippon Airways (ANA) 

Founded in 1952 with just two helicopters, All Nippon Airways (ANA) has grown to become Japan’s largest airline and a global leader in premium service. 

ANA operates an extensive international and domestic network, connecting destinations across Asia, North America, Europe and beyond. With a focus on quality and omotenashi, ANA delivers a consistently high standard of service across every stage of the journey.

ANA is the only Japanese airline to have earned SKYTRAX’s 5-Star rating every year since 2013, underscoring its consistent excellence. The airline is also a four-time recipient of the Air Transport World’s (ATW) Airline of the Year award. In 2025, ANA was honored with FlightGlobal’s Executive Leadership: Asia-Pacific Award, reflecting its continued focus on innovation and strategic growth.

As part of ANA HOLDINGS Inc., ANA continues to invest in the onboard experience, its fleet and digital services to enhance the travel experience for passengers worldwide. 

For more information about ANA and ANA HD, please visit:

https://www.ana.co.jp/group/en/

About Equinix

Equinix, Inc. (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI—quickly, efficiently and everywhere.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; increased costs to procure power and the general volatility in the global energy market; the challenges of building and operating IBX

^®

and xScale

^®

data centers, including those related to sourcing suitable power and land, and any supply chain constraints or increased costs of supplies; the challenges of developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT; risks related to regulatory inquiries or litigation; and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.

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SOURCE Equinix, Inc.

Enterprises can now accept payments directly inside BlackLine, shortening collection cycles, removing manual reconciliation steps, and improving cash flow visibility

MONTREAL and LOS ANGELES, Aug. 5, 2026 /PRNewswire/ — Nuvei, the global fintech building the infrastructure for every payment, everywhere, today announced a partnership with BlackLine, the Agentic Financial Operations Platform™ for the Office of the CFO, to embed payment acceptance directly into BlackLine’s invoice-to-cash platform.

The partnership, already live with enterprise customers, combines BlackLine’s invoice presentment and payment capabilities with Nuvei’s payments infrastructure, enabling customers to settle an invoice the moment they receive it and have that payment matched and reconciled automatically.

The invoice-to-cash process has become increasingly digital. Payment acceptance often has not. While invoicing, accounts receivable, and financial reporting now operate through modern finance platforms, payments frequently remain disconnected from the workflows that manage them, which delays collections, forces manual reconciliation, and limits visibility into cash flow.

With payment acceptance embedded directly within BlackLine’s invoice presentment and payment workflows, finance teams can manage invoicing, payments, and reconciliation in a single platform.

Phil Fayer, Chair and CEO of Nuvei, said: “Payments should feel like a natural extension of the invoice-to-cash process, not a separate workflow. Finance teams expect it to work inside the systems they already use to manage receivables, collections, and cash flow. By partnering with BlackLine, we are embedding Nuvei’s global payments infrastructure directly into those workflows to help enterprises accelerate collections, improve visibility, and reduce complexity.”

Andy Liley, Managing Director, Invoice-to-Cash at BlackLine, added: “Finance leaders are under increasing pressure to improve cash flow while operating more efficiently. Offering flexibility in customer payment receipts plays a critical role in that process, yet it has often remained separate from the systems used to manage invoicing, collections, and receivables. This partnership brings those capabilities together, helping customers streamline invoice-to-cash operations while delivering a better payment experience.”

The integration enables enterprises to:

• Accept cards, bank transfers, and local payment methods directly on the invoice
• Match incoming payments to open receivables automatically, without manual keying
• Track payment status and cash position in real time
• Give payers a single place to view, question, and settle an invoice
• Collect funds in 150 currencies across more than 190 markets without leaving existing finance workflows

Keeping payment and invoice data connected throughout the workflow helps finance teams improve accuracy, visibility, and control while reducing operational complexity.

More broadly, Nuvei continues to embed payment capabilities into the systems businesses rely on to manage critical financial workflows. As enterprises modernize invoice-to-cash operations, payment acceptance is increasingly becoming part of the finance technology stack rather than a separate process. By integrating directly within platforms such as BlackLine, Nuvei is extending its infrastructure into the systems that help businesses manage liquidity, working capital, and cash flow.

About BlackLine

BlackLine (Nasdaq: BL) is the trust infrastructure for the AI era of finance: a future where finance drives the agentic era with intelligence, integrity, and trust rising together. The BlackLine Agentic Financial Operations Platform™, powered by Studio360 and Verity™ AI, is where the Office of the CFO scales AI across Record-to-Report, Invoice-to-Cash, and every process where finance owns the controls and guarantees its integrity at every step. 

By unifying data, embedding AI, and engineering trust into every action, BlackLine moves finance and accounting beyond reporting on the business to orchestrating it in real time. 

Supported by industry-leading R&D investment and world-class security practices, more than 4,300 customers across multiple industries partner with BlackLine to lead their organizations into the future. For more information, visit blackline.com. 

About Nuvei

Nuvei is the global fintech building the infrastructure for every payment, everywhere. Its modular, flexible, and scalable technology enables leading companies to accept next-generation payments, offer all payout options, and benefit from banking, risk, and fraud management services. Connecting businesses to their customers in more than 190 markets, with local acquiring in 52 markets, 150 currencies, and over 720 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally through one integration.

For more information, visit www.nuvei.com

Media Contact:
Samantha Darilek
Blackline
[email protected] 

Alex Hammond
Nuvei
[email protected]

 

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SOURCE Nuvei

TALLAHASSEE, Fla., Aug. 5, 2026 /PRNewswire/ — Trulieve Cannabis Corp. (NYSE: TRLV) (“Trulieve” or “the Company”), a leading and top-performing medical cannabis company in the U.S, today announced planned event participation in August.

• Canaccord Genuity 46th Annual Growth Conference, August 12, 2026: Founder and CEO Kim Rivers will participate in a fireside chat and investor meetings.

Information about our events, links to events where available, and slide presentations can be found at: https://investors.trulieve.com/events

About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with established medical marijuana operations in Florida, Georgia, Pennsylvania, and West Virginia. Driven by a core mission to expand access to cannabis, Trulieve serves customers with innovative, high-quality branded products and exceptional experiences. With scaled operations in attractive markets and targeted expansion through its hub strategy, Trulieve is poised for accelerated growth. Trulieve is listed on the NYSE under the symbol TRLV. For more information, please visit Trulieve.com.

Facebook: @Trulieve
Instagram: @Trulieve
X: @Trulieve

Investor and Media Contact
Christine Hersey, Chief Corporate Affairs and Strategy Officer
+1 (424) 202-0210
[email protected]

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SOURCE Trulieve Cannabis Corp.

Delivered 8.1% Twelve-month-ended Utility ROE

Great Basin Demand Raises 2028 Expansion Project CapEx and Margin Expectations

Constructive CA Rate Case Decision on Items Before Cost of Capital; Final Decision Expected in August

LAS VEGAS, Aug. 5, 2026 /PRNewswire/ — Southwest Gas Holdings, Inc. (NYSE: SWX) (“Southwest Gas Holdings” or “Company”) today reported results for its second quarter and six-months ended June 30, 2026. This earnings press release should be read in conjunction with the Form 10-Q and earnings slides, which are concurrently being posted at www.swgasholdings.com.

“We’re encouraged by the progress our team made this quarter, advancing rate cases in all three states and securing binding commitments for our Great Basin 2028 expansion project,” said Justin Brown, President and Chief Executive Officer of Southwest Gas Holdings. “The California Public Utilities Commission’s recent decision on the non-cost-of-capital components of our rate case is a constructive step and reflects the kind of collaborative engagement we’re working to enhance with regulators to better align cost recovery with the timing of our investments to ensure safe and reliable service to our customers across all three states. We remain focused on executing our growth and regulatory priorities while delivering long-term value creation for all stakeholders.”

“We remain optimistic about the opportunity and progress we’re seeing on our Great Basin expansion,” added Brown. “Contracted demand for the 2028 expansion has grown to roughly 1 billion cubic feet per day, and the project continues to see strong commercial interest, including an additional 1.8 Bcf of expressions of interest which could lead to binding agreements for future phases during the 2029 to 2035 period. That growing interest points to increased capital investment opportunities and enhanced revenue potential for the initial phase of the project. Based on the contracted demand, we now estimate annual margin of $270 to $300 million once in service and a corresponding capital investment for the project of approximately $2.3 billion,” added Brown.

Recent Operational and Financial Highlights 

• Delivered significant quarter-over-quarter growth in earnings per share from continuing operations compared with the prior-year period, reflecting constructive regulatory outcomes, continued infrastructure investment recovery, and disciplined operational execution;
• Maintained a strong balance sheet and financial flexibility, ending the quarter with $270.5 million of cash and cash equivalents and nearly $1.0 billion in available liquidity to support, among other items, organic growth initiatives and infrastructure investment programs;
• Southwest Gas Corporation (“Southwest Gas”, “Utility”, “Natural Gas Distribution” segment) delivered Utility return on period-end equity of 8.1% and adjusted Utility return on period-end equity of 8.0% over the 12 months ended June 30, 2026;
• Achieved a constructive California regulatory outcome providing approximately $40 million of incremental annual revenue, reinforcing regulatory support for infrastructure investments and enhancing earnings visibility. The decision also resulted in the recognition of approximately $9.7 million of incremental net income in the second quarter related to previously deferred first quarter revenue, which had been tracked in a previously authorized memorandum account pending the regulatory decision; remaining cost-of-capital component is proceeding with a final decision expected in August;
• Southwest Gas’ Arizona System Integrity Mechanism rates became effective on April 1, 2026, supporting more timely recovery of eligible safety and reliability investments, subject to an annual capital investment cap of $50 million;
• Southwest Gas filed Nevada certification materials for the Nevada general rate case, including post-test-year plant adjustments through May 2026, supporting timely recovery of ongoing infrastructure investments and system improvements and increased Southwest Gas’ requested annual revenue increase to ~$74 million;
• Secured approval of the Nevada Triennial Resource Plan, including prudency pre-determinations for approximately $186 million of capital investments, providing enhanced visibility into possible future rate base growth and supporting long-term natural gas infrastructure planning to serve growing customer demand and reliability needs;
• Continued commercial momentum for the Great Basin 2028 Expansion Project, with binding precedent agreements (“BPAs”) now totaling approximately 1 Bcf per day, demonstrating strong customer demand and supporting one of the Company’s most significant long-term infrastructure growth opportunities.
• Invested $520.0 million in infrastructure modernization and expansion during the first six months of 2026 (on an accrual basis), including approximately $115 million toward the Great Basin 2028 Expansion Project, advancing a robust capital investment program designed to drive long-term rate base growth, system reliability, and shareholder value creation; and
• Southwest Gas achieved gross margin of $158.4 million and operating margin of $319.7 million for the three months ended June 30, 2026.

Great Basin 2028 Expansion Project Updates

During the second quarter, Great Basin executed additional BPAs now totaling approximately 1 Bcf per day of currently contracted demand for its 2028 Expansion Project. Efforts to execute additional BPAs are ongoing to convert expressions of interest of an additional ~1.8 Bcf for requested in-service dates ranging from 2029 through 2035. All additional expressions of interest remain subject to the successful negotiation of BPAs and the posting of required surety.

Based on current engineering and design assumptions, the 2028 Expansion Project is now projected to result in:

• Approximately 1 Bcf per day of incremental demand; 48″ designed pipe size to serve contracted demand and accommodate additional capacity demand with future compression additions;
• Approximately $2.3 billion of estimated capital investment.
• Following project in-service, potential annual incremental margin of approximately $270 million to $300 million.

The Company plans to incorporate these expected increases into its long-term capital expenditure, rate base, and earnings guidance expectations in conjunction with its annual five-year planning refresh cycle that typically concludes in February. The Company does not expect 2026 capital expenditures guidance to be materially impacted by the above project estimates.

Preparations for the Federal Energy Regulatory Commission (FERC) certificate (CPCN) application, expected to be filed later in 2026, are progressing as planned, including field surveys, public outreach, and engineering and design development. The current FERC filing schedule is not expected to be impacted by the incremental demand received. Project shippers who executed BPAs are required post surety and execute minimum twenty-year Transportation Service Agreements upon FERC approval of the CPCN to maintain the planned project schedule and associated regulatory timeline.

Future demand beyond the 2028 Expansion Project, may support additional expansion opportunities with their own regulatory approvals and construction schedules.

Earnings Reconciliation Table

The table below provides a reconciliation of net income attributable to Southwest Gas Holdings for the three and six months ended June 30, 2026, from the same period in 2025 (items are in millions and are before related income tax impact unless otherwise noted):

Southwest Gas Holdings’ net income from continuing operations was $42.1 million for the three months ended June 30, 2026, and adjusted net income from continuing operations was $32.4 million for the three months ended June 30, 2026, representing a $42.9 million increase in net income from continuing operations when compared to the three months ended June 30, 2025 and a $5.9 million increase in adjusted net income from continuing operations when compared to the three months ended June 30, 2025.

Southwest Gas Holdings’ net income from continuing operations was $180.5 million for the six months ended June 30, 2026, and adjusted net income from continuing operations was $180.5 million for the six months ended June 30, 2026, representing a $47.0 million increase in net income from continuing operations when compared to the six months ended June 30, 2025 and a $19.7 million increase in adjusted net income from continuing operations when compared to the six months ended June 30, 2025.

Southwest Gas / Natural Gas Distribution – Second Quarter 2026

In the three months ended June 30, 2026 compared to the same period in 2025, the decrease in net income of $4.9 million was primarily due to:

• $16.2 million higher Income tax expense primarily due to a $12.0 million state income tax benefit recognized in the prior year’s quarter related to a change in state apportionment rates that did not reoccur in the current quarter. The increase was also driven by higher pre-tax income differences and lower amortization of excess accumulated deferred income taxes in the current quarter.
• $9.4 million lower Other income, which is net of other deductions, primarily driven by lower interest income earned on money market accounts of $2.7 million, lower net periodic benefit gain related to pension non-service components of $2.2 million, lower COLI policies gains of $1.9 million largely driven by lower market performance compared to the prior year’s quarter, and the absence of a prior year gain on the sale of certain miscellaneous assets of $1.6 million. Additionally, contributions to the Southwest Gas Foundation were $1.6 million higher in the current period, primarily due to timing of the contributions. These decreases were partially offset by an increase in Equity AFUDC of $0.9 million related to the commencement of the Great Basin 2028 Expansion Project.
• $8.7 million, or 13%, higher Depreciation and amortization expense reflecting a $726.7 million, or 7%, increase in gas plant in service since the corresponding second quarter of 2025, in addition to $4.9 million in higher amortization related to regulatory account balances noted below. The increase in plant was attributable to pipeline capacity reinforcement work, franchise requirements, scheduled pipe replacement activities, and new infrastructure.

Partially offset by:

• $25.5 million higher Operating margin primarily driven by updated rates that better align with Southwest Gas’ cost of service and capital investments across California adding approximately $19.5 million of incremental margin, the majority of which was attributable to the revenue recognized in connection with final approval of the All-Party Settlement, before adjustments to cost of capital, associated with the California general rate case, and $1.4 million attributable to customer growth for all territories. Also contributing to the increase was $4.9 million related to the combined impacts of increases in recovery/return, offset by a comparable increase in depreciation and amortization expense in regulatory account balances noted above.
• $3.7 million lower Operations and maintenance expense primarily due to lower net insurance cost of $2.5 million, outside services costs of $1.7 million, and bad debt expenses. These decreases were partially offset by increases in employee-related labor costs and leak survey and line locating expense.

Southwest Gas / Natural Gas Distribution – Year-To-Date 2026

In the six months ended June 30, 2026 compared to the same period in 2025, the decrease in net income of $10.1 million was primarily due to:

• $22.6 million higher Income tax expense due to a $12.0 million state income tax benefit recognized in the prior year’s period related to a change in state apportionment rates that did not reoccur in the current period. The increase was also driven by higher pre-tax income differences, lower amortization of excess accumulated deferred income taxes, and lower nondeductible executive compensation in the current period when compared to the prior year’s period.
• $14.7 million, or 9%, higher Depreciation and amortization expense reflecting a $726.7 million, or 7%, increase in gas plant in service since the corresponding period of 2025, in addition to $6.0 million in higher amortization related to regulatory account balances noted below. The increase in plant was attributable to pipeline capacity reinforcement work, franchise requirements, scheduled pipe replacement activities, and new infrastructure.
• $13.0 million lower Other income, which is net of other deductions, primarily driven by lower interest income earned on money market accounts of $5.9 million, lower net periodic benefit gain related to pension non-service components of $4.3 million, the absence of a prior year gain on the sale of certain miscellaneous assets of $1.6 million, and higher contributions to the Southwest Gas Foundation of $1.9 million primarily due to timing differences. These decreases were partially offset by an increase in Equity AFUDC of $1.6 million related to the commencement of the Great Basin 2028 expansion project.
• $1.8 million higher Taxes other than income taxes due primarily to increase in property taxes across all of Southwest Gas’ jurisdictions.

Partially offset by:

• $40.7 million higher Operating margin primarily driven by updated rates that better align with Southwest Gas’ cost of service and capital investments across all territories adding approximately $32.7 million of incremental margin, approximately $20.2 million of which was attributable to the revenue recognized in connection with final approval of the All-Party Settlement, before adjustments to cost of capital, associated with the California general rate case, and $4.5 million attributable to customer growth for all territories, which is reflective of 1% net customer growth during the twelve months ended June 30, 2026. Also contributing to the increase were $4.9 million attributable to nondecoupled billed margin across Arizona and Nevada and $6.0 million related to the combined impacts of increases in recovery/return, offset by a comparable increase in depreciation and amortization expense in regulatory account balances noted above. Partially offsetting the increase is $4.7 million attributable to the absence of recovery in the current period, as recovery under the Vintage Steel Pipeline Program was concluded during the first quarter of 2025.
• $1.6 million lower Operations and maintenance expense primarily due to lower net insurance cost and bad debt expense. These decreases were partially offset by increases in employee-related labor costs, including incentive compensation costs and leak survey and line locating expense.

Corporate and Administrative – Second Quarter 2026

In the three months ended June 30, 2026, net income improved by $47.7 million compared to a net loss in the same period in 2025; the improvement was primarily due to:

• $36.7 million lower Income tax expense due to a $39.2 million state income tax expense recognized in the prior year’s quarter related to a change in state apportionment rates that did not reoccur in the current quarter. The decrease was partially offset by higher pre-tax income differences in the current quarter when compared to the prior year’s quarter and changes to state net operating losses to reflect expected utilization.
• $8.6 million lower Net interest deductions primarily driven by the repayment of the $550.0 million term loan in the summer of 2025 as well as the decrease in the balance that was previously outstanding on the revolving credit facility.
• $2.6 million higher Other income, which is net of other deductions, primarily driven by an increase in interest income earned on money market accounts.

Corporate and Administrative – Year-To-Date 2026

In the six months ended June 30, 2026, net income improved by $57.0 million compared to a net loss in the same period in 2025; the improvement was primarily due to:

• $31.1 million lower Income tax expense due to a $39.2 million state income tax expense recognized in the prior year’s period related to a change in state apportionment rates that did not recur in the current period. The decrease was partially offset by higher pre-tax income differences in the current period when compared to the prior year’s period and changes to state net operating losses to reflect expected utilization;
• $18.3 million lower Net interest deductions primarily driven by the repayment of the $550.0 million term loan in the summer of 2025 as well as the decrease in the balance that was previously outstanding on the revolving credit facility; and
• $8.0 million higher Other income, which is net of other deductions, primarily driven by an increase in interest income earned on money market accounts.

Discontinued Operations – Second Quarter 2026

In the three months ended June 30, 2026 compared to the same period in 2025, the decrease in net loss of $39.4 million reflects the absence of Centuri’s operating results in the current period following the completion of its disposition, compared to a full quarter of Centuri’s results included in the prior year period.

Discontinued Operations – Year-To-Date 2026

In the six months ended June 30, 2026 compared to the same period in 2025, the decrease in net loss of $59.8 million reflects the absence of Centuri’s operating results in the current period following the completion of its disposition, compared to a full six months of Centuri’s results included in the prior year period.

Southwest Gas Holdings Guidance and Outlook:

The Company reaffirms the following 2026 and forward-looking guidance ranges, as follows:

Conference Call and Webcast

Southwest Gas Holdings will host a conference call on Tuesday, August 5, 2026, at 11:00 a.m. ET to discuss its second quarter 2026 results. The associated press release and presentation slides are available at https://investors.swgasholdings.com.

The call will be webcast live on the Company’s website at www.swgasholdings.com. The telephone dial-in numbers in the U.S. and Canada are toll free: (800) 836-8184 or international (646) 357-8785. The webcast will be archived on the Southwest Gas Holdings website.

About Southwest Gas Holdings

Southwest Gas Holdings, Inc., through its primary operating subsidiary Southwest Gas Corporation, engages in the business of purchasing, distributing and transporting natural gas. Southwest Gas Corporation is a dynamic energy company committed to exceeding the expectations of over 2 million customers throughout Arizona, Nevada, and California by providing safe, reliable, and affordable service while innovating sustainable energy solutions to fuel the growth in its communities.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding Southwest Gas Holdings and Southwest Gas and their expectations or intentions regarding the future and underlying assumptions. These forward-looking statements can often be identified by the use of words such as “will”, “predict”, “continue”, “forecast”, “expect”, “believe”, “anticipate”, “outlook”, “potential”, “could”, “target”, “project”, “intend”, “plan”, “seek”, “pursue”, “estimate”, “should”, “may” and “assume”, as well as variations of such words and similar expressions referring to the future, and include (without limitation) statements regarding expectations of continuing growth in 2026 and the future, 2026 guidance and outlook, the expected timing, impact and outcome of recent and ongoing general rate cases or other regulatory proceedings, earnings per share, capital expenditure and rate base CAGR guidance, and statements regarding the Great Basin  2028 Expansion Project, including projected demand, capacity, capital expenditures, impacts and investment opportunity. In addition, the statements that are not historic constitute forward-looking statements. A number of important factors affecting the business and financial results of the Company and the Utility could cause actual results to differ materially from those stated in the forward-looking statements. These factors include, but are not limited to, the timing and amount of rate case filings, approvals and rate relief, changes in rate design, net customer growth rates, the effects of regulation/deregulation, tax reform and similar changes and related regulatory decisions, the potential for, and the impact of, a credit rating downgrade, future earnings trends, inflation, sufficiency of labor markets and similar resources, seasonal patterns, current and future litigation, regulatory approvals for the Great Basin 2028 Expansion Project along with capital construction costs, and the impacts of stock market volatility. In addition, the Company can provide no assurance that its discussions about future earnings per share from continuing operations or operating margin, operating income, COLI earnings, interest expense, and capital expenditures of the Company will occur. Likewise, the Company can provide no assurance regarding segment revenues, margin or growth rates, that projects expected to be undertaken with results as stated will occur, nor that interest expense patterns will transpire as expected. Factors that could cause actual results to differ also include (without limitation) those discussed under the heading “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Quantitative and Qualitative Disclosure about Market Risk” in Southwest Gas Holdings, Inc.’s most recent Annual Report on Form 10-K and in the Company’s, and Southwest Gas Corporation’s current and periodic reports, including its Quarterly Reports on Form 10-Q, filed from time to time with the Securities and Exchange Commission. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.

Non-GAAP Measures.

This press release contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Non-GAAP measures include (i) Southwest Gas Holdings adjusted earnings (loss) per share from continuing operations, (ii) Southwest Gas Holdings adjusted net income (loss) from continuing operations, (iii) Natural Gas Distribution segment adjusted earnings (loss) per share, and (iv) Natural Gas Distribution segment adjusted net income (loss) for the three and six months ended June 30, 2026 and June 30, 2025. Also included in this press release, Natural Gas Distribution segment adjusted ROE for the twelve-months-ended June 30, 2026. Management uses these non-GAAP measures internally to evaluate performance and in making financial and operational decisions. Management believes that its presentation of these measures provides investors greater transparency with respect to its results of operations and that these measures are useful for a period-to-period comparison of results. Management also believes that providing these non-GAAP financial measures helps investors evaluate the Company’s operating performance, profitability, and business trends in a way that is consistent with how management evaluates such performance.

Management also uses the non-GAAP measure, operating margin, related to its natural gas distribution operations. Southwest Gas recognizes operating revenues from the distribution and transportation of natural gas (and related services) to customers. Gas cost is a tracked cost, which is passed through to customers without markup under purchased gas adjustment mechanisms, impacting revenues and net cost of gas sold on a dollar-for-dollar basis, thereby having no impact on Southwest Gas’ profitability. Therefore, management routinely uses operating margin, defined by management as regulated operations revenues less the net cost of gas sold, in its analysis of Southwest Gas’ financial performance. Operating margin also forms a basis for Southwest Gas’ various regulatory decoupling mechanisms. Management believes supplying information regarding operating margin provides investors and other interested parties with useful and relevant information to analyze Southwest Gas’ financial performance in a rate-regulated environment.

The tables included below provide a reconciliation for these non-GAAP measures.

We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.

Reconciliation of non-GAAP financial measure of Adjusted net income (loss) and Adjusted diluted earnings (loss) per share and their comparable GAAP measure of Net income (loss) and Diluted earnings (loss) per share is presented below. Amounts in thousands, except per share amounts and percentages.

     

 

 

 

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SOURCE Southwest Gas Holdings, Inc.