Market Newsdesk

August 5, 2026 8:37 pm

Dutch Bros Inc. Reports Second Quarter 2026 Financial Results

Dutch Bros Inc. Reports Second Quarter 2026 Financial Results

Achieves 32% Revenue Growth Year-Over-Year

Delivers 8.3% Company-Operated and 5.8% Systemwide Same Shop Sales Growth

Raises 2026 Guidance on Total Revenues, System Same Shop Sales Growth, and Adjusted EBITDA

TEMPE, Ariz.–(BUSINESS WIRE)–
Dutch Bros Inc. (NYSE: BROS; “Dutch Bros” or the “Company”), one of the fastest-growing brands in the U.S. quick service beverage industry, today reported financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Highlights

Opened 48 new shops, 44 of which were company-operated.
Total revenues grew 32.5% to $550.9 million as compared to $415.8 million in the same period of 2025.
Company-operated same shop sales¹ increased 8.3% and company-operated same shop transactions increased 3.4% relative to the same period of 2025. Systemwide same shop sales¹increased 5.8% and systemwide same shop transactions increased 1.7% relative to the same period in 2025.
Net income was $51.6 million as compared to $38.4 million in the same period of 2025.
Adjusted EBITDA²grew 27.8% to $113.7 million as compared to $89.0 million in the same period of 2025.

Christine Barone, Chief Executive Officer and President of Dutch Bros, said, “Our second quarter performance reflects the strength of the Dutch Bros brand, powered by our differentiated people-led culture and our compelling value proposition that continues to resonate with customers. The success of our strategy was evident in the second quarter as we delivered our thirteenth consecutive quarter of positive same shop sales growth and our eighth consecutive quarter of same shop transaction growth. We also maintained exceptionally strong development momentum, while AUVs climbed to record levels. This performance is the result of years of foundational investments across the business, giving us tremendous confidence in our ability to continue growing Dutch Bros for the long-term.”

Josh Guenser, Chief Financial Officer of Dutch Bros, concluded, “Based on the performance so far this year and the recent acquisition from one of our Phoenix franchisees, we are increasing our full-year guidance on Total Revenues, Systemwide Same Shop Sales Growth and Adjusted EBITDA. We enter the second half of the year from a position of strength, with a focused plan, strong visibility into our growth initiatives, and a clear path to turning the significant whitespace ahead of us into durable growth.”

2026 Guidance³

Total revenues are now projected to be between approximately $2.1 billion and $2.13 billion.
Same shop sales¹ growth is now estimated to be in the range of 5% to 6%.
Adjusted EBITDA⁴is now estimated to be between $385 million and $390 million.
Capital expenditures are now estimated to be between $350 million and $370 million.

The item below remains unchanged.

Total system shop openings are estimated to be at least 185.

¹		Same shop sales is defined in the section “Select Financial Metrics”.
²		This is a non-GAAP financial measure. Reconciliation of U.S. GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures”.
³		Excludes any impact from the Salad and Go™ transaction announced on August 5, 2026.
⁴		We have not reconciled guidance for Adjusted EBITDA to the corresponding U.S. GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly from period to period. Accordingly, reconciliation to the corresponding U.S. GAAP financial measure is not available without unreasonable effort.

Conference Call and Webcast Today

Christine Barone, Chief Executive Officer and President, and Joshua Guenser, Chief Financial Officer, will host a conference call and webcast today at 5:00 p.m. Eastern Time (ET) to discuss financial results for the second quarter ended June 30, 2026.

Event: Second Quarter 2026 Conference Call and Webcast

Date: Wednesday, August 5, 2026

Time: 5:00 p.m. ET

Dial In: 1-201-493-6779

Webcast: https://investors.dutchbros.com under “Events & Presentations”.

The webcast will be archived shortly after the conference call has concluded. We will also publish earnings presentation slides related to these financial results on our website https://investors.dutchbros.com under “Events & Presentations”.

About Dutch Bros Inc.

Dutch Bros Inc. (NYSE: BROS) is a fun-loving, mind-blowing drive-thru specialty beverage leader dedicated to making a massive difference, one cup at a time. It was founded in Grants Pass, Oregon, in 1992 and now shares its vibrant culture and fully customizable drinks at 1,225 locations as of June 30, 2026. Dutch Bros serves a wide variety of unique, handcrafted beverages such as its exclusive Dutch Bros Rebel^®energy drink, Myst Energy Refresher™, specialty coffee, nitrogen-infused cold brew, tea, lemonade, soda and more.

Dutch Bros is wholeheartedly focused on radiating kindness and sharing the Dutch Luv^®. In addition to its mission of speed, quality and service, the Dutch Bros Foundation^® is passionate about giving back to the communities it serves. Through local giving and annual nation-wide initiatives, the Dutch Bros Foundation makes impactful contributions to causes across the country.

To learn more about Dutch Bros, visit www.dutchbros.com, follow Dutch Bros on Instagram, Facebook, X, and TikTok, and download the Dutch Bros app to earn points and score rewards!

Dutch Bros, our Windmill logo, Dutch Bros Rebel, and our other registered and common law trade names, trademarks and service marks are the property of Dutch Bros Inc. All other trademarks, trade names and service marks appearing in this press release are the property of their respective owners. Solely for convenience, the trademarks and trade names in this press release may be referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto.

Forward-Looking Statements

In addition to historical information, this press release contains a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding Dutch Bros’ growth trajectory, and Dutch Bros’ potential or assumed future results of operations, including updated guidance for 2026, new shop openings, estimated capital expenditures, business strategies, and potential sales and revenue growth. These statements are based on Dutch Bros’ current expectations and beliefs, as well as a number of assumptions concerning future events. When used in this press release, the words “intend,” “may,” “target,” “estimates,” “predict,” “project,” “expect,” “should,” “guidance,” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Dutch Bros’ control that could cause actual results to differ materially from the results discussed in the forward-looking statements, including those related to past growth being indicative of future results, whether Dutch Bros’ foundational investments result in continued growth for Dutch Bros, including increases in customer engagement and sales, the success of Dutch Bros’ food offering sales translating to sales of food offerings in other markets, changes in consumer preference due to new information or regulations regarding additives, diet and health or otherwise, acquisitions or partnerships not ultimately strengthening Dutch Bros’ competitive position, or achieving the intended goals of such acquisition or partnership, any problems that may arise in successfully integrating acquired businesses or assets, which may result in Dutch Bros not operating as effectively and efficiently as expected or divert management from their primary responsibilities, general economic conditions, changes in general consumer discretionary spending, including due to higher gas prices, inflation or lack of consumer confidence, commodity inflation, the ability to navigate evolving macroeconomic conditions, the effects of disruption between the U.S. and its trading partners due to military conflicts, tariffs or other policies, disruptions in our supply chain, increased labor costs, ability to hire and retain employees, the availability of suitable new shop sites and our ability to negotiate acceptable agreements regarding the new shop sites, and other risks, including those described in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 13, 2026, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on May 6, 2026, and in our future reports to be filed with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. Forward-looking statements contained in this press release are made as of this date, and Dutch Bros undertakes no duty to update such information except as required under applicable law.

DUTCH BROS INC. Condensed Consolidated Statements of Operations

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share amounts; unaudited)		2026			2025			2026			2025
Revenues
Company-operated shops	$	510,031		$	380,500		$	939,088		$	706,921
Franchising and other		40,820			35,313			76,175			64,044
Total revenues		550,851			415,813			1,015,263			770,965

Costs and Expenses
Cost of sales		399,795			295,769			756,731			560,928
Selling, general and administrative		80,651			65,385			153,827			124,306
Total costs and expenses		480,446			361,154			910,558			685,234

Income from operations		70,405			54,659			104,705			85,731

Other expense
Interest expense, net		(7,038	)		(7,076	)		(14,258	)		(14,191	)
Other income (expense), net		861			(1,983	)		786			(2,001	)
Total other expense		(6,177	)		(9,059	)		(13,472	)		(16,192	)

Income before income taxes		64,228			45,600			91,233			69,539
Income tax expense		12,623			7,243			15,964			8,702
Net income	$	51,605		$	38,357		$	75,269		$	60,837
Less: Net income attributable to non-controlling interests		14,195			12,733			21,762			19,860
Net income attributable to Dutch Bros Inc.	$	37,410		$	25,624		$	53,507		$	40,977
Net income per share of Class A common stock:
Basic	$	0.28		$	0.20		$	0.41		$	0.33
Diluted	$	0.28		$	0.20		$	0.41		$	0.33
Weighted-average shares of Class A common stock outstanding:
Basic		134,494			126,390			130,837			123,615
Diluted		134,765			126,830			131,263			124,178

DUTCH BROS INC. Company-Operated Shops Results

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
(dollars in thousands; unaudited)	$	%	$	%	$	%	$	%
Company-operated shops revenue	510,031	100.0	380,500	100.0	939,088	100.0	706,921	100.0

Beverage, food and packaging costs	133,108	26.1	96,468	25.3	245,430	26.1	177,847	25.2
Labor costs	129,460	25.4	101,270	26.6	241,765	25.8	190,709	27.0
Occupancy and other costs	83,085	16.3	59,984	15.8	159,870	17.0	113,911	16.1
Pre-opening costs	8,408	1.6	4,542	1.2	14,749	1.6	10,153	1.4
Depreciation and amortization	32,669	6.4	25,684	6.8	68,191	7.2	50,251	7.1
Company-operated shops costs and expenses	386,730	75.8	287,948	75.7	730,005	77.7	542,871	76.8
Company-operated shops gross profit	123,301	24.2	92,552	24.3	209,083	22.3	164,050	23.2
Company-operated shops contribution¹	155,970	30.6	118,236	31.1	277,274	29.5	214,301	30.3

¹		Reconciliation of GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures”.

DUTCH BROS INC. Summary Cash Flows Data

	Six Months Ended June 30,
(in thousands; unaudited)		2026			2025
Net cash provided by operating activities	$	196,933		$	126,781
Net cash used in investing activities		(149,048	)		(99,731	)
Net cash used in financing activities		(48,665	)		(65,989	)
Net decrease in cash and cash equivalents	$	(780	)	$	(38,939	)
Cash and cash equivalents at beginning of period		269,404			293,354
Cash and cash equivalents at end of period	$	268,624		$	254,415

DUTCH BROS INC. Condensed Consolidated Balance Sheets

(in thousands; unaudited)	June 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	268,624	$	269,404
Accounts receivable, net		18,871		18,387
Inventories, net		41,253		48,917
Prepaid expenses and other current assets		23,745		20,670
Total current assets		352,493		357,378
Property and equipment, net		905,241		824,502
Lease right-of-use assets, net		984,000		855,339
Deferred income tax assets, net		1,111,070		946,571
Other long-term assets		23,885		25,524
Total assets	$	3,376,689	$	3,009,314
Liabilities and Equity
Current liabilities:
Accounts payable	$	44,319	$	37,625
Other current liabilities		123,394		99,173
Deferred revenue		47,160		55,658
Current portion of tax receivable agreements liability		686		7,696
Current portion of lease liabilities		41,639		36,466
Current portion of long-term debt		3,883		3,881
Total current liabilities		261,081		240,499
Deferred revenue, net of current portion		6,524		8,918
Lease liabilities, net of current portion		967,206		852,380
Long-term debt, net of current portion		194,600		196,295
Tax receivable agreements liability, net of current portion		972,264		813,353
Total liabilities		2,401,675		2,111,445
Equity:
Common stock		1		1
Additional paid in capital		644,589		581,261
Accumulated other comprehensive income		47		48
Retained earnings		153,015		99,508
Total stockholders’ equity attributable to Dutch Bros Inc.		797,652		680,818
Non-controlling interests		177,362		217,051
Total equity		975,014		897,869
Total liabilities and equity	$	3,376,689	$	3,009,314

DUTCH BROS INC. Select Financial Metrics

	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands; unaudited)		2026			2025			2026			2025
Shop count, beginning of period
Company-operated		844			695			811			670
Franchised		333			317			325			312
		1,177			1,012			1,136			982

Company-operated new openings		44			30			77			55
Franchised new openings		4			1			12			6

Shop count, end of period
Company-operated		888			725			888			725
Franchised		337			318			337			318
Total shop count		1,225			1,043			1,225			1,043

Systemwide AUV¹		N/A			N/A		$	2,193		$	2,053
Company-operated shops AUV¹		N/A			N/A		$	2,164		$	1,982

Systemwide same shop sales^{1, 2}		5.8	%		6.1	%		6.9	%		5.3	%
Ticket		4.1	%		2.4	%		3.6	%		3.0	%
Transactions		1.7	%		3.7	%		3.3	%		2.3	%
Company-operated same shop sales¹		8.3	%		7.8	%		9.3	%		7.2	%
Ticket		4.9	%		1.9	%		4.3	%		2.6	%
Transactions		3.4	%		5.9	%		5.0	%		4.6	%

Systemwide sales²	$	703,320		$	571,273		$	1,312,919		$	1,060,945
Company-operated operating weeks³		11,189			9,184			21,682			17,921
Franchising and other operating weeks³		4,353			4,119			8,583			8,130
Dutch Rewards transactions as a percentage of total transactions⁴		73	%		72	%		74	%		72	%

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
(dollars in thousands; unaudited)	$	%	$	%	$	%	$	%
Company-operated shops revenues	510,031	100.0	380,500	100.0	939,088	100.0	706,921	100.0
Company-operated shops gross profit	123,301	24.2	92,552	24.3	209,083	22.3	164,050	23.2
Company-operated shops contribution⁵	155,970	30.6	118,236	31.1	277,274	29.5	214,301	30.3
Selling, general, and administrative expenses	80,651	14.6	65,385	15.7	153,827	15.2	124,306	16.1
Adjusted selling, general, and administrative expenses⁵	72,491	13.2	58,709	14.1	138,003	13.6	112,206	14.6
Net income	51,605	9.4	38,357	9.2	75,269	7.4	60,837	7.9
Adjusted EBITDA⁵	113,714	20.6	89,003	21.4	193,087	19.0	151,909	19.7

In 2026, AUVs are determined based on the net sales for any trailing twelve-month period for systemwide and company-operated shops, and same shop sales represent the percentage change in year-over-year sales, for the comparable shop base, that have been open at least 15 complete months as of the first day of the quarterly reporting period. Prior to 2026, AUVs were determined based on shops that had been open a minimum of 15 months, and same shop base was defined as shops open for 15 complete months or longer as of the first day of the reporting period. Prior period numbers have not been adjusted to conform to the new definition as the changes did not have a material impact. AUVs are calculated by dividing the systemwide and company-operated shops net sales by the total number of systemwide and company-operated shops, respectively. Management uses these metrics as an indicator of shop growth, expectations of mature locations, and future expansion strategy. The number of shops included in the systemwide and company-operated comparable bases for the respective periods are presented in the following table.

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Systemwide shop base	982	831	982	794
Company-operated shop base	670	542	670	510

²		Systemwide sales and systemwide same shop sales are operating measures that include sales at company-operated shops and sales at franchised shops during the comparable periods presented. Franchise sales represent sales at all franchise shops and are revenues to our franchisees. We do not record franchise sales as revenues; however, our royalty revenues and advertising fund contributions are calculated based on a percentage of franchise sales. As these metrics include sales reported to us by our non-consolidated franchise partners, these metrics should be considered as a supplement to, not a substitute for, our results as reported under U.S. GAAP. Management uses these metrics as indicators of our system’s overall financial health, growth and future expansion prospects.
³		Company-operated and franchise shops operating weeks are calculated based on the number of operating days for the shop base and dividing by 7. Our shop base is defined as shops opened as of the end date of the periods presented. The operating weeks calculations reflect re-acquired franchises. Management uses these metrics as indicators of our system’s overall financial health, growth and future expansion prospects.
⁴		Dutch Rewards is our digitally-based rewards program available exclusively through the Dutch Rewards app. Management uses this metric as an indicator of customer loyalty adoption of our Dutch Rewards app and future promotional plans.
⁵		Reconciliation of U.S. GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures”.

Non-GAAP Financial Measures

In addition to disclosing financial results in accordance with U.S. GAAP, this press release contains references to the non-GAAP financial measures below. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance, enable comparison of financial trends and results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.

Our non-GAAP financial measures reflect adjustments based on one or more of the following items, as well as the related income tax effects where applicable. Income tax effects have been calculated based on the combined total non-GAAP adjustments using our total effective tax rate. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP, and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated.

Company-operated shops contribution (in dollars and as a percentage of revenue)

Definition and/or calculation

Company-operated shops segment gross profit, before company-operated shops depreciation and amortization.

Usefulness to management and investors

This non-GAAP measure is used by our management in making performance decisions without the impact of non-cash depreciation and amortization charges. This is a standard metric used across our industry by investors.

EBITDA, Adjusted EBITDA (in dollars and as a percentage of revenue)

EBITDA — definition and/or calculation

Net income before interest expense (net of interest income), income tax expense, and depreciation and amortization expense.

Adjusted EBITDA — definition and/or calculation

Defined as EBITDA (as defined above), excluding equity-based compensation, expenses associated with credit facility refinancing, acquisition-related costs, TRA remeasurements, and organization realignment and restructurings costs.

Usefulness to management and investors

These non-GAAP measures are supplemental operating performance measures we believe facilitate comparisons to historical performance and competitors’ operating results. We believe these non-GAAP measures presented provide investors with a supplemental view of our operating performance that facilitates analysis and comparisons of our ongoing business operations because they exclude items that may not be indicative of our ongoing operating performance.

Adjusted selling, general, and administrative (in dollars and as a percentage of revenue)

Definition and/or calculation

Selling, general, and administrative expenses, excluding depreciation and amortization, equity-based compensation, acquisition-related costs, and organization realignment and restructurings costs.

Usefulness to management and investors

This non-GAAP measure is used as a supplemental measure of operating performance that we believe is useful to evaluate our performance period over period and relative to our competitors. We believe the non-GAAP measure presented provides investors with a supplemental view of our operating performance that facilitates analysis and comparisons of our ongoing business operations because it excludes items that may not be indicative of our ongoing operating performance.

Adjusted net income

Definition and/or calculation

Net income, excluding equity-based compensation, expenses associated with credit facility refinancing, acquisition-related costs, TRA remeasurements, organization realignment and restructurings costs, and income tax effects of items excluded from net income.

Usefulness to management and investors

This non-GAAP measure is used as a supplemental measure of operating performance that we believe is useful to evaluate our performance period over period and relative to our competitors. We believe this measure facilitates a better comparison with other companies that have different organizational and tax structures, as well as comparisons period over period.

Adjusted fully exchanged weighted-average shares of diluted common stock outstanding

Definition and/or calculation

Weighted-average shares of Class A common stock outstanding – basic with addition of dilutive impacts of restricted stock units, as well as the assumed exchange of all of the Dutch Bros OpCo Class A common units not held by Dutch Bros Inc. for Dutch Bros Inc. Class A common stock.

Usefulness to management and investors

This non-GAAP measure is used as a supplemental measure of operating performance that we believe is useful to evaluate our performance period over period and relative to our competitors. By adding in the assumed exchange of all of the outstanding Dutch Bros OpCo Class A common units not held by Dutch Bros Inc. for Dutch Bros Inc. Class A common stock, we believe this measure facilitates a better comparison with other companies that have different organizational and tax structures, as well as comparisons period over period.

Adjusted net income per fully exchanged share of diluted common stock

Definition and/or calculation

Net income per share of Class A common stock – diluted, excluding per share impacts of equity-based compensation, expenses associated with credit facility refinancing, acquisition-related costs, TRA remeasurements, organization realignment and restructurings costs, income tax effects of items excluded from net income, and removal of per share impacts of controlling and non-controlling interests.

Usefulness to management and investors

This non-GAAP measure is used as a supplemental measure of operating performance that we believe is useful to evaluate our performance period over period and relative to our competitors. By assuming the full exchange of all of the outstanding Dutch Bros OpCo Class A common units not held by Dutch Bros Inc. for Dutch Bros Inc. Class A common stock and related net income adjustments, we believe this measure facilitates a better comparison with other companies that have different organizational and tax structures, as well as comparisons period over period.

Non-GAAP adjustments

Below are the definitions of the non-GAAP adjustments that are used in the calculation of our non-GAAP measures, as described above.

Equity-based compensation

Non-cash expenses related to the grant and vesting of stock awards, including restricted stock units and performance restricted stock units in Dutch Bros Inc. to certain eligible employees.

Expenses associated with 2022 credit facility refinancing

Costs incurred as a result of refinancing our credit facility in May 2025, including write-off of unamortized loan costs related to the amendment and restatement of our 2022 Credit Facility, and intermediary fees and other costs related to our 2025 Credit Facility.

Acquisition-related costs

Costs incurred in connection with our purchase of the franchise rights and assets from a franchisee.

TRAs remeasurements

(Gain) loss impacts related to adjustments of our TRAs liabilities.

Organization realignment and restructurings

Fees and costs incurred in connection with our comprehensive initiatives to develop and implement a long-term strategy involving changes to our organizational structure to support our growth.

Dilutive effects of restricted stock awards and units

Addition of incremental shares of restricted stock units calculated under the treasury stock method, when they are dilutive for the calculation of weighted-average shares on a non-GAAP basis.

Assumed exchange of weighted-average LLC interests for shares of Class A common stock

Weighted-average of all outstanding Dutch Bros OpCo Class A common units not held by Dutch Bros Inc. that are assumed to be exchanged for Dutch Bros Inc. Class A common stock.

Supplemental Reconciliations of U.S. GAAP Actuals to Non-GAAP Actuals

Following are the reconciliations of the most comparable GAAP financial measure to non-GAAP financial measure. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP, and the reconciliations from U.S. GAAP to Non-GAAP measures should be carefully evaluated. Please refer to “Non-GAAP Financial Measures” in this press release for a detailed explanation of the adjustments made to the comparable U.S. GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(dollars in thousands; unaudited)

Company-operated shops gross profit

123,301

24.2

92,552

24.3

209,083

22.3

164,050

23.2

Depreciation and amortization

32,669

6.4

25,684

6.8

68,191

7.2

50,251

7.1

Company-operated shops contribution

155,970

30.6

118,236

31.1

277,274

29.5

214,301

30.3

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
(dollars in thousands; unaudited)	$	%	$	%	$	%	$	%
Net income	51,605	9.4	38,357	9.2	75,269	7.4	60,837	7.9
Depreciation and amortization	35,481	6.4	27,893	6.7	73,736	7.3	54,323	7.0
Interest expense, net	7,038	1.3	7,076	1.8	14,258	1.4	14,191	1.9
Income tax expense	12,623	2.3	7,243	1.7	15,964	1.6	8,702	1.1
EBITDA	106,747	19.4	80,569	19.4	179,227	17.7	138,053	17.9
Equity-based compensation	6,879	1.2	4,671	1.1	12,157	1.2	8,865	1.1
Expenses associated with 2022 credit facility refinancing	—	—	2,000	0.5	—	—	2,000	0.3
Acquisition-related costs	309	0.1	—	—	309	—	—	—
TRAs remeasurements	(437)	(0.1)	—	—	(437)	—	—	—
Organization realignment and restructurings	216	—	1,763	0.4	1,831	0.1	2,991	0.4
Adjusted EBITDA	113,714	20.6	89,003	21.4	193,087	19.0	151,909	19.7

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
(dollars in thousands; unaudited)	$	%	$	%	$	%	$	%
Selling, general, and administrative	80,651	14.6	65,385	15.7	153,827	15.2	124,306	16.1
Depreciation and amortization	(1,656)	(0.3)	(817)	(0.2)	(3,086)	(0.3)	(1,219)	(0.2)
Equity-based compensation	(5,979)	(1.0)	(4,096)	(1.0)	(10,598)	(1.2)	(7,890)	(0.9)
Acquisition-related costs	(309)	(0.1)	—	—	(309)	—	—	—
Organization realignment and restructurings	(216)	—	(1,763)	(0.4)	(1,831)	(0.1)	(2,991)	(0.4)
Adjusted selling, general, and administrative	72,491	13.2	58,709	14.1	138,003	13.6	112,206	14.6

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands; unaudited)		2026			2025			2026			2025
Net income	$	51,605		$	38,357		$	75,269		$	60,837
Equity-based compensation		6,879			4,671			12,157			8,865
Expenses associated with 2022 credit facility refinancing		—			2,000			—			2,000
Acquisition-related costs		309			—			309			—
TRAs remeasurements		(437	)		—			(437	)		—
Organization realignment and restructuring		216			1,763			1,831			2,991
Income tax effects		(232	)		(1,280	)		(2,225	)		(4,381	)
Adjusted net income	$	58,340		$	45,511		$	86,904		$	70,312

	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands, except per share amounts; unaudited)		2026		2025			2026			2025
Weighted-average shares of Class A common stock outstanding – basic		134,494		126,390			130,837			123,615
Dilutive effects of restricted stock units		271		440			426			563
Weighted-average shares of Class A common stock outstanding – diluted		134,765		126,830			131,263			124,178
Assumed exchange of weighted-average Dutch Bros OpCo Class A common units for shares of Dutch Bros Inc. Class A common stock		43,248		51,086			46,844			53,766
Adjusted fully exchanged weighted-average shares of common stock outstanding – diluted		178,013		177,916			178,107			177,944

Net income per share of Class A common stock – diluted	$	0.28	$	0.20		$	0.41		$	0.33
Controlling and non-controlling interest adjustments		0.01		0.02			0.01			0.01
Equity-based compensation		0.04		0.03			0.07			0.05
Expenses associated with 2022 credit facility refinancing		—		0.01			—			0.01
Acquisition-related costs		—		—			—			—
TRAs remeasurements		—		—			—			—
Organization realignment and restructurings		—		0.01			0.01			0.02
Income tax effects		—		(0.01	)		(0.01	)		(0.02	)
Adjusted net income per fully exchanged share of diluted common stock	$	0.33	$	0.26		$	0.49		$	0.40

View source version on businesswire.com: https://www.businesswire.com/news/home/20260805022283/en/

For Investor Relations inquiries:

Neil Patel, CFA

(480) 447-2282

[email protected]

For Media Relations inquiries:

Erin Gray

(480) 382-7228

[email protected]

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August 5, 2026 8:35 pm

A10 Networks Reports Financial Results for the Second Quarter of 2026

A10 Networks Reports Financial Results for the Second Quarter of 2026

Continued Execution in the Americas, Including Next-Generation Networking Demand, Drives 14.5% Year-to-Date Revenue Growth

SAN JOSE, Calif.–(BUSINESS WIRE)–
A10 Networks, Inc. (NYSE: ATEN), a leading provider of secure application services and solutions, today announced financial results for its second quarter ended June 30, 2026.

Second Quarter 2026 Financial Summary

Quarterly revenue of $80.1 million, a 15.5% year-over-year increase. Revenue for the first six months of 2026 was $155.1 million compared to $135.5 million for the first six months of 2025, an increase of approximately 14.5%.
GAAP gross margin of 79.1%; non-GAAP gross margin of 80.3%.
GAAP net income of $8.9 million, or $0.12 per diluted share, non-GAAP net income of $18.7 million, or $0.25 per diluted share.
Non-GAAP Adjusted EBITDA of $24.4 million, representing 30.5% of revenue.
The Company returned $6.7 million to investors, having repurchased 86,115 shares during the quarter at an average price of $27.63 per share for a total of $2.4 million and having paid $4.3 million in cash dividends in the quarter.
The Board of Directors approved a quarterly cash dividend of $0.06 per share, payable September 1, 2026 to stockholders of record at the close of business on August 17, 2026.
As of June 30, 2026, A10 had $357.3 million in cash, cash equivalents, and marketable securities.

A reconciliation between GAAP and non-GAAP information is contained in the financial statements below.

“A10 continued to solidify its strategic position as a leader in security-focused next-generation networking solutions supporting AI-related infrastructure, driving another quarter of double-digit revenue growth and sustained cash generation,” said Dhrupad Trivedi, President and Chief Executive Officer of A10 Networks. “The growing network traffic demands, increasing complexity, and A10’s competitive position at the intersection of traffic management and security continues to resonate in the marketplace. With an expanded portfolio, including our acquisition of TrojAI in June, we believe A10 has positioned itself as a vendor of choice for next-generation networking running critical applications.”

“We are deepening our engagement with leaders defining the AI infrastructure market. Our new agreement with Microsoft reflects a successful, long-standing relationship and stands as a powerful validation of the value we jointly deliver. The agreement is structured over a multi-year period, aligning both parties’ interests as deployment continues to scale,” continued Trivedi. “We believe it pairs our opportunity with Microsoft’s scaled AI deployment, further solidifying our position as a partner of choice for the world’s most demanding AI workloads, while establishing a durable, forward-looking foundation for a mutually beneficial relationship in the years ahead.”

“Our model has continued to convert growth into increased profitability, cash generation, and the return of capital to shareholders,” Trivedi added. “We have increased our full-year outlook based on the performance in the first half of 2026 and our visibility into the remainder of the year.”

Outlook

Management is updating their previous guidance to the following based on first-half performance and demand outlook:

Full-year revenue growth of 12-14% over the prior year, an increase from previous guidance of 10-12% growth.
EPS growth of 14-16% growth year-over-year, an increase from the 12-14% growth in previous guidance.

Conference Call

Management will host a call at 1:30 p.m. Pacific time (4:30 p.m. Eastern time) today, Wednesday, August 5, 2026, to discuss these results.

Interested parties may access the conference call by dialing (888) 506-0062 (toll-free) or (973) 528-0011 (international) and referencing access code: 338698.

A live audio webcast of the conference call will be accessible from the “Investor Relations” section of A10 Network’s website at investors.a10networks.com. The webcast will be archived for one year. A telephonic replay of the conference call will be available until August 19, 2026 and may be accessed by dialing (877) 481-4010 (toll-free) or (919) 882-2331 (international) and entering the passcode: 54248.

Forward-Looking Statements

This press release contains “forward-looking statements,” including statements regarding dividends and capital return, demand and market trends, strategy and competitive positioning, our commercial partnerships and agreements (including our agreement with Microsoft), financial performance and profitability, supply chain management, and 2026 financial guidance. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on assumptions that may prove to be incorrect, which could cause actual results to differ materially from those expected or implied by the forward-looking statements. Factors that may cause actual results to differ include any unforeseen need for capital which may require us to divert funds we may have otherwise used for the dividend program or stock repurchase program, which may in turn negatively impact our ability to administer the quarterly dividends or the repurchase of our common stock; a significant decline in global macroeconomic or political conditions that have an adverse impact on our business and financial results; an expansion of adversarial global trade dynamics or other changes to international trade regulations; business interruptions related to our supply chain; our ability to manage our business and expenses if customers cancel or delay orders; execution risks related to closing key deals and improving our execution; the continued market adoption of our products; our ability to successfully anticipate market needs and opportunities; our timely development of new products and features; our ability to achieve or maintain profitability; any loss or delay of expected purchases by our largest end-customers; our ability to maintain or improve our competitive position; competitive and execution risks related to cloud-based computing trends; our ability to attract and retain new end-customers and our largest end-consumers; our ability to maintain and enhance our brand and reputation; changes demanded by our customers in the deployment and payment model for our products; continued growth rates in markets relating to network security; the success of any future acquisitions or investments in complementary companies, products, services or technologies; the ability of our sales team to execute well; our ability to shorten our close cycles; the ability of our channel partners to sell our products; variations in product mix or geographic locations of our sales; risks associated with our presence in international markets; weaknesses or deficiencies in our internal control over financial reporting; our ability to timely file periodic reports required to be filed under the Securities Exchange Act of 1934; and other risks that are described in “Risk Factors” in our periodic filings with the Securities and Exchange Commission, including our Form 10-K filed with the Securities and Exchange Commission on February 25, 2026. We do not intend to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Non-GAAP Financial Measures

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), we refer to certain non-GAAP financial measures, including non-GAAP net income, non-GAAP net income per basic and diluted share (or non-GAAP EPS), non-GAAP gross profit and gross margin, non-GAAP operating expenses, non-GAAP operating income and operating margin, Adjusted EBITDA and Adjusted EBITDA margin. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies.

A10 Networks considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the company by excluding certain items that, while they may recur, can vary significantly in amount and timing or are not directly indicative of ongoing operational trends, and are used by the company’s management to evaluate operating performance, prepare budgets and forecasts, and assess performance relative to peer companies.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

We define non-GAAP net income as our GAAP net income excluding: (i) stock-based compensation and related payroll tax, (ii) acquisition-related expense, (iii) amortization of acquired intangible assets, (iv) amortization of debt issuance costs, (v) certain legal expense, (vi) tax planning expense and (vii) income tax effect of non-GAAP items (i) to (vi) listed above. We define non-GAAP net income per basic and diluted share as our non-GAAP net income divided by our basic and diluted weighted-average shares outstanding. We define non-GAAP gross profit as our GAAP gross profit excluding (i) stock-based compensation and related payroll tax and (ii) amortization of acquired intangible assets. We define non-GAAP gross margin as our non-GAAP gross profit divided by our GAAP revenue. We define non-GAAP operating expenses as our GAAP operating expenses excluding (i) stock-based compensation and related payroll tax, (ii) acquisition-related expense, (iii) amortization of acquired intangible assets, (iv) certain legal expense and (v) tax planning expense. We define non-GAAP operating income as our GAAP income from operations excluding (i) stock-based compensation and related payroll tax, (ii) acquisition-related expense, (iii) amortization of acquired intangible assets, (iv) certain legal expense and (v) tax planning expense. We define non-GAAP operating margin as our non-GAAP operating income divided by our GAAP revenue. We define Adjusted EBITDA as our GAAP net income excluding (i) interest and other income, net, (ii) depreciation and amortization expense, (iii) provision for income taxes, (iv) stock-based compensation and related payroll tax, (v) acquisition-related expense, (vi) certain legal expense and (vii) tax planning expense. We define Adjusted EBITDA margin as our Adjusted EBITDA divided by our GAAP revenue.

Non-GAAP financial measures are presented for supplemental informational purposes only for understanding the company’s operating results.

About A10 Networks

A10 Networks (NYSE: ATEN) delivers secure application and network solutions designed to protect, optimize, and scale business-critical systems across on-premises, hybrid cloud, and edge environments. Our portfolio is designed to enable large enterprises, service providers, and cloud platforms worldwide to achieve performance, reliability, and protection against cyber threats, while preparing their networks for the demands of AI and next-generation applications. Founded in 2004 and headquartered in San Jose, California, A10 Networks serves over 7,000 global customers. For more information, visit A10networks.com and follow us at A10Networks.

The A10 logo and A10 Networks are trademarks or registered trademarks of A10 Networks, Inc. in the United States and other countries. All other trademarks are the property of their respective owners.

Source: A10 Networks, Inc.

A10 NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts, on a GAAP Basis)

	Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Net revenue:
Products	$	49,024		$	39,173		$	93,010		$	75,152
Services		31,113			30,210			62,127			60,368
Total net revenue		80,137			69,383			155,137			135,520
Cost of net revenue:
Products		10,079			8,197			19,009			15,460
Services		6,677			6,475			13,023			12,654
Total cost of net revenue		16,756			14,672			32,032			28,114
Gross profit		63,381			54,711			123,105			107,406
Operating expenses:
Sales and marketing		21,905			20,964			41,919			40,509
Research and development		21,153			16,256			40,171			32,156
General and administrative		11,299			7,180			18,992			15,652
Total operating expenses		54,357			44,400			101,082			88,317
Income from operations		9,024			10,311			22,023			19,089
Non-operating income (expense):
Interest income		3,320			2,994			6,704			4,784
Interest and other income (expense), net		(2,421	)		(1,376	)		(4,580	)		(1,466	)
Total non-operating income, net		899			1,618			2,124			3,318
Income before income taxes		9,923			11,929			24,147			22,407
Provision for income taxes		1,041			1,391			3,233			2,326
Net income	$	8,882		$	10,538		$	20,914		$	20,081
Net income per share:
Basic	$	0.12		$	0.15		$	0.29		$	0.28
Diluted	$	0.12		$	0.14		$	0.28		$	0.27
Weighted-average shares used in computing net income per share:
Basic		72,161			72,009			71,916			72,777
Diluted		75,651			73,117			74,432			74,109

A10 NETWORKS, INC.
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME
(unaudited, in thousands, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025

GAAP net income	$	8,882		$	10,538		$	20,914		$	20,081
Non-GAAP items:
Stock-based compensation and related payroll tax		9,292			4,586			14,342			10,878
Acquisition-related expense		1,346			574			1,346			918
Amortization of acquired intangible assets		453			380			832			583
Amortization of debt issuance costs		365			—			730			—
Certain legal expense		310			721			807			1,247
Tax planning expense		—			150			—			150
Income tax-effect of non-GAAP items		(1,902	)		(1,496	)		(2,494	)		(3,369	)
Total non-GAAP items		9,864			4,915			15,563			10,407
Non-GAAP net income	$	18,746		$	15,453		$	36,477		$	30,488

GAAP net income per share:
Basic	$	0.12		$	0.15		$	0.29		$	0.28
Diluted	$	0.12		$	0.14		$	0.28		$	0.27
Non-GAAP items:
Stock-based compensation and related payroll tax		0.12			0.06			0.19			0.15
Acquisition-related expense		0.02			0.01			0.02			0.01
Amortization of acquired intangible assets		0.01			0.01			0.01			0.01
Amortization of debt issuance costs		0.01			—			0.01			—
Certain legal expense		—			0.01			0.01			0.02
Tax planning expense		—			—			—			—
Income tax-effect of non-GAAP items		(0.03	)		(0.02	)		(0.03	)		(0.05	)
Total non-GAAP items		0.13			0.07			0.21			0.14

Non-GAAP net income per share:
Basic	$	0.26		$	0.21		$	0.51		$	0.42
Diluted	$	0.25		$	0.21		$	0.49		$	0.41
Weighted average shares used in computing net income per share:
Basic		72,161			72,009			71,916			72,777
Diluted		75,651			73,117			74,432			74,109

Net income and earnings per share excluding adjustments are non-GAAP financial measures presented as supplemental financial measures to enable a user of the financial information to understand the impact of these adjustments on reported results and to facilitate comparison of operating results across reporting periods. These financial measures should not be considered an alternative to net income, operating income, cash flows provided by operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our adjusted net income and earnings per share may not be comparable to similarly titled measures of another company because companies may not all calculate adjusted net income and earnings per share in the same manner.

A10 NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except par value, on a GAAP Basis)

	As of June 30, 2026			As of December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	54,679		$	71,139
Marketable securities		302,669			306,714
Accounts receivable, net of allowances of $19 and $66, respectively		72,242			62,069
Inventory		31,729			18,032
Prepaid expenses and other current assets		21,882			18,000
Total current assets		483,201			475,954
Property and equipment, net		49,337			50,221
Goodwill		47,902			15,134
Intangible assets, net		14,226			6,259
Deferred tax assets, net		65,785			62,109
Other non-current assets		17,228			20,136
Total assets	$	677,679		$	629,813
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	25,221		$	11,694
Accrued and other liabilities		36,550			41,132
Deferred revenue, current		93,230			80,824
Short-term debt, net		219,518			—
Total current liabilities		374,519			133,650
Deferred revenue, non-current		61,596			61,982
Long-term debt, net		—			218,787
Other non-current liabilities		3,598			3,848
Total liabilities		439,713			418,267

Stockholders’ equity:
Common stock, $0.00001 par value: 500,000 shares authorized; 93,176 and 91,996 shares issued and 72,454 and 71,498 shares outstanding, respectively		1			1
Treasury stock, at cost: 20,722 and 20,498 shares, respectively		(254,787	)		(249,912	)
Additional paid-in-capital		551,863			531,790
Dividends paid		(81,415	)		(72,785	)
Accumulated other comprehensive income (expense)		(403	)		659
Retained earnings		22,707			1,793
Total stockholders’ equity		237,966			211,546
Total liabilities and stockholders’ equity	$	677,679		$	629,813

A10 NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands, on a GAAP Basis)

	Six Months Ended June 30,
		2026			2025
Cash flows from operating activities:
Net income	$	20,914		$	20,081
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		8,418			7,077
Stock-based compensation		13,787			10,427
Other non-cash items		2,108			685
Changes in operating assets and liabilities:
Accounts receivable		(10,130	)		24,031
Inventory		(13,779	)		1,609
Prepaid expenses and other assets		(6,097	)		(5,865	)
Accounts payable		12,271			(6,379	)
Accrued and other liabilities		(7,990	)		(5,937	)
Deferred revenue		11,844			(6,345	)
Net cash provided by operating activities		31,346			39,384
Cash flows from investing activities:
Proceeds from sales and maturities of marketable securities		115,420			54,744
Purchases of marketable securities		(112,224	)		(68,148	)
Acquisition of businesses, net of cash acquired		(34,681	)		(19,100	)
Capital expenditures		(4,530	)		(8,737	)
Net cash used in investing activities		(36,015	)		(41,241	)
Cash flows from financing activities:
Proceeds from issuance of common stock under employee equity incentive plans		1,714			1,710
Proceeds from the issuance of convertible notes		—			225,000
Payment of debt issuance costs		—			(7,330	)
Repurchase of common stock		(4,875	)		(50,973	)
Payments for dividends		(8,630	)		(8,755	)
Net cash provided by (used in) financing activities		(11,791	)		159,652
Net increase (decrease) in cash and cash equivalents		(16,460	)		157,795
Cash and cash equivalents—beginning of period		71,139			95,129
Cash and cash equivalents—end of period	$	54,679		$	252,924

Non-cash investing and financing activities:
Transfers between inventory and property and equipment	$	82		$	314
Capital expenditures included in accounts payable	$	881		$	289
Common stock consideration for acquisition	$	5,035		$	—
Supplemental cash flow disclosure:
Cash paid for income taxes, net	$	3,340		$	2,769
Cash paid for interest on debt	$	3,094		$	—

A10 NETWORKS, INC. RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT (unaudited, in thousands, except percentages)

	Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025

GAAP gross profit	$	63,381		$	54,711		$	123,105		$	107,406
GAAP gross margin		79.1	%		78.9	%		79.4	%		79.3	%
Non-GAAP adjustments:
Stock-based compensation and related payroll tax		612			502			1,021			1,148
Amortization of acquired intangible assets		340			281			621			431
Non-GAAP gross profit	$	64,333		$	55,494		$	124,747		$	108,985
Non-GAAP gross margin		80.3	%		80.0	%		80.4	%		80.4	%

A10 NETWORKS, INC.
RECONCILIATION OF GAAP TOTAL OPERATING EXPENSES
TO NON-GAAP TOTAL OPERATING EXPENSES
(unaudited, in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025

GAAP total operating expenses	$	54,357		$	44,400		$	101,082		$	88,317

Non-GAAP adjustments:
Stock-based compensation and related payroll tax		(8,680	)		(4,084	)		(13,321	)		(9,730	)
Acquisition-related expense		(1,346	)		(210	)		(1,346	)		(554	)
Amortization of acquired intangible assets		(113	)		(99	)		(211	)		(152	)
Certain legal expense		(310	)		(721	)		(807	)		(1,247	)
Tax planning expense		—			(150	)		—			(150	)
Non-GAAP total operating expenses	$	43,908		$	39,136		$	85,397		$	76,484

A10 NETWORKS, INC.
RECONCILIATION OF GAAP INCOME FROM OPERATIONS
TO NON-GAAP OPERATING INCOME
(unaudited, in thousands, except percentages)

	Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025

GAAP income from operations	$	9,024		$	10,311		$	22,023		$	19,089
GAAP operating margin		11.3	%		14.9	%		14.2	%		14.1	%
Non-GAAP adjustments:
Stock-based compensation and related payroll tax		9,292			4,586			14,342			10,878
Acquisition-related expense		1,346			210			1,346			554
Amortization of acquired intangible assets		453			380			832			583
Certain legal expense		310			721			807			1,247
Tax planning expense		—			150			—			150
Non-GAAP operating income	$	20,425		$	16,358		$	39,350		$	32,501
Non-GAAP operating margin		25.5	%		23.6	%		25.4	%		24.0	%

A10 NETWORKS, INC.
RECONCILIATION OF GAAP NET INCOME TO
EBITDA AND ADJUSTED EBITDA (NON-GAAP)
(unaudited, in thousands, except percentages)

	Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025

GAAP net income	$	8,882		$	10,538		$	20,914		$	20,081
GAAP net income margin		11.1	%		15.2	%		13.5	%		14.8	%

Exclude: Interest and other income, net		(899	)		(1,618	)		(2,124	)		(3,318	)
Exclude: Depreciation and amortization		4,449			3,681			8,418			7,280
Exclude: Provision for income taxes		1,041			1,391			3,233			2,326
EBITDA		13,473			13,992			30,441			26,369
Exclude: Stock-based compensation and related payroll tax		9,292			4,586			14,342			10,878
Exclude: Acquisition-related expense		1,346			210			1,346			554
Exclude: Certain legal expense		310			721			807			1,247
Exclude: Tax planning expense		—			150			—			150
Adjusted EBITDA	$	24,421		$	19,659		$	46,936		$	39,198
Adjusted EBITDA margin		30.5	%		28.3	%		30.3	%		28.9	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20260805375587/en/

Investor Contact:

Rob Fink / Tom Baumann

FNK IR

646.809.4048 / 646.349.6641

[email protected]

David Schroeder

VP, Corporate Development

[email protected]

KEYWORDS: California United States North America

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MEDIA:

August 5, 2026 8:34 pm

Western Midstream Announces Second-Quarter 2026 Results and Revised Full-year Guidance

PR Newswire

Reported second-quarter 2026 Net income attributable to limited partners of $394.9 million, generating record quarterly Adjusted EBITDA⁽¹⁾ of $736.5 million, which represents a 19-percent increase compared to the prior-year period, and second-quarter Distributable Cash Flow⁽¹⁾ of $537.2 million.

Reported second-quarter 2026 Cash flows provided by operating activities of $534.7 million, generating second-quarter Free Cash Flow⁽¹⁾ of $263.6 million.

Announced a second-quarter distribution of $0.930 per unit, which is consistent with the prior quarter’s distribution, and reflects a distribution of $3.72 per unit on an annualized basis.

Providing revised 2026 Adjusted EBITDA⁽²⁾, Distributable Cash Flow⁽²⁾, and Free Cash Flow⁽²⁾ guidance ranges of $2.750 billion to $2.950 billion, $2.050 billion to $2.250 billion, and $1.100 billion to $1.300 billion, respectively.

Reaffirming 2026 total capital expenditures⁽³⁾ range of $850.0 million to $1.0 billion.

Executed two new gathering and processing agreements in the Powder River Basin, adding approximately 270,000 dedicated acres to WES’s basin footprint, and supporting 2027 natural-gas throughput growth in the basin.

HOUSTON, Aug. 5, 2026 /PRNewswire/ — Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced second-quarter 2026 financial and operating results. Net income (loss) attributable to limited partners for the second quarter of 2026 totaled $394.9 million, or $0.99 per common unit (diluted), with second-quarter 2026 Adjusted EBITDA⁽¹⁾ totaling $736.5 million and Distributable Cash Flow⁽¹⁾ totaling $537.2 million. Second-quarter 2026 Cash flows provided by operating activities totaled $534.7 million and second-quarter 2026 Free Cash Flow⁽¹⁾ totaled $263.6 million. Second-quarter 2026 capital expenditures⁽³⁾ totaled $308.3 million.

RECENT HIGHLIGHTS

Generated record Adjusted EBITDA⁽¹⁾ of $736.5 million, an increase of approximately 8-percent sequentially, driven by record throughput from our produced-water business, a partial month contribution from the Brazos Delaware II, LLC (“Brazos Delaware”) acquisition, and associated benefits from our fixed recovery natural-gas processing contracts at higher overall commodity pricing.

Gathered record natural-gas throughput in the Delaware Basin of 2,140 MMcf/d, representing a 5-percent sequential-quarter increase, mostly due to two-and-a-half weeks’ contribution from the Brazos Delaware acquisition.

Gathered record produced-water throughput in the Delaware Basin of 2,993 MBbls/d, representing a 5-percent sequential-quarter increase.

Achieved record natural-gas throughput of 1,547 MMcf/d in the DJ Basin, representing a 2-percent sequential-quarter increase.

Excluding the Aris acquisition, reduced operation and maintenance expense by 2-percent, compared to the second-quarter of 2025, despite year-over-year growth of 1.5-percent and 10-percent for natural-gas and produced-water throughput, respectively.

As previously announced, completed the acquisition of Brazos Delaware in mid-June, expanding WES’s footprint across the core of the Delaware Basin and adding approximately 460 MMcf/d of natural-gas processing capacity.

Issued $700 million of senior notes due 2036 in order to refinance borrowings on our commercial paper program and revolving credit facility pertaining to the Brazos Delaware acquisition.

Executed new long-term gathering and processing agreements with two large producers in the Powder River Basin, each backed by substantial acreage dedications and minimum-volume commitments, with development beginning in the second half of 2026⁽⁴⁾.

On August 14, 2026, WES will pay its second-quarter 2026 per-unit distribution of $0.930, or $3.72 on an annualized basis, which is consistent with the prior quarter’s distribution. Second-quarter 2026 Free Cash Flow⁽¹⁾ after distributions totaled negative $111.0 million as a result of organic growth capital expenditures.

Second-quarter 2026 natural-gas throughput⁽⁵⁾ averaged 5.3 Bcf/d, representing a 3-percent sequential-quarter increase. Second-quarter 2026 crude-oil and NGLs throughput⁽⁵⁾ averaged 523 MBbls/d, a slight sequential-quarter increase. Second-quarter 2026 produced-water throughput⁽⁵⁾ averaged 2,939 MBbls/d, representing a 5-percent sequential-quarter increase.

“WES delivered record Adjusted EBITDA of $736.5 million in the second quarter, an increase of 8-percent sequentially and 19-percent compared to the prior-year period, and based on the strength of our first-half results, the Brazos Delaware acquisition, and continued elevated commodity prices, we are raising the mid-points of our full-year 2026 Adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow guidance ranges by 10-percent, 10-percent, and 20-percent, respectively,” commented Oscar K. Brown, President and Chief Executive Officer of WES. “Record produced-water throughput resulted in margin expansion, underscoring the growth of that business and the strategic importance of the Aris acquisition. Additionally, elevated commodity pricing increased the contribution from our fixed recovery natural-gas processing contracts across all of our core operating basins, while continued cost discipline further improved our operating leverage. Taken together, these results reflect the durable earnings power we have built into the portfolio.”

“Looking to the remainder of the year, the higher commodity-price environment has incentivized many of our Delaware Basin producing customers to increase activity levels in the second half of 2026, which is expected to position WES for stronger Delaware Basin natural-gas and produced-water throughput growth in 2027. In the Powder River Basin, we recently executed new, long-term gathering and processing agreements with two of the basin’s most active producers, adding approximately 270,000 dedicated acres to WES’s footprint in the basin. Both agreements are backed by minimum-volume commitments and are expected to be meaningful contributors to 2027 throughput growth in the basin. Additionally, construction of the Pathfinder produced-water pipeline and the North Loving II natural-gas processing train remains on schedule and under budget, with both projects expected to be placed into service in the first and second quarters of 2027, respectively.”

“These results reflect the strength of our three-stream strategy of capturing the revenue from natural-gas, crude-oil and NGLs, and produced-water molecules that move across our acreage while providing customers the flow assurance they need to support their development plans. Our strong second-quarter results demonstrate the continued growth potential of the produced-water business, and we believe that beneficial reuse provides an additional path for future growth and margin expansion.”

“Finally, our recently announced JIP 2 produced-water treatment demonstration facility near the Red Bluff Reservoir in Reeves County, Texas, was placed into service during the second quarter and is delivering approximately 1,000 barrels per day of reclaimed fresh water, or ten times the amount produced by JIP 1. JIP 2 is designed to refine operations and costs, evaluate reliability, and demonstrate consistent reclaimed freshwater production for fit-for-purpose applications, including industrial cooling, surface discharge, and non-consumptive agricultural irrigation, while helping reduce pressure on limited freshwater resources. We believe JIP 2 represents a critical step toward achieving FID for our first commercial-scale facility in the near future.”

REVISED 2026 GUIDANCE

Reflecting the contribution from the Brazos Delaware acquisition and the most recent production forecasts from our customers, WES is revising its full-year 2026 guidance as follows:

Adjusted EBITDA⁽²⁾ between $2.750 billion and $2.950 billion, implying a revised mid-point of $2.850 billion, which represents a $250 million, or 10-percent, increase relative to WES’s original guidance at the mid-point, and a 15-percent increase compared to full-year 2025 Adjusted EBITDA.

Total capital expenditures⁽³⁾ between $850.0 million and $1.000 billion, with the expectation of being towards the high-end of the guidance range.

Distributable Cash Flow⁽²⁾ between $2.050 billion and $2.250 billion, or $4.94 to $5.42 per unit⁽⁶⁾, implying a revised mid-point of $2.150 billion. This represents a $200 million, or 10-percent increase, relative to WES’s original guidance at the mid-point.

Free Cash Flow⁽²⁾ between $1.100 billion and $1.300 billion, implying a revised mid-point of $1.200 billion. This represents a $200 million, or 20-percent increase, relative to WES’s original guidance at the mid-point.

Reiterating full-year distribution guidance of at least $3.70 per unit⁽⁷⁾, which includes distributions to be paid in calendar-year 2026, and implies a current annualized run-rate of $3.72 per unit based on our prior quarter distribution of $0.93 per unit.

“An exceptionally strong first half of the year and the completed Brazos Delaware acquisition give us the confidence to raise our full-year 2026 Adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow guidance ranges,” commented Kristen Shults, Senior Vice President and Chief Financial Officer. “With the inclusion of Brazos Delaware and throughput outperformance across the portfolio, we now expect natural-gas throughput to increase by mid-single digits average year-over-year in 2026. This incremental throughput reinforces our confidence in generating strong Distributable Cash Flow and better positions WES to advance its 2027 growth objectives while continuing to return capital to unitholders.”

“We now expect 2026 capital expenditures to be toward the high end of our guidance range of $850 million to $1.0 billion. Higher customer activity levels in the second half of this year will require incremental growth capital spending to support producer development plans as we exit 2026, and our new gathering and processing agreements in the Powder River Basin will require the construction of additional gathering capacity and compression facilities. With a strong balance sheet, ample liquidity, and robust growth profile, WES is positioned to continue executing on our organic growth objectives, pursuing strategic, bolt-on M&A, and sustaining our capital-return framework through commodity-price cycles.”

CONFERENCE CALL TOMORROW AT 9:00 A.M. CT

WES will host a conference call on Thursday, August 6, 2026, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss its second-quarter 2026 results. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership’s website at www.westernmidstream.com. A small number of phone lines are available for analysts; individuals should dial 888-880-3330 (Domestic) or 646-357-8766 (International) ten to fifteen minutes before the scheduled conference call time. A replay of the live audio webcast can be accessed on the Partnership’s website at www.westernmidstream.com for one year after the call.

For additional details on WES’s financial and operational performance, please refer to the earnings slides and updated investor presentation available at www.westernmidstream.com.

AVAILABILITY OF STATE K-1s

2025 State Schedule K-1s reflecting items of state tax relevance are available online. Unitholders requiring this information may access their State Schedule K-1s at www.taxpackagesupport.com/westernmidstream.

ABOUT WESTERN MIDSTREAM

Western Midstream Partners, LP (“WES”) is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering, transporting, recycling, treating, and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells residue, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES’s cash flows are protected from direct exposure to commodity-price volatility through fee-based contracts.

For more information about WES, please visit www.westernmidstream.com.

______________________________________________________________

⁽¹⁾	Please see the definitions of the Partnership’s non-GAAP measures at the end of this release and reconciliation of GAAP to non-GAAP measures.
⁽²⁾	This release contains certain forward-looking non-GAAP measures such as the Adjusted EBITDA range, the Distributable Cash Flow range, and the Free Cash Flow range for year ending December 31, 2026. A reconciliation of the Adjusted EBITDA range to net cash provided by operating activities and net income (loss), a reconciliation of the Distributable Cash Flow range to net income (loss), and a reconciliation of the Free Cash Flow range to net cash provided by operating activities, is not provided because the items necessary to estimate such amounts are not reasonably estimable at this time. These items, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these items could significantly impact such financial measures. At this time, WES is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, WES is not able to provide a corresponding forward-looking GAAP equivalent for the Adjusted EBITDA, Distributable Cash Flow, or Free Cash Flow ranges.
⁽³⁾	Accrual-based, includes equity investments, excludes capitalized interest, and excludes capital expenditures associated with the 25% third-party interest in Chipeta.
⁽⁴⁾	One agreement executed subsequent to quarter-end.
⁽⁵⁾	Represents total throughput attributable to WES, which excludes (i) the 1.8% limited partner interest in WES Operating owned by an Occidental subsidiary as of June 30, 2026, and (ii) for natural-gas throughput, the 25% third-party interest in Chipeta, which collectively represent WES’s noncontrolling interests.
⁽⁶⁾	Based on expected weighted average common and general partner units outstanding during full-year 2026.
⁽⁷⁾	Full-year 2026 distribution (paid in 2026) of at least $3.70 per unit, which includes the February 2026 distribution of $0.910 per unit. Board action on any distribution increase will be requested on a quarterly basis and is subject to the Board’s assessment of the needs of the business at that time.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements. WES’s management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to meet financial guidance or distribution expectations; our ability to safely and efficiently operate WES’s assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the “Risk Factors” section of WES’s most-recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements.

WESTERN MIDSTREAM CONTACTS

Daniel Jenkins
Director, Investor Relations
[email protected]
866.512.3523

Rhianna Disch
Manager, Investor Relations
[email protected]
866.512.3523

Western Midstream Partners, LP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
	Three Months Ended June 30,
thousands except per-unit amounts	2026	2025
Revenues and other
Service revenues – fee based	$ 980,096	$ 851,419
Service revenues – product based	112,641	50,442
Product sales	124,763	40,280
Other	7,219	181
Total revenues and other	1,224,719	942,322
Equity income, net – related parties	21,536	27,128
Operating expenses
Cost of product	117,440	42,681
Operation and maintenance	285,353	224,629
General and administrative	85,929	66,146
Property and other taxes	19,736	17,805
Depreciation and amortization	205,945	172,113
Long-lived asset and other impairments	551	686
Total operating expenses	714,954	524,060
Gain (loss) on divestiture and other, net	(4,598)	(911)
Operating income (loss)	526,703	444,479
Interest expense	(108,984)	(95,170)
Gain (loss) on early extinguishment of debt	(150)	—
Other income (expense), net	2,834	3,692
Income (loss) before income taxes	420,403	353,001
Income tax expense (benefit)	5,152	2,239
Net income (loss)	415,251	350,762
Net income (loss) attributable to noncontrolling interests	11,699	9,082
Net income (loss) attributable to Western Midstream Partners, LP	$ 403,552	$ 341,680
Limited partners’ interest in net income (loss):
Net income (loss) attributable to Western Midstream Partners, LP	$ 403,552	$ 341,680
General partner interest in net (income) loss	(8,668)	(7,930)
Limited partners’ interest in net income (loss)	$ 394,884	$ 333,750
Net income (loss) per common unit – basic	$ 0.99	$ 0.88
Net income (loss) per common unit – diluted	$ 0.99	$ 0.87
Weighted-average common units outstanding – basic	398,043	381,328
Weighted-average common units outstanding – diluted	399,381	382,326

Western Midstream Partners, LP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
thousands except number of units	June 30, 2026	December 31, 2025
Total current assets	$ 1,138,574	$ 1,656,941
Net property, plant, and equipment	12,542,083	11,220,908
Other assets	2,637,150	2,120,571
Total assets	$ 16,317,807	$ 14,998,420
Total current liabilities	$ 1,249,150	$ 1,236,484
Long-term debt	8,884,977	8,195,170
Asset retirement obligations	471,748	427,858
Other liabilities	1,309,782	975,786
Total liabilities	11,915,657	10,835,298
Equity and partners’ capital
Common units (413,172,388 and 408,141,366 units issued and outstanding at June 30, 2026, and December 31, 2025, respectively)	4,253,799	4,016,606
General partner units (9,060,641 units issued and outstanding at June 30, 2026, and December 31, 2025)	4,507	4,624
Noncontrolling interests	143,844	141,892
Total liabilities, equity, and partners’ capital	$ 16,317,807	$ 14,998,420

Western Midstream Partners, LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
	Six Months Ended June 30,
thousands	2026	2025
Cash flows from operating activities
Net income (loss)	$ 774,283	$ 667,314
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities:
Depreciation and amortization	406,371	342,573
Long-lived asset and other impairments	1,159	689
(Gain) loss on divestiture and other, net	10,965	5,578
(Gain) loss on early extinguishment of debt	150	—
Change in other items, net	(188,289)	78,616
Net cash provided by operating activities	$ 1,004,639	$ 1,094,770
Cash flows from investing activities
Capital expenditures	$ (506,065)	$ (321,025)
Acquisitions from third parties	(818,723)	—
Contributions to equity investments – related parties	(2,578)	—
Distributions from equity investments in excess of cumulative earnings – related parties	9,907	14,047
Proceeds from the sale of assets to third parties	—	34
(Increase) decrease in materials and supplies inventory and other	(24,764)	(7,820)
Net cash used in investing activities	$ (1,342,223)	$ (314,764)
Cash flows from financing activities
Borrowings, net of debt issuance costs	$ 1,052,642	$ (1,171)
Repayments of debt	(800,505)	(1,000,589)
Commercial paper borrowings (repayments), net	162,905	—
Increase (decrease) in outstanding checks	14,858	(7,656)
Distributions to Partnership unitholders	(754,318)	(696,249)
Distributions to Chipeta noncontrolling interest owner	(3,998)	—
Distributions to noncontrolling interest owner of WES Operating	(14,505)	(14,217)
Other	(34,220)	(20,856)
Net cash used in financing activities	$ (377,141)	$ (1,740,738)
Net increase (decrease) in cash and cash equivalents	$ (714,725)	$ (960,732)
Cash and cash equivalents at beginning of period	819,491	1,090,464
Cash and cash equivalents at end of period	$ 104,766	$ 129,732

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

WES defines Adjusted Gross Margin attributable to Western Midstream Partners, LP (“Adjusted Gross Margin”) as total revenues and other (less reimbursements for electricity-related expenses recorded as revenue), less cost of product, plus distributions from equity investments, and excluding the noncontrolling interest owners’ proportionate share of revenues and cost of product.

WES defines Adjusted EBITDA attributable to Western Midstream Partners, LP (“Adjusted EBITDA”) as net income (loss), plus (i) distributions from equity investments, (ii) non-cash equity-based compensation expense, (iii) interest expense, (iv) income tax expense, (v) depreciation and amortization, (vi) impairments, and (vii) other expense (including lower of cost or market inventory adjustments recorded in cost of product), less (i) gain (loss) on divestiture and other, net, (ii) gain (loss) on early extinguishment of debt, (iii) income from equity investments, (iv) income tax benefit, (v) other income, (vi) other items impacting comparability with WES’s core operating performance, and (vii) the noncontrolling interest owners’ proportionate share of revenues and expenses.

WES defines Distributable Cash Flow as Adjusted EBITDA, less Total revenues and other recognized in Adjusted EBITDA in excess of (less than) customer billings; net cash paid for (i) interest expense (net of interest income recorded in other income (expense) and non-cash capitalized interest), (ii) maintenance capital expenditures, (iii) income taxes, and Distributable Cash Flow attributable to noncontrolling interests to the extent such amounts are not excluded from Adjusted EBITDA.

WES defines Free Cash Flow as net cash provided by operating activities less total capital expenditures and contributions to equity investments, plus distributions from equity investments in excess of cumulative earnings.

Adjusted Gross Margin, Adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow are not defined in GAAP. The GAAP measure that is most directly comparable to Adjusted Gross Margin is gross margin. Net income (loss) and net cash provided by operating activities are the GAAP measures that are most directly comparable to Adjusted EBITDA. The GAAP measure that is most directly comparable to Distributable Cash Flow is net income (loss). The GAAP measure that is most directly comparable to Free Cash Flow is net cash provided by operating activities. Our non–GAAP financial measures (i) should not be considered as alternatives to the comparable GAAP measures or any other measure of financial performance presented in accordance with GAAP, (ii) have important limitations as analytical tools because they exclude some, but not all, items that affect the comparable GAAP measures, (iii) should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP, and (iv) may not be comparable to similarly titled measures of other companies in our industry, thereby diminishing their utility as comparative measures.

Management compensates for the limitations of our non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences, and incorporating this knowledge into its decision–making processes. We believe that investors benefit from having access to the same financial measures that our management considers in evaluating our operating results.

The following tables present reconciliations of the GAAP measures to our non-GAAP measures:

Western Midstream Partners, LP RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited) Adjusted Gross Margin
	Three Months Ended
thousands	June 30, 2026	March 31, 2026
Reconciliation of Gross margin to Adjusted Gross Margin
Total revenues and other	$ 1,224,719	$ 1,123,579
Less:
Cost of product	117,440	102,884
Depreciation and amortization	205,945	200,426
Gross margin	901,334	820,269
Add:
Distributions from equity investments	24,630	25,652
Depreciation and amortization	205,945	200,426
Less:
Reimbursed electricity-related charges recorded as revenues	33,410	33,488
Adjusted Gross Margin attributable to noncontrolling interests ⁽¹⁾	23,978	22,204
Adjusted Gross Margin	$ 1,074,521	$ 990,655

Gross margin
Gross margin for natural–gas assets⁽²⁾	$ 567,265	$ 533,518
Gross margin for crude–oil and NGLs assets⁽²⁾	116,084	106,212
Gross margin for produced–water assets⁽²⁾	216,927	187,779
Adjusted Gross Margin
Adjusted Gross Margin for natural-gas assets⁽³⁾	$ 658,322	$ 618,809
Adjusted Gross Margin for crude-oil and NGLs assets⁽³⁾	153,071	144,193
Adjusted Gross Margin for produced-water assets⁽³⁾	257,257	227,190

⁽¹⁾	Includes (i) the 25% third-party interest in Chipeta and (ii) the 1.8% and 1.9% limited partner interest in WES Operating owned by an Occidental subsidiary as of June 30, 2026, and March 31, 2026, respectively, which collectively represent WES’s noncontrolling interests.
⁽²⁾	Excludes corporate-level depreciation and amortization.
⁽³⁾	Excludes certain corporate-level items.

Western Midstream Partners, LP RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited) Adjusted EBITDA
	Three Months Ended
thousands	June 30, 2026	March 31, 2026
Reconciliation of Net income (loss) to Adjusted EBITDA
Net income (loss)	$ 415,251	$ 359,032
Add:
Distributions from equity investments	24,630	25,652
Non-cash equity-based compensation expense	13,507	10,854
Interest expense	108,984	113,390
Income tax expense	5,152	3,501
Depreciation and amortization	205,945	200,426
Long–lived asset and other impairments	551	608
Other expense	329	—
Less:
Gain (loss) on divestiture and other, net	(4,598)	(6,367)
Gain (loss) on early extinguishment of debt	(150)	—
Equity income, net – related parties	21,536	14,776
Other income	2,834	6,734
Items impacting comparability
Acquisition-related expenses and other, net	476	(119)
Adjusted EBITDA attributable to noncontrolling interests⁽¹⁾	17,719	15,302
Adjusted EBITDA	$ 736,532	$ 683,137
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA
Net cash provided by operating activities	$ 534,736	$ 469,903
Interest (income) expense, net	108,984	113,390
Accretion and amortization of long-term obligations, net	(734)	(882)
Current income tax expense (benefit)	3,515	2,880
Other (income) expense, net	(2,834)	(6,730)
Distributions from equity investments in excess of cumulative earnings – related parties	18	9,889
Changes in assets and liabilities:
Accounts receivable, net	47,756	50,226
Accounts and imbalance payables and accrued liabilities, net	(6,425)	28,316
Other items, net	69,711	31,328
Acquisition-related expenses	(476)	119
Adjusted EBITDA attributable to noncontrolling interests⁽¹⁾	(17,719)	(15,302)
Adjusted EBITDA	$ 736,532	$ 683,137
Cash flow information
Net cash provided by operating activities	$ 534,736	$ 469,903
Net cash used in investing activities	(1,107,346)	(234,877)
Net cash provided by (used in) financing activities	29,881	(407,022)

⁽¹⁾	Includes (i) the 25% third-party interest in Chipeta and (ii) the 1.8% and 1.9% limited partner interest in WES Operating owned by an Occidental subsidiary as of June 30, 2026, and March 31, 2026, respectively, which collectively represent WES’s noncontrolling interests.

Western Midstream Partners, LP RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited) Distributable Cash Flow
	Three Months Ended
thousands	June 30, 2026	March 31, 2026
Reconciliation of Net income (loss) to Distributable Cash Flow
Net income (loss)	$ 415,251	$ 359,032
Add:
Distributions from equity investments	24,630	25,652
Non-cash equity-based compensation expense	13,507	10,854
Income tax expense	5,152	3,501
Depreciation and amortization	205,945	200,426
Long-lived asset and other impairments	551	608
Other expense	329	—
Less:
Recognized service revenues – fee based in excess of (less than) customer billings	52,810	48,081
Gain (loss) on divestiture and other, net	(4,598)	(6,367)
Gain (loss) on early extinguishment of debt	(150)	—
Equity income, net – related parties	21,536	14,776
Items impacting comparability	476	(119)
Cash paid for maintenance capital expenditures	26,681	27,704
Capitalized interest	6,713	4,306
Cash paid for (reimbursement of) income taxes	10,169	3,449
Other income (net of interest income)	495	(86)
Distributable cash flow attributable to noncontrolling interests ⁽¹⁾	14,076	11,744
Distributable cash flow	$ 537,157	$ 496,585

Reconciliation of Adjusted EBITDA to Distributable Cash Flow
Adjusted EBITDA	$ 736,532	$ 683,137
Less:
Recognized service revenues – fee based in excess of (less than) customer billings	52,810	48,081
Capitalized interest	6,713	4,306
Cash paid for maintenance capital expenditures	26,681	27,704
Cash paid for (reimbursement of) income taxes	10,169	3,449
Interest expense (net of interest income)	106,645	106,570
Distributable cash flow attributable to noncontrolling interests ⁽¹⁾	(3,643)	(3,558)
Distributable cash flow	$ 537,157	$ 496,585

Weighted-average common units outstanding	398,043	399,095
Weighted-average general partner units	9,061	9,061

⁽¹⁾	Includes (i) the 25% third-party interest in Chipeta and (ii) the 1.8% and 1.9% limited partner interest in WES Operating owned by an Occidental subsidiary as of June 30, 2026, and March 31, 2026, respectively, which collectively represent WES’s noncontrolling interests.

Western Midstream Partners, LP RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited) Free Cash Flow
	Three Months Ended
thousands	June 30, 2026	March 31, 2026
Reconciliation of Net cash provided by operating activities to Free Cash Flow
Net cash provided by operating activities	$ 534,736	$ 469,903
Less:
Capital expenditures	270,339	235,726
Contributions to equity investments – related parties	810	1,768
Add:
Distributions from equity investments in excess of cumulative earnings – related parties	18	9,889
Free Cash Flow	$ 263,605	$ 242,298
Cash flow information
Net cash provided by operating activities	$ 534,736	$ 469,903
Net cash used in investing activities	(1,107,346)	(234,877)
Net cash provided by (used in) financing activities	29,881	(407,022)

Western Midstream Partners, LP OPERATING STATISTICS (Unaudited)
	Three Months Ended
	June 30, 2026	March 31, 2026	Inc/ (Dec)
Throughput for natural-gas assets (MMcf/d)
Gathering, treating, and transportation	427	430	(1) %
Processing	4,597	4,499	2 %
Equity investments ⁽¹⁾	494	464	6 %
Total throughput	5,518	5,393	2 %
Throughput attributable to noncontrolling interests ⁽²⁾	175	184	(5) %
Total throughput attributable to WES for natural-gas assets	5,343	5,209	3 %
Throughput for crude-oil and NGLs assets (MBbls/d)
Gathering, treating, and transportation	425	429	(1) %
Equity investments ⁽¹⁾	108	102	6 %
Total throughput	533	531	— %
Throughput attributable to noncontrolling interests ⁽²⁾	10	10	— %
Total throughput attributable to WES for crude-oil and NGLs assets	523	521	— %
Throughput for produced-water assets (MBbls/d)
Gathering and disposal	2,993	2,848	5 %
Throughput attributable to noncontrolling interests ⁽²⁾	54	53	2 %
Total throughput attributable to WES for produced-water assets	2,939	2,795	5 %
Per–Mcf Gross margin for natural–gas assets ⁽³⁾	$ 1.13	$ 1.10	3 %
Per–Bbl Gross margin for crude–oil and NGLs assets ⁽³⁾	2.39	2.22	8 %
Per–Bbl Gross margin for produced–water assets ⁽³⁾	0.80	0.73	10 %

Per-Mcf Adjusted Gross Margin for natural-gas assets⁽⁴⁾	$ 1.35	$ 1.32	2 %
Per-Bbl Adjusted Gross Margin for crude-oil and NGLs assets⁽⁴⁾	3.21	3.07	5 %
Per-Bbl Adjusted Gross Margin for produced-water assets⁽⁴⁾	0.96	0.90	7 %

⁽¹⁾	Represents our share of average throughput for investments accounted for under the equity method of accounting.
⁽²⁾	Includes (i) the 1.8% and 1.9% limited partner interest in WES Operating owned by an Occidental subsidiary as of June 30, 2026, and March 31, 2026, respectively, and (ii) for natural-gas assets, the 25% third-party interest in Chipeta, which collectively represent WES’s noncontrolling interests.
⁽³⁾	Average for period. Calculated as Gross margin for natural-gas assets, crude-oil and NGLs assets, or produced-water assets, divided by the respective total throughput (MMcf or MBbls) for natural-gas assets, crude-oil and NGLs assets, or produced-water assets.
⁽⁴⁾	Average for period. Calculated as Adjusted Gross Margin for natural-gas assets, crude-oil and NGLs assets, or produced-water assets, divided by the respective total throughput (MMcf or MBbls) attributable to WES for natural-gas assets, crude-oil and NGLs assets, or produced-water assets.

Western Midstream Partners, LP OPERATING STATISTICS (CONTINUED) (Unaudited)
	Three Months Ended
	June 30, 2026	March 31, 2026	Inc/ (Dec)
Throughput for natural-gas assets (MMcf/d)
Operated
Delaware Basin	2,140	2,035	5 %
DJ Basin	1,547	1,520	2 %
Powder River Basin	398	396	1 %
Other	895	932	(4) %
Total operated throughput for natural-gas assets	4,980	4,883	2 %
Non-operated
Equity investments	494	464	6 %
Other	44	46	(4) %
Total non-operated throughput for natural-gas assets	538	510	5 %
Total throughput for natural-gas assets	5,518	5,393	2 %
Throughput for crude-oil and NGLs assets (MBbls/d)
Operated
Delaware Basin	265	272	(3) %
DJ Basin	94	97	(3) %
Powder River Basin	27	25	8 %
Other	39	35	11 %
Total operated throughput for crude-oil and NGLs assets	425	429	(1) %
Non-operated
Equity investments	108	102	6 %
Total non-operated throughput for crude-oil and NGLs assets	108	102	6 %
Total throughput for crude-oil and NGLs assets	533	531	— %
Throughput for produced-water assets (MBbls/d)
Operated
Delaware Basin	2,993	2,848	5 %
Total operated throughput for produced-water assets	2,993	2,848	5 %

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SOURCE Western Midstream Partners, LP

August 5, 2026 8:32 pm

eBay Inc. Reports Second Quarter 2026 Results

PR Newswire

Revenue of $3.1 billion, up 15% on an as-reported basis and up 14% on an FX-Neutral basis
Gross Merchandise Volume (“GMV”) of $22.4 billion, up 15% on an as-reported basis and up 14% on an FX-Neutral basis
GAAP and Non-GAAP earnings per diluted share of $1.21 and $1.60, respectively, on a continuing operations basis
GAAP and Non-GAAP operating margins of 21.6% and 28.5%, respectively
Returned $448 million to stockholders in Q2, including $310 million of share repurchases and $138 million paid in cash dividends

SAN JOSE, Calif., Aug. 5, 2026 /PRNewswire/ — eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today reported financial results for its second quarter ended June 30, 2026.

“eBay’s second quarter delivered meaningful, broad-based momentum driven by continued innovation and focused execution against our strategic roadmap,” said Jamie Iannone, Chief Executive Officer at eBay. “This quarter once again demonstrated our ability to focus on our strategic priorities while still delivering strong growth in operating income and EPS.”

“Our second quarter results and continued GMV growth reflect our leadership in the categories that matter most to our buyers and sellers while building an even stronger, more resilient eBay,” said Peggy Alford, Chief Financial Officer at eBay. “Given the strong momentum we are seeing in our business, we are increasing our full-year top- and bottom-line outlook.”

Second Quarter 2026 Business Highlights

On July 30, 2026, eBay closed its acquisition of Depop Limited (Depop), a leading consumer-to-consumer (C2C) fashion marketplace with a highly engaged Gen Z and Millennial audience, strengthening eBay’s leadership in circular fashion and recommerce.
eBay Live posted another record quarter, with GMV growing by roughly eight times year-over-year across its seven markets.
eBay Live continued to deepen global engagement across categories by delivering timely, high-impact experiences that aligned with major cultural moments like the World Cup. These experiences mobilized enthusiasts across the platform while connecting fans to eBay’s unique inventory of curated collectibles and memorabilia.
eBay expanded coverage of Authenticity Guarantee to more than 100 fashion brands in the U.S. and U.K. The company also integrated Enquirus, the trusted global database of registered luxury watches, across the U.S., U.K. and Germany, strengthening buyer confidence in eBay’s luxury resale offering.
eBay reinforced its leadership position in Collectibles by expanding Authenticity Guarantee for U.K. trading cards valued at over £500 and broadening eligibility for its PSA Grading option to include pack-pulled autographed trading cards in the U.S.
eBay further enhanced the C2C experience in Australia, streamlining the end-to-end selling experience with AI-powered listing tools, simplified shipping, secure payments and stronger buyer protections.
In Motors Parts & Accessories (P&A), eBay launched Easy and Free Returns in the U.K. to give buyers greater confidence through a simpler, no-cost returns experience, and expanded the Guaranteed Fit program to Canada, where it also began automatically enriching listings with fitment data to help shoppers find compatible parts.
In Vehicles, eBay introduced new listing capabilities in the eBay mobile app, making it easier for sellers to bring new inventory onto the platform. Additionally, by leveraging AI and automation to simplify the transaction process, eBay significantly reduced the average time to vehicle pickup.
The latest generation of eBay’s Magical Listing tool was expanded to include all new and reactivated listers in the U.K. and Germany, further accelerating consumer supply by making it faster and easier to list and sell on eBay.
eBay’s AI-powered card scanning feature recently surpassed 80 million cumulative scans as collectors increasingly used the tool to quickly identify cards, understand pricing and list or shop with greater confidence. The company also enhanced Trading Card listings with richer market pricing insights, including Card Ladder indexes that help collectors track the value of specific players, characters, sports and collectible card game genres over time.
Goldin, an eBay company, continued to drive demand for premium collectibles through record-setting sales, including a solo Michael Jordan card for $4.3 million and Wayne Gretzky’s Stanley Cup-winning jersey for $2.8 million, the most ever paid for a hockey jersey.
eBay returned to the Met Gala for the fourth consecutive year as designers and creators sourced one-of-a-kind pieces for looks worn by SZA, Wisdom Kaye, Paloma Elsesser and others, reinforcing its marketplace as a destination for pre-loved fashion.

Impact

eBay released its annual Impact Report, highlighting progress in advancing sustainability, recommerce and economic opportunity. In 2025, eBay maintained 100% renewable energy across its operations and generated $5.3 billion in positive economic impact through recommerce.
eBay for Charity enabled buyers and sellers on the platform to raise $58 million worldwide in the second quarter. Highlights included a more than $9 million winning bid for a private lunch with Warren Buffett and Steph and Ayesha Curry that helped raise $27 million for nonprofit organizations GLIDE and Eat. Learn. Play. Additionally, a partnership with The Late Show with Stephen Colbert raised more than $2 million for World Central Kitchen through the auction of iconic Ed Sullivan Theater memorabilia.
eBay was recognized with numerous awards, including the Wall Street Journal’s Best Companies for the Future, TIME’s World’s Most Sustainable Companies 2026, U.S. News & World Report’s Best Companies To Work For (Overall) and Newsweek’s America’s Greatest Workplaces in Tech 2026.

Second Quarter 2026 Financial Highlights

Revenue was $3.1 billion, up 15% on an as-reported basis and up 14% on a foreign exchange (“FX”) neutral basis.
GMV was $22.4 billion, up 15% on an as-reported basis and up 14% on an FX-Neutral basis.
GAAP net income from continuing operations was $552 million, or $1.21 per diluted share.
Non-GAAP net income from continuing operations was $727 million, or $1.60 per diluted share.
GAAP and Non-GAAP operating margins were 21.6% and 28.5%, respectively.
Generated $549 million of operating cash flow and $326 million of free cash flow from continuing operations.
Returned $448 million to stockholders, including $310 million of share repurchases and $138 million paid in cash dividends.

(In millions, except per share data and percentages)	Second Quarter
(In millions, except per share data and percentages)	2026	2025	Change
eBay Inc.
Net revenues	$ 3,134	$ 2,730	$ 404	15 %
GAAP – Continuing Operations
Net income	$ 552	$ 365	$ 187	51 %
Earnings per diluted share	$ 1.21	$ 0.78	$ 0.43	56 %
Non-GAAP – Continuing Operations
Net income	$ 727	$ 640	$ 87	13 %
Earnings per diluted share	$ 1.60	$ 1.36	$ 0.24	17 %

Other Selected Financial and Operational Results

Advertising revenue – The company’s total advertising offerings generated $596 million of revenue in the second quarter of 2026, representing 2.7% of GMV. First-party advertising products on the eBay platform delivered $570 million of revenue in the second quarter of 2026, up 25% on an as-reported basis and up 24% on an FX-Neutral basis.
Operating margin – GAAP operating margin increased to 21.6% for the second quarter of 2026, compared to 17.6% for the same period last year. Non-GAAP operating margin increased to 28.5% for the second quarter of 2026, compared to 28.3% for the same period last year.
Income tax rate – The GAAP effective tax rate for continuing operations for the second quarter of 2026 was 17.1%, compared to 22.6% for the second quarter of 2025. The non-GAAP effective tax rate for continuing operations for the second quarter of 2026 was 17.5%⁽¹⁾.
Cash flow – The company generated $549 million of operating cash flow and $326 million of free cash flow during the second quarter of 2026 from continuing operations.
Capital returns – The company repurchased $310 million of its common stock, or approximately 3 million shares, in the second quarter of 2026. The company’s total repurchase authorization remaining as of June 30, 2026 was approximately $2.0 billion. The company also paid cash dividends of $138 million during the second quarter of 2026.
Cash and cash equivalents and non-equity investments – The company’s cash and cash equivalents and non-equity investments portfolio totaled $4.9 billion as of June 30, 2026.

⁽¹⁾We are using a non-GAAP effective tax rate of 17.5% in 2026 for evaluating our operating results, up from 16.5% in 2025. This rate could continue to change for various reasons including significant changes in our geographic earnings mix or fundamental tax law changes in major jurisdictions in which we operate.

Business Outlook

eBay is providing the following guidance for continuing operations for the third quarter 2026. This outlook includes the expected impact from Depop.

(In billions, except per share data and percentages)	Q3 2026 Guidance
Revenue	$3.07 – $3.12
FX-Neutral Y/Y Growth	8% – 10%

Gross Merchandise Volume	$22.0 – $22.4
FX-Neutral Y/Y Growth	10% – 12%

Diluted GAAP EPS	$0.94 – $0.99

Diluted Non-GAAP EPS	$1.36 – $1.42

Dividend Declaration

eBay’s Audit Committee declared a third quarter 2026 cash dividend of $0.31 per share of the company’s common stock. The dividend is payable on September 11, 2026 to stockholders of record as of August 28, 2026.

Acquisition of Depop

In February 2026, eBay Inc. and Etsy, Inc. announced that they entered into a definitive agreement for eBay to acquire all of the outstanding equity interests of Depop, a leading C2C fashion marketplace, for $1.2 billion in cash, subject to certain purchase price adjustments. The transaction closed on July 30, 2026. We paid $1.4 billion in cash, inclusive of preliminary purchase price adjustments, subject to finalization.

Quarterly Conference Call and Webcast

eBay Inc. will host a conference call to discuss second quarter 2026 results at 2:30 p.m. Pacific Time today. A live webcast of the conference call, together with a slide presentation that includes supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, can be accessed through the company’s Investor Relations website at https://investors.ebayinc.com. In addition, an archive of the webcast will be accessible for at least three months through the same link.

eBay Inc. uses its Investor Relations website at https://investors.ebayinc.com and social media channels as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor this website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls and webcasts.

About eBay

eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world’s largest and most vibrant marketplaces for discovering great value and unique selection. In 2025, eBay enabled nearly $80 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.

Presentation

All growth rates represent year-over-year comparisons, except as otherwise noted. All amounts in tables are presented in U.S. dollars, rounded to the nearest million, except as otherwise noted. As a result, certain amounts may not sum or recalculate using the rounded dollar amounts provided. References to “revenue” refer to “net revenues” as reported in the company’s consolidated statement of income.

New Accounting Standard

In September 2025, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Accounting for and Disclosure of Software Costs. eBay adopted the standard effective January 1, 2026 using the full retrospective method, which required the restatement of each prior reporting period presented.

Non-GAAP Financial Measures

This press release includes the following financial measures defined as “non-GAAP financial measures” by the SEC: non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating income and margin, non-GAAP effective tax rate, free cash flow and FX-Neutral basis. These non-GAAP financial measures are presented on a continuing operations basis. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with generally accepted accounting principles (“GAAP”). For a reconciliation of these non-GAAP financial measures, except for figures in this press release presented on an “FX-Neutral basis,” to the nearest comparable GAAP measures, see “Non-GAAP Measures of Financial Performance,” “Reconciliation of GAAP Operating Income to Non-GAAP Operating Income,” “Reconciliation of GAAP Net Income to Non-GAAP Net Income and GAAP Effective Tax Rate to Non-GAAP Effective Tax Rate” and “Reconciliation of Operating Cash Flow to Free Cash Flow” included in this press release. For figures in this press release reported “on an FX-Neutral basis,” we calculate the year-over-year impact of foreign currency movements using prior period foreign currency rates, excluding hedging activity, applied to current year transactional currency amounts.

Forward-Looking Statements

This press release contains forward-looking statements relating to, among other things, the future performance of eBay Inc. and its consolidated subsidiaries that are based on the company’s current expectations, forecasts and assumptions and involves risks and uncertainties. These statements include, but are not limited to, management’s vision for the future of eBay and our ability to accomplish our vision, expected financial results for the third quarter and full year 2026 and expected drivers thereof, the future growth in our business, and our ability to drive sustainable long-term growth and create lasting value for our stockholders, the impact of current and contemplated strategic initiatives and offerings, partnerships with and acquisitions of other companies, and new and updated product features or programs, including the initiatives, offerings, partnerships, acquisitions, features and programs discussed in our business highlights, the effects of foreign currency volatility and our ability to respond to such effects, operating efficiency and margins, and dividends and share repurchases.

Actual results could differ materially from those expressed or implied and reported results should not be considered as an indication of future performance. Factors that could cause or contribute to such differences include, but are not limited to: significant variation in our operating and financial results, including GMV and net revenues; our ability to compete in the markets in which we participate; our ability to generate revenue from our advertising products, including our Promoted Listings; our ability to generate consumer engagement and spending; our ability to keep pace with technological changes, including emerging AI technologies, and with changes in consumer demands and expectations; our ability to operate internationally and generate revenue from our international operations and our exposure to costs and risks in connection therewith; the impact of changes in global trade policies on our revenue, profit and ability to support cross-border trade; our ability to manage our buyer and seller trust protection programs; the risk of systems failures and business interruptions to our business; operation of and ongoing investment into our payments and financial services offerings; risk of fraud on our platforms; the impact of any cyberattacks or data security breaches; our ability to attract, retain and develop our senior managers and other key employees; our and our customers’ dependence on third-party providers, some of which are our competitors; the impact of our current, contemplated and future acquisitions, dispositions, joint ventures, strategic partnerships and strategic investments, including our expectations regarding our ability to realize the projected benefits from the recently completed Depop acquisition; the impact of stockholder activism or unsolicited acquisition proposals; the impact of extensive and increasing regulation and oversight that affect our business; the risk of liability for the actions of our customers, including products sold by sellers on our platforms; the impact of increasing levels of regulation in the areas of privacy, protection of user data cybersecurity, and AI; the risks associated with third-party allegations relating to intellectual property rights; current and potential litigation and regulatory and government inquiries, investigations and litigation involving us; the impact of evolving sales and other tax regimes in various jurisdictions; our ability to protect or enforce our intellectual property rights; risks and costs relating to stakeholder expectations around environmental, social and governance matters; potential exposure to claims and liabilities as a result of the distribution of PayPal; the risk of exposure to greater than anticipated tax liabilities; fluctuations in interest rates, and changes in regulatory guidance relating thereto; fluctuations in foreign currency exchange rates; our ability to generate sufficient cash flow to service our indebtedness and to comply with financial covenants in our outstanding debt instruments; and the risk that our stock repurchases may not be effected or may not achieve the desired objectives.

The forward-looking statements in this release do not include the potential impact of any acquisitions or divestitures that may be announced and/or completed after the date hereof.

More information about factors that could affect the company’s operating results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, copies of which may be obtained by visiting the company’s Investor Relations website at https://investors.ebayinc.com or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the company on the date hereof. The company assumes no obligation to update such statements.

eBay Inc. Unaudited Condensed Consolidated Balance Sheet
	June 30, 2026	December 31, 2025
	(In millions)
ASSETS
Current assets:
Cash and cash equivalents	$ 2,310	$ 1,867
Short-term investments	997	1,052
Customer accounts and funds receivable	1,589	1,280
Other current assets	1,107	887
Total current assets	6,003	5,086
Long-term investments	2,317	2,767
Property and equipment, net	1,301	1,165
Goodwill	4,471	4,467
Operating lease right-of-use assets	394	428
Deferred tax assets	2,929	2,959
Other assets	518	565
Total assets	$ 17,933	$ 17,437
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$ 1,593	$ 750
Accounts payable	353	242
Customer accounts and funds payable	1,589	1,280
Accrued expenses and other current liabilities	2,334	2,257
Income taxes payable	23	108
Total current liabilities	5,892	4,637
Operating lease liabilities	278	315
Deferred tax liabilities	1,446	1,431
Long-term debt	5,142	5,996
Other liabilities	510	575
Total liabilities	13,268	12,954
Total stockholders’ equity	4,665	4,483
Total liabilities and stockholders’ equity	$ 17,933	$ 17,437

eBay Inc. Unaudited Condensed Consolidated Statement of Income
	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
	(In millions, except per share amounts)
Net revenues	$ 3,134	$ 2,730	$ 6,223	$ 5,315
Cost of net revenues ⁽¹⁾	832	750	1,634	1,447
Gross profit	2,302	1,980	4,589	3,868
Operating expenses:
Sales and marketing ⁽¹⁾	697	586	1,370	1,122
Product development ⁽¹⁾	484	452	934	845
General and administrative ⁽¹⁾	306	371	716	632
Transaction losses	133	86	271	167
Amortization of acquired intangible assets	6	6	11	12
Total operating expenses	1,626	1,501	3,302	2,778
Income from operations	676	479	1,287	1,090
Interest and other:
Gain (loss) on equity investments and warrants, net	2	(4)	4	(6)
Interest expense	(65)	(62)	(126)	(123)
Interest income and other, net	52	59	118	140
Income from continuing operations before income taxes	665	472	1,283	1,101
Income tax provision	(113)	(107)	(219)	(235)
Income from continuing operations	552	365	1,064	866
Loss from discontinued operations, net of income taxes	(2)	(1)	(2)	(3)
Net income	$ 550	$ 364	$ 1,062	$ 863

Income (loss) per share – basic:
Continuing operations	$ 1.24	$ 0.79	$ 2.38	$ 1.86
Discontinued operations	—	—	—	(0.01)
Net income per share – basic	$ 1.24	$ 0.79	$ 2.38	$ 1.85

Income (loss) per share – diluted:
Continuing operations	$ 1.21	$ 0.78	$ 2.33	$ 1.83
Discontinued operations	—	—	—	(0.01)
Net income per share – diluted	$ 1.21	$ 0.78	$ 2.33	$ 1.82

Weighted average shares:
Basic	445	461	447	465
Diluted	455	470	457	473

(1) Includes stock-based compensation as follows:
Cost of net revenues	$ 13	$ 10	$ 24	$ 19
Sales and marketing	27	24	49	44
Product development	86	86	162	155
General and administrative	56	45	103	83
	$ 182	$ 165	$ 338	$ 301

eBay Inc. Unaudited Condensed Consolidated Statement of Cash Flows
	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
	(In millions)
Cash flows from operating activities:
Net income	$ 550	$ 364	$ 1,062	$ 863
Loss from discontinued operations, net of income taxes	2	1	2	3
Adjustments:
Transaction losses	133	86	271	167
Depreciation and amortization	101	79	194	131
Stock-based compensation	182	165	338	301
Deferred income taxes	22	(88)	43	(58)
Gain on investments, warrants and other, net	(8)	(5)	(30)	(3)
Changes in assets and liabilities, net of acquisition effects	(433)	(942)	(361)	(989)
Net cash provided by (used in) continuing operating activities	549	(340)	1,519	415
Net cash used in discontinued operating activities	(26)	—	(27)	—
Net cash provided by (used in) operating activities	523	(340)	1,492	415
Cash flows from investing activities:
Purchases of property and equipment	(223)	(101)	(295)	(212)
Purchases of investments	(1,045)	(1,964)	(1,409)	(5,007)
Maturities of investments	712	1,943	1,064	6,530
Sales of investments	—	—	684	—
Shareholder distributions from equity investments	—	225	194	225
Acquisitions and other	(28)	(3)	(39)	(92)
Net cash provided by (used in) investing activities	(584)	100	199	1,444
Cash flows from financing activities:
Proceeds from issuance of common stock	62	93	64	93
Repurchases of common stock	(323)	(624)	(809)	(1,239)
Payments for taxes related to net share settlements of restricted stock units and awards	(83)	(68)	(189)	(137)
Payments for dividends	(138)	(134)	(277)	(268)
Repayment of senior notes	(750)	—	(750)	(800)
Proceeds from issuance of commercial paper	739	375	739	943
Repayment of commercial paper	—	(377)	—	(818)
Net funds receivable and payable activity	45	45	213	288
Other	(16)	(26)	(16)	(26)
Net cash used in financing activities	(464)	(716)	(1,025)	(1,964)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(11)	31	(23)	50
Net increase (decrease) in cash, cash equivalents and restricted cash	(536)	(925)	643	(55)
Cash, cash equivalents and restricted cash at beginning of period	4,234	4,156	3,055	3,286
Cash, cash equivalents and restricted cash at end of period	$ 3,698	$ 3,231	$ 3,698	$ 3,231

eBay Inc. Unaudited Summary of Consolidated Net Revenues
	Three Months Ended
	June 30, 2026	March 31, 2026	December 31, 2025	September 30, 2025	June 30, 2025
	(In millions, except percentages)
Total net revenues ⁽¹⁾⁽²⁾	$ 3,134	$ 3,089	$ 2,965	$ 2,820	$ 2,730
Current quarter vs prior year quarter	15 %	19 %	15 %	9 %	6 %
Percent from international	44 %	44 %	46 %	48 %	49 %

(1) Hedge gain/(loss)	$ (1)	$ (13)	$ (19)	$ (24)	$ (6)
(2) Foreign currency impact	$ 22	$ 78	$ 16	$ 20	$ 32

eBay Inc. Unaudited Supplemental Operating Data
	Three Months Ended
	June 30, 2026	March 31, 2026	December 31, 2025	September 30, 2025	June 30, 2025
	(In millions, except percentages)
Active Buyers ⁽¹⁾	136	136	135	134	134
Current quarter vs prior year quarter	2 %	1 %	1 %	1 %	1 %
Active Buyers excluding Tise ⁽²⁾	136	135	134

Gross Merchandise Volume ⁽³⁾
U.S	$ 11,688	$ 11,503	$ 10,721	$ 9,872	$ 9,428
Current quarter vs prior year quarter	24 %	27 %	19 %	13 %	7 %
International	10,710	10,694	10,516	10,233	10,086
Current quarter vs prior year quarter	6 %	10 %	2 %	7 %	5 %
Total Gross Merchandise Volume	$ 22,398	$ 22,197	$ 21,237	$ 20,105	$ 19,514
Current quarter vs prior year quarter	15 %	18 %	10 %	10 %	6 %


(1)	Active Buyers consist of all buyers who paid for a transaction on our Marketplace platforms within the previous 12-month period. Buyers may register more than once, and as a result, may have more than one account.
(2)	On October 1, 2025, we completed the acquisition of Tise AS.
(3)	Gross Merchandise Volume consists of the total value of all paid transactions between users on our Marketplace platforms during the applicable period inclusive of shipping fees and taxes, without adjustment for returns or cancellations.

eBay Inc.

Business Outlook

The guidance figures provided below and elsewhere in this press release are forward-looking statements, reflect a number of estimates, assumptions and other uncertainties, and are approximate in nature because the company’s future performance is difficult to predict. Such guidance is based on information available on the date of this press release, and the company assumes no obligation to update it.

The company’s future performance involves risks and uncertainties, and the company’s actual results could differ materially from the information below and elsewhere in this press release. Some of the factors that could affect the company’s operating results are set forth under the caption “Forward-Looking Statements” above in this press release. More information about factors that could affect the company’s operating results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, copies of which may be obtained by visiting eBay’s investor relations website at https://investors.ebayinc.com or the SEC’s website at www.sec.gov.

eBay Inc.
	Three Months Ending
	September 30, 2026
*(In billions, except per share amounts)*	GAAP	Non-GAAP ^(a)
Net revenues	$3.07 – $3.12	$3.07 – $3.12
Diluted EPS from continuing operations	$0.94 – $0.99	$1.36 – $1.42
Gross Merchandise Volume	$22.0 – $22.4

(a) Estimated non-GAAP amounts above for the three months ending September 30, 2026 reflect adjustments that exclude the estimated amortization of acquired intangible assets of approximately $24-$28 million, estimated stock-based compensation expense and associated employer payroll tax expense of approximately $168-$178 million, transaction-related costs of approximately $14-$16 million, and estimated adjustment between our GAAP and non-GAAP tax expense of approximately $(18)-$(19) million. The estimated GAAP diluted EPS above does not assume any gains or losses on our remaining equity investments.

eBay Inc.

Non-GAAP Measures of Financial Performance

To supplement the company’s condensed consolidated financial statements presented in accordance with generally accepted accounting principles, or GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating income and margin, non-GAAP effective tax rate, free cash flow and figures in this press release presented on an “FX-Neutral basis.” These non-GAAP financial measures are presented on a continuing operations basis.

These non-GAAP measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the company’s results of operations as determined in accordance with GAAP. These measures should only be used to evaluate the company’s results of operations in conjunction with the corresponding GAAP measures.

Reconciliation to the nearest GAAP measure of all non-GAAP measures included in this press release, except for figures in this press release presented on an “FX-Neutral basis,” can be found in the tables included in this press release. For figures in this press release reported on an “FX-Neutral basis,” the company calculates the year-over-year impact of foreign currency movements using prior period foreign currency rates, excluding hedging activity, applied to current year transactional currency amounts.

These non-GAAP measures are provided to enhance investors’ overall understanding of the company’s current financial performance and its prospects for the future. Specifically, the company believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses, or net purchases of property and equipment, as the case may be, that may not be indicative of its core operating results and business outlook. In addition, because the company has historically reported certain non-GAAP results to investors, the company believes that the inclusion of non-GAAP measures provides consistency in the company’s financial reporting.

For its internal budgeting process, and as discussed further below, the company’s management uses financial measures that do not include stock-based compensation expense, employer payroll taxes on stock-based compensation, amortization or impairment of acquired intangible assets, impairment of goodwill, amortization of deferred tax assets associated with the realignment of its legal structure and related foreign exchange effects, significant gains or losses from the disposal/acquisition of a business, certain gains and losses on investments including changes in fair value, changes in foreign currency exchange rates and the impact of any related foreign exchange derivative instruments, gains or losses associated with a warrant agreement that the company entered into with Adyen, restructuring-related charges and the income taxes associated with the foregoing. In addition to the corresponding GAAP measures, the company’s management also uses the foregoing non-GAAP measures in reviewing the financial results of the company.

The company excludes the following items from non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating income and margin and non-GAAP effective tax rate:

Stock-based compensation expense and related employer payroll taxes. This expense consists of expenses for stock options, restricted stock and employee stock purchases. The company excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash expenses that management does not believe are reflective of ongoing operating results. The related employer payroll taxes are dependent on the company’s stock price and the vesting of restricted stock by employees and the timing and size of stock option exercises, over which management has limited to no control, and as such management does not believe it correlates to the company’s operation of the business.

Amortization or impairment of acquired intangible assets, impairment of goodwill, certain amortization of deferred tax assets and related foreign exchange effects, and certain gains or losses on investments. The company incurs amortization or impairment of acquired intangible assets and goodwill in connection with acquisitions and excludes these amounts from its non-GAAP measures. The company also excludes certain gains and losses on investments. The company excludes the non-cash amortization of deferred tax assets associated with the realignment of its legal structure, which is not reduced by the effects of the Tax Cuts and Jobs Act, and related foreign exchange effects. The company excludes these items because management does not believe they correlate to the ongoing operating results of the company’s business.

Restructuring. These charges consist of expenses for employee severance and other exit and disposal costs. The company excludes significant restructuring charges primarily because management does not believe they are reflective of ongoing operating results.

Transaction related costs. The company may incur significant gains or losses and incremental costs related to the acquisition or disposal of a business, unsolicited proposals and shareholder activism matters. These costs include third party fees such as banker fees, legal and advisory fees and other professional services. The company excludes these items from its non-GAAP measures as management does not believe they correlate to the company’s ongoing operating results of the business.

Other certain significant gains, losses, or charges that are not indicative of the company’s core operating results. These are significant gains, losses, or charges during a period that are the result of isolated events or transactions which have not occurred frequently in the past and are not expected to occur regularly or be repeated in the future. The company excludes these amounts from its results primarily because management does not believe they are indicative of its current or ongoing operating results. These amounts include changes in fair value and the related change in foreign currency exchange rates of equity securities with readily determinable fair values, globally.

Change in fair market value of warrants. These are gains or losses associated with warrant agreements entered into with vendors, which are attributable to changes in fair value during the period.

Income tax effects and adjustments. We are using a non-GAAP tax rate of 17.5% for evaluating our operating results, up from 16.5% in 2025. This rate could change for various reasons including significant changes in our geographic earnings mix or fundamental tax law changes in major jurisdictions in which we operate.

In addition to the non-GAAP measures discussed above, the company also uses free cash flow. Free cash flow represents operating cash flows less purchases of property and equipment. The company considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchases of property, buildings, and equipment, which can then be used to, among other things, invest in the company’s business, make strategic acquisitions, repurchase stock and pay dividends. A limitation of the utility of free cash flow as a measure of financial performance is that it does not represent the total increase or decrease in the company’s cash balance for the period and does not exclude certain non-discretionary expenditures, such as mandatory debt service requirements.

eBay Inc. Reconciliation of GAAP Operating Income to Non-GAAP Operating Income
	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
	(In millions, except percentages)
GAAP operating income	$ 676	$ 479	$ 1,287	$ 1,090
Stock-based compensation expense and related employer payroll taxes	188	172	355	316
Amortization of acquired intangible assets within cost of net revenues and operating expenses	13	13	25	25
Restructuring and executive bonuses	1	55	105	55
Legal matters	(10)	52	(10)	52
Transaction related costs	25	—	38	—
Total non-GAAP operating income adjustments	217	292	513	448
Non-GAAP operating income	$ 893	$ 771	$ 1,800	$ 1,538

GAAP operating margin	21.6 %	17.6 %	20.7 %	20.5 %
Non-GAAP operating margin	28.5 %	28.3 %	28.9 %	28.9 %
Presented on a continuing operations basis

Reconciliation of GAAP Net Income to Non-GAAP Net Income and GAAP Effective Tax Rate to Non-GAAP Effective Tax Rate
	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
	(In millions, except per share amounts and percentages)
GAAP income from continuing operations before income taxes	$ 665	$ 472	$ 1,283	$ 1,101
GAAP provision for income taxes	(113)	(107)	(219)	(235)
GAAP net income from continuing operations	552	365	1,064	866
Non-GAAP adjustments to net income from continuing operations:
Non-GAAP operating income from continuing operations adjustments (see table above)	217	292	513	448
Change in fair value of equity investments and warrants	(2)	3	6	—
Income tax effects and adjustments	(40)	(20)	(96)	(20)
Non-GAAP net income from continuing operations	$ 727	$ 640	$ 1,487	$ 1,294

Diluted net income from continuing operations per share:
GAAP	$ 1.21	$ 0.78	$ 2.33	$ 1.83
Non-GAAP	$ 1.60	$ 1.36	$ 3.26	$ 2.74
Shares used in GAAP diluted net income per share calculation	455	470	457	473
Shares used in non-GAAP diluted net income per share calculation	455	470	457	473

GAAP effective tax rate – Continuing operations	17.1 %	22.6 %	17.1 %	21.4 %
Income tax effects and adjustments to net income from continuing operations	0.4 %	(6.1) %	0.4 %	(4.9) %
Non-GAAP effective tax rate – Continuing operations	17.5 %	16.5 %	17.5 %	16.5 %
Presented on a continuing operations basis

Reconciliation of Operating Cash Flow to Free Cash Flow
	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
	(In millions)
Net cash provided by (used in) continuing operating activities	$ 549	$ (340)	$ 1,519	$ 415
Less: Purchases of property and equipment	(223)	(101)	(295)	(212)
Free cash flow	$ 326	$ (441)	$ 1,224	$ 203
Presented on a continuing operations basis

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SOURCE eBay Inc.

August 5, 2026 8:30 pm

Everpure Announces Date and Conference Call Information for Second Quarter Fiscal 2027 Financial Results

PR Newswire

SANTA CLARA, Calif., Aug. 5, 2026 /PRNewswire/ — Everpure^® (NYSE: P), the company revolutionizing data infrastructure and data intelligence management, today announced it will host a conference call on Wednesday, August 26, at 2:00 p.m. PT to discuss its financial results for second quarter fiscal 2027 ended August 2, 2026. This conference call will be held following the release of Everpure’s financial results.

Second Quarter Fiscal 2027 Conference Call Details

A live audio broadcast of the conference call will be available at the Everpure Investor Relations website at investor.everpuredata.com. A replay will be available following the call on the Everpure Investor Relations website, or for two weeks at 1-800-770-2030 (or 1-647-362-9199 for international callers) with passcode 5667482.

Save the Date – Financial Analyst Meeting
Please save the date for Everpure’s Financial Analyst Meeting on Wednesday, September 23, 2026. Members of the executive leadership team will provide an update on the company’s long-term strategy, path to growth and long-term financial framework.

A live webcast and presentation materials will be available through the Investor Relations section of the company’s website. Additional event details, including registration information will be provided closer to the event.

About Everpure
Everpure (NYSE: P) allows organizations to take control of their data with an industry-leading, ever-evolving storage and data management platform. We help companies unleash the power of their data by ensuring it is secure, accessible, intelligent, and ready to perform in the AI era. We make data management effortless while simultaneously scaling performance and significantly reducing energy consumption. With one of the highest Net Promoter Scores for over a decade, Everpure is the choice of the world’s most innovative organizations. For more information, visit www.everpuredata.com.

Everpure, the Everpure P Logo, Portworx, Pure Storage and the marks in the Everpure Trademark List are trademarks or registered trademarks of Everpure Inc. or its licensed subsidiaries in the U.S. and/or other countries. The Trademark List can be found at everpuredata.com/trademarks. Other names may be trademarks of their respective owners.

Analyst Recognition

Leader in the 2025 Gartner^® Magic Quadrant™ for Enterprise Storage Platforms

Leader in the 2025 Gartner^® Magic Quadrant™ for Infrastructure Platform Consumption Services

Connect with Everpure

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SOURCE Everpure

August 5, 2026 8:29 pm

Veeva to Release Fiscal 2027 Second Quarter Results on August 26, 2026

PR Newswire

PLEASANTON, Calif., Aug. 5, 2026 /PRNewswire/ — Veeva Systems (NYSE: VEEV) will announce financial results for its second quarter ending July 31, 2026 after market close on August 26, 2026. Veeva will host a conference call and webcast that day at 2:00 p.m. PT (5:00 p.m. ET) to discuss its financial results.

Veeva will post prepared remarks to its investor relations website at ir.veeva.com at approximately 1:05 p.m. PT (4:05 p.m. ET). A webcast replay will be available on the website following the live event.

Event: Veeva Systems’ Fiscal 2027 Second Quarter Results Conference Call

Date: Wednesday, August 26, 2026

Time: 2:00 p.m. PT (5:00 p.m. ET)

Conference Call Registration: https://events.q4inc.com/analyst/883220744?pwd=7dXQ6ZuG

Webcast: ir.veeva.com

About Veeva Systems
Veeva delivers the industry cloud for life sciences with applications, agents, data, and consulting. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,500 customers, ranging from the world’s largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders, and the industries it serves. For more information, visit veeva.com.

Veeva uses its ir.veeva.com website as a means of disclosing material non-public information, announcing upcoming investor conferences, and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor Veeva’s investor relations website in addition to following its press releases, SEC filings, and public conference calls and webcasts.

Investor Relations Contact:

Gunnar Hansen
Veeva Systems Inc.
267-460-5839
[email protected]

Media Contact:

Maria Scurry
Veeva Systems Inc.
781-366-7617
[email protected]

View original content:https://www.prnewswire.com/news-releases/veeva-to-release-fiscal-2027-second-quarter-results-on-august-26-2026-302844047.html

SOURCE Veeva Systems

August 5, 2026 8:27 pm

Kulicke & Soffa Reports Third Quarter 2026 Results

PR Newswire

SINGAPORE, Aug. 5, 2026 /PRNewswire/ — Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (“Kulicke & Soffa,” “K&S,” “our,” or the “Company”), today announced financial results of its third fiscal quarter ended July 4, 2026. The Company reported third quarter net revenue of $330.4 million, net income of $57.4 million, representing EPS of $1.07 per fully diluted share, and non-GAAP net income of $64.2 million, representing non-GAAP EPS of $1.20 per fully diluted share.

Quarterly Results
	Fiscal Q3 2026	Fiscal Q3 2025	Fiscal Q2 2026
Net Revenue (in thousands)	$330,409	$148,413	$242,621
GAAP EPS – Diluted	$1.07	$(0.06)	$0.66
Non GAAP EPS – Diluted	$1.20	$0.07	$0.79

A reconciliation between the GAAP and non-GAAP adjusted results is provided in the financial tables included at the end of this press release. See also the “Use of non-GAAP Financial Results” section of this press release.

Lester Wong, Kulicke & Soffa’s Interim Chief Executive Officer and Chief Financial Officer, stated, “We see strong sequential growth in the third quarter and demand conditions continue to improve across all end markets. We remain closely engaged to support the evolving technology requirements of our industry, and remain committed to address the immediate and long-term production needs of our customers.”

Kulicke & Soffa anticipates its expanded Advanced Solutions production facility will be completed, as scheduled, within the second half of fiscal 2027.

Third Quarter Fiscal 2026 Financial Highlights

Net revenue of $330.4 million.
Gross margin of 47.8%.
Net income of $57.4 million or $1.07 per share; non-GAAP net income of $64.2 million or $1.20 per fully diluted share.
GAAP cash flow from operations of $45.2 million; Adjusted free cash flow of $41.0 million.
The Company repurchased a total of 5.0 thousand shares of common stock at a cost of $0.5 million.

Fourth Quarter Fiscal 2026 Outlook

K&S currently expects net revenue in the fourth quarter of fiscal 2026 ending October 3, 2026 to be approximately $375 million +/- $20 million, GAAP diluted EPS to be approximately $1.29 +/- 10%, and non-GAAP diluted EPS to be approximately $1.42 +/- 10%.

A reconciliation between the GAAP and non-GAAP financial outlook is provided in the financial tables included at the end of this press release.

Earnings Conference Webcast

A webcast to discuss these results will be held on August 6, 2026, beginning at 8:00 am ET. The live webcast link, supplemental earnings presentation, and archived webcast will be available at investor.kns.com. To access the audio-only portion of the live webcast, parties may call +1-877-407-8037, or internationally, +1-201-689-8037.

An audio-only replay of the webcast will also be available approximately one hour after the completion of the live call by calling +1-877-660-6853, or internationally, +1-201-612-7415 and referencing access code 13757798.

Use of Non-GAAP Financial Results

In addition to U.S. GAAP (“GAAP”) results, this press release also contains the following non-GAAP financial results: income from operations, operating margin, net income, net margin, net income per fully diluted share and adjusted free cash flow. The Company’s non-GAAP results exclude amortization related to intangible assets acquired through business combinations, costs associated with restructuring and severance, equity-based compensation, acquisition and integration costs, impairment relating to assets acquired through business combinations, long-lived asset impairment relating to business cessation or disposal, impairment relating to equity investments, income tax expense/benefit arising from discrete tax items triggered by acquisition, disposal of business (both via a sale or an abandonment), restructuring and significant changes in tax laws, gain/loss on disposal of business, as well as tax benefits or expenses associated with the foregoing non-GAAP items. The non-GAAP adjustments may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. These non-GAAP measures are consistent with the way management analyzes and assesses the Company’s operating results. The Company believes these non-GAAP measures enhance investors’ understanding of the Company’s underlying operational performance, as well as their ability to compare the Company’s period-to-period financial results and the Company’s overall performance to that of its competitors.

Management uses both GAAP metrics as well as these non-GAAP metrics to evaluate the Company’s operating and financial results. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company’s industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on the Company’s reported financial results. The presentation of non-GAAP items is meant to supplement, but not substitute for, GAAP financial measures or information. The Company believes the presentation of non-GAAP results in combination with GAAP results provides better transparency to the investment community when analyzing business trends, providing meaningful comparisons with prior period performance and enhancing investors’ ability to view the Company’s results from management’s perspective. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP measure discussed in this press release is contained in the financial tables at the end of this press release.

About Kulicke & Soffa

Kulicke & Soffa is a global leader in semiconductor assembly technology, advancing device performance across automotive, compute, industrial, memory and communications markets. Founded on innovation in 1951, K&S is uniquely positioned to overcome increasingly dynamic process challenges – creating and delivering long-term value by aligning technology with opportunity.

Caution Concerning Results, Forward-Looking Statements and Certain Risks Related to our Business

In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our judgments and future expectations concerning our business, including the importance and competitiveness of our products and other emerging technology transitions, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, failures or delays in completing the Company’s cessation of its Electronics Assembly equipment business, the persistent macroeconomic headwinds on our business, actual or potential inflationary pressures, interest rate and risk premium adjustments, falling customer sentiment, or economic recession caused directly or indirectly by geopolitical tensions, our ability to develop, manufacture and gain market acceptance of new products, our ability to expand, consolidate or relocate manufacturing and other facilities, our ability to operate our business in accordance with our business plan and the other factors listed or discussed in our Annual Report on Form 10-K for the fiscal year ended October 4, 2025, filed on November 20, 2025, and our other filings with the Securities and Exchange Commission. Kulicke and Soffa Industries, Inc. is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Contact:

Kulicke and Soffa Industries, Inc.

Joseph Elgindy
Finance
P: +1-215-784-7518

KULICKE AND SOFFA INDUSTRIES, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS *(In thousands, except per share data)* *(Unaudited)*

	Three months ended		Nine months ended
	July 4, 2026	June 28, 2025	July 4, 2026	June 28, 2025
Net revenue	$ 330,409	$ 148,413	$ 772,655	$ 476,523
Cost of sales	172,460	79,170	396,047	279,812
Gross profit	157,949	69,243	376,608	196,711
Selling, general and administrative	45,769	39,596	129,270	126,224
Research and development	43,914	35,741	122,686	110,769
Gain relating to cessation of business	—	—	—	(75,987)
Impairment charges	—	—	—	39,817
Operating expenses	89,683	75,337	251,956	200,823
Income / (Loss) from operations	68,266	(6,094)	124,652	(4,112)
Interest income	4,529	6,008	13,268	17,982
Interest expense	(34)	(32)	(111)	(95)
Income / (Loss) before income taxes	72,761	(118)	137,809	13,775
Provision for income taxes	15,345	3,171	28,449	19,941
Net income / (loss)	$ 57,416	$ (3,289)	$ 109,360	$ (6,166)

Net income / (loss) per share:
Basic	$ 1.10	$ (0.06)	$ 2.09	$ (0.12)
Diluted	$ 1.07	$ (0.06)	$ 2.06	$ (0.12)
Cash dividends declared per share	$ 0.205	$ 0.205	$ 0.615	$ 0.615

Weighted average shares outstanding:
Basic	52,333	52,692	52,326	53,265
Diluted	53,429	52,692	53,190	53,265

KULICKE AND SOFFA INDUSTRIES, INC. CONSOLIDATED CONDENSED BALANCE SHEETS *(In thousands)* *(Unaudited)*

	As of
	July 4, 2026	October 4, 2025
ASSETS
Current assets
Cash and cash equivalents	$ 368,573	$ 215,708
Short-term investments	148,000	295,000
Accounts and other receivable, net	329,498	183,538
Inventories, net	227,118	160,225
Prepaid expenses and other current assets	31,796	47,064
Total current assets	1,104,985	901,535

Property, plant and equipment, net	66,274	58,993
Operating right-of-use assets	32,567	32,193
Goodwill	69,522	69,522
Intangible assets, net	4,676	5,600
Deferred tax assets	16,258	16,109
Equity investments	10,789	6,978
Investment in debt securities	10,000	10,000
Other assets	4,015	3,412
TOTAL ASSETS	$ 1,319,086	$ 1,104,342

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$ 116,887	$ 57,178
Operating lease liabilities	6,083	6,178
Accrued expenses and other current liabilities	159,774	97,786
Income taxes payable	38,069	27,029
Total current liabilities	320,813	188,171

Deferred tax liabilities	34,496	35,533
Income taxes payable	10,684	16,580
Operating lease liabilities	32,035	32,372
Other liabilities	9,101	10,195
TOTAL LIABILITIES	$ 407,129	$ 282,851

SHAREHOLDERS’ EQUITY
Common stock, without par value	634,232	620,043
Treasury stock, at cost	(976,708)	(974,202)
Retained earnings	1,276,677	1,199,500
Accumulated other comprehensive loss	(22,244)	(23,850)
TOTAL SHAREHOLDERS’ EQUITY	$ 911,957	$ 821,491

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,319,086	$ 1,104,342

KULICKE AND SOFFA INDUSTRIES, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS *(In thousands)* *(Unaudited)*
	Three months ended		Nine months ended
(in thousands)	July 4, 2026	June 28, 2025	July 4, 2026	June 28, 2025
Net cash provided by operating activities	$ 45,216	$ 7,380	$ 46,554	$ 105,003
Net cash (used in)/provided by investing activities	(3,711)	(17,463)	134,982	26,161
Net cash used in financing activities	(11,361)	(32,606)	(29,532)	(113,408)
Effect of exchange rate changes on cash and cash equivalents	565	2,651	861	1,578
Changes in cash and cash equivalents	30,709	(40,038)	152,865	19,334
Cash and cash equivalents, beginning of period	337,864	286,519	215,708	227,147
Cash and cash equivalents, end of period	$ 368,573	$ 246,481	$ 368,573	$ 246,481

Short-term investments	148,000	310,000	148,000	310,000
Total cash, cash equivalents and short-term investments	$ 516,573	$ 556,481	$ 516,573	$ 556,481

Reconciliation of U.S. GAAP to Non-GAAP Income from Operations and Operating Margin *(In thousands, except percentages)* *(Unaudited)*

	Three months ended
	July 4, 2026	June 28, 2025	April 4, 2026
Net revenue	$ 330,409	$ 148,413	$ 242,621
U.S. GAAP income / (loss) from operations	68,266	(6,094)	38,566
U.S. GAAP operating margin	20.7 %	(4.1) %	15.9 %

Pre-tax non-GAAP items:
Amortization related to intangible assets	308	308	307
Restructuring	190	287	418
Equity-based compensation	7,044	7,092	6,991
Non-GAAP income from operations	$ 75,808	$ 1,593	$ 46,282
Non-GAAP operating margin	22.9 %	1.1 %	19.1 %

Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income and Non-GAAP Net Margin and U.S. GAAP net income per share to Non-GAAP net income per share *(In thousands, except percentages and per share data)* *(Unaudited)*

	Three months ended
	July 4, 2026	June 28, 2025	April 4, 2026
Net revenue	$ 330,409	$ 148,413	$ 242,621
U.S. GAAP net income / (loss)	57,416	(3,289)	35,148
U.S. GAAP net margin	17.4 %	(2.2) %	14.5 %

Non-GAAP adjustments:
Amortization related to intangible assets	308	308	307
Restructuring	190	287	418
Equity-based compensation	7,044	7,092	6,991
Net income tax benefit on non-GAAP items	(730)	(626)	(728)
Total non-GAAP adjustments	$ 6,812	$ 7,061	$ 6,988
Non-GAAP net income	$ 64,228	$ 3,772	$ 42,136
Non-GAAP net margin	19.4 %	2.5 %	17.4 %

U.S. GAAP net income / (loss) per share:
Basic	$ 1.10	$ (0.06)	$ 0.67
Diluted^(a)	$ 1.07	$ (0.06)	$ 0.66

Non-GAAP adjustments per share:^(b)
Basic	$ 0.13	$ 0.13	$ 0.14
Diluted	$ 0.13	$ 0.13	$ 0.13

Non-GAAP net income per share:
Basic	$ 1.23	$ 0.07	$ 0.81
Diluted^(c)	$ 1.20	$ 0.07	$ 0.79

Weighted average shares outstanding:
Basic	52,333	52,692	52,327
Diluted	53,429	52,866	53,121

(a)	GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock, but that effect is excluded when calculating GAAP diluted net loss per share because it would be anti-dilutive.
(b)	Non-GAAP adjustments per share include amortization related to intangible assets acquired through business combinations, costs associated with restructuring and severance, equity-based compensation expenses, and income tax effects associated with the foregoing non-GAAP items.
(c)	Non-GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock, but that effect is excluded when calculating Non-GAAP diluted net loss per share because it would be anti-dilutive.

Reconciliation of U.S. GAAP Cash provided by Operating Activities to Non-GAAP Adjusted Free Cash Flow (In thousands, except percentages) (unaudited)
	Three months ended
	July 4, 2026	June 28, 2025	April 4, 2026
U.S. GAAP net cash provided by operating activities	$ 45,216	$ 7,380	$ 10,271
Purchases of property, plant and equipment	(4,277)	(2,090)	(4,077)
Proceeds from sales of property, plant and equipment	18	147	74

Non-GAAP adjusted free cash flow	$ 40,957	$ 5,437	$ 6,268

Reconciliation of U.S. GAAP to Non-GAAP Outlook *(In millions, except per share data)* *(Unaudited)*

	Fourth quarter of fiscal 2026 ending October 3, 2026
	GAAP Outlook	Adjustments	Non-GAAP Outlook
Net revenue	$375 million +/- $20 million	—	$375 million +/- $20 million
Operating expenses	$95.1 million +/- 2%	$7.6 million ^B,C,D	$87.5 million +/- 2%
Diluted EPS⁽¹⁾	$1.29 +/- 10%	$0.13 ^{A – E}	$1.42 +/- 10%

Non-GAAP Adjustments
A. Equity-based compensation – Cost of sales		0.4
B. Equity-based compensation – Selling, general and administrative and Research and development		6.6
C. Amortization related to intangible assets		0.3
D. Restructuring expenses		0.7
E. Net income tax effect of the above items		(0.8)

(1) GAAP and non-GAAP diluted EPS based on approximately 53.0 million diluted weighted average shares outstanding.

The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, unannounced restructuring activities, strategic investments and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.

View original content:https://www.prnewswire.com/news-releases/kulicke–soffa-reports-third-quarter-2026-results-302844044.html

SOURCE Kulicke & Soffa Industries, Inc.

August 5, 2026 8:26 pm

Etsy, Inc. Reports Second Quarter 2026 Results

PR Newswire

BROOKLYN, N.Y., Aug. 5, 2026 /PRNewswire/ — Etsy, Inc. (NYSE: ETSY), which owns and operates the Etsy marketplace, the global destination for unique and creative goods, today announced results for its second quarter ended June 30, 2026. These financial results are available within Etsy’s second quarter 2026 Shareholder Letter, which can be found on the company’s Investor Relations website.

Etsy will host a webcast conference call to discuss these results at 8:30 a.m. Eastern Time tomorrow, August 6, 2026, which will be live-streamed via our Investor Relations website under the Events section.

A replay of the webcast will be available through the same link following the conference call starting at 12:00 p.m. Eastern Time tomorrow, for at least three months thereafter.

About Etsy

Etsy, Inc. owns and operates the Etsy marketplace, the global destination for unique and creative goods, connecting millions of creative entrepreneurs with buyers around the world. In a time of increasing automation, it’s our mission to keep human connection at the heart of commerce. That’s why we built a place where creativity lives and thrives because it’s powered by people. We help our community of sellers turn their ideas into successful businesses. Our platform connects them with millions of buyers looking for an alternative—something special with a human touch, for those moments in life that deserve imagination.

Etsy was founded in 2005 and is headquartered in Brooklyn, New York.

Etsy has used, and intends to continue using, its Investor Relations website and the Etsy News Blog (etsy.com/news) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the Etsy News Blog in addition to following our press releases, SEC filings, and public conference calls and webcasts.

Investor Relations Contact:
[email protected]
Media Relations Contact:
[email protected]

View original content:https://www.prnewswire.com/news-releases/etsy-inc-reports-second-quarter-2026-results-302844173.html

SOURCE Etsy, Inc.

August 5, 2026 8:25 pm

Accuray to Report Fourth Quarter Fiscal 2026 Financial Results on August 19, 2026

PR Newswire

MADISON, Wis., Aug. 5, 2026 /PRNewswire/ — Accuray Incorporated (NASDAQ: ARAY) will report financial results for the fourth quarter of fiscal year 2026, ended June 30, 2026, during a conference call hosted by company management at 1:30 p.m. PT/4:30 p.m. ET on August 19, 2026.

The conference call dial-in numbers are 1-833-316-0563 (USA) or 1-412-317-5747 (international). In addition, a dial-up replay of the conference call will be available approximately one hour after the call’s conclusion for one week. The replay number is 1-855-669-9658 (USA) or 1-412-317-0088 (international), conference ID: 6917084.

A live webcast of the call will also be available from the Investor Relations section of the company’s website at investors.accuray.com. A webcast replay can be accessed on the website and will remain available until Accuray announces its results for the first quarter of fiscal 2027.

About Accuray
Accuray is committed to expanding the powerful potential of radiation therapy to improve as many lives as possible. We invent unique, market-changing solutions designed to deliver radiation treatments for even the most complex cases—while making commonly treatable cases even easier—to meet the full spectrum of patient needs. We are dedicated to continuous innovation in radiation therapy for oncology, neuro-radiosurgery, and beyond, as we partner with clinicians and administrators, empowering them to help patients get back to their lives, faster. Accuray is headquartered in Madison, Wisconsin, with facilities worldwide. To learn more, visit www.accuray.com or follow us on Facebook, LinkedIn, X, and YouTube.

Investor Contact
Steve Monroe
VP, Financial Planning & Analysis, Accuray
[email protected]

Media Contact
Taylor Bould
Communications Specialist, Accuray
[email protected]

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SOURCE Accuray Incorporated

August 5, 2026 8:24 pm

HAMILTON BEACH BRANDS HOLDING COMPANY ANNOUNCES SECOND QUARTER RESULTS

PR Newswire

Second Quarter Revenue Increased 11.6% to $142.6 Million

Reiterates 2026 Revenue Outlook, Raises Gross Margin and Operating Profit Outlook

GLEN ALLEN, Va., Aug. 5, 2026 /PRNewswire/ — Hamilton Beach Brands Holding Company (NYSE: HBB) (The Company) today announced results for the second quarter of 2026.

Second Quarter 2026 Overview

Revenue increased 11.6% to $142.6 million compared to $127.8 million
Gross margin increased significantly to 54.3% compared to 27.5%; 2Q26 gross margin included one-time benefits primarily related to IEEPA tariff refunds
Operating profit increased significantly to $43.2 million compared to $5.9 million
Diluted earnings per share was $2.49 compared to $0.33

“We delivered a solid second quarter, with improving underlying performance and gross margins in line with our expectations,” said R. Scott Tidey, President and Chief Executive Officer. “Net sales increased low double digits as we recovered volumes lost in the prior year, while our ongoing tariff mitigation actions — including our foreign trade zone, sourcing diversification, and pricing actions — supported healthy gross margins. Our reported results also reflect the benefit from IEEPA tariff refunds of which we plan to reinvest a portion into additional programs to drive increased awareness for our brands and demand for our products. We feel good about our momentum heading into the second half of the year and believe our business is well positioned to deliver continued gains and increased shareholder value over the long-term.”

Results of the Second Quarter 2026 Compared to the Second Quarter 2025
Total revenue increased $14.9 million, or 11.6%, to $142.6 million. The revenue increase was primarily driven by higher volumes in the Company’s U.S. Consumer business reflecting recovery from the second quarter of 2025 when retailers paused buying to assess inventory levels and price increases flowing from the tariffs implemented by the United States in April 2025.

Gross profit was $77.5 million, or 54.3% of total revenue, compared to $35.1 million or 27.5% of total revenue. The margin improvement included one-time benefits related to February 2026 United States Supreme Court ruling on IEEPA tariffs. These benefits consist of refunds received of $36.5 million for tariffs paid over the past year, as well as continued sell-through of inventory no longer subject to those tariffs. These benefits are non-recurring and will not persist beyond the sell-through of the affected inventory. Excluding these benefits, gross profit margin would have been 26.1%.

Selling, general and administrative expenses (SG&A) increased to $34.3 million compared to $29.2 million. The increase was primarily driven by higher incentive related personnel costs, as prior year reflected lower expected performance. The current year also includes $1.4 million in accelerated depreciation of the Company’s legacy enterprise resource planning (ERP) system.

Operating profit was $43.2 million compared to $5.9 million.

Income tax expense was $10.9 million compared to $1.6 million in the prior year period.

Net income was $33.7 million, or $2.49 per diluted share, compared to $4.5 million, or $0.33 per diluted share.

Cash Flow and Debt
For the six months ended June 30, 2026, net cash provided by operating activities was $61.5 million, compared to $23.8 million used in operating activities for the same period in 2025. The increase was primarily driven by the aforementioned IEEPA tariff refunds and lower working capital mainly due to reduced inventory levels as the prior year included accelerated purchases ahead of tariff uncertainty and lower sell through. The 2025 period also included higher incentive and tax payments related to the prior year.

For the three months ended June 30, 2026, the Company repurchased 97,869 shares of its Class A common stock at prevailing market prices for an aggregate purchase amount of $2.0 million and paid $1.7 million in dividends.

On June 30, 2026, net cash was $51.5 million compared to net debt of $38.7 million on June 30, 2025. Net (cash) debt is defined as total debt minus cash and cash equivalents and highly liquid short-term investments.

Outlook
Based on first half results, Hamilton Beach is reiterating its outlook for revenue growth to approach mid-single digit range in 2026 inclusive of a partial offset caused by the expiration of the Company’s Bartesian licensing agreement at the end of 2025. Excluding the benefit from IEEPA tariff refunds, our income outlook has improved. Gross margins are now expected to be modestly better than 2025’s level versus prior guidance of similar to slightly better. Operating profit is now expected to decline high-single digits on a percentage basis compared to the previous estimate of low-teens inclusive of an incremental $6 million in planned advertising spend in 2026 to support the Company’s strategic growth initiatives and approximately $6 million in accelerated depreciation associated with the Company’s legacy ERP system. The Company still expects cash flow from operating activities less cash used for investing activities for 2026 to be in the range of $35 million to $45 million.

Conference Call
The Company will conduct an earnings conference call and webcast on Wednesday, August 5, 2026, at 4:30 p.m. Eastern time. The call may be accessed by dialing 833-461-5787 (toll free), International 585-542-9983. Conference ID: 561620015. The conference call will also be webcast live on the Company’s Investor Relations website at www.hamiltonbeachbrands.com. An archive of the webcast will be available on the website.

About Hamilton Beach Brands Holding Company
Hamilton Beach Brands Holding Company is a leading designer, marketer, and distributor of a wide range of brand name small electric household and specialty housewares appliances, and commercial products for restaurants, fast food chains, bars, and hotels, and is a provider of connected devices and software for healthcare management. The Company’s owned consumer brands include Hamilton Beach®, Proctor Silex® and Weston®, as well as premium brands Hamilton Beach Professional® and Lotus®. The Company’s owned commercial brands include Hamilton Beach Commercial® and Proctor Silex Commercial®. The Company licenses the brands for CHI® premium garment care products and Clorox^TMhome appliances. The Company has multiyear agreements to design, sell, market, and distribute Numilk® plant-based milk makers and Sunkist® commercial juicers and sectionizers. Hamilton Beach Health, which owns HealthBeacon, is expanding the Company’s presence in the home health and medical markets through connected medical devices. For more information about Hamilton Beach Brands Holding Company, visit www.hamiltonbeachbrands.com.

Forward-Looking Statements
The statements contained in this news release that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Such risks and uncertainties include, without limitation: (1) uncertain or unfavorable global economic conditions and impacts from tariffs, inflation, rising interest rates, recessions or economic slowdowns; (2) changes in costs, including transportation costs and tariffs, of sourced products; (3) the Company’s ability to source and ship products to meet anticipated demand; (4) changes in or unavailability of quality or cost effective suppliers; (5) the Company’s ability to successfully manage constraints throughout the global transportation supply chain; (6) delays in delivery of sourced products; (7) changes in the sales prices, product mix or levels of consumer purchases of small electric household and specialty housewares appliances; (8) changes in consumer retail and credit markets, including the increasing volume of transactions made through third-party internet sellers; (9) bankruptcy of or loss of major retail customers or suppliers; (10) exchange rate fluctuations, changes in the import tariffs and monetary policies and other changes in the regulatory climate in the countries in which the Company operates or buys and/or sells products; (11) the impact of tariffs on customer purchasing patterns; (12) customer acceptance of price increases or delays in the development of new products; (13) product liability, regulatory actions or other litigation, warranty claims or returns of products; (14) increased competition, including consolidation within the industry; (15) changes in customers’ inventory management strategies; (16) shifts in consumer shopping patterns, gasoline prices, weather conditions, the level of consumer confidence and disposable income as a result of economic conditions, unemployment rates or other events or conditions that may adversely affect the level of customer purchases of the Company’s products; (17) changes mandated by federal, state and other regulation, including tax, health, safety or environmental legislation; (18) the Company’s ability to identify, acquire or develop, and successfully integrate, new businesses or new product lines; and (19) other risk factors, including those described in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2025. Furthermore, the future impact of unfavorable economic conditions, including inflation, changing interest rates, availability of capital markets and consumer spending rates remains uncertain. In uncertain economic environments, we cannot predict whether or when such circumstances may improve or worsen, or what impact, if any, such circumstances could have on our business, results of operations, cash flows and financial position.

HAMILTON BEACH BRANDS HOLDING COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	THREE MONTHS ENDED JUNE 30		SIX MONTHS ENDED JUNE 30
	2026	2025	2026	2025
	(In thousands, except per share data)		(In thousands, except per share data)
Revenue	$ 142,632	$ 127,770	$ 264,595	$ 261,142
Cost of sales	65,136	92,639	150,907	193,240
Gross profit	77,496	35,131	113,688	67,902
Selling, general and administrative expenses	34,290	29,183	65,514	59,641
Operating profit (loss)	43,206	5,948	48,174	8,261
Interest (income) expense, net	(1,264)	121	(1,342)	49
Other (income) expense, net	(160)	(182)	(66)	(331)
Income (loss) before income taxes	44,630	6,009	49,582	8,543
Income tax expense (benefit)	10,922	1,556	12,335	2,285
Net income (loss)	$ 33,708	$ 4,453	$ 37,247	$ 6,258

Basic earnings (loss) per share	$ 2.50	$ 0.33	$ 2.75	$ 0.46

Diluted earnings (loss) per share	$ 2.49	$ 0.33	$ 2.75	$ 0.46

Basic weighted average shares outstanding	13,496	13,516	13,534	13,642
Diluted weighted average shares outstanding	13,512	13,534	13,551	13,661

HAMILTON BEACH BRANDS HOLDING COMPANY CONSOLIDATED BALANCE SHEETS (Unaudited)

	JUNE 30 2026	DECEMBER 31 2025	JUNE 30 2025
	(In thousands)
Assets
Current assets
Cash and cash equivalents	$ 101,469	$ 47,313	$ 11,338
Trade receivables, net	99,097	110,535	74,093
Inventory	115,125	133,833	160,357
Prepaid expenses and other current assets	14,434	13,052	14,318
Total current assets	330,125	304,733	260,106
Property, plant and equipment, net	25,534	30,253	33,464
Right-of-use lease assets	32,557	34,614	36,956
Goodwill	7,099	7,099	7,099
Deferred income taxes	3,520	3,607	7,513
Other non-current assets	12,451	17,318	18,666
Total assets	$ 411,286	$ 397,624	$ 363,804
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$ 69,674	$ 86,376	$ 76,275
Accrued compensation	8,930	13,956	7,127
Accrued product returns	7,907	7,875	7,072
Lease liabilities	5,560	5,497	5,568
Other current liabilities	13,282	9,529	9,450
Total current liabilities	105,353	123,233	105,492
Revolving credit agreements	50,000	50,000	50,000
Lease liabilities, non-current	34,030	36,416	38,988
Other long-term liabilities	5,169	5,130	5,349
Total liabilities	194,552	214,779	199,829
Stockholders’ equity
Preferred stock, par value $0.01 per share	—	—	—
Class A Common stock	121	119	118
Class B Common stock	36	36	36
Capital in excess of par value	83,389	80,795	78,673
Treasury stock	(38,376)	(35,213)	(33,549)
Retained earnings	177,821	143,888	126,919
Accumulated other comprehensive loss	(6,257)	(6,780)	(8,222)
Total stockholders’ equity	216,734	182,845	163,975
Total liabilities and stockholders’ equity	$ 411,286	$ 397,624	$ 363,804

HAMILTON BEACH BRANDS HOLDING COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	SIX MONTHS ENDED JUNE 30
	2026	2025
	(In thousands)
Operating activities
Net income (loss)	$ 37,247	$ 6,258
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization	5,406	2,518
Stock compensation expense	2,596	2,008
Other	395	(1,294)
Net changes in operating assets and liabilities:
Trade receivables	11,835	44,391
Inventory	18,274	(33,599)
Other assets	6,500	10,856
Accounts payable	(16,964)	(27,950)
Other liabilities	(3,746)	(26,961)
Net cash provided by (used for) operating activities	61,543	(23,773)
Investing activities
Expenditures for property, plant and equipment	(895)	(1,466)
Net cash provided by (used for) investing activities	(895)	(1,466)
Financing activities
Cash dividends paid	(3,314)	(3,202)
Purchase of treasury stock	(3,163)	(7,347)
Net cash provided by (used for) financing activities	(6,477)	(10,549)
Effect of exchange rate changes on cash and cash equivalents	(15)	602
Cash and cash equivalents
Increase (decrease) for the period	54,156	(35,186)
Balance at the beginning of the period	47,313	46,524
Balance at the end of the period	$ 101,469	$ 11,338

Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures: Net (Cash) Debt

Net (cash) debt is a non-GAAP financial measure that management uses in evaluating financial position. Net (cash) debt is defined as total debt less cash and cash equivalents and highly liquid short-term investments. Management believes net (cash) debt is an important measure of the Company’s financial position due to the amount of cash and cash equivalents on hand. The presentation of this measure is not intended to be considered in isolation from, as a substitute for, or as superior to, the financial information prepared and presented in accordance with U.S. GAAP. The presentation of this measure may be different from non-GAAP financial measures used by other companies. A reconciliation of this measure to its most directly comparable GAAP measure is provided in the table below:

	JUNE 30 2026	DECEMBER 31 2025	JUNE 30 2025
	(In millions)
Total debt	$ 50.0	$ 50.0	$ 50.0
Less: cash and cash equivalents	$ (101.5)	$ (47.3)	$ (11.3)
Net (cash) debt	$ (51.5)	$ 2.7	$ 38.7

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SOURCE Hamilton Beach Brands Holding Company