Market Newsdesk

CitroTech Joins the Federal Alliance for Safe Homes, Strengthening Commitment to Community Fire Prevention and Home Resilience

Membership Supports WildfireStrong – No Fuel. No Fire.® Initiative to Advance Proactive Wildfire Risk Efforts Nationwide

GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)–CitroTech Inc. (NYSE American: CITR), a specialty chemical company delivering the only long-term fire inhibitor recognized by the Environmental Protection Agency, today announced it has joined the Federal Alliance for Safe Homes (FLASH), the nation’s leading nonprofit dedicated to helping homeowners, communities, builders, and policymakers better prepare for and withstand disasters. As a Corporate Member, CitroTech will support FLASH efforts to advance wildfire preparedness, home resilience, and risk-reduction strategies across the United States, including support of the organization’s WildfireStrong – No Fuel. No Fire.® campaign (WildfireStrong).

CitroTech develops the only long-term fire inhibitors recognized under the EPA Safer Choice program, designed to help render lumber, building materials, vegetation, and other cellulosic materials non-flammable. Bringing this solution to FLASH and the WildfireStrong initiative, the company will work alongside more than 100 public- and private-sector organizations advancing practical, proactive, and environmentally sustainable approaches to wildfire mitigation, community resilience, and fuel management.

“As wildfires continue to threaten homes, businesses, and critical infrastructure nationwide, it’s time to shift more of our focus from responding to wildfires to preventing them,” said Wes Bolsen, Chief Executive Officer of CitroTech. “FLASH has been a leading advocate for resilience and preparedness for decades, and we’re proud to support its mission while bringing forward solutions with a proven ability to reduce fuel loads and improve community protection before disasters occur.”

CitroTech has also developed the “CitroSafe®” system, which can be installed on and around homes and allows owners to remotely deploy its non-toxic fire-inhibitor solution, reducing the flammability of vegetation and surrounding materials as wildfires approach.

“We are pleased to welcome CitroTech as a Corporate Member,” said Leslie Chapman-Henderson, FLASH President and CEO. “Wildfire resilience requires innovation, collaboration, and proactive solutions that help communities better prepare for growing risks. CitroTech’s focus on prevention and mitigation aligns strongly with the goals of our resilience mission.”

FLASH Corporate Members support the organization’s work to strengthen homes and safeguard families from natural disasters through education, outreach, and cross-sector collaboration. To learn more about FLASH and WildfireStrong – No Fuel. No Fire.®, visit FLASH.org.

About CitroTech Inc.

CitroTech Inc. (NYSE AM: CITR) is manufacturing and deploying the CitroTech family of innovative, environmentally safe fire prevention solutions for homes, wood products, and wildfire prevention and asset protection. CitroTech is the only long-term fire inhibitor recognized by the EPA Safer Choice program and tested to UL Greenguard Gold standards, providing effective and scientifically validated wildfire mitigation while safeguarding human and environmental health. The company’s growing patent portfolio, recurring-revenue model, and scalable approach support its long-term growth and market expansion. For more information, visit www.citrotech.com.

About FLASH

The nonprofit Federal Alliance for Safe Homes (FLASH) is the country’s leading consumer advocate for strengthening homes and safeguarding families from disasters. The FLASH partnership includes more than 100 innovative and diverse organizations that share a vision of making America a more disaster-resilient nation, including FEMA, Florida Division of Emergency Management, Huber Engineered Woods, International Code Council, ISO – Verisk Analytics, MyRadar, National Weather Service, Renew Financial, Simpson Strong-Tie, State Farm, Travelers, and USAA. In 2008, FLASH and Disney opened the interactive weather experience StormStruck: A Tale of Two Homes in Lake Buena Vista, FL. FLASH’s signature program No Code. No Confidence. – Inspect2Protect.org, featuring the Strong Homes Scale, provides consumers with a one-of-a-kind building code transparency tool to easily identify their home’s resilience and their community’s building code. Learn more about FLASH and access free consumer resources by visiting www.flash.org and www.Inspect2Protect.org, calling toll-free (877) 221-SAFE (7233), following @federalalliance on X, and Facebook.com/federalalliance.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. CitroTech undertakes no obligation to publicly update or revise any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260804782508/en/

Media & Investor Contact:
CitroTech Inc.
Annabelle Barbara
Antenna Group
[email protected]
(201) 916-0313

Investor Relations Contact:
Brett Maas, Managing Principal
Hayden IR, LLC
[email protected]
(480) 861-2425

KEYWORDS: Colorado United States North America

INDUSTRY KEYWORDS: Public Policy/Government Natural Disasters Construction & Property Environment Chemicals/Plastics Public Safety Manufacturing Residential Building & Real Estate

MEDIA:

Logo

Expeditors Reports Second Quarter 2026 EPS of $2.03

BELLEVUE, Wash.–(BUSINESS WIRE)–
Expeditors International of Washington, Inc. (NYSE:EXPD) today announced second quarter 2026 financial results including the following comparisons to the same quarter of 2025:

• Diluted Net Earnings Attributable to Shareholders per share (EPS¹) increased 51% to $2.03

• Net Earnings Attributable to Shareholders increased 45% to $266 million

• Operating Income increased 41% to $350 million

• Revenues increased 32% to $3.5 billion

• Airfreight tonnage increased 14% and ocean container volume remained flat

• Customs, Transcon, Distribution, and Order Management each achieved double-digit revenue growth for a second consecutive quarter

• Cash returned to shareholders in the form of share repurchases and dividends was $461 million and $748 million, respectively, for the second quarter and year-to-date period of 2026

Daniel R. Wall, President and Chief Executive Officer, commented:

“Our excellent performance this quarter, with double-digit growth across most of our products, is demonstrating that our strategy around operational excellence is working and allowing us to take market share. By focusing on increasing growth in each region, product, and district, we generated tremendous growth and diversification. Our sales, account management, and operations teams all executed extremely well globally this quarter to drive and support this momentum.

“In July we announced the expansion of our Critical Logistics Services (CLS) to include expanded global Aircraft on Ground (AOG) capabilities, further strengthening our presence in time-critical aviation and aerospace logistics. We also continue to invest in our facilities to expand our capacity to meet growing demand for temperature-controlled solutions. By focusing on high-growth markets, we will be able to better serve an even more diverse range of customer needs.”

Q2 2026 Operational Highlights

Airfreight services: “Air buy and sell rates were highly elevated during the quarter, as demand for air capacity continued to outweigh available space, particularly late in the quarter and driven largely by a reduction in passenger flights and constrained belly capacity due to the conflict in the Middle East, home to some of the world’s largest commercial air cargo operators. Tonnage increased 14% compared to a year ago and was up 16% compared to Q1 2026, primarily from trade lanes that have been relatively unaffected by the conflict, particularly Asia-U.S. and Asia-Europe. The ongoing heavy demand from AI hyperscalers shows no sign of slowing down, and we have seen increased demand for freighter space, as some hyperscalers are requiring upper-deck access for their servers. In addition, e-commerce out of North Asia has been climbing closer to where it was before the U.S. government began restricting de minimis entries in Q2 2025, putting further pressure on capacity and rates. Given the current geopolitical state of the world and rising fuel costs along with tight capacity and routing challenges, air carriers are under enormous strain and may continue to be for some time.”

Ocean freight and ocean services: “Despite all of the complications impacting the ocean markets, the carriers have adapted well and managed capacity very carefully, driving an increase in rates particularly late in the quarter as demand also increased. As a result, we may be starting to see a flattening of the long downturn in the ocean market. Volumes increased 7% compared to Q1 2026, the first sequential increase since the third quarter of 2025. Strengthening demand combined with heightened pricing late in the quarter led to an increase in profitability per-container in Q2 2026.”

Customs brokerage and other services: “For a second consecutive quarter, customs and our other products within Customs brokerage and other services all generated double-digit growth from a diverse range of geographies and business sectors, led by demand from AI hyperscalers and other high-value technology customers. Our customs business benefited from tariff-related complexity, along with solid growth from new customers and increased declarations from existing customers. A temporary surge in IEEPA-related filings drove higher pricing, while cost discipline and productivity investments also helped improve our results.”

David A. Hackett, Senior Vice President and Chief Financial Officer, added:

“Our business performed exceptionally this quarter, and our pipeline of new business is very strong. Included in our results is a $25 million pretax restructuring charge related to our Global Technology team. This restructuring was done to modernize and reshape our Global Technology function for the future. While this was a strategic restructuring not driven by cost reduction, we expect it will lower our cost structure going forward by approximately $50 million annually, which equates to nearly 10% of our total corporate overhead expenses. We will continue making high-return investments, including additional investments in artificial intelligence and in our technology talent, capabilities, and solutions, consistent with our modernization strategy, to further increase our operating margins over the long term. The restructuring charge was partially offset by a $16 million gain on the sale of an underutilized property during the quarter.

“As shown above, our strategic investments continue to enhance productivity as our operating efficiency increased to 32.2% in Q2, inclusive of the restructuring charge and before the lower operating costs noted above take effect. In addition, our second quarter headcount remained essentially flat vs. the first quarter of 2026; these measures do not yet fully include the reduction in headcount from the restructuring activities, which will primarily be realized in the third quarter.”

Mr. Hackett noted that the Company returned $461 million in dividends and share repurchases during the quarter and $748 million in dividends and share repurchases for the first half of 2026.

2026 Investor Day

Expeditors plans to hold an Investor Day for its shareholders and analysts on the morning of Wednesday, November 18, 2026, in New York City.

About Expeditors International of Washington, Inc.:

Expeditors is a global logistics company headquartered in Bellevue, Washington. The Company employs trained professionals in 171 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.

Disclaimer on Forward-Looking Statements:

Certain statements contained in this news release are “forward-looking statements,” based on management’s views with respect to future events and underlying assumptions that involve risks and uncertainties. These forward-looking statements include statements regarding our ability to take market share, to strengthen our presence in time-critical aviation and aerospace logistics, to expand our capacity to meet growing demand for temperature-controlled solutions, and to better serve an even more diverse range of customer needs; the resilience of our non-asset-based model; strategies and solutions to keep customer freight moving out of and around impacted areas; our disciplined cost control; a strong pipeline of new business and diverse areas of growth; robust demand for our customs brokerage services; our ability to work closely with our customers and carrier partners to find solutions and deliver value, while aligning our resources to maximize profitability; and our ability to achieve benefits from restructuring our Global Technology team and from making investments in technology, including artificial intelligence to help drive productivity gains. Future financial performance could differ materially because of factors such as: geopolitical uncertainty; national policy changes on tariffs and other similar measures; new capacity in the marketplace; longer ocean transit times; e-commerce demand in the air market; volatile rates; the price of fuel or fuel shortages; our ability to deliver differentiated performance because of our customer service culture and compensation model; our ability to continue to process an increasing number of more complex customs clearances; and our ability to remain a strong, healthy, unified and resilient organization. Port actions, other labor disruptions, tariffs, and the current uncertainty in the global economy could have the effect of heightening many of the other risks described in Item 1A of our Annual Report on Form 10-K, including, without limitation, those related to the success of our strategy and desire to maintain historical unitary profitability, our ability to attract and retain customers, our ability to manage costs, interruptions to our information technology systems, the ability of third-party providers to perform, and potential litigation and contingencies, including risks associated with tax audits, as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission. These and other factors are discussed in the Company’s regulatory filings with the Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and the Company’s most recent Form 10-Q. The forward-looking statements contained in this news release speak only as of this date and the Company does not assume any obligation to update them except as required by law.

1Diluted earnings attributable to shareholders per share. NOTE: See Disclaimer on Forward-Looking Statements in this release.

Expeditors International of Washington, Inc. Second Quarter 2026 Earnings Release, August 4, 2026 Financial Summary for three and six months ended June 30, 2026 and 2025 (Unaudited) (in 000’s of US dollars except share data)
		Three months ended June 30,										Six months ended June 30,
		2026				2025				% Change		2026				2025				% Change
Revenues		$	3,502,335			$	2,651,885			32%		$	6,285,297			$	5,318,304			18%
Directly related cost of transportation and other expenses 1		$	2,416,840			$	1,753,357			38%		$	4,227,991			$	3,530,032			20%
Salaries and other operating expenses2		$	735,877			$	650,792			13%		$	1,412,860			$	1,274,678			11%
Operating income		$	349,618			$	247,736			41%		$	644,446			$	513,594			25%
Net earnings attributable to shareholders		$	266,226			$	183,574			45%		$	495,836			$	387,369			28%
Basic earnings attributable to shareholders per share		$	2.03			$	1.35			50%		$	3.75			$	2.83			33%
Diluted earnings attributable to shareholders per share		$	2.03			$	1.34			51%		$	3.74			$	2.82			33%
Basic weighted average shares outstanding			130,953				136,266						132,241				137,045
Diluted weighted average shares outstanding			131,372				136,631						132,724				137,537
1Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.
2Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings.

During the three and six months ended June 30, 2026, we repurchased 2.3 million and 4.3 million shares of common stock at an average price of $151.50 and $148.87. During the three and six months ended June 30, 2025, we repurchased 2.0 million and 3.5 million shares of common stock at an average price of $112.05 and $114.31 per share.

		Employee Full-time Equivalents as of June 30,
		2026		2025
North America		7,530		7,214
Europe		4,204		4,040
North Asia		2,302		2,306
South Asia		2,111		1,934
Middle East, Africa and India		1,534		1,463
Latin America		900		877
Global Technology		1,406		1,419
Corporate		402		413
Total		20,389		19,666

		Second quarter year-over-year percentage increase (decrease) in:
2026		Airfreight kilos		Ocean freight FEU
April		13%		(9)%
May		14%		(1)%
June		15%		9%
Quarter		14%		—

Investors may submit written questions via email to: [email protected]. Questions received by the end of business on August 7, 2026 will be considered in management’s 8-K “Responses to Selected Questions.”

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES   Condensed Consolidated Balance Sheets (In thousands, except per share data) (Unaudited)
		June 30, 2026				December 31, 2025
Assets:
Current Assets:
Cash and cash equivalents		$	1,031,448			$	1,314,285
Accounts receivable, less allowance for credit loss of $7,299 at June 30, 2026 and $7,241 at December 31, 2025			2,631,118				2,021,889
Deferred contract costs			259,486				283,281
Other			84,969				136,167
Total current assets			4,007,021				3,755,622
Property and equipment, less accumulated depreciation and amortization of $665,264 at June 30, 2026 and $651,087 at December 31, 2025			451,086				462,122
Operating lease right-of-use assets			546,607				550,162
Goodwill			7,927				7,927
Deferred income tax asset, net			103,092				101,671
Other assets, net			19,177				16,134
Total assets		$	5,134,910			$	4,893,638
Liabilities:
Current Liabilities:
Accounts payable		$	1,468,305			$	1,123,429
Accrued expenses			607,664				448,055
Contract liabilities			348,857				358,386
Current portion of operating lease liabilities			116,234				110,891
Federal, state and foreign income taxes payable			18,378				32,046
Total current liabilities			2,559,438				2,072,807
Noncurrent portion of operating lease liabilities			451,051				459,698
Deferred income tax liability, net			3,348				3,040
Shareholders’ Equity:
Common stock, par value $0.01 per share. Issued and outstanding: 130,021 shares at June 30, 2026 and 133,884 shares at December 31, 2025			1,300				1,339
Additional paid-in capital			—				—
Retained earnings			2,309,720				2,538,455
Accumulated other comprehensive loss			(192,318	)			(184,161	)
Total shareholders’ equity			2,118,702				2,355,633
Noncontrolling interest			2,371				2,460
Total equity			2,121,073				2,358,093
Total liabilities and equity		$	5,134,910			$	4,893,638

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES   Condensed Consolidated Statements of Earnings (In thousands, except per share data) (Unaudited)
		Three months ended June 30,						Six months ended June 30,
		2026			2025			2026			2025
Revenues:
Airfreight services		$	1,494,842		$	951,787		$	2,525,705		$	1,853,547
Ocean freight and ocean services			710,922			675,782			1,309,806			1,457,447
Customs brokerage and other services			1,296,571			1,024,316			2,449,786			2,007,310
Total revenues			3,502,335			2,651,885			6,285,297			5,318,304
Operating Expenses:
Airfreight services			1,134,773			698,402			1,904,256			1,346,896
Ocean freight and ocean services			531,886			483,475			947,907			1,057,376
Customs brokerage and other services			750,181			571,480			1,375,828			1,125,760
Salaries and related			573,698			471,336			1,073,269			929,273
Rent and occupancy			68,428			65,741			136,884			130,084
Depreciation and amortization			12,695			13,847			26,570			28,451
Selling and promotion			9,894			9,928			20,265			18,502
Other			71,162			89,940			155,872			168,368
Total operating expenses			3,152,717			2,404,149			5,640,851			4,804,710
Operating income			349,618			247,736			644,446			513,594
Other Income:
Interest income			6,821			9,183			15,461			18,367
Other, net			2,022			1,050			5,040			1,889
Other income, net			8,843			10,233			20,501			20,256
Earnings before income taxes			358,461			257,969			664,947			533,850
Income tax expense			91,203			74,050			167,645			145,832
Net earnings			267,258			183,919			497,302			388,018
Less net earnings attributable to the noncontrolling interest			1,032			345			1,466			649
Net earnings attributable to shareholders		$	266,226		$	183,574		$	495,836		$	387,369
Basic earnings attributable to shareholders per share		$	2.03		$	1.35		$	3.75		$	2.83
Diluted earnings attributable to shareholders per share		$	2.03		$	1.34		$	3.74		$	2.82
Weighted average basic shares outstanding			130,953			136,266			132,241			137,045
Weighted average diluted shares outstanding			131,372			136,631			132,724			137,537

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES   Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited)
		Three months ended June 30,								Six months ended June 30,
		2026				2025				2026				2025
Operating Activities:
Net earnings		$	267,258			$	183,919			$	497,302			$	388,018
Adjustments to reconcile net earnings to net cash from operating activities:
Provisions for losses on accounts receivable			2,381				1,051				3,181				1,812
Deferred income tax benefit			794				(7,523	)			(968	)			(7,447	)
Stock compensation expense			32,200				27,267				45,023				38,816
Depreciation and amortization			12,695				13,847				26,570				28,451
Other, net			(14,261	)			4,474				(16,144	)			6,765
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable			(575,863	)			(57,984	)			(625,376	)			50,165
Increase in accounts payable and accrued liabilities			441,269				61,885				509,620				43,466
(Increase) decrease in deferred contract costs			(84,703	)			(21,617	)			16,433				54,356
Increase (decrease) in contract liabilities			96,590				16,961				(1,999	)			(72,327	)
(Decrease) increase in income taxes payable, net			(1,124	)			(44,668	)			37,459				(14,328	)
Decrease (increase) in other, net			1,404				1,600				(3,227	)			4,087
Net cash from operating activities			178,640				179,212				487,874				521,834
Investing Activities:
Purchase of property and equipment			(11,991	)			(15,875	)			(24,603	)			(29,027	)
Other, net			21,356				24				21,486				180
Net cash from investing activities			9,365				(15,851	)			(3,117	)			(28,847	)
Financing Activities:
Proceeds on borrowings on lines of credit, net			(15	)			92				2,849				287
Proceeds from issuance of common stock			1,236				5,132				4,362				18,175
Repurchases of common stock			(354,907	)			(231,116	)			(642,531	)			(408,470	)
Dividends paid			(105,770	)			(104,139	)			(105,770	)			(104,139	)
Payments for taxes related to net share settlement of equity awards			(13,999	)			(9,844	)			(21,543	)			(10,353	)
Distribution to noncontrolling interest			(869	)			—				(1,519	)			(1,346	)
Net cash from financing activities			(474,324	)			(339,875	)			(764,152	)			(505,846	)
Effect of exchange rate changes on cash and cash equivalents			1,270				14,156				(3,442	)			20,701
Change in cash and cash equivalents			(285,049	)			(162,358	)			(282,837	)			7,842
Cash and cash equivalents at beginning of period			1,316,497				1,318,520				1,314,285				1,148,320
Cash and cash equivalents at end of period		$	1,031,448			$	1,156,162			$	1,031,448			$	1,156,162
Taxes Paid:
Income taxes		$	93,513			$	125,277			$	129,030			$	165,901

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Business Segment Information (In thousands) (Unaudited)
		UNITED STATES		OTHER NORTH AMERICA		LATIN AMERICA		NORTH ASIA		SOUTH ASIA		EUROPE		MIDDLE EAST, AFRICA AND INDIA		ELIMI- NATIONS		CONSOLI- DATED
For the three months ended June 30, 2026:
Revenues		$1,164,252		141,860		68,181		817,046		568,779		519,885		225,216		(2,884)		3,502,335
Directly related cost of transportation and other expenses1		$666,578		89,325		39,879		670,698		449,872		336,532		166,068		(2,112)		2,416,840
Salaries and related costs		$328,706		24,597		12,690		45,558		37,556		99,696		24,895		–		573,698
Other operating expenses2		$(504)		16,705		10,276		40,834		32,091		49,880		13,670		(773)		162,179
Operating income		$169,472		11,233		5,336		59,956		49,260		33,777		20,583		1		349,618
Identifiable assets at period end		$2,499,046		199,633		136,582		580,755		518,374		858,781		350,672		(8,933)		5,134,910
Capital expenditures		$6,240		796		186		282		775		2,563		1,149		–		11,991
Depreciation and amortization		$7,133		515		248		1,184		737		2,095		783		–		12,695
Equity		$1,270,494		58,576		61,342		175,652		205,374		320,189		190,235		(160,789)		2,121,073
For the three months ended June 30, 2025:
Revenues		$877,325		108,128		66,904		636,785		359,531		449,712		155,458		(1,958)		2,651,885
Directly related cost of transportation and other expenses1		$454,354		67,428		40,945		507,413		277,355		293,878		113,243		(1,259)		1,753,357
Salaries and related costs		$266,018		20,205		11,030		36,686		28,567		88,913		19,917		–		471,336
Other operating expenses2		$31,859		16,726		9,745		36,820		28,117		41,878		15,015		(704)		179,456
Operating income		$125,094		3,769		5,184		55,866		25,492		25,043		7,283		5		247,736
Identifiable assets at period end		$2,554,090		186,248		105,069		523,858		354,318		789,514		286,466		(13,082)		4,786,481
Capital expenditures		$6,146		257		274		4,545		1,189		1,928		1,536		–		15,875
Depreciation and amortization		$7,896		499		253		1,176		622		2,791		610		–		13,847
Equity		$1,475,449		57,602		37,810		192,012		119,338		191,551		162,159		(38,638)		2,197,283
		UNITED STATES		OTHER NORTH AMERICA		LATIN AMERICA		NORTH ASIA		SOUTH ASIA		EUROPE		MIDDLE EAST, AFRICA AND INDIA		ELIMI- NATIONS		CONSOLI- DATED
For the six months ended June 30, 2026:
Revenues		$2,118,829		271,494		127,176		1,419,962		991,955		968,759		392,374		(5,252)		6,285,297
Directly related cost of transportation and other expenses1		$1,157,712		170,618		73,421		1,152,422		774,117		618,601		284,840		(3,740)		4,227,991
Salaries and related costs		$610,875		47,589		24,082		82,546		69,233		193,350		45,594		–		1,073,269
Other operating expenses2		$36,023		31,439		18,829		75,959		59,697		92,649		26,493		(1,498)		339,591
Operating income		$314,219		21,848		10,844		109,035		88,908		64,159		35,447		(14)		644,446
Identifiable assets at period end		$2,499,046		199,633		136,582		580,755		518,374		858,781		350,672		(8,933)		5,134,910
Capital expenditures		$13,808		1,047		335		1,082		1,813		4,662		1,856		–		24,603
Depreciation and amortization		$14,386		1,015		494		2,526		1,565		5,010		1,574		–		26,570
Equity		$1,270,494		58,576		61,342		175,652		205,374		320,189		190,235		(160,789)		2,121,073
For the six months ended June 30, 2025:
Revenues		$1,731,774		224,613		129,293		1,331,793		724,108		872,507		308,330		(4,114)		5,318,304
Directly related cost of transportation and other expenses1		$906,271		140,621		77,380		1,061,907		558,850		565,594		222,091		(2,682)		3,530,032
Salaries and related costs		$524,107		39,797		21,468		77,047		56,639		170,462		39,753		–		929,273
Other operating expenses2		$54,407		31,554		19,659		74,566		51,402		85,237		30,043		(1,463)		345,405
Operating income		$246,989		12,641		10,786		118,273		57,217		51,214		16,443		31		513,594
Identifiable assets at period end		$2,554,090		186,248		105,069		523,858		354,318		789,514		286,466		(13,082)		4,786,481
Capital expenditures		$14,553		483		499		5,050		2,063		3,084		3,295		–		29,027
Depreciation and amortization		$16,834		996		504		2,232		1,192		5,437		1,256		–		28,451
Equity		$1,475,449		57,602		37,810		192,012		119,338		191,551		162,159		(38,638)		2,197,283
1 Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.
2Other operating expenses totals rent and occupancy, depreciation and amortization, selling and promotion and other as shown in the consolidated statements of earnings.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260803724560/en/

Daniel R. Wall

President and Chief Executive Officer

(206) 674-3455

David A. Hackett

Senior Vice President and Chief Financial Officer

(206) 674-3400

Geoffrey Buscher

Director – Investor Relations

(206) 892-4510

KEYWORDS: Washington United States North America

INDUSTRY KEYWORDS: Trucking Rail Maritime Air Logistics/Supply Chain Management Transport Other Transport

MEDIA:

Posted on August 4, 2026 10:16 am

Intuitive Machines Selected by L3Harris to Support Tracking Satellites for SDA and America’s Missile Defense

HOUSTON, Aug. 04, 2026 (GLOBE NEWSWIRE) — Intuitive Machines, Inc. (Nasdaq: LUNR) (“Intuitive Machines”, together with its subsidiaries, the “Company”), a leading space technology, infrastructure, and services company, today announced it was selected by L3Harris Technologies (NYSE: LHX) to support the development and production of spacecraft platforms for the Space Development Agency’s Accelerated Missile Defense Tranche 3 (“AMDT3”) mission.

IM 300 Rendering

Intuitive Machines will design, build, and deliver 18 advanced spacecraft platforms to enable L3Harris’ advanced missile defense solutions for hypersonic and ballistic missile tracking. The AMDT3 mission supports the Golden Dome for America’s space-based capabilities and will help to advance homeland defense, deterrence, and ensure U.S. space operations remain resilient and responsive.

“AMDT3 builds on a foundation of proven performance and mission trust established through our previous Tracking Layer mission selections. We look forward to continuing to support this important mission with L3Harris and the Space Development Agency,” said Intuitive Machines President of Space Systems, Chris Johnson. “We are committed to delivering spacecraft platforms and integrated systems that enable sustained, scalable operations across demanding mission architectures.”

AMDT3 will be built on the IM 300 platform, also used for the upcoming Tranche 1, Tranche 2, and Tranche 3 Tracking Layer missions. The IM 300 supports missions ranging from Earth observation, connectivity and defense missions with superior adaptability and efficient manufacturing processes.

About Intuitive Machines

Intuitive Machines is a leading space infrastructure company that builds spacecraft, connects networks, and operates infrastructure-as-a-service for commercial, civil, and national security customers.

With a proven track record across the space domain, the Company, through organic growth and portfolio expansion, has built over 300 spacecraft, delivered over 260 kilograms of payload to the lunar surface, and provided precision navigation expertise that has guided spacecraft across our solar system.

These capabilities form an integrated Build-Connect-Operate infrastructure service company, enabling customers to achieve mission and campaign outcomes through a single prime solution. Intuitive Machines’ technology has been demonstrated across the space domain and is engineered to support the next century of opportunity in space.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements that do not relate to matters of historical fact should be considered forward looking. These forward-looking statements generally are identified by the words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would,” “strategy,” “outlook,” the negative of these words or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include but are not limited to statements regarding: our expectations and plans relating to our lunar missions and satellites, including the expected timing of building our satellites and landers, launch and our progress in preparation thereof; our expectations with respect to, among other things, demand for our product portfolio, our submission of bids for contracts; our expectations regarding revenue for government contracts awarded to us; our operations, including our performance on future lunar missions, our financial performance and our industry; our business strategy, business plan, and plans to drive long-term sustainable shareholder value; information regarding our expectations on revenue generation and cash. These forward-looking statements reflect the Company’s predictions, projections, or expectations based upon currently available information and data. Our actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. The following important factors and uncertainties, among others, could cause actual outcomes or results to differ materially from those indicated by the forward-looking statements in this press release: our factors detailed under the section titled Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), the section titled Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations and the section titled Part II. Item 1A. “Risk Factors” in our most recently filed Quarterly Report on Form 10-Q, and in our subsequent filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.

Contacts

For investor inquiries:

[email protected]

For media inquiries:

[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6724090e-1db5-4434-aa63-2cb9030d9556

Posted on August 4, 2026 10:14 am

Pinnacle West Reports Lower 2026 Second-Quarter Financial Results Compared to a Year Ago

Pinnacle West Reports Lower 2026 Second-Quarter Financial Results Compared to a Year Ago

• Lower second-quarter financial results align with company expectations as operating performance, reliability remain strong
• Robust customer growth and increased energy demand driven by early summer heat
• Customer support and financial assistance resources enhanced for peak summer season

PHOENIX–(BUSINESS WIRE)–Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $178.6 million, or $1.43 per diluted share of common stock, for the quarter ended June 30, 2026. This result compares with consolidated net income of $192.6 million, or $1.58 per diluted share, for the same period in 2025.

The 2026 quarterly results reflect a decrease of about $14 million, primarily as a result of higher interest charges; higher depreciation and amortization; and lower transmission service revenues. These negative factors were partially offset by the favorable impacts of the effects of weather; customer growth and usage; decreased operations and maintenance expenses; and lower taxes.

“Summer arrived early this year, with temperatures reaching 105° F back in March. As a result, our customers turned on their air conditioners sooner than usual and continued using them heavily even after temperatures returned to levels similar to last year,” said Pinnacle West Chairman, President and Chief Executive Officer Ted Geisler, citing a 7% increase in residential cooling degree days in the 2026 second quarter versus the same period a year ago. “This usage drove higher energy demand and sustained load growth and contributed to financial results within our expectations.”

Operationally, Geisler said Arizona Public Service Co. (APS) employees delivered strong performance throughout the second quarter, maintaining reliable service during extreme summer heat and increased energy demand. During the period, APS achieved robust residential customer growth of 2.1% and weather-normalized sales growth of 5.6%. Overall, customer growth was 2.1%, while total sales increased 9.6%.

Supporting Customers Through the Summer

While APS remains focused on delivering safe, reliable power throughout the summer, the company is also expanding existing programs and resources to help customers manage higher seasonal energy bills. As Arizona enters the peak summer season, APS has expanded its customer support through enhanced Care Center resources, customer education, targeted communications and community outreach. These efforts help connect customers with information, tools and assistance designed to support them during the peak summer season. Customer resources include webinars, educational materials, bill-management options and personalized support from customer advisors.

Bringing APS’s customer-first commitment to life, Geisler highlighted a recent example of APS employees going above and beyond to support some of the company’s most vulnerable customers:

Ahead of a planned outage in Prescott Valley, Ariz., employees responded to concerns from a local elderly and disabled housing community about outage communications. By collaborating across Customer Experience, Public Affairs and Transmission & Distribution teams, this particular outage was delayed to provide additional customer support and education.

“When residents shared concerns about how a planned outage could affect their community, our employees took the time to listen and respond,” said Geisler. “By providing personalized outreach, answering questions, verifying customer information, sharing preparedness resources and connecting residents with APS assistance programs, we were able to better support customers and strengthen trust within the community. The experience also helped us identify opportunities to improve future outreach and communication with customers who may need additional support.”

Enhancing the APS Safety Net Program

APS also enhanced its Safety Net program that expands support for customers and their designated emergency contacts. The updated program provides earlier notifications about past-due bills, potential disconnection notices and outages. This added awareness can help customers avoid service interruptions and connect with available support sooner. APS also expanded enrollment opportunities through customer service interactions and digital channels, making participation more accessible.

Additionally, APS offers financial assistance programs, including discounts of up to 25% or 60% for eligible vulnerable customers; emergency utility bill assistance offering up to $1,000 annually; and APS CARE (Crisis Assistance Relief Effort),a Salvation Army-administered service providing up to $500 annually in emergency energy bill assistance. To ensure customers in need are connected to these programs, the company partners with more than one hundred community action agencies across its service territory to train representatives who serve our shared customers.

Customers are encouraged to visit aps.com/save for a full list of assistance programs or call (602) 371-7171 or (800) 253-9405 for support, available 24/7 in English and Spanish. APS’s call center answers 75% of customer calls within 30 seconds, and the company’s mobile app enables customers to quickly and easily find the information they need when they need it.

Strengthening Reliability for Customers

Supporting customers extends beyond assistance programs and outage preparedness, added Geisler. APS also is investing in the infrastructure and resources needed to provide the reliable energy service customers count on at the lowest cost possible.

Toward that end, APS recently announced plans to convert two retired coal-fired units at the Cholla Power Plant near Joseph City to natural gas, bringing about 380 MW of reliable, dispatchable energy back online by 2029 – enough to power about 61,000 Arizona homes. By repurposing existing infrastructure and transmission facilities, Geisler said the project will help meet Arizona’s growing energy demand in a cost-effective way while supporting grid reliability, complementing renewable energy resources, and creating jobs and economic benefits for Navajo County. The project remains subject to regulatory approvals and is expected to begin construction in 2028.

Financial Outlook

For 2026, the Company continues to estimate its consolidated earnings will be within a range of $4.55 to $4.75 per diluted share on a weather-normalized basis. Key factors and assumptions underlying this outlook can be found in the second-quarter 2026 earnings presentation slides at pinnaclewest.com/investors.

Conference Call and Webcast

Pinnacle West invites interested parties to listen to the live webcast of management’s conference call to discuss the company’s financial results and recent developments, and to provide an update on the company’s longer-term financial outlook, at noon ET (9 a.m. Arizona time) today, Tuesday August 4. The webcast can be accessed at pinnaclewest.com/presentations and will be available for replay on the website for 30 days. To access the live conference call by telephone, dial (888) 506-0062 or (973) 528-0011 for international callers and enter participant access code 293662. A replay of the call also will be available at pinnaclewest.com/presentations or by telephone until 11:59 p.m. ET, Tuesday, Aug. 11, 2026, by calling (877) 481-4010 in the U.S. and Canada or (919) 882-2331 internationally and entering replay passcode 54218.

General Information

Pinnacle West Capital Corp., an energy holding company based in Phoenix, has consolidated assets of about $32.6 billion, about 6,200 megawatts of generating capacity and approximately 6,600 employees in Arizona and New Mexico. Through its principal subsidiary, Arizona Public Service, the company provides retail electricity service to about 1.5 million Arizona homes and businesses. For more information about Pinnacle West, visit the company’s website at pinnaclewest.com.

Dollar amounts in this news release are after income taxes. Earnings per share amounts are based on average diluted common shares outstanding. For more information on Pinnacle West’s operating statistics and earnings, please visit pinnaclewest.com/investors.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements based on current expectations. These forward-looking statements are often identified by words such as “estimate,” “predict,” “may,” “believe,” “plan,” “expect,” “require,” “intend,” “assume,” “project,” “anticipate,” “goal,” “seek,” “strategy,” “likely,” “should,” “will,” “could,” and similar words. Because actual results may differ materially from expectations, we caution readers not to place undue reliance on these statements. A number of factors could cause future results to differ materially from historical results, or from outcomes currently expected or sought by Pinnacle West or APS. These factors include, but are not limited to:

• our ability to achieve timely and adequate rate recovery of our costs through our regulated rates and adjustor recovery mechanisms, including returns on and of debt and equity capital investment;

• the impacts of federal, state, and local laws, judicial decisions, statutes, regulations, and FERC, NRC, EPA, ACC, and other agency requirements, including as they are changed by legislative and regulatory action as well as executive orders, such as those relating to tax, environment, energy, nuclear plants, and deregulation of the retail electric market;

• our operation of Palo Verde is subject to substantial regulatory oversight and potentially significant liabilities and capital expenditures;

• we are subject to numerous environmental laws and changes to existing laws, or new laws, may increase our costs and impact our business;

• the potential effects of climate change on our electric system, including as a result of weather extremes, such as prolonged drought and high temperature variations in the area where APS conducts its business, as well as the impacts of policy and regulatory changes introduced to address climate change;

• co-owners of our jointly owned generation and transmission facilities may have unaligned goals;

• the willingness or ability of counterparties, participants, and landowners to meet contractual or other obligations or extend the rights for continued generation and transmission operations;

• deregulation of the electric industry and other factors, such as large customers developing large, utility scale generation to serve their energy needs, may result in increased competition;

• variations in demand for electricity, including those due to weather, seasonality (including large increases in ambient temperatures), the general economy or social conditions, customer and sales growth (or decline), data center growth (or lack thereof), including to support the AI industry, the effects of energy conservation measures and DG, and technological advancements;

• wildfires, including those arising as a result of climate change, extreme weather events, or the expansion of the wildland urban interface;

• generation, transmission, and distribution facilities and system operating costs, conditions, performance, and outages;

• our ability and efforts to meet current and anticipated future needs for generation and transmission and distribution facilities in our region at reliable levels, including factors affecting our ability to acquire and develop new resources to serve this load as well as difficulties in accurately forecasting load growth, particularly from high load energy users;

• availability of fuel and water supplies as well as the volatility and costs of fuel and purchased power;

• the direct or indirect effect on our facilities or business from cybersecurity threats or intrusions, data security breaches, terrorist attack, physical attack, severe storms, or other catastrophic events, such as fires, explosions, pandemic health events, or similar occurrences;

• risks inherent in the operation of nuclear facilities, including spent fuel disposal uncertainty;

• the development of new technologies and the impact they have on the retail and wholesale electricity market and the impacts of our adoption or failure to adopt such technologies;

• the availability and retention of qualified personnel and the need to negotiate collective bargaining agreements with union employees;

• the cost of debt, including increased cost as a result of rising interest rates, and equity capital and our ability to access capital markets when required as well as the impacts a credit rating downgrade would have on us;

• the investment performance of the assets of our nuclear decommissioning trust, captive insurance cell, coal mine reclamation escrow, pension, and other postretirement benefit plans, and the resulting impact on future funding requirements;

• Pinnacle West’s cash flow depends on the performance of APS and its ability to make dividends and distributions;

• potential shortfalls in insurance coverage;

• Pinnacle West’s ability to meet its debt service obligation could be adversely affected because its debt securities are structurally subordinated to the debt securities and obligations of its subsidiaries;

• the liquidity of wholesale power markets and the use of derivative contracts in our business;

• policy changes in Arizona or other states through ballot initiatives or referenda may increase our cost or operations or affect our business plans;

• general economic conditions, such as tariffs, inflation, and other supply chain constraints, as well as uncertainties associated with the current and future economic environment and conditions in Arizona; and

• disruptions in financial markets could adversely affect our cost of and access to credit and capital markets.

These and other factors are discussed in the most recent Pinnacle West/APS Form 10-K and 10-Q along with other public filings with the Securities and Exchange Commission, which readers should review carefully before placing any reliance on our financial statements or disclosures. Neither Pinnacle West nor APS assumes any obligation to update these statements, even if our internal estimates change, except as required by law.

PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(dollars and shares in thousands, except per share amounts)
	THREE MONTHS ENDED								SIX MONTHS ENDED
	JUNE 30,								JUNE 30,
		2026				2025				2026				2025
Operating Revenues	$	1,455,749			$	1,358,751			$	2,605,346			$	2,391,031
Operating Expenses
Fuel and purchased power		558,498				477,008				995,227				857,079
Operations and maintenance		283,387				286,605				560,087				586,714
Depreciation and amortization		243,226				228,893				483,084				463,833
Taxes other than income taxes		61,684				57,651				123,656				117,005
Other expense		3,282				1,042				6,446				1,626
Total		1,150,077				1,051,199				2,168,500				2,026,257
Operating Income		305,672				307,552				436,846				364,774
Other Income (Deductions)
Allowance for equity funds used during construction		17,052				14,767				31,834				28,016
Pension and other postretirement non-service credits – net		5,018				3,692				9,000				6,650
Other income		13,096				12,104				18,077				29,565
Other expense		(6,570	)			(4,259	)			(9,310	)			(6,829	)
Total		28,596				26,304				49,601				57,402
Interest Expense
Interest charges		133,601				113,527				259,360				218,470
Allowance for borrowed funds used during construction		(11,402	)			(11,559	)			(21,265	)			(21,661	)
Total		122,199				101,968				238,095				196,809
Income Before Income Taxes		212,069				231,888				248,352				225,367
Income Taxes		31,302				35,018				32,471				28,835
Net Income		180,767				196,870				215,881				196,532
Less: Net income attributable to noncontrolling interests		2,193				4,306				4,387				8,612
Net Income Attributable To Common Shareholders	$	178,574			$	192,564			$	211,494			$	187,920
Weighted-Average Common Shares Outstanding – Basic		121,306				119,517				121,333				119,555
Weighted-Average Common Shares Outstanding – Diluted		124,494				121,865				124,136				121,813
Earnings Per Weighted-Average Common Share Outstanding
Net income attributable to common shareholders – basic	$	1.47			$	1.61			$	1.74			$	1.57
Net income attributable to common shareholders – diluted	$	1.43			$	1.58			$	1.70			$	1.54

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260804319083/en/

Media Contact: Alan Bunnell (602) 250-3376

Analyst Contact: Amanda Ho (602) 250-3334

Website: pinnaclewest.com

KEYWORDS: Arizona United States North America

INDUSTRY KEYWORDS: Utilities Energy

MEDIA:

Logo