Market Newsdesk

April 23, 2026 6:58 am

Bread Financial Provides Performance Update for March 2026

COLUMBUS, Ohio, April 23, 2026 (GLOBE NEWSWIRE) — Bread Financial^® Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions to millions of U.S. consumers, provided a performance update. The following tables present the Company’s Net principal loss rate and Delinquency rate for the periods indicated:

	For the month ended March 31, 2026		For the three months ended March 31, 2026
	(dollars in millions)
End-of-period credit card and other loans	$	18,135	$	18,135
Average credit card and other loans	$	18,042	$	18,283
Year-over-year change in average credit card and other loans		1.3%		0.7%
Net principal losses	$	111	$	331
Net principal loss rate		7.23%		7.33%

	As of March 31, 2026		As of March 31, 2025
	(dollars in millions)
30 days + delinquencies – principal	$	901	$	973
Period ended credit card and other loans – principal	$	16,107	$	16,390
Delinquency rate		5.59%		5.93%

About Bread Financial
^®

Bread Financial^® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. Our payment solutions deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, technology, electronics, jewelry, home and specialty apparel through our co-brand and private label credit cards and pay-over-time products providing choice and value to our shared customers. Additionally, we offer Bread Financial general purpose credit cards and saving products that empower our customers and their passions for a better life.

Bread Financial proudly marks 30 years of success in 2026. To learn more about our global associates, our performance and our sustainability progress, visit breadfinancial.com or follow us on Instagram and LinkedIn.

Forward-Looking Statements

This 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. Forward-looking statements give our expectations or forecasts of future events and can generally be identified by the use of words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “project,” “plan,” “likely,” “may,” “should” or other words or phrases of similar import. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding, and the guidance we give with respect to, our anticipated operating or financial results, future financial performance and outlook, future dividend declarations, and future economic conditions.

We believe that our expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond our control. Accordingly, our actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that our expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including market conditions, inflation, interest rates, labor market conditions, recessionary pressures or concerns over a prolonged economic slowdown, and the related impact on consumer spending behavior, payments, debt levels, savings rates and other behaviors; global political events and conditions, including significant shifts in trade policy, such as changes to, or the imposition of, tariffs and/or trade barriers and consequently any economic impacts, volatility, uncertainty and geopolitical instability resulting therefrom, as well as ongoing wars and military conflicts, and international tensions or hostilities; local or global public health issues, climate-related events, impacts to the power grid, and natural disasters; future credit performance, including the level of future delinquency and charge-off rates; loss of, or reduction in demand for services and/or products from, significant brand partners or customers in the highly competitive markets in which we operate, including competition from new and non-traditional competitors, such as financial technology companies, and with respect to new products, services and technologies, such as the emergence or increase in popularity of agentic commerce, digital payment platforms and currencies and other alternative payment and deposit solutions; the concentration of our business in U.S. consumer credit; inaccuracies in the models and estimates on which we rely, including our credit risk management models and the amount of our Allowance for credit losses; the inability to realize the intended benefits of acquisitions, dispositions and other strategic initiatives; our level of indebtedness and ability to access financial or capital markets; pending and future federal and state legislation, executive action, regulation, supervisory guidance, and regulatory and legal actions, including, but not limited to, those related to financial regulatory reform and consumer financial services practices, as well as any such actions that would place limits on credit card interest rates or late fees, interchange fees or other charges; failures or breaches in our operational or security systems, including as a result of cyberattacks, unanticipated impacts from technology modernization projects or otherwise; and any liability or other adverse impacts arising out of or related to the spinoff of our former LoyaltyOne segment or the bankruptcy filings of Loyalty Ventures Inc. (LVI) and certain of its subsidiaries, including the pending litigation against us in connection with the spinoff. The foregoing factors, along with other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements, are described in greater detail under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, our Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. Our forward-looking statements speak only as of the date made, and we undertake no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

Contacts

Brian Vereb – Investor Relations
[email protected]

Susan Haugen – Investor Relations
[email protected]

Rachel Stultz – Media
[email protected]

April 23, 2026 6:58 am

Roper Technologies announces first quarter financial results

Increases full year DEPS guidance and expands share repurchase program

SARASOTA, Fla., April 23, 2026 (GLOBE NEWSWIRE) — Roper Technologies, Inc. (Nasdaq: ROP) reported financial results for the first quarter ended March 31, 2026.

First quarter 2026 highlights

Revenue increased 11% to $2.10 billion; organic revenue was +6% and acquisition contribution was +5%
GAAP net earnings increased 54% to $509 million; adjusted net earnings increased 4% to $539 million
Adjusted EBITDA increased 8% to $797 million
Operating cash flow increased 12% to $592 million; free cash flow increased 11% to $562 million
Repurchased 4.3 million shares for $1.5 billion in Q1 (program to date: 6.0 million shares for $2.2 billion)
GAAP DEPS increased 59% to $4.87; adjusted DEPS increased 8% to $5.16

“First quarter results were strong across the board, with 6% organic revenue growth, 11% total revenue growth, and 11% free cash flow growth,” said Neil Hunn, Roper Technologies’ President and CEO. “On capital deployment, we have repurchased six million shares over the past six months, representing almost 6% of shares outstanding. Also, our Board has authorized an additional $3 billion of share repurchases, bringing remaining capacity to $3.8 billion.”

“During the quarter, our businesses continued shipping AI products, fueled by Roper’s expanded AI capacity and accelerated speed of execution. Early market response validates what we have long believed: vertical market leaders with proprietary data and deep workflow density are best positioned to deliver AI solutions that customers actually value and utilize.”

“We are raising our full year DEPS outlook on the strength of Q1, share repurchases to date, and resilient demand for our businesses’ mission-critical solutions. With more than $5 billion of deployable capacity against attractive acquisitions and opportunistic buybacks, Roper is well positioned to compound long-term free cash flow per share for our shareholders,” concluded Mr. Hunn.

Increasing 2026 guidance

Roper now expects full year 2026 adjusted DEPS of $21.80 – $22.05, compared to previous guidance of $21.30 – $21.55.

For the second quarter of 2026, the Company expects adjusted DEPS of $5.25 – $5.30.

The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures, as well as potential share repurchases.

Conference call to be held at 8:00 AM (ET) today

A conference call to discuss these results has been scheduled for 8:00 AM ET on Thursday, April 23, 2026. The call can be accessed via webcast or by dialing +1 800-836-8184 (US/Canada) or +1 646-357-8785, using conference call ID 23216. Webcast information and conference call materials will be made available in the Investors section of Roper’s website (www.ropertech.com) prior to the start of the call. The webcast can also be accessed directly by using the following URL https://event.webcast. Telephonic replays will be available for up to two weeks and can be accessed by dialing +1 646-517-4150 with access code 23216 #.

Use of non-GAAP financial information

The Company supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial schedules or tables. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.

Minority interest

Following the sale of a majority stake in its industrial businesses to CD&R, Roper holds a minority interest in Indicor. The fair value of Roper’s equity investment in Indicor is updated on a quarterly basis and reported as “equity investment (gain) loss, net.” Roper makes non-GAAP adjustments for the impacts associated with this investment.

Table 1: Revenue and adjusted EBITDA reconciliation ($M)
	Q1 2025			Q1 2026				V %
GAAP revenue	$	1,883		$	2,095			11 %

Components of revenue growth
Organic								6 %
Acquisitions								5 %
Foreign exchange								1 %
Total revenue growth								11 %

Adjusted EBITDA reconciliation
GAAP net earnings	$	331		$	509
Taxes		87			126
Interest expense		63			99
Depreciation		9			10
Amortization		204			220
EBITDA	$	694		$	965			39 %

Transaction-related expenses for completed acquisitions		1			—
Financial impacts associated with minority investments		44			(167	)	^A
Adjusted EBITDA	$	740		$	797			8 %
Adjusted EBITDA margin		39.3	%		38.1	%		(120 bps)

Table 2: Adjusted net earnings reconciliation ($M)
	Q1 2025		Q1 2026				V %
GAAP net earnings	$	331	$	509			54 %
Transaction-related expenses for completed acquisitions		1		—
Financial impacts associated with minority investments		32		(134	)	^A
Amortization of acquisition-related intangible assets		154		164		^B
Adjusted net earnings ^C	$	517	$	539			4 %

Table 3: Adjusted DEPS reconciliation
	Q1 2025		Q1 2026				V %
GAAP DEPS	$	3.06	$	4.87			59 %
Transaction-related expenses for completed acquisitions		0.01		—
Financial impacts associated with minority investments		0.29		(1.28	)	^A
Amortization of acquisition-related intangible assets		1.42		1.57		^B
Adjusted DEPS ^C	$	4.78	$	5.16			8 %

Table 4: Cash flow reconciliation ($M)
	Q1 2025			Q1 2026			V %
Operating cash flow	$	529		$	592		12 %
Capital expenditures		(10	)		(14	)
Capitalized software expenditures		(12	)		(15	)
Free cash flow	$	507		$	562		11 %

Table 5: Forecasted adjusted DEPS reconciliation
	Q2 2026				FY 2026
	Low end		High end		Low end			High end
GAAP DEPS ^D	$	3.64	$	3.69	$	16.67		$	16.92
YTD financial impacts associated with the minority investment in Indicor ^A	TBD		TBD			(1.28	)		(1.28	)
Amortization of acquisition-related intangible assets ^B		1.61		1.61		6.41			6.41
Adjusted DEPS ^C	$	5.25	$	5.30	$	21.80		$	22.05

Footnotes:

A.	Adjustments related to the financial impacts associated with the minority investment in Indicor as shown below ($M, except per share data). Forecasted results do not include any potential impacts associated with our minority investment in Indicor, as these potential impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods.

		Q1 2026A			Q2 2026E		FY 2026E		YTD 2026A
	Pretax	$	(167	)	TBD		TBD		$	(167	)
	After-tax	$	(134	)	TBD		TBD		$	(134	)
	Per share	$	(1.28	)	TBD		TBD		$	(1.28	)

B.	Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data).

		Q1 2026A			Q2 2026E		FY 2026E
	Pretax	$	208		$	209	$	837
	After-tax	$	164		$	165	$	661
	Per share	$	1.57		$	1.61	$	6.41

C.	All actual and forecasted non-GAAP adjustments are taxed at 21% with the exception of the financial impacts associated with minority investments.

D.	Forecasted GAAP DEPS do not include any potential impacts associated with our minority investment in Indicor. These impacts will be excluded from all non-GAAP results in future periods.

Note: Numbers may not foot due to rounding.

About Roper Technologies

Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 1000. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company’s website at www.ropertech.com.

Contact information:

Investor Relations
941-556-2601
[email protected]

The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as “anticipate,” “estimate,” “plans,” “expects,” “projects,” “should,” “will,” “believes,” “intends” and similar words and phrases. These statements reflect management’s current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, acquired businesses, including obtaining any required regulatory approvals with respect thereto, and our ability to develop, deploy, and use artificial intelligence in our platforms and offerings. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, including risks related to labor shortages and volatile interest rates, changes in foreign exchange rates, risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of inflation and potential supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

Roper Technologies, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(Amounts in millions)

	March 31, 2026			December 31, 2025
ASSETS:

Cash and cash equivalents	$	382.9		$	297.4
Accounts receivable, net		877.3			1,001.0
Inventories, net		144.5			141.7
Income taxes receivable		88.3			128.2
Unbilled receivables		142.7			124.0
Prepaid expenses and other current assets		276.4			235.8
Total current assets		1,912.1			1,928.1

Property, plant and equipment, net		158.2			156.9
Goodwill		21,347.7			21,341.2
Other intangible assets, net		9,559.0			9,764.2
Deferred taxes		70.8			73.3
Equity investment		963.6			796.3
Other assets		539.4			517.0
Total assets	$	34,550.8		$	34,577.0

LIABILITIES AND STOCKHOLDERS’ EQUITY:

Accounts payable	$	184.5		$	150.3
Accrued compensation		226.7			293.0
Deferred revenue		1,792.5			1,906.8
Other accrued liabilities		619.0			642.3
Income taxes payable		39.3			28.0
Current portion of long-term debt, net		715.6			705.2
Total current liabilities		3,577.6			3,725.6

Long-term debt, net of current portion		9,748.4			8,595.8
Deferred taxes		1,915.1			1,883.1
Other liabilities		491.7			491.0
Total liabilities		15,732.8			14,695.5

Common stock, 350.0 shares authorized; 109.4 shares issued and 102.4 outstanding at March 31, 2026 and 109.3 shares issued and 106.6 outstanding at December 31, 2025		1.1			1.1
Additional paid-in capital		3,334.4			3,292.2
Retained earnings		17,620.2			17,205.7
Accumulated other comprehensive loss		(113.7	)		(101.4	)
Treasury stock, 7.0 shares at March 31, 2026 and 2.7 shares at December 31, 2025		(2,024.0	)		(516.1	)
Total stockholders’ equity		18,818.0			19,881.5
Total liabilities and stockholders’ equity	$	34,550.8		$	34,577.0

Roper Technologies, Inc.
Condensed Consolidated Statements of Earnings (unaudited)
(Amounts in millions, except per share data)

	Three months ended March 31,
		2026			2025
Net revenues	$	2,095.3		$	1,882.8
Cost of sales		641.5			589.1
Gross profit		1,453.8			1,293.7

Selling, general and administrative expenses		884.2			767.9
Income from operations		569.6			525.8

Interest expense, net		99.3			62.9
Equity investment (gain) loss, net		(167.3	)		44.4
Other expense, net		2.6			0.5
Earnings before income taxes		635.0			418.0

Income taxes		126.1			86.9
Net earnings	$	508.9		$	331.1

Net earnings per share:
Basic	$	4.88		$	3.08
Diluted	$	4.87		$	3.06

Weighted average common shares outstanding:
Basic		104.3			107.4
Diluted		104.6			108.2

Roper Technologies, Inc.
Selected Segment Financial Data (unaudited)
(Amounts in millions; percentages of net revenues)

	Three months ended March 31,
	2026				2025
	Amount		%		Amount		%
Net revenues:
Application Software	$	1,191.5			$	1,068.2
Network Software		427.6				375.9
Technology Enabled Products		476.2				438.7
Total	$	2,095.3			$	1,882.8


Gross profit:
Application Software	$	822.6	69.0	%	$	720.8	67.5	%
Network Software		360.4	84.3	%		315.6	84.0	%
Technology Enabled Products		270.8	56.9	%		257.3	58.7	%
Total	$	1,453.8	69.4	%	$	1,293.7	68.7	%


*Operating profit:**
Application Software	$	319.2	26.8	%	$	276.8	25.9	%
Network Software		173.8	40.6	%		166.7	44.3	%
Technology Enabled Products		154.4	32.4	%		153.6	35.0	%
Total	$	647.4	30.9	%	$	597.1	31.7	%


* Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were $77.8 and $71.3 for the three months ended March 31, 2026 and 2025, respectively.

Roper Technologies, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
(Amounts in millions)
	Three months ended March 31,
		2026			2025
Cash flows from operating activities:
Net earnings	$	508.9		$	331.1
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment		10.0			9.1
Amortization of intangible assets		220.4			204.0
Amortization of deferred financing costs		3.2			2.8
Non-cash stock compensation		52.6			38.8
Equity investment (gain) loss, net		(167.3	)		44.4
Income tax provision		126.1			86.9
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable		122.4			74.4
Unbilled receivables		(19.1	)		(7.6	)
Inventories		(3.3	)		(4.1	)
Prepaid expenses and other current assets		(41.6	)		(41.3	)
Accounts payable		34.4			2.9
Other accrued liabilities		(94.9	)		(107.4	)
Deferred revenue		(117.1	)		(70.6	)
Cash income taxes paid		(34.2	)		(29.1	)
Other, net		(8.4	)		(5.6	)
Cash provided by operating activities		592.1			528.7

Cash flows from (used in) investing activities:
Acquisitions of businesses, net of cash acquired		(27.5	)		(124.9	)
Capital expenditures		(14.3	)		(9.5	)
Capitalized software expenditures		(15.4	)		(12.4	)
Other, net		1.1			—
Cash used in investing activities		(56.1	)		(146.8	)

Cash flows from (used in) financing activities:
Borrowings (payments) under revolving credit facility, net		1,150.0			(125.0	)
Debt issuance costs		(3.9	)		—
Cash dividends to stockholders		(97.4	)		(88.6	)
Repurchases of common stock		(1,500.1	)		—
Proceeds from (tax withholding payments for) stock-based compensation, net		(10.9	)		42.7
Treasury stock sales under employee stock purchase plan		7.4			7.2
Other, net		10.2			(44.1	)
Cash used in financing activities		(444.7	)		(207.8	)

Effect of exchange rate changes on cash		(5.8	)		10.5

Net increase in cash and cash equivalents		85.5			184.6

Cash and cash equivalents, beginning of period		297.4			188.2

Cash and cash equivalents, end of period	$	382.9		$	372.8

April 23, 2026 6:58 am

CBRE Group, Inc. Reports Financial Results for Q1 2026

CBRE Group, Inc. Reports Financial Results for Q1 2026

DALLAS–(BUSINESS WIRE)–
CBRE Group, Inc. (NYSE: CBRE) today reported financial results for the first quarter ended March 31, 2026.

Key Highlights:

GAAP EPS up 98% to $1.07 and Core EPS up 81% to $1.61
Revenue up 19% to $10.5 billion
Resilient Businesses⁽¹⁾ revenue up 18%
Transactional Businesses⁽¹⁾ revenue up 22%
Cash flow from operations of nearly $1.3 billion and free cash flow of nearly $1.7 billion on a trailing 12-month basis
2026 core EPS outlook raised to $7.60 to $7.80 from $7.30 to $7.60, reflecting more than 20% growth at midpoint of new range

“CBRE continued to generate strong financial results while making important strategic gains during the first quarter of 2026. Together, our three services segments – Advisory, Building Operations & Experience and Project Management – grew revenue by 20% and operating profit by nearly 30%. Additionally, profits from our data center land development program were delivered earlier in the year than anticipated,” said Bob Sulentic, CBRE’s chair and chief executive officer.

“We had strong growth from both our Resilient and Transactional Businesses during the quarter. Notably, our work related to infrastructure assets, consisting of the services we perform for data centers as well as power, telecom and transportation assets, among others, has become a source of significant profits and growth spanning all four business segments,” Mr. Sulentic added.

Consolidated Financial Results Overview

The following table presents highlights of CBRE performance (dollars in millions, except per share data):

							% Change
	Q1 2026			Q1 2025			USD		LC⁽²⁾
Operating Results
Revenue	$	10,527		$	8,875		18.6	%	14.6	%
Pass-through costs ⁽³⁾		4,448			3,798		17.1	%	13.0	%
GAAP net income		318			163		95.1	%	92.6	%
Core adjusted net income ⁽⁴⁾		478			269		77.7	%	74.3	%
GAAP EPS		1.07			0.54		98.1	%	98.1	%
Core EPS ⁽⁴⁾		1.61			0.89		80.9	%	78.7	%
Core EBITDA ⁽⁵⁾		831			518		60.4	%	56.4	%

Cash Flow Results
Cash flow used in operations	$	(825	)	$	(546	)	51.1	%
Gain on disposition of real estate		301			—		NM
Less: Capital expenditures		81			64		26.6	%
Free cash flow ⁽⁶⁾	$	(605	)	$	(610	)	0.8	%

Advisory Services Segment

The following table presents highlights of the Advisory Services segment performance (dollars in millions):

					% Change
	Q1 2026		Q1 2025		USD		LC
Revenue	$	2,024	$	1,659	22.0	%	19.2	%
Pass-through costs		8		12	(33.3	)%	(33.3	)%
Segment operating profit ⁽⁷⁾		375		279	34.4	%	34.9	%

Revenue and segment operating profit increased by 22% (19% local currency) and 34% (35% local currency), respectively.
Global leasing revenue increased 20% (18% local currency) and was strong around the world. Asia-Pacific (APAC) was up 24% (22% local currency), led by Japan. In the U.S., leasing revenue rose 21%, driven by industrial, office and data centers.
Global property sales revenue increased 43% (39% local currency). The U.S. was up 64% as all major property types posted double-digit increases. APAC saw growth of 29% (26% local currency), paced by Japan.
Mortgage origination revenue rose 53% (same local currency) fueled by strong volumes from debt funds, and government-sponsored enterprises.
The loan servicing portfolio increased 5% for the quarter to more than $460 billion. Loan servicing revenue reflected a decline in escrow income tied to lower average interest rates, which masked underlying growth in the business.
Valuations revenue rose 9% (4% local currency), with double-digit growth in the U.S.

Building Operations & Experience (BOE)Segment

The following table presents highlights of the BOE segment performance (dollars in millions):

					% Change
	Q1 2026		Q1 2025		USD		LC
Revenue	$	6,491	$	5,393	20.4	%	16.0	%
Pass-through costs		3,513		2,959	18.7	%	14.3	%
Segment operating profit		280		218	28.4	%	22.5	%

Revenue and segment operating profit increased by 20% (16% local currency) and 28% (23% local currency), respectively.
Facilities management revenue rose 17% (13% local currency). Local facilities management produced mid-teens revenue growth with strength across all global regions, led by the Americas. Enterprise facilities management revenue also grew by double digits, led by the technology, industrial and life sciences sectors.
Critical infrastructure services revenue increased 71% (65% local currency), including strong growth from Data Center Solutions and contributions from Pearce Services, acquired in November 2025.
Property management revenue rose 17% (14% local currency), aided by Industrious’ continued strong growth.
Operating leverage was driven by the reclassification of costs associated with leases for fleet vehicles from cost of services to depreciation and amortization.

Project ManagementSegment

The following table presents highlights of the Project Management segment performance (dollars in millions):

					% Change
	Q1 2026		Q1 2025		USD		LC
Revenue	$	1,838	$	1,594	15.3	%	11.0	%
Pass-through costs		927		827	12.1	%	9.1	%
Segment operating profit		135		112	20.5	%	14.4	%

Revenue and segment operating profit increased by 15% (11% local currency), and 21% (14% local currency), respectively.
Growth was underpinned by strong infrastructure activity. Among real estate projects, growth was driven by the technology sector and was broad based, led by double-digit growth in Asia, the U.K. and the U.S.

Real Estate Investments (REI) Segment

The following table presents highlights of the REI segment performance (dollars in millions):

					% Change
	Q1 2026		Q1 2025		USD		LC
Revenue	$	199	$	233	(14.6	)%	(19.0	)%
Segment operating profit		180		25	620.0	%	616.0	%

Real Estate Development

Operating profit⁽⁸⁾ exceeded expectations, totaling $145 million. The outperformance was driven by earlier-than-anticipated profits from the data center land program.
The portfolio of in-process projects and pipeline stood at $29.6 billion at the end of the first quarter.

Investment Management

Recurring asset management fees increased, reflecting higher net asset values. However, overall revenue was flat (down 6% local currency) due to sharply lower incentive fees compared with first-quarter 2025.
The absence of significant incentive fees and promote income resulted in lower operating profit⁽⁸⁾ than in last year’s first quarter.
Assets under management (AUM) ended the first quarter at more than $155 billion, in line with the prior quarter’s level.

Core Corporate Segment

Core corporate operating loss increased by approximately $23 million for the quarter, driven by higher incentive compensation related to the company’s strong performance in 2025 as well as a change in the timing of certain expense recognition.

Capital Allocation Overview

Free Cash Flow – Free cash flow totaled nearly $1.7 billion for the 12 months ended March 31, 2026.
Stock Repurchase Program – Year-to-date (as of April 21), the company has repurchased nearly $540 million worth of shares.
Acquisitions and Investments – The company did not make any acquisitions during the first quarter.

Leverage and Financing Overview

Leverage – CBRE’s net leverage ratio (net debt⁽⁹⁾to trailing twelve-month core EBITDA) was 1.54x as of March 31, 2026, substantially below the company’s primary debt covenant of 4.25x. The net leverage ratio is computed as follows (dollars in millions):

	As of
	March 31, 2026
Total debt	$	7,013
Less: Cash and cash equivalents		1,664
Net debt ⁽⁹⁾	$	5,349

Divided by: Trailing twelve-month Core EBITDA	$	3,470

Net leverage ratio	1.54x

Liquidity – At the end of the first quarter, the company had approximately $4.4 billion of total liquidity.

Conference Call Details

The company’s first quarter earnings webcast and conference call will be held today, Thursday, April 23, 2026 at 8:30 a.m. Eastern Time. Investors are encouraged to access the webcast via this link or they can click this link beginning at 8:15 a.m. Eastern Time for automated access to the conference call.

Alternatively, investors may dial into the conference call using these operator-assisted phone numbers: 877.407.8037 (U.S.) or 201.689.8037 (International). A replay of the call will be available starting at 1:00 p.m. Eastern Time on April 23, 2026. The replay is accessible by dialing 877.660.6853 (U.S.) or 201.612.7415 (International) and using the access code: 13759393#. A transcript of the call will be available on the company’s Investor Relations website at https://ir.cbre.com.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services. The company has more than 155,000 employees serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, critical infrastructure); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website at https://ir.cbre.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, Securities and Exchange Commission filings and public conference calls and webcasts.

Safe Harbor and Footnotes

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the economic outlook, the company’s future growth momentum, operations and business outlook. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results and performance in future periods to be materially different from any future results or performance suggested in forward-looking statements in this press release. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, the company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Factors that could cause results to differ materially include, but are not limited to: disruptions in general economic, political and regulatory conditions and significant public health events, particularly in geographies or industry sectors where our business may be concentrated; volatility or adverse developments in the securities, capital or credit markets, interest rate increases and conditions affecting the value of real estate assets, inside and outside the United States; poor performance of real estate investments or other conditions that negatively impact clients’ willingness to make real estate or long-term contractual commitments; cost and availability of capital for investment in real estate; foreign currency fluctuations and changes in currency restrictions, trade sanctions and import/export and transfer pricing rules; our ability to compete globally, or in specific geographic markets or business segments that are material to us; our ability to identify, acquire and integrate accretive businesses; costs and potential future capital requirements relating to businesses we may acquire; integration challenges arising out of companies we may acquire; increases in unemployment and general slowdowns in economic or commercial activity; trends in pricing and risk assumption for commercial real estate services; the effect of significant changes in supply/demand and capitalization rates across different property types; a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect our revenues and operating performance; client actions to restrain project spending and reduce outsourced staffing levels; our ability to further diversify our revenue model to offset cyclical economic trends in the commercial real estate industry; our ability to attract new occupier and investor clients; our ability to retain major clients and renew related contracts; our ability to leverage our global services platform to maximize and sustain long-term cash flow; our ability to continue investing in our platform and client service offerings; our ability to maintain expense discipline; the emergence of disruptive business models and technologies; negative publicity or harm to our brand and reputation; the failure by third parties to comply with service level agreements or regulatory or legal requirements; the ability of our investment management business to maintain and grow assets under management and achieve desired investment returns for our investors, and any potential related litigation, liabilities or reputational harm possible if we fail to do so; our ability to manage fluctuations in net earnings and cash flow, which could result from poor performance in our investment programs, including our participation as a principal in real estate investments; the ability of our indirect wholly-owned subsidiary, CBRE Capital Markets, Inc. to periodically amend, or replace, on satisfactory terms, the agreements for its warehouse lines of credit; declines in lending activity of U.S. Government Sponsored Enterprises, regulatory oversight of such activity and our loan servicing revenue from the commercial real estate mortgage market; changes in U.S. and international law and regulatory environments (including relating to anti-corruption, anti-money laundering, trade sanctions, tariffs, currency controls and other trade control laws), particularly in Asia, Africa, Russia, Eastern Europe and the Middle East, due to the level of political instability in those regions; litigation and its financial and reputational risks to us; our exposure to liabilities in connection with real estate advisory and property management activities and our ability to procure sufficient insurance coverage on acceptable terms; our ability to retain, attract and incentivize key personnel; our ability to manage organizational challenges associated with our size; liabilities under guarantees, or for construction defects, that we incur in our development services business; our leverage under our debt instruments as well as the limited restrictions therein on our ability to incur additional debt, and the potential increased borrowing costs to us from a credit-rating downgrade; our and our employees’ ability to execute on, and adapt to, information technology strategies and trends; cybersecurity threats or other threats to our information technology networks, including the potential misappropriation of assets or sensitive information, corruption of data or operational disruption; our ability to comply with laws and regulations related to our global operations, including real estate licensure, tax, labor and employment laws and regulations, fire and safety building requirements and regulations, as well as data privacy and protection regulations, sustainability matters, and the anti-corruption laws and trade sanctions of the U.S. and other countries; changes in applicable tax or accounting requirements; any inability for us to implement and maintain effective internal controls over financial reporting; the effect of implementation of new accounting rules and standards or the impairment of our goodwill and intangible assets; and the performance of our equity investments in companies we do not control.

Additional information concerning factors that may influence the company’s financial information is discussed under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures About Market Risk” and “Cautionary Note on Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2025, our quarterly reports on Form 10-Q, as well as in the company’s press releases and other periodic filings with the Securities and Exchange Commission (SEC). Such filings are available publicly and may be obtained on the company’s website at www.cbre.com or upon written request from CBRE’s Investor Relations Department at [email protected].

The terms “core adjusted net income,” “core EBITDA,” “core EPS,” “business line operating profit (loss),” “net debt” and “free cash flow,” all of which CBRE uses in this press release, are non-GAAP financial measures under SEC guidelines, and you should refer to the footnotes below as well as the “Non-GAAP Financial Measures” section in this press release for a further explanation of these measures. We have also included in that section reconciliations of these measures in specific periods to their most directly comparable financial measure calculated and presented in accordance with GAAP for those periods.

Totals may not sum in tables in millions included in this release due to rounding.

Note: We have not reconciled the (non-GAAP) core earnings per share forward-looking guidance included in this release to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to costs related to acquisitions, carried interest incentive compensation and financing costs, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.

		(1)	Resilient Businesses include facilities management, critical infrastructure services, property management, project management, loan servicing, valuations, other portfolio services and recurring investment management fees. Transactional Businesses include property sales, leasing, mortgage origination, carried interest and incentive fees in the investment management business, and development fees.
		(2)	Local currency percentage change is calculated by comparing current-period results at prior-period exchange rates versus prior-period results.
		(3)	Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work performed for clients. These costs are reimbursable by clients and the corresponding amounts owed are reflected within Revenue.
		(4)	Core adjusted net income and core earnings per diluted share (or core EPS) exclude the effect of select items from U.S. GAAP net income and U.S. GAAP earnings per diluted share. Adjustments during the periods presented included non-cash amortization expense related to intangible assets attributable to acquisitions, interest expense related to indirect tax audits and settlements, impact of adjustments on non-controlling interest, the tax impact of adjusted items and strategic non-core investments, net non-cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind-down of certain businesses, business and finance transformation, costs associated with efficiency and cost-reduction initiatives and net fair value adjustments on strategic non-core investments.
		(5)	Core EBITDA represents earnings before the portion attributable to non-controlling interests, depreciation and amortization, asset impairments, net interest expense, write-off of financing costs on extinguished debt, income taxes, further adjusted for net non-cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation (reversal) expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind-down of certain businesses, impact of fair value non-cash adjustments related to unconsolidated equity investments, business and finance transformation, non-cash pension buy-out settlement loss, costs associated with efficiency and cost-reduction initiatives, net fair value adjustments on strategic non-core investments, and provision associated with Telford’s fire safety remediation efforts.
		(6)	Free cash flow is calculated as cash flow provided by operations, plus gain on sale of real estate assets, less capital expenditures (reflected in the investing section of the consolidated statement of cash flows).
		(7)	Segment operating profit (SOP) is the measure reported to the chief operating decision maker (CODM) for purposes of assessing performance and allocating resources to each segment. SOP represents earnings, inclusive of non-controlling interests, before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization and asset impairments, as well as adjustments related to the following: net non-cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind-down of certain businesses, business and finance transformation and costs associated with efficiency and cost-reduction initiatives.
		(8)	Represents line of business profitability/losses, as adjusted.
		(9)	Net debt is calculated as total debt (excluding non-recourse debt) less cash and cash equivalents.

*CBRE GROUP, INC.* *OPERATING RESULTS* *FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025* *(in millions, except share and per share data)* *(Unaudited)*

	Three Months Ended March 31,
		2026			2025
Revenue	$	10,527		$	8,875

Costs and expenses:
Cost of revenue		8,675			7,265
Operating, administrative and other		1,460			1,192
Depreciation and amortization		182			142
Total costs and expenses		10,317			8,599

Gain on disposition of real estate		301			—

Operating income		511			276

Equity (loss) income from unconsolidated subsidiaries		(9	)		16
Other income		11			1
Interest expense, net of interest income		59			50
Income before provision for income taxes		454			243
Provision for income taxes		112			52
Net income		342			191
Less: Net income attributable to non-controlling interests		24			28
Net income attributable to CBRE Group, Inc.	$	318		$	163

Basic income per share:
Net income per share attributable to CBRE Group, Inc.	$	1.08		$	0.54
Weighted-average shares outstanding for basic income per share		294,377,494			300,288,602

Diluted income per share:
Net income per share attributable to CBRE Group, Inc.	$	1.07		$	0.54
Weighted-average shares outstanding for diluted income per share		296,987,404			302,914,671

Core EBITDA	$	831		$	518

*CBRE GROUP, INC.* *SEGMENT RESULTS* *FOR THE THREE MONTHS ENDED MARCH 31, 2026* *(in millions)* *(Unaudited)*

	Three Months Ended March 31, 2026
	Advisory Services			Building Operations & Experience		Project Management		Real Estate Investments			Corporate⁽¹⁾			Total Core			Other			Total Consolidated
Revenue	$	2,024		$	6,491	$	1,838	$	199		$	(25	)	$	10,527		$	—		$	10,527

Costs and expenses:
Pass-through costs		8			3,513		927		—			—			4,448			—			4,448

Cost of revenue, excluding pass-through costs		1,181			2,371		651		26			(2	)		4,227			—			4,227
Operating, administrative and other		469			377		127		287			200			1,460			—			1,460
Depreciation and amortization		33			107		26		4			12			182			—			182
Gain on disposition of real estate		—			—		—		281			20			301			—			301

Operating income (loss)		333			123		107		163			(215	)		511			—			511

Equity (loss) income from unconsolidated subsidiaries		(1	)		2		—		(7	)		—			(6	)		(3	)		(9	)
Other income (loss)		1			11		—		—			1			13			(2	)		11
Add-back: Depreciation and amortization		33			107		26		4			12			182			—			182
Adjustments:
Net non-cash mortgage servicing rights		12			—		—		—			—			12			—			12
Integration and other costs related to acquisitions		—			26		2		—			41			69			—			69
Carried interest incentive compensation expense to align with the timing of associated revenue		—			—		—		1			—			1			—			1
Net results related to the wind-down of certain businesses		—			1		—		19			—			20			—			20
Business and finance transformation		2			10		—		—			20			32			—			32
Costs associated with efficiency and cost-reduction initiatives		(5	)		—		—		—			2			(3	)		—			(3	)

Total segment operating profit (loss)	$	375		$	280	$	135	$	180		$	(139	)				$	(5	)	$	826

Core EBITDA														$	831

_______________
(1)	Includes elimination of inter-segment revenue and expense.

*CBRE GROUP, INC.* *SEGMENT RESULTS—(CONTINUED)* *FOR THE THREE MONTHS ENDED MARCH 31, 2025* *(in millions)* *(Unaudited)*

	Three Months Ended March 31, 2025

	Advisory Services		Building Operations & Experience		Project Management		Real Estate Investments			Corporate⁽¹⁾			Total Core			Other			Total Consolidated
Revenue	$	1,659	$	5,393	$	1,594	$	233		$	(4	)	$	8,875		$	—		$	8,875
Pass-through costs		12		2,959		827		—			—			3,798			—			3,798

Cost of revenue, excluding pass-through costs		955		1,922		547		47			(4	)		3,467			—			3,467
Operating, administrative and other		428		300		115		166			183			1,192			—			1,192
Depreciation and amortization		32		70		25		3			12			142			—			142

Operating income (loss)		232		142		80		17			(195	)		276			—			276

Equity income (loss) from unconsolidated subsidiaries		1		1		—		(7	)		—			(5	)		21			16
Other income (loss)		1		1		—		—			—			2			(1	)		1
Add-back: Depreciation and amortization		32		70		25		3			12			142			—			142
Adjustments:
Net non-cash mortgage servicing rights		13		—		—		—			—			13			—			13
Integration and other costs related to acquisitions		—		4		7		—			57			68			—			68
Carried interest incentive compensation expense to align with the timing of associated revenue		—		—		—		4			—			4			—			4
Charges related to indirect tax audits and settlements		—		—		—		—			(1	)		(1	)		—			(1	)
Net results related to the wind-down of certain businesses		—		—		—		6			—			6			—			6
Costs associated with efficiency and cost-reduction initiatives		—		—		—		2			11			13			—			13

Total segment operating profit (loss)	$	279	$	218	$	112	$	25		$	(116	)				$	20		$	538

Core EBITDA													$	518

_______________
(1)	Includes elimination of inter-segment revenue and expense.

*CBRE GROUP, INC.* *CONDENSED CONSOLIDATED BALANCE SHEETS* *(in millions)*

	March 31, 2026			December 31, 2025
	*(Unaudited)*
ASSETS
Current Assets:
Cash and cash equivalents	$	1,664		$	1,864
Restricted cash		131			150
Receivables, net		8,404			8,284
Warehouse receivables ⁽¹⁾		950			1,630
Contract assets		475			462
Prepaid expenses		379			372
Income taxes receivable		192			175
Other current assets		539			552
Total Current Assets		12,734			13,489
Property and equipment, net		1,040			1,049
Goodwill		7,024			7,051
Other intangible assets, net		2,915			2,972
Operating lease assets		2,064			2,062
Investments in unconsolidated subsidiaries		844			870
Non-current contract assets		101			103
Real estate under development		822			646
Non-current income taxes receivable		98			106
Deferred tax assets, net		724			697
Other assets		1,804			1,832
Total Assets	$	30,170		$	30,877
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	4,725		$	4,838
Compensation and employee benefits payable		1,623			1,630
Accrued bonus and profit sharing		1,028			1,879
Operating lease liabilities		293			284
Contract liabilities		471			448
Income taxes payable		271			258
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase)⁽¹⁾		940			1,609
Other short-term borrowings		1,922			856
Current maturities of long-term debt		70			71
Other current liabilities		410			447
Total Current Liabilities		11,753			12,320
Long-term debt, net of current maturities		5,021			5,050
Non-current operating lease liabilities		2,112			2,121
Non-current tax liabilities		196			183
Deferred tax liabilities, net		239			238
Other liabilities		1,542			1,339
Total Liabilities		20,863			21,251
Mezzanine Equity:
Redeemable non-controlling interests in consolidated entities		447			433
Equity:
CBRE Group, Inc. Stockholders’ Equity:
Class A common stock		3			3
Additional paid-in capital		—			—
Accumulated earnings		9,678			9,916
Accumulated other comprehensive loss		(1,161	)		(1,041	)
Total CBRE Group, Inc. Stockholders’ Equity		8,520			8,878
Non-controlling interests		340			315
Total Equity		8,860			9,193
Total Liabilities and Equity	$	30,170		$	30,877

_______________
(1)	Represents loan receivables, the majority of which are offset by borrowings under related warehouse line of credit facilities.

*CBRE GROUP, INC.* *CONSOLIDATED STATEMENTS OF CASH FLOWS* *(in millions)* *(Unaudited)*

	Three Months Ended March 31,
		2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	342		$	191
Reconciliation of net income to net cash used in operating activities:
Depreciation and amortization		182			142
Amortization of other assets		51			48
Net non-cash mortgage servicing rights and premiums on loan sales		22			2
Deferred income taxes		—			(3	)
Stock-based compensation expense		48			21
Equity loss (income) from investments		9			(16	)
Gain on sale of real estate assets		(301	)		—
Other non-cash adjustments		16			8
Sale of mortgage loans		4,338			1,976
Origination of mortgage loans		(3,673	)		(2,599	)
Changes in:
Warehouse lines of credit		(669	)		626
Receivables, prepaid expenses and other assets		(254	)		218
Accounts payable, accrued liabilities and other liabilities		(89	)		(225	)
Accrued compensation expenses		(844	)		(859	)
Income taxes, net		(3	)		(76	)
Net cash used in operating activities		(825	)		(546	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(81	)		(64	)
Payments for business acquired, net of cash acquired		—			(303	)
Capital contributions related to investments		(17	)		(51	)
Acquisition and development of real estate assets		(165	)		(66	)
Proceeds from disposition of real estate assets		321			13
Other investing activities, net		6			9
Net cash provided by (used in) investing activities		64			(462	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of revolving credit facility		—			(132	)
Proceeds from commercial paper, net		1,066			1,421
Proceeds from long-term debt		—			585
Repayment of long-term debt		(18	)		(33	)
Repurchase of common stock		(530	)		(418	)
Other financing activities, net		27			(167	)
Net cash provided by financing activities		545			1,256
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash		(3	)		44
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(219	)		292
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF PERIOD		2,014			1,221
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD	$	1,795		$	1,513
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	98		$	102
Income tax payments, net	$	105		$	131
Non-cash investing and financing activities:
Deferred and/or contingent consideration	$	(2	)	$	27

Non-GAAP Financial Measures

The following measures are considered “non-GAAP financial measures” under SEC guidelines:

		(i)	Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (which we also refer to as “core adjusted net income”)
		(ii)	Core EBITDA
		(iii)	Core EPS
		(iv)	Business line operating profit/loss
		(v)	Net debt
		(vi)	Free cash flow

These measures are not recognized measurements under United States generally accepted accounting principles (GAAP). When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with GAAP. Because not all companies use identical calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies.

Our management generally uses these non-GAAP financial measures to evaluate operating performance and for other discretionary purposes. The company believes these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they eliminate the impact of selected charges that may obscure trends in the underlying performance of our business. The company further uses certain of these measures, and believes that they are useful to investors, for purposes described below.

With respect to core EBITDA, core EPS, core adjusted net income, and business line operating profit/loss, the company believes that investors may find these measures useful in evaluating our operating performance compared to that of other companies in our industry because their calculations generally eliminate the accounting effects of acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions, the effects of financings, income taxes and the accounting effects of capital spending. The presentation of core adjusted net income, excluding amortization of intangible assets acquired in business combinations, is useful to investors as a supplemental measure to evaluate the company’s ongoing operating performance. While amortization expense of acquisition-related intangible assets is excluded from core adjusted net income, the revenue generated from the acquired intangible assets is not excluded. All of these measures may vary for different companies for reasons unrelated to overall operating performance. In the case of core EBITDA, this measure is not intended to be a measure of free cash flow for our management’s discretionary use because it does not consider cash requirements such as tax and debt service payments. The core EBITDA measure calculated herein may also differ from the amounts calculated under similarly titled definitions in our credit facilities and debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt. The company also uses segment operating profit and core EPS as significant components when measuring our operating performance under our employee incentive compensation programs.

With respect to free cash flow, the company believes that investors may find this measure useful to analyze the cash flow generated from operations and real estate investment and development activities after accounting for cash outflows to support operations and capital expenditures. With respect to net debt, the company believes that investors use this measure when calculating the company’s net leverage ratio.

With respect to core EBITDA, core EPS and core adjusted net income, the company believes that investors may find these measures useful to analyze the underlying performance of operations without the impact of strategic non-core equity investments that are not directly related to our business segments. These can be volatile and are often non-cash in nature.

Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (or core adjusted net income), and core EPS, are calculated as follows (in millions, except share and per share data):

	Three Months Ended March 31,
		2026			2025

Net income attributable to CBRE Group, Inc.	$	318		$	163

Adjustments:
Non-cash amortization expense related to intangible assets attributable to acquisitions		58			56
Interest expense related to indirect tax audits and settlements		2			—
Impact of adjustments on non-controlling interest		—			(1	)
Net non-cash mortgage servicing rights		12			13
Integration and other costs related to acquisitions		69			68
Carried interest incentive compensation expense to align with the timing of associated revenue		1			4
Charges related to indirect tax audits and settlements		—			(1	)
Net results related to the wind-down of certain businesses		20			6
Business and finance transformation		32			—
Costs associated with efficiency and cost-reduction initiatives		(3	)		13
Net fair value adjustments on strategic non-core investments		5			(20	)
Tax impact of adjusted items and strategic non-core investments		(36	)		(32	)
Core net income attributable to CBRE Group, Inc., as adjusted	$	478		$	269

Core diluted income per share attributable to CBRE Group, Inc., as adjusted	$	1.61		$	0.89

Weighted-average shares outstanding for diluted income per share		296,987,404			302,914,671

Core EBITDA is calculated as follows (in millions):

	Three Months Ended March 31,
		2026			2025

Net income attributable to CBRE Group, Inc.	$	318		$	163
Net income attributable to non-controlling interests		24			28
Net income		342			191

Adjustments:
Depreciation and amortization		182			142
Interest expense, net of interest income		59			50
Provision for income taxes		112			52
Net non-cash mortgage servicing rights		12			13
Integration and other costs related to acquisitions		69			68
Carried interest incentive compensation expense to align with the timing of associated revenue		1			4
Charges related to indirect tax audits and settlements		—			(1	)
Net results related to the wind-down of certain businesses		20			6
Business and finance transformation		32			—
Costs associated with efficiency and cost-reduction initiatives		(3	)		13
Net fair value adjustments on strategic non-core investments		5			(20	)
Core EBITDA	$	831		$	518

Core EBITDA for the trailing twelve months ended March 31, 2026 is calculated as follows (in millions):

	Trailing Twelve Months Ended March 31, 2026

Net income attributable to CBRE Group, Inc.	$	1,312
Net income attributable to non-controlling interests		116
Net income		1,428

Adjustments:
Depreciation and amortization		623
Interest expense, net of interest income		225
Write-off of financing costs on extinguished debt		2
Provision for income taxes		377
Net non-cash mortgage servicing rights		(6	)
Integration and other costs related to acquisitions		304
Carried interest incentive compensation expense to align with the timing of associated revenue		7
Net results related to the wind-down of certain businesses		88
Impact of fair value non-cash adjustments related to unconsolidated equity investments		2
Business and finance transformation		133
Non-cash pension buy-out settlement loss		147
Costs associated with efficiency and cost-reduction initiatives		(16	)
Provision associated with Telford’s fire safety remediation efforts		132
Net fair value adjustments on strategic non-core investments		24
Core EBITDA	$	3,470

Below represents a reconciliation of REI business line operating profitability/loss to REI segment operating profit (in millions):

	Three Months Ended March 31,
Real Estate Investments		2026			2025
Investment management operating profit	$	36		$	52
Global real estate development operating profit (loss)		145			(25	)
Segment overhead (and related adjustments)		(1	)		(2	)
Real estate investments segment operating profit	$	180		$	25

Below represents a reconciliation of cash flow provided by (used in) operations to free cash flow for the trailing twelve months ended March 31, 2026 (in millions):

	Q2 2025		Q3 2025		Q4 2025		Q1 2026			Trailing Twelve Months
Cash Flow Results
Cash flow provided by (used in) operations	$	57	$	827	$	1,221	$	(825	)	$	1,280
Gains on disposition of real estate sales		19		36		404		301			760
Less: Capital expenditures		74		84		144		81			383
Free cash flow	$	2	$	779	$	1,481	$	(605	)	$	1,657

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423403983/en/

For further information:

Chandni Luthra – Investors

212.984.8113

[email protected]

Steve Iaco – Media

212.984.6535

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property Building Systems REIT

MEDIA:

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April 23, 2026 6:58 am

Ryder Reports First Quarter 2026 Results

Ryder Reports First Quarter 2026 Results

Delivers solid results and raises full-year 2026 earnings outlook;

On track to deliver $70 million of benefits from execution on strategic initiatives

First Quarter 2026 Highlights

GAAP EPS from continuing operations of $2.34, up 2% from prior year
Comparable EPS (non-GAAP) from continuing operations of $2.54, up 3% from prior year, reflects share repurchases, partially offset by lower earnings
Total revenue of $3.1 billion, consistent with prior year
Operating revenue (non-GAAP) of $2.6 billion, consistent with prior year

Full Year 2026 Forecast

ROE (non-GAAP) unchanged at 17% – 18%
Comparable EPS (non-GAAP) increased to $14.05 – $14.80
Operating revenue (non-GAAP) growth remains at 3%, primarily driven by SCS
Net cash provided by operating activities from continuing operations remains at $2.7 billion and free cash flow (non-GAAP) unchanged at $700 million – $800 million

MIAMI–(BUSINESS WIRE)–
Ryder System, Inc. (NYSE: R) reported results for the three months ended March 31 as follows:

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260421461173/en/

Ryder is a leader in supply chain, dedicated transportation, and fleet management solutions.

	Earnings Before Taxes			Earnings			Diluted Earnings Per Share
(In millions, except EPS)	2026		2025	2026		2025	2026		2025
Continuing operations (GAAP)	$	118	134	$	93	98	$	2.34	2.29
Comparable (non-GAAP)	$	128	142	$	101	106	$	2.54	2.46

Total and operating revenue for the three months ended March 31 were as follows:

	Total Revenue				Operating Revenue (non-GAAP)
(In millions)	2026		2025	Change	2026		2025	Change
Total	$	3,126	3,131	—%	$	2,573	2,557	1%
Fleet Management Solutions (FMS)	$	1,461	1,447	1%	$	1,265	1,260	—%
Supply Chain Solutions (SCS)	$	1,360	1,331	2%	$	1,029	1,000	3%
Dedicated Transportation Solutions (DTS)	$	553	602	(8)%	$	438	460	(5)%

CEO Comment

“The Ryder team delivered solid first quarter results that exceeded our expectations,” says Ryder Chief Executive Officer John Diez. “Outperformance was driven by used vehicle sales results in FMS. Our results continue to demonstrate the earnings power and resiliency of our transformed business model.

“We’re encouraged by the positive momentum in contractual sales, with record sales performance continuing in SCS and stronger sales in FMS and DTS. We also experienced improving trends in used vehicle sales, and rental demand reflected historical seasonal patterns.

“Year-over-year earnings growth in FMS was driven primarily by higher contractual results, reflecting benefits from our ongoing execution on strategic initiatives. SCS delivered another quarter of strong earnings performance, although results were down relative to a record quarter in the prior year. DTS continued to be impacted by a lower fleet count due to a prolonged freight downturn.

“We remain confident that Ryder will benefit from a meaningful earnings uplift by the next cycle peak, with the largest impact expected in our transactional rental and used vehicle sales businesses.

“The structural changes embedded in our transformed model are enabling the business to deliver solid ROE of 17% in the current environment. In addition, the earnings power of our high-quality contractual portfolio continues to generate higher operating cash flow and increased capital deployment capacity, enabling us to fund profitable growth while returning capital to shareholders.”

First Quarter 2026 Segment Review

Fleet Management Solutions: Earnings Growth Driven by Contractual Business Performance

(In millions)	1Q26		1Q25	Change
Total Revenue	$	1,461	1,447	1%
Operating Revenue ⁽¹⁾	$	1,265	1,260	—%

Earnings Before Tax (EBT)	$	99	94	6%
EBT as a % of total revenue	6.8%		6.5%	30 bps
EBT as a % of operating revenue ⁽¹⁾	7.9%		7.5%	40 bps
	7.9%		7.5%
⁽¹⁾Non-GAAP financial measure excluding fuel services revenue.

FMS total revenue increased 1% and operating revenue remained unchanged
- Total revenue reflected higher fuel pricing passed through to customers
- Operating revenue was consistent with prior year as contractual revenue growth was offset by lower rental demand
FMS EBT of $99 million
- Strategic initiatives continued to benefit ChoiceLease performance
- Used vehicle sales results reflected improving market conditions
- Used tractor pricing increased 6% and truck pricing decreased 5% from prior year; sequentially from fourth quarter of 2025, used tractor and truck pricing decreased 3% and 4%, respectively, due to a lower retail sales mix, as tractor and truck retail pricing remained stable
- Rental power-fleet utilization was 68% compared to 66% in the prior year, on a 13% smaller average fleet

Supply Chain Solutions: Earnings Primarily Reflect Lower Automotive Results

(In millions)	1Q26		1Q25	Change
Total Revenue	$	1,360	1,331	2%
Operating Revenue ⁽¹⁾	$	1,029	1,000	3%

Earnings Before Tax (EBT)	$	72	87	(17)%
EBT as a % of total revenue	5.3%		6.5%	(120) bps
EBT as a % of operating revenue ⁽¹⁾	7.0%		8.7%	(170) bps

⁽¹⁾Non-GAAP financial measure excluding fuel and subcontracted transportation.

SCS total revenue increased 2% and operating revenue increased 3%
- Total revenue reflected increased operating revenue
- Increase in operating revenue driven by new business in omnichannel retail, partially offset by lost business and lower volumes in automotive
SCS EBT of $72 million
- Earnings impacted by lower automotive results and, to a lesser extent, productivity of new business ramping up
- Year-over-year comparison reflects record quarter in prior year

Dedicated Transportation Solutions: Earnings Reflect Lower Fleet Count Partially Offset by Execution on Strategic Initiatives

(In millions)	1Q26		1Q25	Change
Total Revenue	$	553	602	(8)%
Operating Revenue ⁽¹⁾	$	438	460	(5)%

Earnings Before Tax (EBT)	$	23	27	(15)%
EBT as a % of total revenue	4.2%		4.5%	(30) bps
EBT as a % of operating revenue ⁽¹⁾	5.2%		5.9%	(70) bps

⁽¹⁾Non-GAAP financial measure excluding fuel and subcontracted transportation.

DTS total revenue and operating revenue decreased 8% and 5%, respectively
- Total revenue reflects lower subcontracted transportation costs and operating revenue
- Operating revenue reflects lower fleet count due to prolonged freight market downturn
DTS EBT of $23 million
- Primarily reflects lower operating revenue, partially offset by benefits from strategic initiatives

Corporate Financial Information

Tax Rate

Our effective income tax rate from continuing operations was 21.0%, as compared to 26.8% in the prior year. Our comparable effective income tax rate (a non-GAAP measure) from continuing operations was 20.9%, as compared to 25.6% in the prior year. The decrease in the tax rates was primarily due to excess tax benefits on stock-based compensation in the first quarter of 2026.

Capital Expenditures, Cash Flow, and Leverage

Capital expenditures decreased to $409 million in 2026 compared to $536 million in 2025, primarily reflecting the timing of ChoiceLease fleet replacement and reduced investments in the rental fleet.

Net cash provided by operating activities from continuing operations was $583 million, compared to $651 million in 2025, primarily reflecting higher working capital needs. Free cash flow (non-GAAP) of $273 million, compared to $259 million in 2025, primarily reflecting reduced cash capital expenditures partially offset by lower cash provided by operating activities.

Debt-to-equity as of March 31, 2026 was 269%, up from year-end 2025, and is in the company’s long-term target of 250% to 300%.

Outlook

“We are on track for another year of earnings growth in 2026, driven by execution on $70 million in incremental benefits from strategic initiatives,” says Ryder Chief Financial Officer Cristina Gallo-Aquino. “We are raising our EPS forecast range to reflect stronger than expected first-quarter performance and our expectations for modest improvement in used vehicle market conditions.

“Free cash flow is expected to remain strong in 2026, and we expect our capital deployment capacity to continue to enable us to support profitable growth while returning capital to shareholders through share repurchases and dividends.”

	Full Year 2026 Outlook
Total Revenue Growth	3%
Operating Revenue Growth (non-GAAP)	3%
FY26 GAAP EPS	$13.15 – $13.90
FY26 Comparable EPS (non-GAAP)	$14.05 – $14.80

ROE (non-GAAP)	17% – 18%
Net Cash from Operating Activities from Continuing Operations	$2.7B
Free Cash Flow (non-GAAP)	$700M – $800M
Capital Expenditures	$2.4B
Debt-to-Equity	230%

	Second Quarter 2026
2Q26 GAAP EPS	$3.15 – $3.40
2Q26 Comparable EPS (non-GAAP)	$3.50 – $3.75

Supplemental Company Information

Business Description

Ryder System, Inc. is a leading supply chain, dedicated transportation, and fleet management solutions company. Ryder’s stock (NYSE: R) is a component of the Dow Jones Transportation Average and the S&P MidCap 400^® index. The company’s financial performance is reported in the following three, inter-related business segments:

Supply Chain Solutions – Ryder’s SCS business segment optimizes logistics networks to make them more responsive and able to be leveraged as a competitive advantage. Globally-recognized brands in the automotive, consumer goods, food and beverage, healthcare, industrial, oil and gas, technology, and retail industries rely on Ryder’s leading-edge technologies and world-class logistics engineers to help them deliver the goods that consumers use every day.
Dedicated Transportation Solutions – Ryder’s DTS business segment combines the best of Ryder’s leasing and maintenance capabilities with the safest and most professional drivers in the industry. With a dedicated transportation solution, Ryder helps customers increase their competitive position, reduce risk, and integrate their transportation needs with their overall supply chain.
Fleet Management Solutions – Ryder’s FMS business segment provides a broad range of services to help businesses of all sizes, across virtually every industry, deliver for their customers. From leasing, maintenance, and fueling, to rental and used vehicle sales, customers rely on Ryder’s expertise to help them lower their costs, redirect capital to other parts of their business, and focus on what they do best – so they can grow.

For more information on Ryder System, Inc., visit investors.ryder.com and ryder.com.

Note: Regarding Forward-Looking Statements

Certain statements and information included in this news release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements regarding: our forecast and outlook; market conditions, including macroeconomic uncertainty and geopolitical events; rental demand and utilization; used vehicle sales volume and pricing; the freight cycle, including the impact of the prolonged downturn, cycle timing and the pace and strength of any recovery; expected financial performance, including total and operating revenue, EPS and comparable EPS, adjusted ROE, earnings before income tax, net cash provided by operating activities from continuing operations, free cash flow, capital expenditures, debt-to-equity, and the underlying drivers of change; expectations regarding continued execution of our business model; pricing actions and maintenance cost savings initiatives; long-term growth opportunities and secular growth trends; used vehicle inventory levels and fleet size; growth and continued strong earnings performance in our contractual businesses; the omnichannel retail network; our capital deployment capacity; our ability to increase returns and create long-term value; and our ability to return capital to shareholders, including through share repurchases and dividends. Our forward-looking statements also include estimates regarding the impact of residual value assumptions on earnings and depreciation expense. These estimates are based, in part, on our current assessment of the residual values and useful lives of revenue-earning equipment informed by multi-year trends and our outlook for near- and long-term used vehicle market conditions. A variety of factors, many of which are outside of our control, could cause residual value estimates to differ from actual used vehicle sales pricing, such as changes in supply and demand of used vehicles; volatility in market conditions; changes in vehicle technology; competitor pricing; regulatory requirements, including changes to taxes or tariffs; driver shortages; customer requirements and preferences; and changes in underlying assumption factors.

All of our forward-looking statements should be evaluated by considering the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Important factors that could cause such differences include: changes and uncertainty regarding financial, economic and market conditions in the U.S. and worldwide; supply chain and labor challenges and vehicle production constraints, including original equipment manufacturer (OEM) delays; the effect of geopolitical events; our ability to adapt to changing market conditions, including lower than expected contractual sales, decreases in rental demand or utilization, poor acceptance of rental pricing, declining market demand for or excess supply of used vehicles impacting current or estimated pricing, and our anticipated proportion of retail versus wholesale sales; declining customer demand for our services; higher than expected maintenance costs; lower than expected benefits from our cost-savings initiatives; our ability to effectively and efficiently integrate acquisitions into our business; lower than expected benefits from our sales, marketing and new product initiatives; setbacks in the economic market or in our ability to retain profitable customer accounts; impact of changing laws and regulations, such as taxes, tariffs, trade restrictions or trade agreements, including the impact to our customers and partners; difficulty in obtaining adequate profit margins for our services; inability to maintain current pricing levels due to, for example, economic conditions, business interruptions, expenditures, labor disputes and extreme weather or other natural occurrences; competition from other service providers; changes in technology and new entrants; professional driver and technician shortages resulting in higher procurement costs and turnover rates; impact of supply chain disruptions; higher than expected bad debt reserves or write-offs; decrease in credit ratings; increased debt costs; adequacy of accounting estimates; higher than expected reserves and accruals particularly with respect to pension, taxes, insurance and revenue; impact of changes in our residual value estimates and accounting policies, including our depreciation policy; unanticipated changes in fuel and alternative energy prices; unanticipated currency exchange rate fluctuations; fluctuations in inflation or interest rates; our ability to manage our cost structure; the inability of our information technology systems to provide timely and accurate access to data or of our information security program to safeguard our or our stakeholders’ data; and the risks described in our filings with the Securities and Exchange Commission (SEC). The risks included here are not exhaustive. New risks emerge from time to time, and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Note: Regarding Non-GAAP Financial Measures

This news release includes certain non-GAAP financial measures as defined under SEC rules. Refer to Appendix – Non-GAAP Financial Measure Reconciliations at the end of the tables following this press release for reconciliations to the most comparable GAAP measure. Additional information regarding non-GAAP financial measures as required by Regulation G and Item 10(e) of Regulation S-K can be found in our most recent Form 10-K, Form 10-Q and Form 8-K filed with the SEC as of the date of this release, which are available at investors.ryder.com.

CONFERENCE CALL AND WEBCAST INFORMATION

Ryder’s earnings conference call and webcast is scheduled for April 23, 2026 at 11:00 a.m. ET. To join, click here.

LIVE AUDIO VIA PHONE

Toll Free Number:	800-330-6710
USA Toll Number:	+1 213-279-1505
Audio Passcode:	Ryder
Conference Leader:	Calene Candela

WEBCAST REPLAY

An audio replay including the slide presentation will be available within four hours following the call. Click here, then select Financials/Quarterly Results and the date.

RYDER SYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS – UNAUDITED

	Three months ended March 31,
(In millions, except per share amounts)	2026			2025
Services revenue	$	2,064		2,080
Lease & related maintenance and rental revenue		951		945
Fuel services revenue		111		106
Total revenue		3,126		3,131

Cost of services		1,764		1,772
Cost of lease & related maintenance and rental		664		648
Cost of fuel services		104		104
Selling, general and administrative expenses		380		368
Non-operating pension costs, net		9		9
Used vehicle sales, net		(12	)	(9	)
Interest expense		97		100
Miscellaneous loss, net		1		6
Restructuring and other items, net		1		(1	)
		3,008		2,997

Earnings from continuing operations before income taxes		118		134
Provision for income taxes		25		36
Earnings from continuing operations		93		98
Loss from discontinued operations, net of tax		—		—
Net earnings	$	93		98

Earnings per common share — Diluted
Continuing operations	$	2.34		2.29
Discontinued operations		(0.01	)	(0.01	)
Net earnings	$	2.33		2.27

Weighted average common shares outstanding — Diluted		39.6		42.9

Diluted EPS from continuing operations	$	2.34		2.29
Non-operating pension costs, net		0.17		0.17
Other, net		0.03		—
Comparable EPS from continuing operations ⁽¹⁾	$	2.54		2.46
————————————
⁽¹⁾ Non-GAAP financial measure. A reconciliation of GAAP EPS from continuing operations to comparable EPS from continuing operations is set forth in this table.
Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED

(In millions)	March 31, 2026		December 31, 2025
Assets:
Cash and cash equivalents	$	182	198
Other current assets		2,304	2,275
Revenue earning equipment, net		8,708	8,898
Operating property and equipment, net		1,288	1,268
Other assets		3,746	3,748
	$	16,228	16,387

Liabilities and shareholders’ equity:
Current liabilities	$	1,950	1,959
Total debt (including current portion)		7,692	7,645
Other non-current liabilities (including deferred income taxes)		3,728	3,731
Shareholders’ equity		2,858	3,052
	$	16,228	16,387

SELECTED KEY RATIOS AND METRICS

	March 31, 2026	December 31, 2025
Debt to equity	269%	250%

	Three months ended March 31,
(In millions)	2026			2025
Comparable EBITDA ⁽¹⁾	$	659		671
Effective interest rate		5.1	%	5.2	%

	Three months ended March 31,
(In millions)	2026		2025
Net cash provided by operating activities from continuing operations	$	583	651
Free cash flow ⁽¹⁾		273	259
Capital expenditures paid		427	514
Gross capital expenditures		409	536

	Twelve months ended March 31,
	2026	2025
Adjusted ROE ⁽²⁾	17%	17%
————————————
⁽¹⁾ Non-GAAP financial measure. See reconciliation of the non-GAAP elements of this calculation reconciled to the corresponding GAAP measures included in the Appendix – Non-GAAP Financial Measures section at the end of this release.
⁽²⁾ The non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders’ equity to adjusted average equity is provided in the Appendix – Non-GAAP Financial Measures section at the end of this release.
Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES BUSINESS SEGMENT REVENUE AND EARNINGS – UNAUDITED

	Three months ended March 31,
(In millions)	2026			2025		Change
Total Revenue:
Fleet Management Solutions:
ChoiceLease	$	878		867		1%
Commercial rental		211		219		(4)%
SelectCare and other		176		174		1%
Fuel services revenue		196		187		4%
Fleet Management Solutions		1,461		1,447		1%
Supply Chain Solutions		1,360		1,331		2%
Dedicated Transportation Solutions		553		602		(8)%
Eliminations		(248	)	(249	)	(1)%
Total revenue	$	3,126		3,131		—%

Operating Revenue: ⁽¹⁾
Fleet Management Solutions	$	1,265		1,260		—%
Supply Chain Solutions		1,029		1,000		3%
Dedicated Transportation Solutions		438		460		(5)%
Eliminations		(159	)	(163	)	(3)%
Operating revenue	$	2,573		2,557		1%

Business Segment Earnings:
Earnings from continuing operations before income taxes:
Fleet Management Solutions	$	99		94		6%
Supply Chain Solutions		72		87		(17)%
Dedicated Transportation Solutions		23		27		(15)%
Eliminations		(30	)	(33	)	(3)%
		164		175		(6)%
Unallocated Central Support Services		(22	)	(20	)	7%
Intangible amortization expense		(14	)	(13	)	4%
Non-operating pension costs, net		(9	)	(9	)	NM
Other items impacting comparability, net		(1	)	1		NM
Earnings from continuing operations before income taxes		118		134		(12)%
Provision for income taxes		25		36		(31)%
Earnings from continuing operations	$	93		98		(5)%
————————————
⁽¹⁾ Non-GAAP financial measure. See reconciliation of GAAP total revenue to operating revenue in the Appendix – Non-GAAP Financial Measures section at the end of this release.
Note: Amounts may not be additive due to rounding.
NM – Denotes Not Meaningful.

RYDER SYSTEM, INC. AND SUBSIDIARIES BUSINESS SEGMENT REVENUE AND EARNINGS – UNAUDITED


	Three months ended March 31,
(In millions)	2026			2025		Change
Fleet Management Solutions
FMS total revenue	$	1,461		1,447		1%
Fuel services revenue		(196	)	(187	)	4%
FMS operating revenue ⁽¹⁾	$	1,265		1,260		—%

Segment earnings before income taxes	$	99		94		6%
FMS earnings before income taxes as % of FMS total revenue	6.8%			6.5%
FMS earnings before income taxes as % of FMS operating revenue ⁽¹⁾	7.9%			7.5%


	Three months ended March 31,
(In millions)	2026			2025		Change
Supply Chain Solutions
SCS total revenue	$	1,360		1,331		2%
Subcontracted transportation		(291	)	(292	)	—%
Fuel		(40	)	(39	)	3%
SCS operating revenue ⁽¹⁾	$	1,029		1,000		3%

Segment earnings before income taxes	$	72		87		(17)%
SCS earnings before income taxes as % of SCS total revenue	5.3%			6.5%
SCS earnings before income taxes as % of SCS operating revenue ⁽¹⁾	7.0%			8.7%


	Three months ended March 31,
(In millions)	2026			2025		Change
Dedicated Transportation Solutions
DTS total revenue	$	553		602		(8)%
Subcontracted transportation		(51	)	(81	)	(37)%
Fuel		(64	)	(61	)	5%
DTS operating revenue ⁽¹⁾	$	438		460		(5)%

Segment earnings before income taxes	$	23		27		(15)%
DTS earnings before income taxes as % of DTS total revenue	4.2%			4.5%
DTS earnings before income taxes as % of DTS operating revenue ⁽¹⁾	5.2%			5.9%
————————————
⁽¹⁾ Non-GAAP financial measure. A reconciliation of (1) GAAP total revenue to operating revenue for each business segment (FMS, SCS and DTS) and (2) segment earnings before taxes (EBT) as % of segment total revenue to segment EBT as % of segment operating revenue for each business segment is set forth in this table.
Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES BUSINESS SEGMENT INFORMATION – UNAUDITED KEY PERFORMANCE INDICATORS

Our fleet of owned and leased revenue earning equipment and SelectCare vehicles, including vehicles under on-demand maintenance and used vehicles sold, is summarized as follows (number of units rounded to the nearest hundred):

	Three months ended March 31,				2026/2025
	2026		2025			Three Months
ChoiceLease
Average fleet count	141,600		144,800			(2)%
End of period fleet count	141,400		144,300			(2)%
Average active fleet count⁽¹⁾	131,200		135,100			(3)%
End of period active fleet count ⁽¹⁾	131,000		135,000			(3)%

Commercial rental
Average fleet count	30,500		34,900			(13)%
End of period fleet count	29,700		34,400			(14)%
Rental utilization – power units ⁽²⁾	68	%	66	%		200 bps
Rental rate change – % ⁽³⁾	3	%	2	%

Customer vehicles under SelectCare contracts
Average fleet count	43,900		42,500			3%
End of period fleet count	44,300		42,900			3%

Customer vehicles under SCS contracts
End of period fleet count ⁽⁴⁾	13,000		13,100			(1)%
End of period power vehicles ⁽⁴⁾	3,700		3,900			(5)%

Customer vehicles under DTS contracts
End of period fleet count ⁽⁴⁾	17,400		18,800			(7)%
End of period power vehicles ⁽⁴⁾	6,800		7,400			(8)%

Used vehicle sales (UVS)
End of period fleet count	9,500		9,500			—%
Used vehicles sold	4,600		5,100			(10)%
UVS pricing change ⁽⁵⁾
Tractors	6	%	(16	)%
Trucks	(5	)%	(17	)%
————————————
⁽¹⁾Active fleet count is calculated as those units currently earning revenue and not classified as not yet earning or no longer earning units.
⁽²⁾Rental utilization is calculated using the number of days units are rented divided by the number of days units available to rent based on the days in a calendar year (excluding trailers).
⁽³⁾Represents percentage change compared to prior year period in average rental rate per day on power units using constant currency.
⁽⁴⁾ These vehicle counts are also included within the fleet counts for ChoiceLease, Commercial rental, and SelectCare.
⁽⁵⁾ Represents percentage change compared to prior year period in average sales proceeds on used vehicle sales using constant currency.

RYDER SYSTEM, INC. AND SUBSIDIARIES APPENDIX – NON-GAAP FINANCIAL MEASURE RECONCILIATIONS – UNAUDITED

This press release and accompanying tables include “non-GAAP financial measures” as defined by SEC rules. As required by SEC rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP.

Specifically, the following non-GAAP financial measures are included in this press release:

Non-GAAP Financial Measure	Comparable GAAP Measure	Reconciliation in Section Entitled
Operating Revenue Measures:
Operating Revenue	Total Revenue	Appendix – Non-GAAP Financial Measure Reconciliations
FMS Operating Revenue	FMS Total Revenue	Business Segment Information – Unaudited
SCS Operating Revenue	SCS Total Revenue
DTS Operating Revenue	DTS Total Revenue
Operating Revenue Growth	Total Revenue Growth	Appendix – Non-GAAP Financial Measure Reconciliations
FMS EBT as a % of FMS Operating Revenue	FMS EBT as a % of FMS Total Revenue	Business Segment Information – Unaudited
SCS EBT as a % of SCS Operating Revenue	SCS EBT as a % of SCS Total Revenue
DTS EBT as a % of DTS Operating Revenue	DTS EBT as a % of DTS Total Revenue
Comparable Earnings Measures:
Comparable Earnings Before Income Tax and Comparable Tax Rate	Earnings Before Income Tax and Effective Tax Rate from Continuing Operations	Appendix – Non-GAAP Financial Measure Reconciliations
Comparable Earnings	Earnings from Continuing Operations	Appendix – Non-GAAP Financial Measure Reconciliations
Comparable EPS	EPS from Continuing Operations	Condensed Consolidated Statements of Earnings – Unaudited Appendix – Non-GAAP Financial Measure Reconciliations
Adjusted Return on Equity (ROE)	Not Applicable. However, the non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders’ equity to adjusted average equity is provided in the following reconciliations.	Appendix – Non-GAAP Financial Measure Reconciliations
Comparable Earnings Before Interest, Taxes, Depreciation and Amortization	Net Earnings	Appendix – Non-GAAP Financial Measure Reconciliations
Cash Flow Measures:
Total Cash Generated and Free Cash Flow	Cash Provided by Operating Activities from Continuing Operations	Appendix – Non-GAAP Financial Measure Reconciliations

RYDER SYSTEM, INC. AND SUBSIDIARIES APPENDIX – NON-GAAP FINANCIAL MEASURE RECONCILIATIONS – UNAUDITED

Set forth in the table below is an overview of each non-GAAP financial measure and why management believes that presentation of each non-GAAP financial measure provides useful information to investors. See reconciliations for each of these measures following this table.

Operating Revenue Measures:
Operating Revenue FMS Operating Revenue SCS Operating Revenue DTS Operating Revenue Operating Revenue Growth FMS EBT as a % of FMS Operating Revenue SCS EBT as a % of SCS Operating Revenue DTS EBT as a % of DTS Operating Revenue	Operating revenue is defined as total revenue for Ryder or each business segment (FMS, SCS and DTS) excluding any (1) fuel and (2) subcontracted transportation. We use operating revenue to evaluate the operating performance of our core businesses and as a measure of sales activity at the consolidated level for Ryder System, Inc., as well as for each of our business segments. We also use segment EBT as a percentage of segment operating revenue for each business segment for the same reason. Note: FMS EBT, SCS EBT and DTS EBT, our primary measures of segment performance, are not non-GAAP measures. Fuel: We exclude FMS, SCS and DTS fuel from the calculation of our operating revenue measures, as fuel is an ancillary service that we provide our customers. Fuel revenue is impacted by fluctuations in market fuel prices and the costs are largely a pass-through to our customers, resulting in minimal changes in our profitability during periods of steady market fuel prices. However, profitability may be positively or negatively impacted by rapid changes in market fuel prices during a short period of time, as customer pricing for fuel services is established based on current market fuel costs. Subcontracted transportation: We exclude subcontracted transportation from the calculation of our operating revenue measures, as these costs are also typically a pass-through to our customers and, therefore, carrier rate fluctuations result in minimal changes to our profitability. While our SCS and DTS business segments subcontract certain transportation services to third party providers, our FMS business segment does not engage in subcontracted transportation and, therefore, this item is not applicable to FMS.
Comparable Earnings Measures:
Comparable Earnings before Income Taxes (EBT) Comparable Earnings Comparable Earnings per Diluted Common Share (EPS) Comparable Tax Rate Adjusted Return on Equity (ROE)	Comparable EBT, Comparable Earnings and Comparable EPS are defined, respectively, as GAAP EBT, earnings and EPS, all from continuing operations, excluding (1) non-operating pension costs, net and (2) other items impacting comparability (as further described below). We believe these non-GAAP measures provide useful information to investors and allow for better year-over-year comparison of operating performance. Non-operating pension costs, net: Our comparable earnings measures exclude non-operating pension costs, net, which include the amortization of net actuarial loss and prior service cost, interest cost and expected return on plan assets components of pension and postretirement benefit costs, as well as any significant charges for settlements or curtailments if recognized. We exclude non-operating pension costs, net because we consider these to be impacted by financial market performance and outside the operational performance of our business. Other Items Impacting Comparability: Our comparable and adjusted earnings measures also exclude other significant items that are not representative of our business operations and vary from period to period. Comparable Tax Rate is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the marginal tax rates to which the non-GAAP adjustments are related. Adjusted ROE is defined as adjusted net earnings divided by adjusted average shareholders’ equity and represents the rate of return on shareholders’ investment. Other items impacting comparability described above are excluded, as applicable, from the calculation of adjusted net earnings and adjusted average shareholders’ equity. We also exclude any significant charges for pension settlements or curtailments from the calculation of adjusted net earnings. We use adjusted ROE as an internal measure of how effectively we use the owned capital invested in our operations.
Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)	Comparable EBITDA is defined as net earnings, first adjusted to exclude discontinued operations and the following items, all from continuing operations: (1) non-operating pension costs, net and (2) other items impacting comparability (in each of (1) and (2), as defined in comparable earnings measures immediately above) and then adjusted further for (1) interest expense, (2) income taxes, (3) depreciation, (4) used vehicle sales results and (5) intangible amortization. We believe comparable EBITDA provides investors with useful information, as it is a standard measure commonly reported and widely used by investors and other interested parties to measure financial performance and our ability to service debt and meet our payment obligations. We believe that the inclusion of comparable EBITDA also provides consistency in financial reporting and aids investors in performing meaningful comparisons of past, present and future operating results. Our presentation of comparable EBITDA may not be comparable to similarly-titled measures used by other companies. Comparable EBITDA should not be considered a substitute for, or superior to, the measures of financial performance determined in accordance with GAAP.
Cash Flow Measures:
Total Cash Generated Free Cash Flow	We consider total cash generated and free cash flow to be important measures of comparative operating performance, as our principal sources of operating liquidity are cash from operations and proceeds from the sale of revenue earning equipment. Total Cash Generated is defined as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment, (3) net cash provided by the sale of operating property and equipment, and (4) other cash inflows from investing activities. We believe total cash generated is an important measure of total cash flows generated from our ongoing business activities. Free Cash Flow is defined as the net amount of cash generated from operating activities and investing activities (excluding acquisitions) from continuing operations. We calculate free cash flow as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment and operating property and equipment, and (3) other cash inflows from investing activities, less (4) purchases of property and revenue earning equipment. We believe free cash flow provides investors with an important perspective on the cash available for debt service and for shareholders, after making capital investments required to support ongoing business operations. Our calculation of free cash flow may be different from the calculation used by other companies and, therefore, comparability may be limited.

RYDER SYSTEM, INC. AND SUBSIDIARIES APPENDIX – NON-GAAP FINANCIAL MEASURE RECONCILIATIONS – UNAUDITED

OPERATING REVENUE RECONCILIATION
	Three months ended March 31,
(In millions)	2026			2025
Total revenue	$	3,126		3,131
Subcontracted transportation revenue		(338	)	(368	)
Fuel		(215	)	(206	)
Operating revenue ⁽¹⁾	$	2,573		2,557

TOTAL CASH GENERATED / FREE CASH FLOW RECONCILIATION
	Three months ended March 31,
(In millions)	2026			2025
Net cash provided by operating activities from continuing operations	$	583		651
Proceeds from sales (primarily revenue earning equipment) ⁽²⁾		117		122
Total cash generated ⁽¹⁾		700		773
Purchases of property and revenue earning equipment ⁽²⁾		(427	)	(514	)
Free cash flow ⁽¹⁾	$	273		259

COMPARABLE EARNINGS RECONCILIATION
	Three months ended March 31,
(In millions)	2026		2025
Earnings from continuing operations	$	93	98
Non-operating pension costs, net		7	7
Other, net ⁽³⁾		1	1
Comparable earnings from continuing operations ^{(1) (4)}	$	101	106

Tax rate on continuing operations		21.0%	26.8%
Tax adjustments and income tax effects of non-GAAP adjustments ^{(1) (4)}		(0.1)%	(1.2)%
Comparable tax rate on continuing operations ^{(1) (4)}		20.9%	25.6%
————————————
⁽¹⁾ Non-GAAP financial measure.
⁽²⁾ Included in cash flows from investing activities.
⁽³⁾ Other, net includes the income tax effects of other items impacting comparability and non-recurring income tax adjustments.
⁽⁴⁾ The comparable provision for income taxes is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the marginal tax rates to which the non-GAAP adjustments are related. Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES APPENDIX – NON-GAAP FINANCIAL MEASURE RECONCILIATIONS – UNAUDITED

ADJUSTED RETURN ON EQUITY RECONCILIATION
	Twelve months ended March 31,
(Dollars in millions)	2026			2025
Net earnings	$	495		502
Other items impacting comparability, net		10		8
Tax impact ⁽¹⁾		(1	)	(1	)
Adjusted net earnings	$	504		509

Average shareholders’ equity	$	3,017		3,064
Average adjustments to shareholders’ equity ⁽²⁾		3		5
Adjusted average shareholders’ equity	$	3,020		3,069

Adjusted return on equity ⁽³⁾		17%		17%
————————————
⁽¹⁾Represents income taxes on other items impacting comparability.
⁽²⁾ Represents the impact of other items impacting comparability, net of tax, to equity for the respective periods.
⁽³⁾Adjusted return on equity is calculated by dividing Adjusted net earnings into Adjusted average shareholders’ equity.

RYDER SYSTEM, INC. AND SUBSIDIARIES APPENDIX – NON-GAAP FINANCIAL MEASURE RECONCILIATIONS – UNAUDITED

COMPARABLE EARNINGS BEFORE INCOME TAXES / COMPARABLE EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION RECONCILIATION

	Three months ended March 31,
(In millions)	2026			2025
Net earnings	$	93		98
Provision for income taxes		25		36
EBT		118		134
Non-operating pension costs, net		9		9
Other, net		1		(1	)
Comparable EBT ⁽¹⁾		128		142
Interest expense		97		100
Depreciation		432		425
Used vehicle sales, net		(12	)	(9	)
Intangible amortization		14		13
Comparable EBITDA ⁽¹⁾	$	659		671
————————————
⁽¹⁾ Non-GAAP financial measure. Non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of earnings before income taxes from continuing operations to comparable earnings before income taxes from continuing operations and Comparable EBITDA is set forth in this table.
Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES APPENDIX – NON-GAAP FINANCIAL MEASURE RECONCILIATIONS – UNAUDITED

OPERATING REVENUE GROWTH FORECAST RECONCILIATION

	Twelve months ended December 31,
(In millions)	2026			2025		Change
Total revenue	$	13,100		12,665		3%
Subcontracted transportation revenue		(1,500	)	(1,473	)	2%
Fuel		(900	)	(786	)	15%
Operating revenue ⁽¹⁾	$	10,700		10,406		3%

COMPARABLE EARNINGS PER SHARE FORECAST RECONCILIATION

(In millions, except per share amounts)	Second Quarter 2026	Full Year 2026
EPS from continuing operations	$3.20 – $3.45	$13.15 – $13.90
Non-operating pension costs	0.30	0.85
Other, net	—	0.05
Comparable EPS from continuing operations forecast ⁽¹⁾	$3.50 – $3.75	$14.05 – $14.80

TOTAL CASH GENERATED / FREE CASH FLOW FORECAST RECONCILIATION

(In millions)	2026 Forecast
Net cash provided by operating activities from continuing operations	$	2,700
Proceeds from sales (primarily revenue earning equipment) ⁽²⁾		500
Total cash generated ⁽¹⁾		3,200

Purchases of property and revenue earning equipment ⁽²⁾		(2,400	)
Free cash flow ⁽¹⁾	$	800
————————————
⁽¹⁾ Non-GAAP financial measure.
⁽²⁾ Included in cash flows from investing activities.

ryder-financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20260421461173/en/

Media:

Amy Federman

[email protected]

Investor Relations:

Calene Candela

[email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Other Transport Trucking Rail Automotive Transport Automotive Manufacturing Manufacturing Logistics/Supply Chain Management Fleet Management

MEDIA:

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Ryder is a leader in supply chain, dedicated transportation, and fleet management solutions.

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April 23, 2026 6:58 am

Bob’s Discount Furniture Announces First Quarter 2026 Conference Call Date

Bob’s Discount Furniture Announces First Quarter 2026 Conference Call Date

MANCHESTER, Conn.–(BUSINESS WIRE)–
Bob’s Discount Furniture, Inc. (NYSE: BOBS) (“Bob’s” or the “Company”) will report its first quarter 2026 financial results before the market opens on Thursday, May 7, 2026, and will host a conference call at 8:00 a.m. Eastern Time.

Investors and analysts interested in participating in the call are invited to dial 877-407-0779 (international callers please dial 201-389-0914) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online in the “Investors” section of the Company’s website at https://ir.mybobs.com/. A replay of the audio webcast will be available shortly after the broadcast.

About Bob’s Discount Furniture

Bob’s Discount Furniture is a high-growth, national omnichannel retailer of value home furnishings with more than 200 showrooms across the United States. Since our founding in 1991, we have built our ethos as a trusted and reliable brand offering superior value and service, without compromising on quality or style. Our business model is anchored in delivering furniture at “Everyday Low Prices,” and at the heart of Bob’s success is not just the value of our furniture, but the team members who bring our promise to life every day. From showroom to living room, it’s our people who make Bob’s feel like home. Our belief that everyone deserves a home they love is reflected in how we operate daily and the appreciation we have for our people and communities. From our in-store guest experience specialists who create a no-pressure, no-gimmicks shopping experience, to our distribution and logistics teams who enable fast, reliable fulfillment, Bob’s is built on the dedication of more than 5,800 team members nationwide.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423249078/en/

Investor Relations Contact:

Edward Plank, Vice President, Investor Relations & Strategy

[email protected]

Media Contact:

[email protected]

KEYWORDS: Connecticut United States North America

INDUSTRY KEYWORDS: Home Goods Online Retail Other Retail Discount/Variety Retail

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April 23, 2026 6:53 am

Bread Financial Reports First Quarter 2026 Results

COLUMBUS, Ohio, April 23, 2026 (GLOBE NEWSWIRE) — Bread Financial ^® Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, flexible payment, lending and saving solutions, today announced its first quarter 2026 financial results. All earnings-related materials are now available at the company’s investor relations website, here.

Bread Financial President and Chief Executive Officer Ralph Andretta and Chief Financial Officer Perry Beberman will host a conference call at 8:30 a.m. ET today to discuss results. A link to the conference call will be available at the company’s investor relations website, and a replay will also be available there following the call.

About Bread Financial®

Bread Financial® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. Our payment solutions deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, technology, electronics, jewelry, home and specialty apparel through our co-brand and private label credit cards and pay-over-time products providing choice and value to our shared customers. Additionally, we offer Bread Financial general purpose credit cards and saving products that empower our customers and their passions for a better life.

Bread Financial proudly marks 30 years of success in 2026. To learn more about our global associates, our performance and our sustainability progress, visit breadfinancial.com or follow us on Instagram and LinkedIn.

Contacts

Brian Vereb — Investor Relations
[email protected]

Susan Haugen — Investor Relations
[email protected]

Rachel Stultz — Media
[email protected]

April 23, 2026 6:48 am

Bullish to announce first quarter 2026 financial results

CAYMAN ISLANDS–(BUSINESS WIRE)–
Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, announced today that it will release its financial results for the first quarter 2026 on Thursday, May 14, 2026, and will host an earnings conference call at 8:30 a.m. Eastern Time the same day.

A live webcast of the conference call will be available on the Bullish Investor Relations website at investors.bullish.com. A replay will be available on the website following the earnings call.

The company has also calculated its fully diluted outstanding shares at 161,206,073 based on a Q1 average price of $35.07¹, and fully diluted outstanding share of 161,266,541 based on the 3/31/2026 close price of $35.73.

About Bullish

Bullish (NYSE: BLSH) is an institutionally focused global digital asset platform that provides regulated market infrastructure and information services. This includes Bullish Exchange – an institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish Europe is regulated under MiCAR as a crypto asset service provider offering spot trading and custody services for digital assets.

Bullish is the parent company of CoinDesk, a leading provider of digital asset media and information services. CoinDesk’s offerings include: CoinDesk Indices – a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data – a broad suite of digital asset market data and analytics, providing real-time insights into prices, trends and market dynamics; and CoinDesk Insights – a digital asset media and events provider and operator of coindesk.com, a digital media platform that covers news and insights about digital assets, the underlying markets, policy and blockchain technology.

For more information, please visit bullish.com and follow LinkedIn and X.

Use of Websites to Distribute Material Company Information

We use the Bullish Investor Relations website (investors.bullish.com) and our X account (x.com/bullish) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the U.S. Securities and Exchange Commission (SEC) and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.

__________________________

¹ Q1 average price of $35.07 calculated as the average BLSH close price of all trading days in 1Q2026

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Investor Relations:[email protected]

KEYWORDS: Cayman Islands Caribbean

INDUSTRY KEYWORDS: Professional Services Blockchain Technology Cryptocurrency Finance Fintech Digital Cash Management/Digital Assets

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April 23, 2026 6:48 am

Tapestry, Inc. to Host FY26 Third Quarter Earnings Call

Tapestry, Inc. to Host FY26 Third Quarter Earnings Call

NEW YORK–(BUSINESS WIRE)–
On Thursday, May 7, 2026 at 8:00 a.m. (ET), Tapestry, Inc. (NYSE: TPR) will hold a conference call to discuss the Company’s fiscal 2026 third quarter results which will be reported via press release earlier that morning.

To listen to this Tapestry conference call, please dial 1-866-847-4217 or 1-203-518-9845 and provide the Conference ID 3533756. To listen to the audio webcast, please visit www.tapestry.com/investors. A telephone replay will be available for five business days beginning at 12:00 noon (ET) on May 7^th. To access the telephone replay, please call 1-800-283-4641 or 1-402-220-0851.

About Tapestry, Inc.

Our global house of iconic accessories and lifestyle brands unites the magic of Coach and kate spade new york. Together, we stretch what’s possible – advancing brands further than they could go alone, expanding their reach to new geographies and generations. Inspired by our consumers, we create experiences and products that build lasting brand love and elevate everyday life. To learn more about Tapestry, please visit www.tapestry.com. For important news and information regarding Tapestry, visit the Investor Relations section of our website at www.tapestry.com/investors. In addition, investors should continue to review our news releases and filings with the SEC. We use each of these channels of distribution as primary channels for publishing key information to our investors, some of which may contain material and previously non-public information. The Company’s common stock is traded on the New York Stock Exchange under the symbol TPR.

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Tapestry, Inc.

Analysts and Investors:

Christina Colone

Global Head of Investor Relations

212/946-7252

[email protected]

Media:

Jennifer Leemann

Global Head of Communications

212/631-2797

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Retail Specialty Fashion

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April 23, 2026 6:48 am

MarineMax Reports Fiscal 2026 Second Quarter Results

MarineMax Reports Fiscal 2026 Second Quarter Results

~ Results Underscore Strategic Value and Benefits of Diversified Business Strategy ~

~ Gross Margin Exceeds 34%, Up from 30% in Prior Year ~

~ Company Reaffirms Fiscal 2026 Guidance ~

~ Earnings Conference Call at 10:00 a.m. ET Today ~

OLDSMAR, Fla.–(BUSINESS WIRE)–
MarineMax, Inc. (NYSE: HZO) (“MarineMax” or the “Company”), the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company, today announced results for its fiscal 2026 second quarter ended March 31, 2026.

Fiscal 2026 Second Quarter Summary

Revenue of $527.4 million
Same-store sales decreased 15% due to challenging environment, compared to an increase of 11% in the prior-year period
Gross profit margin of 34.4%, reflecting strength in higher margin businesses
Inventories decreased $128.0 million year-over-year
Reported net loss of $2.6 million, or $0.12 per share; adjusted net income¹ of $0.9 million, or $0.04 per diluted share
Adjusted EBITDA¹ of $23.9 million

CEO & President Commentary

“Our fiscal second quarter results reflected ongoing industry headwinds in the retail environment for new and used boat sales; however, our higher‑margin businesses once again provided important balance, stability and growth, helping to offset much of the pressure caused by the decline in boat revenue,” said MarineMax Chief Executive Officer and President Brett McGill. “Contributions from areas of the business that we have strategically expanded, including finance and insurance, superyacht services, marinas, and parts and service, continue to perform well and support our margin profile, underscoring the benefits of our diversified business model.

“While near-term market conditions remain pressured by geopolitical and macroeconomic uncertainty, including international concerns from tariffs, the long-term fundamentals of the recreational marine market remain strong,” McGill said. “Virtually every recent boat show we have participated in, including last month’s Palm Beach International Boat Show, has produced strong and, in some cases, record results, highlighting sustained consumer interest in the boating lifestyle, especially in premium segments. This demand is reflected in our sequential and year-over-year customer deposit growth trends as well as continued strength in our superyacht and international marina businesses.

“Our balance sheet remains very strong, supported by disciplined inventory management, reduced floorplan financing, and ample liquidity,” McGill said. “As we enter the summer selling season, we are seeing increased demand across both digital and retail channels supporting a cautiously optimistic outlook.”

Fiscal 2026 Second Quarter Results

Revenue for the fiscal 2026 second quarter was $527.4 million, compared with a record $631.5 million in the same period last year. This decline, primarily driven by lower boat sales, was partially offset by continued growth in higher-margin businesses, including finance and insurance, superyacht services and marinas.

Gross profit totaled $181.3 million, compared with $189.5 million in the prior-year period. Gross profit margin expanded 440 basis points year-over-year to 34.4%, primarily driven by the increasing contribution from higher-margin businesses.

Selling, general, and administrative (SG&A) expenses were $170.4 million, or 32.3% of revenue, compared with SG&A expenses of $166.8 million, or 26.4% of revenue, in the prior-year period. On an adjusted basis, excluding transaction costs, changes in contingent consideration, weather events, and other non-recurring items, Adjusted SG&A² was $165.8 million, or 31.4% of revenue, compared with $163.8 million, or 25.9% of revenue, in the prior year.

Interest expense was $14.7 million, or 2.8% of revenue, compared with $18.2 million, or 2.9% of revenue, in the prior-year period, reflecting lower interest rates and reduced inventory levels.

Net loss for the quarter was $2.6 million, or $0.12 per share, compared with net income of $3.3 million, or $0.14 per diluted share, in the prior-year period. Adjusted net income¹ was $0.9 million, or $0.04 per diluted share, compared with Adjusted net income of $5.5 million, or $0.24 per diluted share, in the prior year.

Adjusted EBITDA¹ for the quarter was $23.9 million, compared with $30.9 million in the prior-year period.

Balance Sheet

Cash and cash equivalents were $189.1 million at quarter end, compared with $203.5 million in the prior-year period and $170.4 million at the end of fiscal 2025.

Inventories totaled $845.4 million, down from $973.4 million in the prior-year period.

Company Reaffirms Fiscal 2026 Guidance

Based on current business conditions, retail marine industry trends, and other relevant factors, the Company continues to expect fiscal 2026 Adjusted EBITDA^1,2 to be in the range of $110 million to $125 million and adjusted net income^1,2 in the range of $0.40 to $0.95 per diluted share. These projections exclude the potential impact of material acquisitions or other unforeseen developments, including changes in tariffs, international hostilities, and broader macroeconomic conditions.

“As we look ahead, we recognize that geopolitical uncertainty and macroeconomic dynamics may continue to influence consumer behavior over the next several quarters,” McGill concluded. “That said, our diversified business model, strong balance sheet and continued growth in higher-margin businesses position us well to navigate the environment and drive long-term value creation.”

Conference Call Information

MarineMax will discuss its fiscal 2026 second quarter financial results on a conference call starting at 10:00 a.m. ET today. The conference call can be accessed via the “Investors” section of the Company’s website: www.marinemax.com, or by dialing 877-407-0789 (U.S. and Canada) or 201-689-8562 (International). An online replay will be available within one hour of the conclusion of the call and will be archived on the website for one year.

About MarineMax

As the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company, MarineMax (NYSE: HZO) is United by Water. We have over 120 locations worldwide, including over 70 dealerships and over 65 marina and storage facilities. Our integrated business includes IGY Marinas, which operates luxury marinas in yachting and sport fishing destinations around the world; Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies; Cruisers Yachts, one of the world’s premier manufacturers of premium sport yachts, motor yachts, and Aviara luxury dayboats; and Intrepid Powerboats, a premier manufacturer of powerboats. To enhance and simplify the customer experience, we provide financing and insurance services as well as leading digital technology products that connect boaters to a network of preferred marinas, dealers, and marine professionals through Boatyard and Boatzon. In addition, we operate MarineMax Vacations in Tortola, British Virgin Islands, which offers our charter vacation guests the luxury boating adventures of a lifetime. Land comprises 29% of the earth’s surface. We’re focused on the other 71%. Learn more at www.marinemax.com.

Forward-Looking Statement

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events, and may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these words, or other similar terms or expressions that concern the Company’s expectations, strategy, plans, or intentions. These statements, including those relating to the strength of the long-term fundamentals of the recreational marine market, demand across both digital and retail channels, our optimism because of the improving trends, our fiscal 2026 guidance, the influence of geopolitical uncertainty and macroeconomic dynamics on consumer behavior over the next several quarters, and our positioning to navigate the environment and drive long-term value creation, are based on current expectations, forecasts, risks, uncertainties, and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions, and uncertainties include the timing of and potential outcome of the Company’s long-term strategy, the estimated impact resulting from the Company’s cost-reduction initiatives, the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, general economic conditions, as well as those within the Company’s industry, the level of consumer spending, and numerous other factors identified in the Company’s most recently filed Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


MarineMax, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Amounts in thousands, except share and per share data) (Unaudited)


	Three Months Ended						Six Months Ended
	March 31,						March 31,
		2026			2025			2026			2025
Revenue	$	527,412		$	631,515		$	1,032,590		$	1,099,976
Cost of sales		346,126			442,004			690,834			740,811
Gross profit		181,286			189,511			341,756			359,165

Selling, general, and administrative expenses		170,448			166,770			325,998			297,452
Income from operations		10,838			22,741			15,758			61,713

Interest expense		14,659			18,179			30,515			36,924
(Loss) income before income tax (benefit) provision		(3,821	)		4,562			(14,757	)		24,789

Income tax (benefit) provision		(1,106	)		1,400			(3,947	)		3,503
Net (loss) income		(2,715	)		3,162			(10,810	)		21,286

Less: Net loss attributable to non-controlling interests		(117	)		(138	)		(286	)		(80	)
Net (loss) income attributable to MarineMax, Inc.	$	(2,598	)	$	3,300		$	(10,524	)	$	21,366

Basic net (loss) income per common share	$	(0.12	)	$	0.15		$	(0.48	)	$	0.94

Diluted net (loss) income per common share	$	(0.12	)	$	0.14		$	(0.48	)	$	0.91

Weighted average number of common shares used in computing net (loss) income per common share:

Basic		22,027,425			22,616,518			21,984,675			22,616,069
Diluted		22,027,425			23,324,347			21,984,675			23,354,856


MarineMax, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Amounts in thousands) (Unaudited)


	March 31,			September 30,			March 31,
		2026			2025			2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	189,132		$	170,351		$	203,507
Accounts receivable, net		101,136			108,288			119,488
Inventories		845,371			867,328			973,410
Prepaid expenses and other current assets		25,454			34,912			27,219
Total current assets		1,161,093			1,180,879			1,323,624
Property and equipment, net		546,786			552,546			546,958
Operating lease right-of-use assets, net		139,085			137,915			140,230
Goodwill		525,650			526,931			591,101
Other intangible assets, net		34,700			35,416			37,592
Other long-term assets		34,247			36,751			33,596
Total assets	$	2,441,561		$	2,470,438		$	2,673,101
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	62,511		$	56,378		$	44,567
Contract liabilities (customer deposits)		61,742			45,699			56,936
Accrued expenses		122,430			121,042			172,156
Short-term borrowings (Floor Plan)		689,873			715,679			821,701
Current maturities on long-term debt		35,593			35,593			33,766
Current operating lease liabilities		11,288			10,489			10,196
Total current liabilities		983,437			984,880			1,139,322
Long-term debt, net of current maturities		338,730			356,235			339,054
Noncurrent operating lease liabilities		129,980			127,969			128,872
Deferred tax liabilities, net		41,211			47,447			55,372
Other long-term liabilities		4,780			5,154			7,102
Total liabilities		1,498,138			1,521,685			1,669,722
SHAREHOLDERS’ EQUITY:
Preferred stock		—			—			—
Common stock		31			31			30
Additional paid-in capital		368,584			360,818			355,459
Accumulated other comprehensive income		6,018			8,234			1,803
Retained earnings		735,860			746,384			799,385
Treasury stock		(178,277	)		(178,277	)		(163,228	)
Total shareholders’ equity attributable to MarineMax, Inc.		932,216			937,190			993,449
Non-controlling interests		11,207			11,563			9,930
Total shareholders’ equity		943,423			948,753			1,003,379
Total liabilities and shareholders’ equity	$	2,441,561		$	2,470,438		$	2,673,101


MarineMax, Inc. and Subsidiaries Segment Financial Information (Amounts in thousands) (Unaudited)


	Three Months Ended						Six Months Ended
	March 31,						March 31,
		2026			2025			2026			2025
Revenue:
Retail Operations	$	525,332		$	626,340		$	1,029,745		$	1,094,689
Product Manufacturing		23,705			35,503			45,327			73,441
Elimination of intersegment revenue		(21,625	)		(30,328	)		(42,482	)		(68,154	)
Revenue	$	527,412		$	631,515		$	1,032,590		$	1,099,976
Income from operations:
Retail Operations	$	12,404		$	20,941		$	19,569		$	62,191
Product Manufacturing		(5,074	)		(3,429	)		(11,199	)		(3,206	)
Intersegment adjustments		3,508			5,229			7,388			2,728
Income from operations	$	10,838		$	22,741		$	15,758		$	61,713

MarineMax, Inc. and Subsidiaries Supplemental Financial Information (Amounts in thousands, except share and per share data) (Unaudited)


	Three Months Ended						Six Months Ended
	March 31,						March 31,
		2026			2025			2026			2025
Net (loss) income attributable to MarineMax, Inc.	$	(2,598	)	$	3,300		$	(10,524	)	$	21,366
Transaction and other costs (1)		5,747			602			8,723			823
Intangible amortization (2)		835			1,428			1,794			2,856
Change in fair value of contingent consideration (3)		(757	)		106			(343	)		(25,712	)
Weather (recoveries) expenses		(1,226	)		553			(1,217	)		5,521
Restructuring expense (4)		62			273			209			776
Tax adjustments for items noted above (5)		(1,170	)		(743	)		(2,301	)		3,950
Adjusted net income (loss) attributable to MarineMax, Inc.	$	893		$	5,519		$	(3,659	)	$	9,580

Diluted net (loss) income per common share	$	(0.12	)	$	0.14		$	(0.48	)	$	0.91
Transaction and other costs (1)		0.26			0.03			0.40			0.04
Intangible amortization (2)		0.04			0.06			0.08			0.12
Change in fair value of contingent consideration (3)		(0.03	)		0.01			(0.02	)		(1.10	)
Weather (recoveries) expenses		(0.06	)		0.02			(0.06	)		0.24
Restructuring expense (4)		—			0.01			0.01			0.03
Tax adjustments for items noted above (5)		(0.05	)		(0.03	)		(0.10	)		0.17
Adjusted diluted net income (loss) per common share	$	0.04		$	0.24		$	(0.17	)	$	0.41

(1) Transaction and other costs relate to acquisition transaction expenses, integration, and other related costs in the period.

(2) Represents amortization expense for acquisition-related intangible assets.

(3) Represents (gains) expenses to record contingent consideration liabilities at fair value.

(4) Represents expenses incurred as a result of restructuring and store closings.

(5) Adjustments for taxes for items are calculated based on an estimated effective tax rate. The estimated effective rate used for the three and six months ended March 31, 2026 was used for the three and six months ended March 31, 2025, for consistency in presentation.

	Three Months Ended						Six Months Ended
	March 31,						March 31,
		2026			2025			2026			2025
Net (loss) income attributable to MarineMax, Inc.	$	(2,598	)	$	3,300		$	(10,524	)	$	21,366
Interest expense (excluding floor plan)		6,671			7,155			14,026			15,556
Income tax (benefit) provision		(1,106	)		1,400			(3,947	)		3,503
Depreciation and amortization		12,711			12,251			25,294			23,849
Stock-based compensation expense		4,152			5,321			6,798			10,794
Transaction and other costs		5,747			602			8,723			823
Restructuring expense		62			273			209			776
Change in fair value of contingent consideration		(757	)		106			(343	)		(25,712	)
Weather (recoveries) expenses		(1,226	)		553			(1,217	)		5,521
Foreign currency		236			(43	)		420			499
Adjusted EBITDA	$	23,892		$	30,918		$	39,439		$	56,975

^{1, 2}Non-GAAP Financial Measures

This press release, along with the above Supplemental Financial Information table, contains “Adjusted net (loss) income attributable to MarineMax, Inc.,” “Adjusted diluted net (loss) income per common share,” “Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization” (“Adjusted EBITDA”), and “Adjusted selling, general and administrative expenses” (“Adjusted SG&A”), which are non-GAAP financial measures as defined under applicable securities legislation. Adjusted SG&A expenses represent SG&A expenses adjusted for transaction and other costs, intangible amortization, change in fair value of contingent consideration, weather expenses, and restructuring expense. See the tables labeled, “Supplemental Financial Information” for the excluded amounts for both periods for Adjusted SG&A.

In determining these measures, the Company excludes certain items which are otherwise included in determining the comparable GAAP financial measures. The Company believes these non-GAAP financial measures are key performance indicators that improve the period-to-period comparability of the Company’s results and provide investors with more insight into, and an additional tool to understand and assess, the performance of the Company’s ongoing core business operations. Investors and other readers are encouraged to review the related GAAP financial measures and the above reconciliation and should consider these non-GAAP financial measures as a supplement to, and not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP.

In addition, we have not reconciled our fiscal year 2026 Adjusted net income and Adjusted EBITDA guidance to net income (the corresponding GAAP measure for each), which is not accessible on a forward-looking basis due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to acquisition contingent consideration, acquisition costs, and other costs. Acquisition contingent consideration and transaction costs, which are likely to be significant to the calculation of net income, are affected by the integration and post-acquisition performance of our acquirees, which is difficult to predict and subject to change. Accordingly, reconciliations of forward-looking Adjusted net income and Adjusted EBITDA are not available without unreasonable effort.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260422021474/en/

Mike McLamb

Chief Financial Officer

727-531-1700

Scott Solomon

Senior Vice President

Sharon Merrill Advisors

857-383-2409

[email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Luxury Other Sports General Sports Sports Other Retail Specialty Yachting Sailing Retail

MEDIA:

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April 23, 2026 6:48 am

Bread Financial Declares Dividends on Preferred and Common Stock

COLUMBUS, Ohio, April 23, 2026 (GLOBE NEWSWIRE) — Bread Financial ^® Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions, today announced that its Board of Directors declared quarterly dividends on its preferred and common stock for the second quarter of 2026.

On the Company’s 8.625% Non-Cumulative Perpetual Preferred Stock, Series A (NYSE: BFH-PrA), the Board of Directors declared a quarterly cash dividend of $21.56 per share (equivalent to $0.539 per depositary share, each representing a 1/40th interest in a share of preferred stock). The dividend is payable on June 15, 2026 to preferred stockholders of record at the close of business on May 29, 2026.

On the Company’s common stock, the Board of Directors declared a quarterly cash dividend of $0.23 per share, payable on June 15, 2026 to common stockholders of record at the close of business on May 29, 2026.

Contacts

Brian Vereb – Investor Relations
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Susan Haugen – Investor Relations
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Rachel Stultz – Media
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