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] 



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  
       



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

 

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:

Logo
Logo

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.

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

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

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

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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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]



Bullish to announce first quarter 2026 financial results

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

 

Media:[email protected]

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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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 7th. 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.

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

MEDIA:

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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 EBITDA1,2 to be in the range of $110 million to $125 million and adjusted net income1,2 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.

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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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.

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]