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BETA Technologies to Announce First Quarter 2026 Results on May 12, 2026

SOUTH BURLINGTON, Vt.–(BUSINESS WIRE)–
BETA Technologies, Inc. (NYSE: BETA) (“BETA” or “the Company”), an electric aerospace company, today announced it will release its financial results for the first quarter of 2026 before the market opens on May 12, 2026. The Company will also host a live webcast beginning at 8:30 a.m. ET to discuss the results.

A live webcast and supporting materials can be accessed here. All participants joining by telephone should register by clicking here for personal dial-in and PIN numbers. For those unable to participate in the live call, a replay will be made available on the Company’s investor relations page.

About BETA Technologies, Inc.

BETA (NYSE: BETA) is an aerospace company designing, manufacturing and selling high-performance electric aircraft, advanced electric propulsion systems, components and charging systems to top operators worldwide. BETA has built and flown its family of ALIA aircraft, consisting of both conventional fixed-wing electric aircraft (the “ALIA CTOL”) and electric vertical takeoff and landing aircraft (the “ALIA VTOL”), more than 130,000 nautical miles, including multiple trips across the United States. BETA is deploying a network of charging infrastructure to enable the growing industry with more than 100 sites across the United States and internationally. BETA’s intentional approach to developing the enabling technologies necessary to electrify aviation unlocks lucrative aftermarket revenue opportunity over the life of each aircraft. These highly scalable enabling technologies allow BETA to serve a customer base across cargo and logistics, defense, passenger and medical end markets and unlock cost-effective and safe missions. BETA was named the #1 company on TIME’s list of the World’s Top GreenTech Companies of 2025. Visit www.beta.team for more information about BETA and its products.

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Media:

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Investors:

Devon Rothman

[email protected]

KEYWORDS: Vermont United States North America

INDUSTRY KEYWORDS: Engineering Aerospace Manufacturing

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Valmont Reports First Quarter 2026 Results and Raises Full-Year 2026 EPS Guidance

OMAHA, Neb.–(BUSINESS WIRE)–
Valmont^® Industries, Inc. (NYSE: VMI), a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity, today reported financial results for the first quarter ended March 28, 2026.

President and Chief Executive Officer Avner M. Applbaum commented, “We delivered a strong start to 2026, including record first-quarter earnings per share, reflecting solid sales growth and margin expansion driven primarily by pricing strength and higher volumes in North America Utility. This performance reflects the team’s focus on value-based pricing, a disciplined commercial approach, and continued progress on our capacity and throughput initiatives. We are advancing our strategy and key value drivers to support sustainable growth and long-term shareholder value.

“In Infrastructure, demand in North America Utility remains underpinned by long-term investment trends, including rising energy demand, grid modernization, and electrification. As we move through the year, growth is supported by our capacity investments and strong operational and commercial execution.

“In Agriculture, we are managing through a more cautious near-term market environment, with an emphasis on profitability. We continue to position the business for future growth through investment in aftermarket parts and technology solutions that improve water efficiency and enhance grower productivity.”

FirstQuarter 2026 Highlights (all metrics compared to First Quarter 2025 unless otherwise noted)

• Net sales increased 6.2% to $1.03 billion

• Operating income increased 21.3% to $155.6 million or 15.1% of net sales, compared to $128.3 million or 13.2% of net sales

• Diluted earnings per share increased 27.5% to $5.51, compared to $4.32

• Realigned the product line reporting¹ within the segments to better reflect the markets served and how they are managed

• Cash and cash equivalents were $160.2 million and net leverage ratio² was ~1.1x

• Returned $70.8 million to shareholders through $57.5 million in share repurchases and $13.3 million in dividends; increased the quarterly cash dividend by 13% to $0.77 per share ($3.08 annualized)

• Invested $34.6 million in capital expenditures to primarily support capacity investments for the North America Utility product line

1Prior-period amounts have been recast to conform to the current-period presentation.
2Please see Reg G reconciliation to GAAP measures at end of document
Key Financial Metrics
First Quarter 2026
(In thousands, except per-share amounts)		3/28/2026			3/29/2025
		Q1 2026			Q1 2025			vs. Q1 2025
Net Sales		$	1,029,197		$	969,314		6.2%
Gross Profit			316,878			291,102		8.9%
Gross Profit as a % of Net Sales			30.8%			30.0%
Operating Income			155,626			128,314		21.3%
Operating Income as a % of Net Sales			15.1%			13.2%
Net Earnings Attributable to Valmont Industries, Inc.			108,033			87,261		23.8%
Diluted Earnings per Share			5.51			4.32		27.5%
Weighted Average Shares Outstanding			19,616			20,196

First Quarter 2026 Segment Review (all metrics compared to First Quarter 2025 unless otherwise noted)

Infrastructure(78.0% of Net Sales)

Products and solutions to serve the infrastructure markets of utility, lighting, transportation, and telecommunications, along with coatings services to protect metal products

Sales increased 14.1% to $805.9 million, compared to $706.2 million.

Infrastructure end markets remain strong supporting 27.4% growth in North America Utility and a 13.3% increase in North America Coatings sales driven by favorable pricing and higher volumes. International sales increased due to favorable foreign exchange. These increases were partially offset by lower volumes in North America Lighting and Transportation and North America Telecommunications.

Operating income increased 22.0% to $143.0 million or 17.8% of net sales, compared to $117.2 million or 16.7% of net sales. The improvement was primarily attributable to higher pricing and volumes, and an improved global cost structure.

Agriculture (22.0% of Net Sales)

Center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture

Sales decreased 15.1% to $227.0 million, compared to $267.3 million.

In North America, irrigation sales increased 1.5% due to favorable pricing, partially offset by lower volumes amid continued agriculture market softness. International sales decreased 32.7% driven primarily by operational disruptions due to the ongoing Middle East conflict and lower volumes in Brazil.

Operating income decreased 7.5% to $33.5 million or 14.8% of net sales, compared to $36.2 million or 13.6% of net sales. The decrease was driven primarily by lower volumes partially offset by positive pricing and reduced SG&A.

Full-Year 2026 Financial Outlook and Key Assumptions

The Company is raising its full-year 2026 diluted EPS outlook and updating its key assumptions.

Metric	Previous Outlook	Updated Outlook
Net Sales	$4.2 to $4.4 billion	No change
Infrastructure Net Sales	$3.25 to $3.4 billion	$3.3 to $3.45 billion
Agriculture Net Sales	$0.95 to $1.0 billion	$0.9 to $0.95 billion
Diluted Earnings per Share	$20.50 to $23.50	$21.50 to $23.50
Capital Expenditures	$170 to $200 million	No change
Effective Tax Rate	~26.0%	No change

Key Assumptions

• Steel cost assumptions are aligned with futures markets as of April 17, 2026

• Foreign currency assumptions based on FX rates as of April 17, 2026

• This outlook includes the current tariffs as of April 17, 2026 and assumes no material change to the current trade or tariff environment

A live audio discussion with Avner M. Applbaum, President and Chief Executive Officer, and John Schwietz, Executive Vice President and Chief Financial Officer, will take place on Tuesday, April 21, 2026 at 8:00 a.m. CT. The discussion can be accessed by telephone at +1 877.407.6184 or +1 201.389.0877 (no Conference ID needed) or via webcast at the following link: Valmont Industries 1Q 2026 Earnings Conference Call. A slide presentation will be available for download on the Investors page of valmont.com during the webcast. A replay of the event will be accessible three hours after the call at the above link or by telephone at +1 877.660.6853 or +1 201.612.7415 using access code 13756344. The replay will be available until 10:59 p.m. CT on Tuesday, April 28, 2026.

About Valmont Industries, Inc.

For more than 80 years, Valmont has been a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity. We are committed to customer-focused innovation that delivers lasting value. Learn more about how we’re Conserving Resources. Improving Life.^® at valmont.com.

Concerning Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions made by management, considering its experience in the industries where Valmont operates, perceptions of historical trends, current conditions, expected future developments, and other relevant factors. It is important to note that these statements are not guarantees of future performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control), and assumptions. While management believes these forward-looking statements are based on reasonable assumptions, numerous factors could cause actual results to differ materially from those anticipated. These factors include, among other things, risks described in Valmont’s reports to the Securities and Exchange Commission (“SEC”), the Company’s actual cash flows and net income, future economic and market circumstances, industry conditions, company performance and financial results, operational efficiencies, availability and price of raw materials, availability and market acceptance of new products, product pricing, domestic and international competitive environments, geopolitical risks, and actions and policy changes by domestic and foreign governments, including tariffs. The Company cautions that any forward-looking statements in this release are made as of its publication date and does not undertake to update these statements, except as required by law.

The Company may provide certain non-GAAP financial measures (adjusted diluted earnings per share and adjusted effective tax rate) on a forward-looking basis from time to time. These measures are typically calculated by excluding the impact of items such as foreign exchange, acquisitions, divestitures, realignment or restructuring expenses, goodwill or intangible asset impairment, changes in tax laws or rates, change in redemption value of redeemable noncontrolling interests, and other non-recurring items. To the extent the Company provide forward-looking non-GAAP financial measures, reconciliations to the most directly comparable GAAP financial measures are not provided, as the Company cannot do so without unreasonable effort due to the inherent uncertainty and difficulty in predicting the timing and financial impact of such items. For the same reasons, the Company cannot assess the likely significance of unavailable information, which could be material to future results.

Website and Social Media Disclosure

The Company uses its website and social media channels, as identified on its website, to distribute company information. Posts on these channels may contain material information. Therefore, investors should monitor these channels alongside the Company’s press releases, SEC filings, and public conference calls and webcasts. The contents of the Company’s website and social media channels are not considered part of this press release.

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars and shares in thousands, except per-share amounts)
(Unaudited)
		Thirteen weeks ended
		March 28,				March 29,
		2026				2025
Net sales		$	1,029,197			$	969,314
Cost of sales			712,319				678,212
Gross profit			316,878				291,102
Selling, general, and administrative expenses			161,252				162,788
Operating income			155,626				128,314
Other income (expenses):
Interest expense			(9,411	)			(10,115	)
Interest income			1,377				3,394
Loss on deferred compensation investments			(1,558	)			(841	)
Other			(895	)			(2,730	)
Total other expenses			(10,487	)			(10,292	)
Earnings before income taxes and equity method investment loss			145,139				118,022
Income tax expense			37,115				30,799
Equity method investment loss			—				(560	)
Net earnings			108,024				86,663
Loss attributable to redeemable noncontrolling interests			9				598
Net earnings attributable to Valmont Industries, Inc.		$	108,033			$	87,261
Weighted average shares outstanding – Basic			19,475				20,047
Earnings per share – Basic		$	5.55			$	4.35
Weighted average shares outstanding – Diluted			19,616				20,196
Earnings per share – Diluted		$	5.51			$	4.32
Cash dividends per share		$	0.77			$	0.68

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OPERATING RESULTS
(Dollars in thousands)
(Unaudited)
		Thirteen weeks ended
		March 28,				March 29,
		2026				2025
Infrastructure
Net sales		$	803,180			$	703,491
Gross profit			244,190				212,875
as a percentage of net sales			30.4	%			30.3	%
Selling, general, and administrative expenses			101,167				95,663
as a percentage of net sales			12.6	%			13.6	%
Operating income			143,023				117,212
as a percentage of net sales			17.8	%			16.7	%
Agriculture
Net sales		$	226,017			$	265,823
Gross profit			72,688				78,227
as a percentage of net sales			32.2	%			29.4	%
Selling, general, and administrative expenses			39,185				41,990
as a percentage of net sales			17.3	%			15.8	%
Operating income			33,503				36,237
as a percentage of net sales			14.8	%			13.6	%
Corporate
Selling, general, and administrative expenses		$	20,900			$	25,135
Operating loss			(20,900	)			(25,135	)

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OPERATING RESULTS
(Dollars in thousands)
(Unaudited)
In the first quarter of fiscal 2026, the Company revised its product line presentation to better reflect how the business is currently managed. Within the Infrastructure segment, product lines are now presented as North America Utility, North America Lighting and Transportation, North America Coatings, North America Telecommunications, and International Infrastructure and Solar, replacing the previous presentation of Utility, Lighting and Transportation, Coatings, Telecommunications, and Solar. Within the Agriculture segment, product lines are now presented as Agriculture, replacing the previous presentation of Irrigation Equipment and Parts and Technology Products and Services. The prior period product line amounts have been recast to conform to the current period presentation.
		Thirteen weeks ended March 28, 2026
		Infrastructure			Agriculture			Intersegment				Consolidated
Geographical Market:
North America		$	667,528		$	139,593		$	(3,720	)		$	803,401
International			138,393			87,403			—				225,796
Total sales		$	805,921		$	226,996		$	(3,720	)		$	1,029,197
Product Line:
North America Utility		$	424,184		$	—		$	—			$	424,184
North America Lighting and Transportation			118,652			—			—				118,652
North America Coatings			63,134			—			(2,741	)			60,393
North America Telecommunications			61,504			—			—				61,504
International Infrastructure and Solar			138,447			—			—				138,447
Agriculture			—			226,996			(979	)			226,017
Total sales		$	805,921		$	226,996		$	(3,720	)		$	1,029,197
		Thirteen weeks ended March 29, 2025
		Infrastructure			Agriculture			Intersegment				Consolidated
Geographical Market:
North America		$	577,197		$	137,476		$	(4,112	)		$	710,561
International			129,024			129,795			(66	)			258,753
Total sales		$	706,221		$	267,271		$	(4,178	)		$	969,314
Product Line:
North America Utility		$	332,836		$	—		$	—			$	332,836
North America Lighting and Transportation			124,123			—			—				124,123
North America Coatings			55,708			—			(2,664	)			53,044
North America Telecommunications			63,988			—			—				63,988
International Infrastructure and Solar			129,566			—			(66	)			129,500
Agriculture			—			267,271			(1,448	)			265,823
Total sales		$	706,221		$	267,271		$	(4,178	)		$	969,314

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
		March 28,			December 27,
		2026			2025
ASSETS
Current assets:
Cash and cash equivalents		$	160,189		$	187,140
Receivables, net			652,749			590,127
Inventories			587,715			566,396
Contract assets			250,411			266,922
Prepaid expenses and other current assets			120,931			109,063
Total current assets			1,771,995			1,719,648
Property, plant, and equipment, net			685,952			673,863
Goodwill and other non-current assets			977,218			975,818
Total assets		$	3,435,165		$	3,369,329
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term debt		$	—		$	513
Mandatorily redeemable financial instrument			—			8,922
Accounts payable			374,208			359,539
Accrued expenses			266,309			284,751
Contract liabilities			77,112			52,013
Income taxes payable			13,283			12,604
Dividends payable			14,948			13,278
Total current liabilities			745,860			731,620
Long-term debt, excluding current installments			790,292			795,150
Operating lease liabilities			131,008			130,007
Other non-current liabilities			79,422			70,267
Total liabilities			1,746,582			1,727,044
Redeemable noncontrolling interests			9,301			9,498
Shareholders’ equity			1,679,282			1,632,787
Total liabilities, redeemable noncontrolling interests, and shareholders’ equity		$	3,435,165		$	3,369,329

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
		Thirteen weeks ended
		March 28,				March 29,
		2026				2025
Cash flows from operating activities:
Net earnings		$	108,024			$	86,663
Depreciation and amortization			22,607				21,518
Contribution to defined benefit pension plan			(886	)			(1,492	)
Changes in assets and liabilities			(48,541	)			(60,045	)
Other, net			22,269				18,486
Net cash flows from operating activities			103,473				65,130
Cash flows from investing activities:
Purchases of property, plant, and equipment			(34,568	)			(30,319	)
Acquisitions, net of cash acquired			(11,195	)			—
Other, net			2,462				128
Net cash flows from investing activities			(43,301	)			(30,191	)
Cash flows from financing activities:
Net repayments on short-term borrowings			—				(1,601	)
Proceeds from long-term borrowings			50,000				60,000
Principal repayments on long-term borrowings			(55,555	)			(60,174	)
Dividends paid			(13,279	)			(12,019	)
Purchases of redeemable noncontrolling interests			(8,922	)			—
Repurchases of common stock			(57,550	)			—
Other, net			(1,919	)			(3,199	)
Net cash flows from financing activities			(87,225	)			(16,993	)
Effect of exchange rates on cash and cash equivalents			102				2,138
Net change in cash and cash equivalents			(26,951	)			20,084
Cash and cash equivalents—beginning of period			187,140				164,315
Cash and cash equivalents—end of period		$	160,189			$	184,399

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

USE OF NON-GAAP FINANCIAL MEASURES

Management utilizes non-GAAP financial measures to assess the Company’s historical and prospective financial performance, evaluate operational profitability on a consistent basis, factor into executive compensation decisions, and enhance transparency for the investment community. These non-GAAP measures are intended to supplement, not replace, the Company’s reported financial results prepared in accordance with GAAP. It is important to note that other companies may calculate these measures differently, which can limit their usefulness for comparison across organizations.

The following non-GAAP measures may be included in financial releases and other financial communications:

• Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Net Earnings, Adjusted Diluted EPS, and Adjusted Effective Tax Rate: These metrics provide meaningful supplemental insights into the Company’s operating performance by excluding items that are not considered part of core operating results. This approach enhances comparability across reporting periods. Adjustments may include costs or benefits associated with acquisitions, divestitures, expenses related to realignment or restructuring programs, goodwill or intangible asset impairment, significant expenses or benefits from changes in tax laws or rates, cumulative effects of changes in accounting standards, refinancing-related expenses, a loss or a gain from a partial or full settlement of the U.K. defined benefit pension plan obligation, losses from natural disasters, change in redemption value of redeemable noncontrolling interests, and other non-recurring items.
• Adjusted EBITDA: This metric is a key component of a financial ratio included in the covenants of our major debt agreements. It is calculated as net earnings before interest, taxes, depreciation, amortization, stock-based compensation, and other adjustments as outlined in the applicable debt agreements. This metric offers investors and analysts valuable insights into the Company’s core operating performance. Adjusted EBITDA margin is also used to evaluate profitability.
• Leverage Ratio: This ratio is calculated by taking the sum of interest-bearing debt, minus unrestricted cash in excess of $50.0 million (but not exceeding $500.0 million), and dividing it by Adjusted EBITDA. This is a key financial ratio included in the covenants of our major debt agreements and is calculated on a rolling four-fiscal-quarter basis.
• Free Cash Flow: Calculated as net cash provided by operating activities minus capital expenditures, free cash flow serves as an indicator of the Company’s financial strength. However, this measure does not fully reflect the Company’s ability to deploy cash freely, as it has obligations such as debt repayments and other fixed commitments.
• Backlog: This operating measure is used to evaluate future potential sales revenue. An order is included in the backlog upon receipt of a customer purchase order or the execution of a sales order contract. Backlog is particularly relevant to the Infrastructure segment due to the longer-term nature of its projects. However, backlog is not a term defined under U.S. GAAP and does not measure contract profitability. It should not be viewed as the sole indicator of future revenue, as many projects with short lead times book-and-bill within the same reporting period and are not included in the backlog.
• ROIC: Return on invested capital (“ROIC”) and adjusted ROIC are key operating ratios that enable investors to assess our operating performance relative to the investment needed to generate operating profit. ROIC is calculated as after-tax operating income divided by the average of beginning and ending invested capital. Adjusted ROIC is calculated as after-tax adjusted operating income divided by the average of beginning and ending invested capital. Invested capital represents total assets minus total liabilities (excluding interest-bearing debt and redeemable noncontrolling interests).

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
REGULATION G RECONCILIATION OF ADJUSTED EBITDA
(Dollars in thousands)
(Unaudited)
		Four fiscal quarters ended
		March 28,
		2026
Net cash flows from operating activities		$	494,827
Interest expense			39,838
Income tax expense			30,180
Impairment of long-lived assets			(91,337	)
Deferred income taxes			13,968
Redeemable noncontrolling interests			(4,004	)
Net periodic pension cost			(1,873	)
Contribution to defined benefit pension plan			2,553
Changes in assets and liabilities			70,920
Other			(1,782	)
Impairment of long-lived assets			91,337
Realignment charges			16,066
Non-recurring non-cash charges1			3,918
Proforma acquisition adjustment			6,424
Adjusted EBITDA		$	671,035
Net earnings attributable to Valmont Industries, Inc.		$	371,045
Interest expense			39,838
Income tax expense			30,180
Depreciation and amortization			89,598
Stock-based compensation			22,629
Impairment of long-lived assets			91,337
Realignment charges			16,066
Non-recurring non-cash charges1			3,918
Proforma acquisition adjustment			6,424
Adjusted EBITDA		$	671,035
1 Non-recurring non-cash charges consist of asset valuation adjustments for a joint venture ag solar business.

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
REGULATION G RECONCILIATION OF LEVERAGE RATIO
(Dollars in thousands)
(Unaudited)
		March 28,
		2026
Interest-bearing debt, excluding origination fees and discounts of $24,708		$	815,000
Less: Cash and cash equivalents in excess of $50,000			110,189
Net indebtedness		$	704,811
Adjusted EBITDA			671,035
Leverage ratio			1.05

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
BACKLOG
(Dollars in millions)
(Unaudited)
		March 28,			December 27,
		2026			2025
Infrastructure		$	1,551.5		$	1,548.3
Agriculture			102.8			105.4
Total backlog		$	1,654.3		$	1,653.7

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260421134755/en/

Renee Campbell

[email protected]

KEYWORDS: Nebraska United States North America

INDUSTRY KEYWORDS: Other Manufacturing Technology Agritech Manufacturing Other Natural Resources Machinery Machine Tools, Metalworking & Metallurgy Agriculture Natural Resources

MEDIA:

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NIQ and Stirista Announce Collaboration to Advance Privacy-Safe Audience Solutions

Relationship aligns purchase-based intelligence with data-driven activation capabilities to support more effective advertising planning and activation

CHICAGO–(BUSINESS WIRE)–
NIQ (NYSE: NIQ), a leading consumer intelligence company, and Stirista, a provider of identity-driven marketing solutions, today announced a strategic collaboration to develop new audience solutions, media planning capabilities, and activation use cases for advertisers and brands.

Through the relationship, NIQ and Stirista will enhance their abilities to develop robust audience definitions, improve campaign planning, and support marketing performance across channels. The collaboration also enables marketers to harness modeled intent data and purchase-based insights to activate campaigns through Stirista’s platform.

As part of the relationship, NIQ will use insights informed by the collaboration with Stirista to advance its consumer research and analytics, strengthening how it supports audience design and planning. Specifically, Stirista will contribute privacy-safe consumer insights related to mobile device usage, professional status, and digital media consumption. Informed by these insights, NIQ will enhance its audience design and segmentation capabilities within its privacy-safe consumer framework.

“Today’s advertisers need to move seamlessly from insight to action without compromising privacy,” said Josh Pisano, General Manager of Global Media, NIQ. “By combining NIQ’s intelligence with Stirista’s activation platform, we’re enabling brands to plan smarter and activate with greater confidence across the media ecosystem.”

NIQ will provide Stirista with aggregated, omni-channel shopper insights. That intelligence strengthens Stirista’s identity-based insights and informs activation workflows within Stirista’s platform, allowing marketers to reach audiences across CTV, email, and digital without needing to rebuild them across systems.

“By leveraging NIQ’s purchase-based insights, Stirista can better design audiences and activate them through its platform and partners, particularly for CPG brands,” said Ajay Gupta, Stirista CEO and Founder. “These audiences are informed by consumer purchase insights that complement our modeled intent signals, enabling more effective targeting across programmatic media and targeted email campaigns.”

About NIQ

NielsenIQ (NYSE: NIQ) is a leading consumer intelligence company, delivering the most complete and trusted understanding of consumer buying behavior and revealing new pathways to growth. By combining an unmatched global data footprint and granular consumer and retail measurement with decades of AI modeling expertise, NIQ builds decision systems that help companies turn complex data into confident action.

With operations in more than 90 countries, NIQ covers approximately 82% of the world’s population and more than $7.4 trillion in global consumer spend. Through cloud-based platforms, advanced analytics and AI-driven insights, NIQ delivers The Full View™—helping brands and retailers understand what consumers buy, why they buy it, and what to do next.

For more information, please visit www.niq.com.

© 2026 Nielsen Consumer LLC. All Rights Reserved.

About Stirista

Stirista is a data-driven marketing technology provider that combines the power of authoritative identity data with the execution of omnichannel marketing. Through its data and customer-centric approach, Stirista helps brands increase loyalty and acquire new customers across digital, email, CTV, and social channels. For more information, visit www.stirista.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260421485865/en/

Media Contact:

NIQ North America

[email protected]

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Software Other Retail Professional Services Consumer Technology Artificial Intelligence Data Analytics Online Privacy Retail Other Consumer Marketing Advertising Communications

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Littelfuse Appoints Anne-Marie D’Angelo as Chief Legal Officer and Corporate Secretary

CHICAGO–(BUSINESS WIRE)–Littelfuse, Inc. (NASDAQ: LFUS), a leader in developing smart solutions that enable safe and efficient electrical energy transfer, today announced that Anne‑Marie D’Angelo will join the company as Chief Legal Officer and Corporate Secretary, effective May 1, 2026.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260421867892/en/

Greg Henderson, President and Chief Executive Officer, commented, “We are pleased to welcome Anne‑Marie to the Littelfuse executive leadership team. She is a proven leader with an exceptional track record of navigating complex global legal and regulatory landscapes. Her deep expertise in corporate governance, M&A, and strategic planning will be invaluable as we continue to drive growth and deliver long-term value for our shareholders.”

Ms. D’Angelo brings over two decades of legal and executive experience across diverse, highly regulated industries. Most recently, she served as Executive Vice President and General Counsel at Hilton Worldwide Holdings, Inc., where she led a global team of legal and compliance professionals and served as a trusted advisor to the Board of Directors.

Prior to Hilton, Ms. D’Angelo held senior leadership roles including Chief Legal and Government Affairs Officer at Molson Coors Beverage Company and Executive Vice President and General Counsel at NiSource. She also served as General Counsel and Corporate Secretary for Global Brass and Copper Holdings, Inc., and spent over a decade in various legal leadership positions at McDonald’s Corporation.

D’Angelo holds a Juris Doctor from the University of Notre Dame Law School and a Bachelor of Arts from the College of the Holy Cross.

About Littelfuse

Littelfuse, Inc. (NASDAQ: LFUS) is a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 20 countries, and with approximately 17,000 global associates, we partner with customers to design and deliver innovative, reliable solutions. Serving over 100,000 end customers, our products are found in a variety of industrial, transportation, and electronics end markets–everywhere, every day. Learn more at Littelfuse.com.

LFUS-F

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David Kelley

224-727-2535

[email protected]

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Hardware Manufacturing Other Manufacturing Electronic Design Automation Technology

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Anne-Marie D’Angelo, Littelfuse Chief Legal Officer and Corporate Secretary

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Mueller Industries, Inc. Reports First Quarter 2026 Earnings

COLLIERVILLE, Tenn.–(BUSINESS WIRE)–
Mueller Industries, Inc. (NYSE: MLI) announces results for the first quarter of 2026. Comparisons are to the first quarter of 2025.

• Net Sales increased to $1.19 billion versus $1.00 billion.

• Net Income increased to $239.0 million versus $157.4 million.

• Operating Income increased to $312.2 million versus $206.3 million.

• Diluted EPS increased to $2.16 versus $1.39.

• Dividends per share increased to $.35 versus $.25.

First Quarter Financial and Operating Highlights:

• COMEX copper averaged $5.80 per pound during the quarter, a 26.8 percent increase.

• Improved sales in our industrial, electrical, commercial and mechanical markets, combined with higher selling prices stemming from the rise in raw material costs, contributed to the overall increase in net sales.

• Our reported operating income includes a gain of $41.4 million on the sale of our Sherwood Valve business. The prior year period included a gain of $14.5 million on the sale of assets. Adjusting for these gains, our operating income increased 41 percent.

• Net cash generated from operations was $79.7 million. We utilized $75.0 million during the quarter to repurchase 650,000 shares of our common stock.

• Our cash balance at quarter end was $1.38 billion, with no debt, and our current ratio remains strong at 5.4 to 1.

Regarding the results, Greg Christopher, Mueller’s CEO said, “Solid operational execution, including effective raw material and price management and prudent cost controls, along with our diverse end market portfolio, all contributed to the best first quarter earnings in our Company’s history. In addition, our continued strong cash generation supported components of our overall capital allocation strategy, including the stock buyback and a 40 percent increase in our quarterly dividend, our sixth consecutive annual double-digit increase.

We also were excited to complete the acquisition of Bison Metals Technologies on March 30th, and to welcome Bison’s experienced and talented leadership team. The acquisition will immediately provide important synergies that will benefit our entire North American copper tube products platform and enable us to increase our collective copper tube manufacturing capacities. Out of the gate, the integration has been seamless and successful.”

Regarding the outlook he added, “Business conditions and our outlook remain consistent with those described in our recently published annual report. Shifts in patterns of construction and market effects from tariffs have strengthened demand for higher margin products, and as we adjust to the changes in mix, we expect our production and shipments to further improve. We also look forward to an improvement in economic conditions abroad, and particularly, an improvement in the residential and commercial construction markets in the U.S. Once those markets recover, we are exceedingly well positioned to benefit.”

Mueller Industries, Inc. (NYSE: MLI) is an industrial corporation whose holdings manufacture vital goods for important markets such as air, water, oil and gas distribution; climate comfort; food preservation; electrical transmission; medical; aerospace; and automotive. It includes a network of companies and brands throughout North America, Europe, Asia, and the Middle East.

Statements in this release that are not strictly historical may be “forward-looking” statements, which involve risks and uncertainties. These include economic and currency conditions, continued availability of raw materials and energy, market demand, pricing, competitive and technological factors, and the availability of financing, among others, as set forth in the Company’s SEC filings. The words “outlook,” “estimate,” “project,” “intend,” “expect,” “believe,” “target,” “encourage,” “anticipate,” “appear,” and similar expressions are intended to identify forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date of this report. The Company has no obligation to publicly update or revise any forward-looking statements to reflect events after the date of this report.

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
		For the Quarter Ended
(In thousands, except per share data)		March 28, 2026				March 29, 2025
Net sales		$	1,193,005			$	1,000,165
Cost of goods sold			834,561				728,185
Depreciation and amortization			16,652				17,123
Selling, general, and administrative expense			66,785				63,060
Loss (gain) on disposal of assets, net			1,533				(14,465	)
Gain on sale of business			(41,407	)			—
Asset impairments			2,653				—
Operating income			312,228				206,262
Interest expense			—				(25	)
Interest income			11,870				9,901
Unrealized losses on short-term investments			(2,037	)			(5,010	)
Other (expense) income, net			(1,232	)			92
Income before income taxes			320,829				211,220
Income tax expense			(79,555	)			(51,475	)
Income (loss) from unconsolidated affiliates, net of foreign tax			115				(458	)
Consolidated net income			241,389				159,287
Net income attributable to noncontrolling interests			(2,371	)			(1,855	)
Net income attributable to Mueller Industries, Inc.		$	239,018			$	157,432
Weighted average shares for basic earnings per share			109,094				110,739
Effect of dilutive stock-based awards			1,815				2,333
Adjusted weighted average shares for diluted earnings per share			110,909				113,072
Basic earnings per share		$	2.19			$	1.42
Diluted earnings per share		$	2.16			$	1.39
Dividends per share		$	0.35			$	0.25
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
		For the Quarter Ended
(In thousands)		March 28, 2026				March 29, 2025
Summary Segment Data:
Net sales:
Piping Systems Segment		$	760,528			$	639,683
Industrial Metals Segment			321,277				251,913
Climate Segment			123,765				123,107
Elimination of intersegment sales			(12,565	)			(14,538	)
Net sales		$	1,193,005			$	1,000,165
Operating income:
Piping Systems Segment		$	217,010			$	158,164
Industrial Metals Segment			44,271				30,084
Climate Segment			33,379				35,624
Unallocated income (expenses)			17,568				(17,610	)
Operating income		$	312,228			$	206,262

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
		(Unaudited)
(In thousands)		March 28, 2026			December 27, 2025
ASSETS
Cash and cash equivalents		$	1,382,345		$	1,367,003
Short-term investments			20,696			22,733
Accounts receivable, net			670,511			475,566
Inventories			545,451			510,463
Other current assets			53,037			69,980
Total current assets			2,672,040			2,445,745
Property, plant, and equipment, net			530,300			536,466
Operating lease right-of-use assets			22,868			27,211
Other assets			717,155			723,607
Total assets		$	3,942,363		$	3,733,029
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable		$	243,539		$	180,577
Current portion of operating lease liabilities			7,907			8,520
Other current liabilities			247,835			224,037
Total current liabilities			499,281			413,134
Pension and postretirement liabilities			8,373			8,393
Environmental reserves			15,501			15,684
Deferred income taxes			32,499			31,640
Noncurrent operating lease liabilities			14,917			18,970
Other noncurrent liabilities			10,960			9,302
Total liabilities			581,531			497,123
Total Mueller Industries, Inc. stockholders’ equity			3,334,451			3,209,966
Noncontrolling interests			26,381			25,940
Total equity			3,360,832			3,235,906
Total liabilities and equity		$	3,942,363		$	3,733,029

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
		For the Quarter Ended
(In thousands)		March 28, 2026				March 29, 2025
Cash flows from operating activities
Consolidated net income		$	241,389			$	159,287
Reconciliation of consolidated net income to net cash provided by operating activities:
Depreciation and amortization			16,652				17,123
Stock-based compensation expense			7,332				6,150
Provision for credit losses			861				99
(Income) loss from unconsolidated affiliates			(115	)			458
Dividends from unconsolidated affiliates			1,724				2,812
Loss (gain) on disposals of assets, net			1,533				(14,465	)
Gain on sale of business			(41,407	)			—
Unrealized losses on short-term investments			2,037				5,010
Impairment charges			2,653				—
Deferred income tax expense			2,036				1,651
Changes in assets and liabilities, net of effects of business sold:
Receivables			(200,192	)			(101,524	)
Inventories			(43,936	)			(18,542	)
Other assets			(612	)			410
Current liabilities			88,912				57,702
Other liabilities			1,509				(2,598	)
Other, net			(635	)			(14	)
Net cash provided by operating activities		$	79,741			$	113,559
Cash flows from investing activities
Capital expenditures		$	(17,236	)		$	(16,592	)
Proceeds from sale of business, net of cash sold			57,004				—
Purchase of short-term investments			—				(26,633	)
Purchase of long-term investments			(834	)			(552	)
Proceeds from sales of assets			5				19,737
Other			—				600
Net cash provided by (used in) investing activities		$	38,939			$	(23,440	)
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
		For the Quarter Ended
(In thousands)		March 28, 2026				March 29, 2025
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.		$	(38,043	)		$	(27,262	)
Repurchase of common stock			(74,981	)			(243,615	)
Repayments of debt			—				(56	)
Net cash used to settle stock-based awards			(535	)			(4,494	)
Dividends paid to noncontrolling interests			(4,766	)			(12,240	)
Other			3,100				—
Net cash used in financing activities		$	(115,225	)		$	(287,667	)
Effect of exchange rate changes on cash			(1,810	)			392
Increase (decrease) in cash, cash equivalents, and restricted cash			1,645				(197,156	)
Cash, cash equivalents, and restricted cash at the beginning of the period			1,385,157				1,038,895
Cash, cash equivalents, and restricted cash at the end of the period		$	1,386,802			$	841,739

 

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Jeffrey A. Martin

(901) 753-3226

KEYWORDS: Tennessee United States North America

INDUSTRY KEYWORDS: Chemicals/Plastics Oil/Gas Manufacturing Energy Other Manufacturing Steel

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Magnachip Launches 8th-generation Ultra Low-R_ss(on) 12V BatteryFET Designed for Smartphone Battery Power Efficiency

• R_{SS(on) Typ.} below 1mΩ — delivering ultra-low on-resistance for battery protection circuits (PCMs)

• 48% reduction in specific on-resistance (Rsp) and 185% improvement in current density compared to the previous generation

• Designed to meet next-generation smartphone requirements for ultra-fast charging and high-efficiency battery protection

 

SEOUL, South Korea–(BUSINESS WIRE)–
Magnachip Semiconductor Corporation (NYSE: MX, “Magnachip”) today announced the launch of two new 8th-generation Ultra Low-Ron 12V low-voltage (LV) MOSFETs designed for high-performance smartphone battery protection circuits (PCMs). These new products target next-generation smartphones, where ultra-fast charging and energy efficiency are increasingly critical, and represent an expansion of Magnachip’s product lineup, strengthening its competitiveness in the mobile battery protection FET market. One of them is in mass production and is currently being supplied to a major global smartphone manufacturer, having demonstrated proven performance and reliability.

As smartphones incorporate advanced AI functionalities and increasingly high-performance applications, computational loads are rising, driving the importance of power efficiency and charging performance. As a result, MOSFETs used in battery protection circuits (PCMs) are required to deliver low on-resistance, high current density, and efficient performance within limited board space. In addition, the growing adoption of innovative form factors such as foldable and rollable devices further constrains circuit design space, increasing the importance of enhancing performance within the same footprint while reducing component count.

The new products are designed as main switching devices in smartphone battery protection circuits (PCMs), performing critical functions such as overcharge and over-discharge protection, as well as charge and discharge current control. They offer two key advantages:

First, by significantly reducing on-resistance within the same package size, the products minimize heat generation. For example, the MDWC12D013PERH achieves more than a 50% improvement in on-resistance (R_ss(on)) compared to Magnachip’s 7th-generation device of the same size, resulting in a temperature reduction of up to 10°C under identical test conditions. This reduced heat contributes to extended battery life and improved charging stability in smartphones.

Second, enhanced current density and pin-to-pin compatibility enable replacement and integration within existing circuit designs, reducing PCB footprint and the number of FETs required, which helps reduce production costs. This allows manufacturers to utilize the saved space for larger battery capacity or slimmer device designs.

The new products incorporate Magnachip’s 8th-generation technology, utilizing a high-density trench cell structure. They reduce specific on-resistance (Rsp) by approximately 48% and improve current density by approximately 185% compared to the previous generation, achieving R_{SS(on) Typ.} below 1mΩ.

According to Omdia, generative AI has emerged as a key trend in the technology market and is rapidly expanding, driven by the consumer (digital) segment. The market is projected to grow from approximately $7.7 billion in 2022 to $30.4 billion by 2028, with smartphones expected to account for a major share of applications.

In response to these market trends, Magnachip plans to introduce 22V Ultra Low-Ron products within the year, further expanding its LV MOSFET portfolio for high-performance mobile devices.

“Achieving low on-resistance and superior thermal performance within limited space is a key challenge in smartphone battery protection circuit design. Our 8th-generation Ultra Low-Ron 12V LV MOSFET is designed to address these requirements, delivering enhanced efficiency and reliability, and is expected to provide highly competitive technical value in this application. Leveraging our expertise in power semiconductor design and manufacturing, Magnachip will continue to enhance its product competitiveness across a wide range of applications, including mobile,” said Hyuk Woo, CTO of Magnachip Semiconductor.

At PCIM Europe 2026 in Nuremberg, Germany (Hall 6, Booth 337), Magnachip will showcase its power semiconductor solutions, including these new products.

Magnachip’s New 8th-generation LV MOSFETs
Product	VSS [V]	RSS(on) [mΩ] @VGS=3.8V		Package (mm)
		Max.	Typ.
MDWS12D012PERH	12	1.2	0.9	WLCSP (3.20 x 1.95)
MDWC12D013PERH	12	1.2	0.9	WLCSP (2.98 x 1.49)

Related Links

Power Solutions > MXT MOSFETs > 12V

Related Articles

Magnachip Unveils Its First 8th-Generation MXT LV MOSFET Designed with Super-Short Channel FET II

Magnachip Launches New 24V BatteryFET for Tri-Fold Smartphone Battery Protection

About Magnachip Semiconductor

Magnachip is a designer and manufacturer of analog and mixed-signal power semiconductor platform solutions for various applications, including industrial, automotive, communication, consumer and computing. The Company provides a broad range of standard products to customers worldwide. Magnachip, with about 45 years of operating history, owns a substantial number of registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

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Mike Bishop

United States (Investor Relations)

Bishop IR, LLC

Tel. +1-415-891-9633

[email protected]

Kyeongah Cho

Global Marketing Communication

Magnachip Semiconductor

Tel. +82-2-6903-3179

[email protected]

KEYWORDS: Germany Europe South Korea Asia Pacific

INDUSTRY KEYWORDS: Semiconductor Technology Batteries Mobile/Wireless Artificial Intelligence Hardware

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Tractor Supply Company Reports First Quarter 2026 Financial Results; Reaffirms Fiscal Year 2026 Outlook

BRENTWOOD, Tenn.–(BUSINESS WIRE)–Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States (the “Company”), today reported financial results for its first quarter ended March 28, 2026.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260421543068/en/

• Net Sales Increased 3.6% to $3.59 Billion

• Comparable Store Sales Increased 0.5%

• Diluted Earnings per Share (“EPS”) of $0.31

• Company Reaffirms Fiscal Year 2026 Outlook, Including Comparable Store Sales Growth of 1% to 3% and Diluted EPS of $2.13 to $2.23

“We delivered solid performance across the majority of our business in the first quarter, supported by our needs-based model and ongoing customer engagement. We continued to gain market share in farm and ranch and had strong double-digit growth in digital sales. Performance was positive across four of our five product categories. While companion animal trailed the Company average, we are taking decisive actions to improve its performance. I want to thank our more than 52,000 Team Members for their ongoing dedication to serving our customers and living our Mission and Values each day,” said Hal Lawton, President and Chief Executive Officer of Tractor Supply.

“We remain confident in our outlook and our ability to drive continued market share gains as our customers remain engaged. The underlying health of Tractor Supply remains strong, supported by a loyal customer base, a differentiated business model and consistent execution.”

First Quarter 2026 Results

Net sales for the first quarter of 2026 increased 3.6% to $3.59 billion from $3.47 billion in the first quarter of 2025. The increase in net sales was driven by robust new store openings and, to a lesser extent, growth in comparable store sales. Comparable store sales increased 0.5% compared to a decrease of 0.9% in the prior year’s first quarter. Comparable average ticket increased 1.6%, partially offset by a comparable average transaction count decrease of 1.0%. The Company delivered strong double-digit growth in digital sales. Four of five product categories delivered positive comparable sales growth in the quarter, complemented by strength in big ticket items. Companion animal performance was below the Company average, reflecting softer demand trends, category shifts and an unfavorable product mix.

Gross profit increased 3.6% to $1.30 billion from $1.26 billion in the prior year’s first quarter, and gross margin was flat with the prior year at 36.2%. The gross margin rate benefited from disciplined product cost management and the continued execution of an everyday low price strategy, offset by higher tariffs and delivery-related transportation costs.

Selling, general and administrative (“SG&A”) expenses, including depreciation and amortization, increased 6.1% to $1.07 billion from $1.01 billion in the prior year’s first quarter. As a percent of net sales, SG&A expenses increased 70 basis points to 29.7% from 29.0% in the first quarter of 2025. The increase in SG&A, as a percent of net sales, was primarily attributable to deleverage of fixed costs given the comparable store sales performance and an accelerated new store opening cadence, partially offset by an ongoing focus on productivity and cost discipline.

Operating income decreased 6.3% to $233.4 million from $249.1 million in the first quarter of 2025.

The effective income tax rate was 23.2% compared to 21.8% in the first quarter of 2025. The effective tax rate for the prior year’s first quarter was impacted by the timing of discrete items.

Net income decreased 8.3% to $164.5 million from $179.4 million in the prior year’s first quarter. Diluted EPS decreased 7.2% to $0.31 compared to $0.34.

The Company repurchased approximately 2.3 million shares of its common stock for $118.0 million and paid quarterly cash dividends totaling $126.4 million, returning a total of $244.4 million of capital to shareholders in the first quarter of 2026.

The Company opened 40 new Tractor Supply stores and closed one Petsense by Tractor Supply store in the first quarter of 2026.

Fiscal Year 2026 Financial Outlook

Based on year-to-date performance and its outlook, Tractor Supply reiterates the following financial guidance for fiscal year 2026, initially provided on January 29, 2026:

			Outlook
Net Sales			+4% to +6%
Comparable Store Sales			+1% to +3%
Operating Margin Rate			9.3% to 9.6%
Net Income			$1.11 billion to $1.17 billion
Earnings per Diluted Share			$2.13 to $2.23

Conference Call Information

Tractor Supply Company will hold a conference call today, Tuesday, April 21, 2026 at 10 a.m. ET. The call will be webcast live at IR.TractorSupply.com.

Please allow extra time prior to the call to visit the site and download the streaming media software required to access the webcast.

A replay of the webcast will also be available at IR.TractorSupply.com shortly after the call concludes.

About Tractor Supply Company

For more than 85 years, Tractor Supply Company (NASDAQ: TSCO) has been passionate about serving the needs of recreational farmers, ranchers, homeowners, gardeners, pet enthusiasts and all those who enjoy living Life Out Here. Tractor Supply is the largest rural lifestyle retailer in the U.S., ranking 296 on the Fortune 500. The Company’s more than 52,000 Team Members are known for delivering legendary service and helping customers pursue their passions, whether that means being closer to the land, taking care of animals or living a hands-on, DIY lifestyle. In store and online, Tractor Supply provides what customers need – anytime, anywhere, any way they choose at the low prices they deserve.

As part of the Company’s commitment to caring for animals of all kinds, Tractor Supply is proud to include Petsense by Tractor Supply, a pet specialty retailer, and Allivet, a leading online pet and animal pharmacy, in its family of brands. Together, Tractor Supply is able to provide comprehensive solutions for pet care, livestock wellness and rural living, ensuring customers and their animals thrive. From its stores to the customer’s doorstep, Tractor Supply is here to serve and support Life Out Here.

As of March 28, 2026, the Company operated 2,435 Tractor Supply stores in 49 states and 206 Petsense by Tractor Supply stores in 23 states. For more information, visit www.tractorsupply.com and www.Petsense.com.

Forward-Looking Statements

This press release contains certain forward-looking statements, including statements regarding market share gains, value creation, customer trends, new stores and distribution centers, property development plans, return of capital, financial guidance for fiscal 2026, including net sales, comparable store sales, operating margin rates, net income and earnings per diluted share. All forward-looking statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, are subject to the finalization of the Company’s quarterly financial and accounting procedures, and may be affected by certain risks and uncertainties, any one, or a combination, of which could materially affect the results of the Company’s operations. Forward-looking statements are usually identified by or are associated with such words as “will,” “intend,” “would,” “expect,” “continue,” “believe,” “anticipate,” “optimistic,” “forecasted” and similar terminology. Actual results could vary materially from the expectations reflected in these statements. As with any business, all phases of our operations are subject to facts outside of our control. These factors include, without limitation, the impact of the recent and potential future tariff announcements and the corresponding macroeconomic pressures and those factors discussed in the “Risk Factors” section of the Company’s Annual Reports or Form 10-K and other filings with the Securities and Exchange Commission. Forward-looking statements made by or on behalf of the Company are based on knowledge of its business and the environment in which it operates, but because of the factors listed above, actual results could differ materially from those reflected by any forward-looking statements. Consequently, all of the forward-looking statements made are qualified by these cautionary statements and those contained in the Company’s most recent Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. There can be no assurance that the results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business and operations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

(Financial tables to follow)

Consolidated Statements of Income (Unaudited) (in thousands, except per share and percentage data)
	For the Fiscal Three
	Months Ended
	March 28, 2026						March 29, 2025
				% of						% of
				Net						Net
				Sales						Sales
Net sales	$	3,592,046		100.00	%		$	3,466,952		100.00		%
Cost of merchandise sold		2,290,861		63.78				2,211,530		63.79
Gross profit		1,301,185		36.22				1,255,422		36.21
Selling, general and administrative expenses		941,153		26.20				886,206		25.56
Depreciation and amortization		126,601		3.52				120,079		3.46
Operating income		233,431		6.50				249,137		7.19
Interest expense, net		19,108		0.53				19,641		0.57
Income before income taxes		214,323		5.97				229,496		6.62
Income tax expense		49,799		1.39				50,127		1.45
Net income	$	164,524		4.58	%		$	179,369		5.17		%
Net income per share – basic	$	0.31					$	0.34
Net income per share – diluted	$	0.31					$	0.34
Weighted average shares outstanding:
Basic		526,327						531,730
Diluted		528,136						534,099
Dividends declared per common share outstanding	$	0.24					$	0.23
Note: Percent of net sales amounts may not sum to totals due to rounding.

Consolidated Statements of Comprehensive Income (Unaudited) (in thousands)
	For the Fiscal Three
	Months Ended
	March 28, 2026				March 29, 2025
Net income	$	164,524			$	179,369
Other comprehensive loss:
Change in fair value of interest rate swaps, net of taxes		—				(1,217	)
Total other comprehensive loss		—				(1,217	)
Total comprehensive income	$	164,524			$	178,152

 

Consolidated Balance Sheets (Unaudited) (in thousands)
	March 28, 2026				March 29, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	224,269			$	231,717
Inventories		3,583,601				3,213,885
Prepaid expenses and other current assets		222,440				210,480
Income taxes receivable		11,286				—
Total current assets		4,041,596				3,656,082
Property and equipment, net		3,132,326				2,752,137
Operating lease right-of-use assets		4,031,692				3,502,880
Goodwill and other intangible assets		398,213				400,656
Other assets		58,270				73,562
Total assets	$	11,662,097			$	10,385,317
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,760,426			$	1,559,210
Accrued employee compensation		20,977				17,487
Other accrued expenses		674,003				587,800
Current portion of finance lease liabilities		7,128				2,847
Current portion of operating lease liabilities		455,159				403,600
Income taxes payable		12,028				29,570
Total current liabilities		2,929,721				2,600,514
Long-term debt		2,125,726				2,082,721
Finance lease liabilities, less current portion		35,157				24,289
Operating lease liabilities, less current portion		3,785,608				3,248,270
Deferred income taxes		113,354				41,649
Other long-term liabilities		158,782				149,334
Total liabilities		9,148,348				8,146,777
Stockholders’ equity:
Common stock		7,134				7,123
Additional paid-in capital		1,454,387				1,382,807
Treasury stock		(6,505,040	)			(6,119,065	)
Accumulated other comprehensive income		—				—
Retained earnings		7,557,268				6,967,675
Total stockholders’ equity		2,513,749				2,238,540
Total liabilities and stockholders’ equity	$	11,662,097			$	10,385,317

 

Consolidated Statements of Cash Flows (Unaudited) (in thousands)
	For the Fiscal Three Months Ended
	March 28, 2026				March 29, 2025
Cash flows from operating activities:
Net income	$	164,524			$	179,369
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		126,601				120,079
Gain on disposition of property and equipment		(22,741	)			(17,415	)
Share-based compensation expense		17,631				13,226
Deferred income taxes		23,501				1,677
Change in assets and liabilities:
Inventories		(499,515	)			(355,486	)
Prepaid expenses and other current assets		(19,953	)			(11,320	)
Accounts payable		369,593				311,807
Accrued employee compensation		(93,864	)			(83,666	)
Other accrued expenses		(11,047	)			2,609
Income taxes		27,787				46,526
Other		8,603				9,369
Net cash provided by operating activities		91,120				216,775
Cash flows from investing activities:
Capital expenditures		(202,610	)			(141,280	)
Proceeds from sale of property and equipment		31,274				20,851
Acquisition of Allivet, net of cash acquired		—				(140,625	)
Net cash used in investing activities		(171,336	)			(261,054	)
Cash flows from financing activities:
Borrowings under debt facilities		1,480,000				605,000
Repayments under debt facilities		(1,120,000	)			(355,000	)
Principal payments under finance lease liabilities		(717	)			(1,068	)
Repurchase of shares to satisfy tax obligations		(14,102	)			(13,960	)
Repurchase of common stock		(118,019	)			(95,082	)
Net proceeds from issuance of common stock		9,595				7,016
Cash dividends paid to stockholders		(126,381	)			(122,401	)
Net cash provided by financing activities		110,376				24,505
Net increase (decrease) in cash and cash equivalents		30,160				(19,774	)
Cash and cash equivalents at beginning of period		194,109				251,491
Cash and cash equivalents at end of period	$	224,269			$	231,717

 

Selected Financial and Operating Information (Unaudited)
	For the Fiscal Three
	Months Ended
	March 28, 2026				March 29, 2025
Sales Information:
Comparable store sales increase/(decrease)		0.5	%			(0.9	)%
New store sales (% of total sales)		3.1	%			2.8	%
Average transaction value	$	57.71			$	56.87
Comparable store average transaction value increase/(decrease) (a)		1.6	%			(2.9	)%
Comparable store average transaction count increase/(decrease)		(1.0	)%			2.1	%
Total selling square footage (000’s)		41,438				39,353
Owned Brands and Exclusive Product Categories (% of total sales) (b)		31.8	%			30.9	%
Imports (% of total sales)		10.6	%			11.2	%
Store Count Information:
Tractor Supply
Beginning of period		2,395				2,296
New stores opened		40				15
Stores closed		—				—
End of period		2,435				2,311
Petsense by Tractor Supply
Beginning of period		207				206
New stores opened		—				2
Stores closed		(1	)			(2	)
End of period		206				206
Consolidated end of period		2,641				2,517
Pre-opening costs (000’s)	$	4,284			$	2,512
Balance Sheet Information:
Average inventory per store (000’s) (c)	$	1,278.3			$	1,202.1
Inventory turns (annualized)		2.92				3.00
Share repurchase program:
Cost (000’s) (d)	$	118,811			$	93,827
Average purchase price per share	$	50.75			$	54.39

(a) Comparable store average transaction value changes include the impact of transaction value changes achieved on the current period change in transaction count.

(b) Beginning in the fiscal year ended December 27, 2025, the metric of exclusive brands as a percentage of total sales, which historically included only Tractor Supply Owned Brands, was revised to include both Tractor Supply Owned Brands and Exclusive Product Categories as a percentage of total sales. Prior period amounts have been recast to conform to the current year presentation.

(c) Assumes average inventory cost, excluding inventory in transit.

(d) Effective January 1, 2023, the Company’s share repurchases are subject to a 1% excise tax as a result of the Inflation Reduction Act of 2022. Excise taxes incurred on share repurchases represent direct costs of the repurchase and are recorded as a part of the cost basis of the shares within treasury stock.

Note: Comparable store metrics percentages may not sum to total due to rounding.

 

	For the Fiscal Three
	Months Ended
	March 28, 2026			March 29, 2025
Capital Expenditures (in millions):
New stores, relocated stores and stores not yet opened	$	93.7		$	59.5
Existing stores		52.6			43.0
Information technology		34.1			26.0
Distribution center capacity and improvements		22.0			8.0
Corporate and other		0.2			4.8
Total	$	202.6		$	141.3

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260421543068/en/

Mary Winn Pilkington (615) 440-4212

Rena Clayton Rolfe (615) 647-1561

[email protected]

KEYWORDS: Tennessee United States North America

INDUSTRY KEYWORDS: Retail Consumer Agriculture Specialty Pets Natural Resources

MEDIA:

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