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Synthflow AI and 8×8 Enter Strategic Partnership to Deliver Next-Generation Agentic AI

BERLIN–(BUSINESS WIRE)–Synthflow AI, an enterprise AI agent platform that automates customer conversations, has formed a strategic partnership with 8×8, Inc. (NASDAQ: EGHT), a leading global business communications platform provider, to bring Synthflow next-generation AI agents to enterprise contact centers.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260421904109/en/

This collaboration integrates Synthflow into the 8×8 Contact Center, automating self-service while enhancing agent support across AI calls, chat, and digital channels. The new technology helps joint customers avoid missing calls, ultimately converting more leads, empowering customers to increase their CSAT scores, and reducing operational costs. Additionally, customers can set up Al answering assistants without developer support.

The global voice AI market is expected to grow to $54 billion by 2033, and this partnership addresses the growing need for modern, enterprise-ready conversational AI. By replacing legacy point solutions, Synthflow enables joint customers to avoid long implementation cycles and complex setups. The platform delivers natural, human-like conversations with low latency, advanced interruption handling, memory capabilities, and support for over 30 languages. These features allow businesses to achieve faster resolution times and higher containment rates.

Hakob Astabatsyan, CEO of Synthflow, said: “Our partnership with 8×8 validates the strength of our agentic AI capabilities and the sophisticated framework we use. Having handled over 65 million voice interactions, we’ve seen firsthand the significant impact that transformative AI has on businesses in driving efficiency, satisfaction, and lowering costs.

“We give 8×8 and Synthflow customers an agile, innovation-focused alternative to legacy systems, making it easier than ever to transform customer interactions with intelligent automation at scale.”

The integration provides a distinct competitive advantage in the cloud contact center market. The long-term strategic alignment also includes future roadmap initiatives, such as enabling 8×8 and its channel partners to resell Synthflow directly, alongside offering the platform to small and medium businesses through the 8×8 App Store.

Victor Belfor, Global Vice President, Business Development and Strategic Partnerships at 8×8, Inc., said: “As consumers become increasingly comfortable engaging with AI agents, it’s vital that our customers recognize this channel as a priority for seamless, effective customer engagement. By partnering with Synthflow, we’re providing joint customers with the modern capabilities they need to help improve their satisfaction scores and quickly implement advanced voice automation.”

To learn more about the partnership, read 8×8’s blog post “From Enterprise AI to Everyone: Why We Partnered with Synthflow.”

About Synthflow AI

Synthflow AI is an enterprise AI agent platform that automates customer conversations across phone and chat. Built for production environments, it combines agent orchestration with its own telephony infrastructure to deliver reliable performance, fast deployment, and full control over the end-to-end conversation flow. A G2 Grid Leader for AI Agents, Synthflow has processed over 65 million customer calls for more than 100 enterprise customers, including Freshworks and Thryv.

About 8×8, Inc.

8×8, Inc. (NASDAQ: EGHT) connects people and organizations through seamless communication on one of the industry’s most integrated platforms for Customer Experience – combining Contact Center, Unified Communications, and CPaaS solutions. The 8×8® Platform for CX integrates AI to enable personalized customer journeys, drive operational excellence and insights, and facilitate team collaboration. As a business communications leader, the company helps customer experience and IT leaders around the world become the heartbeat of their organizations, empowering them to unlock the potential of every interaction. For additional information, visit www.8×8.com, or follow 8×8 on LinkedIn, X, and Facebook.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the expected capabilities and benefits of the Synthflow AI and 8×8 partnership, anticipated improvements in customer engagement and satisfaction through AI-powered voice automation, the expected growth of the global voice AI market, the advantages of integrating Synthflow into the 8×8 Contact Center, and future roadmap initiatives including channel partner resale programs and the 8×8 App Store. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. For a discussion of these risks and uncertainties, please refer to 8×8’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. 8×8 assumes no obligation to update any forward-looking statements to reflect events that occur or circumstances that exist after the date on which they were made.

Copyright 2026 8×8, Inc. 8×8 and associated brand assets are trademarks of 8×8, Inc. All rights reserved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260421904109/en/

Synthflow AI Contacts:

Media: [email protected]

synthflow.ai

8×8, Inc. Contacts:

Media:

PR@8×8.com

Investor Relations:

Investor.Relations@8×8.com

KEYWORDS: Germany Europe Ireland United Kingdom

INDUSTRY KEYWORDS: Technology Venture Capital Telecommunications Professional Services Software Networks Data Management Artificial Intelligence VoIP

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Synthflow AI and 8×8 Enter Strategic Partnership to Deliver Next-Generation Agentic AI

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Commerce Bancshares, Inc. Reports First Quarter Earnings Per Share of $.96

KANSAS CITY, Mo.–(BUSINESS WIRE)–
Commerce Bancshares, Inc. announced earnings of $.96 per share for the three months ended March 31, 2026, compared to $.93 per share in the same quarter last year and $1.01 per share in the fourth quarter of 2025. Net income for the first quarter of 2026 amounted to $141.6 million, compared to $131.6 million in the first quarter of 2025 and $140.7 million in the prior quarter.

In making this announcement, John Kemper, Chief Executive Officer, said, “We delivered a strong first quarter highlighted by solid profitability and continued momentum across our diversified fee businesses. This was also our first full quarter incorporating FineMark, a strategic investment that meaningfully enhances our private banking and wealth management capabilities and expands our presence in highly attractive growth markets. Our overall performance reflected the strength of our franchise, supported by resilient net interest income, continued trust fee growth, and solid returns across our core profitability measures.

Mr. Kemper continued, “Our return on average assets remained solid at 1.62% while maintaining excellent credit quality, with non-accrual loans at just .05% of total loans. Non-interest income was $175.9 million and comprised 37% of total revenue.”

“We also remained focused on thoughtful capital deployment, returning excess capital to shareholders through the repurchase of more than $84 million of common stock this quarter while maintaining a conservative capital posture that underpins our long‑term strength and flexibility. As we look ahead, Commerce is well positioned to navigate an uncertain economic environment with discipline and confidence, balancing near‑term conditions with continued investment in long‑term growth. Our strategy remains centered on delivering consistent performance and creating durable, long‑term value for our shareholders.”

First Quarter 2026 Financial Highlights:

• On January 1, 2026, Commerce Bancshares, Inc. completed its acquisition of FineMark Holdings, Inc.

• Net interest income was $299.8 million, a $16.7 million increase over the prior quarter. The net yield on interest earning assets decreased one basis point to 3.59%.

• Non-interest income totaled $175.9 million, an increase of $16.9 million, or 10.6%, over the same quarter last year.

• Trust fees grew $14.5 million, or 25.5%, over the same period last year, mostly due to higher private client fees.

• Non-interest expense totaled $291.1 million and included $14.0 million in acquisition-related expense.

• Assets under administration grew $14.9 billion, or 19.5%, over the same period last year.

• Average loan balances totaled $20.3 billion, an increase of $2.7 billion, or 15.2%, over the prior quarter.

• Total average available for sale debt securities decreased $269.0 million from the prior quarter to $8.9 billion, at fair value.

• Total average deposits increased $2.1 billion, or 8.2%, over the prior quarter to $27.7 billion.

• The ratio of annualized net loan charge-offs to average loans was .30% in the current quarter compared to .22% in the prior quarter.

• The allowance for credit losses on loans increased $19.1 million during the first quarter of 2026 to $198.6 million, and the ratio of the allowance for credit losses on loans to total loans was .97% at March 31, 2026, compared to 1.01% at December 31, 2025.

• Total assets on March 31, 2026 were $35.7 billion, an increase of $2.8 billion over the prior quarter.

• For the quarter, the return on average assets was 1.62%, the return on average equity was 13.22%, and the efficiency ratio was 60.0%. Quarterly profitability metrics reflected elevated acquisition-related expenses of approximately $14 million, which temporarily pressured the efficiency ratio and return on average assets.

Commerce Bancshares, Inc. is a regional bank holding company offering a full line of banking services through its subsidiaries, including payment solutions, wealth management and securities brokerage. Commerce Bank, its primary subsidiary, brings over 160 years of experience helping individuals and businesses through high-touch service and sophisticated, personalized financial solutions. Commerce maintains an extensive network of banking centers, wealth offices, and ATMs throughout the Midwest, as well as commercial offices in 11 states and offers payment solutions nationwide. With the acquisition of FineMark Holdings, Inc., Commerce builds on its existing private banking and wealth management presence in Florida and adds wealth offices in Arizona and South Carolina. Customers can conveniently access their account 24/7 using mobile and online platforms, as well as a customer service line.

This financial news release and the supplementary Earnings Highlights presentation are available on the Company’s website at https://investor.commercebank.com/news-info/financial-news-releases/default.aspx.

COMMERCE BANCSHARES, INC. and SUBSIDIARIES FINANCIAL HIGHLIGHTS
		For the Three Months Ended
(Unaudited) (Dollars in thousands, except per share data)		Mar. 31, 2026			Dec. 31, 2025			Mar. 31, 2025
FINANCIAL SUMMARY
Net interest income		$299,840			$283,152			$269,102
Non-interest income		175,851			166,208			158,949
Total revenue		475,691			449,360			428,051
Investment securities gains (losses)		11,647			2,929			(7,591	)
Provision for credit losses		10,960			15,993			14,487
Non-interest expense		291,126			252,995			238,376
Income before taxes		185,252			183,301			167,597
Income taxes		40,881			40,620			36,964
Non-controlling interest expense (income)		2,748			2,019			(959	)
Net income attributable to Commerce Bancshares, Inc.		$141,623			$140,662			$131,592
Earnings per common share:
Net income — basic		$0.96			$1.01			$0.93
Net income — diluted		$0.96			$1.01			$0.93
Effective tax rate		22.40	%		22.41	%		21.93	%
Fully-taxable equivalent net interest income		$302,204			$285,830			$271,416
Average total interest earning assets (1)		$34,130,985			$31,468,907			$30,901,110
Diluted wtd. average shares outstanding		145,856,608			137,599,105			139,725,305
RATIOS
Average loans to deposits (2)		73.44	%		69.01	%		69.38	%
Return on total average assets		1.62			1.73			1.69
Return on average equity(3)		13.22			14.70			15.82
Non-interest income to total revenue		36.97			36.99			37.13
Efficiency ratio (4)		60.00			56.23			55.61
Net yield on interest earning assets		3.59			3.60			3.56
EQUITY SUMMARY
Cash dividends per share		$.275			$.262			$.262
Cash dividends on common stock		$40,355			$36,236			$36,866
Book value per share (5)		$29.64			$27.75			$24.94
Market value per share (5)		$49.20			$52.34			$59.27
High market value per share		$56.06			$57.36			$65.59
Low market value per share		$46.99			$48.69			$56.00
Common shares outstanding (5)		145,979,271			137,457,138			140,277,275
Tangible common equity to tangible assets (6)		11.07	%		11.11	%		10.33	%
Tier I leverage ratio		12.60	%		12.65	%		12.29	%
OTHER QTD INFORMATION
Number of bank/ATM locations		249			236			242
Full-time equivalent employees		4,960			4,667			4,662
(1) Excludes allowance for credit losses on loans and unrealized gains/(losses) on available for sale debt securities. (2) Includes loans held for sale. (3) Annualized net income attributable to Commerce Bancshares, Inc. divided by average total equity. (4) The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of total revenue. (5) As of period end. (6) The tangible common equity ratio is a non-gaap ratio and is calculated as stockholders’ equity reduced by goodwill and other intangible assets (excluding mortgage servicing rights) divided by total assets reduced by goodwill and other intangible assets (excluding mortgage servicing rights). All share and per share amounts have been restated to reflect the 5% stock dividend distributed in December 2025.

COMMERCE BANCSHARES, INC. and SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) (In thousands, except per share data)		For the Three Months Ended
		Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025
Interest income		$396,507			$373,617			$374,105			$371,636			$364,365
Interest expense		96,667			90,465			94,648			91,489			95,263
Net interest income		299,840			283,152			279,457			280,147			269,102
Provision for credit losses		10,960			15,993			20,061			5,597			14,487
Net interest income after credit losses		288,880			267,159			259,396			274,550			254,615
NON-INTEREST INCOME
Trust fees		71,049			62,125			58,412			55,571			56,592
Bank card transaction fees		45,585			46,761			45,551			46,362			45,593
Deposit account charges and other fees		28,578			27,949			27,427			26,248			26,622
Consumer brokerage services		5,444			5,185			6,698			5,383			4,785
Capital market fees		5,338			4,230			5,138			6,175			5,112
Loan fees and sales		3,243			3,594			3,465			3,419			3,404
Other		16,614			16,364			14,820			22,455			16,841
Total non-interest income		175,851			166,208			161,511			165,613			158,949
INVESTMENT SECURITIES GAINS (LOSSES), NET		11,647			2,929			7,885			437			(7,591	)
NON-INTEREST EXPENSE
Salaries and employee benefits		180,787			162,889			157,461			155,025			153,078
Data processing and software		38,328			35,273			33,555			32,904			32,238
Professional and other services		18,792			14,573			11,284			12,973			10,026
Net occupancy		15,308			13,172			13,474			13,654			14,020
Marketing		6,957			6,201			6,670			5,974			5,843
Equipment		5,671			5,682			5,421			5,157			5,248
Supplies and communication		5,238			4,841			4,837			4,962			5,046
Deposit Insurance		3,914			(81	)		3,074			3,312			3,744
Other		16,131			10,445			8,242			10,476			9,133
Total non-interest expense		291,126			252,995			244,018			244,437			238,376
Income before income taxes		185,252			183,301			184,774			196,163			167,597
Less income taxes		40,881			40,620			41,152			42,400			36,964
Net income		144,371			142,681			143,622			153,763			130,633
Less non-controlling interest expense (income)		2,748			2,019			2,104			1,284			(959	)
Net income attributable to Commerce Bancshares, Inc.		$141,623			$140,662			$141,518			$152,479			$131,592
Net income per common share — basic		$0.96			$1.01			$1.01			$1.09			$0.93
Net income per common share — diluted		$0.96			$1.01			$1.01			$1.09			$0.93
OTHER INFORMATION
Return on total average assets		1.62	%		1.73	%		1.78	%		1.95	%		1.69	%
Return on average equity (1)		13.22			14.70			15.26			17.40			15.82
Efficiency ratio (2)		60.00			56.23			55.26			54.77			55.61
Effective tax rate		22.40			22.41			22.53			21.76			21.93
Net yield on interest earning assets		3.59			3.60			3.64			3.70			3.56
Fully-taxable equivalent net interest income		$302,204			$285,830			$281,770			$282,428			$271,416
(1) Annualized net income attributable to Commerce Bancshares, Inc. divided by average total equity. (2) The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of total revenue.

COMMERCE BANCSHARES, INC. and SUBSIDIARIES CONSOLIDATED BALANCE SHEETS – PERIOD END
(Unaudited) (In thousands)		Mar. 31, 2026			Dec. 31, 2025			Mar. 31, 2025
ASSETS
Loans
Business		$6,750,356			$6,439,380			$6,239,276
Real estate — construction and land		1,581,789			1,438,012			1,419,572
Real estate — business		4,059,539			3,674,567			3,628,635
Real estate — personal		4,407,606			3,053,435			3,047,809
Consumer		2,475,353			2,196,822			2,116,160
Revolving home equity		619,178			375,159			356,675
Consumer credit card		557,733			589,694			568,163
Overdrafts		9,510			4,194			3,131
Total loans		20,461,064			17,771,263			17,379,421
Allowance for credit losses on loans		(198,605	)		(179,468	)		(167,031	)
Net loans		20,262,459			17,591,795			17,212,390
Loans held for sale		2,081			4,329			2,890
Investment securities:
Available for sale debt securities		8,646,127			9,095,513			9,264,947
Trading debt securities		44,329			40,080			56,569
Equity securities		56,193			57,354			58,182
Other securities		248,339			230,459			221,370
Total investment securities		8,994,988			9,423,406			9,601,068
Federal funds sold		630			—			—
Securities purchased under agreements to resell		850,000			850,000			850,000
Interest earning deposits with banks		3,270,046			2,744,393			2,756,521
Cash and due from banks		572,588			803,239			517,332
Premises and equipment — net		527,211			485,700			476,921
Goodwill		253,805			146,539			146,539
Other intangible assets — net		145,985			13,311			13,441
Other assets		837,463			852,377			787,862
Total assets		$35,717,256			$32,915,089			$32,364,964
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing		$8,058,024			$8,205,711			$7,518,243
Savings, interest checking and money market		17,877,836			15,047,406			15,975,283
Certificates of deposit of less than $100,000		1,032,114			1,023,406			985,878
Certificates of deposit of $100,000 and over		1,416,345			1,363,053			1,362,393
Total deposits		28,384,319			25,639,576			25,841,797
Federal funds purchased and securities sold under agreements to repurchase		2,576,723			2,989,641			2,400,036
Other borrowings		8,045			12,798			17,743
Other liabilities		421,771			458,302			606,986
Total liabilities		31,390,858			29,100,317			28,866,562
Stockholders’ equity:
Common stock		742,606			692,944			676,054
Capital surplus		3,986,353			3,522,292			3,381,960
Retained earnings		233,094			131,826			140,220
Treasury stock		(120,692	)		(48,001	)		(85,871	)
Accumulated other comprehensive income (loss)		(539,592	)		(507,690	)		(634,576	)
Total stockholders’ equity		4,301,769			3,791,371			3,477,787
Non-controlling interest		24,629			23,401			20,615
Total equity		4,326,398			3,814,772			3,498,402
Total liabilities and equity		$35,717,256			$32,915,089			$32,364,964

COMMERCE BANCSHARES, INC. and SUBSIDIARIES AVERAGE BALANCE SHEETS
(Unaudited) (In thousands)	For the Three Months Ended
	Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025
ASSETS:
Loans:
Business	$6,687,131			$6,317,805			$6,230,019			$6,247,252			$6,106,185
Real estate — construction and land	1,592,328			1,408,339			1,396,977			1,430,758			1,415,349
Real estate — business	4,045,670			3,730,679			3,715,597			3,692,405			3,667,833
Real estate — personal	4,417,131			3,058,834			3,059,913			3,048,895			3,045,876
Consumer	2,421,541			2,200,500			2,160,637			2,148,666			2,082,360
Revolving home equity	611,101			372,194			360,820			362,312			358,684
Consumer credit card	555,697			565,896			563,351			559,858			560,534
Overdrafts	7,144			6,592			7,037			5,663			5,860
Total loans	20,337,743			17,660,839			17,494,351			17,495,809			17,242,681
Allowance for credit losses on loans	(201,769	)		(175,129	)		(164,623	)		(166,391	)		(162,186	)
Net loans	20,135,974			17,485,710			17,329,728			17,329,418			17,080,495
Loans held for sale	2,361			2,532			2,369			1,741			1,584
Investment securities:
U.S. government and federal agency obligations	3,190,796			3,197,720			2,693,327			2,623,896			2,586,944
Government-sponsored enterprise obligations	54,800			54,955			55,014			55,038			55,330
State and municipal obligations	709,332			724,737			756,137			780,063			804,363
Mortgage-backed securities	4,211,068			4,316,799			4,461,056			4,641,295			4,788,102
Asset-backed securities	1,201,187			1,336,859			1,466,770			1,585,364			1,655,701
Other debt securities	176,676			196,633			204,281			237,385			258,136
Unrealized gain (loss) on debt securities	(630,778	)		(645,595	)		(766,025	)		(838,028	)		(935,054	)
Total available for sale debt securities	8,913,081			9,182,108			8,870,560			9,085,013			9,213,522
Trading debt securities	97,801			61,160			56,032			51,131			38,298
Equity securities	50,378			52,387			50,823			54,472			57,028
Other securities	250,641			227,395			220,041			216,560			233,461
Total investment securities	9,311,901			9,523,050			9,197,456			9,407,176			9,542,309
Federal funds sold	862			—			23			158			2,089
Securities purchased under agreements to resell	850,000			850,000			850,000			850,000			788,889
Interest earning deposits with banks	2,997,340			2,786,891			2,422,441			2,036,803			2,388,504
Other assets	2,074,538			1,700,147			1,709,247			1,671,763			1,698,296
Total assets	$35,372,976			$32,348,330			$31,511,264			$31,297,059			$31,502,166
LIABILITIES AND EQUITY:
Non-interest bearing deposits	$7,874,488			$7,592,431			$7,345,156			$7,356,882			$7,298,686
Savings	1,301,768			1,261,285			1,283,671			1,303,391			1,294,174
Interest checking and money market	16,019,323			14,335,613			13,740,770			13,901,634			13,906,827
Certificates of deposit of less than $100,000	1,035,130			1,015,617			991,877			984,845			991,826
Certificates of deposit of $100,000 and over	1,465,168			1,389,149			1,416,572			1,371,428			1,363,655
Total deposits	27,695,877			25,594,095			24,778,046			24,918,180			24,855,168
Borrowings:
Federal funds purchased	141,888			130,487			130,622			129,891			128,340
Securities sold under agreements to repurchase	2,674,484			2,429,746			2,519,660			2,371,031			2,723,227
Other borrowings	90,796			1,230			1,860			2,748			616
Total borrowings	2,907,168			2,561,463			2,652,142			2,503,670			2,852,183
Other liabilities	423,998			395,336			402,265			360,204			421,370
Total liabilities	31,027,043			28,550,894			27,832,453			27,782,054			28,128,721
Equity	4,345,933			3,797,436			3,678,811			3,515,005			3,373,445
Total liabilities and equity	$35,372,976			$32,348,330			$31,511,264			$31,297,059			$31,502,166

COMMERCE BANCSHARES, INC. and SUBSIDIARIES AVERAGE RATES
(Unaudited)	For the Three Months Ended
	Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025
ASSETS:
Loans:
Business(1)	5.41	%		5.48	%		5.72	%		5.72	%		5.75	%
Real estate — construction and land	6.59			7.05			7.37			7.39			7.30
Real estate — business	5.75			5.76			5.92			5.92			5.88
Real estate — personal	4.82			4.38			4.34			4.30			4.28
Consumer	6.20			6.23			6.42			6.43			6.52
Revolving home equity	7.29			7.25			7.94			7.41			7.26
Consumer credit card	12.64			12.81			13.21			13.18			13.49
Overdrafts	—			—			—			—			—
Total loans	5.79			5.84			6.02			6.01			6.02
Loans held for sale	4.98			5.01			6.03			9.22			5.89
Investment securities:
U.S. government and federal agency obligations	3.60			4.07			4.06			4.28			4.09
Government-sponsored enterprise obligations	2.40			2.36			2.35			2.38			2.40
State and municipal obligations(1)	2.10			2.06			2.05			2.05			2.05
Mortgage-backed securities	2.12			2.05			2.01			2.08			2.08
Asset-backed securities	3.80			3.78			3.69			3.73			3.46
Other debt securities	3.17			2.97			2.97			2.94			2.69
Total available for sale debt securities	2.85			2.96			2.86			2.95			2.83
Trading debt securities(1)	3.14			4.61			4.67			4.63			4.97
Equity securities (1)	6.49			6.35			6.09			6.26			8.02
Other securities (1)	6.81			9.08			7.29			11.63			7.85
Total investment securities	2.97			3.12			2.99			3.16			2.98
Federal funds sold	3.29			—			—			5.08			5.63
Securities purchased under agreements to resell	4.03			4.00			4.00			4.02			3.81
Interest earning deposits with banks	3.70			3.95			4.45			4.46			4.46
Total interest earning assets	4.74			4.74			4.86			4.90			4.81
LIABILITIES AND EQUITY:
Interest bearing deposits:
Savings	.07			.05			.05			.05			.05
Interest checking and money market	1.48			1.45			1.54			1.49			1.52
Certificates of deposit of less than $100,000	3.17			3.25			3.33			3.44			3.65
Certificates of deposit of $100,000 and over	3.35			3.60			3.71			3.78			3.96
Total interest bearing deposits	1.61			1.62			1.71			1.67			1.72
Borrowings:
Federal funds purchased	3.66			3.92			4.34			4.37			4.37
Securities sold under agreements to repurchase	2.39			2.54			2.88			2.85			2.86
Other borrowings	3.88			.65			1.71			3.79			.66
Total borrowings	2.50			2.61			2.95			2.93			2.93
Total interest bearing liabilities	1.72	%		1.75	%		1.87	%		1.83	%		1.89	%
Net yield on interest earning assets	3.59	%		3.60	%		3.64	%		3.70	%		3.56	%
(1) Stated on a fully taxable-equivalent basis using a federal income tax rate of 21%.

COMMERCE BANCSHARES, INC. and SUBSIDIARIES CREDIT QUALITY
		For the Three Months Ended
(Unaudited) (In thousands, except ratios)		Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period		$179,468			$175,671			$165,260			$167,031			$162,742
Initial allowance for credit loss at acquisition		22,828			—			—			—			—
Provision for credit losses on loans		11,283			13,660			20,739			7,919			15,095
Net charge-offs (recoveries):
Commercial portfolio:
Business		241			222			826			432			46
Real estate — construction and land		—			16			—			24			—
Real estate — business		5,405			(24	)		(23	)		(425	)		377
		5,646			214			803			31			423
Personal banking portfolio:
Consumer credit card		7,139			6,488			6,515			7,085			6,967
Consumer		1,768			2,498			2,310			2,168			2,852
Overdraft		413			485			432			360			495
Real estate — personal		2			180			269			35			72
Revolving home equity		6			(2	)		(1	)		11			(3	)
		9,328			9,649			9,525			9,659			10,383
Total net loan charge-offs		14,974			9,863			10,328			9,690			10,806
Balance at end of period		$198,605			$179,468			$175,671			$165,260			$167,031
LIABILITY FOR UNFUNDED LENDING COMMITMENTS		$17,699			$17,660			$15,327			$16,005			$18,327
NET CHARGE-OFF RATIOS (1)
Commercial portfolio:
Business		.01	%		.01	%		.05	%		.03	%		—	%
Real estate — construction and land		—			—			—			.01			—
Real estate — business		.54			—			—			(.05	)		.04
		.19			.01			.03			—			.02
Personal banking portfolio:
Consumer credit card		5.21			4.55			4.59			5.08			5.04
Consumer		.30			.45			.42			.40			.56
Overdraft		23.45			29.19			24.36			25.50			34.26
Real estate — personal		—			.02			.03			—			.01
Revolving home equity		—			—			—			.01			—
		.47			.62			.61			.63			.70
Total		.30	%		.22	%		.23	%		.22	%		.25	%
CREDIT QUALITY RATIOS
Non-accrual loans to total loans		.05	%		.09	%		.09	%		.11	%		.13	%
Allowance for credit losses on loans to total loans		.97			1.01			.99			.94			.96
NON-ACCRUAL AND PAST DUE LOANS
Non-accrual loans:
Business		$201			$123			$255			$410			$1,112
Real estate — construction and land		—			—			191			426			220
Real estate — business		9,369			14,785			14,940			15,109			18,305
Real estate — personal		1,316			842			867			948			989
Revolving home equity		34			—			—			1,977			1,977
Total		10,920			15,750			16,253			18,870			22,603
Loans past due 90 days and still accruing interest		$22,824			$24,659			$21,536			$25,303			$19,417
(1) Net charge-offs are annualized and calculated as a percentage of average loans (excluding loans held for sale).

COMMERCE BANCSHARES, INC.

Management Discussion of First Quarter Results

March 31, 2026

For the quarter ended March 31, 2026, net income amounted to $141.6 million, compared to $140.7 million in the previous quarter and $131.6 million in the same quarter last year. The increase in net income over the previous quarter was primarily the result of higher net interest income, non-interest income, gains on investment securities, and a decrease in the provision for credit losses, partly offset by higher non-interest expense. The net yield on interest earning assets decreased one basis point from the previous quarter to 3.59%. Average loans and deposits increased $2.7 billion and $2.1 billion, respectively, while available for sale investment securities, at fair value, decreased $269.0 million compared to the prior quarter. For the quarter, the return on average assets was 1.62%, the return on average equity was 13.22%, and the efficiency ratio was 60.0%.

On January 1, 2026, the Company closed on its previously announced acquisition of FineMark Holdings, Inc. (“FineMark”), Ft. Meyers, Florida, with 13 banking locations in Florida, Arizona, and South Carolina. The acquisition added total assets of approximately $3.9 billion, including loans of $2.7 billion, total deposits of $3.1 billion and assets under administration of $8.7 billion.

Balance Sheet Review

During the 1^st quarter of 2026, average loans totaled $20.3 billion, an increase of $2.7 billion over the prior quarter, and an increase of $3.1 billion over the same quarter last year. The increase in average balances over both periods was primarily due to the acquisition of FineMark, which added $2.7 billion in loan balances. Compared to the previous quarter, average balances of personal real estate, business, business real estate, revolving home equity and consumer loans grew $1.4 billion, $369.3 million, $315.0 million, $238.9 million and $221.0 million, respectively. During the current quarter, the Company sold certain fixed rate personal real estate loans totaling $26.2 million, compared to $27.0 million in the prior quarter.

Total average available for sale debt securities decreased $269.0 million from the previous quarter to $8.9 billion, at fair value. The decrease in available for sale debt securities was mainly the result of lower average balances of mortgage-backed and asset-backed securities. During the 1^st quarter of 2026, the unrealized loss on available for sale debt securities increased $40.7 million to $687.5 million, at period end. Also, during the 1^st quarter of 2026, maturities and pay downs of available for sale debt securities were $410.7 million. On March 31, 2026, the duration of the available for sale investment portfolio was 4.2 years, and maturities and pay downs of approximately $1.2 billion are expected to occur during the next 12 months.

Average interest earning deposits with banks increased $210.4 million over average balances in the previous quarter, and the average balances within other assets increased $374.4 million mainly due to increases in goodwill, intangible assets, and premises and equipment related to the Company’s acquisition of FineMark.

Total average deposits increased $2.1 billion this quarter over the previous quarter. The increase in average balances was primarily due to the acquisition of FineMark, which added $2.7 billion of interest bearing and $425 million of non-interest bearing deposit balances. Shortly after the acquisition, the Company moved $1.0 billion of FineMark’s high-cost, money market deposit balances off-balance sheet. Compared to the prior quarter, average interest checking and money market deposits and demand deposits increased $1.7 billion and $282.1 million, respectively. Additionally, average balances of certificates of deposit of $100,000 and over increased $76.0 million compared to the prior quarter, mainly due to deposit balances acquired from FineMark. Compared to the previous quarter, total average wealth and retail banking deposits grew $2.3 billion and $251.0 million, respectively, while commercial deposits declined $408.3 million. The average loans to deposits ratio was 73.4% in the current quarter and 69.0% in the prior quarter. The Company’s average borrowings, which included average customer repurchase agreements of $2.7 billion, increased $345.7 million to $2.9 billion in the 1^st quarter of 2026. Federal Home Loan Bank advances of $350.0 million, which the Company acquired from the FineMark acquisition, were paid off in January 2026.

Net Interest Income

Net interest income in the 1^st quarter of 2026 amounted to $299.8 million, an increase of $16.7 million over the previous quarter. On a fully taxable-equivalent (FTE) basis, net interest income for the current quarter increased $16.4 million over the previous quarter to $302.2 million. The increase in net interest income was mostly due to the acquisition of FineMark on January 1, 2026. Accretion income on FineMark’s loans resulting from purchase accounting adjustments totaled $6.9 million. The net yield (FTE) on earning assets decreased to 3.59%, from 3.60% in the prior quarter.

Compared to the previous quarter, interest income on loans (FTE) increased $30.4 million, mostly due to higher average balances in all loan categories, except consumer credit cards, and higher average rates earned on personal real estate loans, partly offset by lower average rates earned on business, construction, and business real estate loans. The average yield (FTE) on the loan portfolio decreased five basis points to 5.79% this quarter.

Interest income on investment securities (FTE) decreased $7.3 million compared to the prior quarter, mostly due to lower average rates earned on U.S. government and federal agency obligations and other securities and lower average balances of asset-backed and mortgage-backed securities. Interest income earned on U.S. government and federal agency obligations included the impact of a $3.8 million decrease in inflation income from Treasury inflation-protected securities compared to the previous quarter. In the prior quarter, interest on other securities included dividend income of $2.1 million related to a private equity investment that did not reoccur in the current quarter. Additionally, the Company recorded a $940 thousand adjustment to premium amortization on March 31, 2026, which increased interest income to reflect slower forward prepayment speed estimates on mortgage-backed securities. This increase was higher than the $731 thousand adjustment that increased interest income in the prior quarter. The average yield (FTE) on total investment securities was 2.97% in the current quarter, compared to 3.12% in the previous quarter.

Compared to the previous quarter, interest income on deposits with banks decreased $401 thousand as lower average rates more than offset higher average balances. Interest expense increased $6.2 million over the previous quarter, mainly due to higher average interest bearing deposit balances, partly offset by lower average rates paid on interest bearing deposit balances. Interest expense on deposits increased $5.1 million mostly due to higher average interest checking and money market deposit account balances. The average rate paid on interest bearing deposits totaled 1.61% in the current quarter compared to 1.62% in the prior quarter. The overall rate paid on interest bearing liabilities was 1.72% in the current quarter and 1.75% in the prior quarter.

Non-Interest Income

In the 1^st quarter of 2026, total non-interest income amounted to $175.9 million, an increase of $16.9 million, or 10.6%, over the same period last year and an increase of $9.6 million over the prior quarter. The increase in non-interest income compared to the same period last year was mainly due to higher trust fees and deposit account fees. The increase in non-interest income compared to the prior quarter was mainly due to higher trust fees.

Total net bank card fees in the current quarter were flat compared to the same period last year and decreased $1.2 million compared to the prior quarter. Net corporate card fees were flat compared to the same quarter last year. Net merchant fees decreased $184 thousand, or 3.2%, while net debit card fees increased $301 thousand, or 2.9%, mainly due to higher interchange income. Net credit card fees decreased $173 thousand, or 4.8%, mostly due to higher rewards expense. Total net bank card fees this quarter were comprised of fees on corporate card ($26.0 million), debit card ($10.6 million), merchant ($5.6 million) and credit card ($3.4 million) transactions.

In the current quarter, trust fees increased $14.5 million, or 25.5%, over the same period last year, and increased $8.9 million, or 14.4%, over the prior quarter, mostly resulting from higher private client fees. Compared to the same period last year, deposit account fees increased $2.0 million, or 7.3%, mostly due to higher corporate cash management fees.

For the 1^st quarter of 2026, non-interest income comprised 37.0% of the Company’s total revenue.

Investment Securities Gains and Losses

The Company recorded net securities gains of $11.6 million in the current quarter, compared to net gains of $2.9 million in the prior quarter and net securities losses of $7.6 million in the 1^st quarter of 2025. Net securities gains in the current quarter mostly resulted from net fair value adjustments of $10.9 million on the Company’s portfolio of private equity investments.

Non-Interest Expense

Non-interest expense for the current quarter amounted to $291.1 million, compared to $238.4 million in the same period last year and $253.0 million in the prior quarter. The current quarter included $14.0 million in acquisition-related expense, compared to $2.8 million in the previous quarter, as well as acquisition-related intangible amortization expense of $5.4 million. The increase in non-interest expense over the same period last year was mainly due to higher salaries and benefits expense, data processing and software expense, professional and other services expense, and intangible amortization expense. The increase in non-interest expense over the prior quarter was mainly due to higher salaries and benefits expense, data processing and software expense, professional and other services expense, intangible amortization expense and deposit insurance expense.

Compared to the 1^st quarter of 2025, salaries and employee benefits expense increased $27.7 million, or 18.1%, mostly due to an accrual for retention bonuses, acquisition-related compensation payments and the onboarding of FineMark’s team members. Acquisition-related salaries and benefits expense was $6.6 million in the current quarter. Full-time equivalent employees totaled 4,960 and 4,662 at March 31, 2026 and 2025, respectively.

Compared to the same period last year, data processing and software expense increased $6.1 million due to higher costs for service providers and software. Professional and other services, which increased $8.8 million compared to the 1^st quarter of 2025, included $4.7 million in acquisition-related legal and professional services expense. The increase in other non-interest expense was mainly due to increases of $5.4 million in intangible amortization expense related to the FineMark acquisition and $2.0 million in other acquisition-related expense. Compared to the prior quarter, deposit insurance expense increased $4.0 million due to a $3.9 million accrual adjustment to the FDIC’s special assessment, recorded in the 4^th quarter of 2025.

Income Taxes

The effective tax rate for the Company was 22.4% in the current quarter, 22.4% in the prior quarter, and 21.9% in the 1^st quarter of 2025.

Credit Quality

Net loan charge-offs in the 1^st quarter of 2026 amounted to $15.0 million, compared to $9.9 million in the prior quarter, and $10.8 million in the same period last year. The ratio of annualized net charge-offs to total average loans was .30% in the current quarter, .22% in the previous quarter, and .25% in the same quarter of last year. Compared to the prior quarter, net charge-offs on business real estate loans and consumer credit card loans increased $5.4 million and $651 thousand, respectively, while net charge-offs on consumer loans decreased $730 thousand. The increase in business real estate loan net charge-offs was mainly due to a charge-off on a senior living non-accrual loan.

In the 1^st quarter of 2026, annualized net charge-offs on average consumer credit card loans were 5.21%, compared to 4.55% in the previous quarter and 5.04% in the same quarter last year. Consumer loan net charge-offs were .30% of average consumer loans in the current quarter, .45% in the prior quarter, and .56% in the same quarter last year.

At March 31, 2026, the allowance for credit losses on loans totaled $198.6 million, or .97% of total loans, and increased $19.1 million compared to the prior quarter. The increase was mostly attributed to the acquisition of FineMark, which added $22.8 million to the allowance for credit losses on January 1, 2026. Additionally, the liability for unfunded lending commitments on March 31, 2026 was $17.7 million, flat compared to the liability on December 31, 2025.

At March 31, 2026, total non-accrual loans amounted to $10.9 million, a decrease of $4.8 million compared to the previous quarter. At March 31, 2026, the balance of non-accrual loans, which represented .05% of loans outstanding, included business real estate loans of $9.4 million, personal real estate loans of $1.3 million and business loans of $201 thousand. Loans more than 90 days past due and still accruing interest totaled $22.8 million at March 31, 2026.

Other

During the 1^st quarter of 2026, the Company paid a cash dividend of $.275 per common share, representing a 5% increase over the same period last year. The Company purchased approximately 1.6 million shares of treasury stock during the current quarter at an average price of $51.57.

Forward Looking Information

This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include future financial and operating results, expectations, intentions, and other statements that are not historical facts. Such statements are based on current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements. Additional information about risks and uncertainties is included in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections within the Company’s Annual Report on Form 10-K.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260420287916/en/

For additional information, contact

Matt Burkemper, Investor Relations

(314) 746-7485

www.commercebank.com

[email protected]

KEYWORDS: Missouri United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

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Hercules Capital Announces Date for Release of First Quarter 2026 Financial Results and Conference Call

SAN MATEO, Calif.–(BUSINESS WIRE)–Hercules Capital, Inc. (NYSE: HTGC) (“Hercules,” “Hercules Capital,” or the “Company”), the largest and leading specialty financing provider to innovative venture, growth and established stage companies backed by some of the leading and top-tier venture capital and select private equity firms, today announced that it has scheduled its first quarter 2026 financial results conference call for Tuesday, May 5, 2026, at 2:00 p.m. PT (5:00 p.m. ET). Hercules will release its financial results after market close that same day.

All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Investor Resources section of our website at investor.htgc.com. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call toll free by dialing +1 (800) 267-6316. International callers can access the conference call by dialing +1 (203) 518-9783. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected and to reference the conference ID HTGCQ126. For interested parties, an archived replay will be available on a webcast link located on the Investor Resources section of Hercules Capital’s website.

About Hercules Capital, Inc.

Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology and life sciences industries. Since inception (December 2003), Hercules has committed more than $27 billion to over 700 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact [email protected], or call 650.289.3060.

Hercules, through its wholly owned subsidiary business, Hercules Adviser LLC (the “Adviser Subsidiary”), also maintains an asset management business through which it manages investments for external parties (“Adviser Funds”). The Adviser Subsidiary is registered as an investment adviser under the Investment Advisers Act of 1940.

Hercules’ common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol “HTGC.” In addition, Hercules has one retail bond issuance of 6.25% Notes due 2033 (NYSE: HCXY).

View source version on businesswire.com: https://www.businesswire.com/news/home/20260421069308/en/

Michael Hara

Investor Relations and Corporate Communications

Hercules Capital, Inc.

650-433-5578

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Asset Management Professional Services Finance

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UnitedHealth Group Reports First Quarter 2026 Results

• First Quarter 2026 Revenues of $111.7 Billion Grew 2% Year-over-Year
• Earnings of $6.90 Per Share and Adjusted Earnings of $7.23 Per Share
• Full Year 2026 Earnings Outlook Raised to Greater Than $17.35 Per Share; Adjusted Earnings of Greater Than $18.25 Per Share

To view this information in a different format, including graphics, published on our website, click here:

https://www.unitedhealthgroup.com/content/dam/UHG/PDF/investors/2026/unh-reports-first-quarter-2026-results.pdf

–(BUSINESS WIRE)–
UnitedHealth Group (NYSE: UNH) today reported first quarter 2026 results, with performance supported by actions taken over the last several quarters.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260420382912/en/

“We are continuing to help simplify and modernize health care for the people and care providers we serve, bringing greater value, affordability, transparency and connectivity,” said Stephen Hemsley, chief executive officer of UnitedHealth Group.

The company expects full year 2026 adjusted net earnings of greater than $18.25 per share.

Consolidated revenues for the first quarter 2026 were $111.7 billion, with earnings from operations of $9.0 billion. Net margin was 5.6% compared to 5.7% in the year ago quarter. Cash flows from operations were $8.9 billion, or 1.4x net income, and the debt-to-capital ratio was 42.9% as of March 31, 2026.

UnitedHealth Group’s medical cost ratio was 83.9% for the first quarter 2026, down 90 basis points from the first quarter 2025. The operating cost ratio of 13.8% in the first quarter 2026 compared to 12.4% in the first quarter 2025, reflecting investments to drive improved consumer and care provider experiences and greater operating efficiencies, as well as investments in its people and the communities it serves.

The company continues to build on the initiatives begun in the second half of 2025, strengthening in essential areas including operations, management, technology, consumer and provider experiences, community engagement and corporate governance. Actions included:

• Refocusing the organization on U.S. health care, exiting non-U.S. businesses.

• Refreshing nearly half of the top 100 leadership roles.

• Accelerating simplification and modernization, including substantial artificial intelligence and cybersecurity investments.

• Advancing meaningful changes in areas such as data and process interoperability, prior authorization, transparency, pharmacy practices and more.

• Creating a Public Responsibility Committee of the Board, naming a Lead Independent Director and new committee chairs, adding a new independent director and accelerating the board recruiting process.

• Redoubling community engagement and support through the United Health Foundation.

During the quarter, the company entered into an agreement to acquire Alegeus Technologies, a health care technology platform providing benefits administration for consumer-directed healthcare accounts, reflecting the company’s commitment to advancing more flexible, consumer-centered solutions. The acquisition is subject to regulatory review and is expected to close in the back half of 2026 and be earnings neutral to 2026. UnitedHealth Group also completed the sale of the Optum UK business, with $400 million in net proceeds committed to the United Health Foundation, and entered into an arrangement to buy back at least $2 billion of its common stock, which it expects to complete by the end of the second quarter 2026.

First Quarter 2026 Key Performance Metrics

• First quarter 2026 adjusted net earnings were $7.23 per share.

• The medical care ratio of 83.9% included a 20 basis point positive impact from the previously disclosed Optum Health loss contracts reserve.

• The operating cost ratio of 13.8% reflected incremental investments in people, processes and technology, including artificial intelligence, to improve performance and support future innovations, modernization, growth and earnings.

• UnitedHealthcare served 49.1 million consumers and expanded operating margins by 40 basis points to 6.6% compared to 6.2% in the first quarter 2025.

• Optum supported more than 122 million consumers across its businesses, driving revenues of $63.7 billion and earnings of $3.3 billion, reflecting a margin of 5.2%.

• Optum Health operating earnings were $1.1 billion. Adjusted operating earnings were $1.3 billion, excluding the impacts related to the third-party loss contracts and restructuring actions disclosed in the fourth quarter 2025.

UnitedHealth Group First Quarter 2026 Results

Quarterly Financial Performance
	Three Months Ended
	March 31, 2026		March 31, 2025		December 31, 2025
Revenues	$111.7 billion		$109.6 billion		$113.2 billion
Earnings from Operations	$9.0 billion		$9.1 billion		$0.4 billion
Net Margin	5.6%		5.7%		–

• UnitedHealth Group’s first quarter 2026 revenues were $111.7 billion compared to $109.6 billion in the year ago quarter.

• First quarter 2026 earnings from operations of $9.0 billion reflected improved operations and continued investments.

• The first quarter 2026 medical care ratio was 83.9% compared to 84.8% in the first quarter 2025. The year-over-year decrease was driven by strong medical cost management and favorable reserve development, partially offset by consistently elevated utilization and unit cost trends.

• Days claims payable were 48.6 compared to 44.1 in the fourth quarter 2025 and 45.5 in the first quarter 2025. The sequential variation was driven by seasonality and claims payment timing. Days sales outstanding of 21.6 compared to 18.8 in the fourth quarter 2025 and 22.3 in the year ago quarter, reflecting normal seasonality.

• The first quarter 2026 operating cost ratio of 13.8% compared to 12.4% in 2025, reflecting investments in people, processes and technology to drive improved consumer and care provider experiences and greater operating efficiencies.

• Cash flows from operations were $8.9 billion, or 1.4 times net income, reflecting strong earnings and changes in working capital accounts.

• Debt-to-capital ratio was 42.9% as of March 31, 2026, compared to 43.9% in the fourth quarter 2025 and 44.6% in the first quarter 2025. The company continues to target a long-term debt-to-capital ratio of approximately 40.0% and expects to reach that level in the back half of 2026.

• The company expects to repurchase at least $2.0 billion of its common stock by the end of the second quarter 2026.

UnitedHealthcare First Quarter 2026 Results

UnitedHealthcare provides health care benefits to individuals and employers, as well as Government Program beneficiaries. UnitedHealthcare is dedicated to improving the value customers and consumers receive by improving health and wellness, enhancing the quality of care received, simplifying the health care experience and reducing the total cost of care.

Quarterly Financial Performance
	Three Months Ended
	March 31, 2026		March 31, 2025		December 31, 2025
Revenues	$86.3 billion		$84.6 billion		$87.1 billion
Earnings from Operations	$5.7 billion		$5.2 billion		$0.3 billion
Operating Margin	6.6%		6.2%		0.4%

UnitedHealthcare

• UnitedHealthcare first quarter 2026 revenues of $86.3 billion compared to $84.6 billion in the first quarter 2025. UnitedHealthcare served 49.1 million people in the first quarter 2026 compared to 49.8 million people at year end 2025.

• UnitedHealthcare’s first quarter 2026 earnings from operations were $5.7 billion compared to $5.2 billion in the first quarter 2025. Operating margin of 6.6% compared to 6.2% in the first quarter 2025, primarily due to repricing across all lines of business in response to cost trends that remain elevated but in line with expectations.

UnitedHealthcare Employer & Individual

• UnitedHealthcare Employer & Individual first quarter 2026 revenues were $20.1 billion compared to $19.8 billion in the first quarter 2025.

• The number of people served increased by 415,000 in the first quarter 2026, with growth in employer self-funded offerings partially offset by attrition in both group fully-insured and individual products.

UnitedHealthcare Medicare & Retirement

• UnitedHealthcare Medicare & Retirement first quarter 2026 revenues of $42.1 billion grew 1% year-over-year as a result of trend-driven repricing actions partially offset by attrition in the number of seniors served.

• Seniors served through Medicare Advantage, including programs serving complex populations included in Medicaid, declined by 965,000 in the first quarter 2026.

UnitedHealthcare Community & State

• UnitedHealthcare Community & State first quarter 2026 revenues of $24.1 billion grew 4% year-over-year, driven primarily by Medicaid rate updates.

• People served contracted by 220,000 in the first quarter 2026 primarily due to the early impact of state eligibility changes.

Optum First Quarter 2026 Results

The Optum businesses serve participants throughout health care, including payers, care providers, employers, governments, life sciences companies and consumers. Using market-leading information, analytics and technology to yield clinical insights, Optum helps improve overall health system performance by optimizing care quality, reducing care costs and improving the consumer experience.

Quarterly Financial Performance
	Three Months Ended
	March 31, 2026		March 31, 2025		December 31, 2025
Revenues	$63.7 billion		$63.9 billion		$70.3 billion
Earnings from Operations	$3.3 billion		$3.9 billion		$0.1 billion
Operating Margin	5.2%		6.1%		0.1%

Optum Health

• Optum Health’s first quarter 2026 revenues of $24.1 billion decreased 3% year-over-year, reflecting fewer value-based care members.

• First quarter 2026 earnings from operations were $1.1 billion, representing a 4.7% margin. Adjusted earnings from operations were $1.3 billion, reflecting a margin of 5.4%, excluding the positive impacts of the third-party loss contracts reserve and restructuring actions taken in the fourth quarter 2025. The year-over-year change was driven by continued investments and medical costs that remain elevated, partially offset by operational improvements across the business.

Optum Insight

• Optum Insight’s first quarter 2026 revenues of $5.1 billion compared to $5.0 billion in the year ago quarter.

• First quarter 2026 earnings from operations were $1.0 billion compared to $1.2 billion in the first quarter 2025. The year-over-year decrease was driven by continued investments in people, technology and new products.

Optum Rx

• Optum Rx’s first quarter 2026 revenues of $35.7 billion increased 2% year-over-year, driven by growth in specialty pharmacy partially offset by UHC membership attrition.

• Earnings from operations for the first quarter 2026 were $1.2 billion compared to $1.3 billion in the first quarter 2025. The decrease year-over-year was primarily due to lower volume from membership attrition at UHC and investments in people. Adjusted scripts were 383 million compared to 408 million last year.

About UnitedHealth Group

UnitedHealth Group (NYSE: UNH) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the health care experience and delivering access to high-quality care. Visit UnitedHealth Group at www.unitedhealthgroup.com and follow UnitedHealth Group on LinkedIn.

Earnings Conference Call

As previously announced, UnitedHealth Group will discuss the company’s results, strategy and future outlook on a conference call with investors at 8:00 a.m. Eastern Time today. UnitedHealth Group will host a live webcast of this conference call from the Investor Relations page of the company’s website (www.unitedhealthgroup.com). Following the call, a webcast replay will be on the Investor Relations page through May 5, 2026. This earnings release and the Form 8-K dated April 21, 2026, can also be accessed from the Investor Relations page of the company’s website.

Non-GAAP Financial Information

This news release presents non-GAAP financial information provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of the non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release.

Forward-Looking Statements

The statements, estimates, projections, guidance or outlook contained in this document include “forward-looking” statements which are intended to take advantage of the “safe harbor” provisions of the federal securities laws. The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should” and similar expressions identify forward-looking statements. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. Actual results could differ materially from those that management expects, depending on the outcome of certain factors including: our ability to effectively estimate, price for and manage medical costs; new or changes in existing health care laws or regulations, or their enforcement or application; cyberattacks, other privacy/data security incidents, or our failure to comply with related regulations; reductions in revenue or delays to cash flows received under government programs; changes in Medicare, the CMS star ratings program or the application of risk adjustment data validation audits; the DOJ’s legal actions concerning our participation in the Medicare program; our ability to maintain and achieve improvement in quality scores impacting revenue; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; risks and uncertainties associated with our businesses providing pharmacy care services; competitive pressures, including our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; failure to achieve targeted operating cost productivity improvements; failure to develop and maintain satisfactory relationships with health care payers, physicians, hospitals and other service providers; the impact of potential changes in tax laws and regulations; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; risks and uncertainties associated with our increasing use of artificial intelligence and other emerging technologies; failure to complete, manage or integrate strategic transactions; risks and uncertainties associated with the sale of our remaining operations in South America; risks associated with public health crises arising from large-scale medical emergencies, pandemics, natural disasters and other extreme events; failure to attract, develop, retain, and manage the succession of key employees and executives; our investment portfolio performance; impairment of our goodwill and intangible assets; failure to protect proprietary rights to our databases, software and related products; downgrades in our credit ratings; and our ability to obtain sufficient funds from our regulated subsidiaries or from external financings to fund our obligations, reinvest in our business, maintain our debt to total capital ratio at targeted levels, maintain our quarterly dividend payment cycle, or continue repurchasing shares of our common stock.

This above list is not exhaustive. We discuss these matters, and certain risks that may affect our business operations, financial condition and results of operations, more fully in our filings with the SEC, including our reports on Forms 10-K, 10-Q and 8-K. By their nature, forward-looking statements are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Actual results may vary materially from expectations expressed or implied in this document or any of our prior communications. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.

UNITEDHEALTH GROUP Earnings Release Schedules and Supplementary Information Quarter Ended March 31, 2026   Condensed Consolidated Statements of Operations Condensed Consolidated Balance Sheets Condensed Consolidated Statements of Cash Flows Revenues by Business – Supplemental Financial Information Earnings by Business – Supplemental Financial Information Segment Realignment – Prior Period Financial Information and Performance Metrics People Served and Performance Metrics – Supplemental Financial Information Reconciliation of Non-GAAP Financial Measures

UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data; unaudited)
		Three Months Ended March 31,
		2026		2025
Revenues
Premiums		$87,561		$86,534
Products		13,250		13,036
Services		9,779		8,972
Investment and other income		1,131		1,033
Total revenues		111,721		109,575
Operating costs
Medical costs		73,489		73,411
Operating costs		15,390		13,594
Cost of products sold		12,823		12,390
Depreciation and amortization		1,029		1,061
Total operating costs		102,731		100,456
Earnings from operations		8,990		9,119
Interest expense		(955)		(998)
Loss on sale of subsidiary and subsidiaries held for sale		(72)		(15)
Earnings before income taxes		7,963		8,106
Provision for income taxes		(1,482)		(1,632)
Net earnings		6,481		6,474
Earnings attributable to noncontrolling interests		(201)		(182)
Net earnings attributable to UnitedHealth Group common shareholders		$6,280		$6,292
Diluted earnings per share attributable to UnitedHealth Group common shareholders		$6.90		$6.85
Adjusted earnings per share attributable to UnitedHealth Group common shareholders (a)		$7.23		$7.20
Diluted weighted-average common shares outstanding		910		918

(a)

See page 15 for a reconciliation of non-GAAP measures.

UNITEDHEALTH GROUP CONDENSED CONSOLIDATED BALANCE SHEETS (in millions; unaudited)
		March 31, 2026		December 31, 2025
Assets
Cash and short-term investments		$31,229		$28,121
Accounts receivable, net		26,587		23,018
Other current assets		33,311		39,443
Total current assets		91,127		90,582
Long-term investments		56,788		54,251
Other long-term assets		164,729		164,748
Total assets		$312,644		$309,581
Liabilities, redeemable noncontrolling interests and equity
Medical costs payable		$39,659		$39,337
Short-term borrowings and current maturities of long-term debt		6,477		6,069
Other current liabilities		67,988		69,491
Total current liabilities		114,124		114,897
Long-term debt, less current maturities		71,440		72,320
Other long-term liabilities		21,761		20,666
Redeemable noncontrolling interests		1,424		1,608
Equity		103,895		100,090
Total liabilities, redeemable noncontrolling interests and equity		$312,644		$309,581

UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions; unaudited)
		Three Months Ended March 31,
		2026		2025
Operating Activities
Net earnings		$6,481		$6,474
Noncash items:
Depreciation and amortization		1,029		1,061
Deferred income taxes and other		236		161
Share-based compensation		348		375
Loss on sale of subsidiary and subsidiaries held for sale		72		15
Net changes in operating assets and liabilities		746		(2,630)
Cash flows from operating activities		8,912		5,456
Investing Activities
(Purchases of investments, net of sales and maturities) sales and maturities of investments, net of purchases		(2,352)		1,217
Purchases of property, equipment and capitalized software		(763)		(898)
Cash paid for acquisitions and other transactions, net		—		(702)
Repayment of care provider loans – cyberattack		82		891
Other, net		586		(582)
Cash flows used for investing activities		(2,447)		(74)
Financing Activities
Common share repurchases		—		(3,000)
Dividends paid		(2,005)		(1,912)
Net change in short-term borrowings and long-term debt		(400)		3,911
Other, net		(587)		1,100
Cash flows (used for) from financing activities		(2,992)		99
Effect of exchange rate changes on cash and cash equivalents		(7)		15
Increase in cash and cash equivalents, including cash within businesses held for sale		3,466		5,496
Less: change in cash within businesses held for sale		170		(91)
Net increase in cash and cash equivalents		3,636		5,405
Cash and cash equivalents, beginning of period		24,365		25,312
Cash and cash equivalents, end of period		$28,001		$30,717

UNITEDHEALTH GROUP REVENUES BY BUSINESS – SUPPLEMENTAL FINANCIAL INFORMATION (in millions; unaudited)
				Optum								UnitedHealth Group Consolidated (a)
		UnitedHealthcare		Optum Health (c)		Optum Insight (c)		Optum Rx		Total Optum (a)
Three Months Ended March 31, 2026
Total revenues		$86,265		$24,109		$5,125		$35,736		$63,749		$111,721
Restructuring and other (2)		—		3		(77)		—		(74)		(74)
Adjusted revenues (b)		$86,265		$24,112		$5,048		$35,736		$63,675		$111,647
Three Months Ended March 31, 2025
Total revenues		$84,617		$24,837		$5,027		$35,132		$63,885		$109,575

UnitedHealthcare Revenues (in millions; unaudited)
		Three Months Ended March 31,
		2026		2025
UnitedHealthcare Employer & Individual – Domestic		$19,206		$19,066
UnitedHealthcare Employer & Individual – Global		912		782
UnitedHealthcare Employer & Individual – Total		20,118		19,848
UnitedHealthcare Medicare & Retirement		42,082		41,705
UnitedHealthcare Community & State		24,065		23,064
Total UnitedHealthcare revenues		$86,265		$84,617

(a)		Optum and consolidated revenues for the three months ended March 31, 2026 and 2025 include Optum eliminations of $1,221 and $1,111; and corporate eliminations of $38,293 and $38,927, respectively.
(b)		See page 15 for description of non-GAAP measures.
(c)		Prior period amounts have been recast to reflect the realignment of Optum Financial. See page 13 for further discussion.
Note: See end notes for further information regarding non-GAAP adjustments.

UNITEDHEALTH GROUP EARNINGS BY BUSINESS – SUPPLEMENTAL FINANCIAL INFORMATION (in millions, except percentages; unaudited)
				Optum								UnitedHealth Group Consolidated
		UnitedHealthcare		Optum Health (b)		Optum Insight (b)		Optum Rx		Total Optum
Three Months Ended March 31, 2026
Earnings from operations		$5,694		$1,141		$963		$1,192		$3,296		$8,990
Net portfolio divestitures and South American impacts (1)		—		306		(528)		(8)		(230)		(230)
Restructuring and other (2)		—		(135)		339		—		204		204
Adjusted earnings from operations (a)		$5,694		$1,312		$774		$1,184		$3,270		$8,964
Operating margin		6.6 %		4.7 %		18.8 %		3.3 %		5.2 %		8.0 %
Adjusted operating margin (a)		6.6 %		5.4 %		15.3 %		3.3 %		5.1 %		8.0 %
Three Months Ended March 31, 2025
Earnings from operations		$5,226		$1,411		$1,164		$1,318		$3,893		$9,119
Operating margin		6.2 %		5.7 %		23.2 %		3.8 %		6.1 %		8.3 %

(a)		See page 15 for description of non-GAAP measures.
(b)		Prior period amounts have been recast to reflect the realignment of Optum Financial. See page 13 for further discussion.
Note: See end notes for further information regarding non-GAAP adjustments.

UNITEDHEALTH GROUP SEGMENT REALIGNMENT – PRIOR PERIOD FINANCIAL INFORMATION AND PERFORMANCE METRICS (in millions, except percentages) (unaudited)

Optum Financial Segment Realignment

On January 1, 2026, we realigned certain of our businesses to respond to changes in the markets we serve and the opportunities that are emerging as the health system evolves. Optum Financial, including Optum Bank, which was historically included in Optum Health, is now included in Optum Insight. Our reportable segments remain unchanged and prior period segment financial information has been recast to conform to the 2026 presentation. There was no impact to the results of UnitedHealthcare, Optum Rx or Optum as result of the realignment of Optum Financial. The below tables provide a summary of the recasted segment information and Optum Health consumers served for the comparative prior periods.

		Three Months Ended								Year Ended
		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2025		December 31, 2024
Revenues:
Optum Health		$24,837		$24,725		$25,422		$25,067		$100,051		$103,516
Optum Insight		5,027		5,232		5,320		5,455		21,034		20,356
Optum Rx		35,132		38,459		39,679		41,456		154,726		133,231
Optum Eliminations		(1,111)		(1,191)		(1,244)		(1,645)		(5,191)		(4,146)
Optum		$63,885		$67,225		$69,177		$70,333		$270,620		$252,957
Earnings from Operations:
Optum Health		$1,411		$429		$41		$(2,996)		$(1,115)		$6,902
Optum Insight		1,164		1,205		920		172		3,461		3,965
Optum Rx		1,318		1,441		1,549		2,885		7,193		5,836
Optum		$3,893		$3,075		$2,510		$61		$9,539		$16,703
Operating Margin:
Optum Health		5.7 %		1.7 %		0.2 %		(12.0) %		(1.1) %		6.7 %
Optum Insight		23.2		23.0		17.3		3.2		16.5		19.5
Optum Rx		3.8		3.7		3.9		7.0		4.6		4.4
Optum		6.1		4.6		3.6		0.1		3.5		6.6

	March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
Optum Health Consumers Served (in millions)	95		95		93		92

UNITEDHEALTH GROUP PEOPLE SERVED AND PERFORMANCE METRICS – SUPPLEMENTAL FINANCIAL INFORMATION (unaudited)   UnitedHealthcare Customer Profile (in thousands)
People Served		March 31, 2026		December 31, 2025		March 31, 2025
Commercial:
Risk-based		7,725		8,165		8,410
Fee-based		22,340		21,485		21,590
Total Commercial		30,065		29,650		30,000
Medicare Advantage		7,555		8,445		8,245
Medicaid		7,160		7,380		7,570
Medicare Supplement (Standardized)		4,270		4,285		4,310
Total Community and Senior		18,985		20,110		20,125
Total UnitedHealthcare – Medical		49,050		49,760		50,125
Supplemental Data
Medicare Part D stand-alone		2,740		2,770		2,835
South American businesses held for sale		1,160		1,160		1,160

Optum Performance Metrics
		March 31, 2026		December 31, 2025		March 31, 2025
Optum Health Consumers Served (in millions) (a)		93		92		95
Optum Rx Quarterly Adjusted Scripts (in millions)		383		424		408

(a)

Prior period amounts have been recast to reflect the realignment of Optum Financial. See page 13 for further discussion.

UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Use of Non-GAAP Financial Measures

Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin and adjusted revenues are non-GAAP financial measures. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Adjustments made to these measures are as follows:   Intangible Amortization: Adjusted net earnings per share excludes intangible amortization from the relevant GAAP measure. As amortization fluctuates based on the size and timing of the company’s acquisition activity, management believes this exclusion provides a more useful comparison of the company’s underlying business performance and trends from period to period. While intangible assets contribute to the Company’s revenue generation, the intangible amortization is not directly related. Therefore, the related revenues are included in adjusted earnings per share.   Net Portfolio Divestitures and South American Impacts: Adjusted net earnings per share, adjusted earnings from operations and adjusted operating margin exclude net portfolio divestitures and South American impacts.Net portfolio divestitures and South American impacts relate to the actions taken by management in the fourth quarter of 2025 as a result of a strategic review of our assets and businesses aimed at advancing and scaling our operations, including our value-based care business at Optum Health. In the first quarter of 2026, these actions resulted in a net gain on the sales of businesses previously classified as held for sale as of December 31, 2025 and net incremental losses on other businesses held for sale, including our remaining South American operations. Portfolio divestitures are not representative of the Company’s underlying business and management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period.   Restructuring and Other: Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin and adjusted revenues exclude restructuring and other items. In the first quarter of 2026, restructuring and other items included a contribution to the United Health Foundation ($400 million) funded by the cash gain on the disposition of an Optum Insight business. This was partially offset by the reduction of loss contract reserves established in the fourth quarter of 2025 ($137 million) and net valuation gains on equity securities ($59 million). These items are not representative of the Company’s underlying business and management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period.   Adjusted earnings per share for the projected year ended December 31, 2026 excludes the expected reduction of loss contracts reserves of $402 million in addition to the $137 million recognized in the first quarter of 2026.

UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share data; unaudited) Adjusted Net Earnings Per Share
		Three Months Ended March 31,				Projected Year Ended December 31,
		2026		2025		2026
Net earnings attributable to UnitedHealth Group common shareholders		$6,280		$6,292		> $15,800
Intangible amortization		334		417		~1,325
Net portfolio divestitures and South American impacts (1)		(158)		—		~(60)
Restructuring and other (2)		204		—		~(200)
Tax effect of adjustments		(82)		(102)		~(255)
Adjusted net earnings attributable to UnitedHealth Group common shareholders		$6,578		$6,607		> $16,610
Diluted earnings per share		$6.90		$6.85		> $17.35
Intangible amortization per share		0.37		0.46		~1.45
Net portfolio divestitures and South American impacts per share		(0.17)		—		~(0.05)
Restructuring and other per share		0.22		—		~(0.20)
Tax effect of adjustments per share		(0.09)		(0.11)		~(0.30)
Adjusted diluted earnings per share		$7.23		$7.20		> $18.25

End Notes
(1)		Net portfolio divestitures and South American impacts for the three months ended March 31, 2026 includes net gains on dispositions and businesses held for sale and $72 million of incremental losses related to South American businesses held for sale. For the three months ended March 31, 2025, net gains on dispositions and South American impacts were not significant.
(2)		Restructuring and other for the three months ended March 31, 2026 includes net valuation gains on equity securities. For the three months ended March 31, 2025 net valuation gains were not significant.

 

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