Market Newsdesk

May 6, 2026 6:35 am

Utz Brands Reports First Quarter 2026 Results and Reaffirms Full Year Guidance

Utz Brands Reports First Quarter 2026 Results and Reaffirms Full Year Guidance

Branded Salty Snacks Growth of 5.2%;

Significant Improvement in Cash Metrics

HANOVER, Pa.–(BUSINESS WIRE)–
Utz Brands, Inc. (NYSE: UTZ) (“Utz” or the “Company”), a leading U.S. manufacturer of branded Salty Snacks and a small-cap growth and value Staples equity, today reported financial results for the Company’s first fiscal quarter ended March 29, 2026.

1Q’26 Summary⁽¹⁾

Net Sales increased 2.6% to $361.3 million
Total Organic Net Sales increased 2.6%; Branded Salty Snacks Organic Net Sales increased 5.2%
Gross Profit Margin expansion of 200bps
Adjusted Gross Profit Margin expansion of 210bps
Net Income decreased to $(2.4) million
Adjusted Net Income decreased 4.5% to $21.3 million
EBITDA decreased 12.9% to $30.3 million
Adjusted EBITDA increased 6.2% to $47.9 million
Diluted Earnings Per Share decreased to $(0.02)
Adjusted Earnings Per Share decreased 6.3% to $0.15
Cash Flow Used in Operations was $12.2 million
Adjusted Free Cash Flow increased to $(25.9) million
Net Leverage Ratio improved and decreased 0.4x to 3.6x

(1) All comparisons for the first quarter of 2026 are to the first quarter of 2025 (ended March 30, 2025).

“I’m pleased with our solid start to the year, as we delivered 2.6% Net Sales growth and 5.2% Branded Salty Snacks growth, gained dollar share in the Salty Snacks category⁽²⁾, and continued to expand Adjusted EBITDA margins,” said Howard Friedman, Chief Executive Officer of Utz.

Mr. Friedman continued, “The category has demonstrated signs of continued improvement with solid growth in the first quarter. Looking ahead to the remainder of 2026, we expect it to remain a dynamic operating environment and we are committed to our playbook of driving Branded Salty Snacks growth, generating productivity, and reinvesting in marketing and geographic expansion. We believe the flexibility of our model will allow us to succeed in an evolving consumer and category backdrop.”

“Adjusted Free Cash Flow improved sharply in the first quarter with our focus on working capital management and normalizing capital expenditures,” said BK Kelley, EVP and Chief Financial Officer of Utz. “Leverage at 3.6x was down considerably from a year ago, and we expect leverage to improve further as we progress through 2026. We are reaffirming all aspects of our 2026 guidance.”

	13-Weeks Ended
(in $millions, except per share amounts)	March 29, 2026			March 30, 2025			% Change

Net Sales	$	361.3		$	352.1		2.6	%
Organic Net Sales		361.3			352.1		2.6	%

Gross Profit		91.9			82.4		11.5	%
Gross Profit Margin		25.4	%		23.4	%	200 bps
Adjusted Gross Profit		111.4			101.2		10.1	%
Adjusted Gross Profit Margin		30.8	%		28.7	%	210 bps

Selling, General, and Administrative		85.4			77.4		10.3	%
Selling, General, and Administrative Margin		23.6	%		22.0	%	160 bps
Adjusted Selling, General, and Administrative		63.5			56.1		13.2	%
Adjusted Selling, General and Administrative Margin		17.6	%		15.9	%	170 bps

Net (Loss) Income		(2.4	)		5.7		nm
Net (Loss) Income Margin		(0.7	)%		1.6	%	nm
Adjusted Net Income		21.3			22.3		(4.5	)%
EBITDA		30.3			34.8		(12.9	)%
Adjusted EBITDA		47.9			45.1		6.2	%
Adjusted EBITDA Margin		13.3	%		12.8	%	50 bps
Basic (Loss) Income Per Share⁽¹⁾	$	(0.02	)	$	0.09		nm
Adjusted Earnings Per Diluted Share⁽¹⁾	$	0.15		$	0.16		(6.3	)%
Cash Flow From Operations		(12.2	)		(20.2	)	39.6	%
Adjusted Free Cash Flow		(25.9	)		(58.2	)	55.5	%

First Quarter 2026 Results

First quarter Net Sales increased 2.6% to $361.3 million compared to $352.1 million in the prior year period. Organic Net Sales increased 2.6% year-over-year, driven by a favorable net price realization of 3.7% partially offset by lower volume/mix contribution of (1.1)%. The Bonus Packs promotion in the prior year first quarter had a net neutral 2.7 point impact on both volume/mix and price. Excluding the Bonus Packs promotion, volume/mix increased 1.6% and net price realization increased 1.0%. Branded Salty Snacks Organic Net Sales⁽³⁾ (representing 89% of total Net Sales) increased 5.2% led by our Power Four Brands, offset by a 14.3% decline in Non-Branded & Non-Salty Snacks^{Organic Net Sales⁽³⁾, primarily due to Non-Branded, which was impacted by accelerated elimination of low margin items.}

For the 13-week period ended March 29, 2026, the Company’s Branded Salty Snacks Retail Sales increased 4.6% versus the prior year period, outperforming the 2.4% increase for the Salty Snack category overall⁽³⁾. On a 2-year stack basis, total Company Branded Salty Snacks Retail Sales also increased 4.6%, outperforming a 0.7% increase for the Salty Snack category. The Company’s Retail Volumes decreased by 3.0%, impacted by the lap of Bonus Packs, compared to a 1.5% increase for the Salty Snack category. On a 2-year stack basis, the Company’s Retail Volumes increased 2.7%, outperforming a 0.1% decrease for the Salty Snack category. The Company drove Retail Sales gains in both its Core and Expansion Geographies⁽²⁾⁽³⁾. The Company’s Power Four Brands of Utz^®, On The Border^®, Zapp’s^® and Boulder Canyon^® Retail Sales increased by 6.7%.

Gross Profit Margin of 25.4% increased 200bps compared to 23.4% in the prior year period. Adjusted Gross Profit Margin of 30.8% expanded 210bps compared to 28.7% in the prior year period. The increase in both Gross Margin and Adjusted Gross Profit Margin was driven by productivity savings, which more than offset supply chain cost inflation.

Selling, General, and Administrative Expenses (“SG&A Expenses”) were $85.4 million, or 23.6% of Net Sales, compared to $77.4 million, or 22.0% of Net Sales, in the prior year period. Adjusted SG&A Expenses were $63.5 million, or 17.6% of Net Sales, compared to $56.1 million, or 15.9% of Net Sales, in the prior year period. The increase in both SG&A Expenses and Adjusted SG&A Expenses as a percentage of Net Sales were primarily due to increased marketing, and adding capabilities to support the Company’s geographic expansion and growth initiatives.

The Company reported a Net Loss of $2.4 million compared to Net Income of $5.7 million in the prior year period. Net Income in the prior year period benefited from an $11 million gain from the remeasurement of the warrant liability. Adjusted Net Income in the quarter decreased 4.5% to $21.3 million compared to $22.3 million in the prior year period. Adjusted Earnings Per Share decreased 6.3% to $0.15 compared to $0.16 in the prior year period. The Adjusted Earnings Per Share decrease was primarily the result of lower Adjusted Net Income, driven by an increase in depreciation and amortization.

The Company reported EBITDA of $30.3 million compared to EBITDA of $34.8 million in the prior year period. Adjusted EBITDA increased 6.2% to $47.9 million, or 13.3% as a percentage of Net Sales, compared to $45.1 million, or 12.8% as a percentage of Net Sales, in the prior year period. The increase in Adjusted EBITDA was driven by Adjusted Gross Profit Margin expansion, which more than offset the increase in Adjusted SG&A expenses.

(1) Versus prior year period.

(2) As measured by Circana MULO+ w/convenience.

(3) See “Other Defined Terms” for definitions.

Balance Sheet and Cash Flow Highlights

As of March 29, 2026
- Total liquidity of $196.1 million, consisting of cash on hand of $73.7 million and $122.4 million available under the Company’s revolving credit facility.
- Net debt of $780.3 million resulting in a Net Leverage Ratio of 3.6x based on trailing twelve months Adjusted EBITDA of $219.3 million.
For the thirteen weeks ended March 29, 2026
- Cash flow used in operations was $12.2 million.
- Capital expenditures were $13.8 million, and dividends and distributions paid were $9.7 million.
- Adjusted Free Cash Flow of $(25.9) million.

Share Repurchase Program

The Company did not repurchase shares during the first quarter of 2026 and has $50 million remaining under its stock repurchase program adopted in February 2026.

Fiscal Year 2026 Outlook

The Company will benefit from a 53rd week in the fourth quarter of 2026. Guidance has indicated the impact of the 53rd week, where appropriate. The Company is reiterating all aspects of 2026 guidance. For the fiscal year 2026, the Company continues to expect:

Organic Net Sales growth of 2% to 3%, assuming a flat Salty Snacks category at midpoint, led by continued Branded Salty Snacks growth, particularly the Power Four Brands. This metric excludes the 53rd week
- We expect that the 53rd week will benefit Reported Net Sales by approximately $20 million in the fourth quarter of 2026
Productivity savings of approximately 4% of Adjusted COGS
Adjusted EBITDA growth of 5% to 8% and Adjusted EBITDA margin expansion, led by Adjusted Gross Margin expansion fueled by strong productivity cost savings and improved product mix. This metric includes the 53rd week
- We expect that the 53rd week will benefit Adjusted EBITDA by approximately $3 million in the fourth quarter of 2026
Adjusted EPS decline in range of 3% to 6%, driven primarily by higher depreciation and amortization ofapproximately $13 million, higher interest expense, and a higher tax rate, the impact of these three items equating to approximately 12 cents

We expect that the 53rd week will benefit Adjusted EPS by 2 cents in the fourth quarter of 2026

Adjusted Free Cash Flow in the range of $60 and $80 million

Adjusted Free Cash Flow is defined as Cash Flows From Operating Activities less Capital Expenditures Plus Net Sales of Property and Equipment

The Company also continues to expect:

An effective tax rate (normalized GAAP basis tax expense, which excludes one-time items) of between 17-19%;

Interest expense in the range of $47 to $49 million;

Depreciation and amortization in the range of $93 to $97 million;

Capital expenditures in the range of $60 to $65 million with the majority focused on delivering accelerated productivity savings and supporting targeted growth initiatives; and

Net Leverage Ratio between 3.0x – 3.2x at fiscal year-end 2026

Quantitative reconciliations are not available for the forward-looking non-GAAP financial measures used herein without unreasonable efforts due to the high variability, complexity, and low visibility with respect to certain items which are excluded from Organic Net Sales, Adjusted COGS, Adjusted EBITDA, Adjusted Free Cash Flow, Net Leverage Ratio, normalized GAAP basis tax expense, excluding one-time items, and Adjusted Earnings Per Share, respectively. We expect the variability of these items to have a potentially unpredictable, and potentially significant, impact on our future financial results.

Conference Call and Webcast Presentation

The Company has also posted a pre-recorded management discussion of its first quarter results to its website at https://investors.utzsnacks.com. In addition, the Company will host a live question and answer session with analysts at 8:30 a.m. Eastern Time today. Please visit the “Events & Presentations” section of Utz’s Investor Relations website at https://investors.utzsnacks.com to access the live listen-only webcast. Participants can also dial in over the phone by calling 1-888-596-4144. The Event Plus passcode is 3860587. The Company has also posted presentation slides and additional supplemental financial information, which are available now on Utz’s Investor Relations website.

About Utz Brands, Inc.

Utz Brands, Inc. (NYSE: UTZ) manufactures a diverse portfolio of savory snacks through popular brands, including Utz^®, On The Border^® Chips & Dips, Zapp’s^®, and Boulder Canyon^®, among others.

After over a century with a strong family heritage, Utz continues to have a passion for exciting and delighting consumers with delicious snack foods made from top-quality ingredients. Utz’s products are distributed nationally through grocery, mass merchandisers, club, convenience, drug, and other channels. Based in Hanover, Pennsylvania, Utz has multiple manufacturing facilities located across the U.S. to serve our growing customer base. For more information, please visit the Company’s website or call 1‐800‐FOR‐SNAX.

Investors and others should note that Utz announces material financial information to its investors using its Investor Relations website, U.S. Securities and Exchange Commission (the “Commission”) filings, press releases, public conference calls, and webcasts. Utz uses these channels, as well as social media, to communicate with our stockholders and the public about the Company, the Company’s products, and other Company information. It is possible that the information that Utz posts on social media could be deemed to be material information. Therefore, Utz encourages investors, the media, and others interested in the Company to review the information posted on the social media channels listed on Utz’s Investor Relations website.

Forward-Looking Statements

This press release includes certain statements made herein that are not historical facts but are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. The forward-looking statements generally are accompanied by or include, without limitation, statements such as “may,” “can,” “should,” “will,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target” “goal”, “on track” or other similar words, phrases or expressions. These forward-looking statements include future plans for the Company, including outlook for fiscal 2026, assumptions for category performance, plans related to the transformation of the Company’s supply chain, the Company’s product mix, the Company’s expectations regarding its level of indebtedness and associated interest expense impacts; the estimated or anticipated future results and benefits of the Company’s future plans and operations; the Company’s cost savings plans and the Company’s logistics optimization efforts; the effects of tariffs, inflation or supply chain disruptions on the Company or its business; the benefits of the Company’s productivity initiatives; the effects of the Company’s marketing and innovation initiatives; the Company’s future capital structure; future opportunities for the Company’s growth; statements regarding the Company’s projected balance sheet and liabilities, including net leverage; and other statements that are not historical facts.

These statements are based on the current expectations of the Company’s management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties and the Company’s business and actual results may differ materially. Some factors that could cause actual results to differ include, without limitation: we operate in the highly competitive and increasingly consolidated snack food industry; demand for our products may be adversely affected by changes in consumer preferences and tastes or if we are unable to innovate or market our products effectively; our reputation or brand image might be impacted as a result of issues or concerns relating to the quality and safety of our products, ingredients or packaging, processing techniques, which in turn could negatively impact our operating results; changes in retail distribution arrangements can result in the loss of retail shelf space and disrupt sales of food products, causing our sales to fall; our DTW delivery network system relies on a significant number of brokers, wholesalers and logistics companies, and our DSD network system and regional third-party distributor network relies on a significant number of independent operators and third-party distributors, and such reliance could affect our ability to effectively and profitably distribute and market products, maintain existing markets and expand business into other geographic markets; the evolution of e-commerce retailers and sales channels may adversely affect us; disruption to our manufacturing operations, supply chain or distribution channels could impair our ability to produce or deliver finished products and negatively impact our operating results; our results of operations and profitability may continue to be adversely affected by inflation, including from rising labor costs and the effects of shortages of raw materials, energy, water and other supplies; all of our products must be compliant with laws and regulations promulgated by various governmental authorities, and changes in the legal and regulatory environment, including with respect to the One Big Beautiful Bill Act, could limit our business activities, increase our operating costs, reduce demand for our products or result in litigation or other regulatory action; we may be unable to successfully identify and execute acquisitions or dispositions or to successfully integrate acquisitions or carve out dispositions; the geographic concentration of our markets may adversely impact us if we are unable to effectively diversify the markets in which we participate; we may not be able to attract and retain the highly skilled people we need to support our business; impairment in the carrying value of goodwill or other intangible assets could have an adverse impact on our results; our intellectual property rights are valuable, and any inability to protect them could reduce the value of our products and brands; climate change or legal, regulatory or market measures to address climate change may negatively affect our business and operations or damage our reputation, and liabilities, claims or new laws or regulations with respect to environmental matters could have a significant negative impact on our business; we are subject to increasing focus on ESG issues, including those related to climate change, and any perceived failure by us to meet ESG initiatives may negatively impact our business; our debt instruments contain covenants that impose restrictions on our operations that may adversely affect our ability to operate our business if we fail to meet those covenants or otherwise suffer a default thereunder; we are subject to risks from changes to the trade policies and tariff and import/export regulations by the U.S. and/or other foreign governments; resales of shares of our Class A Common Stock could affect the market price of our Class A Common Stock; we are a holding company dependent upon distributions made by our subsidiaries to pay taxes, make payments under the Company’s Tax Receivable Agreement (the “TRA”) and pay dividends; pursuant to the TRA, we are required to make certain payments to certain noncontrolling interest holders, and those payments may be substantial; Delaware law, our organizational documents and certain other agreements contain certain provisions, including anti-takeover provisions, that limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts; our Certificate of Incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders; certain of our significant stockholders whose interests may differ from those of our other stockholders have the ability to significantly influence our business and management; and other risks and uncertainties set forth in Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 28, 2025 and in the other reports we file with the Commission from time to time.

Forward-looking statements provide the Company’s expectations, plans or forecasts of future events and views as of the date of this communication. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this communication. The Company cautions investors not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as otherwise required by law.

Non-GAAP Financial Measures:

Utz uses non-GAAP financial information and believes it is useful to investors as it provides additional information to facilitate comparisons of historical operating results and identify trends in our underlying operating results, and it provides additional insight and transparency on how we evaluate the business. We use non-GAAP financial measures to budget, make operating and strategic decisions, and evaluate our performance. These non-GAAP financial measures do not represent financial performance in accordance with generally accepted accounted principles in the United States (“GAAP”) and may exclude items that are significant to understanding and assessing financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations, earnings per share or other measures of profitability, liquidity, or performance under GAAP. You should be aware that the presentation of these measures may not be comparable to similarly titled measures used by other companies.

Management believes that non-GAAP financial measures should be considered as supplements to the GAAP measures reported, should not be considered replacements for, or superior to, the GAAP measures, and may not be comparable to similarly named measures used by other companies. The Company’s calculation of the non-GAAP financial measures may differ from methods used by other companies. We believe that these non-GAAP financial measures provide useful information to investors regarding certain financial and business trends relating to the financial condition and results of operations of the Company to date when considered with both the GAAP results and the reconciliations to the most comparable GAAP measures, and that the presentation of non-GAAP financial measures is useful to investors in the evaluation of our operating performance compared to other companies in the Salty Snack industry, as similar measures are commonly used by the companies in this industry. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of management judgment about which items of expense and income are excluded or included in determining these non-GAAP financial measures. The non-GAAP financial measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures. As new events or circumstances arise, these definitions could change. When the definitions change, we will provide the updated definitions and present the related non-GAAP historical results on a comparable basis.

During the first quarter of 2026, the Company revised the categorization of certain charges and gains that were historically categorized as acquisition, divestitures and investments, business transformation, and financing-related costs. The Company is now presenting the associated charges and gains within the categories supply chain transformation and corporate transformation. The nature of the charges and gains included in these adjustments, as well as the total amount of all of these adjustments in all prior periods presented, are unchanged. We believe that this change provides a better reflection of the impact of the charges and gains and aligns with how management views the adjustments internally. Prior period balances have been reclassified to conform to the current presentation. Additionally, the Company has revised the presentation of its reconciliations of Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Selling, General, and Administrative Expenses, EBITDA, Adjusted EBITDA, Adjusted Net Income, and Adjusted Earnings Per Share to the most directly comparable GAAP measures. We believe the revised presentation of reconciliation information provides investors with helpful context on the impacts of the adjustments.

Utz uses the following non-GAAP financial measures in its financial communications, and in the future could use others:

Organic Net Sales

Adjusted Gross Profit

Adjusted Gross Profit as % of Net Sales (Adjusted Gross Profit Margin)

Adjusted Cost of Goods Sold (COGS)

Adjusted Selling, General and Administrative Expense

Adjusted Selling, General and Administrative Expense as % of Net Sales (Adjusted Selling, General and Administrative Expense Margin)

Adjusted Net Income

Adjusted Earnings Per Share

Adjusted Earnings Before Taxes

EBITDA

Adjusted EBITDA

Adjusted EBITDA as % of Net Sales (Adjusted EBITDA Margin)

Effective Normalized Tax Rate

Net Leverage Ratio

Adjusted COGS

Branded Salty Snacks Organic Net Sales

Non-Branded & Non-Salty Snacks Organic Net Sales

Adjusted Free Cash Flow

Organic Net Sales is defined as Net Sales excluding the impacts of acquisitions, divestitures and independent operator (“IO”) route conversions that took place after 1Q’2024.

Adjusted Gross Profit represents Gross Profit excluding Depreciation and Amortization expense, a non-cash item. In addition, Adjusted Gross Profit excludes the impact of costs that fall within the categories of non-cash adjustments and/or other cash adjustment items such as those related to stock-based compensation, hedging and purchase commitments adjustments, asset impairments, supply chain transformation, and corporate transformation. Adjusted Gross Profit is one of the key performance indicators that our management uses to evaluate operating performance. We also report Adjusted Gross Profit as a percentage of Net Sales as an additional measure for investors to evaluate our Adjusted Gross Profit Margin.

Adjusted Cost of Goods Sold (COGS)represents Net Sales less Adjusted Gross Profit.

Adjusted Selling, General and Administrative Expense is defined as all Selling, General and Administrative expense excluding Depreciation and Amortization expense, a non-cash item. In addition, Adjusted Selling, General and Administrative Expense excludes the impact of costs that fall within the categories of non-cash adjustments and/or other cash adjustment items such as those related to stock-based compensation, hedging and purchase commitments adjustments, asset impairments, supply chain transformation, and corporate transformation. We also report Adjusted Selling, General and Administrative Expense as a percentage of Net Sales as an additional measure for investors to evaluate our Adjusted Selling, General and Administrative Margin.

Adjusted Net Incomeis defined as Net Income excluding Depreciation and Amortization expense, a non-cash item, related to fair value adjustments on property, plant, and equipment, and definite-lived intangibles relating to business combinations recorded in prior periods. In addition, Adjusted Net Income excludes deferred financing fees, interest income, and expense relating to IO loans and certain non-cash adjustments and/or other cash adjustment items such as those related to stock-based compensation, hedging, and purchase commitments adjustments, asset impairments, supply chain transformation, corporate transformation, remeasurement of warrant liabilities. Lastly, Adjusted Net Income normalizes the income tax provision to account for the above-mentioned adjustments.

Adjusted Earnings Before Taxesis defined as Adjusted Net Income before normalized GAAP basis tax expense.

Adjusted Earnings Per Share is defined as Adjusted Net Income divided by the weighted average shares outstanding for each period on a fully diluted basis assuming the shares of Class V Common Stock of the Company are converted to Class A Common Stock of the Company.

EBITDA is defined as Net Income Before Interest, Income Taxes, and Depreciation and Amortization.

Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash adjustments and/or other cash adjustment items, such as stock-based compensation, hedging and purchase commitments adjustments, asset impairments, supply chain transformation, and corporate transformation. Adjusted EBITDA is one of the key performance indicators we use in evaluating our operating performance and in making financial, operating, and planning decisions. We believe Adjusted EBITDA is useful to the users of this release because the financial information contained in the release can be used in the evaluation of Utz’s operating performance compared to other companies in the Salty Snack industry, as similar measures are commonly used by companies in this industry. In this release, we also provide Adjusted EBITDA as a percentage of Net Sales as an additional measure for readers to evaluate our Adjusted EBITDA Margin.

Adjusted Free Cash Flow is defined as Cash Flow from Operating Activities on the Consolidated Statements of Cash Flows less Purchases of Property and Equipment (Capital Expenditures) plus Net Proceeds from Sale of Property and Equipment, both included in Cash flow from investing activities on the Consolidated Statements of Cash Flows.

Effective Normalized Tax Rate is defined as normalized GAAP basis tax expense, which excludes one-time items, divided by Adjusted Earnings before Taxes.

Net Leverage Ratio is defined as trailing twelve month Adjusted EBITDA divided by Net Debt. Net Debt is defined as Gross Debt less Cash and Cash Equivalents.

Other Defined Terms:

Branded Salty Snacks is defined as Power Four Brands and Other Brands. Power Four Brands consist of the Utz^® brand, On The Border^®, Zapp’s^®, and Boulder Canyon^®. Other Brands include Golden Flake^®, TORTIYAHS!^®, Hawaiian^®, Bachman^®, Tim’s Cascade^®, Dirty Potato Chips^®, TGI Fridays^® and Vitner’s^®.

Non-Branded & Non-Salty Snacksis defined as partner brands, private label, co-manufacturing for which we are the manufacturer, Utz branded non-salty snacks such as On The Border^® Dips and Salsa, and sales not attributable to specific brands.

Utz Brands, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

For the thirteen weeks ended March 29, 2026 and March 30, 2025

(In millions, except share information)

(Unaudited)

Thirteen weeks ended March 29, 2026

Thirteen weeks ended March 30, 2025

Net sales

$

361.3

$

352.1

Cost of goods sold

269.4

269.7

Gross profit

91.9

82.4

Selling, general, and administrative expenses

Selling

51.1

41.5

General and administrative

34.3

35.9

Total selling, general, and administrative expenses

85.4

77.4

Gain on sale of assets, net

1.3

0.7

Income from operations

7.8

5.7

Other loss, net

Interest expense

(10.4

)

(11.5

)

Loss on debt extinguishment

—

(0.5

)

Other income

0.8

0.4

Gain on remeasurement of warrant liability

—

11.0

Other loss, net

(9.6

)

(0.6

)

(Loss) income before taxes

(1.8

)

5.1

Income tax expense (benefit)

0.6

(0.6

)

Net (loss) income

(2.4

)

5.7

Net loss attributable to noncontrolling interest

0.7

1.8

Net (loss) attributable to controlling interest

$

(1.7

)

$

7.5

(Loss) income per Class A Common stock: (in dollars)

Basic

$

(0.02

)

$

0.09

Diluted

$

(0.02

)

$

0.09

Weighted-average shares of Class A Common stock outstanding

Basic

88,347,854

85,721,393

Diluted

88,347,854

87,535,340

Net (loss) income

$

(2.4

)

$

5.7

Other comprehensive income (loss):

Change in fair value of interest rate swap

2.3

(6.4

)

Comprehensive loss

(0.1

)

(0.7

)

Net comprehensive (income) loss attributable to noncontrolling interest

(0.2

)

4.3

Net comprehensive (loss) income attributable to controlling interest

$

(0.3

)

$

3.6

Utz Brands, Inc.

CONSOLIDATED BALANCE SHEETS

March 29, 2026 and December 28, 2025

(In millions, except per share information)

As of

March 29, 2026

As of December 28, 2025

(Unaudited)

ASSETS

Current Assets

Cash and cash equivalents

$

73.7

$

120.4

Accounts receivable, less allowance of $3.3 for each period

113.4

100.8

Inventories

122.5

119.3

Prepaid expenses and other assets

46.3

39.9

Current portion of notes receivable

4.0

4.0

Total current assets

359.9

384.4

Non-current Assets

Assets held for sale

10.4

10.3

Property, plant and equipment, net

379.9

379.2

Goodwill

865.2

865.2

Intangible assets, net

956.5

963.9

Non-current portion of notes receivable

10.8

10.8

Other assets

203.4

179.8

Total non-current assets

2,426.2

2,409.2

Total assets

$

2,786.1

$

2,793.6

LIABILITIES AND EQUITY

Current Liabilities

Current portion of term debt

$

30.3

$

31.4

Current portion of other notes payable

6.1

6.5

Accounts payable

188.3

197.4

Accrued expenses and other

90.3

87.9

Total current liabilities

315.0

323.2

Non-current portion of term debt and revolving credit facility

812.0

818.2

Non-current portion of other notes payable

13.1

14.2

Non-current accrued expenses and other

181.4

166.5

Deferred tax liability

127.2

126.6

Total non-current liabilities

1,133.7

1,125.5

Total liabilities

1,448.7

1,448.7

Commitments and Contingencies

Equity

Shares of Class A Common Stock, $0.0001 par value; 1,000,000,000 shares authorized; 88,430,658 and 87,509,774 shares issued and outstanding as of March 29, 2026 and December 28, 2025, respectively

—

—

Shares of Class V Common Stock, $0.0001 par value; 61,249,000 shares authorized; 55,349,000 shares issued and outstanding as of both March 29, 2026 and December 28, 2025

—

—

Additional paid-in capital

1,039.2

1,037.0

Accumulated deficit

(334.4

)

(326.6

)

Accumulated other comprehensive income

4.7

3.3

Total stockholders’ equity

709.5

713.7

Noncontrolling interest

627.9

631.2

Total equity

1,337.4

1,344.9

Total liabilities and equity

$

2,786.1

$

2,793.6

Utz Brands, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the thirty-nine weeks ended March 29, 2026 and March 30, 2025

(In millions)

(Unaudited)

Thirteen weeks ended March 29, 2026

Thirteen weeks ended March 30, 2025

Cash flows from operating activities

Net (loss) income

$

(2.4

)

$

5.7

Adjustments to reconcile net (loss) income to net cash used in operating activities:

Depreciation and amortization

22.5

18.7

Gain on remeasurement of warrant liability

—

(11.0

)

Gain on sale of assets

(1.3

)

(0.7

)

Loss on debt extinguishment

—

0.5

Share-based compensation

3.9

4.3

Deferred taxes

0.6

0.1

Deferred financing costs

0.3

0.3

Changes in assets and liabilities:

Accounts receivable, net

(12.6

)

(15.1

)

Inventories

(3.2

)

(6.2

)

Prepaid expenses and other assets

(3.5

)

(7.1

)

Accounts payable and accrued expenses and other

(16.5

)

(9.7

)

Net cash used in operating activities

(12.2

)

(20.2

)

Cash flows from investing activities

Purchases of property and equipment

(13.8

)

(38.8

)

Proceeds from sale of property and equipment

0.1

0.8

Proceeds from sale of routes

8.3

5.0

Proceeds from the sale of IO notes

1.5

0.5

Purchases of IO routes and other changes in note receivables

(11.6

)

(8.2

)

Net cash used in investing activities

(15.5

)

(40.7

)

Cash flows from financing activities

Borrowings on line of credit

60.0

85.0

Repayments on line of credit

(60.0

)

(35.2

)

Borrowings on term debt and notes payable

—

38.5

Repayments on term debt and notes payable

(7.6

)

(8.0

)

Payment of debt issuance cost

—

(1.7

)

Payments of tax withholding requirements for employee stock awards

(1.7

)

(2.2

)

Dividends paid

(6.2

)

(5.4

)

Distribution to noncontrolling interest

(3.5

)

(3.5

)

Net cash (used in) provided by financing activities

(19.0

)

67.5

Net (decrease) increase in cash and cash equivalents

(46.7

)

6.6

Cash and cash equivalents at beginning of period

120.4

56.1

Cash and cash equivalents at end of period

$

73.7

$

62.7

Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures

(Amounts may not sum due to rounding)

Net Sales and Organic Net Sales

13-Weeks Ended

(dollars in millions)

March 29, 2026

March 30, 2025

Change

Net Sales as Reported

$

361.3

$

352.1

2.6

%

Organic Net Sales ⁽¹⁾

$

361.3

$

352.1

2.6

%

(1) Organic Net Sales excludes the Impact of Dispositions.

Net Sales Growth Drivers

13-Weeks Ended March 29, 2026

(% change in prior year net sales)

Branded Salty Snacks ⁽¹⁾

Non-Branded & Non-Salty Snacks ⁽²⁾

Total

Net Sales as Reported

$

321.7

$

39.6

$

361.3

Net Sales as Reported Growth Versus Prior Year

5.2

%

(14.3

)%

2.6

%

Volume/mix

1.1

%

(15.1

)%

(1.1

)%

Pricing

4.1

0.8

3.7

Organic Net Sales Growth Versus Prior Year

5.2

%

(14.3

)%

2.6

%

Divestiture

—

—

—

Net Sales as Reported Growth Versus Prior Year

5.2

%

(14.3

)%

2.6

%

(1) Branded Salty Snacks sales excluding IO unreported sales.

(2) Non-Branded & Non-Salty Snacks including IO unreported sales.

Adjusted Gross Profit; Adjusted Gross Margin, Adjusted Selling, General, and Administrative Expenses, EBITDA, Adjusted EBITDA, Adjusted Net Income, and Adjusted Earnings per Share

13-weeks Ended March 29,2026

(dollars in millions)

As Reported

Depreciation and Amortization

Other Adj.

EBITDA

⁽⁵⁾

Supply Chain Transformation

⁽⁶⁾

Corporate Transformation

⁽⁷⁾

Other

Non-Cash Adj.

Other Adj.

Adjusted EBITDA

⁽⁹⁾

Other Adj.

Adjusted Net Income

Net sales

$

361.3

$

—

$

—

$

361.3

$

—

$

—

$

—

$

—

$

361.3

$

—

$

361.3

Cost of goods sold

(269.4

)

10.9

—

(258.5

)

7.6

2.5

(1.5

)

—

(249.9

)

(8.9

)

(258.8

)

Gross profit

91.9

10.9

—

102.8

7.6

2.5

(1.5

)

—

111.4

⁽¹⁾

(8.9

)

102.5

Gross margin

25.4

%

30.8

%

⁽¹⁾

Selling, general and administrative expenses

(85.4

)

11.6

—

(73.8

)

0.3

4.7

5.3

—

(63.5

)

⁽²⁾

(2.9

)

(66.4

)

Gain on sale of assets, net

1.3

—

—

1.3

—

(1.3

)

—

—

—

—

—

Income from operations

7.8

22.5

—

30.3

7.9

5.9

3.8

—

47.9

(11.8

)

36.1

Interest expense

(10.4

)

—

10.4

—

—

—

—

—

—

(10.1

)

(10.1

)

Other income, net

0.8

—

(0.8

)

⁽⁸⁾

—

—

—

—

—

—

0.1

0.1

Loss (income) before income taxes

(1.8

)

22.5

9.6

30.3

7.9

5.9

3.8

—

47.9

(21.8

)

26.1

Income tax expense

0.6

—

(0.6

)

—

—

—

—

—

—

4.8

4.8

Net loss (income)

$

(2.4

)

$

22.5

$

10.2

$

30.3

$

7.9

$

5.9

$

3.8

$

—

$

47.9

⁽³⁾

$

(26.6

)

$

21.3

⁽⁴⁾

Average Weighted Basic Shares Outstanding on an As-Converted Basis

143.7

Fully Diluted Shares on an As-Converted Basis

143.9

Adjusted Earnings Per Share

$

0.15

13-weeks Ended March 30,2025

(dollars in millions)

As Reported

Depreciation and Amortization

Other Adj.

EBITDA

⁽⁵⁾

Supply Chain Transformation

⁽⁶⁾

Corporate Transformation

⁽⁷⁾

Other

Non-Cash Adj.

Other Adj.

Adjusted EBITDA

(9)

Other Adj.

Adjusted Net Income

Net sales

$

352.1

$

—

$

—

$

352.1

$

—

$

—

$

—

$

—

$

352.1

$

—

$

352.1

Cost of goods sold

(269.7

)

8.0

—

(261.7

)

8.3

1.4

1.1

—

(250.9

)

(5.7

)

(256.6

)

Gross profit

82.4

8.0

—

90.4

8.3

1.4

1.1

—

101.2

⁽¹⁾

(5.7

)

95.5

Gross margin

23.4

%

28.7

%

⁽¹⁾

Selling, general and administrative expenses

(77.4

)

10.7

—

(66.7

)

0.7

5.3

4.6

—

(56.1

)

⁽²⁾

(2.2

)

(58.3

)

Gain on sale of assets, net

0.7

—

—

0.7

(0.3

)

(0.4

)

—

—

—

—

—

Income from operations

5.7

18.7

—

24.4

8.7

6.3

5.7

—

45.1

(7.9

)

37.2

Interest expense

(11.5

)

—

11.5

—

—

—

—

—

—

(10.5

)

(10.5

)

Loss on debt extinguishment

(0.5

)

—

—

(0.5

)

—

0.5

—

—

—

—

—

Gain on remeasurement of warrant liability

11.0

—

—

11.0

—

—

—

(11.0

)

—

—

—

Other income, net

0.4

—

(0.5

)

⁽⁸⁾

(0.1

)

—

0.1

—

—

—

0.5

0.5

Income before income taxes

5.1

18.7

11.0

34.8

8.7

6.9

5.7

(11.0

)

45.1

(17.9

)

27.2

Income tax (benefit) expense

(0.6

)

—

0.6

—

—

—

—

—

—

4.9

4.9

Net (loss) income

$

5.7

$

18.7

$

10.4

$

34.8

$

8.7

$

6.9

$

5.7

$

(11.0

)

$

45.1

⁽³⁾

$

(22.8

)

$

22.3

⁽⁴⁾

Average Weighted Basic Shares Outstanding on an As-Converted Basis

141.4

Fully Diluted Shares on an As-Converted Basis

143.2

Adjusted Earnings Per Share

$

0.16

(1) Adjusted Gross Profit and Adjusted Gross Margin were $111.4 million and 30.8%, respectively for the thirteen weeks ended March 29, 2026, and $101.2 million and 28.7% for the thirteen weeks ended March 30, 2025, respectively.

(2) Adjusted Selling, General and Administrative was $63.5 million and $56.1 million for the thirteen weeks ended March 29, 2026 and thirteen weeks ended March 30, 2025, respectively.

(3) Adjusted EBITDA was $47.9 million and $45.1 million for the thirteen weeks ended March 29, 2026 and thirteen weeks ended March 30, 2025, respectively.

(4) Adjusted Net Income was $21.3 million and $22.3 million for the thirteen weeks ended March 29, 2026 and thirteen weeks ended March 30, 2025, respectively.

(5) Supply Chain Transformation initiatives representing start-up costs, warehousing and logistical transformations, restructuring and cost reduction activities as part of efforts to enhance long-term profitability, and other manufacturing initiatives that do no reflect the cost of normal business operations. For the thirteen weeks ended March 29, 2026 and thirteen weeks ended March 30, 2025, supply chain transformation initiatives were $7.9 million and $8.7 million, respectively.

(6) Corporate Transformation are comprised primarily of costs related to severance and other people restructuring costs, Insignia integration, information technology and data transformation, litigation, gain and losses realized from the sale of distribution rights to IOs, gain and losses on the sale of assets, and consulting and professional fees related to transformation initiatives. For the thirteen weeks ended March 29, 2026 and thirteen weeks ended March 30, 2025, corporate transformation initiatives were $5.9 million and $6.9 million, respectively.

(7) Other Non-Cash Adjustments for the thirteen weeks ended March 29, 2026 and thirteen weeks ended March 30, 2025 are comprised primarily of $3.4 million and $3.5 million, respectively, of share-based compensation awards to employees and directors associated with the 2020 Omnibus Equity Incentive Plan; $0.4 million and $2.2 million, respectively, of unrealized gains on mark-to-market adjustments of the Company’s commodity options; amortization of cloud computing, purchase commitments, certain lease adjustments, amortization of tolling assets, and other non-cash adjustments.

(8) Other income/(expense), net represents the Company’s non-operating income and expense related to interest income, fees associated with our receivable finance program, and mark-to-market on notional portion of interest rate swap not accounted for under interest rate hedge accounting, expense related to changes in the Company’s tax receivable liability, monetary conversion, other items not related to our operations.

(9) Includes $11.8 million and $7.9 million related to Core depreciation and amortization for the thirteen weeks ended March 29, 2026 and thirteen weeks ended March 30, 2025, respectively, interest expense excluding amortization of deferred financing fees, and other income/(expense) excluding the mark-to-market on the notional portion of our interest rate swap not accounted for under interest rate hedge accounting and gains or losses related to changes in the Company’s tax receivable liability. Income tax adjustment is calculated as (loss) income before taxes plus (i) acquisition, Step-Up depreciation and amortization and (ii) other non-cash and/or cash adjustments, multiplied by a normalized GAAP effective tax rate, minus the actual tax provision recorded in the Consolidated Statement of Operations and Comprehensive Loss. The normalized GAAP effective tax rate excludes one-time items such as the impact of tax rate changes on deferred taxes and changes in valuation allowances.

Depreciation & Amortization

13-Weeks Ended

(dollars in millions)

March 29, 2026

March 30, 2025

Core D&A – Non-Acquisition-related included in Gross Profit

$

8.9

$

5.7

Step-Up D&A – Transaction-related included in Gross Profit

2.0

2.3

Depreciation & Amortization – included in Gross Profit

10.9

8.0

Core D&A – Non-Acquisition-related included in SG&A Expense

$

2.9

2.2

Step-Up D&A – Transaction-related included in SG&A Expense

8.7

8.5

Depreciation & Amortization – included in SG&A Expense

11.6

10.7

Depreciation & Amortization – Total

$

22.5

$

18.7

Core Depreciation and Amortization

$

11.8

$

7.9

Step-Up Depreciation and Amortization

$

10.7

10.8

Total Depreciation and Amortization

$

22.5

$

18.7

Trailing Twelve Months (TTM) Adjusted EBITDA

FY 2025

2026

(dollars in millions)

Q1

Q2

Q3

Q4

FY 2025

Q1

TTM

Adjusted EBITDA

$

45.1

$

48.7

$

60.3

$

62.4

$

216.5

$

47.9

$

219.3

Net Debt and Leverage Ratio

(dollars in millions)

As of March 29, 2026

Term Loan

$

630.3

Real Estate Loan

56.4

ABL Facility

0.2

Equipment Loans and Finance Leases⁽¹⁾

167.1

Gross Debt⁽²⁾

854.0

Cash and Cash Equivalents

73.7

Total Net Debt

$

780.3

Last 52-Weeks Adjusted EBITDA

$

219.3

Net Leverage Ratio⁽³⁾

3.6x

(1) Equipment loans and finance leases include leases accounted for as finance leases under US GAAP and loans for equipment.

(2) Includes Term Loan B, ABL Facility, Equipment Loans, and Finance Leases. Excludes amounts related to guarantees on IO loans which are collateralized by routes. The Company has the ability to recover substantially all of the outstanding IO loan value in the event of a default scenario, which historically has been uncommon.

(3) Based on trailing twelve month Adjusted EBITDA of $219.3 million.

Adjusted Free Cash Flow

13-Weeks Ended

(dollars in millions)

March 29, 2026

March 30, 2025

Cash Flow From Operations

$

(12.2

)

$

(20.2

)

Capital Expenditures

(13.8

)

(38.8

)

Proceeds from sale of property and equipment

0.1

0.8

Adjusted Free Cash Flow

$

(25.9

)

$

(58.2

)

View source version on businesswire.com: https://www.businesswire.com/news/home/20260506376736/en/

Investor Contact

Trevor Martin

Utz Brands, Inc.

[email protected]

Media Contact

Colleen Farley

Utz Brands, Inc.

[email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Supermarket Retail Convenience Store Food/Beverage

MEDIA:

Posted on May 6, 2026 6:35 am
Freshpet, Inc. Reports First Quarter 2026 Financial Results

Delivers ~13% Net Sales Growth

Company Updates 2026 Outlook; Raises Net Sales Guidance

BEDMINSTER, N.J., May 06, 2026 (GLOBE NEWSWIRE) — Freshpet, Inc. (“Freshpet” or the “Company”) (Nasdaq: FRPT) today reported financial results for its first quarter ended March 31, 2026.

First Quarter 2026 Financial Highlights Compared to Prior Year Period

Net sales of $297.6 million, an increase of 13.1%.

Gross margin of 40.5%, compared to the prior year period of 39.4%.

Adjusted Gross Margin of 46.9%, compared to the prior year period of 45.7%.¹

Net income of $48.5 million, compared to the prior year period net loss of $12.7 million.

Adjusted EBITDA of $37.9 million, compared to the prior year period of $35.5 million.¹

“We are encouraged by our strong start to 2026, delivering first quarter sales growth in excess of our 2026 guidance and reinforcing our confidence in Freshpet’s long-term growth opportunity. Our performance reflects the strength of our differentiated product offerings, our manufacturing scale and expertise, our extensive omnichannel marketing and distribution capabilities, and our ability to adapt in a dynamic environment to drive market share gains and lead the growing fresh pet food segment,” commented Billy Cyr, Freshpet’s Chief Executive Officer. “As strong as our performance is, we remain mindful of ongoing macroeconomic volatility and inflation. We are modestly raising our net sales guidance to reflect our strong start to the year, while balancing broader economic risks. We have a large and expanding addressable market, continued momentum with customers and consumers, and early progress on our operational and technology initiatives. We believe we are well positioned to drive sustainable, profitable growth and long-term value creation while fulfilling our mission to help dogs and cats live longer, happier lives with the people who love them.”

First Quarter 2026

Net sales increased 13.1% to $297.6 million for the first quarter of 2026, compared to $263.2 million in the prior year period. The increase in net sales was primarily driven by volume gains of 14.6%, partially offset by unfavorable price/mix of 1.5%.

Gross profit was $120.7 million, or 40.5% as a percentage of net sales, for the first quarter of 2026, compared to $103.8 million, or 39.4% as a percentage of net sales, in the prior year period. Gross profit as a percentage of net sales increased primarily due to lower input costs and improved leverage on plant expenses. For the first quarter of 2026, Adjusted Gross Profit was $139.6 million, or 46.9% as a percentage of net sales, compared to $120.2 million, or 45.7% as a percentage of net sales, in the prior year period.¹

Selling, general and administrative expenses (“SG&A”) were $116.3 million, or 39.1% as a percentage of net sales, for the first quarter of 2026, compared to $115.3 million, or 43.8% as a percentage of net sales, in the prior year period. SG&A as a percentage of net sales decreased primarily due to a decrease in non-recurring charges that occurred in the first quarter of 2025, partially offset by increased media spend as a percentage of net sales. Adjusted SG&A for the first quarter of 2026 was $101.7 million, or 34.2% as a percentage of net sales, compared to $84.7 million, or 32.2% as a percentage of net sales, in the prior year period.¹

Net income was $48.5 million for the first quarter of 2026 compared to a net loss of $12.7 million in the prior year period. The increase in net income was due to the gain on equity investment as a result of the sale of 100% of our non-controlling interest in a privately held company following its acquisition by a third party, contributions from higher sales, and decreased non-recurring SG&A charges, partially offset by the increase in income tax expense.

Adjusted EBITDA was $37.9 million for the first quarter of 2026 compared to $35.5 million in the prior year period.¹ The increase in Adjusted EBITDA was a result of increased Adjusted Gross Profit, partially offset by higher Adjusted SG&A.

Balance Sheet

As of March 31, 2026, the Company had cash and cash equivalents of $381.4 million with $397.9 million of debt outstanding, net of $4.6 million of unamortized debt issuance costs. Cash and cash equivalents increased $103.4 million compared to $278.0 million as of December 31, 2025, primarily as a result of the $95.5 million of cash proceeds received from the sale of our equity investment. For the quarter ended March 31, 2026, cash from operations was $40.3 million, an increase of $35.5 million compared to the prior year period.

The Company will utilize its balance sheet to support its ongoing capital needs in connection with its long-term capacity plan.

Outlook

For full year 2026, the Company is updating its guidance and now expects the following:

Net sales growth in the range of 8% to 11%, compared to an increase of 7% to 10% in the previous guidance;

Adjusted EBITDA in the range of $205 million to $215 million, unchanged from the previous guidance; and

Positive free cash flow with capital expenditures of ~$150 million, unchanged from the previous guidance.

The Company does not provide guidance for net income, the U.S. GAAP measure most directly comparable to Adjusted EBITDA, and similarly cannot provide a reconciliation between its forecasted Adjusted EBITDA and net income metrics without unreasonable effort due to the unavailability of reliable estimates for certain components of net income and the respective reconciliations, including the timing of and amount of costs of goods sold and selling, general and administrative expenses. These items are not within the Company’s control and may vary greatly between periods and could significantly impact future results.

Conference Call & Earnings Presentation Webcast Information

As previously announced, today, May 6, 2026, the Company will host a conference call beginning at 8:00 a.m. Eastern Time with members of its leadership team. The conference call webcast will be available live over the Internet through the “Investors” section of the Company’s website at www.freshpet.com. To participate on the live call, listeners in North America may dial (877) 407-0792 and international listeners may dial (201) 689-8263; the passcode is 13760132.

About Freshpet
Freshpet’s mission is to help dogs and cats live longer, happier, healthier lives with the people who love them. Developed by on-staff Veterinary Nutritionists, Veterinarians and Food Scientists, recipes are made from whole ingredients, like fresh meats, vegetables and fruits, and are cooked in small batches at lower temperatures to preserve their natural goodness and made at our Freshpet Kitchens. Freshpet foods and treats are kept refrigerated until they arrive at Freshpet Fridges in local markets or delivered directly to consumers.

Freshpet is available in select grocery, mass, digital, pet specialty, and club retailers across the United States, Canada and Europe, as well as online in the U.S. From the care they take to source their ingredients and make their food, to the moment it reaches your home, Freshpet’s commitment to integrity, transparency and social responsibility is a point of pride.

Forward Looking Statements

Certain statements in this press release constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on our current expectations and assumptions. These include statements regarding our confidence in Freshpet’s long-term growth opportunity, our net sales guidance, our position to drive sustainable, profitable growth and long-term value. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements including, but not limited to, those identified in connection with such statements, the implementation of our new technologies in the time frame, at the rate, at the cost, or with anticipated efficiencies and impact on product quality we expect, economic uncertainty, changes in rates of pet acquisition, the launch of new competitive products, impact of tariffs, fuel, energy and ingredient pricing, effectiveness of media campaigns, success rate of new chillers, and most prominently, the risks discussed under the heading “Risk Factors” in the Company’s latest annual report on Form 10-K and in quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Such forward-looking statements are made only as of the date of this release. Freshpet undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

Non-GAAP Financial Measures

Freshpet uses the following non-GAAP financial measures in its financial communications. These non-GAAP financial measures should be considered as supplements to the U.S. GAAP reported measures, should not be considered replacements for, or superior to, the U.S. GAAP measures and may not be comparable to similarly named measures used by other companies. Such financial measures are not financial measures prepared in accordance with U.S. GAAP.

Adjusted Gross Profit

Adjusted Gross Profit as a percentage of net sales (Adjusted Gross Margin)

Adjusted SG&A Expenses

Adjusted SG&A Expenses as a percentage of net sales

EBITDA

Adjusted EBITDA

Adjusted EBITDA as a percentage of net sales (Adjusted EBITDA Margin)

Free Cash Flow

Adjusted Gross Profit: Freshpet defines Adjusted Gross Profit as gross profit before depreciation expense, non-cash share-based compensation and loss on disposal of manufacturing equipment.

Adjusted SG&A Expenses: Freshpet defines Adjusted SG&A as SG&A expenses before depreciation and amortization expense, non-cash share-based compensation, loss on disposal of equipment, distributor transition costs, legal obligation and international business charges.

EBITDA and Adjusted EBITDA: EBITDA represents net income (loss) plus depreciation and amortization expense, interest expense net of interest income and income tax expense, and Adjusted EBITDA represents EBITDA less gain on equity investment, plus non-cash share-based compensation expense, loss on disposal of property, plant and equipment, distributor transition costs, legal obligation, and international business charges.

Free Cash Flow: Freshpet defines Free Cash Flow as net cash flows provided by operating activities less capital expenditures.

Management believes that the non-GAAP financial measures are meaningful to investors because they provide a view of the Company with respect to ongoing operating results. The non-GAAP financial measures are shown as supplemental disclosures in this release because they are widely used by the investment community for analysis and comparative evaluation. They also provide additional metrics to evaluate the Company’s operations and, when considered with both the Company’s GAAP results and the reconciliation to their most directly comparable U.S. GAAP measures, provide a more complete understanding of the Company’s business than could be obtained absent this disclosure. The non-GAAP measures are not and should not be considered an alternative to the most directly comparable U.S. GAAP measures or any other figure calculated in accordance with U.S. GAAP, or as an indicator of operating performance. The Company’s calculation of the non-GAAP financial measures may differ from methods used by other companies. Management believes that the non-GAAP measures are important to an understanding of the Company’s overall operating results in the periods presented. The non-GAAP financial measures are not recognized in accordance with U.S. GAAP and should not be viewed as an alternative to U.S. GAAP measures of performance.

FRESHPET, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands, except per share data)

March 31,

2026 December 31,

2025

ASSETS

CURRENT ASSETS:

Cash and cash equivalents $ 381,381 $ 277,975

Accounts receivable, net of allowance for doubtful accounts 65,370 63,762

Inventories, net 80,588 76,766

Prepaid expenses 7,338 9,807

Other current assets 7,115 7,404

Total Current Assets 541,792 435,714

Property, plant and equipment, net 1,143,589 1,138,671

Operating lease right of use assets 65,596 66,424

Long term investment in equity securities — 33,446

Deferred tax assets, net 52,824 68,893

Other assets 35,378 34,627

Total Assets $ 1,839,179 $ 1,777,775

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable $ 35,463 $ 42,429

Accrued expenses 47,504 31,610

Current operating lease liabilities 2,336 2,241

Current finance lease liabilities 2,346 2,315

Total Current Liabilities $ 87,649 $ 78,595

Convertible senior notes 397,884 397,330

Long term operating lease liabilities 64,412 65,023

Long term finance lease liabilities 27,060 28,075

Deferred tax liabilities, net 111 93

Total Liabilities $ 577,116 $ 569,116

Commitments and contingencies — —

STOCKHOLDERS’ EQUITY:

Common stock — voting, $0.001 par value, 200,000 shares authorized, 49,155 issued and 49,141 outstanding on March 31, 2026, and 48,985 issued and 48,970 outstanding on December 31, 2025 49 49

Additional paid-in capital 1,356,890 1,351,201

Accumulated deficit (94,161 ) (142,669 )

Accumulated other comprehensive (loss) income (459 ) 334

Treasury stock, at cost — 14 shares on March 31, 2026, and on December 31, 2025 (256 ) (256 )

Total Stockholders’ Equity 1,262,063 1,208,659

Total Liabilities and Stockholders’ Equity $ 1,839,179 $ 1,777,775

FRESHPET, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
(Unaudited, in thousands, except per share data)

For the Three Months Ended

March 31,

2026 2025

NET SALES $ 297,644 $ 263,249

COST OF GOODS SOLD 176,970 159,461

GROSS PROFIT 120,674 103,788

SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES 116,343 115,285

INCOME (LOSS) FROM OPERATIONS 4,331 (11,497 )

OTHER INCOME (EXPENSES):

Interest and Other Income, net 2,883 2,393

Interest Expense (3,586 ) (3,459 )

Gain on Equity Investment 62,013 —

TOTAL OTHER INCOME (EXPENSES) 61,310 (1,066 )

INCOME (LOSS) BEFORE INCOME TAXES 65,641 (12,563 )

INCOME TAX EXPENSE 17,133 134

INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 48,508 $ (12,697 )

OTHER COMPREHENSIVE (LOSS) INCOME:

Change in foreign currency translation $ (793 ) $ 211

TOTAL OTHER COMPREHENSIVE (LOSS) INCOME (793 ) 211

TOTAL COMPREHENSIVE INCOME (LOSS) $ 47,715 $ (12,486 )

NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

-BASIC $ 0.99 $ (0.26 )

-DILUTED $ 0.91 $ (0.26 )

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING

-BASIC 49,062 48,733

-DILUTED 56,060 48,733

FRESHPET, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)

For the Three Months Ended

March 31,

2026 2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss) $ 48,508 $ (12,697 )

Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:

Provision for loss on accounts receivable — 11,452

Loss on disposal of property, plant and equipment 126 744

Share-based compensation 9,137 8,816

Depreciation and amortization 24,990 21,827

Amortization of deferred financing costs 554 535

Change in operating lease right of use asset 828 309

Deferred income taxes 16,089 —

Gain on equity investment (62,013 ) —

Changes in operating assets and liabilities:

Accounts receivable (1,407 ) (5,609 )

Inventories (3,149 ) (2,952 )

Prepaid expenses and other current assets 544 688

Other assets (1,334 ) (1,102 )

Accounts payable (8,128 ) 4,574

Accrued expenses 16,100 (21,461 )

Operating lease liability (516 ) (317 )

Net cash flows provided by operating activities 40,329 4,807

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sale of equity investment 95,459 —

Acquisitions of property, plant and equipment, software and deposits on equipment (27,599 ) (26,491 )

Net cash flows provided by (used in) investing activities 67,860 (26,491 )

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from exercise of options to purchase common stock 743 157

Tax withholdings related to net shares settlements of restricted stock units (4,542 ) (2,861 )

Principal payments under finance lease obligations (984 ) (513 )

Net cash flows used in financing activities (4,783 ) (3,217 )

NET CHANGE IN CASH AND CASH EQUIVALENTS 103,406 (24,901 )

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 277,975 268,633

CASH AND CASH EQUIVALENTS, END OF PERIOD $ 381,381 $ 243,732

FRESHPET, INC. AND SUBSIDIARIES
RECONCILIATION BETWEEN GROSS PROFIT AND ADJUSTED GROSS PROFIT

Three Months Ended

March 31,

2026 2025

(Dollars in thousands)

Gross profit $ 120,674 $ 103,788

Depreciation expense 17,298 15,179

Non-cash share-based compensation 1,588 1,283

Loss (gain) on disposal of manufacturing equipment 12 (5 )

Adjusted Gross Profit $ 139,572 $ 120,245

Adjusted Gross Profit as a % of Net Sales 46.9 % 45.7 %

FRESHPET, INC. AND SUBSIDIARIES
RECONCILIATION BETWEEN SG&A EXPENSES AND ADJUSTED SG&A EXPENSES

Three Months Ended

March 31,

2026 2025

(Dollars in thousands)

SG&A expenses $ 116,343 $ 115,285

Depreciation and amortization expense 6,980 5,937

Non-cash share-based compensation (a) 7,549 7,533

Loss on disposal of equipment 114 166

Distributor transition costs (b) — 10,680

Legal obligation (c) — 4,987

International business charges (d) — 1,273

Adjusted SG&A Expenses $ 101,700 $ 84,709

Adjusted SG&A Expenses as a % of Net Sales 34.2 % 32.2 %

(a) Includes true-ups to share-based compensation expense. We have certain outstanding share-based awards with performance-based vesting conditions that require the achievement of certain Adjusted EBITDA margins, Adjusted EBITDA and/or Net Sales targets as a condition of vesting. At each reporting period, we reassess the probability of achieving the performance criteria and the performance period required to meet those targets. When the probability of achieving such performance conditions changes, the compensation cost previously recorded is adjusted as needed. When such performance conditions are deemed to be improbable of achievement, the compensation cost previously recorded is reversed.

(b) Represents a non-recurring loss as a result of an accounts receivable write-off in connection with the liquidation of one of our pet specialty distributors. Concurrent with its liquidation, we transitioned to a new distribution partner, who is a leading pet specialty distributor and who we anticipate will facilitate sales to pet specialty stores. Thus, despite the transitory impact during the first quarter of 2025, our ability to continue to generate sales is consistent with what we would expect to generate within the pet specialty channel.

(c) Represents the net settlement charges for all claims related to the litigation with Phillips.

(d) Represents termination costs due to a business change in our international go-to-market strategy.

FRESHPET, INC. AND SUBSIDIARIES
RECONCILIATION BETWEEN NET INCOME (LOSS) AND ADJUSTED EBITDA

Three Months Ended

March 31,

2026 2025

(Dollars in thousands)

Net income (loss) $ 48,508 $ (12,697 )

Depreciation and amortization 24,278 21,116

Interest expense, net of interest income 705 1,064

Income tax expense 17,133 134

EBITDA 90,624 9,617

Non-cash share-based compensation (a) 9,137 8,816

Loss on disposal of property, plant and equipment 126 161

Gain on equity investment (62,013 ) —

Distributor transition costs (b) — 10,680

Legal obligation (c) — 4,987

International business charges (d) — 1,273

Adjusted EBITDA $ 37,874 $ 35,534

Adjusted EBITDA as a % of Net Sales 12.7 % 13.5 %

(a) Includes true-ups to share-based compensation expense. We have certain outstanding share-based awards with performance-based vesting conditions that require the achievement of certain Adjusted EBITDA margins, Adjusted EBITDA and/or Net Sales targets as a condition of vesting. At each reporting period, we reassess the probability of achieving the performance criteria and the performance period required to meet those targets. When the probability of achieving such performance conditions changes, the compensation cost previously recorded is adjusted as needed. When such performance conditions are deemed to be improbable of achievement, the compensation cost previously recorded is reversed.

(b) Represents a non-recurring loss as a result of an accounts receivable write-off in connection with the liquidation of one of our pet specialty distributors. Concurrent with its liquidation, we transitioned to a new distribution partner, who is a leading pet specialty distributor and who we anticipate will facilitate sales to pet specialty stores. Thus, despite the transitory impact during the first quarter of 2025, our ability to continue to generate sales is consistent with what we would expect to generate within the pet specialty channel.

(c) Represents the net settlement charges for all claims related to the litigation with Phillips.

(d) Represents termination costs due to a business change in our international go-to-market strategy.

FRESHPET, INC. AND SUBSIDIARIES
RECONCILIATION BETWEEN NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES AND FREE CASH FLOW

Three Months Ended

March 31,

2026 2025

(Dollars in thousands)

Net cash flows provided by operating activities $ 40,329 $ 4,807

less: capital expenditures² (27,599 ) (26,491 )

Free Cash Flow $ 12,730 $ (21,684 )

¹ Adjusted Gross Margin, Adjusted Gross Profit, Adjusted SG&A, Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures. See “Non-GAAP Measures” for how the Company defines these measures and the financial tables that accompany this release for reconciliations of these measures to the closest comparable GAAP measures.
² Capital expenditures is equivalent to the amount included in “Acquisitions of property, plant and equipment, software and deposits on equipment” on our Consolidated Statements of Cash Flows for the reported period.

Investor Contact: Rachel Ulsh [email protected] Media Contact: [email protected]

Posted on May 6, 2026 6:35 am
Cencora Reports Fiscal 2026 Second Quarter Results

Cencora Reports Fiscal 2026 Second Quarter Results

Revenue of $78.4 billion for the Second Quarter, a 3.8 percent Increase Year-Over-Year

Second Quarter GAAP Diluted EPS of $8.40 and Adjusted Diluted EPS of $4.75

Adjusted Diluted EPS Guidance Range Raised to $17.65 to $17.90 for Fiscal 2026

Cencora Expects to Repurchase $1 Billion in Shares by the End of Calendar 2026

CONSHOHOCKEN, Pa.–(BUSINESS WIRE)–
Cencora, Inc. (NYSE: COR) reported that in its fiscal year 2026 second quarter ended March 31, 2026, revenue increased3.8 percentyear-over-year to $78.4 billion. On the basis of U.S. generally accepted accounting principles (GAAP), diluted earnings per share (EPS) was $8.40 for the second quarter of fiscal 2026 compared to $3.68 in the prior year second quarter. Adjusted diluted EPS, which is a non-GAAP financial measure that excludes items described below, increased 7.5 percent to $4.75 in the fiscal second quarter from $4.42 in the prior year second quarter.

Cencora is updating its outlook for fiscal year 2026. The Company does not provide forward-looking guidance on a GAAP basis as discussed below in Fiscal Year 2026 Expectations. Adjusted diluted EPS guidance has been raised from the previous range of $17.45 to $17.75 to a range of $17.65 to $17.90.

“Cencora delivered solid results in our second quarter as our team members continued to execute to meet the needs of our customers,” said Robert P. Mauch, President and Chief Executive Officer of Cencora.

“Our fiscal 2026 guidance reflects the strength of our business and focus on our strategy to create long-term value. As we move into the second half of our fiscal year, we are pleased to have made progress on debt paydown and to be in a position to resume opportunistic share repurchases,” Mr. Mauch continued.

Second Quarter Fiscal Year 2026 Summary Results

GAAP

Adjusted (Non-GAAP)

Revenue

$78.4B

$78.4B

Gross Profit

$3.6B

$3.4B

Operating Expenses

$2.4B

$2.1B

Operating Income

$1.1B

$1.3B

Other Income, Net

$1.1B

$8M

Interest Expense, Net

$140M

$140M

Effective Tax Rate

22.0%

18.9%

Net Income Attributable to Cencora, Inc.

$1.6B

$928M

Diluted Earnings Per Share

$8.40

$4.75

Diluted Shares Outstanding

195.4M

195.4M

Below, Cencora presents descriptive summaries of the Company’s GAAP and adjusted (non-GAAP) quarterly results. In the tables that follow, GAAP results and GAAP to non-GAAP reconciliations are presented. For more information related to non-GAAP financial measures, including adjustments made in the periods presented, please refer to the “Supplemental Information Regarding Non-GAAP Financial Measures” following the tables.

Second Quarter GAAP Results

Revenue: In the second quarter of fiscal 2026, revenue was $78.4 billion, up 3.8 percent compared to the same quarter in the previous fiscal year, primarily due to a 2.9 percent increase in revenue within the U.S. Healthcare Solutions segment and a 13.0 percent increase in revenue within the International Healthcare Solutions segment.

Gross Profit: Gross profit in the second quarter of fiscal 2026 was $3.6 billion, a 17.3 percent increase compared to the same quarter in the previous fiscal year, primarily due to the increase in gross profit in both reportable segments and a LIFO credit in the current year quarter compared to LIFO expense in the prior year quarter, offset in part by lower gains from antitrust litigation settlements in the current year quarter compared to the prior year quarter. Gross profit as a percentage of revenue was 4.58 percent, an increase of 52 basis points from the prior year quarter primarily due to the increase in U.S. Healthcare Solutions’ gross profit margin as a result of the February 2026 acquisition of OneOncology, offset in part by higher sales of GLP-1s, which have lower gross profit margins.

Operating Expenses: In the second quarter of fiscal 2026, operating expenses were $2.4 billion, a 20.9 percent increase compared to the same quarter in the previous fiscal year. This increase was primarily driven by higher expenses as a result of the February 2026 acquisition of OneOncology.

Operating Income: In the second quarter of fiscal 2026, operating income was $1.1 billion, an increase of 10.3 percent compared to the same quarter in the previous fiscal year due to the increase in gross profit, offset in part by the increase in operating expenses. Operating income as a percentage of revenue was 1.46 percent in the second quarter of fiscal 2026 compared to 1.37 percent in the prior year quarter.

Other Income, Net: In the second quarter of fiscal 2026, in connection with the acquisition of OneOncology, the Company recorded a gain of $1.1 billion on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology.

Interest Expense, Net:In the second quarter of fiscal 2026, net interest expense was $140.5 million, an increase of $36.5 million from the prior year quarter primarily due to an increase in interest expense as a result of our issuance of senior notes and variable-rate term loans to finance the February 2026 acquisition of OneOncology and a decrease in interest income.

Effective Tax Rate: The effective tax rate was 22.0 percent for the second quarter of fiscal 2026 compared to 22.7 percent in the prior year quarter.

Diluted Earnings Per Share: Diluted earnings per share was $8.40 in the second quarter of fiscal 2026, a 128.3 percent increase compared to $3.68 in the previous fiscal year’s second quarter. The increase in diluted earnings per share included a $1.1 billion remeasurement gain related to the OneOncology acquisition, which was recorded as “Other (income) loss, net.”

Diluted Shares Outstanding: Diluted weighted average shares outstanding for the second quarter of fiscal 2026 were 195.4 million, an increase of 0.1 percent versus the prior year second quarter.

Second Quarter Adjusted (non-GAAP) Results

Revenue: No adjustments were made to the GAAP presentation of revenue. In the second quarter of fiscal 2026, revenue was $78.4 billion, up 3.8 percent compared to the same quarter in the previous fiscal year, primarily due to a 2.9 percent increase in revenue within the U.S. Healthcare Solutions segment and a 13.0 percent increase in revenue within the International Healthcare Solutions segment.

Adjusted Gross Profit: Adjusted gross profit in the second quarter of fiscal 2026 was $3.4 billion, a 15.7 percent increase compared to the same quarter in the previous fiscal year primarily due to increases in gross profit in both reportable segments. Adjusted gross profit as a percentage of revenue was 4.31 percent in the fiscal 2026 second quarter, an increase of 45 basis points from the prior year quarter primarily due to the increase in U.S. Healthcare Solutions’ gross profit margin as a result of the February 2026 acquisition of OneOncology, offset in part by higher sales of GLP-1s, which have lower gross profit margins.

Adjusted Operating Expenses: In the second quarter of fiscal 2026, adjusted operating expenses were $2.1 billion, a 22.5 percent increase compared to the same quarter in the previous fiscal year, primarily driven by higher expenses as a result of the February 2026 acquisition of OneOncology.

Adjusted Operating Income: In the second quarter of fiscal 2026, adjusted operating income was $1.3 billion, a 6.0 percent increase compared to the same quarter in the prior fiscal year due to the increase in gross profit, offset in part by the increase in operating expenses. Adjusted operating income as a percentage of revenue was 1.61 percent in the fiscal 2026 second quarter, an increase of 3 basis points when compared to the prior year quarter.

Interest Expense, Net:No adjustments were made to the GAAP presentation of net interest expense. In the second quarter of fiscal 2026, net interest expense was $140.5 million, an increase of $36.5 million from the prior year quarter primarily due to an increase in interest expense as a result of our issuance of senior notes and variable-rate term loans to finance the February 2026 acquisition of OneOncology and a decrease in interest income.

Adjusted Effective Tax Rate: The adjusted effective tax rate was 18.9 percent for the second quarter of fiscal 2026 compared to 20.8 percent in the prior year quarter primarily due to discrete tax benefits in the current year quarter.

Adjusted Diluted Earnings Per Share: Adjusted diluted earnings per share was $4.75 in the second quarter of fiscal 2026, a 7.5 percent increase compared to $4.42 in the previous fiscal year’s second quarter.

Diluted Shares Outstanding: No adjustments were made to the GAAP presentation of diluted shares outstanding. Diluted weighted average shares outstanding for the second quarter of fiscal 2026 were 195.4 million, an increase of 0.1 percent versus the prior year second quarter.

Segment Discussion

The Company is organized geographically based upon the products and services it provides to its customers under two reportable segments: U.S. Healthcare Solutions and International Healthcare Solutions. Additionally, other businesses for which the Company is exploring strategic alternatives have been grouped together in Other. These businesses include MWI Animal Health, Profarma, U.S. Consulting Services, and certain components of PharmaLex.

U.S. Healthcare Solutions Segment

U.S. Healthcare Solutions revenue was $68.8 billion in the second quarter of fiscal 2026, an increase of 2.9 percent compared to the same quarter of the previous fiscal year primarily due to overall market growth largely driven by unit volume growth, including increased sales of specialty products to health systems and physician practices and products labeled for diabetes and/or weight loss in the GLP-1 class. The revenue growth was offset in part by a decline in manufacturer prices related to certain brand pharmaceutical products, lower sales to our large mail order customer as a result of brand conversions, and the 2025 losses of an oncology customer and a grocery customer. Segment operating income of $998.3 million in the second quarter of fiscal 2026 was up 5.6 percent compared to the same quarter in the previous fiscal year due to the increase in gross profit, as a result of the February 2026 acquisition of OneOncology and increased product sales, offset in part by the increase in operating expenses and the 2025 loss of an oncology customer.

International Healthcare Solutions Segment

International Healthcare Solutions revenue was $7.6 billion in the second quarter of fiscal 2026, an increase of 13.0 percent compared to the previous fiscal year’s second quarter primarily due to growth in our European distribution business. Segment operating income in the second quarter of fiscal 2026 was $175.8 million, an increase of 13.7 percent, primarily due to increased operating income at our European distribution business and our global specialty logistics business. On a constant currency basis, International Healthcare Solutions revenue increased by 7.2 percent in the second quarter of fiscal 2026 compared to the previous fiscal year’s second quarter, while segment operating income increased by 12.9 percent.

Other

Revenue in Other was $2.1 billion in the second quarter of fiscal 2026, an increase of 5.1 percent compared to the previous fiscal year’s second quarter due to growth at Profarma and MWI Animal Health, offset in part by a decrease in sales at our consulting services businesses. Operating income in Other in the second quarter of fiscal 2026 was $91.6 million, a decrease of 1.3 percent, primarily due to lower operating income at our consulting services businesses, offset in part by an increase in operating income at MWI Animal Health.

Recent Company Highlights & Milestones

Cencora and Covetrus, a global animal health technology and services company, announced that they entered into a definitive agreement under which MWI Animal Health and Covetrus will merge, creating a combined company offering a comprehensive animal health platform.

Cencora announced the signing of a definitive agreement to acquire EyeSouth Partners’ retina business. Upon completion of the transaction, the affiliated retina physicians of EyeSouth Partners will join Cencora’s Retina Consultants of America (“RCA”), a leading management services organization.

Fiscal Year 2026 Expectations on an Adjusted (non-GAAP) Basis

Cencora is now updating its fiscal year 2026 financial guidance which reflects its strong full year fiscal 2026 operating income growth in the U.S. Healthcare Solutions segment and updated operating income expectations in Other as a result of MWI now being accounted for as “held for sale”. Additionally, the Company has narrowed its expectations for interest expense and now expects an incrementally lower expected share count as it resumes opportunistic share repurchases.

2026 Guidance⁽¹⁾

Fiscal 2025 Actuals

Revenue

4% to 6% growth

$321.3B

U.S. Healthcare Solutions Segment⁽²⁾

4% to 6% growth

$285.0B

International Healthcare Solutions Segment⁽²⁾⁽³⁾

8% to 10% growth

$28.3B

Other⁽²⁾

1% to 5% growth

$8.2B

Adjusted operating income

12% to 14% growth

$4.2B

U.S. Healthcare Solutions Segment⁽²⁾

14% to 16% growth

$3.3B

International Healthcare Solutions Segment⁽²⁾⁽³⁾

5% to 8% growth

$588M

Other⁽²⁾

High-single digit growth

$352M

Adjusted diluted earnings per share

$17.65 to $17.90

$16.00

Net interest expense

~$485M

$292M

Adjusted effective tax rate

~20%

20.6%

Diluted weighted average shares outstanding

Under 195.5M

195.2M

Adjusted free cash flow

~$3.0B

$3.0B

Capital expenditures

~$900M

$668M

(1) Bolded figures indicate updates to guidance metrics.

(2) For further detail on fiscal 2025 revised reportable segment information, please reference Exhibit 99.2 to the Company’s Current Report on Form 8-K dated November 5, 2025.

(3) As reported guidance. For additional details regarding updated guidance expectations on a constant currency basis, please refer to our slide presentation for investors posted on the Company’s website at investor.cencora.com.

Dividend Declaration

The Company’s Board of Directors declared a quarterly cash dividend of $0.60 per common share, payable June 1, 2026, to stockholders of record at the close of business on May 15, 2026.

Conference Call & Slide Presentation

The Company will host a conference call to discuss its operating results at 8:30 a.m. ET on May 6, 2026. A slide presentation for investors has also been posted on the Company’s website at investor.cencora.com. Participating in the conference call will be:

Robert P. Mauch, President & Chief Executive Officer

James F. Cleary, Executive Vice President & Chief Financial Officer

The dial-in number for the live call will be +1 (833) 461-5787. From outside the United States and Canada, dial +1 (585) 542-9983. The meeting ID for the call will be 280720750 and the access code will be 528015. The live call will also be webcast via the Company’s website at investor.cencora.com. Users are encouraged to log on to the webcast approximately 10 minutes in advance of the scheduled start time of the call.

A replay of the webcast will be posted on investor.cencora.com approximately one hour after the completion of the call and will remain available for one year.

Upcoming Investor Event

Cencora management will be attending the following investor event in the coming months:

Bank of America Global Healthcare Conference, May 12-14, 2026

Please check the Company website for updates regarding the timing of the live presentation webcasts, if any, and for replay information.

About Cencora

Cencora is a leading global pharmaceutical solutions organization centered on improving the lives of people and animals around the world. We partner with pharmaceutical innovators across the value chain to facilitate and optimize market access to therapies. Care providers depend on us for the secure, reliable delivery of pharmaceuticals, healthcare products, and solutions. Our worldwide team members contribute to positive health outcomes through the power of our purpose: We are united in our responsibility to create healthier futures. Cencora is ranked #10 on the Fortune 500 and #18 on the Global Fortune 500 with more than $300 billion in annual revenue. Learn more at investor.cencora.com

Cencora’s Cautionary Note Regarding Forward-Looking Statements

Certain of the statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”). Words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “on track,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “sustain,” “synergy,” “target,” “will,” “would” and similar expressions are intended to identify such forward-looking statements, but the absence of these words does not mean the statement is not forward-looking. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances and speak only as of the date hereof. These statements are not guarantees of future performance and are based on assumptions and estimates that could prove incorrect or could cause actual results to vary materially from those indicated. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those indicated is included (i) in the “Risk Factors” and “Management’s Discussion and Analysis” sections in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and elsewhere in that report and (ii) in other reports filed by the Company pursuant to the Securities Exchange Act. The Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by the federal securities laws.

CENCORA, INC.

FINANCIAL SUMMARY

(in thousands, except per share data)

(unaudited)

Three Months

Ended

March 31, 2026

% of

Revenue

Three Months

Ended

March 31, 2025

% of

Revenue

%

Change

Revenue

$

78,355,916

$

75,453,673

3.8%

Cost of goods sold ¹

74,767,577

72,393,864

3.3%

Gross profit

3,588,339

4.58%

3,059,809

4.06%

17.3%

Operating expenses:

Distribution, selling, and administrative

1,977,559

2.52%

1,600,040

2.12%

23.6%

Depreciation and amortization

249,292

0.32%

259,818

0.34%

(4.1)%

Litigation and opioid-related expenses

13,858

11,524

Acquisition and divestiture-related deal and integration expenses

164,164

99,380

Restructuring and other expenses

40,873

52,857

Total operating expenses

2,445,746

3.12%

2,023,619

2.68%

20.9%

Operating income

1,142,593

1.46%

1,036,190

1.37%

10.3%

Other (income) loss, net ²

(1,086,439

)

3,546

Interest expense, net

140,460

103,988

35.1%

Income before income taxes

2,088,572

2.67%

928,656

1.23%

124.9%

Income tax expense

459,044

211,239

Net income

1,629,528

2.08%

717,417

0.95%

127.1%

Net loss attributable to noncontrolling interests

11,804

454

Net income attributable to Cencora, Inc.

$

1,641,332

2.09%

$

717,871

0.95%

128.6%

Earnings per share:

Basic

$

8.44

$

3.70

128.1%

Diluted

$

8.40

$

3.68

128.3%

Weighted average common shares outstanding:

Basic

194,545

193,796

0.4%

Diluted

195,383

195,094

0.1%

________________________

¹

Includes a $16.5 million gain from antitrust litigation settlements, a $210.0 million LIFO credit, and Türkiye foreign currency remeasurement expense of $12.2 million in the three months ended March 31, 2026. Includes a $198.6 million gain from antitrust litigation settlements, a $39.5 million LIFO expense, and Türkiye foreign currency remeasurement expense of $14.5 million in the three months ended March 31, 2025.

²

In connection with the acquisition of OneOncology, the Company recorded a $1.1 billion gain on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology in the three months ended March 31, 2026.

CENCORA, INC.

FINANCIAL SUMMARY

(in thousands, except per share data)

(unaudited)

Six Months

Ended

March 31, 2026

% of

Revenue

Six Months

Ended

March 31, 2025

% of

Revenue

%

Change

Revenue

$

164,287,932

$

156,940,733

4.7%

Cost of goods sold ¹

157,627,522

151,322,886

4.2%

Gross profit

6,660,410

4.05%

5,617,847

3.58%

18.6%

Operating expenses:

Distribution, selling, and administrative

3,772,848

2.30%

3,072,095

1.96%

22.8%

Depreciation and amortization

509,693

0.31%

538,310

0.34%

(5.3)%

Litigation and opioid-related (credit) expenses, net ²

(72,293

)

28,289

Acquisition and divestiture-related deal and integration expenses

242,583

138,092

Restructuring and other expenses, net

55,039

98,617

Impairment of assets, including goodwill ³

249,498

—

Total operating expenses

4,757,368

2.90%

3,875,403

2.47%

22.8%

Operating income

1,903,042

1.16%

1,742,444

1.11%

9.2%

Other (income) loss, net ⁴

(1,107,039

)

61,420

Interest expense, net

212,869

131,921

61.4%

Income before income taxes

2,797,212

1.70%

1,549,103

0.99%

80.6%

Income tax expense

601,558

337,967

Net income

2,195,654

1.34%

1,211,136

0.77%

81.3%

Net loss (income) attributable to noncontrolling interests

5,325

(4,665

)

Net income attributable to Cencora, Inc.

$

2,200,979

1.34%

$

1,206,471

0.77%

82.4%

Earnings per share:

Basic

$

11.32

$

6.23

81.7%

Diluted

$

11.27

$

6.18

82.4%

Weighted average common shares outstanding:

Basic

194,383

193,780

0.3%

Diluted

195,352

195,144

0.1%

________________________

¹

Includes a $28.7 million gain from antitrust litigation settlements, a $287.6 million LIFO credit, and Türkiye foreign currency remeasurement expense of $23.0 million in the six months ended March 31, 2026. Includes a $221.5 million gain from antitrust litigation settlements, a $32.1 million LIFO expense, and Türkiye foreign currency remeasurement expense of $21.6 million in the six months ended March 31, 2025.

²

Includes an $86.8 million credit related to a derivative lawsuit settlement in the six months ended March 31, 2026.

³

Impairment of assets held for sale, including goodwill, related to our U.S. Consulting Services business.

⁴

In connection with the acquisition of OneOncology, the Company recorded a $1.1 billion gain on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology in the six months ended March 31, 2026.

CENCORA, INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data)

(unaudited)

Three Months Ended March 31, 2026

Gross Profit

Operating

Expenses

Operating

Income

Income

Before

Income Taxes

Income Tax

Expense

Net Income

Attributable

to Cencora

Diluted

Earnings

Per Share

GAAP

$

3,588,339

$

2,445,746

$

1,142,593

$

2,088,572

$

459,044

$

1,641,332

$

8.40

Gains from antitrust litigation settlements

(16,538

)

—

(16,538

)

(16,538

)

(2,346

)

(14,192

)

(0.07

)

LIFO credit

(210,030

)

—

(210,030

)

(210,030

)

(35,761

)

(174,269

)

(0.89

)

Türkiye highly inflationary impact

12,153

—

12,153

10,474

—

10,474

0.05

Acquisition-related intangibles amortization

—

(116,276

)

116,276

116,276

13,407

102,211

0.52

Litigation and opioid-related expenses

—

(13,858

)

13,858

13,858

9,454

4,404

0.02

Acquisition and divestiture-related deal and integration expenses

—

(164,164

)

164,164

164,164

32,393

131,771

0.67

Restructuring and other expenses

—

(40,873

)

40,873

40,873

4,265

36,608

0.19

Remeasurement gain related to OneOncology acquisition ¹

—

—

—

(1,086,612

)

(252,460

)

(834,152

)

(4.27

)

Other, net

—

—

—

7,691

(1,833

)

9,524

0.05

Tax reform ²

—

—

—

1,880

(12,482

)

14,362

0.07

Adjusted Non-GAAP

$

3,373,924

$

2,110,575

$

1,263,349

$

1,130,608

$

213,681

$

928,073

$

4.75

³

Adjusted Non-GAAP % change vs. prior year

15.7

%

22.5

%

6.0

%

3.8

%

(5.7

)%

7.6

%

7.5

%

Percentages of Revenue:

GAAP

Adjusted

Non-GAAP

Gross profit

4.58%

4.31%

Operating expenses

3.12%

2.69%

Operating income

1.46%

1.61%

________________________

¹

In connection with the acquisition of OneOncology, the Company recorded a gain on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology.

²

Tax reform includes the foreign currency remeasurement of Swiss deferred tax assets arising from 2020 Swiss tax reform and the amortization of those deferred tax assets.

³

The sum of the components does not equal the total due to rounding.

Note: For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.

CENCORA, INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data)

(unaudited)

Three Months Ended March 31, 2025

Gross Profit

Operating

Expenses

Operating

Income

Income

Before

Income Taxes

Income Tax

Expense

Net Income

Attributable

to Cencora

Diluted

Earnings

Per Share

GAAP

$

3,059,809

$

2,023,619

$

1,036,190

$

928,656

$

211,239

$

717,871

$

3.68

Gains from antitrust litigation settlements

(198,646

)

—

(198,646

)

(198,646

)

(54,162

)

(144,484

)

(0.74

)

LIFO expense

39,469

—

39,469

39,469

10,899

28,570

0.15

Türkiye highly inflationary impact

14,479

—

14,479

18,394

—

18,394

0.09

Acquisition-related intangibles amortization

—

(137,011

)

137,011

137,011

35,632

100,628

0.52

Litigation and opioid-related expenses

—

(11,524

)

11,524

11,524

2,964

8,560

0.04

Acquisition and divestiture-related deal and integration expenses

—

(99,380

)

99,380

99,380

16,517

82,863

0.42

Restructuring and other expenses

—

(52,857

)

52,857

52,857

13,953

38,904

0.20

Other, net

—

—

—

5,763

952

4,811

0.02

Tax reform ¹

—

—

—

(4,855

)

(11,367

)

6,512

0.03

Adjusted Non-GAAP

$

2,915,111

$

1,722,847

$

1,192,264

$

1,089,553

$

226,627

$

862,629

$

4.42

²

Percentages of Revenue:

GAAP

Adjusted

Non-GAAP

Gross profit

4.06%

3.86%

Operating expenses

2.68%

2.28%

Operating income

1.37%

1.58%

________________________

¹

Tax reform includes the foreign currency remeasurement of Swiss deferred tax assets arising from 2020 Swiss tax reform and the amortization of those deferred tax assets.

²

The sum of the components does not equal the total due to rounding.

Note: For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.

CENCORA, INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data)

(unaudited)

Six Months Ended March 31, 2026

Gross Profit

Operating

Expenses

Operating

Income

Income

Before

Income Taxes

Income Tax

Expense

Net Income

Attributable

to Cencora

Diluted

Earnings

Per Share

GAAP

$

6,660,410

$

4,757,368

$

1,903,042

$

2,797,212

$

601,558

$

2,200,979

$

11.27

Gains from antitrust litigation settlements

(28,690

)

—

(28,690

)

(28,690

)

(5,708

)

(22,982

)

(0.12

)

LIFO credit

(287,592

)

—

(287,592

)

(287,592

)

(57,222

)

(230,370

)

(1.18

)

Türkiye highly inflationary impact

23,042

—

23,042

19,197

—

19,197

0.10

Acquisition-related intangibles amortization

—

(241,434

)

241,434

241,434

48,038

191,905

0.98

Litigation and opioid-related credit, net ¹

—

72,293

(72,293

)

(72,293

)

(14,384

)

(57,909

)

(0.30

)

Acquisition and divestiture-related deal and integration expenses

—

(242,583

)

242,583

242,583

42,432

200,151

1.02

Restructuring and other expenses, net

—

(55,039

)

55,039

55,039

11,546

43,493

0.22

Impairment of assets, including goodwill ²

—

(249,498

)

249,498

249,498

54,381

195,117

1.00

Remeasurement gain related to OneOncology acquisition ³

—

—

—

(1,086,612

)

(252,460

)

(834,152

)

(4.27

)

Other, net

—

—

—

6,817

(8

)

6,825

0.03

Tax reform ⁴

—

—

—

(12,472

)

(25,725

)

13,253

0.07

Adjusted Non-GAAP

$

6,367,170

$

4,041,107

$

2,326,063

$

2,124,121

$

402,448

$

1,725,507

$

8.83

⁵

Adjusted Non-GAAP % change vs. prior year

16.8

%

22.1

%

8.6

%

5.9

%

(1.8

)%

8.5

%

8.3

%

Percentages of Revenue:

GAAP

Adjusted

Non-GAAP

Gross profit

4.05%

3.88%

Operating expenses

2.90%

2.46%

Operating income

1.16%

1.42%

________________________

¹

Includes an $86.8 million credit related to a derivative lawsuit settlement.

²

Impairment of assets held for sale, including goodwill, related to our U.S. Consulting Services business.

³

In connection with the acquisition of OneOncology, the Company recorded a gain on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology.

⁴

Tax reform includes the foreign currency remeasurement of Swiss deferred tax assets arising from 2020 Swiss tax reform and the amortization of those deferred tax assets.

⁵

The sum of the components does not equal the total due to rounding.

Note: For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.

CENCORA, INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data)

(unaudited)

Six Months Ended March 31, 2025

Gross Profit

Operating Expenses

Operating Income

Income Before Income Taxes

Income Tax Expense

Net Income Attributable

to Cencora

Diluted Earnings

Per Share

GAAP

$

5,617,847

$

3,875,403

$

1,742,444

$

1,549,103

$

337,967

$

1,206,471

$

6.18

Gains from antitrust litigation settlements

(221,516

)

—

(221,516

)

(221,516

)

(60,692

)

(160,824

)

(0.82

)

LIFO expense

32,145

—

32,145

32,145

8,807

23,338

0.12

Türkiye highly inflationary impact

21,634

—

21,634

26,060

—

26,060

0.13

Acquisition-related intangibles amortization

—

(301,867

)

301,867

301,867

82,707

217,975

1.12

Litigation and opioid-related expenses

—

(28,289

)

28,289

28,289

7,751

20,538

0.11

Acquisition and divestiture-related deal and integration expenses

—

(138,092

)

138,092

138,092

27,571

110,521

0.57

Restructuring and other expenses

—

(98,617

)

98,617

98,617

27,020

71,597

0.37

Loss on divestiture of non-core businesses

—

—

—

35,539

—

35,539

0.18

Other, net

—

—

—

7,694

1,875

5,819

0.03

Tax reform ¹

—

—

—

10,349

(23,042

)

33,391

0.17

Adjusted Non-GAAP

$

5,450,110

$

3,308,538

$

2,141,572

$

2,006,239

$

409,964

$

1,590,425

$

8.15

²

Percentages of Revenue:

GAAP

Adjusted

Non-GAAP

Gross profit

3.58%

3.47%

Operating expenses

2.47%

2.11%

Operating income

1.11%

1.36%

________________________

¹

Tax reform includes the foreign currency remeasurement of Swiss deferred tax assets arising from 2020 Swiss tax reform and the amortization of those deferred tax assets.

²

The sum of the components does not equal the total due to rounding.

Note: For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.

CENCORA, INC.

SUMMARY SEGMENT INFORMATION

(in thousands)

(unaudited)

Three Months Ended March 31,

Revenue

2026

2025

% Change

U.S. Healthcare Solutions

$

68,765,078

$

66,819,265

2.9%

International Healthcare Solutions

7,565,749

6,696,779

13.0%

Other

2,055,571

1,956,407

5.1%

Intersegment eliminations

(30,482

)

(18,778

)

Revenue

$

78,355,916

$

75,453,673

3.8%

Three Months Ended March 31,

Operating income

2026

2025

% Change

U.S. Healthcare Solutions

$

998,300

$

944,969

5.6%

International Healthcare Solutions

175,797

154,598

13.7%

Other

91,633

92,851

(1.3)%

Intersegment eliminations

(2,381

)

(154

)

Total segment operating income

1,263,349

1,192,264

6.0%

Gains from antitrust litigation settlements

16,538

198,646

LIFO credit (expense)

210,030

(39,469

)

Türkiye highly inflationary impact

(12,153

)

(14,479

)

Acquisition-related intangibles amortization

(116,276

)

(137,011

)

Litigation and opioid-related expenses

(13,858

)

(11,524

)

Acquisition and divestiture-related deal and integration expenses

(164,164

)

(99,380

)

Restructuring and other expenses

(40,873

)

(52,857

)

Operating income

$

1,142,593

$

1,036,190

10.3%

Percentages of Revenue:

U.S. Healthcare Solutions

Gross profit

3.28

%

2.82

%

Operating expenses

1.82

%

1.40

%

Operating income

1.45

%

1.41

%

International Healthcare Solutions

Gross profit

10.76

%

10.70

%

Operating expenses

8.44

%

8.39

%

Operating income

2.32

%

2.31

%

Other

Gross profit

15.16

%

16.27

%

Operating expenses

10.70

%

11.53

%

Operating income

4.46

%

4.75

%

Cencora, Inc. (GAAP)

Gross profit

4.58

%

4.06

%

Operating expenses

3.12

%

2.68

%

Operating income

1.46

%

1.37

%

Cencora, Inc. (Non-GAAP)

Adjusted gross profit

4.31

%

3.86

%

Adjusted operating expenses

2.69

%

2.28

%

Adjusted operating income

1.61

%

1.58

%

Note: For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.

CENCORA, INC.

SUMMARY SEGMENT INFORMATION

(in thousands)

(unaudited)

Six Months Ended March 31,

Revenue

2026

2025

% Change

U.S. Healthcare Solutions

$

144,976,903

$

139,374,559

4.0%

International Healthcare Solutions

15,189,722

13,655,674

11.2%

Other

4,184,518

3,958,862

5.7%

Intersegment eliminations

(63,211

)

(48,362

)

Revenue

$

164,287,932

$

156,940,733

4.7%

Six Months Ended March 31,

Operating income

2026

2025

% Change

U.S. Healthcare Solutions

$

1,829,630

$

1,631,894

12.1%

International Healthcare Solutions

317,953

319,778

(0.6)%

Other

183,050

190,180

(3.7)%

Intersegment eliminations

(4,570

)

(280

)

Total segment operating income

2,326,063

2,141,572

8.6%

Gains from antitrust litigation settlements

28,690

221,516

LIFO credit (expense)

287,592

(32,145

)

Türkiye highly inflationary impact

(23,042

)

(21,634

)

Acquisition-related intangibles amortization

(241,434

)

(301,867

)

Litigation and opioid-related credit (expenses), net

72,293

(28,289

)

Acquisition and divestiture-related deal and integration expenses

(242,583

)

(138,092

)

Restructuring and other expenses, net

(55,039

)

(98,617

)

Impairment of assets, including goodwill

(249,498

)

—

Operating income

$

1,903,042

$

1,742,444

9.2%

Percentages of Revenue:

U.S. Healthcare Solutions

Gross profit

2.85

%

2.39

%

Operating expenses

1.59

%

1.22

%

Operating income

1.26

%

1.17

%

International Healthcare Solutions

Gross profit

10.56

%

10.84

%

Operating expenses

8.46

%

8.50

%

Operating income

2.09

%

2.34

%

Other

Gross profit

15.20

%

16.07

%

Operating expenses

10.83

%

11.26

%

Operating income

4.37

%

4.80

%

Cencora, Inc. (GAAP)

Gross profit

4.05

%

3.58

%

Operating expenses

2.90

%

2.47

%

Operating income

1.16

%

1.11

%

Cencora, Inc. (Non-GAAP)

Adjusted gross profit

3.88

%

3.47

%

Adjusted operating expenses

2.46

%

2.11

%

Adjusted operating income

1.42

%

1.36

%

Note: For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.

CENCORA, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

March 31,

September 30,

2026

2025

ASSETS

Current assets:

Cash and cash equivalents

$

2,176,496

$

4,356,138

Accounts receivable, net

24,893,220

25,225,299

Inventories

20,010,006

20,492,480

Right to recover assets

1,574,708

1,625,817

Prepaid expenses and other

636,815

539,339

Assets held for sale

3,849,666

—

Total current assets

53,140,911

52,239,073

Property and equipment, net

2,805,419

2,539,076

Goodwill and other intangible assets

22,507,385

17,450,701

Deferred income taxes

192,825

208,810

Other long-term assets

3,005,560

4,152,452

Total assets

$

81,652,100

$

76,590,112

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

51,881,816

$

54,719,761

Accrued expenses and other

3,195,861

2,982,993

Short-term debt

202,660

117,785

Liabilities held for sale

851,949

—

Total current liabilities

56,132,286

57,820,539

Long-term debt

12,182,860

7,542,988

Accrued income taxes

352,768

337,631

Deferred income taxes

1,748,178

1,620,724

Accrued litigation liability

3,856,483

3,881,283

Other liabilities

3,794,575

3,639,862

Total stockholders’ equity

3,584,950

1,747,085

Total liabilities and stockholders’ equity

$

81,652,100

$

76,590,112

CENCORA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

Six Months Ended March 31,

2026

2025

Operating Activities:

Net income

$

2,195,654

$

1,211,136

Adjustments to reconcile net income to net cash (used in) provided by operating activities

(244,232

)

815,487

Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures:

Accounts receivable

(308,675

)

(218,043

)

Inventories

(120,202

)

34,252

Accounts payable

(2,193,885

)

(669,479

)

Other, net

(295,190

)

(540,897

)

Net cash (used in) provided by operating activities

(966,530

)

632,456

Investing Activities:

Capital expenditures

(284,994

)

(234,953

)

Cost of acquired companies, net of cash acquired

(4,932,036

)

(3,947,761

)

Cost of equity investments

(19,210

)

(192,576

)

Other, net

62,024

(45,372

)

Net cash used in investing activities

(5,174,216

)

(4,420,662

)

Financing Activities:

Net debt borrowings ¹

4,377,761

3,455,501

Purchases of common stock

—

(435,471

)

Cash dividends on common stock

(243,972

)

(222,076

)

Employee tax withholdings related to restricted share vesting

(105,186

)

(77,558

)

Other, net

(6,832

)

(2,984

)

Net cash provided by financing activities

4,021,771

2,717,412

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(14,825

)

(48,520

)

Decrease in cash, cash equivalents, and restricted cash, including cash classified within assets held for sale

(2,133,800

)

(1,119,314

)

Less: Increase in cash classified within assets held for sale

(24,487

)

—

Decrease in cash, cash equivalents, and restricted cash

(2,158,287

)

(1,119,314

)

Cash, cash equivalents, and restricted cash at beginning of period ²

4,394,549

3,297,880

Cash, cash equivalents, and restricted cash at end of period ²

$

2,236,262

$

2,178,566

________________________

¹

Includes the issuance of $3.0 billion of senior notes and $1.5 billion of term loans to finance a portion of the February 2, 2026 acquisition of OneOncology in the six months ended March 31, 2026. Includes the issuance of $1.8 billion of senior notes and a $1.5 billion term loan to finance a portion of the January 2, 2025 acquisition of Retina Consultants of America in the six months ended March 31, 2025.

²

The following represents a reconciliation of cash and cash equivalents in the Condensed Consolidated Balance Sheets to cash, cash equivalents, and restricted cash in the Condensed Consolidated Statements of Cash Flows:

March 31,

2026

September 30,

2025

March 31,

2025

September 30,

2024

Cash and cash equivalents

$

2,176,496

$

4,356,138

$

1,978,061

$

3,132,648

Restricted cash (included in Prepaid Expenses and Other)

59,766

38,411

132,298

98,596

Restricted cash (included in Other Long-Term Assets)

—

—

68,207

66,636

Cash, cash equivalents, and restricted cash

$

2,236,262

$

4,394,549

$

2,178,566

$

3,297,880

SUPPLEMENTAL INFORMATION REGARDING

NON-GAAP FINANCIAL MEASURES

To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses the non-GAAP financial measures described below. The non-GAAP financial measures should be viewed in addition to, and not in lieu of, financial measures calculated in accordance with GAAP. These supplemental measures may vary from, and may not be comparable to, similarly titled measures by other companies.

The non-GAAP financial measures are presented because management uses non-GAAP financial measures to evaluate the Company’s operating performance, to perform financial planning, and to determine incentive compensation. Therefore, the Company believes that the presentation of non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. The presented non-GAAP financial measures exclude items that management does not believe reflect the Company’s core operating performance because such items are outside the control of the Company or are inherently unusual, non-operating, unpredictable, non-recurring, or non-cash. We have included the following non-GAAP earnings-related financial measures in this release:

Adjusted gross profit and adjusted gross profit margin: Adjusted gross profit is a non-GAAP financial measure that excludes gains from antitrust litigation settlements, LIFO expense (credit), and Türkiye highly inflationary impact. Adjusted gross profit margin is the ratio of adjusted gross profit to total revenue. Management believes that these non-GAAP financial measures are useful to investors as a supplemental measure of the Company’s ongoing operating performance. Gains from antitrust litigation settlements, LIFO expense (credit), and Türkiye highly inflationary impact are excluded because the Company cannot control the amounts recognized or timing of these items. Gains from antitrust litigation settlements relate to the settlement of lawsuits that have been filed against brand pharmaceutical manufacturers alleging that the manufacturer, by itself or in concert with others, took improper actions to delay or prevent generic drugs from entering the market. LIFO expense (credit) is affected by changes in inventory quantities, product mix, and manufacturer pricing practices, which may be impacted by market and other external influences.

Adjusted operating expenses and adjusted operating expense margin: Adjusted operating expenses is a non-GAAP financial measure that excludes acquisition-related intangibles amortization; litigation and opioid-related (credit) expenses, net; acquisition and divestiture-related deal and integration expenses; restructuring and other expenses, net; and impairment of assets, including goodwill. Adjusted operating expense margin is the ratio of adjusted operating expenses to total revenue. Acquisition-related intangibles amortization is excluded because it is a non-cash item and does not reflect the operating performance of the acquired companies. We exclude acquisition and divestiture-related deal and integration expenses and restructuring and other expenses, net that relate to unpredictable and/or non-recurring business activities. We exclude the amount of litigation and opioid-related (credit) expenses, net and the impairment of assets, including goodwill, that are unusual, non-operating, unpredictable, non-recurring or non-cash in nature because we believe these exclusions facilitate the analysis of our ongoing operational performance.

Adjusted operating income and adjusted operating income margin: Adjusted operating income is a non-GAAP financial measure that excludes the same items that are described above and excluded from adjusted gross profit and adjusted operating expenses. Adjusted operating income margin is the ratio of adjusted operating income to total revenue. Management believes that these non-GAAP financial measures are useful to investors as a supplemental way to evaluate the Company’s performance because these do not reflect unusual, non-operating, unpredictable, non-recurring or non-cash amounts or items that are outside the control of the Company.

Adjusted income before income taxes: Adjusted income before income taxes is a non-GAAP financial measure that excludes the same items that are described above and excluded from adjusted operating income. In addition, the remeasurement gain related to the OneOncology acquisition, gain (loss) on remeasurement of an equity investment, the gain (loss) on the currency remeasurement of the deferred tax asset relating to 2020 Swiss tax reform, and the loss on divestiture of non-core businesses are excluded from adjusted income before income taxes because these amounts are unusual, non-operating, and non-recurring. Management believes that this non-GAAP financial measure is useful to investors because it facilitates the calculation of the Company’s adjusted effective tax rate.

Adjusted income tax expense: Adjusted income tax expense is a non-GAAP financial measure that excludes the income tax expense (benefits) associated with the same items that are described above and excluded from adjusted income before income taxes. Certain discrete tax expense (benefits) are also excluded from adjusted income tax expense. Further, the amortization of deferred tax assets relating to 2020 Swiss tax reform is excluded from adjusted income tax expense. Management believes that this non-GAAP financial measure is useful to investors as a supplemental way to evaluate the Company’s performance because it does not reflect unusual, non-operating, unpredictable, non-recurring or non-cash amounts or items that are outside the control of the Company.

Adjusted effective tax rate: Adjusted effective tax rate is a non-GAAP financial measure that is determined by dividing adjusted income tax expense by adjusted income before income taxes. Management believes that this non-GAAP financial measure is useful to investors because it presents an effective tax rate that does not reflect unusual, non-operating, unpredictable, non-recurring, or non-cash amounts or items that are outside the control of the Company.

Adjusted net income attributable to Cencora: Adjusted net income attributable to the Company is a non-GAAP financial measure that excludes the same items that are described above. Management believes that this non-GAAP financial measure is useful to investors as a supplemental way to evaluate the Company’s performance because it does not reflect unusual, non-operating, unpredictable, non-recurring or non-cash amounts or items that are outside the control of the Company.

Adjusted diluted earnings per share: Adjusted diluted earnings per share excludes the per share impact of adjustments including gains from antitrust litigation settlements; LIFO expense (credit); Türkiye highly inflationary impact; acquisition-related intangibles amortization; litigation and opioid-related (credit) expenses, net; acquisition and divestiture-related deal and integration expenses; restructuring and other expenses, net; the impairment of assets, including goodwill; the remeasurement gain related to the acquisition of OneOncology; (loss) on remeasurement of an equity investment; the gain (loss) on the currency remeasurement related to 2020 Swiss tax reform; and the loss on divestiture of non-core businesses, in each case net of the tax effect calculated using the applicable effective tax rate for those items. In addition, the per share impact of certain discrete tax items and the per share impact of the amortization of deferred tax assets relating to 2020 Swiss tax reform are also excluded from adjusted diluted earnings per share. Management believes that this non-GAAP financial measure is useful to investors because it eliminates the per share impact of the items that are outside the control of the Company or that we consider to not be indicative of our ongoing operating performance due to their inherent unusual, non-operating, unpredictable, non-recurring, or non-cash nature.

Adjusted Free Cash Flow: Adjusted free cash flow is a non-GAAP financial measure defined as net cash provided by operating activities, excluding significant unpredictable or non-recurring cash payments or receipts relating to legal settlements, minus capital expenditures. Adjusted free cash flow is used internally by management for measuring operating cash flow generation and setting performance targets and has historically been used as one of the means of providing guidance on possible future cash flows. The Company does not provide forward looking guidance on a GAAP basis for free cash flow because the timing and amount of favorable and unfavorable settlements excluded from this metric, the probable significance of which cannot be determined, are unavailable and cannot be reasonably estimated. Below is a reconciliation of operating cash flows to adjusted free cash flows for the six months ended March 31, 2026:

Reconciliation of adjusted free cash flows

Operating cash flows

$(966.5)M

Capital expenditures

$(285.0)M

Free cash flows

$(1,251.5)M

Less gains from antitrust litigation settlements

$(28.7)M

Adjusted free cash flows

$(1,280.2)M

The Company also presents certain information related to current period operating results in “constant currency,” which is a non-GAAP financial measure. These amounts are calculated by translating current period results at the foreign currency exchange rates used in the comparable period in the prior year. The Company presents such constant currency financial information because it has significant operations outside of the United States reporting in currencies other than the U.S. dollar and this presentation provides a framework to assess how its business performed excluding the impact of foreign currency exchange rate fluctuations. Below is a summary of revenue and adjusted operating income on an as-reported basis and on a constant currency basis for the three months ended March 31, 2026:

Revenue

Adjusted Operating income

Consolidated

As reported

$78.4B

$1,263M

Impact of foreign currency translation

$(0.4)B

$(1)M

Constant currency

$78.0B

$1,262M

International Healthcare Solutions segment

As reported

$7.6B

$176M

Impact of foreign currency translation

$(0.4)B

$(1)M

Constant currency

$7.2B

$175M

In addition, the Company has provided non-GAAP fiscal year 2026 guidance for diluted earnings per share, operating income, effective income tax rate, and free cash flow that excludes the same or similar items as those that are excluded from the historical non-GAAP financial measures, as well as significant items that are outside the control of the Company or inherently unusual, non-operating, unpredictable, non-recurring or non-cash in nature. The Company does not provide forward looking guidance on a GAAP basis for such metrics because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, LIFO expense (credit) is largely dependent upon the future inflation or deflation of brand and generic pharmaceuticals, which is out of the Company’s control, and acquisition-related intangibles amortization depends on the timing and amount of future acquisitions, which cannot be reasonably estimated. Similarly, the timing and amount of favorable and unfavorable settlements, the probable significance of which cannot be determined, are unavailable and cannot be reasonably estimated.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260505677153/en/

Bennett S. Murphy

Senior Vice President, Investor Relations and Enterprise Productivity

[email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: General Health Finance Banking Health Professional Services

MEDIA:

Posted on May 6, 2026 6:34 am
Amaze Announces Partnership with All Media Solutions to Power Brand Supply for Amaze Live

Partnership unlocks immediate access to brand inventory, enabling monetization at launch of Amaze Live on May 15

NEWPORT BEACH, Calif., May 06, 2026 (GLOBE NEWSWIRE) — Amaze Holdings, Inc. (NYSE American: AMZE) (“Amaze” or the “Company”), a creator-powered commerce company, today announced a partnership with All Media Solutions, Inc. to support the initial rollout of Amaze Live, its multi-channel live shopping platform.

Through this partnership, Amaze expects to gain access to a portfolio of consumer brands that will support campaigns beginning on May 15, 2026, creating immediate opportunities for creators to participate in live, shoppable broadcasts.

Amaze Live activations are expected to include product launches, promotional campaigns, and performance-based selling initiatives across categories including beauty, wellness, and lifestyle.

All Media Solutions has relationships with a broad portfolio of established consumer and premium fashion brands, enabling Amaze to onboard campaigns at scale without the traditional delays associated with brand acquisition. The Company believes this partnership meaningfully strengthens its go-to-market execution and reduces friction in activating its live commerce ecosystem.

Creators approved for the Amaze Live program are expected to be able to:

Participate in brand-sponsored live shopping campaigns

Earn commissions and performance-based incentives

Access multi-channel streaming capabilities

Engage directly with audiences in real time

“We are focused on activating both sides of the marketplace simultaneously—creators and brands,” said Aaron Day, Chief Executive Officer of Amaze. “This partnership provides immediate access to brand supply at launch, enabling creators to monetize from day one while establishing a scalable foundation for live commerce growth.”

“We see a significant opportunity to connect brands with creators in a more performance-driven way,” said Brian Kelly, Chief Executive Officer of All Media Solutions, Inc. “By partnering with Amaze, we can activate high impact brands through a measurable, conversion-focused channel that aligns marketing spend directly with outcomes.”

The Company expects this partnership to support a growing pipeline of campaigns as Amaze Live expands.

Creators, influencers, and brands interested in participating in Amaze Live may join the waitlist at www.amazelive.com.

For investor information, please contact [email protected]

For press inquiries, please contact [email protected]

About Amaze:

Amaze Holdings, Inc. is an end-to-end, creator-powered commerce platform offering tools for seamless product creation, advanced e-commerce solutions, and scalable managed services. By empowering anyone to “sell anything, anywhere,” Amaze enables creators to tell their stories, cultivate deeper audience connections, and generate sustainable income through shoppable, authentic experiences. Discover more at www.amaze.co.

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events and developments or to our future operating or financial performance, are subject to risks and uncertainties and are based on estimates and assumptions. Forward-looking statements may include, but are not limited to, our expectations regarding the launch and rollout of Amaze Live, brand participation, creator onboarding, campaign execution, transaction volume, monetization opportunities, future revenues, and expansion of our live shopping and creator commerce initiatives. These statements can be identified by words such as “may,” “might,” “should,” “would,” “could,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or “continue,” and are based on our current expectations and views concerning future events and developments and their potential effects on us.

Some or all of these forward-looking statements may not occur. These statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to differ materially from those projected or otherwise implied by the forward-looking statement. Factors that affect our ability to achieve these results include unexpected issues arising from implementation of our new venture, our need to raise additional capital, our reliance on third parties to provide key services for our business, including cloud hosting, marketing platforms, payment providers and network providers, our inability to agree upon the terms of a definitive agreement. Other risks include the Risk Factors contained in our Form S-1 filed on February 12, 2026 and our ability to stay the recent court order disclosed in our Form 8-K filed on February 20, 2026.

Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Any forward-looking statement made by us herein speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Posted on May 6, 2026 6:34 am
Bimergen Energy Selects SMA as Inverter Supplier for 80 MW ERCOT BESS Portfolio

Newport Beach, CA, May 06, 2026 (GLOBE NEWSWIRE) — Bimergen Energy Corporation (NYSE American: BESS, BESS.WS), a developer, owner, and operator of utility-scale and distributed battery energy storage systems, today announced the selection of SMA as the inverter supplier for eight recently acquired 9.9 MW BESS projects in the Electric Reliability Council of Texas (ERCOT) market. The portfolio represents approximately 80 MW of total energy storage capacity and marks a key step in the Company’s continued expansion in one of the nation’s most dynamic power markets.

Bimergen selected SMA’s technology and supply chain to align with Foreign Entity of Concern (FEOC) requirements under the Inflation Reduction Act, supporting eligibility for applicable tax incentives and enhancing overall project financeability.

The Company utilized strategic capital partnerships and non-dilutive, project-level financing to fund the acquisitions and secure long-lead equipment while preserving shareholder value. The projects are expected to be put in service between the fourth quarter of 2026 and the first quarter of 2027.

“We are excited to advance these projects with SMA as a key technology partner,” said Cole Johnson, Co-CEO of Bimergen Energy. “Selecting a proven, high-performance inverter solution is critical as we scale deployment across our ERCOT footprint. This milestone reflects strong execution and positions us to deliver reliable, grid-supporting storage capacity to meet Texas’s growing energy demand.”

“The selection of SMA represents another meaningful step in executing our ERCOT strategy,” said Bob Brilon, Co-CEO of Bimergen Energy. “We remain focused on building a high-quality, scalable platform in key U.S. power markets, supported by strong partners and disciplined project development.”

The 80 MW portfolio is expected to provide critical grid stability, support renewable integration, and deliver ancillary services within ERCOT. With these projects advancing toward construction and commissioning, Bimergen continues to strengthen its position as an independent owner and operator of utility-scale BESS in strategic U.S. markets.

This development adds to Bimergen’s active pipeline of approximately 2 GW of BESS projects nationwide, underscoring the Company’s disciplined approach to growth, technology selection, and execution.

About Bimergen Energy Corporation

Bimergen Energy Corporation (NYSE American: BESS, BESSWS) is a U.S.-based independent power producer specializing in the development, ownership, and operation of standalone battery energy storage systems (BESS). Bimergen develops utility-scale and distributed storage projects designed to provide grid reliability, renewable integration, and flexible energy solutions. Bimergen manages the full project lifecycle, including site selection, permitting, engineering, procurement, construction, and operations. Its portfolio spans multiple power markets across the United States.

For more information about Bimergen Energy, please visit www.bimergen.com.

Forward-Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words.

Forward-looking statements are based on Bimergen Energy Corporation’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Bimergen Energy Corporation undertakes no duty to update such information except as required under applicable law.

Media Contact:

Dave Gentry

RedChip Companies Inc.
1-407-644-4256 | 1-800-REDCHIP (733-2447)
[email protected]

Posted on May 6, 2026 6:34 am
ITT Reports 2026 First Quarter Earnings Per Share (EPS) of $0.89, Adjusted EPS of $1.98; Introducing Full Year Outlook Following the Closing of SPX FLOW

ITT Reports 2026 First Quarter Earnings Per Share (EPS) of $0.89, Adjusted EPS of $1.98; Introducing Full Year Outlook Following the Closing of SPX FLOW

26% order growth (8% organic), reflecting broad strength across aerospace and defense, short‑cycle pumps and valves and Friction outperformance

33% revenue growth (11% organic) to $1.2 billion driven by share gains in connectors, projects including Svanehøj, valves and transportation

11.7% operating margin (20.3% adjusted) due to productivity, higher volumes, pricing and FX

SPX FLOW contributed accretive net earnings in month one on an adjusted basis

Initiating full year EPS guidance of $4.15 to $4.45, down 30% as a result of acquisition related impacts, adjusted EPS of $7.70 to $8.00, up 9% at the midpoint

Established the Flow Technologies segment following the combination of Industrial Process and SPX FLOW, creating a global leader in critical flow solutions

STAMFORD, Conn.–(BUSINESS WIRE)–
May 6, 2026– ITT Inc. (NYSE: ITT) today reported financial results for the first quarter ended April 4, 2026. The company reported revenue of $1.2 billion, with growth of 33% (11% organic) versus prior year, driven by aerospace and defense in Connect & Control Technologies (CCT), continued share gains in Motion Technologies (MT), and pumps and valves momentum in Flow Technologies (FT). The SPX FLOW acquisition adds 17 points of revenue growth and there were four additional working days in the quarter versus the prior year.

As previously announced, ITT revised its adjusted operating income, adjusted income from continuing operations and adjusted EPS definitions to exclude acquisition-related intangible amortization expense for both current and historical periods. This change provides a more meaningful basis for comparison and better reflects core operating results amidst ITT’s ongoing portfolio evolution.

First quarter operating income of $141 million decreased 6% versus prior year due to higher costs related to the acquisition of SPX FLOW. Excluding special items, adjusted operating income increased 42% driven by higher volume, productivity benefits, and foreign exchange favorability, partially offset by material cost inflation. In addition, SPX FLOW had an immediate accretive effect to the quarter, on an adjusted basis. Operating margin decreased 480 basis points to 11.7% versus prior year, while adjusted operating margin of 20.3% increased by 130 basis points.

EPS for the first quarter of $0.89 decreased 33.1% versus prior year and adjusted EPS of $1.98 increased 25% due to higher segment operating income and the impacts from the acquisition of SPX FLOW including acquisition-related costs, higher interest expense, effective tax rate and weighted-average share count.

Net cash from operating activities for the first quarter of $39.9 million decreased $73.5 million or 64.8% and free cash flow for the quarter decreased 82.0% versus prior year, primarily driven by $71 million of one-time acquisition-related payments and higher working capital partially offset by higher segment operating income.

Table 1. First Quarter Performance

Q1 2026

Q1 2025

Change

Revenue

$

1,211.9

$

913.0

32.7

%

Organic Growth

10.9

%

Operating Income

$

141.2

$

150.9

(6.4

)

%

Operating Margin

11.7

%

16.5

%

(480

)

bps

Adjusted Operating Income

$

245.6

$

173.3

41.7

%

Adjusted Operating Margin

20.3

%

19.0

%

130

bps

Earnings Per Share

$

0.89

$

1.33

(33.1

)

%

Adjusted Earnings Per Share

$

1.98

$

1.58

25.3

%

Net Cash from Operating Activities

$

39.9

$

113.4

(64.8

)

%

Free Cash Flow

$

13.8

$

76.6

(82.0

)

%

Note: all results unaudited; dollars in millions except for per share amounts

Management Commentary

“I am incredibly proud of, and humbled by, the performance delivered by our ITTers around the world. It was a strong quarter across the board. As we have said many times, ITT’s organic value creation engine is here to stay and in Q1, our legacy businesses proved it once again, with outstanding revenue growth driven by market share gains and continued margin expansion, fueled by our rigor and relentless execution. Each of our businesses delivered profitable growth, supported by a continuous improvement mindset that further strengthens our core operating fundamentals,” said ITT’s Chief Executive Officer and President Luca Savi.

“The SPX FLOW acquisition, ITT’s largest to date, is already contributing to our results with above market revenue growth and healthy mid-single digit growth in orders. The team is also progressing nicely in delivering our committed synergies.”

“And to top it all off, ITT’s total book-to-bill remains well above one, highlighting the strength of our future growth outlook. We are truly pumped up for what lies ahead.”

Table 2. First Quarter Segment Results

Revenue

Operating Income

Operating Margin

Q1 2026

Reported Change

Organic Growth

Q1 2026

Reported Change

Adjusted Change

Q1 2026

Reported Change

Adjusted Change

Flow Technologies

$

537.4

61.2

%

12.2

%

$

82.1

29.3

%

67.9

%

15.3

%

(380) bps

100 bps

Motion Technologies

397.2

14.8

%

5.3

%

83.4

23.4

%

21.7

%

21.0

%

150 bps

130 bps

Connect & Control Technologies

278.5

18.7

%

17.5

%

49.2

36.7

%

19.6

%

17.7

%

240 bps

10 bps

Note: all results unaudited; excludes intercompany eliminations and other of $0.1; comparisons to Q1 2025

Flow Technologies revenue increased $204 million primarily from the acquisition of SPX FLOW. Organic revenue increased 12%, primarily driven by Svanehøj and valves execution. Operating income increased $19 million, primarily driven by higher volumes and the benefits from pricing and productivity actions. Operating margin of 15.3% decreased 380 bps, while adjusted operating margin increased 100 bps.

Motion Technologies revenue increased $51 million as higher volumes and favorable foreign exchange impacts were partially offset by pricing dynamics. Organic revenue increased $18 million due to strength in Friction original equipment and KONI rail demand. Operating income increased $16 million primarily due to productivity, higher volume and the impact of favorable foreign exchange driving operating margin to 21.0%, an increase of 150 bps.

Connect and Control Technologies revenue increased $44 million driven by strength in commercial aerospace components and industrial connectors, as well as pricing actions. Operating income increased $13 million primarily due to benefits from higher volume and pricing actions, partially offset by higher material costs resulting in an operating margin of 17.7%, which increased by 240 bps.

Quarterly Dividend

The company announced today a quarterly dividend of $0.386 per share on its outstanding common stock. ITT’s Board of Directors approved the cash dividend for the second quarter of 2026, which will be payable on Monday, July 6, 2026 to shareholders of record as of the close of business on Monday, June 8, 2026.

2026 Guidance

The company expects organic revenue growth of 4% to 6%, up 36% to 38% in total; operating margin of 12.4% to 13.3% and adjusted operating margin of 19.7% to 20.6%, an increase of 30 to 120 bps. EPS is expected to be $4.15 to $4.45, with adjusted EPS of $7.70 to $8.00, representing growth of 7% to 11% for the full year. Free cash flow is now expected to be between $540 million and $580 million, representing free cash flow margin of 10% to 11% for the full year. The additional four working days in Q1 will be offset in Q4 for the full year.

It is not possible, without unreasonable efforts, to estimate the impacts of foreign currency fluctuations, acquisitions and certain other special items that may occur in 2026 as these items are inherently uncertain and difficult to predict. As a result, we are unable to quantify certain amounts that would be included in a reconciliation of organic revenue growth and adjusted operating margin to the most directly comparable GAAP financial measures without unreasonable efforts and accordingly we have not provided reconciliations for these forward-looking non-GAAP financial measures.

Investor Conference Call Details

ITT’s management will host a conference call for investors on Wednesday, May 6, 2026 at 8:30 a.m. Eastern Time. The briefing can be accessed live via a webcast which is available on the company’s website: https://investors.itt.com. A replay of the webcast will be available beginning two hours after the presentation concludes. Reconciliations of non-GAAP financial performance metrics to their most comparable U.S. GAAP financial performance metrics are defined and presented below and should not be considered a substitute for, nor superior to, the financial data prepared in accordance with U.S. GAAP.

Safe Harbor Statement

This release contains “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In addition, the conference call (including the financial results presentation material) may include, and officers and representatives of ITT may from time to time make and discuss, projections, goals, assumptions, and statements that may constitute “forward-looking statements”. These forward-looking statements are not historical facts, but rather represent only a belief regarding future events based on current expectations, estimates, assumptions and projections about our business, future financial results, the industry in which we operate, and other legal, regulatory, and economic developments. These forward-looking statements include, but are not limited to, future strategic plans and other statements that describe the company’s business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future events and future operating or financial performance.

We use words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “future,” “guidance,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would,” and other similar expressions to identify such forward-looking statements. Forward-looking statements are uncertain and, by their nature, many are inherently unpredictable and outside of ITT’s control, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied in, or reasonably inferred from, such forward-looking statements.

Where in any forward-looking statement we express an expectation or belief as to future results or events, such expectation or belief is based on current plans and expectations of our management, expressed in good faith and believed to have a reasonable basis. However, we cannot provide any assurance that the expectation or belief will occur or that anticipated results will be achieved or accomplished.

Among the factors that could cause our results to differ materially from those indicated by forward-looking statements are risks and uncertainties inherent in our business including, without limitation:

our ability to integrate the operations of SPX FLOW in a successful manner and in the expected time period;

the possibility that any of the anticipated benefits and projected synergies of the acquisition of SPX FLOW will not be realized or will not be realized on the anticipated terms within the expected time period;

uncertain global economic and capital markets conditions, which have been influenced by heightened geopolitical tensions, including conflicts in the Middle East involving Iran, inflation, changes in monetary policies, the threat of a possible regional or global economic recession, trade disputes between the U.S. and its trading partners, political and social unrest, and the availability and fluctuations in prices of energy and commodities, including steel, oil, copper and tin;

the imposition of new or increased tariffs by the U.S. government, particularly those targeting imports from specific countries, and the potential for retaliatory trade measures by affected countries, which could disrupt global supply chains, increase costs and reduce customer demand;

fluctuations in interest rates and the impact of such fluctuations on customer behavior and on our cost of debt;

fluctuations in foreign currency exchange rates and the impact of such fluctuations on our revenues, customer demand for our products and on our hedging arrangements;

volatility in raw material prices and our suppliers’ ability to meet quality and delivery requirements;

impacts and risk of liabilities from recent mergers, acquisitions, or venture investments, and past divestitures and spin-offs;

our inability to hire or retain key personnel;

failure to compete successfully and innovate in our markets;

failure to manage the distribution of products and services effectively;

failure to protect our intellectual property rights or violations of the intellectual property rights of others;

the extent to which there are quality problems with respect to manufacturing processes or finished goods;

the risk of cybersecurity breaches or failure of any information systems used by the Company, including any flaws in the implementation of any enterprise resource planning systems;

loss of or decrease in sales from our most significant customers;

risks due to our operations and sales outside the U.S. and in emerging markets, including the imposition of tariffs and trade sanctions;

fluctuations in demand or customers’ levels of capital investment, maintenance expenditures, production, and market cyclicality;

the risk of material business interruptions, particularly at our manufacturing facilities;

risks related to government contracting, including changes in levels of government spending and regulatory and contractual requirements applicable to sales to the U.S. government;

fluctuations in our effective tax rate, including as a result of changing tax laws and other possible tax reform legislation in the U.S. and other jurisdictions;

changes in environmental laws or regulations, discovery of previously unknown or more extensive contamination, or the failure of a potentially responsible party to perform;

failure to comply with the U.S. Foreign Corrupt Practices Act (or other applicable anti-corruption legislation), export controls and trade sanctions; and

risk of product liability claims and litigation.

More information on factors that could cause actual results or events to differ materially from those anticipated is included in our Annual Report on Form 10-K for the year ended December 31, 2025 (particularly under the caption “Risk Factors”), our Quarterly Reports on Form 10-Q and in other documents we file from time to time with the SEC.

The forward-looking statements included in this release speak only as of the date hereof. We undertake no obligation (and expressly disclaim any obligation) to update any forward-looking statements, whether written or oral or as a result of new information, future events or otherwise.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)

Three Months Ended

April 4,

2026

March 29,

2025

Revenue

$

1,211.9

$

913.0

Cost of revenue

783.1

589.8

Gross profit

428.8

323.2

General and administrative expenses

154.1

85.1

Sales and marketing expenses

73.7

47.9

Research and development expenses

33.1

25.3

Intangible amortization

26.7

14.0

Operating income

141.2

150.9

Interest expense

24.7

9.3

Interest income

(10.4

)

(1.7

)

Other non-operating income, net

(1.9

)

(1.0

)

Income before income tax expense

128.8

144.3

Income tax expense

49.3

35.2

Net income

79.5

109.1

Less: Income attributable to noncontrolling interests

1.5

0.7

Net income attributable to ITT Inc.

$

78.0

$

108.4

Earnings per share attributable to ITT Inc.:

Basic

$

0.89

$

1.33

Diluted

$

0.89

$

1.33

Weighted average common shares – basic

87.2

81.3

Weighted average common shares – diluted

87.8

81.7

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)

(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)

As of the Period Ended

April 4,

2026

December 31,

2025

Assets

Current assets:

Cash and cash equivalents

$

600.8

$

1,742.9

Receivables, net

1,038.0

756.1

Inventories

976.4

671.9

Other current assets

255.7

183.4

Total current assets

2,870.9

3,354.3

Non-current assets:

Plant, property and equipment, net

801.1

627.0

Goodwill

3,787.9

1,511.2

Other intangible assets, net

3,238.8

432.6

Other non-current assets

432.9

385.3

Total non-current assets

8,260.7

2,956.1

Total assets

$

11,131.6

$

6,310.4

Liabilities and Shareholders’ Equity

Current liabilities:

Short-term borrowings

$

477.3

$

261.3

Accounts payable

642.2

465.0

Accrued and other current liabilities

760.4

572.0

Total current liabilities

1,879.9

1,298.3

Non-current liabilities:

Non-current portion of long-term debt

3,375.0

521.5

Postretirement benefits

151.1

120.0

Other non-current liabilities

979.9

279.3

Total non-current liabilities

4,506.0

920.8

Total liabilities

6,385.9

2,219.1

Shareholders’ equity:

Common stock:

Authorized – 250.0 shares, $1 par value per share

Issued and outstanding – 89.4 shares and 85.9 shares, respectively

89.4

85.9

Capital in excess of par value

1,976.1

1,313.9

Retained earnings

3,030.1

2,987.1

Accumulated other comprehensive loss

(357.6

)

(302.5

)

Total ITT Inc. shareholders’ equity

4,738.0

4,084.4

Noncontrolling interests

7.7

6.9

Total shareholders’ equity

4,745.7

4,091.3

Total liabilities and shareholders’ equity

$

11,131.6

$

6,310.4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

(IN MILLIONS)

For the Three Months Ended

April 4,

2026

March 29,

2025

Operating Activities

Income from continuing operations attributable to ITT Inc.

$

78.0

$

108.4

Adjustments to income from continuing operations:

Depreciation and amortization

54.2

37.2

Equity-based compensation

9.0

7.9

Other non-cash charges, net

11.9

6.3

Changes in assets and liabilities:

Change in receivables

(82.5

)

(43.2

)

Change in inventories

(48.1

)

(5.6

)

Change in contract assets

1.1

(6.6

)

Change in contract liabilities

3.4

15.9

Change in accounts payable

54.9

16.5

Change in accrued expenses

(47.5

)

(31.7

)

Change in income taxes

12.2

11.8

Other, net

(6.7

)

(3.5

)

Net Cash – Operating Activities

39.9

113.4

Investing Activities

Acquisitions, net of cash acquired

(3,533.3

)

(1.9

)

Capital expenditures

(26.1

)

(36.8

)

Other, net

(0.6

)

(2.0

)

Net Cash – Investing Activities

(3,560.0

)

(40.7

)

Financing Activities

Commercial paper, net borrowings

217.7

291.8

Long-term debt issued, net of debt issuance costs

2,868.3

—

Long-term debt repayments

(546.1

)

(229.3

)

Share repurchases under repurchase plan

(100.0

)

(100.0

)

Payments for taxes related to net share settlement of stock incentive plans

(19.7

)

(13.0

)

Dividends paid

(35.0

)

(28.7

)

Other, net

(2.1

)

(0.7

)

Net Cash – Financing Activities

2,383.1

(79.9

)

Exchange rate effects on cash and cash equivalents

(4.3

)

7.9

Net cash – operating activities of discontinued operations

(0.2

)

—

Net change in cash and cash equivalents

(1,141.5

)

0.7

Cash and cash equivalents – beginning of year (includes restricted cash of $0.8 and $0.7, respectively)

1,743.7

440.0

Cash and Cash Equivalents – End of Period (includes restricted cash of $1.4 and $0.9, respectively)

$

602.2

$

440.7

Supplemental Disclosures of Cash Flow and Non-Cash Information:

Cash paid for Interest

$

30.3

$

9.1

Cash paid for Income taxes, net of refunds received

$

30.8

$

17.6

Capital expenditures included in current liabilities

$

14.7

$

13.9

Key Performance Indicators and Non-GAAP Measures

ITT reviews a variety of key performance indicators including revenue, operating income and margin, earnings per share, order growth, and backlog. In addition, we consider certain measures to be useful to management and investors when evaluating our operating performance for the periods presented. These measures provide a tool for evaluating our ongoing operations and management of assets from period to period. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives, including, but not limited to, acquisitions, dividends, and share repurchases. Some of these metrics, however, are not measures of financial performance under accounting principles generally accepted in the United States of America (GAAP) and should not be considered a substitute for measures determined in accordance with GAAP. We consider the following non-GAAP measures, which may not be comparable to similarly titled measures reported by other companies, to be key performance indicators for purposes of our reconciliation tables.

Organic Revenue and Organic Orders are defined, respectively, as revenue and orders, excluding the impacts of foreign currency fluctuations, acquisitions, and divestitures that may or may not qualify as discontinued operations. Current year activity from acquisitions is excluded for twelve months following the closing date of acquisition. The period-over-period change resulting from foreign currency fluctuations is estimated using a fixed exchange rate for both the current and prior periods. Prior year revenue and orders are adjusted to exclude activity during the comparable period for twelve months post-closing date for divestitures that do not qualify as discontinued operations. We believe that reporting organic revenue and organic orders provide useful information to investors by helping identify underlying trends in our business and facilitating comparisons of our revenue performance with prior and future periods and to our peers.

Adjusted Operating Income is defined as operating income adjusted to exclude special items that include, but are not limited to, restructuring, intangible amortization, certain asset impairment charges, certain acquisition- and divestiture-related impacts, intangible amortization expense, and unusual or infrequent operating items. Special items represent charges or credits that impact current results, which management views as unrelated to the Company’s ongoing operations and performance. Adjusted Operating Margin is defined as adjusted operating income divided by revenue. We believe these financial measures are useful to investors and other users of our financial statements in evaluating ongoing operating profitability, as well as in evaluating operating performance in relation to our competitors.

Adjusted Income from Continuing Operations is defined as income from continuing operations attributable to ITT Inc. adjusted to exclude special items that include, but are not limited to, restructuring, intangible amortization, certain asset impairment charges, certain acquisition- and divestiture-related impacts, intangible amortization expense, income tax settlements or adjustments, and unusual or infrequent items. Special items represent charges or credits, on an after-tax basis, that impact current results, which management views as unrelated to the Company’s ongoing operations and performance. The after-tax basis of each special item is determined using the jurisdictional tax rate of where the expense or benefit occurred and the tax deductibility under local tax rules. Adjusted Income from Continuing Operations per Diluted Share (Adjusted EPS) is defined as adjusted income from continuing operations divided by diluted weighted average common shares outstanding. We believe that adjusted income from continuing operations and adjusted EPS are useful to investors and other users of our financial statements in evaluating ongoing operating profitability, as well as in evaluating operating performance in relation to our competitors.

Free Cash Flow is defined as net cash provided by operating activities less capital expenditures net of capital-related government incentives. Free Cash Flow Margin is defined as free cash flow divided by revenue. We believe that free cash flow and free cash flow margin provide useful information to investors as it provides insight into a primary cash flow metric used by management to monitor and evaluate cash flows generated by our operations.

ITT Inc. Non-GAAP Reconciliation Statements

(In millions; all amounts unaudited)

Reconciliation of Revenue to Organic Revenue

First Quarter 2026

FT

MT

CCT

Elim/Other

Total

2026 Revenue

$

537.4

$

397.2

$

278.5

$

(1.2

)

$

1,211.9

Less: Acquisitions

151.4

—

—

—

151.4

Less: Foreign currency translation

12.1

32.8

2.8

0.1

47.8

2026 Organic revenue

$

373.9

$

364.4

$

275.7

$

(1.3

)

$

1,012.7

2025 Revenue

$

333.3

$

346.1

$

234.7

$

(1.1

)

$

913.0

Less: Divestitures

—

—

—

—

—

2025 Organic revenue

$

333.3

$

346.1

$

234.7

$

(1.1

)

$

913.0

Organic Revenue Growth – $

$

40.6

$

18.3

$

41.0

$

99.7

Organic Revenue Growth – %

12.2

%

5.3

%

17.5

%

10.9

%

Reported Revenue Growth – $

$

204.1

$

51.1

$

43.8

$

298.9

Reported Revenue Growth – %

61.2

%

14.8

%

18.7

%

32.7

%

Reconciliation of Orders to Organic Orders

First Quarter 2026

FT

MT

CCT

Elim/Other

Total

2026 Orders

$

583.8

$

407.0

$

328.7

$

(0.6

)

$

1,318.9

Less: Acquisitions

134.8

—

—

—

134.8

Less: Foreign currency translation

17.4

32.7

2.7

0.1

52.9

2026 Organic orders

$

431.6

$

374.3

$

326.0

$

(0.7

)

$

1,131.2

2025 Orders

$

404.6

$

347.9

$

295.5

$

(1.5

)

$

1,046.5

Less: Divestitures

—

—

—

—

—

2025 Organic orders

$

404.6

$

347.9

$

295.5

$

(1.5

)

$

1,046.5

Organic Orders Growth – $

$

27.0

$

26.4

$

30.5

$

84.7

Organic Orders Growth – %

6.7

%

7.6

%

10.3

%

8.1

%

Reported Orders Growth – $

$

179.2

$

59.1

$

33.2

$

272.4

Reported Orders Growth – %

44.3

%

17.0

%

11.2

%

26.0

%

Note: Immaterial differences due to rounding.

ITT Inc. Non-GAAP Reconciliation Statements

(In millions; all amounts unaudited)

Reconciliations of Operating Income/Margin to Adjusted Operating Income/Margin

First Quarter 2026

First Quarter 2025

FT

MT

CCT

Corporate

ITT

FT

MT

CCT

Corporate

ITT

Reported Operating Income

$

82.1

$

83.4

$

49.2

$

(73.5

)

$

141.2

$

63.5

$

67.6

$

36.0

$

(16.2

)

$

150.9

Acquisition-related costs

14.4

—

0.1

53.0

67.5

0.4

—

(0.1

)

—

0.3

Intangible amortization [a]

23.0

0.3

3.4

—

26.7

6.8

0.2

7.0

—

14.0

Restructuring costs

7.7

0.5

1.1

1.5

10.8

4.2

0.2

2.1

—

6.5

Other special items

0.1

(0.6

)

—

(0.1

)

(0.6

)

0.9

0.7

—

—

1.6

Adjusted Operating Income

$

127.3

$

83.6

$

53.8

$

(19.1

)

$

245.6

$

75.8

$

68.7

$

45.0

$

(16.2

)

$

173.3

Change in Operating Income

29.3

%

23.4

%

36.7

%

353.7

%

(6.4

)%

Change in Adjusted Operating Income

67.9

%

21.7

%

19.6

%

17.9

%

41.7

%

Reported Operating Margin

15.3

%

21.0

%

17.7

%

11.7

%

19.1

%

19.5

%

15.3

%

16.5

%

Impact of special item adjustments

840 bps

10 bps

160 bps

860 bps

360 bps

30 bps

390 bps

250 bps

Adjusted Operating Margin

23.7

%

21.1

%

19.3

%

20.3

%

22.7

%

19.8

%

19.2

%

19.0

%

Change in Operating Margin

-380 bps

150 bps

240 bps

-480 bps

Change in Adjusted Operating Margin

100 bps

130 bps

10 bps

130 bps

Note: Immaterial differences due to rounding.

[a]

Starting in the first quarter of 2026, we have updated our definition of adjusted operating income and margin to exclude intangible amortization expense. Accordingly, we have updated the previously reported prior year adjusted result to reflect the new definition.

ITT Inc. Non-GAAP Reconciliation Statements

(In millions, except earnings per share; all amounts unaudited)

Reconciliation of Reported vs. Adjusted Income from Continuing Operating and Diluted EPS

Income from Continuing Operations

Diluted Earnings per Share

Q1 2026

Q1 2025

% Change

Q1 2026

Q1 2025

% Change

Reported

$

78.0

$

108.4

(28.0

)%

$

0.89

$

1.33

(33.1

)%

Special Items Expense / (Income):

Acquisition-related costs

67.5

0.3

0.77

—

Intangible amortization [a]

26.7

14.0

0.30

0.17

Restructuring costs

10.8

6.5

0.12

0.08

Other pre-tax special items

(0.6

)

1.6

(0.01

)

0.02

Net tax benefit of pre-tax special items

(26.1

)

(4.8

)

(0.30

)

(0.06

)

Other tax-related special items [b][c]

17.4

3.4

0.21

0.04

Adjusted

$

173.7

$

129.4

34.2

%

$

1.98

$

1.58

25.3

%

Note: Amounts may not calculate due to rounding.

Per share amounts are based on diluted weighted average common shares outstanding.

[a]

Starting in the first quarter of 2026, we have updated our definition of adjusted income from continuing operations and adjusted EPS to exclude intangible amortization expense. Accordingly, we have updated the previously reported prior year adjusted result to reflect the new definition.

[b]

Other tax-related special items for Q1 2026 include tax expense related to undistributed foreign earnings of $6.4, tax expense of $9.4 associated with amended tax filings in Luxembourg, tax expense of $1.8 related to transaction-related costs incurred in connection with the SPX FLOW acquisition, and other special-item tax (benefits) of $(0.3).

[c]

Other tax-related special items for Q1 2025 includes tax on undistributed foreign earnings ($2.5M) and other tax special items ($0.9M).

ITT Inc. Non-GAAP Reconciliation Statements

(In millions, except earnings per share; all amounts unaudited)

Reconciliation of GAAP vs Adjusted EPS Guidance – Full Year 2026

2026 Full-Year Guidance

Low

High

EPS from Continuing Operations – GAAP

$

4.15

$

4.45

Intangible amortization

2.91

2.91

Acquisition-related costs

1.29

1.29

Estimated restructuring

0.22

0.22

Tax benefit on pre-tax special items

(1.10

)

(1.10

)

Other tax-related special items

0.23

0.23

EPS from Continuing Operations – Adjusted

$

7.70

$

8.00

Note: The Company has provided forward-looking non-GAAP financial measures for organic revenue growth and adjusted operating margin. It is not possible, without unreasonable efforts, to estimate the impacts of foreign currency fluctuations, acquisitions, and certain other special items that may occur in 2026 as these items are inherently uncertain and difficult to predict. As a result, the Company is unable to quantify certain amounts that would be included in a reconciliation of organic revenue growth and adjusted operating margin to the most directly comparable GAAP financial measures without unreasonable efforts and accordingly has not provided reconciliations for these forward looking non-GAAP financial measures.

ITT Inc. Non-GAAP Reconciliation Statements

(In millions; all amounts unaudited)

Reconciliation of Cash from Operating Activities to Free Cash Flow

Three Months Ended

FY 2026

4/4/2026

3/29/2025

Low

High

Net Cash – Operating Activities

$

39.9

$

113.4

$

690

$

730

Capital expenditures

26.1

36.8

150

150

Free Cash Flow

$

13.8

$

76.6

$

540

$

580

Revenue

$

1,211.9

$

913.0

$

5,385

$

5,385

[a]

Operating Cash Flow Margin

3.3

%

12.4

%

13

%

14

%

Free Cash Flow Margin

1.1

%

8.4

%

10

%

11

%

[a] Revenue included in the full year 2026 free cash flow margin guidance represents the expected revenue growth mid-point.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260506762340/en/

Carleen Salvage

+1 914-304-1630

[email protected]

KEYWORDS: Connecticut United States North America

INDUSTRY KEYWORDS: Other Energy Energy General Automotive Automotive Other Manufacturing Other Transport Engineering Chemicals/Plastics Automotive Manufacturing Transport Aerospace Manufacturing

MEDIA:

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Posted on May 6, 2026 6:34 am
Apollo Reports First Quarter 2026 Results

NEW YORK, May 06, 2026 (GLOBE NEWSWIRE) — Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the first quarter ended March 31, 2026.

Marc Rowan, Chairman and Chief Executive Officer at Apollo said, “Our first quarter results set a strong tone for the year, with record fee-related earnings and assets under management surpassing $1 trillion – a testament to the trust our clients place in us and a reminder of the value we create at scale. Whether we’re originating investment grade credit, delivering retirement solutions, or developing new products and capabilities, innovation and discipline continue to drive us forward.”

Apollo issued a full detailed presentation of its first quarter ended March 31, 2026 results, which can be viewed on Apollo’s Investor Relations website at ir.apollo.com.

Dividend

Apollo Global Management, Inc. has declared a cash dividend of $0.5625 per share of its Common Stock for the first quarter ended March 31, 2026. This dividend will be paid on May 29, 2026 to holders of record at the close of business on May 19, 2026.

Apollo Global Management, Inc. has also declared and set aside for payment a cash dividend of $0.8438 per share of its Mandatory Convertible Preferred Stock, which will be paid on July 31, 2026 to holders of record at the close of business on July 15, 2026.

The declaration and payment of dividends on the Common Stock and the Mandatory Convertible Preferred Stock are at the sole discretion of Apollo Global Management, Inc.’s board of directors. Apollo cannot assure its stockholders that they will receive any dividends in the future.

Conference Call

Apollo will host a public audio webcast on Wednesday, May 6, 2026 at 8:30 a.m. Eastern Time. During the webcast, members of Apollo’s senior management team will review Apollo’s financial results for the first quarter ended March 31, 2026.

The webcast may be accessed at ir.apollo.com. For those unable to listen to the live broadcast, there will be a replay of the webcast available at the same link one hour after the event.

Apollo distributes its earnings releases via its website and email distribution lists. Those interested in receiving firm updates by email can sign up for them at ir.apollo.com.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.

Forward-Looking Statements

In this press release, references to “Apollo,” “we,” “us,” “our” and the “Company” refer collectively to Apollo Global Management, Inc. and its subsidiaries, or as the context may otherwise require. This press release may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and other non-historical statements. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to inflation, interest rate fluctuations and market conditions generally, international trade barriers, domestic or international political developments and other geopolitical events, including geopolitical tensions and hostilities, the impact of energy market dislocation, our ability to manage our growth, our ability to operate in highly competitive environments, the performance of the funds we manage, our ability to raise new funds, the variability of our revenues, earnings and cash flow, the accuracy of management’s assumptions and estimates, our dependence on certain key personnel, our use of leverage to finance our businesses and investments by the funds we manage, Athene’s ability to maintain or improve financial strength ratings, the impact of Athene’s reinsurers failing to meet their assumed obligations, Athene’s ability to manage its business in a highly regulated industry, changes in our regulatory environment and tax status, and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2026, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

Investor and Media Relations Contacts

For investors please contact:
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
212-822-0540
[email protected]

For media inquiries please contact:
Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
212-822-0491
[email protected]

Posted on May 6, 2026 6:33 am
United Therapeutics Corporation Reports First Quarter 2026 Financial Results

United Therapeutics Corporation Reports First Quarter 2026 Financial Results

SILVER SPRING, Md. & RESEARCH TRIANGLE PARK, N.C.–(BUSINESS WIRE)–
United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, today announced its financial results for the quarter ended March 31, 2026. Total revenues in the first quarter of 2026 decreased by two percent year-over-year to $781.5 million, compared to $794.4 million in the first quarter of 2025.

“In the first quarter of 2026, we extended our run of clinical success, with positive results from both our ADVANCE OUTCOMES and TETON-1 studies,” said Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer of United Therapeutics. “These readouts have the potential to meaningfully expand the breadth of our future growth and support further revenue diversification while reinforcing our long-term commitment to advancing therapies for patients with serious cardiopulmonary and respiratory disease. Moreover, given these successes, we’re excited to announce our development plans in pulmonary hypertension and fibrosis for ralinepag DPI, which we believe has the potential to achieve once-daily dosing and help broaden our therapeutic reach greater than ever before.”

Michael Benkowitz, President and Chief Operating Officer of United Therapeutics, added, “While the competitive landscape for inhaled prostacyclins remains dynamic, our continued growth for Tyvaso DPI reflects the resilience of our commercial strategy. Going forward, we are committed to further sharpening our execution with relentless drive and unwavering discipline to return to sequential quarterly revenue growth across our commercial portfolio in the near term.”

First Quarter 2026 Financial Results

Key financial highlights include (dollars in millions, except per share data):

Three Months Ended

March 31,

Dollar

Change

Percentage

Change

2026

2025

Total revenues

$

781.5

$

794.4

$

(12.9

)

(2

)%

Net income

$

274.9

$

322.2

$

(47.3

)

(15

)%

Net income, per basic share

$

6.32

$

7.18

$

(0.86

)

(12

)%

Net income, per diluted share

$

5.82

$

6.63

$

(0.81

)

(12

)%

Revenues

The table below presents the components of total revenues (dollars in millions):

Three Months Ended

March 31,

Dollar

Change

Percentage

Change

2026

2025

Net product sales:

Tyvaso DPI^®

$

330.3

$

302.5

$

27.8

9

%

Nebulized Tyvaso^®

127.2

163.8

(36.6

)

(22

)%

Total Tyvaso

457.5

466.3

(8.8

)

(2

)%

Remodulin^®(1)

126.6

138.2

(11.6

)

(8

)%

Orenitram^®

135.6

120.7

14.9

12

%

Unituxin^®

53.6

58.2

(4.6

)

(8

)%

Adcirca^®

2.9

6.0

(3.1

)

(52

)%

Other

5.3

5.0

0.3

6

%

Total revenues

$

781.5

$

794.4

$

(12.9

)

(2

)%

(1)

Net product sales include sales of infusion devices, including the Remunity^® and RemunityPRO^® Pumps.

Total Tyvaso revenues decreased by two percent to $457.5 million in the first quarter of 2026, compared to $466.3 million in the first quarter of 2025, driven by a decrease in Nebulized Tyvaso revenues, partially offset by growth in Tyvaso DPI revenues. The growth in Tyvaso DPI revenues resulted primarily from an increase in quantities sold of $16.0 million and, to a lesser extent, a price increase. The decrease in Nebulized Tyvaso revenues resulted primarily from a decrease in U.S. quantities sold of $33.3 million and, to a lesser extent, a decrease in international revenues, partially offset by a price increase. The decrease in Remodulin revenues resulted primarily from a decrease in quantities sold of $11.1 million. The growth in Orenitram revenues resulted primarily from an increase in quantities sold of $10.2 million.

The table below presents the breakdown of total revenues between the United States and rest-of-world (ROW) (in millions):

Three Months Ended March 31,

2026

2025

U.S.

ROW

Total

U.S.

ROW

Total

Net product sales:

Tyvaso DPI

$

330.3

$

—

$

330.3

$

302.5

$

—

$

302.5

Nebulized Tyvaso

112.6

14.6

127.2

138.6

25.2

163.8

Total Tyvaso

442.9

14.6

457.5

441.1

25.2

466.3

Remodulin⁽¹⁾

108.8

17.8

126.6

120.2

18.0

138.2

Orenitram

135.6

—

135.6

120.7

—

120.7

Unituxin

49.0

4.6

53.6

56.9

1.3

58.2

Adcirca

2.9

—

2.9

6.0

—

6.0

Other

5.0

0.3

5.3

4.7

0.3

5.0

Total revenues

$

744.2

$

37.3

$

781.5

$

749.6

$

44.8

$

794.4

(1)

Net product sales include sales of infusion devices, including the Remunity and RemunityPRO Pumps.

Expenses

Cost of sales. The table below summarizes cost of sales by major category (dollars in millions):

Three Months Ended

March 31,

Dollar

Change

Percentage

Change

2026

2025

Category:

Cost of sales

$

132.4

$

91.6

$

40.8

45

%

Share-based compensation expense⁽¹⁾

1.0

0.9

0.1

11

%

Total cost of sales

$

133.4

$

92.5

$

40.9

44

%

(1)

See Share-based compensation expense below for discussion.

Cost of sales, excluding share-based compensation. The increase in cost of sales for the three months ended March 31, 2026, compared to the same period in 2025, was mainly due to an increase in inventory reserve expense. Of this increase amount, $26.8 million relates to an estimated loss from a commercial supply agreement that we maintain to provide sufficient Tyvaso DPI inventory to meet the needs of our patients.

Research and development expense. The table below summarizes the nature of research and development expense by major expense category (dollars in millions):

Three Months Ended

March 31,

Dollar

Change

Percentage

Change

2026

2025

Category:

External research and development⁽¹⁾

$

57.8

$

57.2

$

0.6

1

%

Internal research and development⁽²⁾

58.3

48.3

10.0

21

%

Share-based compensation expense⁽³⁾

5.4

6.9

(1.5

)

(22

)%

Other⁽⁴⁾

16.7

36.6

(19.9

)

(54

)%

Total research and development expense

$

138.2

$

149.0

$

(10.8

)

(7

)%

(1)

External research and development primarily includes fees paid to third parties (such as clinical trial sites, contract research organizations, and contract laboratories) for preclinical and clinical studies and payments to third-party contract manufacturers before regulatory approval of the relevant product.

(2)

Internal research and development primarily includes salary-related expenses for research and development functions, internal costs to manufacture product candidates before regulatory approval, and internal facilities-related expenses, including depreciation, related to research and development activities.

(3)

See Share-based compensation expense below for discussion.

(4)

Other primarily includes upfront fees and milestone payments to third parties under license agreements related to development-stage products and adjustments to the fair value of our contingent consideration obligations.

Research and development, excluding share-based compensation. The decrease in research and development expense for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to a decrease in milestone payments for drug delivery device technologies, partially offset by an increase in personnel expenses.

Selling, general, and administrative expense. The table below summarizes selling, general, and administrative expense by major category (dollars in millions):

Three Months Ended

March 31,

Dollar

Change

Percentage

Change

2026

2025

Category:

General and administrative

$

127.9

$

119.5

$

8.4

7

%

Sales and marketing

28.7

26.6

2.1

8

%

Share-based compensation expense⁽¹⁾

27.5

24.0

3.5

15

%

Total selling, general, and administrative expense

$

184.1

$

170.1

$

14.0

8

%

(1)

See Share-based compensation expense below for discussion.

Share-based compensation expense. The table below summarizes share-based compensation expense by major category (dollars in millions):

Three Months Ended

March 31,

Dollar

Change

Percentage

Change

2026

2025

Category:

Stock options

$

11.5

$

8.5

$

3.0

35

%

Restricted stock units

21.5

23.4

(1.9

)

(8

)%

Share tracking awards plan

—

(0.8

)

0.8

100

%

Employee stock purchase plan

0.9

0.7

0.2

29

%

Total share-based compensation expense

$

33.9

$

31.8

$

2.1

7

%

The increase in share-based compensation expense for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to an increase in the number of unvested and outstanding performance-based stock options during the three months ended March 31, 2026, as compared to the same period in 2025.

Other expense, net. The change in other expense, net for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to net unrealized losses on equity securities.

Income tax expense. Income tax expense for the three months ended March 31, 2026 and 2025 was $43.4 million and $101.3 million, respectively. Our effective income tax rate (ETR) for the three months ended March 31, 2026 and 2025 was 14 percent and 24 percent, respectively. Our ETR for the three months ended March 31, 2026 decreased compared to our ETR for the three months ended March 31, 2025, primarily due to increased excess tax benefits from share-based compensation.

Share repurchase. In March 2026, our Board of Directors approved a share repurchase program authorizing up to $2.0 billion in aggregate repurchases of our common stock, which program expires on March 9, 2027. In March 2026, we also entered into accelerated share repurchase agreements (the 2026 ASR agreements) with Citibank, N.A. to repurchase approximately $1.5 billion of our common stock. During the three months ended March 31, 2026, we received 2,164,459 shares of our common stock under the 2026 ASR agreements. As of March 31, 2026, $500 million remained available under our Board’s share repurchase authorization through March 9, 2027.

Webcast

We will host a webcast to discuss our first quarter 2026 financial results on Wednesday, May 6, 2026, at 9:00 a.m. Eastern Time. The webcast can be accessed live via our website at https://ir.unither.com/events-and-presentations. An investor presentation is available now, and after the webcast a replay of the webcast will also be available, at the same location on our website.

About United Therapeutics

Founded by CEO Martine Rothblatt to discover a cure for her daughter’s life-threatening rare disease, pulmonary arterial hypertension, United Therapeutics transforms the treatment of rare diseases and pioneers alternatives to expand the supply of transplantable organs. From our innovative therapies to our groundbreaking manufactured organs, we are bold and unconventional. We move quickly from scientific theory to practical technologies that can save lives. As a public benefit corporation, even our legal structure reflects our commitments. We serve patients, act with integrity, create long-term shareholder value, and operate with sustainable practices that protect the future we are working to build.

Forward-Looking Statements

Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements related to the potential for the results of our ADVANCE OUTCOMES and TETON-1 clinical studies to meaningfully expand the breadth of our future growth and support further revenue diversification while reinforcing our long-term commitment to advancing therapies for patients with serious cardiopulmonary and respiratory disease; our development plans for ralinepag DPI; the potential for ralinepag DPI to achieve once-daily dosing and help broaden our therapeutic reach; our efforts to return to sequential quarterly revenue growth across our commercial portfolio; the potential that we may utilize the remaining $500 million under our $2.0 billion share repurchase authorization; and our goals of expanding the supply of transplantable organs, developing practical technologies that can save lives, creating long-term shareholder value, and operating with sustainable practices. These forward-looking statements are subject to certain risks and uncertainties, such as those described in our periodic reports filed with the Securities and Exchange Commission, that could cause actual results to differ materially from anticipated results. Consequently, such forward-looking statements are qualified by the cautionary statements, cautionary language and risk factors set forth in our periodic reports and documents filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We are providing this information as of May 6, 2026, and assume no obligation to update or revise the information contained in this press release whether as a result of new information, future events, or any other reason.

ORENITRAM, REMODULIN, REMUNITY, TYVASO, TYVASO DPI, and UNITUXIN are registered trademarks of United Therapeutics Corporation. REMUNITYPRO is a trademark of United Therapeutics Corporation.

ADCIRCA is a registered trademark of Eli Lilly and Company.

UNITED THERAPEUTICS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

Three Months Ended

March 31,

2026

2025

(Unaudited)

Total revenues

$

781.5

$

794.4

Operating expenses:

Cost of sales

133.4

92.5

Research and development

138.2

149.0

Selling, general, and administrative

184.1

170.1

Total operating expenses

455.7

411.6

Operating income

325.8

382.8

Interest income

41.8

51.1

Interest expense

(3.0

)

(6.1

)

Other expense, net

(46.3

)

(4.3

)

Total other (expense) income, net

(7.5

)

40.7

Income before income taxes

318.3

423.5

Income tax expense

(43.4

)

(101.3

)

Net income

$

274.9

$

322.2

Net income per common share:

Basic

$

6.32

$

7.18

Diluted

$

5.82

$

6.63

Weighted average number of common shares outstanding:

Basic

43.5

44.9

Diluted

47.2

48.6

SELECTED CONSOLIDATED BALANCE SHEET DATA

(Unaudited, in millions)

March 31,

2026

Cash, cash equivalents, and marketable investments

$

3,471.1

Total assets

6,714.2

Total liabilities

813.1

Total stockholders’ equity

5,901.1

Category: Earnings

View source version on businesswire.com: https://www.businesswire.com/news/home/20260506844951/en/

For Further Information Contact:

Investor Inquiries

https://ir.unither.com/contact-ir

Media Inquiries

[email protected]

KEYWORDS: North Carolina Maryland United States North America

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health Cardiology

MEDIA:

Posted on May 6, 2026 6:33 am
eGain to Announce Fiscal 2026 Third Quarter Financial Results on May 14, 2026

SUNNYVALE, Calif., May 06, 2026 (GLOBE NEWSWIRE) — eGain (NASDAQ: EGAN), the leader in AI-powered knowledge management for enterprise customer service, will announce its fiscal 2026 third quarter financial results after the close of regular market trading on Thursday, May 14, 2026, followed by an investor conference call and webcast at 2:00 p.m. Pacific Time (5:00 p.m. ET). Chief Executive Officer Ashu Roy and Chief Financial Officer Eric Smit will host the call and webcast.

When:

Webcast:

Dial In:

Replay:

Thursday, May 14^th at 2:00 p.m. Pacific Time (5:00 p.m. ET).

A live and archived webcast of the conference call can be accessed from the investors
section of eGain’s website at www.egain.com.

To access the live call, dial 844-481-2704 (U.S. toll free) or +1 412-317-0660
(International) and ask to join the eGain earnings call.

A phone replay of the conference call will be available starting two hours after the call and
remain in effect for one week. To access the phone replay, dial 855-669-9658 (U.S. toll free) or +1 412-317-0088 (International). The replay access code is 8344740.

About eGain

eGain is a leading provider of AI-powered knowledge management and customer experience automation solutions. With over 25 years of experience in knowledge management, eGain helps enterprises unify siloed content, automate trusted knowledge workflows, and deliver measurable AI-ROI through proven frameworks and methods. Global 2000 companies across industries rely on eGain to transform customer service, improve employee productivity, reduce costs, and accelerate AI adoption. Visit www.egain.com for more info.

eGain, the eGain logo, and all other eGain product names and slogans are trademarks or registered trademarks of eGain Corporation in the United States and/or other countries. All other company names and products mentioned in this release may be trademarks or registered trademarks of the respective companies.

Investor Relations

Todd Kehrli or Jim Byers
PondelWilkinson, Inc.
[email protected]
[email protected]

Posted on May 6, 2026 6:33 am
Compass Pathways to Announce First Quarter 2026 Financial Results on May 13, 2026

Compass Pathways to Announce First Quarter 2026 Financial Results on May 13, 2026

Compass management will host a conference call at 8:00 am ET (1:00 pm UK)

LONDON & NEW YORK–(BUSINESS WIRE)–
Compass Pathways plc (Nasdaq: CMPS), a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health, announced today that it will release financial results for the first quarter ended March 31, 2026, and provide an update on recent developments, on May 13, 2026.

Compass management will host a conference call at 8:00 am ET (1:00 pm UK) on May 13, 2026. A live webcast of the call will be available on the Compass Pathways website at: https://events.q4inc.com/attendee/144892287. The webcast will be archived for 30 days.

About Compass Pathways

Compass Pathways plc (Nasdaq: CMPS) is a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health. We are motivated by the need to find better ways to help and empower people with serious mental health conditions who are not helped by existing treatments. We are pioneering a new paradigm for treating mental health conditions focused on rapid and durable responses through the development of our investigational COMP360 synthesized psilocybin treatment, potentially a first in class treatment. COMP360 has Breakthrough Therapy designation from the US Food and Drug Administration (FDA) and has received Innovative Licensing and Access Pathway (ILAP) designation in the UK for treatment-resistant depression (TRD).

Compass is headquartered in London, UK, with offices in New York in the US. We envision a world where mental health means not just the absence of illness but the ability to thrive.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260506863544/en/

Enquiries

Media: Dana Sultan-Rothman, [email protected]

Investors: Stephen Schultz, [email protected], +1 401 290 7324

KEYWORDS: New York Europe United States United Kingdom North America

INDUSTRY KEYWORDS: Science Research Pharmaceutical General Health Health FDA Mental Health Clinical Trials

MEDIA:

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