BlackRock, Inc. (NYSE: BLK) reported record assets under management of $15.3 trillion as of June 30, 2026, the New York-based firm said on July 15. The firm recorded $868 billion of net inflows over the trailing twelve months, while market gains and acquisitions also contributed to assets under management reaching this record level.

Assets under management rose 22% from $12.5 trillion a year earlier, supported by market gains and acquisitions. Average assets under management increased 24% over the same period.

#BlackRock Posts Record First-Half Net Inflows of $321 Billion

The company recorded net inflows of $321 billion in the first six months of 2026, which it described as a record for the period. Of that total, $192 billion arrived in the second quarter.

Second-quarter inflows were led by ETFs, private markets, active fixed income and systematic equity strategies. Long-term net inflows totaled $199 billion for the quarter.

By region, the Americas accounted for $152 billion of second-quarter long-term net inflows. Clients in Europe, the Middle East and Africa added $55 billion, while Asia-Pacific recorded $8 billion of net outflows.

iShares, BlackRock's ETF platform, crossed $6 trillion in assets during the quarter, roughly doubling over three years. The active franchise drew $53 billion of net inflows, including a record $7 billion into liquid alternatives.

Quarterly organic base fee growth was 8%, which the company said exceeded its target.

#Revenue Rises 31% on Market Gains and HPS Fees

Total revenue reached $7,084 million, up 31% from $5,423 million a year earlier. The increase reflected higher markets, organic base fee growth and about $230 million of fees related to the HPS Transaction, the firm's 2025 acquisition of HPS Investment Partners.

Performance fees rose to $305 million from $94 million, an increase the company attributed largely to alternative products, including HPS.

Technology services and subscription revenue increased 13% to $566 million. Annual contract value, which the company describes as a forward-looking measure of recurring subscription fees, rose 15% from a year earlier.

Distribution fees increased 23% to $395 million. Securities lending revenue rose to $239 million from $171 million, which the company attributed to higher spreads.

"In the second quarter clients entrusted us with $192 billion of net inflows, generating 8% organic base fee growth," Laurence D. Fink, Chairman and CEO, BlackRock, said in the earnings release.

#Adjusted Operating Margin Reaches Highest in Almost Five Years

Adjusted operating income rose 39% to $2,916 million, and the adjusted operating margin was 45.9%, which the company said was its highest in almost five years. On a GAAP basis, operating income increased 42% to $2,461 million, with an operating margin of 34.7%.

Adjusted diluted earnings per share were $13.91, up 15% from $12.05. GAAP diluted earnings per share were $12.19, up 20%.

Net income attributable to BlackRock was $1,914 million on a GAAP basis, up 20% from a year earlier. Adjusted net income was $2,291 million, up 22%.

The company said the earnings-per-share comparison also reflected lower nonoperating income and a higher diluted share count in the current quarter.

BlackRock reports results across public markets, private markets and investment technology, with iShares ETFs and the Aladdin platform among its largest franchises. The quarter included fees from HPS Investment Partners, acquired in 2025, which the firm said added to both private markets and performance fee revenue.

BlackRock said its results remain subject to market volatility, changes in interest rates and foreign exchange, competition, and the integration of recent acquisitions including HPS.

BlackRock repurchased $450 million of shares during the quarter and paid a quarterly dividend of $5.73 per share. The company said it raised its planned level of 2026 share repurchases to $2 billion and increased its planned quarterly buyback to $550 million, though market conditions, regulatory scrutiny and the integration of acquired businesses remain key risks to that outlook.

#Karooooo Reports Q1 Fiscal 2027 Results

Karooooo Ltd. (NASDAQ: KARO) (JSE: KRO), the Singapore-based operational intelligence company that owns 100% of Cartrack and 81% of Karooooo Logistics, reported unaudited results for its first quarter of fiscal 2027, ended May 31, 2026, including record operating profit of ZAR410 million and a record 142,472 net Cartrack subscriber additions.

Karooooo reports its financial results in South African rand but holds its cash reserves in US dollars and files statutory accounts in Singapore in US dollars. The rand strengthened against the dollar over the period, to ZAR16.2088 from ZAR18.0319 a year earlier, which reduced reported rand growth relative to the group's US dollar figures.

The group provides vehicle tracking and fleet telematics on a subscription basis, and services more than 125,000 commercial customers across more than 20 countries.

#Cartrack Subscription Revenue Rises 19% to ZAR1.35 Billion

Cartrack's subscription revenue increased 19% to ZAR1,351 million, from ZAR1,138 million a year earlier. In constant currency, the metric rose 21%.

Cartrack's annualized recurring revenue increased 19% to ZAR5,432 million, from ZAR4,574 million. On a US dollar basis, ARR rose 32% to USD335 million.

Group subscription revenue for Karooooo increased 19% to ZAR1,354 million, from ZAR1,141 million. Karooooo Logistics reported delivery-as-a-service revenue of ZAR177 million, up 46% from ZAR121 million.

#Record Net Subscriber Additions Reach 142,472

Cartrack added a net 142,472 subscribers during the quarter, up 70% from 84,013 a year earlier. The company attributed the increase to demand for its Cartrack-Tag and Video products.

Total Cartrack subscribers rose 18% to 2,804,694, from 2,386,249. South Africa net subscriber additions increased 92%.

"FY2027 has commenced with strong, accelerated growth, underpinned by Cartrack constant currency subscription revenue growth of 21% and a record 142,472 net subscriber additions in the quarter," said Zak Calisto, CEO and Founder, in the earnings release.

#Operating Profit Climbs 16% as Margin Narrows

Karooooo's operating profit increased 16% to ZAR410 million, from ZAR352 million. Adjusted earnings per share increased 11% to ZAR9.53, from ZAR8.55.

Cartrack's operating profit margin was 28%, down from 30% a year earlier. Karooooo Logistics's operating profit rose 50% to ZAR15 million, with its margin unchanged at 8%.

Free cash flow, a non-IFRS measure, was ZAR60 million, down from ZAR338 million a year earlier. The company said this reflected increased investment in in-vehicle IoT devices and working capital to support subscriber growth. Net cash generated from operating activities decreased 16% to ZAR537 million.

Karooooo reported net cash and cash equivalents of ZAR755 million at May 31, 2026, compared with ZAR746 million at February 28, 2026. Debtor collection days stood at 31, within the company's stated historical range.

#Karooooo Reaffirms FY2027 Earnings Guidance

The company reaffirmed its full-year fiscal 2027 guidance, which it said assumes current exchange rates. Karooooo guided to Cartrack subscription revenue of ZAR5,700 million to ZAR6,000 million, implying growth of 18% to 24%.

The company guided to earnings per share of ZAR38.50 to ZAR40, implying EPS growth of 18% to 23% against fiscal 2026 adjusted EPS, which excludes secondary offering costs. It also guided to a Cartrack gross profit margin of 70% to 72% and an operating profit margin of 27% to 30%.

Karooooo said it expects a slowdown in hiring during the year as it drives sales-force efficiency, and pointed to scale benefits and AI adoption as support for earnings growth. The company declared an interim dividend of USD1.50 per share for the quarter, payable July 20 to shareholders on the South African register and July 27 to Nasdaq shareholders.

Calisto said the group remained optimistic about opportunities across its regions and positioned to build on first-quarter momentum. Karooooo cautioned that actual results may differ from its outlook, citing a contracting gross profit margin forecast for the year, foreign exchange movements, and risks detailed in its annual report on Form 20-F filed with the SEC.

UnitedHealth Group Incorporated (NYSE: UNH) on July 16 reported second quarter 2026 results and raised its earnings guidance for the full year. The company said it now expects full year 2026 adjusted net earnings of $19.50 to $20.00 per share.

UnitedHealth is among the largest health care companies in the United States by revenue, spanning insurance through its UnitedHealthcare arm and health services through its Optum unit. Its quarterly results are watched by investors tracking medical cost trends across the managed care sector.

#UnitedHealth Raises Full-Year Adjusted Earnings Outlook

The updated outlook sets a reported earnings range of $18.45 to $18.95 per share for 2026, alongside the adjusted range of $19.50 to $20.00 per share. UnitedHealth said the revision reflected its performance year-to-date and an improved view for the remainder of the year.

A guidance change part-way through the year signals that management sees results tracking differently from its earlier plan. UnitedHealth framed the move as an upgrade tied to how the business had performed through the first half, rather than to any single event, and pointed to additional outlook detail within the full release.

The company reported earnings of $6.04 per share for the second quarter. Adjusted earnings were $6.38 per share for the period.

The gap between the two figures was $0.34 per share for the quarter. Companies typically report adjusted earnings to exclude items they identify as non-recurring, and UnitedHealth carried the same split through to its full-year ranges.

#Second-Quarter Revenue Reaches $112 Billion

Consolidated revenues for the second quarter of 2026 were $112 billion. Earnings from operations were $8 billion for the quarter.

UnitedHealth reported a net margin of 4.9% for the period.

"Our results and outlook reflect the continuing progress in our work to simplify how we operate, improve both affordability and the health care experience for patients and care providers and apply modern technology to create real improvement for people," said Stephen Hemsley, chief executive officer of UnitedHealth Group, in the earnings release.

#Cash Flow and Balance Sheet Position

Cash flows from operations were $11.1 billion in the quarter, which the company said represented 1.9 times net income.

The debt-to-capital ratio was 41.2% as of June 30, 2026.

Operating cash flow that exceeds net income is often read as a measure of earnings quality for insurers, though UnitedHealth did not characterize the 1.9 times figure in the summary release. The company reported the ratio without further commentary.

#Managed Care Peers Report Alongside UnitedHealth

The company competes with other large US managed care operators, including Elevance Health, Cigna, Humana, and CVS Health. Results across the group are monitored for signals on medical cost inflation and care utilization.

UnitedHealth is a component of the Dow Jones Industrial Average, and its earnings are among the earliest in each reporting season for the health insurance sector. The figures released on July 16 formed a summary statement, with the company noting additional detail later in the release.

Medical cost inflation and care utilization have been recurring themes for managed care companies, and guidance changes from the sector's largest operator are watched as a reference point for peers still to report.

#Company Ties Raised Outlook to Second-Half Performance

The company's guidance is a forward-looking projection and is subject to change. UnitedHealth said actual results could be affected by conditions across its insurance and health services businesses through the remainder of 2026.

UnitedHealth said its raised outlook reflected year-to-date performance and an improved view for the second half of the year. The durability of that outlook remains tied to medical cost trends and regulatory conditions across the managed care sector, which the company did not quantify in the summary release.

JPMorgan Chase & Co. (NYSE: JPM) reported second-quarter 2026 net income of $21.2 billion, or $7.70 per share, the company said in its July 14 earnings release. Managed revenue was $58 billion.

The reported result included significant items that added $4.2 billion, or $1.56 per share, to net income. These consisted of a $4.6 billion net gain related to Visa shares and $1 billion of gains on certain equity investments. Excluding those items, net income was $16.9 billion, or $6.14 per share.

Reported net income rose 41% from a year earlier. Excluding the significant items, it was up 13%. Return on tangible common equity was 29%, or 23% excluding the items.

#Visa Share Gain Lifts Reported Profit to $21.2 Billion

The Visa gain followed an exchange offer that Visa Inc. commenced on April 13, 2026, under which JPMorgan tendered 18.6 million Class B-2 shares in May. The transaction alone added $1.27 to earnings per share, with the equity investment gains contributing a further $0.29.

Managed revenue rose 27%, or 15% excluding significant items. Net interest income was $25.6 billion, up 10%, which the company attributed to higher deposit and revolving card balances, partly offset by lower interest rates.

Noninterest expense was $27.3 billion, up 15%, driven by higher compensation, brokerage, marketing, technology and occupancy costs. Credit costs were $2.5 billion, including $2.4 billion of net charge-offs and a $149 million net reserve build.

Book value per share was $133.01 at June 30, up 9% from a year earlier, and tangible book value per share was $113.35, up 10%.

#Equity Markets Revenue Jumps 86% in the Investment Bank

The Commercial & Investment Bank posted net income of $9.7 billion, up 46%, on revenue of $24.9 billion, up 27%. Markets revenue was $12.1 billion, up 35%.

Equity Markets revenue was $6 billion, up 86%, which the company attributed to activity across products and regions. Fixed Income Markets revenue was $6.1 billion, up 6%.

Investment Banking fees were $3.3 billion, up 30%. The company said the fees reached their highest level since 2021 and cited a #1 ranking for global investment banking fees, with a 9.3% wallet share for the year to date, according to Dealogic.

"Performance was strong across the Firm, and revenue in each line of business hit a new record," Jamie Dimon, Chairman and CEO, said in the earnings release. He said Markets revenue growth reflected elevated client activity and trading performance.

#Consumer Bank and Asset Management Post Higher Revenue

Consumer & Community Banking net income was $5.3 billion, up 3%, on revenue of $20.3 billion, up 8%. Debit and credit card sales volume rose 10%, and the Card Services net charge-off rate was 3.34%.

Asset & Wealth Management net income was $2 billion, up 33%. Assets under management reached $5.1 trillion, up 18%, and the company reported $50 billion of long-term net inflows during the quarter.

JPMorgan returned capital through a $4 billion common dividend, or $1.50 per share, and $6.2 billion of net share repurchases. Its Common Equity Tier 1 ratio was 14.1% on a standardized basis.

#Dimon Points to Resilient Economy and Shifting Risks

Dimon said the U.S. economy showed resilience this year, supported by stronger business investment, AI-driven capital spending and fiscal stimulus. He also pointed to risks including geopolitical tensions, sticky inflation, large global fiscal deficits and elevated asset prices.

Dimon said market sentiment remained constructive for continued activity, though he cautioned that the risks he identified could cause disruptions if they shift or collide. The company does not undertake to update its forward-looking statements.

Morgan Stanley (NYSE: MS) reported net revenues of $21.3 billion for the second quarter ended June 30, 2026, a record for the firm, compared with $16.8 billion a year earlier. Net income applicable to the firm was $5.6 billion, or $3.46 per diluted share, up from $3.5 billion, or $2.13 per diluted share, in the same period of 2025.

The quarter, reported on July 15, reflected a recovery in investment banking and trading activity that has lifted results across large capital markets firms, where Morgan Stanley competes directly with peers such as Goldman Sachs. Return on tangible common equity reached 26.6%, up from 18.2% a year earlier, while the expense efficiency ratio improved to 65% from 71%.

#Morgan Stanley Posts Record Institutional Securities Revenue

Institutional Securities reported net revenues of $11 billion, up from $7.6 billion a year ago. Pre-tax income was $4.3 billion, compared with $2.1 billion in the second quarter of 2025.

Equity net revenues rose 69% to a record $6.3 billion, which the firm said reflected strong performance across regions, with notable strength in Asia.

Investment banking net revenues increased 58% to $2.4 billion. The firm attributed the gain to higher completed M&A transactions, increased equity underwriting from IPOs and follow-on offerings, and higher fixed income underwriting.

Fixed Income net revenues increased 13% to $2.5 billion, which the firm said reflected higher results in credit and the cumulative impact of lending growth in its securitized products business.

"Active markets and consistent execution across all three regions drove exceptional results for our Integrated Firm, delivering record revenues of over $21 billion and record EPS of $3.46," Ted Pick, Chairman and Chief Executive Officer, said in the earnings release.

#Wealth Management Adds Record Net New Assets

Wealth Management reported net revenues of $8.9 billion, up 14% from $7.8 billion a year ago, with a pre-tax margin of 30.5%.

The segment added net new assets of $148 billion, compared with $59.2 billion a year earlier. Morgan Stanley said just over half of the inflows related to IPOs of certain clients in its Workplace channel.

Total client assets across Wealth Management and Investment Management reached $10 trillion, a level the firm identified as a milestone.

Investment Management reported net revenues of $1.6 billion, up 6%, with assets under management of $2 trillion. Long-term net flows were $7.5 billion, down from $12.2 billion a year ago.

#Morgan Stanley Raises Dividend And Reauthorizes Buyback

The board declared a quarterly dividend of $1.15 per share, an increase of 15 cents, payable on August 14, 2026 to shareholders of record as of July 31, 2026.

The board also reauthorized a share repurchase program of up to $20 billion, without a set expiration date, beginning in the third quarter of 2026. The firm repurchased $1.5 billion of common stock during the second quarter.

Morgan Stanley reported a Standardized Common Equity Tier 1 capital ratio of 14.8% and a book value of $67.80 per share. The effective tax rate for the quarter was 23.1%.

Pick said the firm would continue to accrete capital, giving it flexibility to invest in its core businesses while generating returns for shareholders. Market conditions, the pace of investment banking activity, and regulatory requirements remain key risks to that outlook, and the firm cautioned that its forward-looking statements are subject to risks and uncertainties that could cause actual results to differ.

The Goldman Sachs Group, Inc. (NYSE: GS) reported net revenues of $20.34 billion and net earnings of $6.63 billion for the second quarter ended June 30, 2026, the New York-based bank said on July 14. Diluted earnings per common share was $20.98 for the period.

The figures were released during the mid-July window in which the largest US banks report quarterly results. Goldman Sachs reports through three business segments, Global Banking & Markets, Asset & Wealth Management, and Platform Solutions.

Goldman Sachs said its full second quarter figures were set out in earnings results and an accompanying presentation, both published on July 14. The summary release did not break the headline figures down by division.

#Goldman Sachs Posts $20.98 in Diluted Earnings Per Share

• Diluted earnings per common share was $20.98 for the second quarter of 2026.

• The firm reported net earnings of $6.63 billion for the three months to June 30.

• Net revenues totaled $20.34 billion for the quarter.

#Return on Equity Was 23.5% for the Second Quarter

Annualized return on average common shareholders' equity was 23.5% for the second quarter of 2026.

The company reported the figure on an annualized basis, alongside its headline earnings and revenue results for the period.

#Solomon Cites Momentum Across Banking and Asset Management

"Our record performance this quarter reflects the strength of our global franchise, the depth of our relationships, and our ability to harness the power of One Goldman Sachs," David Solomon, Chairman and CEO, said in the earnings release.

Solomon said momentum had accelerated across the firm's businesses and that clients were turning to the company on strategic transactions. He said Goldman Sachs was continuing to pursue its long-term growth strategy across Global Banking & Markets and Asset & Wealth Management.

Large US banks typically report second quarter results in mid-July, and their disclosures are followed as an early read on capital markets and lending activity for the period. Goldman Sachs generates revenue primarily from advisory and financing work, trading across fixed income and equities, and fee-based asset and wealth management.

Goldman Sachs is one of several large US institutions active in investment banking, trading, and asset management. It competes with firms including Morgan Stanley, JPMorgan Chase, Bank of America, and Citigroup, which report quarterly results in the same period.

The second quarter results cover the three months from April through June 2026. Goldman Sachs reports earnings each quarter, and the announcement represents the firm's first public disclosure of its headline figures for the period ahead of more detailed regulatory filings.

Detailed divisional results, capital ratios, and expense figures are typically disclosed in the full earnings materials rather than the summary announcement. Goldman Sachs directed investors and analysts to those documents and to its scheduled conference call for further detail on the quarter.

The company said it would host a conference call to discuss the results at 9:30 a.m. Eastern time on July 14. The call was open to the public and accessible as an audio webcast through the investor relations section of the firm's website, with a replay available roughly three hours after the event.

Forward-looking statements attributed to management, including expectations for continued activity, depend on market conditions, transaction pipelines, and the broader economic environment. The release did not include specific financial guidance for future quarters. Results in investment banking and trading can vary from quarter to quarter with deal flow and market conditions.

Solomon said the firm expected its "flywheel of activity" to continue across its two divisions, citing what it saw in its pipelines. Deal timing, market volatility, and macroeconomic conditions remain risks to that outlook.

Delta Air Lines, Inc. (NYSE: DAL) reported record June quarter revenue on July 10, 2026, posting adjusted operating revenue of $17.7 billion, up 14% from the same period a year earlier. The Atlanta-based carrier delivered the result on approximately 1% capacity growth.

On a GAAP basis, total operating revenue was $19.8 billion, up 19% year-over-year, a figure that includes third-party sales from Delta's Monroe refinery subsidiary. Adjusted total unit revenue (TRASM) grew 12.4% over the prior year.

Domestic unit revenue grew 12% year-over-year, while international unit revenue increased 8%, which the company said was led by Latin America. Corporate sales grew double-digits across all sectors, led by aerospace and defense, banking, and automotive customers.

#Delta Posts Record June Quarter Revenue on Premium and Loyalty Demand

Premium products revenue grew 17% year-over-year, which Delta attributed to yield strength and continued investment in premium seating.

Diverse revenue streams accounted for 61% of total revenue, up 2 points from the same period last year.

Loyalty and related revenue grew 19%. American Express remuneration of $2.4 billion grew 16% over the prior year, which the company said marked the seventh consecutive quarter of double-digit growth in cardholder spend.

Cargo revenue increased 39% and maintenance, repair and overhaul (MRO) revenue grew 32%, according to the release.

"Revenue grew 14% in the June quarter, at the high end of our expectations, increasing more than $2 billion over last year on broad demand strength," Joe Esposito, Delta's chief commercial officer, said in the earnings release.

#Profit Declines as Fuel Expense Rises 77%

The revenue record came alongside a decline in profit. GAAP net income fell 25% to $1.6 billion, and adjusted earnings per share fell 26% to $1.56.

Adjusted operating margin was 8.8%, down from 13.3% a year earlier. GAAP operating margin was 9.4%, compared with 12.6% in the June quarter of 2025.

The decline reflected a sharp rise in fuel costs. Adjusted fuel expense rose 77% year-over-year to $4.4 billion, and the adjusted fuel price of $3.93 per gallon increased 75% from a year earlier.

Delta described the quarter's fuel expense as the highest in its history. Non-fuel unit cost, measured as CASM-Ex, rose 6.8% year-over-year to 14.09 cents.

Delta is one of the three largest US network carriers alongside American Airlines and United Airlines, and competes with both on domestic and international routes. Its results reflect an industry-wide rise in jet fuel prices during the quarter, against which the carrier has leaned on premium cabins and loyalty income to support revenue.

#Delta Raises Dividend 15% and Affirms Full-Year Guidance

Delta announced a 15% increase to its dividend payment, beginning in the September quarter.

The company affirmed full-year 2026 guidance for adjusted earnings per share of $6.50 to $7.50 and free cash flow of $3 billion to $4 billion.

For the September quarter, Delta guided to revenue growth in the mid-teens over the prior year, an operating margin of 11% to 13%, and adjusted earnings per share of $2.00 to $2.50. The company said its September quarter guidance assumes an all-in fuel price of approximately $3.15 per gallon.

Adjusted net debt was $13.6 billion at quarter-end, a reduction of $709 million from the end of 2025. Delta reported an after-tax return on invested capital of 10.9% for the trailing twelve months.

The company said debt reduction remains a priority and that it expects gross leverage of approximately 2 times by the end of the year.

Forward-looking projections are subject to fuel price volatility, demand shifts, and broader macroeconomic conditions, which Delta identified among the risks to its outlook. The company noted that its fuel assumptions are based on the forward curve as of July 2, 2026.

Chief Executive Ed Bastian said Delta is affirming its target to grow full-year earnings by 20%, while the company flagged fuel costs, competitive conditions, and economic uncertainty as key risks to that outlook.

Kura Sushi USA, Inc. (NASDAQ: KRUS), based in Irvine, California, reported Kura Sushi fiscal third quarter results on July 7, saying total sales rose to $85.9 million for the quarter ended May 31, 2026, from $74 million a year earlier, while comparable restaurant sales decreased 0.4%.

Kura Sushi operates revolving sushi restaurants in the United States and reported 91 restaurants at the end of the period, compared with 76 a year earlier. For restaurant operators, total sales can rise as new locations open even when comparable restaurant sales decline, because comparable sales exclude restaurants that have not met the company’s operating-period threshold.

#Kura Sushi Q3 Sales Rose While Comparable Sales Fell

Comparable restaurant sales fell 0.4% in the fiscal third quarter, compared with a 2.1% decline in the same quarter of 2025. The company said the latest comparable sales figure reflected negative traffic of 5.1%, partly offset by price and mix of 4.7%.

Operating loss was $39,000, compared with an operating loss of $162,000 in the third quarter of 2025. Net income was $0.4 million, or $0.03 per diluted share, down from net income of $0.6 million, or $0.05 per diluted share, a year earlier.

Restaurant-level operating profit, a non-GAAP measure, was $16.4 million, or 19.1% of sales. That compared with $13.5 million, or 18.2% of sales, in the prior-year quarter.

Adjusted EBITDA, also a non-GAAP measure, was $6.6 million, compared with $5.4 million in the third quarter of 2025. Adjusted EBITDA margin was 7.7%, compared with 7.3% a year earlier.

#Tariffs Lifted Food Costs As Labor Costs Declined

Food and beverage costs were 30.2% of sales in the quarter, compared with 28.3% a year earlier. Kura Sushi attributed the increase primarily to tariffs on imported ingredients, partly offset by menu price increases.

Labor and related costs were 30.6% of sales, down from 33.1% in the third quarter of 2025. The company attributed the decline primarily to operational efficiencies and pricing, partly offset by low-single-digit wage inflation.

“Despite our costs of goods sold as a percentage of sales being 200 basis points higher than last year due to tariffs, our operational discipline allowed us to more than offset this impact and improve our restaurant-level operating profit margin by 90 basis points over the prior year to 19.1%,” Hajime Uba, President and Chief Executive Officer, Kura Sushi, said in the release.

Occupancy and related expenses increased to $6.7 million from $5.5 million a year earlier. Kura Sushi said the increase was primarily due to 15 new restaurants opening since the third quarter of 2025.

General and administrative expenses rose to $10.2 million from $8.7 million. The company said the increase included $1.1 million in compensation-related costs, $0.2 million in travel expenses and $0.2 million in other net expenses.

#Kura Sushi Expects 16 Restaurant Openings In Fiscal 2026

Kura Sushi opened seven restaurants during the fiscal third quarter, with locations in Orange, California; Goodyear, Arizona; Union City, California; Wellington, Florida; Temecula, California; Denton, Texas; and San Diego, California. After May 31, it opened restaurants in Tulsa, Oklahoma; Sunset Valley, Texas; and Charlotte, North Carolina.

For fiscal 2026, the company updated and reiterated guidance for total sales of $330.5 million to $331.5 million. It also said it expects 16 new restaurants for the year, maintaining annual unit growth above 20%, with average net capital expenditures per unit of about $2.5 million.

Kura Sushi projected general and administrative expenses of about 12% of sales, excluding litigation expenses. The company also projected restaurant-level operating profit margin of about 18.5% for the fiscal year.

The company’s forward-looking statements are subject to execution and cost risks. Kura Sushi cited factors including comparable restaurant sales, restaurant openings, expansion in existing and new markets, competition, supplier reliance, food and supply costs, tariffs, wage inflation, labor availability, food safety, consumer preferences, technology systems and broader economic conditions.

Management said the company is focused on margin improvement while continuing its restaurant development plan. That outlook depends on the pace of new openings, traffic trends, imported ingredient costs, labor costs and the company’s ability to manage expenses as it expands.

Enerpac Tool Group Corp. (NYSE: EPAC) reported fiscal third-quarter results in Milwaukee on July 7, with Enerpac Q3 results showing net sales of $167.6 million for the quarter ended May 31, 2026, up 6% from $158.7 million a year earlier. Organic sales increased 3%, according to the company’s earnings release.

The results came alongside a separate announcement that Enerpac signed a definitive agreement to acquire Specialized Fabrication Equipment Group LLC, known as SFE Group. Enerpac said the SFE Group acquisition is valued at approximately $472 million in cash and is expected to close in the first quarter of fiscal 2027, subject to regulatory approvals and customary closing conditions. The company expects to fund the deal with cash on hand and borrowings under its senior credit facility, with net debt-to-adjusted EBITDA expected to rise to about 2.8 times at closing. The company said further details on that transaction were available through its investor relations website, while the earnings release focused on quarterly financial performance and updated guidance.

#Enerpac Q3 Results Show Product Sales Increased Organically

Enerpac reported net earnings of $29.8 million, or $0.58 per diluted share, compared with $22 million, or $0.41 per diluted share, in the prior-year quarter. Adjusted net earnings were $31 million, or $0.60 per diluted share.

The company said reported and adjusted earnings per share included a $0.08 benefit tied to the expected refund of tariffs imposed under the International Emergency Economic Powers Act. Enerpac also reported adjusted EBITDA of $46.9 million, compared with $41 million in the same period a year earlier.

Within its Industrial Tools & Services segment, product sales increased 5% organically from the prior year. Service revenue declined 8% organically year over year, although the company said service revenue improved 17% sequentially.

Gross profit margin rose 260 basis points from the year-ago quarter to 53%. Enerpac attributed part of the improvement to the expected refund of IEEPA tariffs.

“We were pleased with the performance of our business and the solid growth we delivered in the third quarter of fiscal 2026,” Paul Sternlieb, President and CEO of Enerpac Tool Group, said in the release. He said product sales in the Industrial Tool & Service segment increased 5% organically year over year.

#Enerpac Narrows Fiscal 2026 Sales And EBITDA Guidance

Enerpac narrowed its fiscal 2026 net sales outlook to a range of $635 million to $645 million, compared with its previous guidance of $635 million to $650 million. The company also revised its expected organic growth range to 1% to 2%, from an earlier range of 1% to 3%.

The company lowered its adjusted EBITDA guidance to $151 million to $156 million, from its previous outlook of $158 million to $163 million. Adjusted diluted earnings per share guidance was revised to $1.84 to $1.89, compared with the earlier range of $1.85 to $1.92.

Enerpac left its free cash flow guidance unchanged at $100 million to $110 million. Through the first nine months of fiscal 2026, cash provided by operating activities was $69.3 million, compared with $56 million in the prior-year period.

Darren Kozik, Enerpac’s Executive Vice President and Chief Financial Officer, said the company continued to implement its service improvement plan. “While we continue to implement the Service improvement plan, we expect to see near-term pressure from the Service business and geopolitical events,” Kozik said in the release.

#Enerpac Repurchased $15 Million Of Shares In The Quarter

Enerpac repurchased about 420,000 shares of common stock during the third quarter for approximately $15 million. The repurchases were made under a share repurchase program announced in October 2025.

The company said its board authorized $200 million under the program, with about $120 million remaining as of the end of the quarter. Enerpac also reported a cash balance of $115.7 million and debt of $184.8 million as of May 31, 2026.

Net debt was $69.1 million at quarter-end, resulting in a net debt-to-adjusted EBITDA ratio of 0.5 times. The company said the ratio was calculated under the terms of its September 2022 senior credit facility.

Enerpac’s forward-looking statements cited several risks that could affect its outlook, including geopolitical activity, tariff-related uncertainty, supply chain disruptions, market conditions in industrial and energy-related end markets, acquisition integration risks and regulatory approvals tied to the SFE Group transaction. Management expects continued work on service improvements, while the company’s revised guidance reflects near-term pressure from service activity and geopolitical conditions.

Penguin Solutions, Inc. (NASDAQ: PENG) reported Penguin Solutions Q3 results on July 7 from Fremont, California, with record net sales of $479 million for the third quarter of fiscal 2026 and higher earnings than the year-earlier period.

AI infrastructure work typically depends on compute systems, memory components, software and services that let customers deploy and operate clusters. Penguin Solutions reports through Advanced Computing, Integrated Memory and Optimized LED, with the latest quarter showing the largest sales contribution from Integrated Memory.

#Penguin Solutions Q3 Results Include Record Net Sales

Total net sales rose 48% from $324.3 million in the year-earlier quarter. GAAP gross profit was $133.2 million, compared with $95.1 million a year earlier, while GAAP gross margin was 27.8%, compared with 29.3%.

GAAP operating income was $50.9 million, up from $9.8 million in the prior-year period. The company reported GAAP net income attributable to Penguin Solutions of $44.7 million, compared with $2.7 million a year earlier.

GAAP diluted earnings per share were 68 cents, compared with a loss of 1 cent per share in the year-earlier quarter. Non-GAAP diluted earnings per share were 84 cents, compared with 47 cents a year earlier.

Integrated Memory net sales were $275.1 million, up from $130.1 million in the year-earlier period. Advanced Computing net sales were $137.6 million, compared with $132.5 million, and Optimized LED net sales were $66.1 million, compared with $61.6 million.

“Penguin Solutions delivered a record quarter, exceeding expectations for both net sales and EPS,” Kash Shaikh, CEO, Penguin Solutions, said in the earnings release.

#The Company Raises Its Fiscal 2026 Outlook

Penguin Solutions said it now expects full-year fiscal 2026 net sales growth of 22%, plus or minus 2%. The company’s previous outlook called for net sales growth of 12%, plus or minus 5%.

Management also raised its earnings outlook. Penguin Solutions said it expects full-year GAAP diluted EPS of $1.97, plus or minus 5 cents, and non-GAAP diluted EPS of $2.60, plus or minus 5 cents.

The prior outlook called for GAAP diluted EPS of $1.30, plus or minus 15 cents, and non-GAAP diluted EPS of $2.15, plus or minus 15 cents. The company said the updated outlook was supported by demand across its Integrated Memory and AI Infrastructure businesses.

For the first nine months of fiscal 2026, net sales were $1.16 billion, compared with $1.03 billion in the year-earlier period. GAAP operating income for the nine-month period was $96.1 million, compared with $45.7 million a year earlier.

#Cash Flow And Execution Risks Remain In Focus

The release also showed a shift in quarterly operating cash flow. Penguin Solutions used $74.8 million in operating activities during the third quarter, compared with $92.8 million of cash provided by operating activities in the year-earlier quarter.

On the balance sheet, cash and cash equivalents were $440.3 million as of May 29, 2026, compared with $453.8 million as of Aug. 29, 2025. Accounts receivable rose to $703 million from $307.9 million, while inventories increased to $498.3 million from $255.2 million.

Penguin Solutions said it added four AI Infrastructure customer logos in the third quarter. The company also said it became an NVIDIA AI Factory Specialized Partner and was recognized as Dell Technologies Global Alliances Americas AI Partner of the Year.

The company’s forward-looking statements cited risks tied to customer demand, technology industry trends, tariffs, trade rules, supply chain conditions, material costs, memory pricing, customer concentration, manufacturing execution and capital availability. Those factors could affect whether the company meets its revised fiscal 2026 outlook.

Management’s next scheduled step was a July 7 conference call to discuss the results and related matters. The company’s outlook now points to higher fiscal 2026 sales and EPS than previously projected, while execution, working capital needs and demand conditions remain central dependencies.