Technology

Broadridge Reports Third Quarter Fiscal 2026 Results

Published

2 months ago

April 30, 2026

Recurring revenues grew 7%; up 6% constant currency

Diluted EPS rose 15% to $2.36 and Adjusted EPS grew 11% to $2.72

Raising FY’26 guidance for Recurring revenue growth constant currency to
At or above 7% and Adjusted EPS growth to 10-12%

NEW YORK, April 30, 2026 /PRNewswire/ — Broadridge Financial Solutions, Inc. (NYSE:BR) today reported financial results for the third quarter ended March 31, 2026 of its fiscal year 2026. Results compared with the same period last year were as follows:

Summary Financial Results

Third Quarter

Nine Months

Dollars in millions, except per share data

2026

2025

Change

2026

2025

Change

Recurring revenues

$1,288

$1,204

7 %

$3,336

$3,084

8 %

Constant currency growth (Non-GAAP)

6 %

7 %

Total revenues

$1,954

$1,812

8 %

$5,257

$4,824

9 %

Operating income

$359

$345

4 %

$754

$690

9 %

Margin

18.4 %

19.0 %

14.3 %

Adjusted Operating income (Non-GAAP)

$421

$405

4 %

$937

$853

10 %

Margin (Non-GAAP)

21.5 %

22.4 %

17.8 %

17.7 %

Diluted EPS

$2.36

$2.05

15 %

$6.18

$3.93

57 %

Adjusted EPS (Non-GAAP)

$2.72

$2.44

11 %

$5.81

$5.00

16 %

Closed sales

$58

$71

(19 %)

$147

$174

(16 %)

“Broadridge delivered strong third quarter results, including 6% Recurring revenue growth constant currency and 11% Adjusted EPS growth, powered by strong equity and fund position growth and higher trading volumes,” said Tim Gokey, Broadridge CEO.

“We are executing on our strategy to democratize and digitize governance, simplify and innovate trading in capital markets, and modernize wealth management. At the same time, we are putting in place the building blocks of future growth by leading in tokenization, driving the digitization of communications, and scaling AI,” Mr. Gokey noted.

“Broadridge is on track to deliver another year of strong financial performance. We are raising our fiscal 2026 outlook for Recurring revenue growth constant currency to At or above 7% and increasing our Adjusted EPS growth guidance to 10% to 12%. As a result, we are set to deliver on our long-term targets for top- and bottom-line growth for the three-year period ending in fiscal 2026,” he concluded.

Fiscal Year 2026 Financial Guidance

FY’26 Guidance

Updates

Recurring revenue growth constant currency (Non-GAAP)

At or above 7%

Raised from higher end
of 5 – 7%

Adjusted Operating income margin (Non-GAAP)

20 – 21%

No Change

Adjusted Earnings per share growth (Non-GAAP)

10 – 12%

Raised from 9 – 12%

Closed sales

$240 – $290M

Revised from $290 –
$330M

Financial Results for Third Quarter Fiscal Year 2026 compared to Third Quarter Fiscal Year 2025

Total revenues increased 8% to $1,954 million from $1,812 million.Recurring revenues increased $84 million, or 7%, to $1,288 million. Recurring revenue growth constant currency (Non-GAAP) was 6%, driven by organic growth in Investor Communication Solutions (“ICS”) and Global Technology and Operations (“GTO”) and acquisitions in ICS.Event-driven revenues increased $20 million, or 38%, to $73 million, from a combination of higher mutual fund proxy revenues and higher equity and other revenues.Distribution revenues increased $38 million, or 7%, to $593 million, driven primarily by the postage rate increase of approximately $34 million.Operating income was $359 million, an increase of $15 million, or 4%. Operating income margin decreased to 18.4%, compared to 19.0% for the prior year period.Adjusted Operating income was $421 million, an increase of $15 million, or 4%. Adjusted Operating income margin was 21.5% compared to 22.4% for the prior year period. The combination of higher distribution revenue and higher float income negatively impacted margins by 80 basis points.Interest expense, net was $25 million, a decrease of $6 million, primarily due to lower average borrowings and lower borrowing costs.The effective tax rate was 18.9% compared to 21.8% in the prior year period. The change in effective tax rate for the three months ended March 31, 2026 was primarily driven by an increase in discrete tax benefits.Net earnings increased 14% to $276 million and Adjusted Net earnings increased 10% to $318 million.Diluted earnings per share increased 15% to $2.36, compared to $2.05 in the prior year period, andAdjusted earnings per share increased 11% to $2.72, compared to $2.44 in the prior year period.

Segment and Other Results for Third Quarter Fiscal Year 2026 compared to Third Quarter Fiscal Year 2025

ICS

Total revenues were $1,465 million, an increase of $118 million, or 9%.Recurring revenues increased $60 million, or 8%, to $800 million. Recurring revenue growth constant currency (Non-GAAP) was 8%, driven by 4pts of Internal Growth, 2pts of Net New Business, and 1pt from acquisitions.By product line, Recurring revenue growth and Recurring revenue growth constant currency (Non-GAAP) were as follows:Regulatory rose 9% and 9%, respectively. Equity revenue position growth was 11% and Mutual fund/ETF position growth was 6%.Data-driven fund solutions rose 9% and 8%, respectively, driven by growth in data and analytics revenues and the acquisitions of Acolin Group Holdco Limited (“Acolin”) and LDI-MAP, LLC (“iJoin”).Issuer rose 8% and 8%, respectively, driven by growth in disclosure solutions and shareholder engagement solutions.Customer communications rose 5% and 5%, respectively, driven by growth in digital revenues, as well as the acquisition of Signal Agency Limited (“Signal”).Event-driven revenues increased $20 million, or 38%, to $73 million, from a combination of higher mutual fund proxy revenues and higher equity and other revenues.Distribution revenues increased $38 million, or 7%, to $593 million, driven primarily by the postage rate increase of approximately $34 million.Earnings before income taxes increased by $17 million, or 6%, to $309 million, driven by higher Recurring revenue and Event-driven revenues. Operating expenses rose 10%, or $101 million, to $1,156 million driven by higher distribution expenses, volume-related expenses and the impact of acquisitions and investments.Pre-tax margins decreased to 21.1% from 21.7%.

GTO

Recurring revenues were $488 million, an increase of $24 million, or 5%. Recurring revenue growth constant currency (Non-GAAP) was 3%, all organic.By product line, Recurring revenue growth and the corresponding Recurring revenue growth constant currency (Non-GAAP) were as follows:Capital Markets rose 2% and (0)%, respectively, primarily driven by 4pts of revenue from new sales, which was partially offset by a 3pt decrease in internal growth. The benefit of higher trading volumes was offset by lower software term license revenue, which negatively impacted organic growth by 6pts.Wealth and Investment Management rose 10% and 8%, respectively, driven by 8pts from internal growth, which benefitted from higher trading volumes.Earnings before income taxes were $85 million, an increase of $15 million, or 21%, as higher revenues more than offset higher expenses.Pre-tax margins increased to 17.5% from 15.2%.

Corporate and Other

Loss before income taxes was $54 million compared to Loss before income taxes of $52 million in the prior year period, primarily due to higher technology costs which more than offset a $6 million decline in Interest expense, net and a Gain on Digital Assets of $6 million.

Financial Results for Nine Months Fiscal Year 2026 compared to the Nine Months Fiscal Year 2025

Total revenues increased 9% to $5,257 million from $4,824 million.Recurring revenues increased $251 million, or 8%, to $3,336 million. Recurring revenue growth constant currency (Non-GAAP) was 7%, driven by organic growth and acquisitions in ICS and GTO.Event-driven revenues increased $37 million, or 15%, to $277 million, driven by higher equity and other communications, as well as mutual fund proxy revenues.Distribution revenues increased $145 million, or 10%, to $1,644 million, primarily driven by the postage rate increases of approximately $91 million and higher volumes.Operating income was $754 million, an increase of $64 million, or 9%. Operating income margin was flat at 14.3%, compared to 14.3% for the prior year period.Adjusted Operating income was $937 million, an increase of $84 million, or 10%. Adjusted Operating income margin was 17.8% compared to 17.7% for the prior year period. The combination of higher distribution revenue and higher float income negatively impacted margins by 50 basis points.Interest expense, net was $73 million, a decrease of $23 million, primarily due to lower average borrowings and lower borrowing costs.The effective tax rate was 21.4% compared to 20.8% in the prior year period. The change in effective tax rate for the nine months ended March 31, 2026 was primarily driven by an increase in pre-tax income relative to total discrete tax benefits.Net earnings increased 56% to $726 million and Adjusted Net earnings increased 15% to $683 million.Diluted earnings per share increased 57% to $6.18, compared to $3.93 in the prior year period, andAdjusted earnings per share increased 16% to $5.81, compared to $5.00 in the prior year period.

Segment and Other Results for Nine Months Fiscal Year 2026 compared to Nine Months Fiscal Year 2025

ICS

Total revenues were $3,828 million, an increase of $316 million, or 9%.Recurring revenues increased $134 million, or 8%, to $1,907 million. Recurring revenue growth constant currency (Non-GAAP) was 7%, driven by 3pts of Net New Business, 3pts of Internal Growth and 1pt from acquisitions.By product line, Recurring revenue growth and Recurring revenue growth constant currency (Non-GAAP) were as follows:Regulatory rose 10% and 10%, respectively. Equity revenue position growth was 11% and Mutual fund/ETF position growth was 7%.Data-driven fund solutions rose 4% and 3%, respectively, driven by growth in data and analytics revenues as well as the acquisitions of Acolin and iJoin.Issuer rose 7% and 7%, respectively, driven by growth in shareholder engagement solutions and disclosure solutions.Customer communications rose 6% and 6%, respectively, driven by growth in digital and print revenues, as well as the acquisition of Signal.Event-driven revenues increased $37 million, or 15%, to 277 million, driven by higher equity and other communications, as well as mutual fund proxy revenues.Distribution revenues increased $145 million, or 10%, to $1,644 million, primarily driven by postage rate increases of approximately $91 million and higher volumes.Earnings before income taxes increased by $9 million, or 2%, to $573 million. The earnings benefit from higher Recurring revenue and Event-driven revenue was partially offset by higher Operating expenses. Operating expenses rose 10%, or $307 million, to $3,256 million driven by distribution expenses, as well as other volume-related expenses and the impact of acquisitions.Pre-tax margins decreased to 15.0% from 16.0%.

GTO

Recurring revenues were $1,428 million, an increase of $117 million, or 9%. Recurring revenue growth constant currency (Non-GAAP) was 7%, driven by 5pts of organic growth and 2pts from the acquisition of Kyndryl’s Securities Industries Services business (“SIS”).By product line, Recurring revenue growth and the corresponding Recurring revenue growth constant currency (Non-GAAP) were as follows:Capital Markets rose 6% and 4%, respectively, primarily driven by 4pts of revenue from new sales and 1pt of Internal Growth. Internal Growth included 2pts from digital asset revenues, offset by 2pts from lower software term license revenue.Wealth and Investment Management rose 14% and 13%, respectively, driven by 7pts from the SIS acquisition and 7pts of organic growth.Earnings before income taxes were $230 million, an increase of $63 million, or 37%, as higher revenues more than offset higher expenses, including the impact of the SIS acquisition.Pre-tax margins increased to 16.1% from 12.8%.

Corporate and Other

Earnings before income taxes were $121 million compared to Loss before income taxes of $144 million in the prior year period, primarily due to a Gain on Digital Assets of $244 million and a $23 million decline in Interest expense, net.

Subsequent Event

On April 30, 2026, the Company completed the acquisition of CQG, Inc. (“CQG”). CQG is a Denver-based execution management system provider to futures and options market participants. The total purchase price was approximately $173 million plus additional contingent consideration. CQG will be included in the Company’s GTO reportable segment.

Earnings Conference Call

An analyst conference call will be held today, April 30, 2026 at 8:30 a.m. ET. A live webcast of the call will be available to the public on a listen-only basis. To listen to the live event and access the slide presentation, visit Broadridge’s Investor Relations website at www.broadridge-ir.com prior to the start of the webcast. To listen to the call, investors may also dial 1-877-328-2502 within the United States and international callers may dial 1-412-317-5419. A replay of the webcast will be available and can be accessed in the same manner as the live webcast at the Broadridge Investor Relations site. Through May 7, 2026, the recording will also be available by dialing 1-855-669-9658 within the United States or 1-412-317-0088 for international callers, using passcode 9736199 for either dial-in number.

Explanation and Reconciliation of the Company’s Use of Non-GAAP Financial Measures

The Company’s results in this press release are presented in accordance with U.S. GAAP except where otherwise noted. In certain circumstances, results have been presented that are not generally accepted accounting principles measures (“Non-GAAP”). These Non-GAAP measures are Adjusted Operating income, Adjusted Operating income margin, Adjusted Net earnings, Adjusted earnings per share, Free cash flow, and Recurring revenue growth constant currency. These Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, the Company’s reported results.

The Company believes our Non-GAAP financial measures help investors understand how management plans, measures and evaluates the Company’s business performance. Management believes that Non-GAAP measures provide consistency in its financial reporting and facilitates investors’ understanding of the Company’s operating results and trends by providing an additional basis for comparison. Management uses these Non-GAAP financial measures to, among other things, evaluate our ongoing operations, and for internal planning and forecasting purposes. In addition, and as a consequence of the importance of these Non-GAAP financial measures in managing our business, the Company’s Compensation Committee of the Board of Directors incorporates Non-GAAP financial measures in the evaluation process for determining management compensation.

Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Earnings and Adjusted Earnings Per Share

These Non-GAAP measures are adjusted to exclude the impact of certain costs, expenses, gains and losses and other specified items the exclusion of which management believes provides insight regarding our ongoing operating performance. Depending on the period presented, these adjusted measures exclude the impact of certain of the following items:

(i) Amortization of Acquired Intangibles and Purchased Intellectual Property, which represent non-cash amortization expenses associated with the Company’s acquisition activities.

(ii) Acquisition and Integration Costs, which represent certain transaction and integration costs associated with the Company’s acquisition activities.

(iii) Restructuring and Other Related Costs, which represent costs associated with the Company’s Corporate Restructuring Initiative to exit and/or realign some of our businesses, streamline the Company’s management structure, reallocate work to lower cost locations, and reduce headcount in deprioritized areas, in addition to other restructuring activities.

(iv) Gains or Losses on Digital Assets, which represents the mark to market gain or loss recorded to remeasure the Company’s digital asset holdings in the form of Canton Coins to fair market value, in addition to the realized and unrealized gains or losses associated with the Company’s contribution of Canton Coins to Canton Strategic Holdings, Inc. and the associated mark to market gain or loss recorded to remeasure the previously held Digital Asset Loan Receivable and Warrants to fair market value.

We exclude Acquisition and Integration Costs, Restructuring and Other Related Costs, and Gains or Losses on Digital Assets from our Adjusted Operating income (as applicable) and other adjusted earnings measures because excluding such information provides us with an understanding of the results from the primary operations of our business and enhances comparability across fiscal reporting periods, as these items are not reflective of our underlying operations or performance.

We also exclude the impact of Amortization of Acquired Intangibles and Purchased Intellectual Property, as these non-cash amounts are significantly impacted by the timing and size of individual acquisitions and do not factor into the Company’s capital allocation decisions, management compensation metrics or multi-year objectives. Furthermore, management believes that this adjustment enables better comparison of our results as Amortization of Acquired Intangibles and Purchased Intellectual Property will not recur in future periods once such intangible assets have been fully amortized. Although we exclude Amortization of Acquired Intangibles and Purchased Intellectual Property from our adjusted earnings measures, our management believes that it is important for investors to understand that these intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.

Free cash flow

In addition to the Non-GAAP financial measures discussed above, we provide Free cash flow information because we consider Free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated that could be used for dividends, share repurchases, strategic acquisitions, other investments, as well as debt servicing. Free cash flow is a Non-GAAP financial measure and is defined by the Company as Net cash flows provided by operating activities less Capital expenditures as well as Software purchases and capitalized internal use software.

Recurring revenue growth constant currency

As a multi-national company, we are subject to variability of our reported U.S. dollar results due to changes in foreign currency exchange rates. The exclusion of the impact of foreign currency exchange fluctuations from our Recurring revenue growth, or what we refer to as amounts expressed “on a constant currency basis,” is a Non-GAAP measure. We believe that excluding the impact of foreign currency exchange fluctuations from our Recurring revenue growth provides additional information that enables enhanced comparison to prior periods.

Changes in Recurring revenue growth expressed on a constant currency basis are presented excluding the impact of foreign currency exchange fluctuations. To present this information, current period results for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the corresponding period of the comparative year, rather than at the actual average exchange rates in effect during the current fiscal year.

Forward-Looking Statements

This press release and other written or oral statements made from time to time by representatives of Broadridge may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, and which may be identified by the use of words such as “expects,” “assumes,” “projects,” “anticipates,” “estimates,” “we believe,” “could be,” “on track,” and other words of similar meaning, are forward-looking statements. In particular, information appearing in the “Fiscal Year 2026 Financial Guidance” section and statements about our three-year objectives are forward-looking statements.

These statements are based on management’s expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. These risks and uncertainties include those risk factors described and discussed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended June 30, 2025 (the “2025 Annual Report”), as they may be updated in any future reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by reference to the factors discussed in the 2025 Annual Report.

These risks include:

changes in laws and regulations affecting Broadridge’s clients or the services provided by Broadridge;Broadridge’s reliance on a relatively small number of clients, the continued financial health of those clients, and the continued use by such clients of Broadridge’s services with favorable pricing terms;a material security breach or cybersecurity attack affecting the information of Broadridge’s clients;declines in participation and activity in the securities markets;the failure of Broadridge’s key service providers to provide the anticipated levels of service;a disaster or other significant slowdown or failure of Broadridge’s systems or error in the performance of Broadridge’s services;overall market, economic and geopolitical conditions and their impact on the securities markets;the success of Broadridge in retaining and selling additional services to its existing clients and in obtaining new clients;Broadridge’s failure to keep pace with changes in technology and demands of its clients;competitive conditions;Broadridge’s ability to attract and retain key personnel; andthe impact of new acquisitions and divestitures.

There may be other factors that may cause our actual results to differ materially from the forward-looking statements. Our actual results, performance or achievements could differ materially from those expressed in, or implied by, the forward-looking statements. We can give no assurances that any of the events anticipated by the forward-looking statements will occur or, if any of them do, what impact they will have on our results of operations and financial condition.

Broadridge disclaims any obligation to update or revise forward-looking statements that may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, other than as required by law.

About Broadridge

Broadridge Financial Solutions (NYSE: BR) is a global technology leader with trusted expertise and transformative technology, helping clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients – driving operational resiliency, elevating business performance, and transforming investor experiences. Our technology and operations platforms process and generate over 7 billion communications annually and underpin the daily average trading of over $15 trillion in equities, fixed income, and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 15,000 associates in 21 countries. For more information about us, please visit www.broadridge.com.

Contact Information

Investors
broadridgeir@broadridge.com

Media
Gregg.rosenberg@broadridge.com

Condensed Consolidated Statements of Earnings
(Unaudited)

In millions, except per share amounts

Three Months Ended
March 31,

Nine Months Ended
March 31,

2026

2025

2026

2025

Revenues

$ 1,953.6

$ 1,811.7

$ 5,256.9

$ 4,823.7

Operating expenses:

Cost of revenues

1,326.7

1,235.9

3,733.8

3,456.7

Selling, general and administrative expenses

267.4

230.9

768.8

677.1

Total operating expenses

1,594.1

1,466.8

4,502.6

4,133.8

Operating income

359.5

344.9

754.3

689.9

Interest expense, net

(25.1)

(31.1)

(73.1)

(96.1)

Other non-operating income (expenses), net

6.2

(2.8)

242.7

(6.6)

Earnings before income taxes

340.6

310.9

923.9

587.2

Provision for income taxes

64.3

67.8

197.7

121.9

Net earnings

$ 276.3

$ 243.1

$ 726.2

$ 465.3

Basic earnings per share

$ 2.38

$ 2.07

$ 6.22

$ 3.97

Diluted earnings per share

$ 2.36

$ 2.05

$ 6.18

$ 3.93

Weighted-average shares outstanding:

Basic

116.3

117.2

116.7

117.1

Diluted

117.0

118.5

117.6

118.3

Amounts may not sum due to rounding.

Condensed Consolidated Balance Sheets

(Unaudited)

In millions, except per share amounts

March 31,
2026

June 30,
2025

Assets

Current assets:

Cash and cash equivalents

$ 304.8

$ 561.5

Accounts receivable, net of allowance for doubtful accounts of
$14.8 and $12.5, respectively

1,319.3

1,077.1

Other current assets

173.5

178.5

Total current assets

1,797.7

1,817.1

Property, plant and equipment, net

160.1

170.1

Goodwill

3,735.2

3,609.6

Intangible assets, net

1,159.0

1,277.4

Deferred client conversion and start-up costs

822.2

842.9

Other non-current assets

1,105.0

827.9

Total assets

$ 8,779.2

$ 8,545.0

Liabilities and Stockholders’ Equity

Current liabilities:

Current portion of long-term debt

$ 499.8

$ 499.3

Payables and accrued expenses

1,143.4

1,112.8

Contract liabilities

263.4

249.1

Total current liabilities

1,906.6

1,861.2

Long-term debt

2,727.2

2,753.0

Deferred taxes

350.7

261.0

Contract liabilities

333.5

429.2

Other non-current liabilities

642.4

585.5

Total liabilities

5,960.4

5,889.9

Stockholders’ equity:

Preferred stock: Authorized, 25.0 shares; issued and outstanding,
none

—

Common stock, $0.01 par value: Authorized, 650.0 shares; issued,
154.5 and 154.5 shares, respectively; outstanding, 115.7 and 117.1
shares, respectively

1.6

Additional paid-in capital

1,744.5

1,663.0

Retained earnings

4,266.7

3,862.5

Treasury stock, at cost: 38.8 and 37.3 shares, respectively

(2,949.2)

(2,599.0)

Accumulated other comprehensive income (loss)

(244.8)

(272.9)

Total stockholders’ equity

2,818.8

2,655.1

Total liabilities and stockholders’ equity

$ 8,779.2

$ 8,545.0

Amounts may not sum due to rounding.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

In millions

Nine Months Ended
March 31,

2026

2025

Cash Flows From Operating Activities

Net earnings

$ 726.2

$ 465.3

Adjustments to reconcile net earnings to net cash flows from operating activities:

Depreciation and amortization

101.6

97.6

Amortization of acquired intangibles and purchased intellectual property

155.2

146.6

Amortization of other assets

126.2

128.0

Write-down of long-lived assets and related charges

3.8

3.3

Stock-based compensation expense

66.7

57.4

Deferred income taxes

65.1

(37.5)

Digital assets change in fair market value

(235.0)

—

Other

(29.4)

(12.0)

Changes in operating assets and liabilities, net of assets and liabilities acquired:

Accounts receivable, net

(215.7)

(89.5)

Other current assets

(0.6)

7.2

Payables and accrued expenses

(22.4)

(220.5)

Contract liabilities

62.2

39.8

Other non-current assets

(120.8)

(108.5)

Other non-current liabilities

(15.1)

(5.5)

Net cash flows from operating activities

668.2

471.6

Cash Flows From Investing Activities

Capital expenditures

(35.1)

(28.2)

Software purchases and capitalized internal use software

(42.1)

(50.3)

Acquisitions, net of cash acquired

(121.0)

(193.5)

Other investing activities

(27.1)

(4.2)

Net cash flows from investing activities

(225.4)

(276.1)

Cash Flows From Financing Activities

Debt proceeds

988.5

920.3

Debt repayments

(1,016.8)

(837.3)

Dividends paid

(330.7)

(299.2)

Purchases of Treasury stock

(352.9)

(4.2)

Proceeds from exercise of stock options

21.7

51.6

Other financing activities

(7.8)

(8.7)

Net cash flows from financing activities

(697.9)

(177.5)

Effect of exchange rate changes on Cash and cash equivalents

(1.7)

(5.2)

Net change in Cash and cash equivalents

(256.7)

12.8

Cash and cash equivalents, beginning of period

561.5

304.4

Cash and cash equivalents, end of period

$ 304.8

$ 317.2

Amounts may not sum due to rounding.

Segment Results

(Unaudited)

In millions

Three Months Ended
March 31,

Nine Months Ended
March 31,

2026

2025

2026

2025

Revenues

Investor Communication Solutions

$ 1,465.3

$ 1,347.5

$ 3,828.5

$ 3,512.3

Global Technology and Operations

488.3

464.1

1,428.4

1,311.4

Total

$ 1,953.6

$ 1,811.7

$ 5,256.9

$ 4,823.7

Earnings before Income Taxes

Investor Communication Solutions

$ 309.5

$ 292.9

$ 572.7

$ 563.5

Global Technology and Operations

85.4

70.4

230.3

167.5

Other

(54.3)

(52.4)

121.0

(143.8)

Total

$ 340.6

$ 310.9

$ 923.9

$ 587.2

Pre-tax margins:

Investor Communication Solutions

21.1 %

21.7 %

15.0 %

16.0 %

Global Technology and Operations

17.5 %

15.2 %

16.1 %

12.8 %

Amortization of acquired intangibles and purchased intellectual property

Investor Communication Solutions

$ 11.1

$ 10.6

$ 31.5

$ 33.1

Global Technology and Operations

41.7

38.3

123.8

113.5

Total

$ 52.8

$ 48.9

$ 155.2

$ 146.6

Amounts may not sum due to rounding.

Supplemental Reporting Detail – Additional Product Line Reporting

(Unaudited)

In millions

Three Months Ended

March 31,

Nine Months Ended

March 31,

2026

2025

Change

2026

2025

Change

Investor Communication Solutions

Regulatory

$ 399.4

$ 365.0

9 %

$ 845.4

$ 765.4

10 %

Data-driven fund solutions

125.7

114.8

9 %

349.4

337.4

4 %

Issuer

65.3

60.5

8 %

136.9

127.4

7 %

Customer communications

209.3

199.5

5 %

575.6

542.8

6 %

Total ICS Recurring revenues

799.8

739.8

8 %

1,907.3

1,773.0

8 %

Equity and other

40.2

31.4

28 %

103.4

77.2

34 %

Mutual funds

32.4

21.3

52 %

173.6

163.2

6 %

Total ICS Event-driven revenues

72.7

52.7

38 %

277.0

240.3

15 %

Distribution revenues

592.8

555.0

7 %

1,644.2

1,499.0

10 %

Total ICS Revenues

$ 1,465.3

$ 1,347.5

9 %

$ 3,828.5

$ 3,512.3

9 %

Global Technology and Operations

Capital markets

$ 295.5

$ 289.4

2 %

$ 877.1

$ 829.9

6 %

Wealth and investment management

192.8

174.7

10 %

551.3

481.5

14 %

Total GTO Recurring revenues

488.3

464.1

5 %

1,428.4

1,311.4

9 %

Total Revenues

$ 1,953.6

$ 1,811.7

8 %

$ 5,256.9

$ 4,823.7

9 %

Revenues by Type

Recurring revenues

$ 1,288.1

$ 1,203.9

7 %

$ 3,335.7

$ 3,084.3

8 %

Event-driven revenues

72.7

52.7

38 %

277.0

240.3

15 %

Distribution revenues

592.8

555.0

7 %

1,644.2

1,499.0

10 %

Total Revenues

$ 1,953.6

$ 1,811.7

8 %

$ 5,256.9

$ 4,823.7

9 %

Amounts may not sum due to rounding.

Select Operating Metrics

(Unaudited)

In millions

Three Months Ended

March 31,

Nine Months Ended

March 31,

2026

2025

Change

2026

2025

Change

Closed sales (a)

$ 57.5

$ 71.2

(19 %)

$ 146.8

$ 174.3

(16 %)

Position Growth (b)

Equity positions

15 %

16 %

13 %

Equity revenue positions

11 %

N/A

Mutual fund / ETF positions

6 %

7 %

6 %

Internal Trade Growth (c)

16 %

14 %

15 %

13 %

Amounts may not sum due to rounding.

‌

(a) Refer to the “Results of Operations” section of Broadridge’s Form 10-Q for a description of Closed sales and its calculation.

(b) Position Growth is comprised of “equity position growth” and “mutual fund/ETF position growth.” Equity position growth measures the estimated annual change in positions eligible for equity proxy materials. Beginning in the fourth quarter of fiscal year 2025, the Company began presenting information on “equity revenue position growth”. Equity revenue position growth excludes small or fractional equity positions for which the Company does not recognize revenue (“non-revenue positions”). Prior-year period comparative information for this metric is not available. Mutual fund/ETF position growth measures the estimated change in mutual fund and exchange traded fund positions eligible for interim communications. These metrics are calculated from equity proxy and mutual fund/ETF position data reported to Broadridge for the same issuers or funds in both the current and prior year periods.

(c) Represents the estimated change in daily average trade volumes for clients whose contracts are linked to trade volumes and who were on Broadridge’s trading platforms in both the current and prior year periods.

Reconciliation of Non-GAAP to GAAP Measures

(Unaudited)

In millions, except per share amounts

Three Months Ended
March 31,

Nine Months Ended
March 31,

2026

2025

2026

2025

Reconciliation of Adjusted Operating Income

Operating income (GAAP)

$ 359.5

$ 344.9

$ 754.3

$ 689.9

Adjustments:

Amortization of Acquired Intangibles and Purchased
Intellectual Property

52.8

48.9

155.2

146.6

Acquisition and Integration Costs

4.7

6.0

14.3

11.3

Restructuring and Other Related Costs (a)

3.5

5.5

13.2

5.5

Adjusted Operating income (Non-GAAP)

$ 420.6

$ 405.2

$ 937.0

$ 853.3

Operating income margin (GAAP)

18.4 %

19.0 %

14.3 %

Adjusted Operating income margin (Non-GAAP)

21.5 %

22.4 %

17.8 %

17.7 %

Reconciliation of Adjusted Net earnings

Net earnings (GAAP)

$ 276.3

$ 243.1

$ 726.2

$ 465.3

Adjustments:

Amortization of Acquired Intangibles and Purchased
Intellectual Property

52.8

48.9

155.2

146.6

Acquisition and Integration Costs

4.7

6.0

14.3

11.3

Restructuring and Other Related Costs (a)

3.5

5.5

13.2

5.5

Gains or Losses on Digital Assets

(5.6)

—

(238.3)

—

Subtotal of adjustments

55.4

60.4

(55.6)

163.4

Tax impact of adjustments (b)

(13.8)

(14.6)

12.1

(37.1)

Adjusted Net earnings (Non-GAAP)

$ 317.9

$ 288.8

$ 682.7

$ 591.5

Reconciliation of Adjusted EPS

Diluted earnings per share (GAAP)

$ 2.36

$ 2.05

$ 6.18

$ 3.93

Adjustments:

Amortization of Acquired Intangibles and Purchased
Intellectual Property

0.45

0.41

1.32

1.24

Acquisition and Integration Costs

0.04

0.05

0.12

0.10

Restructuring and Other Related Costs (a)

0.03

0.05

0.11

0.05

Gains or Losses on Digital Assets

(0.05)

—

(2.03)

—

Subtotal of adjustments

0.47

0.51

(0.47)

1.38

Tax impact of adjustments (b)

(0.12)

0.10

(0.31)

Adjusted earnings per share (Non-GAAP)

$ 2.72

$ 2.44

$ 5.81

$ 5.00

(a) Restructuring and Other Related Costs for the three and nine months ended March 31, 2026 consists of severance and other costs related to the closure of substantially all operations of a production facility. Costs incurred are not reflected in segment profit and are recorded within Corporate and Other. The total estimated pre-tax costs for actions and associated costs related to the closure were approximately $20 million and were completed in the third quarter of fiscal year 2026.

(b) Calculated using the GAAP effective tax rate, adjusted to exclude $0.1 million and $2.4 million of excess tax benefits associated with stock-based compensation for the three and nine months ended March 31, 2026, respectively and $5.2 million and $11.5 million of excess tax benefits associated with stock-based compensation for the three and nine months ended March 31, 2025, respectively. For purposes of calculating the Adjusted earnings per share, the same adjustments were made on a per share basis.

Nine Months Ended
March 31,

2026

2025

Reconciliation of Free cash flow

Net cash flows from operating activities (GAAP)

$ 668.2

$ 471.6

Capital expenditures and Software purchases and capitalized internal use software

(77.3)

(78.5)

Free cash flow (Non-GAAP)

$ 590.9

$ 393.2

Reconciliation of Recurring Revenue Growth Constant Currency

Three Months Ended March 31, 2026

Investor Communication Solutions

Regulatory

Data-
Driven
Fund
Solutions

Issuer

Customer
Comms.

Total

Recurring revenue growth (GAAP)

9 %

8 %

5 %

8 %

Impact of foreign currency exchange

0 %

(1 %)

0 %

Recurring revenue growth constant
currency (Non-GAAP)

9 %

8 %

5 %

8 %

Three Months Ended March 31, 2026

Global Technology and Operations

Capital Markets

Wealth and
Investment
Management

Total

Recurring revenue growth (GAAP)

2 %

10 %

5 %

Impact of foreign currency exchange

(2 %)

(3 %)

Recurring revenue growth constant
currency (Non-GAAP)

(0 %)

8 %

3 %

Three Months Ended
March 31, 2026

Consolidated

Total

Recurring revenue growth (GAAP)

7 %

Impact of foreign currency exchange

(1 %)

Recurring revenue growth constant currency (Non-GAAP)

6 %

Nine Months Ended March 31, 2026

Investor Communication Solutions

Regulatory

Data-
Driven
Fund
Solutions

Issuer

Customer
Comms.

Total

Recurring revenue growth (GAAP)

10 %

4 %

7 %

6 %

8 %

Impact of foreign currency exchange

0 %

(1 %)

0 %

Recurring revenue growth constant
currency (Non-GAAP)

10 %

3 %

7 %

6 %

7 %

Nine Months Ended March 31, 2026

Global Technology and Operations

Capital Markets

Wealth and
Investment
Management

Total

Recurring revenue growth (GAAP)

6 %

14 %

9 %

Impact of foreign currency exchange

(2 %)

(1 %)

(2 %)

Recurring revenue growth constant
currency (Non-GAAP)

4 %

13 %

7 %

Nine Months Ended
March 31, 2026

Consolidated

Total

Recurring revenue growth (GAAP)

8 %

Impact of foreign currency exchange

(1 %)

Recurring revenue growth constant currency (Non-GAAP)

7 %

Amounts may not sum due to rounding.

Fiscal Year 2026 Guidance

Reconciliation of Non-GAAP to GAAP Measures

Adjusted Earnings Per Share Growth and Adjusted Operating Income Margin

(Unaudited)

FY26 Recurring revenue growth

Impact of foreign currency exchange (a)

(1%) – 0%

Recurring revenue growth constant currency (Non-GAAP)

7 %

FY26 Adjusted Operating income margin (b)

Operating income margin % (GAAP)

17 – 19%

Adjusted Operating income margin % (Non-GAAP)

20 – 21%

FY26 Adjusted earnings per share growth rate (c)

Diluted earnings per share (GAAP)

32 – 36% growth

Adjusted earnings per share (Non-GAAP)

10 – 12% growth

(a) Based on forward rates as of April 2026.

(b) Adjusted Operating income margin guidance (Non-GAAP) is adjusted to exclude the approximately $6 million impact of Amortization of Acquired Intangibles and Purchased Intellectual Property, Acquisition and Integration Costs, Restructuring and Other Related Costs and Gains or Losses on Digital Assets.

(c) Adjusted earnings per share growth guidance (Non-GAAP) is adjusted to exclude the approximately $0.04 per share impact of Amortization of Acquired Intangibles and Purchased Intellectual Property, Acquisition and Integration Costs, Restructuring and Other Related Costs, and Gains or Losses on Digital Assets, and is calculated using diluted shares outstanding.

View original content to download multimedia:https://www.prnewswire.com/news-releases/broadridge-reports-third-quarter-fiscal-2026-results-302758107.html

SOURCE Broadridge Financial Solutions, Inc.

Technology

SOPHiA GENETICS Announces Closing of $57.5 Million Public Offering of Ordinary Shares With Full Exercise of the Underwriters’ Option to Purchase Additional Shares

Published

9 minutes ago

June 19, 2026

BOSTON and ROLLE, Switzerland, June 19, 2026 /PRNewswire/ — SOPHiA GENETICS (Nasdaq: SOPH), a global leader in Ai-driven precision medicine, announced today the closing of its previously announced underwritten public offering with total gross proceeds of $57.5 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company. As a result of strong investor demand, the offering was oversubscribed, and the underwriters fully exercised their option to purchase an additional 1,578,900 ordinary shares at the public offering price, less the underwriting discounts and commissions. The Company sold 12,104,900 ordinary shares at a price to the public of $4.75 per share, which included the 1,578,900 ordinary shares issued upon exercise in full by the underwriters of their option to purchase additional shares. All of the ordinary shares were sold by the Company.

TD Cowen acted as the lead book-running manager for the offering. Guggenheim Securities acted as book-running manager, and BTIG and Craig-Hallum acted as lead managers for the offering.

A registration statement on Form F-3 (File No. 333-289266) relating to the ordinary shares and other securities of the Company has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective on August 15, 2025. The offering was made only by means of a prospectus supplement and accompanying prospectus. A final prospectus supplement and accompanying prospectus relating to this offering has been filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus are available on the SEC’s website located at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to this offering, may be obtained for free by contacting TD Securities (USA) LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at TDManualrequest@broadridge.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended. There is no intention or permission to publicly offer, solicit, sell or advertise, directly or indirectly, any securities of SOPHiA GENETICS SA, such as the ordinary shares, in or into Switzerland within the meaning of the Swiss Financial Services Act (“FinSA”) and these securities will not be listed or admitted to trading on the SIX Swiss Exchange or on any other regulated trading venue (exchange or multilateral trading facility) in Switzerland. Neither this press release nor any other offering or marketing material relating to these securities, such as the ordinary shares, constitutes or will constitute a prospectus pursuant to the FinSA, and neither this press release nor any other offering or marketing material relating to these securities, such as the ordinary shares, may be publicly distributed or otherwise made publicly available in Switzerland.

About SOPHiA GENETICS

SOPHiA GENETICS (Nasdaq: SOPH) is an Ai-native healthcare technology company on a mission to transform patient care by expanding access to data-driven medicine globally. It is the creator of SOPHiA DDM™, an Ai platform that analyzes complex genomic and multimodal data to generate real-time, real-world insights for a broad global network of hospital, laboratory, and biopharma institutions.

View original content to download multimedia:https://www.prnewswire.com/news-releases/sophia-genetics-announces-closing-of-57-5-million-public-offering-of-ordinary-shares-with-full-exercise-of-the-underwriters-option-to-purchase-additional-shares-302805285.html

SOURCE SOPHiA GENETICS

Technology

The New Safe Haven Isn’t Gold, It’s Electricity

Published

9 minutes ago

June 19, 2026

FN Media Group Presents Oilprice.com Market Commentary

NEW YORK, June 19, 2026 /PRNewswire/ — The U.S. dollar is cracking—and the market knows it. After years of monetary excess, swelling deficits, and policy uncertainty, the world’s reserve currency is losing its grip as a store of value. Capital is fleeing paper promises and piling into hard assets at a pace not seen in decades. Companies mentioned in today’s commentary includes: Bitzero Holdings Inc. (NASDAQ: AIBZ) (CSE: AIBZ-U), Advanced Micro Devices, Inc. (NASDAQ: AMD), Palantir Technologies Inc. (NASDAQ: PLTR), Quanta Services, Inc. (NYSE: PWR), SpaceX (NASDAQ: SPCX).

Nowhere is this more visible than in precious metals: Gold has surged to above $4,100 per ounce, silver has ripped past $70, and palladium—once written off—has clawed its way back to $1,350. Add an unstable geopolitical backdrop stretching from war in the Middle East to Venezuela and the ongoing Ukraine War, and it’s no surprise that traditional safe havens are looking increasingly crowded—and increasingly fragile. But here’s the twist: even as precious metals soar, the smartest money in the room is already looking past them.

Gold doesn’t generate cash flow. Silver doesn’t power economies. And when trades get crowded, volatility cuts both ways. The dollar debasement trade and overbought precious metals have pushed some institutional investors into something with steady, growing cash flows: generating power for the Data Centre boom. This is something that Canadian billionaire investor Kevin O’Leary understands like no other.

Finding Hottest Real-Estate in Tech

Securing land and dirt-cheap power contracts is the number one pre-requisite for data centre developers, hyperscalers and crypto miners. In a recent interview, O’Leary highlighted how BitZero (NASDAQ: AIBZ) (CSE: AIBZ-U), a company in which he is a strategic backer, created a unique strategic advantage by being able to lease power for compute business such as data centres or crypto miners. At a time that Big Tech is scrambling for capacity, the real winners control Gigawatts of power capacity and real estate in strategic locations. Smart money didn’t even need a wake-up call.

“The need for new capacity is very urgent—it needs to be procured now,” says Tania Tsoneva, Head of Infrastructure Research at CBRE Investment Management, one of the world’s largest real-estate investment firms. By partnering with operators that have already locked in land, permits, and power supply, hyperscalers can fast-track new compute deployments, effectively bypassing years of development work and moving straight to installing their hardware.

BitZero succeeded in those two hardest challenges and has secured sites with long-term, low-cost electricity at the outset of the AI-boom. This is exactly what sets BitZero apart from its competitors. Because the company owns its land, power infrastructure, and hardware, its cost base is largely fixed. That structure protects margins and allows expansion without renegotiating leases or power-purchase agreements.

Leveraging True Energy Sovereignty

Founded in 2021, Bitzero has quietly assembled one of the most scalable clean-energy portfolios in the digital infrastructure sector, with more than 1 gigawatt of growth capacity across four strategic sites in Norway, Finland, and North Dakota. Its flagship hydro-powered facility in Namsskogan, Norway, already delivers 40 MW of self-mining capacity at power costs below $0.05 per kWh, among the lowest globally.

According to CEO Mohammed Bakhashwain, each million dollars of capital deployed into Bitzero’s grid and mining equipment generates roughly $700,000 in annual net profit. That efficiency comes from vertical integration: the company owns its high-voltage connections and operates as a licensed grid operator at the 132 kV level, eliminating middle-layer grid fees that most competitors still pay. With expansion capacity exceeding 320 MW in Norway, a one-gigawatt campus in Finland, and up to 300 MW staged in North Dakota, Bitzero has achieved something rare in this market: true energy sovereignty. And it’s this energy sovereignty that institutional investors value so much. We’re living in an age where new generation capacity is bottlenecked and new connections to the grid are almost impossible.

Bitzero’s energy sovereignty gives it a rare two-fold advantage in today’s compute economy: it can either lease scarce, low-cost power directly to hyperscalers and data-center operators, or deploy that same power internally to mine Bitcoin at industry-leading margins and potentially run its own GPU clusters. Bitcoin‘s economics now heavily favor miners who control their energy destiny—at current hash difficulty, every fraction shaved off power costs drops straight to the bottom line. Bitzero’s all-in energy cost of about 4.3 cents per kWh—less than half that of major U.S. peers like Riot Platforms and Marathon Digital—puts its cost per Bitcoin near $50,000 today and below $40,000 once new hardware is fully deployed.

That efficiency, combined with ultra-lean operations where five staff run a 40 MW facility using fully automated monitoring and fault-response systems, creates powerful optionality. When Bitcoin economics are attractive, Bitzero mines; when hyperscalers need capacity fast, it can redirect power to AI-ready data centers. This flexibility is already visible in its purpose-built 200 MW Norwegian site on a former UN airbase, designed exclusively for AI compute and expandable to 500 MW on offshore-wind-backed grid capacity—turning energy control into a switchable revenue engine across both Bitcoin and AI.

The real inflection point for BitZero (NASDAQ: AIBZ, CSE: AIBZ-U) in 2026 may now be its newly announced 110 MW Norway project, which has the potential to transform the company from a profitable Bitcoin miner into a major AI infrastructure and hyperscaler landlord almost overnight.

Under the binding letter of interest, the site would generate roughly $176 million in annual recurring revenue through long-term contracted compute capacity, with the customer covering energy costs separately and pricing escalating by 3% annually. That structure dramatically improves margin visibility and reduces exposure to power-price volatility, potentially allowing the project to generate well over $135 million in annual net income once operational. Just as importantly, the project highlights why BitZero’s Norwegian assets are so strategically valuable in today’s market: while many competing AI data-center developments face 3–5 year build timelines due to grid bottlenecks and permitting delays, BitZero believes this facility could be delivered as early as Q3 next year thanks to already-secured power access, existing infrastructure, and partnerships with established EPC contractors and cooling-system providers. In a market where hyperscalers are desperately searching for immediately deployable capacity, that speed-to-market advantage could prove enormously valuable.

Skyrocketing valuations in the AI-space

The handful of technology companies that have successfully built a proprietary energy moat similar to BitZero’s now command multi-billion-dollar valuations. Yet despite rising institutional interest in BitZero’s power-first model and asset base, the company remains meaningfully undervalued relative to peers.

Investors in names like TeraWulf (WULF) and BitMine Immersion (BMNR) have seen one-year gains of more than +554% and +269%, respectively. Smart money has learnt that the real advantage in compute and crypto mining is cheap, scalable electricity, and this reality is repeating cycle after cycle. The dynamic in 2026 is no different.

Other companies to keep an eye on:

Advanced Micro Devices, Inc. (NASDAQ: AMD) reported Q1 2026 data center revenue of $5.8 billion, up 57% year over year — an all-time record — with total Q1 revenue of $10.25 billion, up 38%, beating Wall Street consensus by roughly $350 million. Free cash flow more than tripled to $2.57 billion. CEO Lisa Su called the quarter “a clear inflection in our growth trajectory,” and guided Q2 revenue to $11.2 billion, with server CPU revenue alone expected to grow more than 70% year over year. The stock surged roughly 14% in after-hours trading following the release.

AMD’s data center story runs on two rails that NVIDIA’s does not. First, EPYC server CPUs, which now hold significant market share in hyperscaler deployments across AWS, Google Cloud, and Microsoft Azure, deliver four consecutive quarters of record server CPU revenue. Second, Instinct GPUs are gaining traction as an alternative to NVIDIA in AI training and inference — and the demand signal is large. Meta signed a multi-year agreement to deploy up to 6 GW of AMD Instinct GPUs, with the first 1 GW built around a custom version of the MI450 accelerator and Meta named as a lead customer for AMD’s upcoming sixth-generation EPYC processors.

Palantir Technologies Inc. (NASDAQ: PLTR) sits in a different part of the AI data center stack than most names on this list — it’s the software layer that makes the data inside those data centers actionable for governments and large enterprises. Q1 2026 revenue grew 85% year over year to $1.633 billion, the company’s fastest growth rate since going public in 2020. U.S. revenue grew 104% to $1.28 billion, with U.S. government revenue up 84% to $687 million and U.S. commercial revenue up 133% to $595 million. The company reported a GAAP operating margin of 46%, an adjusted operating margin of 60%, and a Rule of 40 score of 145 — a metric where 40 is considered strong.

The government side of the business is increasingly anchored by AI-enabled defense and intelligence programs. Palantir’s Maven AI system — which analyzes battlefield data and supports targeting and command decisions in real time — is moving closer to becoming a formal U.S. Department of Defense program of record. The Pentagon expanding long-term use of Maven means the revenue base here is contracted and durable, not project-by-project. A $10 billion U.S. Army contract and a $300 million USDA deal in the quarter are concrete data points for what that looks like at scale.

Quanta Services, Inc. (NYSE: PWR) builds and maintains the electrical infrastructure that connects data centers to the grid — transmission lines, substations, high-voltage distribution systems, and the last-mile electrical work that no data center can operate without. It’s not a flashy AI story, but it’s a foundational one: none of the $200 billion Amazon is spending on data centers in 2026 translates into operational compute capacity without the grid connections Quanta builds. CEO Duke Austin has pegged the company’s addressable opportunity at $2.4 trillion through 2030, driven by data center electrification, grid hardening, and renewable interconnection combined.

The constraint driving Quanta’s order book is simple physics: large transformers for high-voltage substation connections have lead times of two years or more, and the skilled labor to install them is in short supply nationally. Quanta has both the relationships with utilities and hyperscalers, and the crew deployment capacity, to capitalize on that constraint. Its backlog has been expanding steadily as hyperscaler capex converts from announced projects into actual construction contracts.

SpaceX (NASDAQ: SPCX) completed the largest IPO in history on June 12, pricing at $135 a share for a $1.77 trillion valuation and topping $2 trillion in market cap on its first trading day. The listing raised roughly $75 billion and made Elon Musk the world’s first trillionaire on paper. But the AI data center story here isn’t really about rockets. It’s about what SpaceX became after merging with xAI in February: a company that now describes itself in its own IPO filing as the operator of “the largest AI training data center clusters on Earth.”

Those clusters are Colossus 1 and Colossus 2, the xAI supercomputers built near Memphis, Tennessee, originally to train Grok. In May, SpaceX struck a deal with Anthropic that hands over essentially the entire Colossus 1 facility — more than 300 megawatts of capacity across roughly 220,000 NVIDIA GPUs, including H100, H200, and GB200 accelerators. Anthropic will pay xAI $1.25 billion a month through May 2029, a contract that could bring in more than $40 billion over its life. It’s a striking arrangement: a direct AI competitor renting out the infrastructure that was supposed to be Grok’s competitive edge, in order to monetize compute Grok wasn’t fully using.

By. Tom Kool

Oilprice Intelligence brings you the inside view on where the next gains will come from, breaking down the market’s biggest growth driver with analysis from veteran oilmen and experts. Click here to get this crucial intel for free

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This press release was distributed on behalf of Bitzero Holdings Inc.

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SOURCE OilPrice.com

Technology

World’s 1st HIV-to-HIV Lung Transplant Performed at NYU Langone Health

Published

9 minutes ago

June 19, 2026

NEW YORK, June 19, 2026 /PRNewswire/ — The world’s first HIV-positive-to-HIV-positive lung transplant was performed at NYU Langone Health.

The surgery brings new hope for HIV-positive patients in need of lung transplants, as it opens a pool of potential donors who were previously ineligible.

“This is a watershed moment for the HIV-positive community and represents real progress in creating equity in organ transplantation,” said Sapna Mehta, MD, clinical director of NYU Langone Transplant Institute and co-architect of the research protocol, sanctioned by the U.S. Food and Drug Administration, that enabled the complex procedure. “While these transplants are still only allowable under certain research protocols, this marks an expansion of options for people in need of a lifesaving organ.”

Approximately 1.2 million people in the United States are living with HIV. People with HIV can live long, healthy lives due to advances in antiretroviral therapies, or ART. Most people using ART are unable to transmit the virus and have near-normal life expectancies.

A Breath of Fresh Air

Bertrand Nelson, 56, has had HIV for nearly 26 years. In 2000, he was diagnosed with HIV and sarcoidosis, which can affect the lungs and spread to the liver. The disease had not yet spread from his lungs, and soon after diagnosis his doctors told him it was in remission.

Then, in 2021, he acquired Legionnaires’ disease and was hospitalized for weeks with severe pneumonia. The disease reactivated his sarcoidosis, which attacked his liver. His condition worsened in 2024—he required an increasing amount of oxygen to breathe—and his doctor referred him to NYU Langone Transplant Institute to be evaluated for both lung and liver transplants. A research protocol for lung transplantation under the 2013 HIV Organ Policy Equity Act, or HOPE Act, had begun, and he was evaluated for HOPE dual-organ transplant in 2025.

“Transplantation of HOPE hearts and abdominal organs has been done before, but this has not been done in lung transplantation. It takes a special kind of patient to be willing to do something that hasn’t been done before,” said Mark A. Sonnick, MD, transplant pulmonologist at NYU Langone Transplant Institute and co-author of the research protocol with Dr. Mehta.

NYU Langone Transplant Institute is one of the only transplant centers in the United States equipped and approved under a research protocol to perform HOPE lung transplants. Nelson received the first in the world on March 21, 2026, by Stephanie H. Chang, MD, surgical director of lung transplantation at NYU Langone. He received a new liver that same day, performed by Karim J. Halazun, MD, surgical director of liver transplantation at NYU Langone.

Nelson is now off oxygen for the first time in four years and getting back in shape after years of limited mobility.

He credits his mother, who will be 82 in August, for always supporting him and helping him throughout his journey.

“I want to be well for her,” he said. “I want her to see me thriving.”

He hopes his story of perseverance might inspire others and help raise awareness of people in the HIV community in need.

“There are so many others who need access to this level of care, and the more organs that become available, the better the odds of finding the right match and living a long life,” he said.

About NYU Langone Health

NYU Langone Health is a fully integrated health system that consistently achieves the best patient outcomes through a rigorous focus on quality that has resulted in some of the lowest mortality rates in the nation. Vizient Inc. has ranked NYU Langone No. 1 out of 118 comprehensive academic medical centers across the nation four years in a row, and U.S. News & World Report recently ranked four of its clinical specialties No. 1 in the nation. NYU Langone offers a comprehensive range of medical services with one high standard of care across seven inpatient locations, its Perlmutter Cancer Center, and more than 330 outpatient locations in the New York area and Florida. The system also includes two tuition-free medical schools, in Manhattan and on Long Island, and a vast research enterprise.

Media Inquiries
Colin DeVries
Phone: 212-404-3588
Colin.DeVries@NYULangone.org

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SOURCE NYU Langone Health