Technology

Blue Owl Capital Corporation Announces June 30, 2026 Financial Results

Published

2 hours ago

August 5, 2026

NEW YORK, Aug. 5, 2026 /PRNewswire/ — Blue Owl Capital Corporation (NYSE: OBDC) (“OBDC” or the “Company”) today announced financial results for its second quarter ended June 30, 2026.

SECOND QUARTER 2026 HIGHLIGHTS

Second quarter GAAP net investment income (“NII”) per share of $0.36Second quarter adjusted NII per share(1) increased to $0.34, as compared to the prior quarter of $0.31Based on OBDC’s supplemental dividend framework, the Board of Directors (the “Board”) declared a second quarter supplemental dividend of $0.02 per shareDividends declared totaled $0.33 per share, representing an annualized dividend yield of 9.3%(2)Net asset value (“NAV”) per share of $14.26, as compared to $14.41 as of March 31, 2026, primarily reflecting markdowns on a small number of names, partially offset by over-earning the dividend and accretive share repurchasesNew investment commitments for the second quarter were $319 million and sales and repayments were $747 millionInvestments on non-accrual represented 2.8% and 0.8% of the portfolio at cost and fair value, respectively, as compared to 2.0% and 1.0% as of March 31, 2026The Company repurchased approximately $35 million of OBDC common stock, which was accretive to NAV per share in the second quarterAmended and extended the revolving credit facility with all banking partners renewing commitments and issued $800 million of unsecured debt during the second quarter

“We are pleased with OBDC’s performance this quarter, generating strong earnings resulting in a 9.6% annualized return on adjusted net investment income and healthy dividend coverage. Portfolio company operating trends remained stable, and credit performance continued to track in line with expectations,” said Craig W. Packer, Chief Executive Officer. “As market conditions continue to stabilize and investment opportunities become increasingly attractive, we believe OBDC is well positioned to deploy capital selectively. With leverage at a two-year low and a strong liquidity profile, we have meaningful flexibility to capitalize on compelling investment opportunities as we focus on delivering attractive risk-adjusted returns for shareholders.”

Dividend Declaration
On August 4, 2026 the Board declared a third quarter 2026 base dividend of $0.31 per share for stockholders of record as of September 30, 2026, payable on or before October 15, 2026.

The Board also declared a second quarter 2026 supplemental dividend of $0.02 per share, related to the Company’s second quarter 2026 earnings, for stockholders of record as of August 31, 2026, payable on or before September 15, 2026.

(1)

See Non-GAAP Financial Measures for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company’s non-GAAP measures, including on a per share basis. The Company’s management utilizes these non-GAAP financial measures to internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company’s ongoing results and trends, as well as its performance, excluding non-cash income or gains related to the merger between the Company and Blue Owl Capital Corp. III (“OBDE”) (such merger, the “OBDE Merger”), which closed on January 13, 2025. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

(2)

Dividend yield based on OBDC’s annualized Q2’26 base dividend of $0.31 per share payable to shareholders of record as of June 30, 2026, annualized Q2’26 supplemental dividend of $0.02 per share payable to shareholders of record as of August 31, 2026, and Q2’26 NAV per share of $14.26 less Q2’26 supplemental dividend per share of $0.02.

SELECT FINANCIAL HIGHLIGHTS

As of and for the Three Months Ended

($ in thousands, except per share amounts)

June 30, 2026

March 31, 2026

June 30, 2025

GAAP results:

Net investment income per share

$ 0.36

$ 0.32

$ 0.42

Net realized and unrealized gains (losses) per share

$ (0.22)

$ (0.37)

$ (0.15)

Net increase (decrease) in net assets resulting from operations per share

$ 0.13

$ (0.05)

$ 0.27

Non-GAAP financial measures(1):

Adjusted net investment income per share

$ 0.34

$ 0.31

$ 0.40

Adjusted net realized and unrealized gains (losses) per share

$ (0.21)

$ (0.36)

$ (0.13)

Adjusted net increase (decrease) in net assets resulting from operations per share

$ 0.13

$ (0.05)

$ 0.27

Base dividend declared per share

$ 0.31

$ 0.37

Supplemental dividend declared per share

$ 0.02

$ —

$ 0.02

Total investments at fair value

$ 14,955,049

$ 15,344,201

$ 16,868,782

Total debt outstanding (net of unamortized debt issuance costs)

$ 7,903,533

$ 8,454,559

$ 9,225,817

Net assets

$ 7,031,759

$ 7,154,000

$ 7,682,397

Net asset value per share

$ 14.26

$ 14.41

$ 15.03

Net debt-to-equity

1.11x

1.13x

1.17x

(1)

See Non-GAAP Financial Measures for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company’s non-GAAP measures, including on a per share basis. The Company’s management utilizes these non-GAAP financial measures to internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company’s ongoing results and trends, as well as its performance, excluding non-cash income or gains related to the OBDE Merger. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

PORTFOLIO COMPOSITION

As of June 30, 2026, the Company had investments in 229 portfolio companies across 30 industries, with an aggregate portfolio size of $15.0 billion at fair value and an average investment size of $65.3 million at fair value.

June 30, 2026

March 31, 2026

($ in thousands)

Fair Value

% of Total

Fair Value

% of Total

Portfolio composition:

First-lien senior secured debt investments1

$ 10,937,849

73.2 %

$ 11,035,403

72.1 %

Second-lien senior secured debt investments

674,223

4.5 %

773,357

5.0 %

Unsecured debt investments

377,224

2.5 %

369,374

2.4 %

Specialty finance debt investments

171,254

1.1 %

159,598

1.0 %

Preferred equity investments

262,536

1.8 %

536,853

3.5 %

Common equity investments

714,693

4.8 %

665,746

4.3 %

Specialty finance equity

1,426,590

9.5 %

1,414,987

9.2 %

Joint ventures

390,680

2.6 %

388,883

2.5 %

Total investments

$ 14,955,049

100.0 %

$ 15,344,201

100.0 %

(1)

The Company considers 52% and 51% of first-lien senior secured debt investments to be unitranche loans as of June 30, 2026 and March 31, 2026, respectively.

June 30, 2026

March 31, 2026

Number of portfolio companies

229

230

Percentage of debt investments at floating rates

96.0 %

96.1 %

Percentage of senior secured debt investments

78.8 %

78.1 %

Weighted average spread over base rate of floating rate debt investments

5.6 %

Weighted average total yield of accruing debt and income-producing securities at fair value

9.9 %

10.0 %

Weighted average total yield of accruing debt and income-producing securities at cost

9.9 %

10.0 %

Percentage of investments on non-accrual of the portfolio at fair value

0.8 %

1.0 %

PORTFOLIO AND INVESTMENT ACTIVITY

For the three months ended June 30, 2026, new investment commitments totaled $319 million across 5 new portfolio companies and 8 existing portfolio companies. For the three months ended March 31, 2026, new investment commitments were $676 million across 7 new portfolio companies and 16 existing portfolio companies.

For the three months ended June 30, 2026, the principal amount funded totaled $219 million and aggregate principal amount of sales and repayments totaled $747 million. For the three months ended March 31, 2026, the principal amount of new investments funded was $430 million and aggregate principal amount of sales and repayments was $1.5 billion.

For the Three Months Ended June 30,

($ in thousands)

2026

2025

New investment commitments:

Gross originations

$ 357,074

$ 1,116,767

Less: Sell downs

(37,750)

—

Total new investment commitments

$ 319,324

$ 1,116,767

Principal amount of new investments funded:

First-lien senior secured debt investments

$ 208,532

$ 587,980

Second-lien senior secured debt investments

—

205,340

Unsecured debt investments

—

Specialty finance debt investments

—

9,813

Preferred equity investments

—

2,914

Common equity investments

—

4,401

Specialty finance equity investments

5,239

84,114

Joint venture investments

4,844

11,473

Total principal amount of new investments funded

$ 218,615

$ 906,035

Drawdowns (repayments) on revolvers and delayed draw term loans, net

$ 210,160

$ 142,162

Principal amount of investments sold or repaid:

First-lien senior secured debt investments(1)

$ (432,759)

$ (1,612,475)

Second-lien senior secured debt investments

(33,720)

(178,056)

Unsecured debt investments

(2,040)

(24,233)

Specialty finance debt investments

—

Preferred equity investments

(255,888)

(4,933)

Common equity investments

(249)

(78,607)

Specialty finance equity investments

(22,043)

(8,583)

Joint venture investments

—

Total principal amount of investments sold or repaid

$ (746,699)

$ (1,906,887)

Number of new investment commitments in new portfolio companies(2)

Average new investment commitment amount in new portfolio companies

$ 49,525

$ 92,279

Weighted average term for new investment commitments (in years)

6.1

5.9

Percentage of new debt investment commitments at

floating rates

100.0 %

99.0 %

Percentage of new debt investment commitments at

fixed rates

— %

1.0 %

Weighted average interest rate of new investment commitments(3)

8.7 %

9.7 %

Weighted average spread over applicable base rate of new debt investment commitments at floating rates

4.9 %

5.4 %

(1)

Includes scheduled paydowns.

(2)

Number of new investment commitments represents commitments to a particular portfolio company.

(3)

Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 3.73% and 4.29% as of June 30, 2026 and 2025, respectively.

RESULTS OF OPERATIONS FOR THE SECOND QUARTER ENDED JUNE 30, 2026

Investment Income
Investment income increased to $401 million for the three months ended June 30, 2026 from $397 million for the three months ended March 31, 2026, primarily driven by the impact of higher dividend income and non-recurring other income from a realization of a preferred equity investment, offset by a decline in average investments over the period. The Company expects that investment income will vary based on a variety of factors including the pace of originations and repayments, spreads of new deployments, and base rate movements.

Expenses
Total expenses decreased to $224 million for the three months ended June 30, 2026 from $235 million for the three months ended March 31, 2026, primarily driven by a decrease in interest expense from a decline in daily average borrowings from $9.3 billion to $8.4 billion. As a percentage of total assets, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period-over-period.

Liquidity and Capital Resources
As of June 30, 2026, the Company had $238 million in cash and restricted cash, $8.0 billion in total principal value of debt outstanding, including $4.2 billion of undrawn capacity(1) on the Company’s credit facilities and $5.3 billion of unsecured notes. The funding mix was composed of 33.6% secured and 66.4% unsecured borrowings as of June 30, 2026 on an outstanding basis. The Company was in compliance with all financial covenants under its credit facilities as of June 30, 2026. The Company has analyzed cash and cash equivalents, availability under its credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and believes its liquidity and capital resources are sufficient to take advantage of market opportunities.

(1)

Reflects undrawn debt which is based on committed debt less debt outstanding as of June 30, 2026, and may not reflect the amount currently available due to borrowing base restrictions.

CONFERENCE CALL AND WEBCAST INFORMATION

Conference Call Information:
The conference call will be broadcast live on August 6, 2026 at 10:00 a.m. Eastern Time on the News & Events section of OBDC’s website at www.blueowlcapitalcorporation.com. To pre-register for the call, please use the following link: www.blueowlcapitalcorporation.com/webcast-registration?event_id=29120. Please visit the website before the webcast to test your connection.

Participants are also invited to access the conference call by dialing one of the following numbers:

Domestic: (877) 737-7048International: +1 (201) 689-8523

All callers will need to reference “Blue Owl Capital Corporation” once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected.

Replay Information:
An archived replay will be available for 14 days via a webcast link located on the News & Events section of OBDC’s website, and via the dial-in numbers listed below:

Domestic: (877) 660-6853International: +1 (201) 612-7415Access Code: 13761127

ABOUT BLUE OWL CAPITAL CORPORATION

Blue Owl Capital Corporation (NYSE: OBDC) is a specialty finance company focused on lending to U.S. middle-market companies. As of June 30, 2026, OBDC had investments in 229 portfolio companies with an aggregate fair value of $15.0 billion. OBDC has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. OBDC is externally managed by Blue Owl Credit Advisors LLC, an SEC-registered investment adviser that is an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and part of Blue Owl’s Credit platform.

Certain information contained herein may constitute “forward-looking statements” that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about OBDC, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond OBDC’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in OBDC’s filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which OBDC makes them. OBDC does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

INVESTOR CONTACTS

Investor Contact:
BDC Investor Relations
Michael Mosticchio
credit-ir@blueowl.com

Media Contact:
Head of Communications
Andrew Williams
media@blueowl.com

FINANCIAL HIGHLIGHTS

For the Three Months Ended

($ in thousands, except per share amounts)

June 30, 2026

March 31, 2026

June 30, 2025

Investments at fair value

$ 14,955,049

$ 15,344,201

$ 16,868,782

Total assets

$ 15,354,604

$ 16,018,541

$ 17,398,476

Net asset value per share

$ 14.26

$ 14.41

$ 15.03

GAAP results:

Total investment income

$ 401,342

$ 396,774

$ 485,843

Net investment income

$ 176,173

$ 159,170

$ 216,708

Net increase (decrease) in net assets resulting from operations

$ 65,739

$ (24,382)

$ 137,506

GAAP per share results:

Net investment income

$ 0.36

$ 0.32

$ 0.42

Net realized and unrealized gains (losses)

$ (0.22)

$ (0.37)

$ (0.15)

Net increase (decrease) in net assets resulting from operations(1)

$ 0.13

$ (0.05)

$ 0.27

Non-GAAP financial measures(2):

Adjusted total investment income

$ 395,726

$ 390,564

$ 474,907

Adjusted net investment income

$ 170,557

$ 152,960

$ 205,772

Adjusted net increase (decrease) in net assets resulting from operations

$ 65,739

$ (24,382)

$ 137,502

Non-GAAP per share financial measures(2):

Adjusted net investment income

$ 0.34

$ 0.31

$ 0.40

Adjusted net realized and unrealized gains (losses)

$ (0.21)

$ (0.36)

$ (0.13)

Adjusted net increase (decrease) in net assets resulting from operations(1)

$ 0.13

$ (0.05)

$ 0.27

Base dividend declared per share

$ 0.31

$ 0.37

Supplemental dividend declared per share

$ 0.02

$ —

$ 0.02

Weighted average yield of accruing debt and income producing securities at fair value

9.9 %

10.0 %

10.6 %

Weighted average yield of accruing debt and income producing securities at amortized cost

9.9 %

10.0 %

10.7 %

Percentage of debt investments at floating rates

96.0 %

96.1 %

97.6 %

(1)

Totals may not sum due to rounding.

(2)

See Non-GAAP Financial Measures for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company’s non-GAAP measures, including on a per share basis. The Company’s management utilizes these non-GAAP financial measures to internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company’s ongoing results and trends, as well as its performance, excluding non-cash income or gains related to the OBDE Merger. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(Amounts in thousands, except share and per share amounts)

As of June 30, 2026
(Unaudited)

As of December 31,
2025

Assets

Investments at fair value:

Non-controlled, non-affiliated investments (amortized cost of $12,793,396 and $14,060,097, respectively)

$ 12,439,882

$ 13,995,055

Non-controlled, affiliated investments (amortized cost of $190,543 and $176,078, respectively)

142,746

114,192

Controlled, affiliated investments (amortized cost of $2,129,577, and $2,181,604, respectively)

2,372,421

2,361,646

Total investments at fair value (amortized cost of $15,113,516 and $16,417,779, respectively)

14,955,049

16,470,893

Cash (restricted cash of $20,399 and $47,448, respectively)

237,438

558,703

Foreign cash (cost of $625 and $9,722, respectively)

611

9,839

Interest and dividend receivable

91,333

104,576

Receivable from a controlled affiliate

33,012

26,846

Prepaid expenses and other assets

37,161

15,508

Total Assets

$ 15,354,604

$ 17,186,365

Liabilities

Debt (net of unamortized debt issuance costs of $101,772 and $93,186, respectively)

$ 7,903,533

$ 9,300,076

Distribution payable

152,874

184,877

Management fee payable

57,348

63,145

Incentive fee payable

36,156

38,899

Payables to affiliates

8,457

12,572

Accrued expenses and other liabilities

164,477

189,517

Total Liabilities

$ 8,322,845

$ 9,789,086

Commitments and contingencies (Note 8)

Net Assets

Common shares $0.01 par value, 1,000,000,000 shares authorized; 493,142,569 and
499,448,499 shares issued and outstanding, respectively

$ 4,931

$ 4,994

Additional paid-in-capital

7,442,001

7,512,234

Accumulated undistributed (overdistributed) earnings

(415,173)

(119,949)

Total Net Assets

$ 7,031,759

$ 7,397,279

Total Liabilities and Net Assets

$ 15,354,604

$ 17,186,365

Net Asset Value Per Share

$ 14.26

$ 14.81

CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share amounts)
(Unaudited)

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2026

2025

2026

2025

Investment Income

Investment income from non-controlled, non-affiliated investments:

Interest income

$ 272,242

$ 384,762

$ 564,166

$ 741,225

Payment-in-kind (“PIK”) interest income

29,145

29,581

56,379

64,973

Dividend income

17,971

20,810

38,180

42,341

Other income

19,960

5,268

23,118

10,858

Total investment income from non-controlled, non-affiliated investments

339,318

440,421

681,843

859,397

Investment income from non-controlled, affiliated investments:

Interest income

310

219

702

834

PIK interest income

169

865

257

1,904

Dividend income

3,575

555

6,770

555

Other income

Total investment income from non-controlled, affiliated investments

4,078

1,673

7,779

3,363

Investment income from controlled, affiliated investments:

Interest income

10,638

9,847

18,635

18,799

PIK interest income

2,272

—

6,431

—

Dividend income

44,678

33,869

82,867

68,874

Other income

358

561

Total investment income from controlled, affiliated investments

57,946

43,749

108,494

87,729

Total Investment Income

401,342

485,843

798,116

950,489

Operating Expenses

Interest expense

$ 122,983

$ 151,571

$ 257,299

$ 300,103

Management fees, net(1)

57,346

64,586

118,039

126,744

Performance based incentive fees

36,156

43,649

68,568

84,678

Professional fees

4,305

3,538

8,511

7,070

Directors’ fees

445

320

890

640

Other general and administrative

3,222

3,185

6,307

7,212

Total Operating Expenses

224,457

266,849

459,614

526,447

Net Investment Income (Loss) Before Taxes

176,885

218,994

338,502

424,042

Income tax expense (benefit), including excise tax expense (benefit)

712

2,286

3,159

6,032

Net Investment Income (Loss) After Taxes

$ 176,173

$ 216,708

$ 335,343

$ 418,010

Net Realized and Change in Unrealized Gain (Loss)

Net change in unrealized gain (loss):

Non-controlled, non-affiliated investments

$ (110,049)

$ (125,752)

$ (274,474)

$ 70,764

Non-controlled, affiliated investments

(9,673)

(14,711)

14,091

(15,411)

Controlled, affiliated investments

20,372

37,485

62,802

34,095

Translation of assets and liabilities in foreign currencies and other transactions

4,049

13,351

780

17,367

Income tax (provision) benefit

(207)

(200)

500

(1,762)

Total Net Change in Unrealized Gain (Loss)

(95,508)

(89,827)

(196,301)

105,053

Net realized gain (loss):

Non-controlled, non-affiliated investments

$ (9,477)

$ 20,834

$ 1,196

$ (131,098)

Non-controlled, affiliated investments

1,427

—

(37,795)

—

Controlled, affiliated investments

(6,032)

—

(62,388)

—

Foreign currency transactions

(844)

(10,209)

1,302

(11,828)

Total Net Realized Gain (Loss)

(14,926)

10,625

(97,685)

(142,926)

Total Net Realized and Change in Unrealized Gain (Loss)

(110,434)

(79,202)

(293,986)

(37,873)

Net Increase (Decrease) in Net Assets Resulting from Operations

$ 65,739

$ 137,506

$ 41,357

$ 380,137

Earnings Per Share – Basic and Diluted

$ 0.13

$ 0.27

$ 0.08

$ 0.76

Weighted Average Shares Outstanding – Basic and Diluted

495,377,115

511,048,237

497,130,632

502,981,791

(1)

Refer to “Note 3 — Agreements and Related Party Transactions” for additional details on management fee waiver.

NON-GAAP FINANCIAL MEASURES

On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP (“non-GAAP”). The Company’s management utilizes these non-GAAP financial measures to internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company’s ongoing results and trends, as well as its performance, excluding non-cash income or gains related to the OBDE Merger. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

“Adjusted Total Investment Income” and “Adjusted Total Investment Income Per Share”: represents total investment income excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OBDE Merger.”Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share”: represents net investment income, excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OBDE Merger.”Adjusted Net Realized and Unrealized Gains (Losses)” and “Adjusted Net Realized and Unrealized Gains (Losses) Per Share”: represents net realized and unrealized gains (losses) excluding any net realized and unrealized gains (losses) resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OBDE Merger.”Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations” and “Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations Per Share”: represents the sum of (i) Adjusted Net Investment Income and (ii) Adjusted Net Realized and Unrealized Gains (Losses).

The OBDE Merger was accounted for as an asset acquisition in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations—Related Issues (“ASC 805”). The consideration paid to the stockholders of OBDE was allocated to the individual assets acquired and liabilities assumed based on the relative fair values of the net identifiable assets acquired other than “non-qualifying” assets, which established a new cost basis for the acquired investments under ASC 805 that, in aggregate, was different than the historical cost basis of the acquired investments prior to the OBDE Merger. Additionally, immediately following the completion of the OBDE Merger, the acquired investments were marked to their respective fair values under ASC 820, Fair Value Measurements, which resulted in unrealized appreciation/depreciation. The new cost basis established by ASC 805 on debt investments acquired will accrete/amortize over the life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation/depreciation on such investment acquired through its ultimate disposition. The new cost basis established by ASC 805 on equity investments acquired will not accrete/amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company will recognize a realized gain/loss with a corresponding reversal of the unrealized appreciation/depreciation on disposition of such equity investments acquired.

The Company’s management uses the non-GAAP financial measures described above internally to analyze and evaluate financial results and performance and to compare its financial results with those of other business development companies that have not adjusted the cost basis of certain investments pursuant to ASC 805. The Company’s management believes “Adjusted Total Investment Income”, “Adjusted Total Investment Income Per Share”, “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share” are useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to the income resulting from the new cost basis of the investments acquired in the OBDE Merger because these amounts do not impact the fees payable to Blue Owl Credit Advisors LLC (the “Adviser”) under the fourth amended and restated investment advisory agreement (the “Investment Advisory Agreement”) between the Company and the Adviser, and specifically as its relates to “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share”. In addition, the Company’s management believes that “Adjusted Net Realized and Unrealized Gains (Losses)”, “Adjusted Net Realized and Unrealized Gains (Losses) Per Share”, “Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations” and “Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations Per Share” are useful to investors as they exclude the non-cash income and gain/loss resulting from the OBDE Merger and are used by management to evaluate the economic earnings of its investment portfolio. Moreover, these metrics more closely align the Company’s key financial measures with the calculation of incentive fees payable to the Adviser under the Investment Advisory Agreement (i.e., excluding amounts resulting solely from the lower cost basis of the acquired investments established by ASC 805 that would have been to the benefit of the Adviser absent such exclusion).

The following table provides a reconciliation of total investment income (the most comparable U.S. GAAP measure) to adjusted total investment income for the periods presented:

For the Three Months Ended

($ in millions, except per share amounts)

June 30, 2026

March 31, 2026

June 30, 2025

Amount

Per Share

Amount

Per Share

Amount

Per Share

Total investment income

$ 401

$ 0.81

$ 397

$ 0.80

$ 486

$ 0.95

Less: purchase discount amortization

(6)

(0.01)

(6)

(0.01)

(11)

(0.02)

Adjusted total investment income(1)

$ 396

$ 0.80

$ 391

$ 0.78

$ 475

$ 0.93

The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented:

For the Three Months Ended

($ in millions, except per share amounts)

June 30, 2026

March 31, 2026

June 30, 2025

Amount

Per Share

Amount

Per Share

Amount

Per Share

Net investment income

$ 176

$ 0.36

$ 159

$ 0.32

$ 217

$ 0.42

Less: purchase discount amortization

(6)

(0.01)

(6)

(0.01)

(11)

(0.02)

Adjusted net investment income(1)

$ 171

$ 0.34

$ 153

$ 0.31

$ 206

$ 0.40

The following table provides a reconciliation of net realized and unrealized gains (losses) (the most comparable U.S. GAAP measure) to adjusted net realized and unrealized gains (losses) for the periods presented:

For the Three Months Ended

($ in millions, except per share amounts)

June 30, 2026

March 31, 2026

June 30, 2025

Amount

Per Share

Amount

Per Share

Amount

Per Share

Net realized and unrealized gains (losses)

$ (110)

$ (0.22)

$ (184)

$ (0.37)

$ (79)

$ (0.15)

Net change in unrealized (appreciation) depreciation due to the purchase discount

0.01

0.02

Realized gain (loss) due to the purchase discount(2)

—

Adjusted net realized and unrealized gains (losses)(1)

$ (105)

$ (0.21)

$ (177)

$ (0.36)

$ (68)

$ (0.13)

The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable U.S. GAAP measure) to adjusted net increase (decrease) in net assets resulting from operations for the periods presented:

For the Three Months Ended

($ in millions, except per share amounts)

June 30, 2026

March 31, 2026

June 30, 2025

Amount

Per Share

Amount

Per Share

Amount

Per Share

Net increase (decrease) in net assets resulting from operations

$ 66

$ 0.13

$ (24)

$ (0.05)

$ 138

$ 0.27

Less: purchase discount amortization

(6)

(0.01)

(6)

(0.01)

(11)

(0.02)

Net change in unrealized (appreciation) depreciation due to the purchase discount

0.01

0.02

Realized gain (loss) due to the purchase discount(2)

—

Adjusted net increase (decrease) in net assets resulting from operations(1)

$ 66

$ 0.13

$ (24)

$ (0.05)

$ 138

$ 0.27

(1)

Totals may not sum due to rounding.

(2)

Per share amounts round down to less than $0.01.

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SOURCE Blue Owl Capital Corporation

Technology

Cboe Global Markets Reports Trading Volume for July 2026

Published

57 minutes ago

August 5, 2026

CHICAGO, Aug. 5, 2026 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today reported July trading volume statistics across its global business lines.

The data sheet “Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report” contains an overview of certain July trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.

Average Daily Trading Volume (ADV) by Month

Year-To-Date

Jul

2026

Jul

2025

%
Chg

Jun
2026

%
Chg

Jul

2026

Jul

2025

%
Chg

Multi-listed options (contracts, k)

15,687

12,215

28.4 %

16,630

-5.7 %

14,938

12,886

15.9 %

Index options (contracts, k)

5,990

4,469

34.0 %

6,347

-5.6 %

6,145

4,688

31.1 %

Futures (contracts, k)1

207

178

16.1 %

242

-14.5 %

246

226

8.7 %

U.S. Equities – On-Exchange (matched shares, mn)

1,569

1,790

-12.4 %

2,185

-28.2 %

1,875

1,785

5.0 %

U.S. Equities – Off-Exchange (matched shares, mn)

208

141

47.4 %

250

-17.0 %

238

113

110.0 %

Canadian Equities (matched shares, k)

144,124

150,096

-4.0 %

182,398

-21.0 %

192,208

154,298

24.6 %

European Equities (€, mn)

14,024

12,490

12.3 %

14,950

-6.2 %

16,008

13,560

18.1 %

Australian Equities (AUD, mn)

989

870

13.7 %

1,165

-15.1 %

1,128

884

27.5 %

Global FX ($, mn)

61,071

48,514

25.9 %

64,267

-5.0 %

64,767

53,135

21.9 %

Cboe Clear Europe Cleared Trades (k)

147,855

122,973

20.2 %

144,356

2.4 %

1,005,054

935,981

7.4 %

Cboe Clear Europe Net Settlements (k)

1,442

1,236

16.6 %

1,419

1.6 %

9,337

7,726

20.9 %

1 In the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products.

July 2026 Trading Volume Highlights

U.S. Options

Cboe’s mini-SPX (XSP) options set a monthly ADV record of 238 thousand contracts, including a record monthly zero-days-to-expiry (0DTE) ADV of 138 thousand contracts.0DTE trading in July grew to a record high 66.2% of total S&P 500 (SPX) options volume.Total trading during Cboe’s Global Trading Hours (GTH) session (8:15 p.m. to 9:25 a.m. ET) set a monthly ADV record of 224 thousand contracts, including record SPX options GTH ADV of 197 thousand contracts.

Cboe Clear Europe

Cboe Clear Europe surpassed 1 billion cleared client cash equity trades year-to-date through July 31.

About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world’s first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world’s leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.

Cboe Media Contacts

Cboe Analyst Contact

Angela Tu

Tim Cave

Kenneth Hill, CFA

+1-646-856-8734

+44 (0) 7593-506-719

+1-312-786-7559

atu@cboe.com

tcave@cboe.com

khill@cboe.com

CBOE-V

Cboe®, Cboe Global Markets®, Cboe Clear®, Cboe Futures Exchange®, CFE®, Cboe Volatility Index®, VIX®, and XSP® are registered trademarks of Cboe Exchange, Inc. or its affiliates. Standard & Poor’s®, S&P®, SPX®, and S&P 500® are registered trademarks of Standard & Poor’s Financial Services, LLC, and have been licensed for use by Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.

Any products that have the S&P Index or Indexes as their underlying interest are not sponsored, endorsed, sold or promoted by Standard & Poor’s or Cboe and neither Standard & Poor’s nor Cboe make any representations or recommendations concerning the advisability of investing in products that have S&P indexes as their underlying interests. All other trademarks and service marks are the property of their respective owners.

Cboe Global Markets, Inc. and its affiliates do not recommend or make any representation as to possible benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc. is not affiliated with S&P. Investors should undertake their own due diligence regarding their securities, futures, and investment practices. This press release speaks only as of this date. Cboe Global Markets, Inc. disclaims any duty to update the information herein.

Nothing in this announcement should be considered a solicitation to buy or an offer to sell any securities or futures in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

Cboe Global Markets, Inc. and its affiliates make no warranty, expressed or implied, including, without limitation, any warranties as of merchantability, fitness for a particular purpose, accuracy, completeness or timeliness, the results to be obtained by recipients of the products and services described herein, or as to the ability of the indices referenced in this press release to track the performance of their respective securities, generally, or the performance of the indices referenced in this press release or any subset of their respective securities, and shall not in any way be liable for any inaccuracies, errors. Cboe Global Markets, Inc. and its affiliates have not calculated, composed or determined the constituents or weightings of the securities that comprise the third-party indices referenced in this press release and shall not in any way be liable for any inaccuracies or errors in any of the indices referenced in this press release.

There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers/.

Options involve risk and are not suitable for all market participants. Prior to buying or selling an option, a person should review the Characteristics and Risks of Standardized Options (ODD), which is required to be provided to all such persons. Copies of the ODD are available from your broker or from The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606.

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SOURCE Cboe Global Markets, Inc.

Technology

Cisco Schedules Conference Call for Q4 Fiscal Year 2026 Financial Results

Published

57 minutes ago

August 5, 2026

SAN JOSE, Calif., Aug. 5, 2026 /PRNewswire/ — Cisco (NASDAQ: CSCO) has scheduled a conference call for Wednesday, Aug 12, 2026, at 1:30 PM (PT); 4:30 PM (ET) to announce its fourth quarter fiscal year 2026 financial results for the period ending Saturday, July 25, 2026.

Financial results will be released over PR Newswire via US National and European Financial distribution, after the close of the market on Wednesday, Aug 12, 2026. Cisco’s quarterly earnings press release will be posted at https://newsroom.cisco.com.

Date:
Wednesday, Aug 12, 2026

Time:
1:30 PM (PT); 4:30 PM (ET)

To Listen via Telephone:
888-848-6507
212-519-0847 (for International Callers)

To Listen via the Internet:
We are pleased to offer a live and replay audio broadcast of the conference call with corresponding slides at https://investor.cisco.com.

The conference call will also be livestreamed on YouTube, LinkedIn, & X.

Replay:
A telephone playback of the Q4 FY2026 conference call is scheduled to be available beginning at 4:00 PM (PT) on Aug 12, 2026, through 10:00 PM (PT) Aug 18, 2026. The replay will be accessible by calling 800-839-2232 (International callers: 203-369-3662). The call runs 24 hours/day, including weekends. An archived version of the webcast will be available on Cisco’s Investor Relations website at https://investor.cisco.com.

About Cisco

Cisco (NASDAQ: CSCO) is the worldwide technology leader that is revolutionizing the way organizations connect and protect in the AI era. For more than 40 years, Cisco has securely connected the world. With its industry leading AI-powered solutions and services, Cisco enables its customers, partners and communities to unlock innovation, enhance productivity and strengthen digital resilience. With purpose at its core, Cisco remains committed to creating a more connected and inclusive future for all. Discover more on The Newsroom and follow us on X at @Cisco.

Investor Relations Contact:

Press Contact:

Sami Badri

Britt Stagnaro

Cisco

sambadri@cisco.com

media_pr@external.cisco.com

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SOURCE Cisco Systems, Inc.

Technology

Cognex Reports Second Quarter 2026 Results

Published

57 minutes ago

August 5, 2026

NATICK, Mass., Aug. 5, 2026 /PRNewswire/ — Cognex Corporation (NASDAQ: CGNX), the global technology leader in industrial machine vision, today reported financial results for the second quarter ended July 5, 2026.

Second-Quarter Financial and Operating Highlights

Achieved record quarterly revenue of $291 million, driven by broad-based strength across most major end markets; second-quarter revenue increased 17% year over year, or 16% on a constant-currency basis.Operating margin was 29.4%; delivered an Adjusted EBITDA margin of 32.2%, up 1,150 basis points year over year, marking the eighth consecutive quarter of margin expansion.Net income per diluted share was $0.43; generated Adjusted diluted earnings per share of $0.45, up 80% year over year, representing the eighth consecutive quarter of growth.Issued full-year 2026 guidance anticipating strong double-digit revenue growth and significant year-over-year expansion in profitability.Announced the general availability of OneVision™, with hundreds of customers using the platform to accelerate configuration and deployment of AI-powered vision applications.

“Q2 was another strong quarter for Cognex and further evidence that our strategy is driving results,” said Matt Moschner, President and CEO. “We delivered exceptional performance, highlighted by record revenue, strong margin expansion, and significant earnings growth, which we believe reflects both a more favorable demand environment and focused execution across the business. We continue to make meaningful progress against our strategic objectives to extend our leadership in AI-enabled machine vision, deliver the leading customer experience in the industry, and double our customer base.”

Mr. Moschner continued, “We believe that diversification is central to the next chapter of Cognex’s growth. We are focused on broadening our reach across customers, channels, adjacencies and end markets, while prioritizing the automation challenges where we expect our technology can create the most value. We believe this strategy will position Cognex to shape the future of AI-enabled machine vision and deliver more sustainable and profitable growth over time.”

Dennis Fehr, CFO, added, “We believe that our Q2 performance underscores the strength of our profitable growth strategy and the strong leverage in our financial model. We are continuing to transform our operating model to drive higher productivity, support sustainable margin expansion, and strengthen our ability to scale efficiently over time. We believe that this disciplined approach will enable us to support Cognex’s long-term growth objectives while reinforcing our commitment to creating shareholder value.”

Financial Performance Highlights for the Second Quarter
(Dollars in millions, except per share amounts)

Three-months ended

July 05, 2026

June 29, 2025

Y/Y Change

Revenue

$291

$249

+17 %

Operating Income

$86

$43

+100 %

% of Revenue

29.4 %

17.4 %

+1,200 bps

Adjusted EBITDA1

$94

$52

81 %

% of Revenue

32.2 %

20.7 %

+1,150 bps

Net Income per Diluted Share

$0.43

$0.24

+79 %

Adjusted EPS (Diluted)1

$0.45

$0.25

+80 %

1Adjusted EBITDA and Adjusted EPS (Diluted) include non-GAAP adjustments. A reconciliation from GAAP to non-GAAP metrics is provided in this news release.

Revenue was $291 million, compared with $249 million in the second quarter of 2025, an increase of 17%. Excluding the impact of foreign currency exchange (FX), revenue increased 16% compared to the prior year, driven by broad-based strength across most major end markets.Gross margin was 70.6% compared to 67.4% in the second quarter of 2025. Adjusted gross margin was 71.5% compared to 68.0% in the second quarter of 2025, an increase of 350 basis points. The year-over-year increase was primarily driven by favorable mix and volume. Tariff refunds were not a material contributor to the strong gross margin performance.Operating expenses were $120 million compared to $124 million in the second quarter of 2025, a decrease of 3%. Adjusted operating expenses were $119 million compared to $123 million in the second quarter of 2025, a decrease of 3%. On a constant-currency basis, Adjusted operating expenses decreased 5% year over year, primarily driven by disciplined cost management.Operating income was $86 million compared to $43 million in the second quarter of 2025, an increase of 100%. Operating margin was 29.4% compared to 17.4% in the second quarter of 2025, an increase of 1,200 basis points. Adjusted operating margin was 30.7% compared to 18.7% in the second quarter of 2025, an increase of 1,200 basis points.Adjusted EBITDA was $94 million compared to $52 million in the second quarter of 2025, an increase of 81%. Adjusted EBITDA margin was 32.2% compared to 20.7% in the second quarter of 2025, an increase of 1,150 basis points. The year-over-year expansion was driven by revenue growth and favorable mix.Net income of $73 million compared to $41 million in the second quarter of 2025, an increase of 78%. Adjusted net income of $76 million compared to $43 million in the second quarter of 2025, an increase of 77%.Net income per diluted share was $0.43 compared to $0.24 in the second quarter of 2025, an increase of 79%. Adjusted diluted earnings per share were $0.45 compared to $0.25 in the second quarter of 2025, an increase of 80%.

Balance Sheet and Cash Flow Highlights

As of July 5, 2026, Cognex’s financial position remained strong, with $755 million in cash and investments and no debt.During the second quarter, Cognex generated $69 million of cash from operating activities compared to $43 million in the second quarter of 2025, an increase of 60%.During the second quarter, Cognex generated Free Cash Flow (FCF) of $68 million compared to $40 million in the second quarter of 2025, an increase of 70%. Second quarter FCF conversion rate was 93% of net income and 89% of Adjusted net income. Trailing twelve-month FCF conversion rate was 153% of net income and 114% of Adjusted net income.Cognex paid $14 million in dividends to shareholders in the second quarter.

Dividend

On August 5, 2026, Cognex’s Board of Directors declared a quarterly cash dividend of $0.085 per share. The dividend is payable on September 3, 2026, to all shareholders of record at the close of business on August 20, 2026.

Guidance

Cognex issued third-quarter and full-year 2026 guidance; details are summarized in the tables below.

Table 1: Third-Quarter 2026 Guidance

(Dollars in millions, except per
share amounts)

Q3 2026
Guidance

Q3 2025
Results

Q3 2025
Results
ex CP*

Y/Y
Change**

Y/Y Change**
ex CP*

Revenue

$300 – $320

$277

$264

+12 %

+17 %

Adj. EBITDA Margin1

32% – 35%

24.9 %

22.1 %

+860 bps

+1,140 bps

Adj. EPS (diluted)1

$0.50 – $0.54

$0.33

$0.28

+58 %

+86 %

Table 2: Full-Year 2026 Guidance

(Dollars in millions, except per
share amounts)

2026
Guidance

2025
Results

2025 Results
ex CP*

Y/Y
Change**

Y/Y Change**
ex CP*

Revenue

$1,130 – $1,150

$994

$982

+15 %

+16 %

Adj. EBITDA Margin1

29% – 31%

21.5 %

20.7 %

+850 bps

+930 bps

Adj. EPS (diluted)1

$1.64 – $1.68

$1.02

$0.97

+63 %

+71 %

* Excluding the one-time benefit from the commercial partnership with a medical lab automation channel partner (the “CP”).

** At the midpoint of guidance.

1Cognex has provided the forward-looking non-GAAP measures of adjusted EBITDA margin, and adjusted earnings per share (diluted), but cannot, without unreasonable effort, forecast such items to present or provide a reconciliation to corresponding forecasted GAAP measures. These include special items such as reorganization charges, acquisition and integration charges, and amortization of acquisition-related intangible assets, all of which are subject to limitations in predictability of timing, ultimate outcome and numerous conditions outside of Cognex’s control. Additionally, these items are outside of Cognex’s normal business operations and not used by management to assess Cognex’s operating results. Cognex believes these limitations would result in a range of projected values so broad as to not be meaningful to investors. For these reasons, Cognex believes that the probable significance of such information is low. Information with respect to special items for certain historical periods is included in the section entitled “Reconciliation of Selected Items From GAAP to Non-GAAP”. In Q3 2025 the GAAP operating margin was 20.9% and GAAP earnings per share (diluted) were $0.10, and in full-year 2025, the GAAP operating margin was 16.3% and GAAP earnings per share (diluted) were $0.68.

Analyst Conference Call and Simultaneous Webcast

Cognex will host a conference call on August 6, 2026, at 8:30 a.m. Eastern Daylight Time (EDT). The telephone number is (877) 704-4573 or (201) 389-0911 if outside the United States.A real-time audio broadcast of the conference call or an archived recording, together with a slide presentation, will be accessible on the Events & Presentations page of the Cognex Investor website: www.cognex.com/investor.

Forward-Looking Statements

Certain statements made in this report, as well as oral statements made by Cognex Corporation (“Cognex”, “we”, “us”, “our”, or the “Company”) from time to time, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Readers can identify these forward-looking statements by our use of the words “expects,” “anticipates,” “estimates,” “potential,” “believes,” “projects,” “intends,” “plans,” “aims,” “will,” “may,” “shall,” “could,” “should,” “opportunity,” “goal,” “objective,” “target,” “milestone” and similar words and other statements of a similar sense. These statements are based on our current estimates and expectations as to prospective events and circumstances, which may or may not be in our control and as to which there can be no firm assurances given. These forward-looking statements, which include statements regarding business and market trends, future financial performance, financial targets, milestones and related timing expectations, the impacts of our strategic portfolio review, the impact of tariffs, customer demand and order rates and timing of related revenue, future product or revenue mix, research and development activities, sales and marketing activities including our salesforce transformation, new product offerings, innovation and product development activities, customer acceptance of our products, commercial partnerships, capital expenditures, cost management activities including expected annualized operating expense reductions, investments, liquidity, dividends and stock repurchases, strategic and growth plans and opportunities, financial and operating models, acquisitions, and estimated tax benefits and expenses, changes in tax legislation, and other tax matters, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) the technological obsolescence of current products, the inability to develop new products, and the inability to achieve growth through expanding and adjacent markets; (2) the impact of competitive pressures; (3) the inability to attract and retain skilled employees and effectively plan for succession, while maintaining our unique corporate culture; (4) the failure to properly manage the distribution of products and services; (5) economic, political, and other risks associated with international sales and operations, including the impact of trade disputes, the imposition of tariffs, the economic climate in China, and the wars and conflicts involving Iran, Ukraine, and Israel and those that may arise in the future in the geographies where we conduct business; (6) the challenges in integrating and achieving expected results from acquired businesses; (7) uncertainty surrounding our future capital needs; (8) the inability to effectively scale our operations and salesforce to support a significantly expanded customer base in an increasing number of geographies; (9) information security breaches and other cybersecurity threats; (10) the failure to comply with laws or regulations relating to data privacy, data protection, artificial intelligence, or other automated technologies; (11) the inability to protect our proprietary technology and intellectual property; (12) the inability to manage direct and indirect disruptions to our supply chain, which could cause delays in obtaining components for our products at reasonable prices; (13) the failure to manufacture and deliver products in a timely manner; (14) the inability to obtain, or the delay in obtaining, components for our products at reasonable prices, including memory chips; (15) the inability to design and manufacture high-quality products; (16) the loss of, or curtailment of purchases by, large customers in the logistics, consumer electronics, or automotive end markets; (17) challenges in accurately forecasting our financial results due to seasonal and cyclical variations in customer purchasing patterns and economic and market volatility; (18) potential impairment charges with respect to our investments or acquired intangible assets; (19) exposure to additional tax liabilities, increases and fluctuations in our effective tax rate, and other tax matters; (20) fluctuations in foreign currency exchange rates and the use of derivative instruments; (21) unfavorable global economic conditions, including, without limitation, increases in interest rates, elevated inflation rates, and recession risks; (22) business disruptions from natural or man-made disasters, public health crises, or other events outside our control; (23) stock price volatility; (24) our involvement in time-consuming and costly litigation or activist shareholder activities; and (25) the failure to effectively transform our operating model, manage our expenses, and achieve expected cost reductions. The foregoing list should not be construed as exhaustive and we encourage readers to refer to the detailed discussion of risk factors included in Part I – Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Annual Report”), as updated by Part II – Item 1A of our Quarterly Reports on Form 10-Q as filed with the SEC. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation to subsequently revise forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date such statements are made.

COGNEX CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)

July 5, 2026

December 31, 2025

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$ 302,521

$ 262,925

Current investments

101,849

74,037

Accounts receivable, net of allowance for credit losses of $726 and $728 in 2026 and
2025, respectively

216,232

146,713

Unbilled revenue

12,684

16,980

Inventories

142,839

137,889

Prepaid expenses and other current assets

73,755

58,702

Total current assets

849,880

697,246

Non-current investments

350,643

305,339

Property, plant, and equipment, net

81,452

86,015

Operating lease assets

68,543

72,310

Goodwill

381,385

386,279

Intangible assets, net

64,464

81,100

Deferred income taxes

377,830

383,272

Other assets

4,453

4,994

Total assets

$ 2,178,650

$ 2,016,555

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$ 65,060

$ 50,203

Accrued expenses

80,586

91,397

Accrued income taxes

9,126

9,141

Deferred revenue and customer deposits

48,978

21,094

Operating lease liabilities

12,281

11,716

Total current liabilities

216,031

183,551

Non-current operating lease liabilities

60,196

64,870

Deferred income taxes

248,888

250,512

Reserve for income taxes

21,963

24,269

Other liabilities

2,017

1,452

Total liabilities

549,095

524,654

Shareholders’ equity:

Preferred stock, $.01 par value – Authorized: 400 shares in 2026 and 2025,
respectively; no shares issued and outstanding

—

Common stock, $.002 par value – Authorized: 300,000 shares in 2026 and 2025,
respectively; issued and outstanding: 168,217 and 166,997 shares in 2026 and 2025,
respectively

336

334

Additional paid-in capital

1,294,544

1,138,708

Retained earnings

397,135

406,355

Accumulated other comprehensive loss, net of tax

(62,460)

(53,496)

Total shareholders’ equity

1,629,555

1,491,901

Total liabilities and shareholders’ equity

$ 2,178,650

$ 2,016,555

COGNEX CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)

Three-months Ended

Six-months Ended

July 5, 2026

June 29, 2025

July 5, 2026

June 29, 2025

Revenue

$ 291,263

$ 249,093

$ 559,700

$ 465,129

Cost of revenue (1)

85,490

81,217

162,988

152,930

Gross profit

205,773

167,876

396,712

312,199

Percentage of revenue

70.6 %

67.4 %

70.9 %

67.1 %

Research, development, and engineering expenses (1)

32,391

33,102

69,416

67,829

Percentage of revenue

11.1 %

13.3 %

12.4 %

14.6 %

Selling, general, and administrative expenses (1)

87,865

91,341

181,906

174,845

Percentage of revenue

30.2 %

36.7 %

32.5 %

37.6 %

Operating income

85,517

43,433

145,390

69,525

Percentage of revenue

29.4 %

17.4 %

26.0 %

14.9 %

Foreign currency gain (loss)

(862)

(1,503)

(2,207)

(3,956)

Investment income

5,091

4,040

9,927

8,030

Other income (expense)

(446)

2,092

(2,053)

2,261

Income before income tax expense

89,300

48,062

151,057

75,860

Income tax expense

16,544

7,551

26,597

11,746

Net income

$ 72,756

$ 40,511

$ 124,460

$ 64,114

Percentage of revenue

25.0 %

16.3 %

22.2 %

13.8 %

Net income per weighted-average common and common-
equivalent share:

Basic

$ 0.43

$ 0.24

$ 0.75

$ 0.38

Diluted

$ 0.43

$ 0.24

$ 0.74

$ 0.38

Weighted-average common and common-equivalent
shares outstanding:

Basic

167,346

167,886

166,921

168,568

Diluted

169,989

168,563

169,166

169,553

Cash dividends per common share

$ 0.085

$ 0.080

$ 0.170

$ 0.160

(1) Amounts include stock-based compensation expense, as follows:

Cost of revenue

$ 592

$ 537

$ 1,517

$ 1,205

Research, development, and engineering

3,388

3,443

8,482

8,139

Selling, general, and administrative

7,232

8,314

13,146

12,889

Total stock-based compensation expense

$ 11,212

$ 12,294

$ 23,145

$ 22,233

Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures, including adjusted gross profit and margin, adjusted operating expense, adjusted operating income and margin, adjusted EBITDA and margin, adjusted net income, adjusted earnings per share of common stock, diluted, adjusted effective tax rate, and free cash flow and free cash flow conversion rate. Cognex defines its non-GAAP metrics as follows:

Adjusted gross profit and margin: Gross margin adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events.Adjusted operating expense: Operating expense adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events.Adjusted operating income and margin: Operating income adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events.Adjusted EBITDA and margin: Operating income adjusted for amortization of acquisition-related intangible assets and depreciation, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events.Adjusted net income: Net income adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs, discrete tax items, tax impact on reconciling items and one-time discrete events (such as loss on sale of business).Adjusted earnings per share of common stock, diluted: Adjusted net income divided by diluted weighted average common and common-equivalent shares.Adjusted effective tax rate: Effective tax rate adjusted for discrete tax items and the net impact of the other non-GAAP adjustments.Free cash flow: Cash provided by operating activities less cash for capital expenditures.Free cash flow conversion rate: Free cash flow divided by net income or adjusted net income, as applicable.

Cognex may disclose results on a constant-currency basis as one measure to evaluate its performance and compare results between periods as if the exchange rates had remained constant period-over-period.

Cognex believes these non-GAAP financial measures are helpful because they allow investors to more accurately compare results over multiple periods using the same methodology that management employs in its budgeting process, in its review of operating results, and for forecasting and planning for future periods. Cognex’s definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Furthermore, these measures have certain limitations in that they do not include the impact of certain non-recurring expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, our non-GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

Please see the section “Reconciliation of Selected Items from GAAP to Non-GAAP” below for more detailed information regarding non-GAAP financial measures herein, including the items reflected in our adjusted financial metrics and a description of these adjustments.

COGNEX CORPORATION
RECONCILIATION OF SELECTED ITEMS FROM GAAP TO NON-GAAP
Dollars in thousands, except per share amounts
(Unaudited)

Three-months Ended

Six-months Ended

July 5, 2026

June 29, 2025

July 5, 2026

June 29, 2025

Gross profit (GAAP)

$ 205,773

$ 167,876

$ 396,712

$ 312,199

Acquisition and integration costs

218

211

434

453

Amortization of acquisition-related intangible assets

1,323

1,382

2,660

2,720

Reorganization charges

921

—

1,295

Adjusted gross profit

$ 208,235

$ 169,469

$ 401,101

$ 315,458

GAAP gross margin

70.6 %

67.4 %

70.9 %

67.1 %

Adjusted gross margin

71.5 %

68.0 %

71.7 %

67.8 %

Operating expense (GAAP)

$ 120,256

$ 124,443

$ 251,322

$ 242,674

Acquisition and integration costs

(15)

(259)

(30)

(797)

Amortization of acquisition-related intangible assets

(972)

(1,296)

(2,167)

(2,586)

Reorganization charges

(335)

—

(5,090)

(1,622)

Adjusted operating expense

$ 118,934

$ 122,888

$ 244,035

$ 237,669

Operating income (GAAP)

$ 85,517

$ 43,433

$ 145,390

$ 69,525

Acquisition and integration costs

233

470

464

1,250

Amortization of acquisition-related intangible assets

2,295

2,678

4,827

5,306

Reorganization charges

1,256

—

6,385

1,708

Adjusted operating income

$ 89,301

$ 46,581

$ 157,066

$ 77,789

GAAP operating margin

29.4 %

17.4 %

26.0 %

14.9 %

Adjusted operating margin

30.7 %

18.7 %

28.1 %

16.7 %

Depreciation (adjusted for amounts included in Acquisition and
integration costs)

4,358

5,095

8,830

10,178

Adjusted EBITDA

$ 93,659

$ 51,676

$ 165,896

$ 87,967

Adjusted EBITDA margin

32.2 %

20.7 %

29.6 %

18.9 %

Net income (GAAP)

$ 72,756

$ 40,511

$ 124,460

$ 64,114

Acquisition and integration costs

233

470

464

1,250

Amortization of acquisition-related intangible assets

2,295

2,678

4,827

5,306

Reorganization charges

1,256

—

6,385

1,708

Loss on sale of business

—

1,539

—

Discrete tax (benefit) expense

450

(211)

(729)

(518)

Tax impact of reconciling items

(1,102)

(891)

(3,740)

(2,256)

Adjusted net income

$ 75,888

$ 42,557

$ 133,206

$ 69,604

Earnings per share of common stock, diluted (GAAP)

$ 0.43

$ 0.24

$ 0.74

$ 0.38

Acquisition and integration costs

0.00

0.01

Amortization of acquisition-related intangible assets

0.01

0.02

0.03

Reorganization charges

0.01

—

0.04

0.01

Loss on sale of business

—

0.01

—

Discrete tax (benefit) expense

0.00

Tax impact of reconciling items

(0.01)

(0.02)

(0.01)

Adjusted earnings per share of common stock, diluted

$ 0.45

$ 0.25

$ 0.80

$ 0.41

Effective tax rate (GAAP)

18.5 %

15.7 %

17.6 %

15.5 %

Discrete tax benefit (expense)

(0.5) %

0.4 %

0.5 %

0.7 %

Net impact of other reconciling items

0.4 %

0.7 %

0.8 %

1.1 %

Adjusted effective tax rate

18.5 %

16.9 %

18.9 %

17.3 %

Cash provided by operating activities (GAAP)

$ 69,153

$ 42,625

$ 114,246

$ 83,127

Capital expenditures

(1,532)

(2,194)

(4,289)

(4,695)

Free cash flow

$ 67,621

$ 40,431

$ 109,957

$ 78,432

Description of adjustments:

In addition to reporting financial results in accordance with U.S. GAAP, the Company also provides various non-GAAP measures that incorporate adjustments for the impacts of special items. Adjustments incorporated in the preparation of these non-GAAP measures for the periods presented include the items described below:

Depreciation:

The company incurs expense related to its normal use of property, plant and equipment.

Acquisition and integration costs:

The Company has incurred charges related to the purchase and integration of acquired businesses. During the periods presented, these costs were primarily related to the ongoing integration of Moritex Corporation, which the company acquired in the fourth quarter of 2023.

Amortization of acquisition-related intangible assets:

The Company excludes the amortization of acquired intangible assets from non-GAAP expense and income measures. These items are inconsistent in amount and frequency and are significantly impacted by the timing and size of acquisitions, and include the amortization of customer relationships, completed technologies, and trademarks that originated from prior acquisitions. The largest driver of intangible asset amortization was the acquisition of Moritex Corporation.

Reorganization charges:

The Company has incurred charges related to the reorganization of its employees. During the three-month period ended July 5, 2026, these costs consisted primarily of severance and consulting fees.

Loss on sale of business:

The Company has recognized a pre-tax loss related to the divestiture of its Japan-focused trading business, which includes direct costs associated with the divestiture incurred during the six-month period ended July 5, 2026.

Discrete tax (benefit) expense and tax impact of reconciling items:

Items unrelated to current period ordinary income or (loss) that generally relate to changes in tax laws, adjustments to prior period’s actual liability determined upon filing tax returns, adjustments to previously recorded reserves for uncertain tax positions, establishments and adjustments of valuation allowances, stock based compensation, and adjustments to deferred tax positions.We estimate the tax effect of items identified in the reconciliation by applying the statutory tax rate to the pre-tax amount.

About Cognex Corporation

For over 40 years, Cognex has been making advanced machine vision easy, paving the way for manufacturing and distribution companies to become faster, smarter, and more efficient through automation. Innovative technology in our vision sensors and systems solves critical manufacturing and distribution challenges, providing unparalleled performance for industries from automotive to consumer electronics to packaged goods.

Cognex makes these tools more capable and easier to deploy thanks to a longstanding focus on AI, helping factories and warehouses improve quality and maximize efficiency without needing highly technical expertise. We are headquartered near Boston, USA, with locations in over 30 countries and more than 30,000 customers worldwide. Learn more at cognex.com.

Investor Relations Contact:
Greer Aviv – Head of Investor Relations
Cognex Corporation
Greer.Aviv@cognex.com

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SOURCE Cognex Corporation