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Garmin announces second quarter 2026 results

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3 months ago

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Company reports record second quarter operating results and raises full year guidance

SCHAFFHAUSEN, Switzerland, July 29, 2026 /PRNewswire/ — Garmin® Ltd. (NYSE: GRMN), today announced results for the second quarter ended June 27, 2026.

Highlights include:

Record consolidated revenue of approximately $2.02 billion, an 11% increase compared to the prior year quarterGross and operating margins expanded to 62.4% and 30.4% respectively, compared to the prior year quarterRecord operating income of $616 million, a 30% increase compared to the prior year quarterGAAP EPS of $2.80 and pro forma EPS(1) of $2.81, representing a 29% increase in pro forma EPS compared to the prior year quarterRecently completed the strategic acquisition of TrainingPeaks® and TrainHeroic®, leading training platforms for athletes and coachesRecently unveiled AXIS™, an all-new highly scalable family of flight displaysRecently announced CIRQA™ Smart Band, our first screenless smart band, that includes a rich set of health and wellness features

(In thousands, except per share information)

13-Weeks Ended

26-Weeks Ended

June 27,

June 28,

YoY

June 27,

June 28,

YoY

2026

2025

Change

2026

2025

Change

Net sales

$

2,022,092

$

1,814,564

11 %

$

3,775,582

$

3,349,663

13 %

      Fitness

756,823

605,425

25 %

1,303,646

990,147

32 %

      Outdoor

482,740

490,357

(2) %

900,270

928,853

(3) %

      Aviation

268,749

249,366

8 %

532,590

472,481

13 %

      Marine

341,369

299,262

14 %

696,385

618,699

13 %

      Auto OEM

172,411

170,154

1 %

342,691

339,483

1 %

Gross profit

1,262,022

1,067,012

18 %

2,304,310

1,951,557

18 %

Gross margin %

62.4

%

58.8

%

61.0

%

58.3

%

Operating Income

615,508

472,295

30 %

1,047,173

805,119

30 %

Operating income %

30.4

%

26.0

%

27.7

%

24.0

%

GAAP diluted EPS

$

2.80

$

2.07

35 %

$

4.89

$

3.79

29 %

Pro forma diluted EPS(1)

$

2.81

$

2.17

29 %

$

4.89

$

3.78

29 %

(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS

Executive Overview from Cliff Pemble, President and Chief Executive Officer:

“We delivered another quarter of outstanding financial results with double-digit revenue growth and robust margin expansion, which resulted in record revenue and operating income. Each business segment contributed to these impressive results. Our performance in the first half of 2026 was very strong giving us confidence to raise our full year 2026 consolidated revenue and EPS guidance.” – Cliff Pemble, President and Chief Executive Officer of Garmin Ltd.

Fitness:

Revenue from the fitness segment increased 25% in the second quarter with growth across all product categories, led by strong demand for advanced wearables. Gross and operating margins were 64% and 37%, respectively, resulting in $277 million of operating income. During the quarter, we launched the Forerunner® 70 and Forerunner 170, easy-to-use GPS running smartwatches designed to help runners of all levels reach their goals. In addition, we celebrated global running day and global cycling day with the release of our running and cycling data reports, highlighting how athletes around the world are recording runs and rides. More recently, we announced the CIRQA Smart Band, a screenless wearable that offers rich wellness and fitness insights without requiring a subscription and further expands our addressable market for wellness devices.

Outdoor:

Revenue from the outdoor segment decreased 2% in the second quarter primarily due to the consumer auto and adventure watch product categories. Gross and operating margins were 69% and 34%, respectively, resulting in $164 million of operating income. We recently announced the Approach® Z10, a compact laser rangefinder that sends precise distances to compatible devices bringing a high-fidelity experience to game play, and we also released our Trends in Golf Data Report, highlighting that participation in the sport is up and players improving in nearly every shot category. 

Aviation:

Revenue from the aviation segment increased 8% in the second quarter with growth in both the OEM and aftermarket product categories. Gross and operating margins were 75% and 27%, respectively, resulting in $72 million of operating income. For the 11th consecutive year, we were named Best Supplier of the Year by Embraer, recognizing us for outstanding performance as a supplier of Electrical and Electronic Systems for their Phenom business jets. During the quarter, we launched the D2™ Mach 2 Pro, our first aviator smartwatch with inReach technology. We also recently announced AXIS, an all-new family of highly integrated and scalable cockpit display solutions for a broad range of certified and experimental aircraft models.

Marine:

Revenue from the marine segment increased 14% in the second quarter with broad-based growth across multiple categories. Gross and operating margins were 61% and 29%, respectively, resulting in $100 million of operating income. During the quarter, we launched the Garmin Signal™ VHF marine radios which offer color touchscreens and new features that enhance communication on the water. We recently announced the next generation LiveScope™ 2, delivering live sonar images with improved range and clarity. 

Auto OEM:

Revenue from the auto OEM segment increased 1% during the second quarter primarily due to domain controllers. Operating income improved to $3 million in the quarter, compared to an operating loss in the prior-year period, driven by improved gross profit and lower research and development expenses.

Additional Financial Information:

The consolidated gross margin expanded 360 basis points to 62.4%, compared to the prior year quarter with higher margins across all segments. The consolidated gross margin increase was primarily attributable to favorable product mix within certain segments and approximately $21 million in refunds of previously paid tariffs.

Total operating expenses in the second quarter were $647 million, a 9% increase over the prior year. Research and development and selling, general and administrative expenses increased 10% and 8%, respectively, driven primarily by personnel related costs.

The effective tax rate in the second quarter was 16.8%, compared to an effective tax rate of 16.5% in the prior year quarter. The increase in the effective tax rate is primarily due to income mix by jurisdiction.

In the second quarter of 2026, we generated operating cash flows of $404 million and free cash flow(1) of $276 million. We paid a quarterly dividend of $202 million and repurchased $43 million of the Company’s shares within the quarter, leaving approximately $448 million remaining as of June 27, 2026 in the $500 million share repurchase program authorized through December 2028. We ended the quarter with cash and marketable securities of approximately $4.4 billion.

(1)

See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma effective tax rate and free cash flow.

Fiscal Year 2026 Guidance:

Based on our performance during the first half of 2026 and our positive outlook for the remainder of the year, we are raising our full year 2026 guidance. We now anticipate revenue of approximately $8.05 billion and pro forma EPS of $10.00 based on gross margin of 59.7%, operating margin of 27.0% and a full year tax rate of 16.5% (see attached discussion on Forward-looking Financial Measures).

Dividend Recommendation:

At the 2026 annual shareholders’ meeting, Garmin shareholders, in accordance with Swiss corporate law, approved a cash dividend in the total amount of $4.20 per share, payable in four equal installments on dates to be determined by the Board in its discretion. The first payment was made on June 26, 2026. The Board of Directors has established September 25, 2026, as the payment date for the next dividend installment of $1.05 per share with a record date of September 11, 2026. The Board currently anticipates the scheduling of the remaining quarterly dividend installments as follows:

Dividend Date

Record Date

$’s per share

December 24, 2026

December 11, 2026

$1.05

March 26, 2027

March 12, 2027

$1.05

Webcast Information/Forward-Looking Statements:

The information for Garmin Ltd.’s earnings call is as follows:

When:

Wednesday, July 29, 2026 10:30 a.m. Eastern

Where:

Join a live stream of the call at the following link

https://investors.garmin.com/news-and-events/default.aspx

An archive of the live webcast will be available until July 28, 2027 on the Garmin website at www.garmin.com. To access the replay, click on the Investors link and click over to the News & Events page.

This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as “anticipates,” “would,” “may,” “expects,” “estimates,” “plans,” “intends,” “projects,” and other words or phrases with similar meanings. Any statements regarding the Company’s expected fiscal 2026 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company’s expected segment revenue growth rates, consolidated revenue, gross margins, operating margins, tariffs and other global trade related impacts, potential future acquisitions, share repurchase programs, currency movements, expenses, pricing, new product launches, market reach, statements relating to possible future dividends, and the Company’s plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 27, 2025 filed by Garmin with the Securities and Exchange Commission (Commission file number 001-41118). A copy of Garmin’s 2025 Form 10-K can be downloaded from https://investors.garmin.com/financials/sec-filings/default.aspx. All information provided in this release and in the attachments is as of June 27, 2026. We undertake no duty to update this information unless required by law.

This release and the attachments contain non-GAAP financial measures. A reconciliation to the nearest GAAP measure and a discussion of the Company’s use of these measures are included in the attachments.

Garmin, the Garmin logo, the Garmin delta, Approach, Forerunner, TrainingPeaks, TrainHeroic, and inReach are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. AXIS, LiveScope, D2, CIRQA, and Garmin Signal are trademarks of Garmin Ltd. or its subsidiaries.  All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Investor Relations Contact:

Media Relations Contact:

Teri Seck

 Krista Klaus    

+1 913 397 8200

+1 913 397 8200

investor.relations@garmin.com  

media.relations@garmin.com 

 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

(In thousands, except per share information)

13-Weeks Ended

26-Weeks Ended

June 27,

June 28,

June 27,

June 28,

2026

2025

2026

2025

Net sales

$

2,022,092

$

1,814,564

$

3,775,582

$

3,349,663

Cost of goods sold

760,070

747,552

1,471,272

1,398,106

Gross profit

1,262,022

1,067,012

2,304,310

1,951,557

Research and development expense

303,940

276,663

599,758

544,783

Selling, general and administrative expenses

342,574

318,054

657,379

601,655

Total operating expense

646,514

594,717

1,257,137

1,146,438

Operating income

615,508

472,295

1,047,173

805,119

Other income (expense):

Interest income

38,173

31,724

74,147

62,231

Foreign currency (losses) gains

(2,492)

(23,512)

630

1,248

Other (expense) income

(128)

(256)

1,640

730

Total other income (expense)

35,553

7,956

76,417

64,209

Income before income taxes

651,061

480,251

1,123,590

869,328

Income tax provision

109,141

79,429

176,591

135,737

Net income

$

541,920

$

400,822

$

946,999

$

733,591

Net income per share:

Basic

$

2.81

$

2.08

$

4.91

$

3.81

Diluted

$

2.80

$

2.07

$

4.89

$

3.79

Weighted average common shares outstanding:

Basic

192,836

192,523

192,755

192,534

Diluted

193,471

193,416

193,515

193,557

 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

June 27,

2026

December 27,
2025

Assets

Current assets:

Cash and cash equivalents

$

2,334,235

$

2,278,646

Marketable securities

331,955

459,202

Accounts receivable, net

1,153,215

1,253,015

Inventories

1,966,061

1,772,257

Deferred costs

13,673

17,538

Prepaid expenses and other current assets

509,473

467,558

Total current assets

6,308,612

6,248,216

Property and equipment, net

1,454,228

1,375,348

Operating lease right-of-use assets

212,297

196,183

Noncurrent marketable securities

1,703,680

1,396,929

Deferred income tax assets

717,795

718,094

Noncurrent deferred costs

3,930

4,373

Goodwill

748,474

760,241

Other intangible assets, net

179,054

198,362

Other noncurrent assets

95,821

95,923

Total assets

$

11,423,891

$

10,993,669

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

401,318

$

347,493

Salaries and benefits payable

201,311

228,267

Accrued warranty costs

71,560

72,921

Accrued sales program costs

118,531

153,193

Other accrued expenses

249,765

257,651

Deferred revenue

106,956

105,646

Income taxes payable

326,081

381,549

Dividend payable

607,651

173,351

Total current liabilities

2,083,173

1,720,071

Deferred income tax liabilities

107,365

109,701

Noncurrent income taxes payable

3,754

3,596

Noncurrent deferred revenue

22,072

22,277

Noncurrent operating lease liabilities

177,957

164,835

Other noncurrent liabilities

557

625

Stockholders’ equity:

Common shares, $0.10 par value (194,901 and 194,901 shares authorized and

issued; 192,910 and 192,620 shares outstanding)

19,490

19,490

Additional paid-in capital

2,381,041

2,368,670

Treasury shares (1,991 and 2,281 shares)

(427,840)

(406,423)

Retained earnings

7,106,837

6,970,182

Accumulated other comprehensive income (loss)

(50,515)

20,645

Total stockholders’ equity

9,029,013

8,972,564

Total liabilities and stockholders’ equity

$

11,423,891

$

10,993,669

 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

26-Weeks Ended

June 27, 2026

June 28, 2025

Operating Activities:

Net income

$

946,999

$

733,591

Adjustments to reconcile net income to net cash provided by

   operating activities:

Depreciation

81,270

75,980

Amortization

16,711

17,423

Loss on sale or disposal of property and equipment

55

350

Unrealized foreign currency losses (gains)

2,575

(16,566)

Deferred income taxes

3,418

(49,754)

Stock compensation expense

88,793

82,279

Realized loss on marketable securities

597

706

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable, net of allowance for doubtful accounts

84,187

17,902

Inventories

(209,361)

(206,276)

Other current and noncurrent assets

(44,687)

(37,092)

Accounts payable

59,547

(2,591)

Other current and noncurrent liabilities

(68,307)

2,408

Deferred revenue

1,187

(6,843)

Deferred costs

4,310

7,262

Income taxes

(27,750)

(24,820)

Net cash provided by operating activities

939,544

593,959

Investing activities:

Purchases of property and equipment

(194,395)

(85,738)

Purchase of marketable securities

(510,525)

(465,372)

Redemption of marketable securities

311,308

306,469

Net payments for acquisitions

(2,993)

(1,973)

Other investing activities, net

(68)

503

Net cash used in investing activities

(396,673)

(246,111)

Financing activities:

Dividends

(376,045)

(317,748)

Proceeds from issuance of treasury shares related to equity awards

31,442

29,065

Purchase of treasury shares related to equity awards

(47,063)

(33,431)

Purchase of treasury shares under share repurchase plan

(81,581)

(93,632)

Net cash used in financing activities

(473,247)

(415,746)

Effect of exchange rate changes on cash and cash equivalents

(14,014)

60,650

Net increase (decrease) in cash, cash equivalents, and restricted cash

55,610

(7,248)

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

2,279,360

2,080,154

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

$

2,334,970

$

2,072,906

 

Garmin Ltd. and Subsidiaries

Net Sales, Gross Profit and Operating Income by Segment (Unaudited)

(In thousands)

Fitness

Outdoor

Aviation

Marine

Auto OEM

Total

13-Weeks Ended June 27, 2026

Net sales

$

756,823

$

482,740

$

268,749

$

341,369

$

172,411

$

2,022,092

Gross profit

480,723

332,319

201,971

208,964

38,045

1,262,022

Operating income (loss)

277,039

163,583

72,166

99,848

2,872

615,508

13-Weeks Ended June 28, 2025

Net sales

$

605,425

$

490,357

$

249,366

$

299,262

$

170,154

$

1,814,564

Gross profit

364,670

324,429

185,472

164,338

28,103

1,067,012

Operating income (loss)

197,630

157,881

63,383

62,921

(9,520)

472,295

26-Weeks Ended June 27, 2026

Net sales

$

1,303,646

$

900,270

$

532,590

$

696,385

$

342,691

$

3,775,582

Gross profit

819,246

610,261

399,279

406,340

69,184

2,304,310

Operating income (loss)

434,659

282,373

143,100

190,606

(3,565)

1,047,173

26-Weeks Ended June 28, 2025

Net sales

$

990,147

$

928,853

$

472,481

$

618,699

$

339,483

$

3,349,663

Gross profit

584,813

606,964

353,374

348,271

58,135

1,951,557

Operating income (loss)

275,344

286,668

111,739

149,785

(18,417)

805,119

 

Garmin Ltd. and Subsidiaries

Net Sales by Geography (Unaudited)

(In thousands)

13-Weeks Ended

26-Weeks Ended

June 27,

June 28,

YoY

June 27,

June 28,

YoY

2026

2025

Change

2026

2025

Change

Net sales

$

2,022,092

$

1,814,564

11 %

$

3,775,582

$

3,349,663

13 %

Americas

979,390

878,014

12 %

1,801,019

1,623,747

11 %

EMEA

766,069

677,402

13 %

1,422,914

1,246,355

14 %

APAC

276,633

259,148

7 %

551,649

479,561

15 %

Americas – North America & South America; EMEA – Europe, Middle East & Africa; APAC – Asia Pacific & Australian Continent

Non-GAAP Financial Information

To supplement our financial results presented in accordance with GAAP, this release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: pro forma effective tax rate, pro forma net income (earnings) per share and free cash flow. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies, limiting the usefulness of the measures for comparison with other companies. Management believes providing investors with an operating view consistent with how it manages the Company provides enhanced transparency into the operating results of the Company, as described in more detail by category below. 

The tables below provide reconciliations between the GAAP and non-GAAP measures.

Pro forma effective tax rate

The Company’s income tax expense is occasionally impacted by discrete tax items that are not reflective of income tax expense incurred as a result of current period earnings. Therefore, management believes the effective tax rate and income tax provision before the effect of certain discrete tax items are important measures to permit investors’ consistent comparison between periods. In the first half of 2026 and 2025 there were no such discrete tax items identified.

Pro forma net income (earnings) per share

Management believes net income (earnings) per share before the impact of foreign currency gains or losses and certain discrete income tax items, as discussed above, is an important measure to permit a consistent comparison of the Company’s performance between periods.

(In thousands, except per share information)

13-Weeks Ended

26-Weeks Ended

June 27,

June 28,

June 27,

June 28,

2026

2025

2026

2025

GAAP net income

$

541,920

$

400,822

$

946,999

$

733,591

Foreign currency gains / losses(1)

2,492

23,512

(630)

(1,248)

Tax effect of foreign currency gains / losses(2)

(418)

(3,889)

99

195

Pro forma net income

$

543,994

$

420,445

$

946,468

$

732,538

GAAP net income per share:

Basic

$

2.81

$

2.08

$

4.91

$

3.81

Diluted

$

2.80

$

2.07

$

4.89

$

3.79

Pro forma net income per share:

Basic

$

2.82

$

2.18

$

4.91

$

3.80

Diluted

$

2.81

$

2.17

$

4.89

$

3.78

Weighted average common shares outstanding:

Basic

192,836

192,523

192,755

192,534

Diluted

193,471

193,416

193,515

193,557

(1) Foreign currency gains and losses for the Company are driven by movements of a number of currencies in relation to the U.S. Dollar and the related exchange rate impact on the significant cash, receivables, and payables held in a currency other than the functional currency at a given legal entity.  However, there is minimal cash impact from such foreign currency gains and losses.

(2) The tax effect of foreign currency gains was calculated using the effective tax rates of 16.8% and 15.7% for the 13-weeks and 26-weeks ended June 27, 2026, respectively, and 16.5% and 15.6% for the 13-weeks and 26-weeks ended June 28, 2025, respectively.

Free cash flow

Management believes free cash flow is an important liquidity measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash flows less capital expenditures for property and equipment. Management believes excluding purchases of property and equipment provides a better understanding of the underlying trends in the Company’s operations and allows more accurate comparisons of the Company’s results between periods. This metric may also be useful to investors but should not be considered in isolation as it is not a measure of cash flow available for discretionary expenditures. The most comparable GAAP measure is net cash provided by operating activities.

(In thousands)

13-Weeks Ended

26-Weeks Ended

June 27,

June 28,

June 27,

June 28,

2026

2025

2026

2025

Net cash provided by operating activities

$

403,556

$

173,171

$

939,544

$

593,959

Less: purchases of property and equipment

(127,778)

(45,677)

(194,395)

(85,738)

Free cash flow

$

275,778

$

127,494

$

745,149

$

508,221

Forward-looking Financial Measures

The forward-looking financial measures in our 2026 guidance provided above do not consider the potential future net effect of foreign currency exchange gains and losses, certain discrete tax items and any other impacts that may be identified as pro forma adjustments in calculating the non-GAAP measures described above. 

The estimated impact of foreign currency gains and losses cannot be reasonably estimated on a forward-looking basis due to the high variability and low visibility with respect to non-operating foreign currency exchange gains and losses and the related tax effects of such gains and losses. The impact on diluted net income per share of foreign currency gains and losses, net of tax effects, was $0.00 per share for the 26-week period ended June 27, 2026.

At this time, management is unable to determine whether or not significant discrete tax items will occur in fiscal 2026, estimate the impact of any such items, or anticipate the impact of any other events that may be considered in the calculation of non-GAAP financial measures.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/garmin-announces-second-quarter-2026-results-302837349.html

SOURCE Garmin Ltd.

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Published

27 minutes ago

on

October 20, 2026

By

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Korea Day: Connecting Korean Buyers with Chinese Suppliers

A major opportunity for Korean visitors will be Korea Day, a dedicated buyer–supplier matchmaking initiative designed to facilitate business connections between Korean industry professionals and Chinese suppliers.

The program will provide a focused setting for buyers to communicate their sourcing needs, explore relevant products and technologies, and discuss potential cooperation directly with suppliers. For companies seeking new sourcing options, manufacturing partners or materials for product development, Korea Day can help make exhibition visits more targeted and productive.

Easier Travel: China’s 30-Day Visa-Free Policy for South Korean Citizens

Travel planning has also become more convenient for eligible Korean visitors. Under China’s current unilateral visa-free policy, South Korean citizens holding ordinary passports may enter China without a visa for stays of up to 30 days for business, tourism, family or friends visits, exchange visits and transit.

The policy has been extended through December 31, 2026. Visitors should consult the Chinese Embassy in the Republic of Korea for the latest official guidance.

Register to Visit Shenzhen This October

C-TOUCH & DISPLAY SHENZHEN 2026 and FILM & TAPE EXPO 2026 will take place October 27–29 at Shenzhen World Exhibition & Convention Center in Bao’an, Shenzhen, China.

C-TOUCH & DISPLAY SHENZHEN 2026: Pre-register here

FILM & TAPE EXPO 2026: Pre-register here

About RX Kuozhan

RX Kuozhan is a joint venture between Reed Exhibitions and Kuozhan Exhibition Services (Shanghai) Co., Ltd., established in 2015. The company organizes a portfolio of industry-leading exhibitions serving the display, touch technology, functional films, adhesive materials, commercial display and advanced materials sectors. Through its exhibitions and industry engagement initiatives, RX Kuozhan connects manufacturers, technology providers, buyers and industry professionals, facilitating business partnerships, technology exchange and cross-industry collaboration in China and international markets.

For more information, please visit C-TOUCH & DISPLAY SHENZHEN and FILM & TAPE EXPO.

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What’s Next for Webull Corporation Shareholders After 19.09% Stock Drop? Glancy Prongay Wolke & Rotter LLP Explains Securities Fraud Class Action Lead Plaintiff Deadline

Published

27 minutes ago

on

October 20, 2026

By

Complaint alleges Webull Corporation misled investors between April 26, 2025 and October 6, 2026; investors may seek lead plaintiff role by December 7, 2026

LOS ANGELES, Oct. 19, 2026 /PRNewswire/ — Glancy Prongay Wolke & Rotter LLP (“Glancy”) announced today that the class action lawsuit covers investors who bought Webull Corporation (“Webull” or the “Company”) (NASDAQ: BULL) securities between April 26, 2025 and October 6, 2026. The Webull Corporation case, Ward v. Webull Corporation et al., was filed on October 8, 2026 in the U.S. District Court Middle District of Florida (Tampa) (Case No. 8:26-cv-03052).

Investors who suffered losses on Webull Corporation investments can submit their Webull Corporation loss information here before the December 7, 2026 lead plaintiff deadline.

Key dates in the Webull Corporation case

Class period: April 26, 2025 to October 6, 2026Complaint filed: October 8, 2026Lead plaintiff deadline: December 7, 2026

What happened?

On October 7, 2026, the bipartisan House Select Committee on China issued a report which found “a profound gap” between Webull’s public marketing as “an American company” and actual control of the alleged St. Petersburg, Florida-based firm. The committee reportedly found “Webull’s ownership architecture, technical workforce, technology infrastructure, cross-border data routing, corporate financing, and compliance frameworks are tied in structural ways to the People’s Republic of China.” The Select Committee also reportedly found that Webull initially told the Select Committee that it had no offices or employees in China, while Webull’s mainland China subsidiary in fact employed approximately 863 employees, or 62% of Webull’s global workforce.

Webull Corporation stock fell $1.39 or 19.09%, to close at $5.89 on October 7, 2026, thereby injuring investors.

What is the Webull Corporation lawsuit about?

The Webull Corporation securities lawsuit alleges that, between April 26, 2025 and October 6, 2026, defendants made materially false and/or misleading statements and failed to disclose material adverse facts about Webull Corporation’s business, operations, and prospects. Specifically, the complaint alleges defendants failed to disclose that: (1) Webull’s mainland China operations were not limited to research and development and technical support functions, but rather Webull’s software development, data pipelines, and core engineering depended on PRC-based personnel and on infrastructure subject to Chinese law; (2) Webull’s ownership structure, technical workforce, technology infrastructure, cross-border data routing, financing, and compliance structure were structurally tied to China; (3) as a result, Webull’s representations that its principal business operations were based in the U.S. and that its U.S. customer data was insulated from non-U.S. access materially overstated Webull’s independence from the PRC; and (4) as a result, defendants’ positive statements about Webull Corporation’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

“The complaint filed against Webull Corporation alleges that, among other things, the Company failed to disclose that Webull’s mainland China operations were not limited to research and development and technical support functions, but rather Webull’s software development, data pipelines, and core engineering depended on PRC-based personnel and on infrastructure subject to Chinese law. For investors who bought during the class period, the December 7, 2026 deadline is the first major step in this case,” said Charles H. Linehan, Partner at Glancy Prongay Wolke & Rotter LLP.

What’s the next step?

Glancy Prongay Wolke & Rotter LLP is a leading national shareholder rights law firm, ready to assist Webull Corporation investors in potentially pursuing claims to recover their losses.

If you wish to serve as lead plaintiff in the Webull Corporation class action, you must move the Court no later than December 7, 2026. To learn more about your rights, visit the Webull Corporation case page, email shareholders@glancylaw.com, or call 310-201-9150 (toll-free: 888-773-9224).

You may retain counsel of your choice. If you bought Webull Corporation securities during the class period, you may take no action and remain an absent class member. No class has been certified yet in the Webull Corporation case.

Frequently Asked Questions

Who is eligible? Investors who purchased or otherwise acquired Webull Corporation securities between April 26, 2025 and October 6, 2026 and suffered losses may be members of the proposed class in the Webull Corporation shareholder lawsuit. Any class member may ask the court to appoint them lead plaintiff by December 7, 2026.

What is a lead plaintiff? In the Webull Corporation class action, the lead plaintiff is the investor, or group of investors, that the court appoints to represent all class members and oversee the case. Under the Private Securities Litigation Reform Act, courts generally presume the movant with the largest financial interest is the most adequate lead plaintiff.

Do I have to be lead plaintiff to recover? No. A Webull Corporation investor’s ability to share in any future recovery does not depend on serving as lead plaintiff. Webull Corporation investors may take no action and remain absent class members.

What is the deadline? Motions to serve as lead plaintiff in the Webull Corporation class action must be filed by December 7, 2026.

Does it cost anything to contact Glancy or participate in this action? Glancy represents Webull Corporation investors on a contingency fee basis, which means investors pay no attorneys’ fees unless there is a recovery. Any fees are subject to court approval and are paid from the recovery.

Can I choose my own lawyer? Yes. Webull Corporation investors may retain counsel of their choice.

Why work with Glancy on the Webull Corporation lawsuit? Glancy Prongay Wolke & Rotter LLP is a premier law firm with decades of experience representing investors and consumers in securities litigation and other complex class action litigation. Contact Glancy about the Webull Corporation lawsuit. Prior results do not guarantee a similar outcome.

About Glancy Prongay Wolke & Rotter LLP

Glancy was named one of Law360’s Securities Groups of the Year and ranked second in total investor recoveries by ISS Securities Class Action Services in 2025.

Glancy’s successes have been widely covered by leading news and industry publications, including The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

Prior results do not guarantee a similar outcome.

Related links

Webull Corporation case page, Glancy Prongay Wolke & Rotter LLPComplaint: Ward v. Webull Corporation et al., U.S. District Court Middle District of Florida (Tampa)Webull Corporation SEC filings index, EDGARGlancy Prongay Wolke & Rotter LLP

CONTACT:
Charles H. Linehan
Glancy Prongay Wolke & Rotter LLP
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Email: shareholders@glancylaw.com
Telephone: 310-201-9150 | Toll-free: 888-773-9224
www.glancylaw.com

Follow Glancy on LinkedIn, X, or Facebook.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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SOURCE Glancy Prongay Wolke & Rotter LLP

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NetDragon Partners with Jiuzhou Culture to Establish Joint Venture

Published

27 minutes ago

on

October 20, 2026

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Takes Controlling Stake in AI Harness Business to Advance a Third Growth Engine

HONG KONG, Oct. 19, 2026 /PRNewswire/ — NetDragon Websoft Holdings Limited (“NetDragon” or the “Company”; Hong Kong Stock Code: 0777), a global leader in building internet communities, is pleased to announce that it has entered into a legally binding memorandum of understanding (“MOU”) with Jiuzhou Culture (“Jiuzhou”), a leading AIGC short drama production and distribution company in China, to establish a joint venture (“JV”) in which NetDragon will hold a 51% controlling interest. The partnership will focus on artificial intelligence technologies, AIGC-powered content creation and digital technology services, further expanding NetDragon’s AI application scenarios and commercialisation opportunities while accelerating the development of a new growth engine.

Deepening the Integration of AIGC and Content to Build a Diversified Digital Business Platform

Rapid advances in AIGC are continuing to reshape content creation, digital entertainment and software services. With the ongoing maturation of generative AI, large-scale AI models and AI agents, AI is evolving from a supporting tool into a productivity platform that can enhance the entire value chain, from content creation and production to operations and commercialisation. Through the JV Company, NetDragon and Jiuzhou will combine their complementary strengths in technology, IP, content and industry resources to accelerate the deployment of AIGC across real-world commercial applications.

Under the MOU, Jiuzhou will inject into the JV Company all intellectual property, technologies and assets relating to the AI Harness system business, laying a solid foundation for product development and commercialisation. NetDragon will contribute Hong Kong dollars cash equivalent to RMB 50 million to the JV Company, acquire a 51% shareholding interest and consolidate the JV Company’s financial results. The JV Company will focus on expanding foundational artificial intelligence software, large-scale AI models and the AI Harness system business. It is expected to serve as the first commercial validation platform in China for NetDragon’s “AI ecosystem co-creation” strategy, marking the launch of the Company’s third growth engine and laying the groundwork for the business model to be replicated and scaled across various sectors.

To accelerate the scalable commercialisation of the AI Harness business, the transaction also incorporates a multi-tiered, progressive performance-based incentive warrant scheme. NetDragon will issue 25 million unlisted warrants to Jiuzhou at an issue price of HK$0.10 per warrant share, to be granted in three tranches with initial exercise prices of HK$10, HK$12 and HK$15, respectively. The warrants will only become exercisable upon achievement of specified key performance indicators by the JV Company. Assuming full exercise of all warrants at the initial exercise prices, NetDragon will receive aggregate gross proceeds of approximately HK$314 million, which will supplement the Company’s development capital while achieving deep alignment of interests and shared equity upside with its strategic partner. 

Strengthening AI Ecosystem Synergies to Drive a Third Growth Engine

As generative AI becomes increasingly integrated into content production, digital services and global operations, NetDragon and Jiuzhou will take this collaboration as a new starting point to fully leverage their complementary strengths and accelerate the commercialisation of AI capabilities, translating technological innovation into tangible business value. In recent years, NetDragon has continued to advance its AI strategy across AI+gaming, AI+education and enterprise intelligence, while actively exploring emerging AI businesses with the potential to establish independent commercial models. Jiuzhou, meanwhile, has built deep expertise in micro-dramas and digital content, with an integrated value chain spanning copyright operations, content creation, co-production, paid distribution and official distribution. It has also continued to expand the use of AIGC across content production, creation and operations. The two parties will further explore the deep integration of AI technology with the content industry, accelerating the implementation of AI capabilities in scenarios such as content generation, AI model applications, translation and localisation, platform operations, and enterprise technology services, to build scalable and sustainable business models.

Following the launch of the MOYU AI platform in August 2026, NetDragon’s investment and controlling stake in the AI Harness business marks another important step in increasing resource allocation to its AI business and broadening its long-term growth pathways. The performance-linked equity incentive collaboration with Jiuzhou is expected to establish a new model of strategic collaboration for NetDragon, enabling the Company and its partners to grow the business together and share in the value created. Looking ahead, NetDragon will remain focused on its core AI business, deepen technological innovation and resource integration, and leverage its established strengths in gaming and education alongside the emerging growth engine of AI ecosystem co-creation. Under this three-pronged strategy, the Company aims to continuously strengthen its core competitiveness, enhance long-term investment value, and deliver sustainable returns to shareholders.

About NetDragon Websoft Holdings Limited

NetDragon Websoft Holdings Limited (HKSE: 777) is a global leader in building internet communities, with a long track record of developing and scaling multiple internet and mobile platforms that impact hundreds of millions of users. Over the desktop and mobile internet eras, NetDragon previously established China’s first online gaming portal, 17173.com, and China’s most influential smartphone app store platform, 91 Wireless.   

Established in 1999, NetDragon is one of the most reputable and well-known digital entertainment IP developers and operators in China with a history of successful flagship game titles deeply welcomed by users both at home and abroad. For more than a decade, NetDragon has also achieved success with its EdTech business both domestically and globally. Fully embracing the new AI era, NetDragon is driving its vision of “Infinite Growth” through AI-enabled digital entertainment and online learning, whilst building a systematic AI product methodology to create value growth.

NetDragon’s overseas edtech business entity, currently a U.S.-listed subsidiary named Mynd.ai, is a global leader in interactive technology and its award-winning interactive displays and software can be found in more than 2 million learning and training spaces across 126 countries. 

About Jiuzhou Culture

Founded in 2021, Jiuzhou is a leading player in the online micro-drama industry, with an integrated business model spanning copyright operations, content creation, co-production, paid distribution and official distribution. The company has established a comprehensive, end-to-end content ecosystem designed to enhance operational efficiency and unlock synergies across the value chain. Embracing technological innovation, Jiuzhou actively integrates cutting-edge technologies such as AIGC to enhance content quality and creative capabilities. Its self-developed Moss tool has accelerated AI adoption across the entire value chain, leveraging technology to advance the development of the global short drama ecosystem.

In terms of content creation, Jiuzhou has accumulated the rights to more than 4,000 short dramas and has successfully distributed over 1,000 productions. Its portfolio spans more than 20 popular genres, including contemporary drama, romance, campus life, fantasy, suspense and historical fiction, catering to the diverse entertainment preferences of audiences in China and worldwide. By combining paid content, free-to-view short dramas and international expansion, Jiuzhou has developed a distinctive business ecosystem that strengthens its competitive position and drives continued innovation in the micro-drama industry.

Internationally, the company leverages its strengths in content production, audience reach and distribution networks to bring Chinese micro-dramas to global audiences while tailoring its offerings to local tastes and cultural preferences. Its flagship international platform, ShortMax, focuses primarily on North American and European markets, offering a wide selection of localized Chinese dramas and original productions. ShortMax is now available in more than 200 countries and regions worldwide, having achieved peak monthly active users (MAU) of over 30 million, more than 90 million cumulative registered users and 200 million downloads.

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SOURCE NetDragon Websoft Holdings Limited

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