Key facts
- Mastercard reported an 18% increase in third-quarter profit to $3.9 billion.
- Mastercard's net revenue climbed 17% to $8.6 billion.
- KKR reported its strongest quarter for converting investments into cash.
- KKR attracted $34 billion in new capital.
- Freddie Mac reported second-quarter net income of $3.8 billion, up 61% year-over-year.
- Freddie Mac's total mortgage portfolio grew to $3.7 trillion.
- Rivian Automotive raised its full-year delivery forecast.
- Starbucks shares rose 5.6% in premarket trading.
- Corteva reported second-quarter earnings of $2.30 per share.
- Hershey reported a 6.6% increase in net sales to $2.79 billion.
- Cigna raised its annual profit forecast.
- Altria Group reported second-quarter earnings per share of $1.48.
Multiple corporations have announced financial results, with many exceeding market expectations. Mastercard reported an 18% increase in third-quarter profit, reaching $3.9 billion, driven by resilient consumer spending and a 15% rise in cross-border transaction volumes. This led to a 17% climb in net revenue to $8.6 billion.
KKR's second-quarter profit surpassed market expectations, fueled by a 25.5% increase in asset management fees and successful investment divestments. The firm achieved its strongest quarter for converting investments into cash and attracted $34 billion in new capital. Freddie Mac announced second-quarter net income of $3.8 billion, a 61% increase from the previous year, attributed to a credit reserve release and higher net interest income. The company's total mortgage portfolio expanded to $3.7 trillion.
Rivian Automotive reported quarterly revenue that exceeded estimates and raised its full-year delivery forecast, citing strong customer interest in its new R2 SUV and growth in its software and services business. Starbucks shares experienced a 5.6% jump in premarket trading following the announcement of a fourth consecutive quarter of comparable sales growth and an upward revision of its annual targets, indicating progress in CEO Brian Niccol's turnaround strategy.
Corteva surpassed Wall Street's second-quarter profit expectations, posting $2.30 per share, primarily due to robust sales in its seeds and crop protection segments, exceeding the average analyst estimate of $2.22 per share. Hershey exceeded second-quarter sales and profit expectations, with net sales increasing by 6.6% to $2.79 billion, driven by higher prices and consistent demand for its confectionery products. The company reaffirmed its full-year 2026 financial outlook.
Cigna raised its annual profit forecast on Thursday, supported by growth in its Evernorth Health Services unit, which encompasses its pharmacy benefit management and specialty pharmacy businesses. The company also beat its quarterly earnings estimates and reported overall revenue growth. In contrast, Altria Group reported second-quarter earnings per share of $1.48, falling short of analyst expectations of $1.50, citing macroeconomic uncertainty and weakening demand for premium cigarettes and nicotine pouches. Blue Owl reported a second-quarter profit increase with assets under management reaching $319 billion, driven by fee-related earnings, but experienced outflows from its credit business, partially offset by growth in areas like data centers.