Company Highlights - Churchill Downs Incorporated (CDI) reported record net revenue of $934.4 million for Q2 2025, an increase of $43.7 million or 5% compared to Q2 2024 [6] - Net income attributable to CDI was $216.9 million, up $7.6 million or 4% year-over-year [6] - Diluted earnings per share (EPS) increased to $2.99 from $2.79 in the prior year [6] - Adjusted EBITDA reached an all-time high of $450.9 million, up $6.1 million or 1% from the previous year [6] Segment Results Live and Historical Racing - Revenue for this segment was $540.9 million in Q2 2025, up from $490.2 million in Q2 2024, reflecting a $50.7 million increase [5] - Adjusted EBITDA for Live and Historical Racing increased to $296.5 million from $279.2 million [5] Wagering Services and Solutions - Revenue increased to $168.4 million in Q2 2025 from $159.9 million in Q2 2024, a rise of $8.5 million [9] - Adjusted EBITDA for this segment rose to $48.0 million from $46.2 million [9] Gaming - Revenue decreased to $266.3 million in Q2 2025 from $274.4 million in Q2 2024, a decline of $8.1 million [11] - Adjusted EBITDA for Gaming fell to $127.3 million from $140.7 million [11] All Other - Revenue increased to $2.3 million in Q2 2025 from $1.9 million in Q2 2024 [13] - Adjusted EBITDA improved slightly to -$20.9 million from -$21.3 million [13] Capital Management - The company repurchased 2,565,964 shares at a total cost of $250.4 million during Q2 2025 [14] - As of June 30, 2025, approximately $184.2 million of repurchase authority remained under the 2025 Stock Repurchase Program [14] Subsequent Events - CDI announced the acquisition of 90% of Casino Salem in New Hampshire for $180 million, which will include the development of a charitable gaming and entertainment destination [16] - A new $500 million stock repurchase program was approved by the Board of Directors on July 22, 2025 [17] Financial Position - As of June 30, 2025, total assets were $7,375.7 million, up from $7,275.9 million at the end of 2024 [33] - Total liabilities increased to $6,311.6 million from $6,172.6 million [33]

Financial Performance - Matador achieved record quarterly oil equivalent production of 209,013 BOE/d in Q2 2025[8, 14] - The company's leverage ratio stood at 096x as of June 30, 2025[26] - Adjusted Free Cash Flow for Q2 2025 was $1327 million[46, 90] - Matador bought back 11 million shares in Q2 2025 at an average repurchase price of $4037, representing approximately 1% of shares outstanding[31] Capital Expenditure and Efficiency - Q2 2025 D/C/E CapEx was $3453 million, $15 million less than the midpoint of guidance[14] - Q2 2025 Midstream CapEx was $562 million, $4 million less than the low end of guidance[14] - Drilling and Completion Cost decreased to $825 per completed lateral foot in Q2 2025[20] Production and Guidance - Oil production guidance for Q3 2025 is 1165 to 1180 MBbl/d, and natural gas production is 4920 to 4980 MMcf/d[62] - Total production guidance for Q3 2025 is 1985 to 2010 MBOE/d[62] - The company expects to turn to sales 135 gross (1063 net) operated horizontal wells in 2025, with an average completed lateral length of approximately 10,300 feet[60, 64] Midstream Operations - San Mateo's Adjusted EBITDA for 2025 is estimated at $285 million[70] - The Marlan Plant expansion was completed on time and on budget in May 2025, with a gas processing capacity of 720 MMcf per day and a water disposal capacity of 475,000 Bbl per day[23]

Core Insights - Hilton Worldwide Holdings Inc. reported strong second-quarter 2025 results, with earnings and revenues exceeding the Zacks Consensus Estimate, showing year-over-year growth [1][3][8] Financial Performance - Adjusted earnings per share (EPS) for Q2 2025 were $2.20, surpassing the consensus estimate of $2.04, and up from $1.91 in the same quarter last year [3][8] - Total revenues reached $3.14 billion, beating the consensus mark of $3.08 billion, and reflecting a 6.3% increase year-over-year [3][8] - Adjusted EBITDA was reported at $1 billion, a 9.9% increase from the previous year, exceeding the estimate of $958.7 million [5][8] Revenue Streams - Franchise and licensing fees improved to $745 million from $689 million year-over-year, aligning with estimates [3] - Base and other management fees rose to $97 million from $93 million, while incentive management fees increased by 10.3% to $75 million [4] RevPAR and Occupancy - System-wide comparable RevPAR declined by 0.5% year-over-year on a currency-neutral basis, attributed to occupancy declines [5][8] - The company anticipates stronger RevPAR performance in the future due to improving travel demand and limited industry supply growth [2] Development and Expansion - Hilton added 221 hotels in Q2 2025, contributing 26,100 rooms and achieving net room growth of 22,600 [9][11] - The development pipeline includes 3,636 hotels representing 510,600 rooms across 128 countries, with expected net unit growth of 6-7% for 2025 [11] Future Outlook - For Q3 2025, Hilton projects net income between $453-$467 million and adjusted EBITDA between $935 million and $955 million, with adjusted EPS expected to be between $1.98 and $2.04 [12] - For the full year 2025, net income is estimated to be in the range of $1.64-$1.68 billion, with adjusted EBITDA between $3.65 billion and $3.71 billion [13][14]

Financial Performance & Outlook - Q2 2025 revenue increased by 30% year-over-year, but constant currency revenue decreased by 02%[88] - Gross margin improved to 325%, a 330 basis point increase compared to the previous year[88] - Adjusted EBITDA improved by $74 million year-over-year to $(36) million[88] - The company reaffirmed its 2025 Adjusted EBITDA outlook of $5 million to $15 million[20] - Capital expenditures for 2025 are expected to be approximately $20 million[20] Regional Performance - Europe & International segment revenue increased by 57% in constant currency[45] - Europe & International segment Adjusted EBITDA was 21% of revenue[45] - North America segment revenue was $63 million in Q2 2025[76] - Greater China foodservice revenue increased by 12% in H1[86] Strategic Initiatives - The company is undertaking a strategic review of its Greater China business[19] - The company is focused on aggressively pursuing cost efficiencies, aiming for a 10% year-over-year reduction in COGS per liter in H1[25] - The company is rolling out a refreshed playbook to ignite positive category momentum in more markets[18]

Core Insights - Greenway Greenhouse Cannabis Corporation reported a significant 71% increase in annual revenue for the year ended March 31, 2025, reaching CAD 8,948,943, with a remarkable 107% growth in the fourth quarter [1][5] - The average selling price of cannabis rose by 40% year-over-year to CAD 1.32 per gram, with the fourth quarter average at CAD 1.46 per gram, indicating strong brand strength and premium product positioning [1][5] - The company transitioned from a cash burn to generating net cash of CAD 1.8 million from operating activities, marking a pivotal shift in financial health [1][5] Financial Performance - The total grams sold during the fiscal year amounted to 6,803,628, reflecting a 23% increase year-over-year [5] - Adjusted EBITDA for the year was CAD 1,181,419, a significant improvement from a negative adjusted EBITDA of CAD 624,391 in the previous year [5][7] - The company achieved a net income of CAD 202,729 in the fourth quarter, showcasing a turnaround in profitability [5] Operational Metrics - The average cash cost per gram sold was CAD 0.83, with a reduced cost of CAD 0.73 in the fourth quarter, indicating improved operational efficiency [5] - Working capital, excluding amounts due to related parties, increased to CAD 3,997,814 as of March 31, 2025, compared to CAD 3,283,911 the previous year [5] - The cash balance rose by CAD 1,612,088 to CAD 3,142,898 over the fiscal year, reflecting enhanced liquidity [5]

Financial Performance - For the three months ended June 30, 2025, lease revenue was $177468 thousand, compared to $162075 thousand for the same period in 2024[14] - Net income available to common stockholders for the three months ended June 30, 2025, was $55185 thousand, compared to $51318 thousand for the same period in 2024[14] - Funds From Operations (FFO) allocable to common stockholders and unitholders for the three months ended June 30, 2025, was $102800 thousand, compared to $89647 thousand for the same period in 2024[15] - Adjusted Funds From Operations (AFFO) for the three months ended June 30, 2025, was $84160 thousand, compared to $74139 thousand for the same period in 2024[15] Portfolio Composition - As of June 30, 2025, the total number of in-service properties was 414, with a gross leasable area of 68044707 square feet and an occupancy rate of 942%[33] - Same Store NOI Cash Basis (Less Termination Fees) increased by 87% for the three months ended June 30, 2025, compared to the same period in 2024, reaching $121947 thousand[34] Debt Analysis - The total weighted average interest rate on debt outstanding was 410% as of June 30, 2025, compared to 416% as of June 30, 2024[21] - Fixed-rate debt accounted for $2379774 thousand of the total debt outstanding as of June 30, 2025[21] Leasing Activity - For the three months ended June 30, 2025, new leases commenced totaled 411 thousand square feet with a cash basis rent growth of 405%[36] - Tenant retention by square feet was 710% for the three months ended June 30, 2025[36] Outlook - The company estimates Funds From Operations - FFO (NAREIT) to be between $288 and $296 per share/unit for 2025[68]

Q2 2025 Performance - Adjusted EBITDA for Q2 2025 was $27.1 million[3], compared to $31.7 million in Q2 2024[3, 4], a decrease of 14.5% - The Transportation segment's Adjusted EBITDA decreased from $11.2 million in Q2 2024 to $8.5 million in Q2 2025[3, 4], a decrease of 24.1% - The Specialty Products segment's Adjusted EBITDA decreased from $5.7 million in Q2 2024 to $4.4 million in Q2 2025[3, 4], a decrease of 22.8% - The Sulfur Services segment's Adjusted EBITDA decreased from $10.6 million in Q2 2024 to $9.7 million in Q2 2025[3, 4], a decrease of 8.5% - The Terminalling & Storage segment's Adjusted EBITDA increased from $8.0 million in Q2 2024 to $8.4 million in Q2 2025[3, 4], an increase of 5% Full-Year 2025 Guidance - The company projects a full-year 2025 Adjusted EBITDA of $109.1 million[5] - Total segment adjusted EBITDA is projected to be $123.8 million[5] - Maintenance capital expenditures are estimated at $20.5 million, and plant turnaround costs at $5.4 million[5] - Total distributable cash flow is projected to be $27.8 million[5] - Total adjusted free cash flow is projected to be $18.8 million[5]

Core Insights - First Industrial Realty Trust, Inc. reported a diluted net income per share of $0.42 for Q2 2025, up from $0.39 in the same period last year, and funds from operations (FFO) of $0.76 per share/unit, compared to $0.66 a year ago [1][5][20] Portfolio Performance - The company's diverse portfolio is performing strongly, with cash rental rate growth among sector leaders and healthy renewal activity [2] - Cash basis same store net operating income (SS NOI) increased by 8.7%, driven by rental rate increases on new and renewal leases [6][26] - In-service occupancy was 94.2% at the end of Q2 2025, down from 95.3% at the end of Q1 2025 and Q2 2024 [6] Development and Leasing Highlights - During Q2 2025, the company leased 58,000 square feet at First Loop Logistics Park Building 4 in Orlando [3] - The company started two development projects totaling 402,000 square feet with an estimated total investment of $54 million [7] Investment and Capital Markets Highlights - The company completed its first public bond offering since 2007, issuing $450 million of 5.25% senior unsecured notes due January 15, 2031 [5][7] - The company received a 'BBB+' unsecured credit rating from Fitch Ratings [5][7] Financial Guidance - The company provided guidance for 2025, estimating net income available to common stockholders and unitholders between $1.53 and $1.61 per share/unit, and NAREIT FFO between $2.88 and $2.96 per share/unit [8][9]

Core Insights - Prologis demonstrated resilient performance in a volatile environment, with strong operational execution and a high leasing pipeline [1][2] - The company reported a decrease in net earnings per diluted share by 33.7% to $0.61, attributed to lower gains and unrealized foreign exchange impacts, while Core FFO per diluted share increased by 9.0% to $1.46 [5][11] - Prologis has revised its 2025 guidance for net earnings and Core FFO, reflecting confidence in business strength despite the decrease in net earnings [4][33] Operating Performance - Average occupancy for Prologis was 94.9% with a period-end occupancy of 95.1% [2] - The company commenced leases totaling 51.2 million square feet, with a retention rate of 74.9% [2] - Cash Same Store NOI increased by 4.9%, while net effective rent change was reported at 53.4% [2] Deployment Activity - Prologis made acquisitions totaling $335 million and development starts of $846 million, with estimated weighted average yields of 6.3% and 6.9% respectively [2] - Estimated value creation from development stabilizations was $64 million, while total dispositions and contributions amounted to $96 million [2] Balance Sheet Strength & Liquidity - The company issued $5.8 billion in debt at a weighted average interest rate of 4.5% and a term of 5.4 years [3] - Total available liquidity was approximately $7.1 billion, with a debt-to-EBITDA ratio of 5.1x [6] Financial Guidance - Revised guidance for net earnings per diluted share is set between $3.00 and $3.15, while Core FFO is expected to be between $5.75 and $5.80 [4][33] - Average occupancy guidance was adjusted to 94.75% to 95.25%, with Cash Same Store NOI guidance revised to 4.25% to 4.75% [4] Revenue and Earnings - Total revenues for the quarter reached $2.184 billion, up from $2.008 billion in the previous year [11] - Net earnings attributable to common stockholders decreased to $570 million from $860 million year-over-year [11][14]

Core Viewpoint - Algoma Steel Group Inc. is set to release its Q2 2025 financial results on July 29, 2025, with a conference call scheduled for July 30, 2025, to discuss the results and recent developments [1][3] Financial Performance - Total steel shipments for the quarter are expected to be approximately 472,000 tons [2] - Adjusted EBITDA is anticipated to be in the range of ($30) million to ($35) million [2] Company Strategy and Operations - The CEO highlighted that the results were in line with expectations, particularly noting strength in the plate business despite macroeconomic uncertainties and tariff policies affecting the sector [3] - Algoma is advancing its transformation into one of North America's greenest steel producers, having achieved first arc and first steel production from its electric arc furnace project [3][8] Company Overview - Algoma is a fully integrated producer of hot and cold rolled steel products, including sheet and plate, and is a key supplier in North America [7] - The company is modernizing its plate mill and adopting electric arc technology to significantly lower carbon emissions, emphasizing its commitment to environmental stewardship [8]