EX-99.12arw-20260507xex99d1.htmEX-99.1
ARROW ELECTRONICS, INC.
9151 EAST PANORAMA CIRCLE
CENTENNIAL, CO 80112
303-824-4000
NEWS
Exhibit 99.1
Arrow Electronics Reports First-Quarter 2026 Results
--T1Total Revenue of $9.5 billion, up 39%, Above High End of Guidance--
--Earnings Per Share of $4.55 and Non-GAAP Earnings Per Share of $5.22, Both Above High End of Guidance--
CENTENNIAL, Colo.--(BUSINESS WIRE)- May 7, 2026--Arrow Electronics, Inc. (NYSE:ARW) today announced financial results for its first quarter of 2026.
“The first quarter marked a strong start to 2026 as total revenue, profit margins, and EPS grew significantly year over year, exceeding our guidance ranges,” said Bill Austen, Arrow’s interim president and chief executive officer. “T2We saw continued operational momentum across both Global Components and ECS, supported by an accelerated recovery that spanned geographies and industry verticals, improved book-to-bill ratios, and a healthy backlog that continues to build.”
“T3Looking ahead, we are confident the progress we are achieving positions us well to continue executing our strategy with discipline. This is supported by the continued expansion of our higher margin, value-added offerings, a scalable cost structure, and a focused capital allocation framework. Together, these initiatives position us to drive profitable growth and deliver long-term value for our customers and shareholders.”
Arrow Consolidated
Quarter Ended
April 4,
March 29,
(in millions except per share data)
2026
2025
Change
Consolidated sales
$
9,474
$
6,814
39
%
Net income attributable to shareholders
235
80
195
%
Net income per diluted share
4.55
1.51
201
%
Non-GAAP net income attributable to shareholders (1)
270
95
185
%
Non-GAAP net income per diluted share (1)
5.22
1.80
190
%
In the first quarter of 2026, sales increased 39 percent year over year, and increased 34 percent year over year on a constant currency basis. T4Changes in foreign currencies had a positive impact on growth of $274 million on sales and $0.07 on earnings per share on a diluted basis compared to the first quarter of 2025.
Global Components
Quarter Ended
April 4,
March 29,
(in millions)
2026
2025
Change
Global components sales
$
6,640
$
4,778
39
%
Global components operating income
364
171
112
%
Global components non-GAAP operating income (1)
365
173
111
%
In the first quarter of 2026, global components sales increased 39 percent year over year and increased 35 percent year over year on a constant currency basis. Americas components first-quarter sales increased 47 percent year over year. EMEA components first-quarter sales increased 32 percent year over year and increased 19 percent year over year on a constant currency basis. Asia-Pacific components first-quarter sales increased 37 percent year over year and increased 36 percent year over year on a constant currency basis.
1
ARROW ELECTRONICS, INC.
9151 EAST PANORAMA CIRCLE
CENTENNIAL, CO 80112
303-824-4000
NEWS
Global Enterprise Computing Solutions ("ECS")
Quarter Ended
April 4,
March 29,
(in millions)
2026
2025
Change
Global ECS sales
$
2,833
$
2,036
39
%
Global ECS operating income
104
77
34
%
Global ECS non-GAAP operating income (1)
105
78
34
%
In the first quarter of 2026, Global ECS sales increased 39 percent year over year, and increased 32 percent year over year on a constant currency basis. Global ECS gross billings increased 39 percent year over year. Global ECS first-quarter operating income and non-GAAP operating income increased 34 percent year over year. EMEA ECS first-quarter sales increased 46 percent year over year and increased 33 percent year over year on a constant currency basis. Americas ECS first-quarter sales increased 30 percent year over year.
Other Financial Information
In the first quarter of 2026, Arrow generated $700 million of cash flow from operations partly due to the timing of cash flows within Arrow’s supply chain services offering. T5Arrow also repurchased $25 million of shares in the first quarter.
1 A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the reconciliation tables included herein.
2
Second-Quarter 2026 Outlook
●
T6Consolidated sales of $9.15 billion to $9.75 billion, with global components sales of $6.80 billion to $7.20 billion, and global enterprise computing solutions sales of $2.35 billion to $2.55 billion
●
Net income per share on a diluted basis of $3.91 to $4.11, and non-GAAP net income per share on a diluted basis of $4.32 to $4.52
●
Average tax rate in the range of 23 percent to 25 percent
●
Interest expense of approximately $60 million
●
Changes in foreign currencies to increase sales by approximately $117 million, and earnings per share on a diluted basis by $0.11 compared to the second quarter of 2025
●
Changes in foreign currencies to increase quarter-over-quarter growth in sales by $21 million, and earnings per share on a diluted basis to increase by $0.03 compared to the first quarter of 2026
Second-Quarter 2026 GAAP to non-GAAP Outlook Reconciliation
NON-GAAP SALES RECONCILIATION
Quarter Ended
Quarter Ended
July 4,
June 28,
July 4,
April 4,
(in billions)
2026
2025
% Change
2026
2026
% Change
Global components sales, GAAP
$
6.80 - 7.20
$
5.28
29% - 36%
$
6.80 - 7.20
$
6.64
2% - 8%
Impact of changes in foreign currencies
—
0.07
—
0.01
Global components sales, constant currency
$
6.80 - 7.20
$
5.35
27% - 34%
$
6.80 - 7.20
$
6.65
2% - 8%
Global ECS sales, GAAP
$
2.35 - 2.55
$
2.30
2% - 11%
$
2.35 - 2.55
$
2.83
(17)% - (10)%
Impact of changes in foreign currencies
—
0.05
—
0.01
Global ECS sales, constant currency
$
2.35 - 2.55
$
2.35
0% - 9%
$
2.35 - 2.55
$
2.84
(17)% - (10)%
NON-GAAP EARNINGS RECONCILIATION
Reported
Intangible amortization
Restructuring &
GAAP measure
expense
integration charges
Non-GAAP measure
Net income per diluted share
$3.91 to $4.11
$0.07
$0.34
$4.32 to $4.52
3
Earnings Presentation
Please refer to the earnings presentation, which can be found at investor.arrow.com, as a supplement to the company’s earnings release. The company may use this website as a means of disclosing material, non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the website noted above, in addition to following the company’s press releases, SEC filings, and public conference calls and webcasts.
Webcast and Conference Call Information
Arrow Electronics will host a conference call to discuss first-quarter 2026 financial results on May 7, 2026, at 8:30 a.m. ET.
A live webcast of the conference call will be available via the events section of investor.arrow.com or by accessing the webcast link directly at https://events.q4inc.com/attendee/218062703. Shortly after the conclusion of the conference call, a webcast replay will be available on the Arrow website for one year.
About Arrow Electronics
Arrow Electronics (NYSE:ARW) sources and engineers technology solutions for thousands of leading manufacturers and service providers. With global 2025 sales of $30.9 billion, Arrow’s portfolio enables technology across major industries and markets. Learn more at arrow.com.
Key Business Metrics
Management uses gross billings as an operational metric to monitor operating performance of its global ECS reportable segment, including sales performance by geographic region, as it provides meaningful supplemental information to the reader in evaluating the overall performance of the global ECS business. The company uses this key metric to develop financial forecasts, make strategic decisions, and prepare and approve annual budgets. Gross billings represent amounts invoiced to customers for goods and services during a specified period and do not include the impact of recording sales on a net basis or sales adjustments, such as trade discounts and other allowances. The use of gross billings has certain limitations as an analytical tool and should not be considered in isolation or as a substitute for revenue.
Information Relating to Forward-Looking Statements
This press release includes “forward-looking statements,” as the term is defined under the federal securities laws. Forward-looking statements are those statements which are not statements of historical or current fact. These forward-looking statements can be identified by forward-looking words such as “expects,” “anticipates,” “intends,” “plans,” “may,” “will,” “would,” “could,” “believes,” “seeks,” “projected,” “potential,” “estimates,” and similar expressions, and include, but are not limited to, statements regarding: Arrow’s future financial performance, including its outlook on financial results for the second quarter of fiscal 2026 such as sales, net income per diluted share, non-GAAP net income per diluted share, average tax rate, interest and other expense, impact to sales due to changes in foreign currencies, intangible amortization expense per diluted share, restructuring and integration charges per diluted share, the timing of the completion of the Operating Expense Efficiency Plan (the “Plan”) and Arrow’s estimated costs and expected operating expense reductions from the Plan, industry trends and expectations regarding market demand and conditions, and shareholder returns.
These and other forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which could cause actual results or facts to differ materially from such statements for a variety of reasons, including, but not limited to: T7unfavorable economic conditions or changes, including those that may occur in connection with recession, inflation, tax rates, foreign currency exchange rates, or the availability of capital; political instability and changes; impacts of military conflict and sanctions; trade protection measures, tariffs, increased trade tensions, trade agreements and policies, and other restrictions, duties, and value-added taxes, and the associated macroeconomic impacts; disruptions, shortages, or inefficiencies in the supply chain; non-compliance with certain laws, regulations, or executive orders, such as trade, export, antitrust, and anti-corruption laws, or regulatory restrictions relating to the company or its subsidiaries or the permissibility of third-parties to transact therewith; the inability to realize sufficient sales to cover non-cancellable purchase obligations under certain ECS distribution agreements; management transitions, including the company’s search for a permanent CEO; the incurrence of unanticipated charges or failure to realize contemplated cost savings in connection with the Plan; changes in product supply, pricing, and customer demand; increased profit-margin pressure resulting from industry conditions, competition, or other factors; changes in relationships with key suppliers; other vagaries in the Global Components and the Global ECS markets; changes to applicable laws, regulations, executive orders, or rules relating to government contractors and the resulting legal and reputational exposure, including but not limited to those relating to environmental, social, governance, cybersecurity, data privacy, and artificial intelligence issues; commercial disputes, patent infringement claims, product liability lawsuits, or other legal proceedings; foreign tax and other loss contingencies; failure, disruption, or compromise of the company’s information systems or those of a third-party service provider, including unauthorized use or disclosure of company, supplier, or customer information; outbreaks, epidemics, pandemics, or public health crises; the effects of natural or man-made catastrophic events; and the company’s ability to generate positive cash flow. For a further discussion of these and other factors that could cause the company's future results to differ materially from any
4
forward-looking statements, see the section entitled “Risk Factors” in the company's most recent Quarterly Report on Form 10-Q and the company's most recent Annual Report on Form 10-K, as well as in other filings the company makes with the Securities and Exchange Commission. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update publicly or revise any of the forward-looking statements.
Certain Non-GAAP Financial Information
In addition to disclosing financial results that are determined in accordance with accounting principles generally accepted in the United States (“GAAP”), the company also provides certain non-GAAP financial information. The company provides the following non-GAAP metrics: sales, operating income (including by business segment), income before income taxes, provision for income taxes, consolidated net income, noncontrolling interest, net income attributable to shareholders, effective tax rate, and net income per share on a diluted basis. The foregoing non-GAAP measures are adjusted by certain of the following, as applicable: impact of changes in foreign currencies (referred to as “changes in foreign currencies” or “on a constant currency basis”) by re-translating prior-period results at current period foreign exchange rates; identifiable intangible asset amortization, restructuring, integration, and other; net gains (losses) on investments; and inventory write downs (recoveries) related to the wind down of a businesses within global components (“impact of wind down”).
Management believes that providing this additional information is useful to the reader to better assess and understand the company’s operating performance and future prospects in the same manner as management, especially when comparing results with previous periods. Management typically monitors the business as adjusted for these items, in addition to GAAP results, to understand and compare operating results across accounting periods, for internal budgeting purposes, for short- and long-term operating plans, and to evaluate the company's financial performance. However, analysis of results on a non-GAAP basis should be used as a complement to, in conjunction with, and not as a substitute for, data presented in accordance with GAAP.
Contacts
Investors:
Michael Nelson,
Vice President, Investor Relations
720-654-9893
Media:
John Hourigan,
Vice President, Public Affairs and Corporate Marketing
303-824-4586
5
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
(Unaudited)
Quarter Ended
April 4, 2026
March 29, 2025
Sales
$
9,473,548
$
6,814,017
Cost of sales
8,383,088
6,040,025
Gross profit
1,090,460
773,992
Operating expenses:
Selling, general, and administrative
656,141
562,316
Depreciation and amortization
36,053
35,810
Restructuring, integration, and other
36,664
17,313
728,858
615,439
Operating income
361,602
158,553
Equity in earnings of affiliated companies
896
1,320
(Loss) gain on investments, net
(5,792)
140
Post-retirement expense
(962)
(622)
Interest and other financing expense, net
(48,484)
(56,182)
Income before income taxes
307,260
103,209
Provision for income taxes
71,230
23,345
Consolidated net income
236,030
79,864
Noncontrolling interests
924
144
Net income attributable to shareholders
$
235,106
$
79,720
Net income per share:
Basic
$
4.58
$
1.53
Diluted
$
4.55
$
1.51
Weighted-average shares outstanding:
Basic
51,321
52,266
Diluted
51,707
52,674
6
ARROW ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands except par value)
(Unaudited)
April 4,
December 31,
2026
2025
ASSETS
Current assets:
Cash and cash equivalents
$
286,512
$
306,467
Accounts receivable, net
25,961,193
19,738,666
Inventories
5,722,706
5,081,863
Other current assets
584,831
533,035
Total current assets
32,555,242
25,660,031
Property, plant, and equipment, at cost:
Land
5,691
5,691
Buildings and improvements
208,821
199,433
Machinery and equipment
1,722,427
1,715,415
1,936,939
1,920,539
Less: Accumulated depreciation and amortization
(1,465,448)
(1,445,889)
Property, plant, and equipment, net
471,491
474,650
Investments in affiliated companies
59,226
59,315
Intangible assets, net
72,251
77,022
Goodwill
2,109,008
2,120,071
Other assets
686,752
687,049
Total assets
$
35,953,970
$
29,078,138
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
24,739,718
$
17,383,796
Accrued expenses
1,434,256
1,461,261
Short-term borrowings, including current portion of long-term debt
113,371
341
Total current liabilities
26,287,345
18,845,398
Long-term debt
2,352,395
3,084,715
Other liabilities
498,509
489,326
Equity:
Shareholders’ equity:
Common stock, par value $1:
Authorized - 160,000 shares in both 2026 and 2025
Issued - 56,007 and 55,838 shares in 2026 and 2025, respectively
56,007
55,838
Capital in excess of par value
595,704
586,993
Treasury stock (4,923 and 4,768 shares in 2026 and 2025, respectively), at cost
(511,106)
(483,571)
Retained earnings
6,787,198
6,552,092
Accumulated other comprehensive loss
(186,132)
(126,640)
Total shareholders’ equity
6,741,671
6,584,712
Noncontrolling interests
74,050
73,987
Total equity
6,815,721
6,658,699
Total liabilities and equity
$
35,953,970
$
29,078,138
7
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Quarter Ended
April 4, 2026
March 29, 2025
Cash flows from operating activities:
Consolidated net income:
$
236,030
$
79,864
Adjustments to reconcile consolidated net income to net cash provided by operations:
Depreciation and amortization
36,053
35,810
Amortization of stock-based compensation
9,599
18,559
Equity in earnings of affiliated companies
(896)
(1,320)
Deferred income taxes
9,754
(5,841)
Loss (gain) on investments, net
5,871
(32)
Other
8,104
(678)
Change in assets and liabilities:
Accounts receivable, net
(6,280,326)
731,226
Inventories
(656,543)
(62,384)
Accounts payable
7,390,689
(251,057)
Accrued expenses
6,910
(79,683)
Other assets and liabilities
(65,493)
(112,785)
Net cash provided by operating activities
699,752
351,679
Cash flows from investing activities:
Acquisition of property, plant, and equipment
(32,108)
(24,979)
Net cash used for investing activities
(32,108)
(24,979)
Cash flows from financing activities:
Change in short-term and other borrowings
2,681
180,616
Repayments of long-term bank borrowings, net
(623,096)
(464,223)
Proceeds from exercise of stock options
5,038
904
Repurchases of common stock
(33,292)
(59,413)
Net cash used for financing activities
(648,669)
(342,116)
Effect of exchange rate changes on cash
(38,930)
58,491
Net (decrease) increase in cash and cash equivalents
(19,955)
43,075
Cash and cash equivalents at beginning of period
306,467
188,807
Cash and cash equivalents at end of period
$
286,512
$
231,882
8
ARROW ELECTRONICS, INC.
ECS Gross Billings
(In thousands)
(Unaudited)
Global Enterprise Computing Solutions - Gross Billings(1)
Quarter Ended
April 4,
March 29,
2026
2025
% Change
Gross billings:
Americas ECS
$
2,959,611
$
2,307,737
28.2
%
EMEA ECS
3,473,712
2,331,217
49.0
%
Global ECS
$
6,433,323
$
4,638,954
38.7
%
(1)
Refer to page 4 for discussion about key business metrics. Gross billings are not a substitute for revenue.
b
9
ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)
Quarter Ended
April 4, 2026
March 29, 2025
% Change
Consolidated sales, as reported
$
9,473,548
$
6,814,017
39.0
%
Impact of changes in foreign currencies
—
273,514
Consolidated sales, constant currency
$
9,473,548
$
7,087,531
33.7
%
Global components sales, as reported
$
6,640,335
$
4,777,722
39.0
%
Impact of changes in foreign currencies
—
154,698
Global components sales, constant currency
$
6,640,335
$
4,932,420
34.6
%
Americas components sales, as reported
$
2,312,147
$
1,568,570
47.4
%
Impact of changes in foreign currencies
—
588
Americas components sales, constant currency
$
2,312,147
$
1,569,158
47.3
%
EMEA components sales, as reported
$
1,765,179
$
1,340,001
31.7
%
Impact of changes in foreign currencies
—
142,292
EMEA components sales, constant currency
$
1,765,179
$
1,482,293
19.1
%
Asia components sales, as reported
$
2,563,009
$
1,869,151
37.1
%
Impact of changes in foreign currencies
—
11,818
Asia components sales, constant currency
$
2,563,009
$
1,880,969
36.3
%
Global ECS sales, as reported
$
2,833,213
$
2,036,295
39.1
%
Impact of changes in foreign currencies
—
118,816
Global ECS sales, constant currency
$
2,833,213
$
2,155,111
31.5
%
Americas ECS sales, as reported
$
1,185,050
$
909,903
30.2
%
Impact of changes in foreign currencies
—
4,736
Americas ECS sales, constant currency
$
1,185,050
$
914,639
29.6
%
EMEA ECS sales, as reported
$
1,648,163
$
1,126,392
46.3
%
Impact of changes in foreign currencies
—
114,080
EMEA ECS sales, constant currency
$
1,648,163
$
1,240,472
32.9
%
10
ARROW ELECTRONICS, INC.
NON-GAAP EARNINGS RECONCILIATION
(In thousands except per share data)
(Unaudited)
1
Three months ended April 4, 2026
Reported
Intangible
Restructuring,
Impact of
GAAP
amortization
Integration
Wind
Non-GAAP
measure
expense
and other
Down(1)
Other(2)
measure
Operating income
$
361,602
$
4,765
$
36,664
$
(2,248)
$
—
$
400,783
Income before income taxes
307,260
4,765
36,664
(2,248)
5,792
352,233
Provision for income taxes
71,230
1,164
8,052
(707)
1,391
81,130
Consolidated net income
236,030
3,601
28,612
(1,541)
4,401
271,103
Noncontrolling interests
924
—
—
—
—
924
Net income attributable to shareholders
$
235,106
$
3,601
$
28,612
$
(1,541)
$
4,401
$
270,179
Net income per diluted share (3)
$
4.55
$
0.07
$
0.55
$
(0.03)
$
0.09
$
5.22
Effective tax rate (4)
23.2
%
23.0
%
Three months ended March 29, 2025
Reported
Intangible
Restructuring,
Impact of
GAAP
amortization
Integration
Wind
Non-GAAP
measure
expense
and other
Down(1)
Other(2)
measure
Operating income
$
158,553
$
5,360
$
17,313
$
(2,467)
$
—
$
178,759
Income before income taxes
103,209
5,360
17,313
(2,467)
(140)
123,275
Provision for income taxes
23,345
1,316
4,351
(781)
(33)
28,198
Consolidated net income
79,864
4,044
12,962
(1,686)
(107)
95,077
Noncontrolling interests
144
132
—
—
—
276
Net income attributable to shareholders
$
79,720
$
3,912
$
12,962
$
(1,686)
$
(107)
$
94,801
Net income per diluted share (3)
$
1.51
$
0.07
$
0.25
$
(0.03)
$
—
$
1.80
Effective tax rate (4)
22.6
%
22.9
%
(1) Includes recoveries of inventory related to the wind down of businesses.
(2) Other primarily includes loss (gain) on investments, net.
(3) The sum of the components for non-GAAP diluted EPS, as adjusted may not agree to totals, as presented, due to rounding.
(4) The items as shown in this table, represent the reconciling items for the tax rate as reported and as a non-GAAP measure.
11
ARROW ELECTRONICS, INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)
Quarter Ended
April 4,
March 29,
2026
2025
Sales:
Global components
$
6,640,335
$
4,777,722
Global ECS
2,833,213
2,036,295
Consolidated
$
9,473,548
$
6,814,017
Operating income:
Global components (a)
$
363,520
$
171,385
Global ECS (b)
103,738
77,314
Segment operating income
$
467,258
$
248,699
Corporate operating expenses (c)
(105,656)
(90,146)
Consolidated
$
361,602
$
158,553
(a)
Global Components operating income includes recoveries of $2.2 million and $2.5 million in inventory write-downs related to the wind down of a business for the first quarter of 2026 and 2025, respectively.
(b)
Global ECS gross profit margin decreased during the first quarter of 2026 compared with the year-earlier period primarily due to a $21.7 million loss related to underperformance of a certain non-cancellable multi-year purchase obligation.
(c)
Corporate unallocated operating expenses includes restructuring, integration, and other charges of $36.7 million and $17.3 million for the first quarter of 2026 and 2025, respectively.
12
ARROW ELECTRONICS, INC.
NON-GAAP SEGMENT RECONCILIATION
(In thousands)
(Unaudited)
Quarter Ended
April 4,
March 29,
2026
2025
Global components gross profit, as reported
$
806,748
$
554,945
Impact of wind down to inventory
(2,248)
(2,467)
Global components non-GAAP gross profit
$
804,500
$
552,478
Global components gross profit as a percentage of sales, as reported
12.1
%
11.6
%
Global components non-GAAP gross profit as a percentage of sales
12.1
%
11.6
%
Global ECS gross profit, as reported
$
283,712
$
219,047
Global ECS gross profit as a percentage of sales, as reported
10.0
%
10.8
%
Quarter Ended
April 4,
March 29,
2026
2025
Global components operating income, as reported
$
363,520
$
171,385
Intangible assets amortization expense
3,837
4,438
Impact of wind down to inventory
(2,248)
(2,467)
Global components non-GAAP operating income
$
365,109
$
173,356
Global components operating income as a percentage of sales, as reported
5.5
%
3.6
%
Global components non-GAAP operating income as a percentage of sales
5.5
%
3.6
%
Global ECS operating income, as reported
$
103,738
$
77,314
Intangible assets amortization expense
928
922
Global ECS non-GAAP operating income
$
104,666
$
78,236
Global ECS operating income as a percentage of sales, as reported
3.7
%
3.8
%
Global ECS non-GAAP operating income as a percentage of sales
3.7
%
3.8
%
14
NON-GAAP SEGMENT RECONCILIATIONS
13
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 1 | — | 1 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 7 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 1 | — | 1 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 1 | — | 1 |
| Buybacks share repurchase, buyback program | 0 | — | 2 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Source: SEC EDGAR · public domain · Highlights by Palanor