Your mother gets a call in your voice asking for money, and the family has a code word. Your bank no longer trusts a voice on the phone for a large transfer; it asks for a passkey on a phone it knows, or for you in person.
Employers check that an applicant is a real person before checking their skills. A contract arrives drafted by the other side's assistant, and what matters is who signed it, that their identity was checked, and that the text did not change afterwards.
Inside companies, software agents log in and act on their own, and each one is issued an identity, given limits and switched off when its job is done.
Where we looked: FinCEN's deepfake alert, the FBI's 2025 crime report, the Fed's deepfake speech, NIST's revised identity rules, the FIDO Alliance's 2026 passkey report and identity vendors' 10-K risk factors.
Where we looked: The latest annual reports and results of Yubico, DocuSign, Okta, Mitek, SailPoint and RELX, and Google's and the FIDO Alliance's own announcements on built-in proof.
Phones, browsers and cameras build proof in for free, as passkeys and signed photos already are, so the money stays with the platforms and identity vendors' growth does not speed up.
Whether AI-linked losses in the FBI's yearly crime report grow faster than all losses, and whether banks publicly stop accepting voice checks for large transfers.
GenAI tools have greatly reduced the resources required to produce high-quality synthetic content
FinCEN’s analysis of BSA data indicates that criminals have used GenAI to create falsified documents, photographs, and videos to circumvent financial institutions’ customer identification and verification
Beginning in 2023 and continuing in 2024, FinCEN has observed an increase in suspicious activity reporting by financial institutions describing the suspected use of deepfake media in fraud schemes targeting their institutions and customers.
In 2025, IC3 received more than 22,000 complaints reporting AI-related information. Adjusted losses of these complaints exceed $893 million.
2025 complaint highlights: 1,008,597 complaints; $20.877 billion in losses; 26% increase in losses from 2024;
However, overall losses to Investment scams exceeded $8 billion, demonstrating that many victims do not realize the extent AI may be involved in scams.
Deepfake attacks have seen a twentyfold increase over the last three years.
Identity verification standards at banks often use voice detection, which may become vulnerable to Gen AI tools.
To the extent deepfakes increase, bank identity verification processes should evolve in kind to include AI-powered advances such as facial recognition, voice analysis, and behavioral biometrics to detect potential deepfakes.
Adds controls for addressing injection attacks and forged media (e.g., “deep fakes”)
In July 2025, NIST released the final version of SP 800-63, Revision 4.
On World Passkey Day 2026, we are announcing that an estimated 5 billion passkeys are now in active use worldwide
Passwords are no longer the best available option, but they are still the most widely used.
The Pixel 10 lineup is the first to have Content Credentials built in across every photo created by Pixel Camera.
Identities have expanded beyond human users to include a rapidly growing number of non-human identities like AI agents and machines.
As of January 31, | 2026 | 2025 | 2024 | ARR | $ | 1,124.8 | $ | 876.7 | $ | 681.8
unifies identity data across systems and identity types, including employee identities, non-employee identities, machine identities, and AI agents for real-time governance.
Okta for AI Agents, currently available in early access, provides governance and visibility for AI agents through the Okta Platform.
Total revenue | $ | 2,919 | $ | 2,610 | $ | 309 | 12 | %
the emergence of artificial intelligence (“AI”) and the deployment of AI agents may, over time, create new opportunities for identity management.
Idira™, our next-generation identity security platform, is designed to secure human, agentic, and machine identities across the enterprise with intelligent privilege controls and continuous threat prevention.
in February 2026, we completed the acquisition of CyberArk Software Ltd. (“CyberArk”), an identity security company, forming our next-generation identity security platform
Underlying revenue growth of +8%. Strong growth continues to be driven across segments by our deeply embedded, AI-enabled analytics and decision tools.
In Business Services, strong growth continues to be driven by Financial Crime Compliance and digital Fraud & Identity solutions, and strong new sales.
Identity verification revenue | 76,677 | 68,525 | 68,418 | Total revenue | $ | 179,691 | $ | 172,083 | $ | 172,552
Our revenue is comprised of transactional and SaaS-based recurring revenue, generated from the use of our fraud prevention, verification and digital identity solutions
The rapid advancement of AI has introduced a new class of fraud threats, including hyper-realistic deepfakes, voice clones, and synthetic identities that challenge traditional fraud and identity detection methods.
Net sales decreased by -4.7 percent to SEK 2,218.0 (2,326.2) million, whereof 1.4 percent was underlying growth, and -6.1 percent was negative currency impact
Yubico (Nasdaq Stockholm: YUBICO), the inventor of the YubiKey, offers the gold standard for phishing-resistant multi-factor authentication (MFA), stopping account takeovers in their tracks
Total revenue | $ | 3,219,500 | 100 | % | $ | 2,976,739 | 100 | % | 8 | %
As AI advances make some foundational capabilities for agreements (such as analyzing, summarizing, comparing, and acting upon text) cheaper and easier to replicate, our eSignature and Intelligent Agreement Management platform may also increasingly compete with providers of LLMs
Identity verification and SBS for enhanced signer-identification and signatures with digital certification
AI errors and GenAI hallucinations can lead to ill-informed decisions, business interruption or other forms of lost revenue. aiSure™ has got you covered for critical AI risks
You still pay for most things yourself, but you rarely begin on a shop's website. You ask an assistant for dog food, printer ink or a flight; it reads prices, stock and return terms across shops and hands you two or three choices.
For a few repeat buys, like detergent, you let it reorder within limits you set, on a card number made for that job. Brands you can feel, like food and clothes, keep their pull. For the rest, being picked by the assistant matters more than being famous.
Where we looked: Consumer surveys by Forrester, Accenture and Bain; Adobe's holiday data; Amazon's and Walmart's 2026 filings; reports that OpenAI scaled back in-chat checkout, which no primary source we could open confirms.
Where we looked: Visa's and Mastercard's risk factors, the Amazon v Perplexity appeal, Amazon's 2026 results, and Adyen's and Shopify's filings for signs that platforms bypass the card rails.
Where we looked: Adobe's channel data for the 2025 holidays, Accenture's 2026 consumer survey, and Etsy's 2026 filings on marketing spend.
Where we looked: OpenAI's feed rules, VusionGroup's and Avery Dennison's 2025 results. No source found showing assistants penalise wrong stock data, and neither company links its sales to agents.
Shoppers keep using assistants only to search and keep paying for themselves, or the big platforms keep assistants inside their own stores and wallets, so outside agents and their payment tools carry little volume.
Card networks reporting agent transaction counts beyond pilots, merchants disclosing agent-placed orders, and the share of shoppers willing to let an agent pay rising from about one in ten.
This season, traffic to retail sites from generative AI tools (shoppers clicking on a link to a retail site) increased by 693.4% compared to the year prior.
While the base of users remains modest, the uptick shows the value AI can deliver as a shopping assistant.
While major channels such as paid search and email continue to be reliable drivers of traffic and sales online, consumers are increasingly turning to social media to discover and learn about new products.
Already, 30% to 45% of US consumers are using generative AI for product research and comparison.
But shoppers remain hesitant, with most saying they aren’t comfortable letting AI handle an end-to-end transaction yet.
Brought together Rufus and Alexa+ into Alexa for Shopping, an agentic AI shopping assistant that offers personalized recommendations, product comparisons, price history, and the ability to automate shopping through features like Price Alerts and Auto-Buy.
Worldwide customer adoption and engagement accelerated in Q2, with active users close to doubling and interactions up over 5x year-over-year.
32% would let an agent decide what to buy, provided that they make the payment themselves. 9% are open to an AI agent making fully autonomous purchases.
And once a consumer trusts an agent, that trust flows to the brands the agent chooses
The same person who delegates a grocery restock might refuse to hand over travel bookings. What shapes the boundary is not complexity but meaning: identity, relationships, self-expression.
In Forrester's March 2025 Consumer Pulse Survey, only 24% of US online adults trust AI agents
Start with the required product fields and a minimal example. Optional fields describe variants, product attributes, shipping, and returns.
Submit current stock status with each row. Use pre_order for an item offered before release and backorder for an item temporarily awaiting stock.
Agentic Storefronts, which enables agent-assisted product discovery and checkout across a number of AI platforms.
In addition to our previously announced integration with OpenAI’s ChatGPT Instant Checkout , in January of 2026, we announced agentic shopping partnerships with Google and Microsoft
Visa Intelligent Commerce is an innovative offering in this space that integrates Visa’s tokenization technology with authentication and predictive analytics
In 2025, we deployed a pilot program that processed live agentic token transactions within the ecommerce and enterprise environments.
We expect to face more competition as AI continues to advance and GenAI and agentic AI capabilities become integrated into payments and related services
as agentic commerce solutions scale, we may see increased instances of erroneous or disputed payments, increased chargebacks and reputational harm.
In 2025, we enabled all U.S.-based Mastercard cardholders to participate in this program, with a global launch scheduled for early 2026.
The solution enables AI-assisted and fully automated agent-based payments across Mastercard's acceptance network. The solution builds upon our existing tokenization capabilities (including Agentic Tokens) and dispute management capabilities.
Mastercard is incorporating Web Bot Auth into Mastercard Agent Pay , enabling merchants to identify trusted agents and deliver secure and personalized agentic commerce experiences easily. American Express will also leverage Web Bot Auth
Cloudflare and Visa have worked together to develop and introduce the Trusted Agent Protocol , a new protocol that enables payment networks to integrate Web Bot Auth
vacated the district court’s preliminary injunction requested by Amazon.com Services, LLC, against Perplexity AI, Inc., an artificial intelligence company, to prevent the use of Perplexity’s agentic web browser AI tool on Amazon.com
Launched Adyen Agentic, enabling enterprise merchants to securely process payments across AI agent protocols.
Our digital marketing efforts currently include, among others, agentic search integration, search engine optimization, search engine marketing, affiliate marketing, and display advertising
to easily identify, block and control access from AI crawlers and AI agents and operators, a growing concern for content creators and website operators.
Walmart's deployment now confirms on a large scale the performance of the EdgeSense platform, which has no equivalent in the world today for optimizing productivity, speed, and accuracy in shelf management tasks and in-store e-commerce order preparation.
Our ultra-high-frequency RFID solutions empower customers across multiple retail and industry segments, including apparel, logistics, food and grocery, and general retail, to connect the physical and digital worlds by enabling a digital identity and life for physical items.
Sales in high-value categories were up high single digits. ● Intelligent labels up low single digits
You see a nurse practitioner rather than a doctor more often, because they are the fastest-growing job in the country and software now drafts the visit notes they check.
The electrician who fits your heat pump is 24 and a year out of technical school. His firm's software books, dispatches and bills the job, and his tools and diagnostics do some of what an older hand once knew.
Office jobs that used to train 22-year-olds are scarcer, so more young people take short vocational and nursing courses, though four-year colleges still grow too.
Where we looked: NBER and peer-reviewed field experiments on generative AI by worker skill; found no comparable study of AI lifting novices in physical field work such as repair or installation.
Where we looked: Stanford's revised payroll study, Yale Budget Lab's labor-market tracker, the New York Fed's graduate data and the BLS 2025-35 projections.
Where we looked: National Student Clearinghouse fall and spring reports, and the trade schools' own latest results releases and 10-Ks.
Where we looked: Risk factors and segment results in the Techtronic, ServiceTitan and Snap-on annual reports.
Young workers in AI-exposed office jobs regain ground on their less-exposed peers, vocational and certificate enrolment growth stalls, or contractors' worker shortages ease without more tools or software.
Stanford's young-worker gap in AI-exposed jobs, the New York Fed's recent-graduate jobless rate, certificate against bachelor's enrolment growth, and trade-school starts.
Access to the tool increases productivity, as measured by issues resolved per hour, by 14% on average, including a 34% improvement for novice and low-skilled workers but with minimal impact on experienced and highly skilled workers.
We provide suggestive evidence that the AI model disseminates the best practices of more able workers and helps newer workers move down the experience curve.
Subsample analyses show that low performers did nearly 10% worse due to the AI assistant, whereas high performers may have benefited by over 15%.
employment of young workers (ages 22-25) in AI-exposed occupations now stands 19% below where it would be had it kept pace with that of their less-exposed peers
It operates primarily through reduced hiring of young workers rather than increased separations.
We find no evidence of widespread, economy-wide job displacement.
These patterns attenuate when controlling for education, show some divergent trends predating generative AI, and are more pronounced in the ADP analysis sample than in national survey benchmarks
Labor market conditions remained challenging for recent college graduates through the second quarter of 2026. The unemployment rate stayed elevated at about 5.6 percent, and the underemployment rate edged up to 42 percent.
the continued integration of automation tools, including those powered by AI, into workflows is likely to reduce demand for several office and administrative support occupations.
These two healthcare groups combined are expected to account for almost one-third of all new jobs created through 2035.
Notably, nurse practitioners is projected to experience the fastest employment growth of all detailed occupations (+41.0 percent), reflecting the central role this occupation plays in providing care under collaborative, team-based models of care.
Overall, our metrics indicate that the broader labor market has not experienced a discernible disruption since ChatGPT’s release 33 months ago, undercutting fears that AI automation is currently eroding the demand for cognitive labor across the economy.
Employment of electricians is projected to grow 9 percent from 2025 to 2035, much faster than the average for all occupations.
Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
Employment of heating, air conditioning, and refrigeration mechanics and installers is projected to grow 11 percent from 2025 to 2035, much faster than the average for all occupations.
At the undergraduate level, enrollment increased across certificate, associate, and bachelor’s programs, with undergraduate certificate programs continuing to post the fastest growth (+10.2%).
For the third consecutive year, high vocational public two-years had substantial growth in enrollment (+11.7%, +91,000).
Enrollment in Computer and Information Science programs declined across all award and institution types, ranging from -3.6 percent at undergraduate PAB institutions to -14.0 percent at the graduate level.
After four years of consecutive growth, there are now 752,000 enrollments in undergraduate certificate programs at community colleges, a total increase of 28.3 percent from fall 2021.
There were 965,000 freshmen at community colleges, an increase of only 4,000 students (+0.5%) after three consecutive years of strong growth.
Average full-time active students of 25,131, an increase of 5.8% versus the comparable period, with total new student starts of 6,342, an increase of 10.9% over the comparable period.
However, our start growth for the quarter slowed to one percent, as fewer enrolled students than expected attended the first day of class.
Structural labor shortages in many of our key trades including electrical, plumbing, and power utility, facilitate growing end user demand for technology-driven solutions that enhance productivity and safety on the job site.
a significant portion of MILWAUKEE sales are derived from hyper-growth segments including data centers and large-scale infrastructure projects that have long-term investment cycles.
Moreover, trades businesses have experienced labor shortages as a result of an aging labor force and difficulty attracting new workers into the trades. These labor shortages can prevent trades businesses from accepting new jobs
in fiscal 2026, we introduced Atlas, an agentic AI layer that represents the next evolution of our Titan Intelligence AI engine.
The pricing of our subscription platform is partially based on the number of technicians employed by each of our customers, and any reduction in the skilled labor force hampers the growth of our customers
Through our platform, our customers are able to generate leads, book jobs, dispatch technicians, track performance, and take payments
This is especially true for our usage-based revenue, which is directly tied to the amount of GTV processed through our platform.
Segment net sales of $1,877.1 million in 2025 represented an increase of $79.2 million, or 4.4%, from 2024 levels
Segment net sales of $1,964.9 million in 2025 represented a decrease of $24.3 million, or 1.2%, from 2024 levels.
The diagnostics, information and management systems product category includes handheld and computer-based diagnostic products, service and repair information products, diagnostic software solutions, electronic parts catalogs
pioneered mobile tool distribution in the automotive repair market, where well-stocked vans sell to professional vehicle technicians at their place of business.
As of 2025 year end, Snap-on’s total route count was approximately 4,700, including approximately 3,400 routes in the United States.
Our average enrollment for the fiscal year ended December 31, 2025 was 16,622 students and our annual revenue was $518.2 million, which represented an increase of 17.8% over the prior fiscal year.
For the year ended December 31, 2025, skilled trades were our largest area of study, representing 52% of our total average student enrollment.
RU and HCN have more than 10,200 nursing students at their 26 campuses across eight states and online with over 90% of those students pursuing a pre-licensure PN diploma, ADN, or post-licensure BSN degree.
a $30.0 million, or 13.9%, increase in revenue in our RU Segment, a $7.7 million, or 11.4%, increase in revenue in our HCN Segment, and a $2.8 million, or 0.9%, increase in revenue in our APUS Segment
Air conditioning and heating contractors that install HVAC/R products in homes and businesses must be licensed given the highly regulated nature of the products, refrigerant, natural gas, and building and zoning requirements.
We currently serve more than 130,000 active contractors who service the replacement and new construction markets for residential and commercial central air conditioning, heating, and refrigeration systems.
a variety of early-stage technologies intended to help contractor customers grow and become more profitable. These initiatives include, among others, OnCall Air® , our digital sales platform
We offer the majority of our programs in a hands-on learning model through labs and clinical placements, as well as classroom delivery and blended delivery models.
The market for qualified transportation or skilled trades technicians across the programs that UTI offers is large and growing.
Your watch, a home blood test and software reading your scans flag problems earlier than before. More of what is there gets found, and more of it at an early stage.
The wait is less to see a doctor than for the scan, the biopsy or the procedure. Imaging centres and surgery centres run full, and staffing them is the hard part.
Hospitals and insurers fight over bills with software on both sides: one documents every visit as fully as it can defend, the other reviews, downcodes and denies.
Where we looked: FDA's AI device list, randomised trials of AI in mammography and of language models in diagnosis, and a provider survey on AI adoption.
Where we looked: The MASAI trial's recall and false-positive results, the Task Force's statement of screening harms, and Apple's own claims for its alert.
Where we looked: AAMC workforce projections, RadNet's 10-K on radiologist supply and staffing, and trial evidence on AI reducing reading work.
Where we looked: Elevance's 2025 call, the AHA's fact sheet, AHIP's prior-authorisation pledge, CMS's WISeR page, MedPAC on coding, and Experian's claims survey.
Insurers ration follow-up through prior approval, AI reads scans fast enough to end the staffing squeeze, or extra findings never lift imaging and procedure volumes beyond their current pace.
Organic imaging and lab volume growth against 2025's pace, AI-device clearances in radiology, and how insurers describe care use, coding and denials on their calls.
The AI-Enabled Medical Device List is a resource intended to identify AI-enabled medical devices that are authorized for marketing in the United States.
There were 61 248 screen readings in the intervention group and 109 692 in the control group, resulting in a 44·2% reduction in the screen-reading workload.
Cancer-detection rates were 6·4 per 1000 (95% CI 5·7-7·1) screened participants in the intervention group and 5·0 per 1000 (4·4-5·6) in the control group
The recall and false-positive rate were not significantly higher in the intervention group
The LLM alone scored 16 percentage points (95% CI, 2-30 percentage points; P = .03) higher than the conventional resources group.
In this trial, the availability of an LLM to physicians as a diagnostic aid did not significantly improve clinical reasoning compared with conventional resources.
The portfolio of AI and software solutions is anchored by Enterprise Operations solutions (traditionally knowns as RIS), Enterprise Imaging solutions (traditionally known as PACS), and Clinical AI solutions
Our 10.9% increase in Imaging Center revenue compared to the same period last year was driven by higher fees per imaging procedure and increased procedure volumes.
At times, there has been a shortage of qualified radiologists in some of the regional markets we serve.
In response to higher procedure volumes, we increased staffing levels across clinical, administrative, and technical functions to support the influx of patients.
While X-ray remains the most commonly performed diagnostic imaging procedure, the fastest growing and higher margin procedures are MRI, CT and PET.
As of December 31, 2025, we operated, directly or indirectly through hospital and health system joint ventures, 418 imaging centers located in Arizona, California, Delaware, Florida, Maryland, Virginia, New Jersey, Texas and New York.
only 14 percent are using it.
41 percent of providers now face denial rates of 10 percent or higher, an issue that has grown each year since the first survey in 2022.
the feature is expected to notify over 1 million people with undiagnosed hypertension within the first year.
The USPSTF recommends biennial screening mammography for women aged 40 to 74 years.
overdiagnosis and overtreatment of lesions that would not have led to health problems in the absence of detection by screening
Total da Vinci procedures performed by our customers grew approximately 18% in 2025, compared to approximately 17% in 2024
Our instruments and accessories have limited lives and will either expire or wear out as they are used in procedures, at which point they need to be replaced.
DIS volume increased by 12.3% compared to the prior year primarily driven by the impact of recent acquisitions, which contributed approximately 8.9% to DIS volume, with organic volume up by 3.4%.
During 2025, we processed approximately 244 million test requisitions through our extensive laboratory network.
Dx total volume, measured by requisitions, increased by 3.7%, as organic volume increased by 2.2% and acquisition volume, net of divestitures, contributed 1.5%.
the United States will face a physician shortage of up to 86,000 physicians by 2036.
the shortage projected in the new report is smaller than the findings demonstrated in the last report published by the AAMC in 2021.
Adjusted EBITDA | $ | 2,540 | $ | 2,026 | 4,566 |
Hospital Operations | Ambulatory Care | Total | Net operating revenues | $ | 16,138 | $ | 5,172 | $ | 21,310 |
At December 31, 2025, USPI held ownership interests in 533 ASCs and 26 surgical hospitals in 37 states.
isolated pockets where hospitals are using some AI-enabled coding tools that can increase document acuity and in turn unit costs.
some insurers are using automated tools to partially deny claims, forcing providers to engage in burdensome and costly appeals to be reimbursed.
Recently, unsubstantiated claims have suggested that the use of these tools has increased coding intensity, leading to higher health care costs.
leveraging enhanced technologies, such as Artificial Intelligence (AI) and Machine Learning (ML), along with human clinical review, to ensure timely and appropriate Medicare payment for select items and services.
We project that in 2025, MA risk scores will be about 16 percent higher than scores for similar FFS beneficiaries
Individual plans will commit to specific reductions to medical prior authorization as appropriate for the local market each plan serves, with demonstrated reductions by January 1, 2026.
our denial recovery solution, which offers a root-cause reporting tool for denied claims to help reduce preventable denials in the future.
processing 7.5 billion healthcare payments transactions annually representing over $2.4 trillion in gross claims.
The Auth Intelligence tool incorporates AI to aid nurses and physicians in completing clinical review of prior authorization requests.
Oncology, cardiology, musculoskeletal conditions, and advanced imaging, four of our key specialties, typically account for large portions of our customers’ specialty medical expense.
Imaging segment revenues were $9,245 million, growing 4.4% or $390 million, with growth in the USCAN and EMEA regions, partially offset by continued pressure in the China market
We also offer a suite of AI-enabled software and applications that help clinicians improve productivity, address staff shortages, and deliver better patient outcomes.
An existing Performance Suite client has signed a contract for our advanced imaging solution, which is expected to go live in the third quarter, subject to state regulatory approvals in certain states, with approximately 4.5 million lives
The bill people complain about is electricity, most of all in the mid-Atlantic, where the grid that serves Virginia's data-centre corridor has paid capped prices for capacity three years running and passes the cost to every customer.
Most households do nothing dramatic. Those that act lease a battery with their solar, sign up a smart thermostat for a utility credit, or buy a standby generator after the last big storm.
The utility, short of power plants at peak, pays for that flexibility, and asks the biggest new users to switch down or bring their own power.
Where we looked: EIA's October 2026 outlook and price tables, the Berkeley Lab and Brattle 2026 retail price study, and PJM's own auction release.
Where we looked: Generac, Enphase and Sunrun filings and 2026 quarterly results, EIA's outage data, and the 2025 tax law changes the filings describe.
Where we looked: FERC's 2025 demand response assessment, DOE's virtual power plant report, and the Alarm.com, Generac and Sunrun filings for how much of this is paid today.
PJM's capacity prices fall back as new plants arrive and Middle Atlantic household rates track inflation, or home backup and battery buying keeps following storms and tax credits rather than bills.
PJM's December 2026 capacity auction, Middle Atlantic household rates in EIA's monthly outlook, Generac's home standby sales, and the device count on EnergyHub and other utility platforms.
These most recent auctions were the first in PJM history in which the entire RTO fell short of the reliability requirement.
This auction also saw the continued trend of the addition of large data center loads to the load forecast that forms the basis of the reliability requirement.
The price came in at the FERC-approved cap, $325/MW-day (UCAP) for the entire PJM footprint
These auction results show that demand for electricity continues to grow faster than electricity supply
Wholesale capacity acquired through the auction accounts for a fraction of wholesale electricity costs
Developing “Connect and Manage” frameworks that allow large new loads, such as data centers, to connect to the system but operate flexibly when needed to limit disruptions to other consumers
5,249.9 MW increase in forecasted load, largely due to additional Large Loads
Residential sector United States average ... 17.30 18.21 18.68 ... Middle Atlantic ... 22.70 24.90 25.56
Residential electricity prices include other expenses such as transmission and distribution upgrades, capacity market auction prices in some regions, among other expenses.
Some regions experienced higher wholesale electricity prices this year mainly due to weather events, such as winter storm Fern and high summer temperatures particularly in July
Case Study: PJM Capacity Auction demonstrates price increases with load growth Accelerated load growth combined with supply and delivery constraints leads to significant price increases
State-level load growth was associated with declining all-sector average retail prices in recent decades, including from 2019 to 2025 in most states
All-sector average retail prices increased in 2025 vs. 2024: 5.3% in nominal terms, 2.6% in inflation-adjusted terms
Maximizing the use of the existing grid and encouraging bring-your-owngeneration (BYOG) can facilitate large-load additions in the near-term
Increased frequency and duration of major power outage events, that have a broader impact beyond a localized level, increases product awareness and may drive consumers to accelerate their purchase of a standby or portable generator
a decrease in residential product sales, most notably in home standby and portable generators as a result of the significantly lower power outage environment together with a strong prior year comparison which included multiple major landed hurricanes
When authorized, ecobee can provide utilities direct connection to a homeowner’s smart thermostat, thereby allowing control of a significant portion of the home’s electrical load. In exchange for this capability, utilities pay ecobee for that connection.
Residential products comprised 53.9%, 56.6% and 51.3%, respectively, of total net sales in 2025, 2024 and 2023.
This modest sales decrease was primarily driven by lower energy storage system and portable generator shipments compared to the prior year, mostly offset by growth in home standby generator sales.
The core total sales growth for the segment was primarily driven by ramping revenue from products sold into the global data center market.
Storage Attachment Rate was 74% in Q2, up from 70% in the prior-year period.
In the second quarter of 2026, Subscriber Additions were 19,793, a 31% decrease compared to the second quarter of 2025.
Major events such as Hurricanes Beryl, Helene, and Milton accounted for 80% of the hours without electricity in 2024.
Service interruptions that aren’t triggered by major events routinely average about two hours per year.
Under the new law, the Section 25D credit expired on December 31, 2025.
driven primarily by a 40% decrease in IQ Batteries MWh shipped, 2% decrease in microinverter units sold and product price decreases.
Together,we now manage over 2.5 million DERs on one platform, allowing any utility to orchestrate any DER to meet evolving grid needs.
EnergyHub’s platform is trusted by more than 120 utilities, who collectively serve more than 55 million customers.
the governor of Virginia signed a law directing Dominion Energy to launch a virtual power plant (VPP) pilot program consisting of DER aggregations totaling up to 450 MW.
From 2023 to 2024, total demand response participation in the seven U.S. wholesale markets increased by approximately 217 MW or 0.7 %, to a total of 33,272 MW.
require ERCOT to develop a demand management service that enables mandatory curtailment of large loads, such as data centers, during firm load shed events.
the 128.4 million advanced meters in operation represent 76.8% of the 167.2 million total meters in operation across all customer classes.
Deploying 80-160 GW of VPPs-tripling current scale-by 2030 could expand the U.S. grid’s capacity to reliably support rapid electrification while redirecting grid spending from peaker plants to participants
To address schedule certainty and bypass grid bottlenecks, large-load customers-particularly data center operators-are increasingly evaluating onsite generation as part of their energy strategy.
By managing DERs at scale, EnergyHub creates virtual power plants, or VPPs, that serve as enterprise-grade flexible grid resources. Utilities use these VPPs to reduce or shift electricity consumption during peak demand periods
Itron helps utilities and cities operate more efficiently, increase grid resilience and reliability, integrate distributed energy resources
Networked Solutions - This segment primarily includes a combination of communicating endpoints (e.g., smart meters, modules, endpoints, and sensors), network infrastructure
(4) contracted net cash flows from grid services programs with utilities or grid operators
NRG's retail brands, collectively, have the largest share of competitively served residential electric customers in Texas
NRG sells a variety of products and services to residential and small commercial customers, in a wide variety of sales channels, including retail electricity, energy management, demand response and/or virtual power plant programs
In a few rural counties of West Texas and north Louisiana, a data-centre campus is going up beside a new gas power plant, because the grid in the old hubs could not connect it fast enough.
Building one takes thousands of electricians, pipefitters and ironworkers for two years or more, in places with few hotels or spare houses. Many live in purpose-built work villages with canteens and buses to the site, and land with water and a pipeline beside it finds buyers it never had.
Most new computing is still built in the established hubs, such as Northern Virginia and Atlanta. The boomtowns are the overflow, not the whole story.
Where we looked: Virginia's 2024 JLARC data-centre study, CBRE's first-half 2026 market release, ERCOT's July 2026 Senate briefing, and Williams's and Entergy's 2026 filings.
Where we looked: Risk factors, customer notes and segment discussion in the 2026 quarterly filings of Target Hospitality, LandBridge, WillScot, Civeo and Texas Pacific Land.
Faster grid connections and new power lines let the big campuses stay in the established hubs, or the AI build slows and remote projects are cancelled.
Where new gigawatt campuses are announced, the size of ERCOT's large-load queue, and new contracts at Target Hospitality and land and water deals at Texas Pacific Land.
in July 2024, Dominion sent a letter to customers informing them that future large load additions to any part of the Dominion transmission zone are expected to take 12 to 36 months longer than they have previously taken
some AI workloads, such as large language model training, are not latency sensitive, allowing data centers housing these tasks to be located farther from established data center markets.
Much of the data center development is occurring in the established markets of Northern Virginia, the Richmond region, and Mecklenburg County.
Growing demand from the data center industry in other states, such as the growing Chicago and Ohio markets, could limit how much energy is available to be imported by Virginia utilities.
Although power constraints are extending completion timelines, more projects are moving from the planning stage
That dynamic should continue to support rent growth and drive expansion into markets that can offer both power and development certainty.
Atlanta emerged as North America's most active construction market for the first time, with nearly 2,900 MW
to provide land and brackish water resources for Chevron’s recently announced development known as Project Kilby, involving a large-scale power generation facility Chevron is developing to support a customer data center in Reeves County, Texas.
As part of the agreement, we sold land for aggregate consideration of $ 42.5 million and acquired the exclusive right to source aquifer-derived water for the power generation facility
one of the largest land and royalty owners in the State of Texas with approximately 894,000 surface acres of land, principally concentrated in the Permian Basin.
establishing service to a new data center to be developed by a subsidiary of Meta Platforms, Inc. in north Louisiana, for which an electric service agreement was previously executed.
Four of the new combined cycle combustion turbine generation resources are to be located near the customer site in north Louisiana (Richland Parish Units 1-4)
ERCOT is tracking approximately 474 GW of Large Loads seeking interconnection, of which ~90% are data centers.
The project consists of the Socrates North and South power generation facilities and associated gas pipeline infrastructure in New Albany, Ohio, which together have an expected 556 MW of capacity. Socrates South was placed into service in late July 2026.
Williams has agreed to provide committed power generation and associated gas pipeline infrastructure for four additional Power Innovation projects, Apollo, Aquila, Socrates the Younger, and Neo.
specialty rental and hospitality services provided to communities in the Southwestern United States, including Texas, where there is also insufficient housing and infrastructure solutions supporting the development of power generation and data center infrastructure projects.
Collectively, these agreements are expected to generate more than $1.4 billion of contracted revenue and support approximately 9,000 individuals over contractual terms ranging from 26 to approximately 60 months.
During the first half of 2026, the Company entered into four significant workforce accommodations and hospitality services contracts supporting AI infrastructure development and power generation projects.
For the six months ended June 30, 2026, we had two customers, who accounted for 17% and 16% of revenues, respectively, while no other customers accounted for more than 10% of revenues.
there is increasing demand for our assets and services tied to data center construction, electrification projects and associated infrastructure. This is principally occurring in the United States (U.S.)
Industry employment growth is increasingly concentrated on the nonresidential side as the data center boom continues to support rapid hiring of certain specialty trade contractors.
Williams is investing in construction projects to support the power demands created by new data center and industrial development in power grid-constrained markets, including agreements with a large, investment-grade company to provide onsite natural gas and power generation
Data center construction spending leapt another 7.5% in August and is now up more than 73% over the past 12 months.
In connection with the lease development agreement, PowerBridge paid a non-refundable option fee of $ 2.6 million during the first quarter of 2026
DBR is party to a lease development agreement with PowerBridge LLC, a portfolio company of Five Point (“PowerBridge”).
The lease development agreement provides PowerBridge the option to lease up to approximately 3,400 acres of land in Reeves County, Texas, for the development of one or more data centers, including power generation facilities.
Lower demand was driven by reduced non-residential construction project starts due to higher interest rates and increased economic uncertainty, partially offset by increased demand for large complex projects like data centers.
As power generators and data center developers increasingly look to secure reliable, long-term energy supply, EQT has become the partner of choice in Appalachia
Signed 10-year definitive agreement with Competitive Power Ventures (CPV) to supply 325,000 Dth/d of natural gas to the CPV Shay Energy Center in Doddridge County, WV
Mission-critical projects-including data centers, manufacturing, and semiconductor facilities-represented 92% of E-Infrastructure backlog at quarter end.
A friend runs a profitable furniture brand with four employees and software doing customer service, ads, bookkeeping and supplier chasing. A consulting firm is three partners and no juniors, because the first-draft work juniors once did is done by software.
Many people work for themselves. Some employers give staff a fixed monthly sum to buy their own health plan instead of running a group plan, though big employers are moving faster than small ones and most people still get cover through work.
Where we looked: Stanford's payroll-data study, the Census Bureau's business surveys on AI use and on technology's effect on headcount, and payroll companies' 10-K risk factors.
Where we looked: Census Nonemployer Statistics, the Business Formation Statistics data file, and the Census AI-use survey by firm size.
Where we looked: The 10-Ks of Paycom, ADP, Salesforce, Microsoft and BILL, for seat counts, payroll headcount and pricing-model risk.
Where we looked: The Census Bureau's 2024 health insurance report, the HRA Council's 2026 data release, and Oscar Health's 10-K risk factors.
AI keeps spreading faster in large firms than small ones, so scale wins; or one-person business growth stays at its pre-AI pace and ICHRA stays a fraction of a percent of work-based cover.
Census counts of businesses with no employees and AI use by firm size, payroll firms' employees per client, and the HRA Council's yearly ICHRA count.
employment of young workers (ages 22-25) in AI-exposed occupations now stands 19% below where it would be had it kept pace with that of their less-exposed peers; experienced workers show no comparable gap.
It operates primarily through reduced hiring of young workers rather than increased separations.
We find no evidence of widespread, economy-wide job displacement.
more tasks historically performed by people have been and may continue to be replaced by automation, robotics, AI and other technological advances outside of our control, which may reduce our clients’ need for existing or future employees
Any increase or decrease in the number of employees of our clients will have a positive or negative impact, respectively, on our results of operations.
Contrary to conventional wisdom, the 2023 ABS (which produced 2022 data) found that adoption of technology, including AI, did not change overall worker numbers.
Between December 2025 and May 2026, AI use increased among firms with at least 20 employees but didn’t change significantly among firms with fewer than 20 employees. Less than 20% of firms with four or fewer employees reported using AI.
From 2012 to 2023, the total number of nonemployers grew an average 2.7% annually, while employers averaged only 1.1% year-over-year growth.
The total number of U.S. nonemployer establishments increased every year from 1997 to 2023 except during the financial crisis in 2008
The data show nonemployer establishments climbed 2.1% in 2023, a slowdown compared to early post-COVID growth
U,TOTAL,BA_BA,US,2025,499440,442701,501015,585822,425999,428838,513667,429362,446242,539537,426732,432481
U,TOTAL,BA_BA,US,2019,354645,319386,327817,299736,343448,270168,240116,325625,249711,315344,228596,224398
U,TOTAL,BA_HBA,US,2025,165133,144167,151767,182533,136910,134376,156758,128629,123293,150191,113578,121507
U,TOTAL,BA_HBA,US,2019,132675,116440,118612,113578,133593,104840,91048,123643,93927,117347,85958,84530
grew 1% for the year ended June 30, 2026 as compared to the year ended June 30, 2025.
decreases in the number of users at our customers, competition, pricing increases or changes, such as the increased prevalence of consumption-based pricing models and economic downturns.
Transaction fees are fees collected for each transaction processed, on either a fixed or variable fee basis.
Businesses using our solutions (1) | 479,300 | 493,800 | 474,600 | (3) | %
Transaction fees | 1,211,203 | 1,028,668 | 182,535 | 18 | %
The Company's revenue was $1,653 million for the year ended June 30, 2026.
Microsoft 365 Commercial seats grew 6% driven by small and medium businesses and frontline worker offerings.
The data suggests the number of ICHRA-covered lives alone (not including the thousands of QSEHRA-covered lives) surpassed 500,000 at the beginning of 2026.
Applicable Large Employers (ALEs) represent the fastest growing segment of ICHRA adoption, more than doubling on average since last year.
More than two-thirds of small businesses offering ICHRA and 93% of those newly offering QSEHRA in 2026 previously offered no health coverage to their employees.
Nearly a third of small employers who have adopted ICHRA moved from the often challenging small group market.
employment-based insurance was the most common, covering 53.8 percent of the population for some or all of the calendar year
we have limited data to validate key aspects of our business model, including our growth strategy.
Employees whose employers have chosen to offer an ICHRA are also able to purchase Oscar’s health plans.
We continue to believe ICHRA will disrupt employer group coverage and expand individual insurance beyond the traditional ACA market.
We principally generate merchant solutions revenues from payment processing fees and currency conversion fees from Shopify Payments, our fully integrated payment solution.
In the year ended December 31, 2025, subscription solutions revenues accounted for 24% of our total revenues
driven by a combination of strong customer growth, continued average revenue per customer (ARPC) expansion and an increase in payments revenue, which includes Melio’s revenue contribution.
During 2025, we processed 41.7 million new domain name registrations for . com and . net compared to 37.4 million in 2024.
Our 20.4 million customers are passionate and determined to transform their ideas into something meaningful.
We serve small businesses, individuals, organizations, developers, designers and domain investors.
You still do not have a humanoid robot at home, but a robot vacuums the floor and another mows the lawn. More of the parcels in the warehouse that ships your order are moved by robots, and a few hundred trucks on Texas highways have no driver.
The farm next door sprays weeds plant by plant with a camera rig. Each of these machines needs precision gears, motors and sensors, and a growing share of the factory robots that make them are built in China.
Where we looked: IFR's 2026 industrial and service robot releases, Harmonic Drive's annual securities report, Teradyne's and Deere's 10-Ks, and Hesai's and Ouster's June-quarter results.
Where we looked: IFR's 2026 country data, Harmonic Drive's segment results, Nabtesco's half-year results and briefing, and Leaderdrive's 2025 results preview on the Shanghai exchange.
Logistics and farm robot sales stall, driverless trucks stay a few hundred on a few routes, or Chinese gear makers take the robot joints so the Japanese gear makers' robot orders shrink.
IFR's yearly logistics robot count, Aurora's driverless truck count and miles, the gear makers' robot orders split by China and the rest, and See & Spray acres.
advances in artificial intelligence, machine vision and sensing are increasing robot capabilities, while easier programming and system integration are reducing deployment costs and opening automation to new applications and customer groups.
Factories worldwide installed more than 600,000 new units over the year.
Annual installations grew by 20% year-on-year and now account for 59% of global deployments.
Chinese manufacturers have sold more than foreign suppliers in their home country. Their installations rose by 15%, reaching 195,000 units - a domestic market share of 55% in 2025 compared to 57% in 2024.
Q2 2026 Robotics lidar shipments were 142,371 units, representing an increase of 193.4% from 48,531 units in the corresponding period of 2025.
Q2 2026 ADAS lidar shipments were 485,904 units, representing an increase of 60.1% from 303,564 units
Net sales increased by 4.1% year on year to ¥12,107 million, reflecting an increase in orders received for AI robots, despite a decline in orders received for defense applications.
as the market is still in its early days, the pace of real-world implementation is beginning to diverge from the assumptions made at the time of formulating the medium-term management plan
the HarmonicDrive®, with its compact size, lightweight, and high precision, has won a high worldwide market share as a speed reducer built into the joints of industrial robots
Net sales decreased by 28.0% year on year to ¥4,046 million due to a fall in sales for industrial robots.
consolidated orders received for the full year increased by 16.2% year on year to ¥61,613 million.
Product revenue of $53 million was an increase of 51% year over year and 9% sequentially, primarily driven by customers in the industrial and smart infrastructure verticals for use cases in warehouse automation, yard logistics, and intelligent transportation.
GAAP net loss of $18 million, an improvement of $2 million year over year
The decrease in Robotics revenues of $56.5 million, or 15.5%, was primarily due to lower sales of collaborative robotic arms and autonomous mobile robots.
system security concerns, or the protection of privacy could impair the adoption and acceptance of autonomous machine solutions.
These customers are increasingly adopting and integrating precision agricultural technologies like guidance, telematics, automation, and data-driven management in their operations.
While recent advances in AI, sensors and control systems have enabled impressive pilot projects, most current applications remain specialized and often require human teleoperation.
Transportation and logistics stays in the lead as top application, with 117,500 units sold in 2025. This was up 21%, and represents a market share of 47%.
Overall sales of consumer robots increased by 37% to almost 34.2 million units in 2025.
In 2025, about 7,000 units of full-size humanoids (above 140 cm) were sold globally.
John Deere's See & Spray technology was used across more than five million acres of farmland during the 2025 growing season
See & Spray uses boom-mounted cameras and onboard processors to scan over 2,500 square feet per second at up to 15 miles-per-hour, identifying weeds and triggering individual spray nozzles
farmers and custom applicators pay for See & Spray, via a per acre fee, when the technology delivers measurable savings.
the Aurora Driver completed nearly 440,000 driverless miles since launch through the end of June
Value Truck, a fast-growing cross-border carrier, will initially deploy the Aurora Driver on two routes: Dallas-Laredo and Fort Worth-Phoenix
We anticipate exiting the year with more than 200 driverless trucks in operation
Second quarter 2026 revenue totaled $2 million across driverless and vehicle operator-supervised commercial loads.
Second quarter operating loss, including stock-based compensation (SBC), totaled $266 million.
Approx. 60％ world market share
Precision Reduction Gears's orders in 26/Q2 were steadily increasing at QoQ+11% YoY+23%.
Growth in automation, robotics and digital technologies plays an increasing role in driving demand beyond 2030, as permanent magnets enable precision motion control, miniaturisation and energy efficiency improvement for these applications.
In 2005, China accounted for around 50% of the production of sintered permanent magnets, but its share expanded significantly to reach 94% in 2024.
工业机器人行业迎来回暖态势，市场需求持续释放，公司凭借深厚的行业积累与产品竞争力，在该领域保持稳步增长，市场份额持续提升
Sales of precision reduction gears increased year-on-year due to favorable demand for industrial robots mainly from automobile manufacturers in China and South Korea and general industries.
The Company's Spinea® line features highly engineered cycloidal reduction gears and actuators. Spinea's solutions primarily serve high precision automation and robotics applications in the factory automation sector.
These products include Cone Drive® high-torque worm gears, harmonic solutions and precision slew drives.
In Tucson, a big new water user has to file a conservation plan that anyone can read, and cover part of its needs with recycled water. Next door in Marana, the town will not sell drinking water to cool a data centre.
Inside the newest data halls, chips sit on sealed loops of coolant that are filled once and then tested and treated, rather than topped up from the tap. Down the road, chip factories make water purer than any drinking supply, and recycle as much of it as they can.
Where we looked: Berkeley Lab's 2024 data-centre report, the Congressional Research Service's 2026 water FAQ, Google's 2026 environmental report, Microsoft's cooling design note, and TSMC's 20-F risk factors.
Where we looked: Ecolab's, Xylem's and Veralto's 2025 10-Ks for data-centre figures (none disclosed), Organo's and Kurita's results, Berkeley Lab's projections and Microsoft's cooling designs.
Sealed cooling loops and on-site recycling cut water use so far that towns stop attaching water terms, and chip-plant building slows, so treatment and ultrapure-water spending at these sites stops growing.
Water terms in data-centre approvals in Arizona and other dry places, Ecolab's global high-tech growth, and Kurita's and Organo's electronics orders.
In 2014, data centers consumed 21.2 billion liters of water, with 64% in internal data centers. By 2023, hyperscale and colocation account for 84% of the 66-billion-liter total
The total indirect water footprint of U.S. data centers is nearly 800 billion liters, attributed to water consumed indirectly through electricity use
Hyperscale data centers in 2028 are expected to consume between 60 and 124 billion liters.
Our water consumption increased 34% from 2024 to 2025 as we continued to meet the world’s increasing demand for digital services
Low risk of water depletion or scarcity % 72 Medium risk of water depletion or scarcity % 15 High risk of water depletion or scarcity % 13
The semiconductor manufacturing process uses extensive amounts of electricity and water.
the droughts that Taiwan experiences from time to time, raise ongoing concerns regarding future availability of sufficient electricity and water for our production in Taiwan.
Land Lease with Southern Taiwan Science Park Administration relating to T-Site Water Reclamation Plant (effective April 1, 2020 to March 31, 2040)
半導体工場では洗浄用水など大量の水を使用するが、最先端の工場では80%以上の水を回収し再利用。
電子産業は台湾・米国など最先端半導体の投資続く、受注・売上は拡大傾向で推移
オルガノはウェハーやチップの洗浄に用いられる超純水の供給設備、洗浄や他の製造工程で生じる排水を無害化・廃棄物を低減するための処理設備、水のリサイクルシステム
is estimated to make up a relatively small proportion (approximately 2%) of total U.S. water consumption.
a 2026 study found that 66 data centers were completed or under construction in Central Arizona.
“The Marana water department will not provide potable water to a data center (principal or accessory use) for its cooling system, humidity control, and other similar operations”
many data center operators are interested in transitioning to recycled water for cooling purposes but face an unclear permitting pathway for this specific use.
At the federal level, there are no laws or regulations governing water reuse.
That the applicant has agreed to use reclaimed water to offset at least 30 percent of its water use
Starting August 2024, all new Microsoft datacenter designs began using this next-generation cooling technology, as we work to make zero-water evaporation the primary cooling method across our owned portfolio.
Once the system is filled during construction, it will continually circulate water between the servers and chillers to dissipate heat without requiring a fresh water supply.
Although our current fleet will still use a mix of air-cooled and water-cooled systems
On December 16, 2025, we acquired Ovivo’s electronics business (“Ovivo Electronics”) for total consideration of $1.6 billion in cash.
Global high-tech reported strong double-digit sales growth driven by data centers and microelectronics.
Light & Heavy provides water treatment products and technology programs for cooling water, ultra-pure water, wastewater, boiler water and process water applications.
ChemTreat has been selected as the only preferred service provider in Virginia and a strategic service provider nationally for Dow's newly launched Coolant Care Network.
"The data center industry is under enormous pressure to scale liquid cooling environments to meet AI-driven workload demands," says Ashour Khamis, President of ChemTreat.
Veolia announces an ambitious plan to accelerate its footprint in the data centers industry and microelectronics, targeting over €1 billion in annual revenue from these two markets by 2030.
Micron (United States, water and hazardous waste, Singapore), Samsung (United States, hazardous waste), Intel (United States, and Ireland water and hazardous waste)
Google (United States & Europe, water), AWS (United States, water and commissioning)
Service Business Sales Ratio （電子/Electronics Industry） 73.3% 71.5% 69.6% 66.4% 54.8% 55.6% 58.3% 59.2% 58.5% 62.7% 63.5% 63.8%
ChemTreat associates work alongside customers across many industries to understand their water challenges and tailor chemical treatment plans and dosing protocols to help optimize customers’ water usage and maximize reuse
Our Water Solutions and Services segment provides tailored services and solutions, in collaboration with customers, including on‑demand water, outsourced water, recycle/reuse, specialty dewatering and emergency response service alternatives
Our Water Solutions and Services segment reaches customers across industrial vertical markets, such as life sciences, microelectronics, food and beverage, chemical processing and power generation, and various municipalities.
Its product suite includes AMBERLITE™ ion exchange resins, FILMTEC™ reverse osmosis and nanofiltration elements and INGE™ and ITEGRATEC™ ultrafiltration modules.
Organic sales growth in Healthcare & Water Technologies was driven by broad-based volume growth led by personal protection and biopharma in Healthcare Technologies and continued strength in industrial water and semiconductor markets within Water Technologies
A new factory opens an hour from your town. It employs fewer people than the old one did, and more of them are technicians who run and fix robots.
But fewer of these plants are breaking ground than two years ago. Most of the goods you buy are still made abroad, often in factories more automated than the new one near you.
Where we looked: Rockwell's 10-K and 10-Q sales tables, Lincoln Electric's product-line revenue, and IFR's 2026 US release by customer industry.
Where we looked: IFR's 2026 China and US releases, the Census trade release for August 2026, and the Reshoring Initiative's policy section.
Where we looked: Fastenal's and MSC Industrial's latest 10-Ks, the September 2026 jobs report, and Rockwell's June 2026 10-Q.
Factory building keeps falling toward its 2019 level, US robot installations stall while China's climb, and imports keep rising, so homecoming stays a subsidy-era blip.
Census spending on new US manufacturing plants, IFR's yearly US robot installations, and Rockwell's North American sales.
2024 Top Cited Factors: 1. Government Incentives (736) 2. Skilled Workforce (357) 3. Proximity to Market (307) 4. Supply Chain Risk (261)
12 Automation/technology 56 91 63%
The number of firm cases citing Government Incentives as a factor in 2025* is down by 54% from 2024 while the number citing Tariffs as a factor is up 454%.
ongoing uncertainty and mixed messaging have slowed many announcements and delayed action.
Invest in automation. Automation is a critical element in any reshoring strategy-but not a panacea. U.S. productivity growth has stalled at 0% for 15 years, compared to China’s 6% annual improvement.
We continue to manage the impact of tariffs through actions including pricing and the use of alternative sources of materials and redundant manufacturing locations.
Total sales (d) $ 8,342 $ 8,264 $ 9,058
Overall demand for our hardware and software products, solutions, and services is driven by: • investments in manufacturing, including new facilities or production lines, upgrades, modifications and expansions of existing facilities or production lines
2019-01-01,81009
2023-01-01,202151 2024-01-01,244093 2025-01-01,215365
Manufacturing 170,701 170,339 171,232 173,641 177,023 211,142 0.2 -19.2
The United States installed 38,400 industrial robots in 2025, marking a 12% year-on-year increase.
Uncertainty and trade tensions will be a burden in the short term, but reshoring policy and labor scarcity will provide excellent opportunities for robotics in the long run.
The metal and machinery industry ranked second, with 3,000 installations, a decrease of 15%.
Total sales (d) $ 2,313 $ 2,144 $ 6,657 $ 6,026
Manufacturing PMI results also increased during the third quarter of fiscal 2026, reaching their highest level in four years.
Automation 870,299 911,425 941,032 Net sales $ 4,233,003 $ 4,008,670 $ 4,191,636
whereas automation solutions are primarily custom or build-to-print systems.
Additionally, the emergence of AI-enabled robotic solutions has increased the competitive pressure on our automation business.
A total of 354,000 units were deployed in 2025. This equates to almost three out of every five installations worldwide, marking a new peak.
The economy is suffering from a labor shortage due to demographic change. Therefore, robotic automation will be a preferred solution, making production resilient to a lack of labor resources.
Year-to-date, the goods and services deficit decreased $138.2 billion, or 19.9 percent, from the same period in 2025. Exports increased $267.7 billion or 11.8 percent. Imports increased $129.5 billion or 4.4 percent.
Approximately 71% to 76% of our customers are in manufacturing end markets, which encompass heavy machinery, fabricated products, process industries
we have invested in and developed various technologies that allow us to put physical product closer to the point of use in a customer location
Manufacturing Customers Percent of Total Net Sales (3) 67 %
This soft demand was felt more acutely in the heavy manufacturing industry, which represented 58 % of our revenues during the year ended August 30, 2025.
MSC is a leading North American distributor of a broad range of metalworking and maintenance, repair and operations (“MRO”) products and services.
Manufacturing employment was little changed in September (+9,000) but is up by 72,000 since a recent low in December 2025.
has granted SMC a global market share of 30%, and 65% in the Japanese market. With 12,000 basic products and over 700,000 variations, SMC offers solutions from air preparation, instrumentation, through to valves, and actuators
A federal judge's docket fills with complaints drafted by chatbots for people who never hired a lawyer, some citing cases that do not exist. In state courts, a few debt collectors file contract claims in bulk, and few of the people sued ever answer.
Big lawsuits keep getting more expensive for reasons that began before AI: more lawyers in insurance claims, larger jury awards and outside money paying for cases. Lawyers on both sides research with AI tools, and courts spend more time sorting sound filings from flawed ones.
Where we looked: AI hallucination rulings, the state courts' research body, the self-representation study's own caveats, and adoption surveys of lawyers.
Where we looked: US Courts' 2025 caseload report, the National Center for State Courts' data and AI brief, and Seyfarth's ADA lawsuit counts.
Where we looked: The winners' own annual reports and risk factors, and the court data above on which kinds of case are growing.
Self-represented and bulk filings level off as courts sanction machine-made errors or screen filings, and total civil filings keep drifting down as they have since 2021.
US federal and state civil filing counts, the self-represented share of new federal cases, state contract and debt filings, and liability insurers' comments on legal costs.
a large and growing share of complaints are flagging positive for AI-generated text, from essentially zero in the pre-AI period to more than 18% in 2026.
the number of pro se cases-or self-represented cases-is increasing dramatically, rising from a long-term steady-state average of 11% to 16.8% in FY2025. This increase is concentrated in case types characterized by formulaic document production
Pro Se Litigant (1233)
While seeking to be exhaustive (2149 cases identified so far), it is a work in progress and will expand as new examples emerge.
On an organization-wide level, the percentage of respondents who said their organizations were actively using GenAI nearly doubled over the past year, to 22% in 2025, compared to 12% in 2024.
These innovations enable legal professionals to perform complex, multi‑step research and analyze large volumes of litigation documents in a fraction of the time previously required.
On an organic basis, revenues increased 8% driven by 9% growth in recurring revenues (97% of the Legal Professionals segment revenues) led by Westlaw, CoCounsel, and Practical Law.
We have seen an increase in well-funded new competitors focused on leveraging technological advancements, particularly AI, which has reduced barriers to entry.
Our Legal Professionals segment delivers professional-grade, agentic AI-enabled solutions for customers across law firms, courts and government. Our next generation AI solution, CoCounsel Legal, with Deep Research grounded in Westlaw
Civil case filings in the U.S. district courts increased 4 percent in 2025, rising by 12,667 cases to 303,563.
Excluding MDL cases, combined filings of all other civil cases increased 9 percent (up 22,382 cases).
Since 2021, civil case filings in the district courts have declined 12 percent (down 41,004 cases).
Contract filings in 2024 are up every month from March to December over filings for the same month in 2023.
Many studies have shown that most debt cases are filed by a few high-volume filers.
Critically, we have no data on whether any of these filers, whether individual or corporate plaintiffs, actually used AI to create their petitions.
Halfway into 2026, the ADA Title III plaintiff’s bar and their clients have filed 5,006 federal ADA Title III suits in federal court - a significant increase from the past four years which had an average of 4,463 filings
The overall larger number of lawsuits is consistent with our observation that several relatively new plaintiffs’ firms have arrived on the ADA Title III scene.
70M 2024 state court filings 4% change from 2023 -27% change from 2012
Social inflation refers to the rising costs of insurance claims due to trends like increased litigation, higher jury awards, and broader liability definitions. These factors have driven 57% of the increase in US liability claims over the past decade
adverse changes in the tort environment that have continued to persist at elevated levels for a number of years (e.g., increased and more aggressive attorney involvement in insurance claims, increased litigation, expanded theories of liability, higher jury awards
expanded theories of liability, higher jury awards, lawsuit abuse and third-party litigation finance, among others
contributing to the growth in transaction-based fees compared to prior period are the new transaction clients, volume increases from online payments and e-filing services
We also provide electronic document filing solutions (“e-filing”) that simplify the filing and management of court related documents for courts and law offices.
Revenue grew 9.3% year over year to $751.6 million while company-wide utilization was 77%.
We provide consulting services to corporate clients and attorneys in a wide range of litigation and regulatory proceedings, providing high-quality research and analysis, expert testimony
New conditional and unconditional commitments reached a record $712.2 million across 43 new investments
The Group provides capital to claimants and law firms to pursue legal actions, typically in high-value commercial disputes, class actions, and international arbitrations. Returns are contingent on successful resolution - whether by settlement, judgment or award.
It is difficult to predict the outcome of litigation, particularly complex commercial litigation of the type we finance.
in the United States, legislation has been introduced in the US Congress in multiple sessions that would require various types of regulation of litigation finance. Such legislation has never passed either house of Congress
We typically provide capital to our counterparties on a non-recourse basis and receive a return only upon the successful conclusion of a claim.
Burford is the world’s largest dedicated provider of capital, based on portfolio size, against the underlying value of litigation and legal assets
Avg ~46K filings and ~$1.3M fees processed daily
POWERED BY TYLER TECHNOLOGIES
Drug companies talk about medicines a computer helped design, and a few are already in late-stage trials. Your doctor still enrols patients in studies the old way, and each drug still takes years to test.
So far the flood is a trickle: the number of new trials and of drugs in development has been roughly flat. What has changed is that the AI-designed drugs that reach people have passed their first safety trials more often.
Where we looked: IQVIA's 2026 R&D report and its notes on AI success rates, Recursion's 2025 annual report, and the FDA's animal-testing announcement.
Where we looked: IQVIA's 2026 report on trial starts, timelines and AI success rates, Citeline's pipeline count as reported by SCI, and contract manufacturers' 2025 results.
AI-designed drugs fail in Phase II and III as often as others, and trial starts and the drug pipeline stay flat, so faster discovery never becomes more trial and factory work.
IQVIA's yearly count of trial starts and AI-programme success rates, the first Phase III results for an AI-designed drug, and new-business bookings at Medpace and ICON.
compressed the timeline to PCC nomination to roughly 12 to 18 months, compared with the 2.5 to 4-plus years typical of traditional drug discovery.
For the most recent three-year window, the Phase I success rate for AI-enabled emerging biopharma programs was 75%. That is a substantial advantage over comparable non-AI-enabled programs
Instead, the data shows that Phase II success rates for the AI-enabled cohort track are on par with their non-AI-enabled peers. Phase III transitions are not yet numerous enough to analyze meaningfully.
Second, while the signal is clear within emerging biopharma, industry-wide success rates are unchanged from the prior year. The improvement is visible in a segment, not yet in the whole.
The FDA’s animal testing requirement will be reduced, refined, or potentially replaced using a range of approaches, including AI-based computational models of toxicity and cell lines and organoid toxicity testing in a laboratory setting
As part of this prioritization, the clinical programs REC-2282 for NF2, REC-994 for CCM, and REC-3964 for C. difficile were discontinued and/or partnering opportunities are being pursued.
In absolute terms, most therapeutic areas experienced small declines in trial starts between 2024 and 2025, reflecting global Phase I trends.
Although end-to-end clinical development timelines have increased, reversing the improvements of recent years, emerging developments in artificial intelligence-enabled discovery and development offer a tantalizing glimpse of a future in which reduced pipeline attrition dramatically improves R&D productivity.
The total number of drugs in the global R&D pipeline stands at 22,940, according to a recent analysis by Citeline, slightly lower than in 2025.
He notes that because of this, the overall pipeline size has probably been fairly flat over the past few years.
The performance was mainly driven by full utilization across Plants 1 through 3, together with Plant 4, which also reached full utilization in the third quarter of 2025.
The company secured a KRW 1.1 trillion manufacturing agreement with a European pharmaceutical company in the fourth quarter of 2025, contributing to a cumulative contract value exceeding USD 21 billion.
Net new business awards were $795.7 million in the second quarter of 2026, representing an increase of 28.2% from net new business awards of $620.5 million for the comparable prior-year period
driven by sustained demand for its large-, mid-, and small-scale assets, supported by maturing growth projects and the Vacaville site acquisition, which generated around CHF 0.6 billion sales.
In Integrated Biologics, Lonza leverages its experience in drug approvals to accelerate and de-risk the path to market with best-in-class, end-to-end offerings - from clinical development to drug substance and drug product manufacturing.
In 2025, the Group estimates that it generated revenue from GLP1s in the range of 19% to 20% of total Company revenue.
For the year ended December 31, 2025, revenue from high-value solutions increased to 46.0% of our total revenue, compared with 38.3% for the year ended December 31, 2024, resulting primarily from increased customer demand for high performance syringes
it is often the case that drug product containment and delivery arrangements cannot be changed without amending the regulatory filing with the relevant agency. High switching costs and significant time delays are meaningful deterrents to a change in suppliers
We are one of the world’s leading clinical contract research organizations, or CROs, by revenue, solely focused on providing scientifically-driven outsourced clinical development services to the biotechnology, pharmaceutical and medical device industries.
for the year ended December 31, 2025, 82% and 13% of our net revenue was derived from small biopharmaceutical companies and mid-sized biopharmaceutical companies, respectively, which may have limited access to capital.
ICON is a global provider of outsourced development and commercialization services to pharmaceutical, biotechnology, medical device, and government and public health organizations.
Revenue for the year ended December 31, 2025 increased by $62.4 million, or 0.8%, to $8,251.3 million, compared to $8,189.0 million for the year ended December 31, 2024.
A $92.7 million overstatement of revenue for the year ended December 31, 2024 and a $65.3 million overstatement of revenue for the year ended December 31, 2023.
Veeva Clinical Data Management helps sponsors and CROs design and run trials with tools to speed the build process and eliminate manual steps. This includes Veeva EDC for electronic data capture
In our fiscal year ended January 31, 2026, we derived approximately 47% and 53% of our subscription revenues and 45% and 55% of our total revenues from our Commercial Solutions and R&D and Quality Solutions, respectively.
We are a leading global manufacturer in the design and production of technologically advanced, high-quality, integrated containment and delivery systems for injectable drugs and healthcare products.
Our Proprietary Products reportable segment offers elastomers & primary containment, drug delivery devices, integrated systems, and analytical lab services, primarily to biologic, generic, and pharmaceutical drug customers.
The news from every conflict is about drones: cheap, numerous and increasingly flying themselves. Airports, stadiums and power plants install systems to detect and stop them.
Governments that once bought a few expensive platforms now buy thousands of cheap ones. Police and utilities use drones for inspection and response every day.
Where we looked: RUSI's tactical study of Ukraine, the 2026 and 2027 US budget books, and the Replicator programme's own release.
Where we looked: The 2027 US budget request's aircraft and shipbuilding lines, and the Pentagon's July 2025 drone memo.
Defence budgets stay locked into large traditional programmes, or cheap counter-drone defences make drones far less useful.
The share of defence budgets going to uncrewed and counter-drone systems, and order sizes at AeroVironment and Kratos.
FPVs have been improved with autonomous terminal guidance and wire spools, which render them impervious to electronic disruption.
With FPVs that are remotely piloted by radio frequency, it is also difficult to concentrate multiple drones in time and space because they can interfere with one another’s guidance systems.
Despite these limitations, tactical UAVs currently account for 60-70% of damaged and destroyed Russian systems.
They emphasised that UAVs alone were inadequate and that they were most effective when used in combination with artillery.
Between 60 and 80% of Ukrainian FPVs fail to reach their target, depending on the part of the front and the skill of the operators.
the USSOCOM is building on its Adaptive Airborne Enterprise, designed to enable multi-platform control and management of multiple Unmanned Aerial Systems and payloads
$13.4 billion for autonomous and remotely operated systems across air, land, and above and below the sea
$4.5 billion to develop an environment where autonomous systems can operate collaboratively at scale
$54.0 billion for autonomous and remotely operated systems across air, land, and above and below the sea, including $39.2 billion associated with the Drone Dominance mandatory funding request
The FY 2027 President’s Budget includes $20.6 billion, an increase of $16.6 billion, or 424 percent over the FY 2026 enacted level of $3.9 billion
investing $9 billion, a $3.1 billion increase, in the number one priority, the F-47 family of systems.
allowing for acquisition approaches for portfolios of capabilities that broaden opportunities for new entrants.
$16.9 billion to procure unmanned systems across air, surface, subsurface, and ground domains from within the industrial base capacity
the Service is revolutionizing the force structure with a massive investment in the Collaborative Combat Aircraft program ($2.7 billion) funding the first increment while beginning development on the second.
Replicator focuses on improving the United States’ ability to counter the People’s Republic of China’s military mass by fielding attritable autonomous systems in multiple thousands across multiple domains.
In 2023, the Ministry of Defence procured thousands of drones, whereas by the end of 2024, we, together with the State Service of Special Communications and Information Protection of Ukraine, procured over 1.5 million drones
Small UAS resemble munitions more than high-end airplanes. They should be cheap, rapidly replaceable, and categorized as consumable.
By the end of 2026, every squad will have low-cost, expendable drones, prioritizing Indo-Pacific combat units
First, we will bolster the nascent U.S. drone manufacturing base by approving hundreds of American products for purchase by our military.
In November 2024, Teal was selected as a winner of the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record.
Consolidated revenues totaled $40.7 million during the year ended December 31, 2025
Group revenue increased to $216.5 million, up from $57.5 million in FY2024, representing growth of 276% year‑on‑year
combines Northrop Grumman’s uncrewed capabilities and autonomous leadership with Kratos’ Valkyrie uncrewed aerial system to work alongside crewed fighters to provide air dominance in high-threat environments.
Kratos is the primary provider of jet target drone systems to the USN, with the BQM-177, the USAF with the BQM-167, and the U.S. Army with the MQM-178.
have placed a premium on rapidly developing and fielding low-cost, high-technology hardware, systems and solutions, that can be fielded in quantities, i.e. affordable mass, to address National Security requirements.
Precision Strike: Our Switchblade family includes the Switchblade 300, Switchblade 400 and Switchblade 600, which are LMS that provide portable, low-signature, precision strike capabilities against static or mobile targets
We develop and deploy autonomous systems, precision strike systems, counter-UAS technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities.
OAS markets Iron Drone Raider™, a fully autonomous interceptor drone designed to neutralize small hostile drones threatening critical assets, facilities, and operations.
Through Airobotics, OAS provides the Optimus System™, a fully autonomous aerial platform designed for persistent, repeatable missions
Currently, our batteries are primarily used for existing and emerging aviation applications, including unmanned aerial systems or “UAS”, such as drones and high-altitude pseudo satellites or “HAPS”.
Awarded a $24.0 million order from a major European drone developer for SiCore cylindrical cells
No theory matches.