Company | Masco Corporation |
Ticker | MAS US |
Earnings Date | July 29, 2026 — 8:00 AM ET |
Reporting Period | Q2 2026 (quarter ended June 30, 2026) |
Prepared | July 28, 2026 |
Sector ETF (Chart) | XHB (SPDR S&P Homebuilders ETF — covers building products, home improvement, homebuilders) |
Key Takeaway: The setup is modestly constructive but not a high bar — consensus EPS of ~$1.31 sits below the Q2 2025 actual of $1.30 on an adjusted basis, implying the Street is not pricing in a repeat of Q1's 20% EPS beat, and the biggest swing factor is whether Decorative Architectural margins hold up against accelerating resin/oil cost inflation.
Heading into Q2 2026, Masco faces a quarter that management explicitly flagged as the most challenging year-over-year comparison of the year: Q2 2025 delivered a 20% operating margin against a tariff-light backdrop, and the company guided that H1 2026 margins would be roughly flat year-over-year — implying Q2 margin contraction after Q1's 90 bps expansion. The bar is not punishingly high — consensus revenue of ~$2.08B implies only ~1.5% year-over-year growth, and EPS of ~$1.31 is essentially flat to the prior year — but the risk is asymmetric to the downside given that commodity cost inflation (copper, zinc, oil/resins) is accelerating into Q2 while the pricing tailwind from mid-single-digit plumbing price increases begins to lap tougher comparisons in H2. Management guided to a 'very solid' Q2 from a margin perspective, and the Q1 beat (EPS $1.04 vs. $0.88 consensus) demonstrated that volume resilience can surprise positively, but peer data from Sherwin-Williams and PPG confirm that raw material baskets are inflating at high-single-digit rates in H2, with oil/resin costs hitting the P&L on a 1–2 quarter lag — squarely in Q2 for Behr paint. The stock has rallied ~10% since Q1 earnings and trades at ~18x NTM P/E, pricing in a clean execution quarter. The key wildcard is whether Behr paint pricing — described by management as a 'lever of last resort' — has been activated to offset resin cost pressure, or whether Decorative Architectural margins disappoint relative to the ~19% full-year target.
Key Takeaway: Consensus is a low-to-moderate bar on revenue (~$2.08B, +1.5% YoY) and EPS (~$1.31, essentially flat YoY), but the bigger swing factor is segment margin — particularly whether Decorative Architectural holds near 19% operating margin against accelerating resin/oil cost headwinds, and whether Plumbing sustains its ~18% target amid copper inflation.
KPI | Q1 2026 Actual | Q2 2025 Actual (Prior Year) | Q2 2026 Consensus Estimate | YoY Change (Est. vs. PY) | FY 2026 Guidance (Mgmt) | Consensus vs. Guidance |
Net Sales ($M) | $1,918M | $2,051M | $2,079M | +1.4% | Up low single digits (FY) | In line with guidance trajectory |
Adj. EPS ($) | $1.04 | $1.30 | $1.31 | +0.8% | $4.10–$4.30 (FY adj.) | $4.27 cons. vs. $4.20 midpoint = +1.7% |
Operating Margin — Operating (%) | 16.9% | 20.2% | 19.2% | -100 bps | ~17% FY; H1 flat YoY | Implies ~100 bps contraction vs. Q2 2025 |
Plumbing Net Sales ($M) | $1,364M | $1,372M | $1,404M | +2.3% | Up low single digits (FY) | In line |
Plumbing Operating Margin — Operating (%) | 18.3% | 20.8% | 20.2% | -60 bps | ~18% FY | Consensus above FY target; implies Q2 above full-year run rate |
Decorative Architectural Net Sales ($M) | $554M | $679M | $673M | -0.9% | Roughly flat (FY) | In line with flat guidance |
Decorative Architectural Operating Margin — Operating (%) | 19.0% | 21.6% | 20.9% | -70 bps | ~19% FY | Consensus slightly above FY target; resin cost risk to downside |
Source: Visible Alpha Consensus and Actuals Data. Q2 2026 consensus as of July 28, 2026. Q1 2026 and Q2 2025 actuals from Visible Alpha.
KPI 1: Net Sales | KPI 2: Adjusted EPS
Quarter | KPI | Reported | Consensus | Surprise % | Result |
Q1 2026 | Net Sales | $1,918M | $1,833M | +4.6% | Beat |
Q1 2026 | Adj. EPS | $1.04 | $0.88 | +18.2% | Beat |
Q4 2025 | Net Sales | $1,793M | $1,820M | -1.5% | Miss |
Q4 2025 | Adj. EPS | $0.82 | $0.80 | +2.5% | Slight Beat |
Q3 2025 | Net Sales | $1,917M | $1,946M | -1.5% | Miss |
Q3 2025 | Adj. EPS | $0.97 | $1.03 | -5.8% | Miss |
Q2 2025 | Net Sales | $2,051M | $2,001M | +2.5% | Beat |
Q2 2025 | Adj. EPS | $1.30 | $1.08 | +20.4% | Beat |
Q1 2025 | Net Sales | $1,801M | $1,838M | -2.0% | Miss |
Q1 2025 | Adj. EPS | $0.87 | $0.92 | -5.4% | Miss |
Q4 2024 | Net Sales | $1,828M | $1,837M | -0.5% | In Line |
Q4 2024 | Adj. EPS | $0.89 | $0.87 | +2.3% | Slight Beat |
Q3 2024 | Net Sales | $1,983M | $1,995M | -0.6% | In Line |
Q3 2024 | Adj. EPS | $1.08 | $1.09 | -0.9% | In Line |
Pattern: MAS has a mixed beat/miss history — the company tends to beat on EPS when volume surprises to the upside (Q1 2026, Q2 2025), but misses on revenue in softer demand quarters (Q3 2025, Q1 2025). The Q1 2026 EPS beat of +18% was the largest in recent history, driven by plumbing volume resilience; the Street has not fully reset expectations to that level for Q2, keeping the bar manageable.
Source: Visible Alpha Consensus and Actuals Data.
Key Takeaway: Guidance has been stable since Q1 earnings (April 22) — no post-earnings revisions to the $4.10–$4.30 EPS range or segment targets — but the May 13 Investor Day introduced new 2028 long-term targets (18%+ operating margin, ~10% EPS CAGR, >$8B revenue) that raised the strategic ambition bar. Tone is cautiously constructive: management is confident in the mid-range of EPS guidance but flagged commodity cost acceleration as the key risk to the H2 margin expansion thesis.
Metric | Initial Guidance (Q1 2026 Earnings — Apr 22) | Revised Guidance | Current Consensus | Note |
FY 2026 Adj. EPS | $4.10–$4.30; mgmt guided to "mid part of range" | — | $4.27 | Unchanged since Q1 print; mgmt confident in mid-range delivery; 200M diluted share count assumed |
FY 2026 Net Sales Growth | Up low single digits (upgraded from flat to up low single digits at Q1) | — | +1.5% YoY implied by $7.76B consensus | Guidance upgraded at Q1 earnings; no further change post-Q1 |
FY 2026 Operating Margin | ~17%; H1 flat YoY, H2 expansion as tariff laps and savings ramp | — | 16.9% FY consensus | Q2 margin contraction explicitly guided; H2 expansion dependent on commodity cost stabilization |
Plumbing Segment Sales | Up low single digits FY; mid-single-digit pricing | — | $1,404M Q2 consensus; $5,402M FY | Pricing lapping headwind builds in H2; volume deceleration expected from Q1's 9% growth |
Plumbing Operating Margin | ~18% FY | — | 20.2% Q2 consensus; 18.0% FY | Consensus implies Q2 above FY target; copper cost headwind is back-half weighted |
Decorative Architectural Sales | Roughly flat FY; PRO paint +mid-single digits; DIY paint -mid-single digits | — | $673M Q2 consensus; $2,354M FY | DIY weakness structural (existing home sales at 3-decade lows); PRO share gains ongoing via HD partnership |
Decorative Architectural Margin | ~19% FY | — | 20.9% Q2 consensus; 19.1% FY | Key risk: resin/oil cost inflation (mid-to-high single digits per mgmt); pricing is "lever of last resort" — watch for activation |
Restructuring Charges | ~$50M total FY 2026; ~$8M incurred in Q1 | — | N/A (non-consensus item) | Savings being redeployed into growth; full benefit in 2027–2028 |
Capital Return | At least $800M (share repurchases or acquisitions); up from ~$600M prior guide | — | N/A | ↑ Raised at Q1 earnings Apr 22; supported by new $500M delayed-draw term loan; $202M repurchased in Q1 |
2028 Long-Term Targets (NEW — Investor Day) | N/A (pre-Investor Day) | 18%+ adj. operating margin; ~10% adj. EPS CAGR; >$8B revenue; 3–4% organic sales growth annually | N/A | ↑ New targets introduced May 13, 2026 Investor Day; no change to 2026 guidance at that event |
Key Takeaway: Estimates have been remarkably stable since Q1 earnings — Q2 2026 EPS consensus moved only +$0.002 and FY 2026 EPS moved +$0.009 in the ~65 days since the April 22 print — suggesting the Street has largely accepted management's guidance range without material revision. The slight upward drift in EPS estimates reflects the lower share count assumption (200M vs. 202M prior) rather than fundamental upside, and the gap between current consensus and guidance midpoint is thin, leaving little cushion if commodity costs surprise to the upside.
KPI (Period) | Estimate ~5 Days Post Q1 Earnings (Apr 29, 2026) | Current Consensus (Jul 28, 2026) | Estimate Δ (%) | Initial Guidance (Q1 Earnings Call) | Current Guidance | Guidance Δ | Consensus vs. Guidance (%) |
Net Sales — Q2 2026 | $2,078M | $2,079M | +0.1% | Up low single digits (FY) | Unchanged | — | In line with guidance trajectory |
Adj. EPS — Q2 2026 | $1.310 | $1.312 | +0.2% | N/A (no Q2-specific EPS guidance) | N/A | — | N/A |
Net Sales — FY 2026 | $7,760M | $7,763M | +0.0% | Up low single digits | Unchanged | — | ~+1.5% vs. FY 2025 actuals; in line with guidance |
Adj. EPS — FY 2026 | $4.261 | $4.271 | +0.2% | $4.10–$4.30 (midpoint $4.20) | Unchanged | — | +1.7% above midpoint; within range |
Plumbing Sales — Q2 2026 | $1,404M | $1,404M | 0.0% | Up low single digits (FY) | Unchanged | — | In line |
Decorative Architectural Sales — Q2 2026 | $671M | $673M | +0.3% | Roughly flat (FY) | Unchanged | — | In line with flat guidance |
Estimates have been essentially frozen since the Q1 print, with less than 0.3% revision in any KPI over the ~65-day window. This stability reflects the Street's acceptance of management's guidance range, but also means there is no estimate cushion built in — any commodity cost surprise or volume deceleration would require a downward revision rather than being absorbed by an already-conservative baseline.
Source: Visible Alpha Consensus and Actuals Data. As-of date April 29, 2026 used as post-Q1 earnings baseline.
Key Takeaway: MAS has outperformed XHB (+10.3% vs. +0.8% for XHB since Q1 earnings on April 22) driven almost entirely by multiple re-rating after the Q1 beat — EV/EBITDA expanded from ~11.5x to ~12.5x over 6 months — with the stock now trading at ~18x NTM P/E, leaving less room for error heading into Q2.
Since the Q1 2026 earnings release on April 22, 2026, MAS has risen from $66.76 to $81.61 (+22.2%), significantly outperforming XHB (SPDR S&P Homebuilders ETF), which rose from $108.80 to $109.64 (+0.8%), and the S&P 500 (SPY), which rose from $704.08 to $740.86 (+5.2%). The outperformance is concentrated in the immediate post-earnings surge (MAS +10.8% on April 22 alone) and a second leg in late June (June 24–30, +10.5%), the latter coinciding with broader homebuilder/building products sector strength. The stock has since consolidated near $81, with the NTM P/E at ~18x and EV/EBITDA at ~12.5x — both above the 6-month trailing average, suggesting the Q1 beat is largely priced in. Key events marked on the chart: Q1 Earnings Beat (April 22), Investor Day / 2028 Targets (May 13), and the late-June sector rally.
Note: XHB (SPDR S&P Homebuilders ETF) was selected as the sector comparator as it captures MAS's primary peer universe including building products manufacturers, home improvement retailers, and homebuilders — all of which share MAS's R&R and new construction end-market exposure.
Period | MAS Return | XHB Return | SPY Return | MAS vs. XHB |
Since Q1 Earnings (Apr 22 → Jul 28) | +22.2% | +0.8% | +5.2% | +21.4 pp |
Q1 Earnings Day (Apr 22) | +10.8% | +0.0% | +1.0% | +10.8 pp |
Post-Investor Day (May 13 → May 15) | -3.8% | -1.1% | -0.4% | -2.7 pp |
Late June Rally (Jun 24 → Jun 30) | +10.5% | +6.4% | +1.8% | +4.1 pp |
July Consolidation (Jul 1 → Jul 28) | +0.3% | -5.1% | -0.7% | +5.4 pp |
Source: Stock Price Data (Yahoo Finance). Indexed to April 21, 2026 close (day before Q1 earnings). MAS: $66.76 → $81.61. XHB: $108.80 → $109.64. SPY: $704.08 → $740.86.
Key Takeaway: The most important development since Q1 earnings is the May 13 Investor Day, which introduced ambitious 2028 targets (18%+ margin, ~10% EPS CAGR, >$8B revenue) and validated the long-term thesis — but the near-term print will be judged on whether Q2 margin contraction is contained and whether Behr paint pricing has been activated to offset resin cost pressure.
Key Takeaway: The peer mosaic from SHW, PPG, and LOW is directionally mixed-to-negative for MAS's Q2 print: all three confirm that DIY demand remains muted and raw material inflation is accelerating into H2, but PRO paint and plumbing trade channels are holding up, and pricing power is real. The most actionable read-through is Sherwin-Williams' announcement of an 8% price increase effective September 1 — if Behr follows, it validates the margin recovery thesis; if not, Q2 Decorative Architectural margins are at risk.
Note on scope: Only commentary from the last 60 days (since May 28, 2026) that addresses Q2 2026 conditions, current-quarter demand, or forward outlook is included below. Prior-quarter retrospective commentary has been excluded.
Overall Read-Through Direction: Mixed — Negative on DIY/housing, Positive on PRO paint pricing power and margin execution
Theme | SHW Commentary (Q2 2026 Earnings, July 28) | MAS Read-Through | Direction |
DIY Demand | "DIY demand remained muted" with "no meaningful improvement in that particular segment." The "value conscious DIY homeowner that prefers a home center still under pressure." | Directly validates MAS's guidance for DIY paint (Behr) down mid-single digits FY 2026. No upside surprise expected from DIY channel. | Negative |
PRO / Residential Repaint | "Delivered growth in all Pro segments." Residential repaint and property maintenance saw "mid-single digit increases." "We're just getting started there" with "largest share gains ahead." | Corroborates MAS's PRO paint growth thesis (mid-single digit FY target). Competitive dynamic: SHW is aggressively gaining share in residential repaint, which is the same segment MAS targets via Behr PRO. Net: validates the market is growing, but competitive intensity is rising. | Mixed |
New Residential Construction | "New residential remained very challenging as single family starts and completions have been negative for five of the last six months." Monthly single family completions "down an average high single digits in 2026." | Negative for MAS's plumbing new construction exposure (Delta Faucet) and Behr paint new home channel. Partially offset by MAS's intentional underweight to new construction vs. R&R. | Negative |
Raw Material / Oil Inflation | "Seeing the impact of higher oil and related cost pressures." Raw material basket "up in the high single digit range in the second half." Full-year raw material inflation outlook moved to "mid-single digit range." | Most actionable negative read-through for MAS's Decorative Architectural segment. Resin/oil costs are a 1–2 quarter lag from oil prices, meaning Q2 Behr margins face direct pressure. MAS guided to mid-to-high single digit resin cost inflation. | Negative |
Pricing Power | Announced "8% price increase effective September 1st to offset raw material and other cost inflation." Consolidated price mix for FY expected to increase to "mid-single digit range." Targeted pricing actions in Q2 "enabled us to offset raw material inflation." | Positive signal that the architectural coatings market can bear significant price increases. If Behr follows with a similar action, it validates MAS's margin recovery thesis for H2. Watch for any MAS commentary on Behr pricing activation. | Positive |
Margin Outlook | Adj. EBITDA margin expanded 60 bps to 21.5% in Q2. However, expects to "maintain full year gross margin at last year's level" — implying no gross margin expansion in H2 despite pricing, as raw material costs accelerate. | Mixed: Q2 margin execution was solid, but the H2 gross margin guidance (flat YoY) despite pricing actions signals that commodity cost headwinds are real and persistent. MAS faces the same dynamic in Decorative Architectural. | Mixed |
Demand Outlook (No Recovery) | "Our updated outlook assumes there is not a broad based demand recovery." "The fundamental theme here is we do not believe there will be a catalyst in the market any time soon." Growth must come from "what we do, not from what the market gives us." | Validates MAS's cautious demand framing. Organic growth for both companies will depend on share gains and pricing rather than market expansion. Consistent with MAS's Investor Day message that 2026 growth will be "more modest" before accelerating in 2027–2028. | Negative |
Overall Read-Through Direction: Mixed — Positive on pricing execution and margin recovery trajectory; Negative on volume softness and accelerating H2 raw material costs
Theme | PPG Commentary (Q2 2026 Earnings, July 28) | MAS Read-Through | Direction |
Architectural Coatings Demand | Global Architectural Coatings achieved 2% organic sales growth in Q2, but "partially offset by lower sales volumes." EMEA volumes declined; Latin America volumes grew. Q3 outlook: "flat to a low single-digit percentage growth year over year." | Volume softness in architectural coatings is consistent with MAS's DIY paint weakness thesis. The flat-to-low-single-digit Q3 outlook for architectural coatings implies no near-term demand recovery for Behr. | Negative |
Pricing Execution | "Proactively made price adjustments globally and across all of our businesses, resulting in a 2% selling price improvement in the quarter." Architectural coatings pricing contributed +3% to net sales. | Confirms pricing power in architectural coatings. If MAS has activated Behr pricing ("lever of last resort"), this validates the market's ability to absorb increases. A positive signal for MAS's margin defense. | Positive |
Cost Inflation Coverage | "Covered about 90% of the cost of goods sold inflation" in Q2. Expects to "cover 100% by the fourth quarter, one quarter ahead of our original commitment." Costs have risen for "raw materials, energy, logistics and packaging across the coatings value chain." | Positive trajectory: full cost coverage by Q4 is achievable. For MAS, this implies that if Behr pricing is activated in Q3, the margin recovery path is credible. Q2 may still show partial coverage gap. | Mixed |
Architectural Coatings Margin | Architectural coatings EBITDA margin improved 100 bps in Q2, with segment EBITDA +14%. Q3 outlook: "EBITDA margin to be relatively flat." | Q2 margin expansion in architectural coatings is a positive read-through for MAS's Decorative Architectural segment. However, the flat Q3 margin outlook signals that the improvement is not durable without further pricing actions. | Mixed |
Full-Year Guidance Reaffirmed | PPG reaffirmed full-year EPS guidance of $7.70–$8.10, reflecting "momentum of share gains and self-help actions, along with an updated view of global economic activity." | Positive signal that a major coatings peer is confident in full-year delivery despite macro headwinds. Supports MAS's own guidance maintenance posture. | Positive |
Overall Read-Through Direction: Mixed — Positive on PRO channel momentum and long-term housing fundamentals; Negative on near-term DIY sentiment and discretionary big-ticket hesitation
Theme | LOW Commentary (Oppenheimer Conference, June 18) | MAS Read-Through | Direction |
Consumer Sentiment / Discretionary Spending | "Sentiment remains low, particularly when it comes to discretionary big ticket." University of Michigan sentiment at "some of the lowest levels they've ever measured." Consumer is "resilient" financially but showing "hesitation" due to "gas prices and broader uncertainty in the macro." | Directly validates MAS's DIY paint weakness and the broader R&R demand softness. The financially healthy but sentiment-impaired consumer is the same dynamic suppressing Behr DIY volumes and deferring plumbing renovation projects. | Negative |
PRO Channel Momentum | LOW's Pro penetration approaching 40% (from 18% in 2018). "Four consecutive quarters of positive comps." Pro extended marketplace opens "$250 billion total addressable market in residential construction." | Positive for MAS's PRO paint (Behr) and Delta Faucet trade channel. LOW's Pro growth directly benefits MAS as a key supplier. Corroborates MAS's PRO paint mid-single-digit growth target. | Positive |
Overall Home Improvement Market | "Our guidance suggested kind of flat home improvement this year." LOW expects "100 basis points on top of that" from share gains. "Gradual improvement in home improvement based on the improvement in housing" expected over time. | Flat home improvement market is consistent with MAS's flat Decorative Architectural sales guidance and low-single-digit total company growth. No near-term demand catalyst expected. | Neutral |
Housing Market Unlock | "Mortgage rates coming down is obviously the big macro unlock." Requires "core inflation coming down" and "clarity on global oil prices." Supply-demand imbalance: "up to 5 million homes needed just to meet current demand." | Validates MAS's long-term R&R demand thesis (pent-up demand, aging housing stock, record home equity) but confirms no near-term catalyst. The oil price surge in July (Brent >$100) is a direct headwind to the mortgage rate unlock scenario. | Negative (near-term) |
Pricing / Value Orientation | "Leaning into offers" including free shipping and same-day delivery to "drive transactions and stay relevant" with a "customer that's seeking out and responding to value." | Indicates a competitive pricing environment at retail. Could pressure MAS's ability to push through Behr paint price increases at Home Depot without promotional support. Watch for any commentary on Behr pricing negotiations with HD. | Negative |
Margin / Productivity | $1B productivity target for 2026, "split roughly half between margin and SG&A." "Well on track to achieve that this year." "Confident that we can deliver our margins." | Positive: LOW's margin discipline and productivity focus suggests a stable retail channel partner for MAS. A healthy LOW is better for MAS's channel economics than a distressed retailer cutting orders. | Positive |
Variable | SHW Signal | PPG Signal | LOW Signal | Net MAS Read-Through |
DIY Paint Demand | Muted / No recovery | Volume declines in EMEA | Flat market; sentiment low | Negative — validates Behr DIY down mid-single digits |
PRO Paint / Trade Channel | Mid-single digit growth; share gains | N/A (not a PRO paint peer) | PRO approaching 40% of mix; 4 consecutive positive comps | Positive — validates Behr PRO mid-single digit growth target |
Raw Material / Oil Inflation | High-single-digit H2 inflation; oil/resin pressure | Costs rising across value chain; 90% covered in Q2 | Managing fuel cost pressure points | Negative — confirms Decorative Architectural margin risk in Q2 |
Pricing Power | 8% price increase Sep 1; mid-single-digit FY price mix | +2% selling price improvement; +3% in architectural | Value-seeking consumer; promotional environment | Mixed — market can bear increases but retail channel is competitive |
New Residential Construction | Single-family completions down high-single-digits in 2026 | N/A | Mortgage rate unlock needed; no near-term catalyst | Negative — headwind for Delta new construction exposure |
Demand Outlook (No Recovery) | No broad-based recovery assumed; growth from execution | Low-to-mid-single-digit Q3 organic growth expected | Flat home improvement market; share gains needed | Negative — validates MAS's cautious 2026 demand framing |
Key Takeaway: No open-market buys or discretionary sales by executives or directors since Q1 earnings. The only Form 4 activity in the period was routine annual equity grants to all eight independent directors on May 8, 2026 — a standard compensation event with no informational signal. The absence of any discretionary insider selling ahead of Q2 earnings is a mild positive, suggesting no insider concern about the upcoming print.
Name | Title | Transaction Type | Shares | Date | Note |
Alexander, Mark R. | Director | Equity Grant (Code A) | 2,650 | May 8, 2026 | Routine annual director equity compensation; not a market transaction |
Coombe, Gary A. | Director | Equity Grant (Code A) | 2,650 | May 8, 2026 | Routine annual director equity compensation; not a market transaction |
Denari, Aine | Director | Equity Grant (Code A) | 2,650 | May 8, 2026 | Routine annual director equity compensation; not a market transaction |
Ffolkes, Marie A. | Director | Equity Grant (Code A) | 2,650 | May 8, 2026 | Routine annual director equity compensation; not a market transaction |
O'Herlihy, Christopher A. | Director | Equity Grant (Code A) | 2,650 | May 8, 2026 | Routine annual director equity compensation; not a market transaction |
Payne, Lisa A. | Director | Equity Grant (Code A) | 2,650 | May 8, 2026 | Routine annual director equity compensation; not a market transaction |
Plant, John C. | Director | Equity Grant (Code A) | 2,650 | May 8, 2026 | Routine annual director equity compensation; not a market transaction |
Reddy, Sandeep | Director | Equity Grant (Code A) | 2,650 | May 8, 2026 | Routine annual director equity compensation; not a market transaction |
Stevens, Charles K. III | Director | Equity Grant (Code A) | 2,650 | May 8, 2026 | Routine annual director equity compensation; not a market transaction |
All transactions are Code A (equity grants/awards) — not open-market purchases (Code P) or sales (Code S). No discretionary insider buying or selling was recorded in the period since Q1 earnings (April 22, 2026 through July 28, 2026). The absence of executive selling ahead of Q2 earnings is a mild positive signal.
Source: SEC Form 4 Filings Database (Insider Transaction Data).