Business

Read the headlines and the easy conclusion is that big business has abandoned the fight against climate change. In the past two weeks BP, an oil giant, sold its American onshore-wind business; Jaguar Land Rover, a carmaker, has reportedly delayed the launch of its new electric Range Rover; and HSBC, a bank, left the Net-Zero Banking Alliance (nzba), a group committed to lending in a greener way. But these bits of news are only part of the picture. Taken as a whole, companies are quietly making progress on their climate goals. More

Housing developers have said it’s too expensive to put up quality, low-income apartments. 
They cite rising costs for land, materials and labor, a well as increasingly restrictive zoning regulations. So-called NIMBYism (an acronym for “not in my backyard”), is also on the rise.
Jonathan Rose, founder and CEO of the Jonathan Rose Companies, said there’s support for affordable housing and relief may be on the way.

A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.
Whether it’s in the for-sale or rental market, the affordable housing crisis is only getting worse. There is simply not enough supply, especially in the apartment market, where developers have said it’s just too expensive to put up quality, low-income housing. 

They cite rising costs for land, materials and labor, as well as increasingly restrictive zoning regulations. So-called NIMBYism (an acronym for “not in my backyard”), is also on the rise, with residents fighting affordable housing in their neighborhoods, where home values have soared in the past five years. 
“This is a tough time, I think. All of real estate is being challenged by higher interest rates and by higher construction costs, and, by the way, the building department requirements and all the frictions that are making real estate difficult,” said Jonathan Rose, founder and CEO of the Jonathan Rose Companies, a real estate planning, development and investment firm. 
“But there’s also a lot of support, and our job is to weave the pathway in between the complexities, the challenges and the opportunities and find the pathway through,” he said.

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Developers like Rose just got some more of that support from the recently passed tax and spending bill. It expanded the Low-Income Housing Tax Credit, by increasing the amount of credits available and lowering the financing requirements. Specifically, the legislation permanently increased the 9% credit allocation to states by 12%. Developers sell these credits to investors in order to help finance their projects. 
“It’s a big boost for the creation of more affordable housing. In fact, the United States has a shortage of about 10 million units. This won’t solve the whole 10 million unit problem, but it’ll be a big help,” said Rose, adding that he sees a growing opportunity for investors in the space.

Affordable housing advocates applauded the bill’s passage, saying that the LIHTC remains the nation’s most effective tool for building and preserving affordable rental housing.
“This legislation delivers a significant expansion of the credit by incorporating key elements of the Affordable Housing Credit Improvement Act, aimed at boosting the supply of rental homes across urban, rural and tribal communities,” said David Dworkin, president and CEO of the National Housing Conference, in a release.
Dworkin pointed both to the expansion of the credit as well as changes to another tax credit for developers that would make it easier to qualify for the benefit. 
“Together, these changes are expected to produce or preserve more than 1 million additional affordable rental homes between 2026 and 2035,” Dworkin said.

Jonathan Rose Company mixed-income development in Harlem, Sendero Verde. Developed with L+M and the Acacia Network.
Courtesy: Dreamscape Aerials

There does appear to be strong investor demand in the affordable space, both in new development and renovation. The Jonathan Rose Company recently closed a $660 million impact fund, “dedicated to acquiring, preserving, and enhancing affordable and mixed-income multifamily housing in high-demand urban markets across the United States,” according to a release.
Rose said he is seeing increased interest in housing-related investments from family offices and foundations.
There is, however, a new wrench in the works. The Trump administration has proposed a $27 billion cut in federal rental assistance programs for low-income tenants. That is reportedly already causing some lenders to pull back.
The cut would need to be approved by Congress, and Rose notes that the House has had longstanding bipartisan support for funding affordable housing. 
To his point, the Senate Committee on Banking, Housing and Urban Affairs announced Friday it is moving forward on new bipartisan legislation to expand housing supply and address affordability. The package includes removing regulatory barriers to housing development and providing funds for communities that are building more housing that can be used for water and sewer infrastructure. The legislation, however, is aimed more at making for-sale housing more affordable and less at helping build more low-income rental housing. 
And even still, the new tax incentives for rentals won’t help NIMBYism, which appears to be rising right along with home values. Even mixed-use buildings, which have a small percentage of units designated as affordable, are seeing pushback from neighbors concerned that any such housing will damage current and future home values.
Even before its expansion, the LIHTC gave developers incentives for more mixed-income buildings, with certain units designated for affordable housing and others at higher price points. Rose said this type of higher-quality, better designed, greener developments benefit owners in the long run by lowering operating and capital costs.
“One of the reasons why communities oppose affordable housing is because a lot of affordable housing – it was built in the ’60s, ’70s and early ’80s – was cheap and ugly, and I wouldn’t want it in my neighborhood either,” said Rose. “We’re deeply committed to creating beautiful buildings.” More

Walmart and Major League Soccer entered into a multiyear partnership that will see the retailer invest in U.S. soccer.
The partnership will include dedicated programming around televised MLS matches on Saturdays, the launch of a creator network and a curated soccer shopping experience, among other ties between the league and retailer.
The partnership comes ahead of the 2026 World Cup, which will take place in North America and is expected to increase soccer fandom in the U.S.

Fans of Nashville SC cheer for their team prior to the match at GEODIS Park on February 25, 2024 in Nashville, Tennessee. 
Johnnie Izquierdo | Getty Images Sport | Getty Images

Walmart and Major League Soccer are teaming up in a multiyear partnership that will see the retailer establish a bigger foothold in the sport and its growing U.S. fanbase.
Walmart will invest in MLS and become an official sponsor and partner of the league. Terms and the exact length of the partnership weren’t disclosed.

The partnership kicks off with the Leagues Cup, a tournament that begins Tuesday and culminates in a final match on Aug. 31. It features 18 MLS clubs competing against 18 teams from Mexico’s Liga MX.
“Walmart will be front and center for the highly anticipated tournament,” said William White, Walmart’s chief marketing officer.
During the tournament and beyond, Walmart advertising will be featured across stadiums and other aspects of games, and soccer will be highlighted in its in-store and online shopping experiences.
The tie-up comes at a pivotal moment for U.S. soccer as fans look ahead to the 2026 World Cup, which takes place next summer in North America and is expected to drum up new U.S. fans for the global sport. MLS is looking to capitalize on the fervor, just as its various sponsors are looking to do the same.
“The lead-up to 2026 is a once-in-a-generational moment for soccer in North America. But for MLS, we’ve got to take a step back and think about the 30 years we’ve spent investing in communities across North America to really build sustained energy around the sport that’s going to last well beyond the summer’s event,” said Carter Ladd, executive vice president and chief revenue officer at MLS. “I think we’re going to see that momentum between now and next summer where the World Cup is really going to help prop up this partnership.”

MLS sponsorship revenue was up double digits compared with 2024 as of early May, CNBC reported earlier this year. Major consumer brands have been signing deals with MLS alongside growth in the league’s ticket and merchandise sales, particularly since global superstar Lionel Messi joined the Miami club in 2023.
However, White and Ladd said in an interview with CNBC the Walmart partnership extends beyond a pure sponsorship deal. While Walmart has already been an advertising partner of MLS, this is its first sponsorship deal with the league — and a first-of-it-kind partnership for both parties, they say.
“We’re thrilled to be an official MLS sponsor and engage with the league’s fast-growing and culturally vibrant fan base,” said White. “The fanbase is generally younger, more culturally diverse, and that is an audience that’s really important to Walmart. It’s a big part of our growing customer base.”
Nearly three-quarters of the MLS fanbase is made up of Gen Zers or millennials, and more than 30% is Hispanic, according to the league. MLS data shows it has the youngest fanbase compared with other professional men’s leagues in North America, and more female fans than other professional men’s leagues in the U.S. and Canada.
The league’s social media presence has been a sign of its growth among younger fans. Its digital audience surpassed 110 million total followers across league and club accounts on platforms including Instagram, TikTok and YouTube, according to the league.
As part of the deal, MLS will launch a creator network through which influencers, designers, players and teams will deliver exclusive behind-the-scenes content for league platforms and highlight Walmart’s involvement in the sport.
In addition, beginning in 2026, the league and Walmart said they will add to the fan experience by building out programming around televised matches on Saturdays that includes more storytelling around games across MLS platforms. Further details will be shared at a later date on this aspect of the partnership.
The destination for that content has yet to be developed, however.
“It’s going to be a new platform that we’re going to be kicking off together in partnership with Walmart next year. And it’s not going to show up in one place,” Ladd said. “It’s really going to be a very broad, comprehensive program that touches the community, touches retail and touches media.”
Walmart will also launch a soccer landing page on its website, called a “curated shopping hub,” that will include all things related to the sport — from gear and equipment to tailgate and watch party items. The page will also highlight suppliers that make soccer-related products and could someday host exclusive merchandise.

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Stellantis reported a first-half net loss of 2.3 billion euros ($2.65 billion), compared to a net profit of 5.6 billion euros over the same period in 2024.
The Jeep maker updated its full-year tariff impact to roughly 1.5 billion euros, of which 300 million euros was incurred during the first half.
Milan-listed shares of Stellantis traded lower during early moring deals.

A new Jeep Wrangler 4-Door Sahara 4×4 vehicle displayed for sale at a Stellantis NV dealership in Miami, Florida, US, on Saturday, April 5, 2025.
Eva Marie Uzcategui | Bloomberg | Getty Images

Auto giant Stellantis on Tuesday reinstated its financial guidance and touted a gradual recovery over the coming months.
Stellantis, which owns household names including Jeep, Dodge, Fiat, Chrysler and Peugeot, reported a first-half net loss of 2.3 billion euros ($2.65 billion), compared to a net profit of 5.6 billion euros over the same period in 2024.

The multinational conglomerate had flagged the first-half loss in a surprise trading update last week, saying at the time that the move was necessary due to the difference between consensus forecasts and the firm’s performance.
Stellantis updated its full-year tariff impact to roughly 1.5 billion euros, of which 300 million euros was incurred during the first half of 2025.
New CEO Antonio Filosa, who officially took the top job last month, said in a call with analysts Tuesday that the automaker has been working with President Donald Trump’s administration since the tariffs were implemented. He said he wants the administration “to properly recognize the high American U.S. content in some vehicles” when it comes to duties.
He also said the company still has work to do in its key North American segment, which has been dealing with inventory issues and fractured relationships with employees and dealers.
“My first weeks as CEO have reconfirmed my strong conviction that we will fix what’s wrong in Stellantis by capitalizing on everything that’s right in Stellantis – starting from the strength, energy and ideas of our people, combined with the great new products we are now bringing to market,” Filosa said in a statement earlier Tuesday.

“2025 is turning out to be a tough year, but also one of gradual improvement,” Filosa said.
“Our new leadership team, while realistic about the challenges, will continue making the tough decisions needed to re-establish profitable growth and significantly improved results,” he added.

Looking ahead, the company re-established financial guidance for the second half. It expects to see increased net revenues, low-single-digit adjusted operating income profitability and improved industrial free cash flow over the coming months.
The automaker had suspended its guidance in April, citing uncertainties with tariffs.
Stellantis’ updated financial guidance was based on an assumption that current tariff and trade rules will remain in place.
It comes shortly after the U.S. and European agreed to a trade framework that means U.S. President Donald Trump’s administration will impose a blanket tariff of 15% on most EU goods.
The deal represents a significant reduction from Trump’s threat to impose charges of 30% from Aug. 1 and almost halves the existing tariff rate on Europe’s auto sector from 27.5%.
Automotive industry groups welcomed the breakthrough, particularly as it appears to avert a painful transatlantic trade war, but they also expressed deep concern about the costs associated with the new tariff reality.
Imports from Canada and Mexico are currently taxed at 25%, but Trump has threatened to hike duties on Mexico to 30% and Canada to 35% starting Aug 1.
Stellantis posted first-half net revenues of 74.3 billion euros, reflecting a 13% year-on-year drop, primarily driven by annual declines in North America, among other regions.
Filosa said the company would be bringing back popular nameplates that had been discontinued in the U.S. and launching new products in the coming months. He added that Stellantis would provide an updated business plan at its capital markets day early next year.
Milan-listed shares of Stellantis traded as much as 4.5% lower during morning deals before paring losses. More

Starbucks last week began training baristas on its new “Green Apron Service” program as a part of CEO Brian Niccol’s vision to get “Back to Starbucks,” ahead of its earnings report on Tuesday.
Niccol’s plan involves more welcoming cafes and more personalized interactions with baristas, down to Sharpie drawings on cups. 
Green Apron Service is an opportunity to stand out and differentiate the brand at a time when Americans are more price sensitive and picky about where they’re spending.
CNBC spoke exclusively with Starbucks’ new Chief Operating Officer Mike Grams to discuss the strategy.

Barista Andy Acevado prepares a drink inside a Starbucks Corp. coffee shop in New York.
Victor J. Blue | Bloomberg | Getty Images

As companies lean into value offerings and buzzy beverages to lure price-sensitive consumers, Starbucks is doubling down on its plans to get back to basics by leaning into hospitality at its cafes.
The coffee giant aims to stand out on guest experience in a cutthroat consumer environment as it tries to boost lackluster sales.

Last week, the company began training baristas on its new “Green Apron Service” program as part of CEO Brian Niccol’s “Back to Starbucks” plans, which have emphasized friendlier cafes and a human touch like Sharpie drawings on cups. Green Apron Service builds on that, relying on warm and engaging interactions with customers in the hopes of making Starbucks visits a habit.
The program is backed by changes to ensure proper staffing and better technology to keep service times fast. It was born out of growth in digital orders, which now make up over 30 percent of sales, and feedback from baristas.
“The strategy is to reconnect our partners with our customers,” Chief Operating Officer Mike Grams told CNBC from a newly-revamped store in Seattle on Monday.
“..When you walk through that door, you’re greeted with a smile. You are greeted again at handoff, a perfect cup of coffee … and you’re met with that connection.”
Investors will get another look into how Niccol’s turnaround plans are working when the company reports earnings after market close Tuesday. Starbucks shares have climbed about 2.7% this year, trailing the 8.6% gains of the S&P 500, as Wall Street debates how long it will take Niccol to improve the chain’s performance. Since Niccol took the reins last September, the stock is up just under 3%, and has climbed nearly 25% on a one-year basis.

Niccol is trying to jumpstart the coffee chain’s sales. Last quarter, same-store sales fell for the fifth quarter in a row.
Grams and the push for more welcoming cafes will play a major role in that effort.
Grams was appointed as chief operating officer in June, overseeing global coffeehouse development, the company’s worldwide supply chain and its North American coffeehouses. He came to Starbucks in February after nearly three decades at Taco Bell, where he was previously was the chain’s president and global chief operating officer. Niccol was once Taco Bell’s chief executive. 
The Green Apron Service push is the largest investment the company has ever made in hospitality and its store employees, Grams said. The company did not provide a dollar figure for the investment.
Part of the plan involves Smart Queue technology, which uses algorithms to enhance staffing and scheduling, to help baristas deliver more consistent and higher-quality service, Grams said. The company wants customers to experience consistency in service quality whether they order in store or online.
“You will see it show up in different ways,” he said. “You may see a digital host out front who is navigating that experience … it can be an extra person at the drive through. The idea is just really making sure that we’ve got the right partners in the right place at the right time throughout the entire day.”
Success of the Green Apron Service initiative will be tied directly to measurable indicators like customer experience scores, foot traffic growth, and store productivity.
The effort also comes as cafes face new benchmarks for success, including delivering customized drinks in four minutes or less. Early results from its 1,500-store pilot of Green Apron Service showed improvements in transactions, sales, and customer service times, with 80% of in-cafe orders meeting the chain’s four-minute goal.
Continuing to build on that trend will likely be key for Starbucks. The reality is customers may prefer speed over warmth and have little tolerance for long waits.
Grams said Starbucks has multiple avenues to remain competitive, including a strong digital business, drive-thrus in more than 7,000 stores and cafes going through “uplifts” to make them more comfortable.
“It’s showing up in a way where we touch all three channels,” he said of the hospitality initiative. “We have 20,000 units across North America, which gives us a terrific competitive advantage.” More

Boeing slashed its quarterly losses as sales jumped after it delivered the most airplanes since 2018.
The aerospace giant lost $176 million in the three months ended June 30, down from $1.09 billion a year earlier.
Boeing executives will host an earnings conference call at 10:30 a.m. ET.

The nose cone of a Boeing 787 being displayed on the tarmac during the Paris Air Show at Le Bourget Airport, outside Paris, June 25, 2023.
Nicolas Economou | Nurphoto | Getty Images

Boeing slashed its quarterly losses as sales jumped after it delivered the most airplanes since 2018, the clearest sign yet of improvement at the manufacturer that has swung from crisis to crisis for years.
Here’s how Boeing performed in the second quarter, compared with estimates compiled by LSEG:

Loss per share: $1.24 adjusted vs a loss of $1.48 expected
Revenue: $22.75 billion vs $21.84 billion expected

The aerospace giant lost $176 million in the three months ended June 30, down from $1.09 billion a year earlier. Revenue rose 35% to $22.75 billion from $16.87 billion. Adjusting for one-time items, Boeing reported a loss of $433 million or $1.24 a share, better than the loss analysts expected.
“Change takes time, but we’re starting to see a difference in our performance across the business,” CEO Kelly Ortberg said in a note to staff outlining improvements across Boeing’s businesses.
“If we continue to tackle the important work ahead of us and focus on safety, quality and stability, we can navigate the dynamic global environment and make 2025 our turnaround year,” he said.
Boeing has been getting better by many metrics under Ortberg, a former aerospace executive and engineer who took the top job last August. Its airplane deliveries have improved, its production has become more stable and even once-critical airline CEOs have praised Boeing’s leadership.
Boeing burned through $200 million in the second quarter, down from more $4.3 billion in the same period of 2024, which the company had expected would be a pivotal year for the plane maker until a door plug blew out of one of its packed Max 737 9 planes several minutes into the flight, renewing federal scrutiny on the company and hobbling production.

In the second quarter of this year, sales in Boeing’s commercial airplane unit rose 81% from a year ago to $10.87 billion, and its negative operating margin more than halved to 5.1%.
Boeing has increased output of its 737 Max aircraft to 38 a month, the Federal Aviation Administration’s limit after the January 2024 door plug near catastrophe. Ortberg earlier this year said the company would seek FAA approval at some point this year to go beyond that limit.

Read more CNBC airline news

For the three months ended June 30, Boeing handed over 150 airplanes. The last time it delivered that many planes in a second quarter was in 2018, which was also the last year Boeing posted an annual profit.
The company still has challenges ahead. Boeing said Tuesday that the long-delayed certification of the Boeing 737 Max 7 and the Max 10, the smallest and largest members, respectively, of the Max family, likely won’t come this year as Ortberg forecast in May. 
Also, Boeing’s defense unit has been riddled by charges in past quarters and, as of Sunday, could face a factory worker strike after employees voted down a new labor deal.
Investors will look to Ortberg and the executive team on a 10:30 a.m. ET call on Tuesday for their outlook on further improved production, results and stability at a company that has been mired in crises since 2018, when the first of two deadly 737 Max crashes occurred.

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UnitedHealth gave 2025 earnings guidance that fell well short of Wall Street’s expectations.
The company and the broader insurance industry are grappling with higher medical costs in Medicare Advantage plans.
The report adds to a growing string of setbacks for the company, which owns the nation’s largest and most powerful insurer and is often viewed as the industry’s bellwether.

UnitedHealthcare signage is displayed on an office building in Phoenix, Arizona, on July 19, 2023.
Patrick T. Fallon | Afp | Getty Images

UnitedHealth Group on Tuesday issued a 2025 outlook that fell short of Wall Street’s expectations, as the company’s insurance unit continues to grapple with higher medical costs.
Shares of UnitedHealth Group fell roughly 4% in premarket trading on Tuesday.

The company anticipates it will post 2025 adjusted earnings of at least $16 per share, with revenue of $445.5 billion to $448 billion. Wall Street analysts had expected 2025 adjusted profit of $20.91 per share, and full-year revenue of $449.16 billion, according to consensus estimates from LSEG.
On top of higher medical costs, the updated outlook removes about $1 billion from “previously planned portfolio actions” that the company is no longer pursuing, UnitedHealthcare CEO Tim Noel said during an earnings call on Tuesday. He did not provide specifics on those actions.
UnitedHealth Group said it expects to return to earnings growth in 2026.
The stock tumbled in May after the company suspended that 2025 guidance due to elevated medical costs and announced the abrupt departure of former CEO Andrew Witty. The report Tuesday adds to a growing string of setbacks for the company, which owns the nation’s largest and most powerful insurer, UnitedHealthcare, and is often viewed as the industry’s bellwether.
The company expects its insurance unit’s 2025 medical care ratio — a measure of total medical expenses paid relative to premiums collected — to come in between 89% and 89.5%. A lower ratio typically indicates that a company collected more in premiums than it paid out in benefits, resulting in higher profitability.

For the second quarter, that ratio increased to 89.4% from 85.1% during the year-earlier period, primarily due to medical costs. The company said health-care expenses during the quarter went up much faster than what it charged in premiums. On top of that, Medicare funding cuts also made things worse.
Analysts had expected that ratio to come in at 89.3% for the quarter, according to StreetAccount estimates.
UnitedHealth Group’s report signals that elevated medical costs in Medicare Advantage plans may not ease anytime soon for the broader health insurance industry. UnitedHealthcare, the insurance arm of UnitedHealth Group, is the nation’s largest provider of those privately run Medicare plans. 
Higher expenses in Medicare Advantage plans have dogged insurers over the past year as more seniors return to hospitals to undergo procedures they had delayed during the Covid-19 pandemic, such as joint and hip replacements.
“When we prepared our 2025 Medicare Advantage offerings back in the first half of 2024, we significantly underestimated the accelerating medical trend and did not modify benefits or plan offerings sufficiently to offset the pressures we are now experiencing,” Noel said during the call.
Noel said physician and outpatient care collectively represented 70% of the pressure on medical costs so far this year. But inpatient care also accelerated through the second quarter, and the company expects it will account for a “relatively large portion of the pressure” over the full year, he added.
UnitedHealthcare continues to see more patients use ER and observation stays, with more services being offered and bundled as part of each visit, Noel said.
Here’s what UnitedHealth Group reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

Earnings per share: $4.08 adjusted vs. $4.48 expected
Revenue: $111.62 billion vs. $111.52 billion expected

The company posted net income of $3.41 billion, or $3.74 per share, for the quarter. That compares with net income of $4.22 billion, or $4.54 per share, during the year-earlier period.
Excluding certain items, adjusted earnings were $4.08 per share for the quarter.
UnitedHealth raked in $111.62 billion in revenue for the second quarter, up more than 12% from the same period a year ago due to growth within UnitedHealthcare and the company’s Optum unit. That segment includes Optum Health, which provides care and recommends providers, and pharmacy benefit manager Optum Rx.
Despite higher medical costs, UnitedHealthcare generated $86.1 billion in revenue for the second quarter, up 17% from the same period a year ago. Analysts expected UnitedHealthcare to book $84.89 billion for the period, StreetAccount estimates said.
While Optum Rx revenue jumped nearly 19% to $38.46 billion, Optum Health’s second-quarter revenue fell 7% year-over-year to $25.21 billion. The company’s ownership of an insurer, a pharmacy benefit manager and care providers has allowed it to dominate the industry, but the decline in Optum Health has drawn Wall Street’s attention.
“We know Optum’s performance has not met expectations. We are refocused on fundamental execution to ensure we meet our potential to help make the health system work better for everyone,” said Dr. Patrick Conway, Optum’s CEO, in the release.
The company expects the overall Optum unit to rake in 2025 sales of $266 billion to $265.7 billion.

UnitedHealth’s response to DOJ investigation

Notably, the report comes just days after UnitedHealth revealed it is complying with Department of Justice investigations into its Medicare billing practices. 
Noel on Tuesday said the company is expanding its efforts to monitor its business practices and prevent extra costs for consumers.
“We have stepped up our audit, clinical policy and payment integrity tools to protect customers and patients from unnecessary costs,” he said, adding that the company is using AI tools to improve patient and provider service experiences and save costs.
During the earnings call, UnitedHealth Group’s new CEO Stephen Hemsley acknowledged that the company and other insurers face “continuing public controversy over long-standing practices.”
He added that beyond the “environmental factors” affecting the entire sector, “we have made pricing and operational mistakes, and others as well. ”
“They are getting the needed attention. Our critical processes, including risk status, care management, pharmaceutical services and others are being reviewed by independent experts and they will be reviewed every year and reported on,” he said. “And these processes can be reviewed at any time by outside stakeholders.
Those experts include Analysis Group and FTI Consulting, Hemsley said. He added that the company expects the review to be completed by the end of the third quarter this year, with plans to release a first report on the findings in the fourth quarter.
“While we believe in our oversight and the integrity of these processes, wherever they are determined to be at variance with prescribed practice, they will be promptly remediated and we will continue on this path,” he added.
It marks UnitedHealth’s first earnings report under Hemsley, who is tasked with restoring investor confidence and turning around a struggling company that has continued to draw heavy public scrutiny in recent months. Shares of UnitedHealth Group are down more than 44% for the year, fueled in part by the DOJ’s investigations and its suspended outlook. 
The company’s 2024 wasn’t any better. It grappled with the murder of UnitedHealthcare’s CEO, Brian Thompson, the torrent of public blowback that followed and a historic cyberattack that affected millions of Americans.  More

Procter & Gamble on Tuesday reported quarterly results that beat Wall Street’s expectations, but introduced fiscal year 2026 guidance that included a $1 billion hit due to higher costs from tariffs.
The company’s results come just one day after P&G announced Shailesh Jejurikar, its chief operating officer, would replace Jon Moeller as president and CEO, effective Jan. 1.
CFO Andre Schulten said there will be mid-single-digit price increases affecting about a quarter of P&G’s items during the first quarter of fiscal 2026 due to tariffs and innovation.

In this photo illustration, Procter and Gamble products Pepto Bismol and Charmin toilet paper are displayed on June 05, 2025 in San Anselmo, California.
Justin Sullivan | Getty Images

Procter & Gamble on Tuesday reported quarterly results that beat Wall Street’s expectations, but introduced fiscal year 2026 guidance that included a $1 billion hit due to higher costs from tariffs.
“We grew sales and profit in fiscal 2025 and returned high levels of cash to shareowners in a dynamic, difficult and volatile environment,” said CEO Jon Moeller in a news release.

CFO Andre Schulten said during a media call that there will be mid-single-digit price increases affecting about a quarter of P&G’s items during the first quarter of fiscal 2026 due to tariffs and innovation.
P&G has invested significantly in the U.S., Schulten said, but some ingredients and materials are not available in the U.S. and continue to be imported. He said P&G can offset most of the tariff hit through productivity or sourcing changes, but some of the costs will be passed on through price increases.
He described the consumer as “value-seeking” and “selective.”
The consumer products giant, which owns brands such as Tide and Charmin, expects fiscal year 2026 sales growth of between 1% and 5% and earnings per share in the range of $6.83 to $7.09. The company said that factors in an estimated headwind 39 cents per share for fiscal 2026, or a 6% drag on core earnings per share growth, related to President Donald Trump’s tariffs, unfavorable commodity costs, higher net interest expense and its core effective tax rate.
Wall Street analysts were expecting 2026 revenue growth of 3.1% and earnings per share of $6.99, according to LSEG.

The company’s results come just one day after P&G announced Shailesh Jejurikar, its chief operating officer, would replace Moeller as the chief executive, effective Jan. 1. Moeller will transition to the role of executive chairman on that date.
Here’s what Procter & Gamble reported for its fiscal fourth quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $1.48 vs. $1.42 expected
Revenue: $20.89 billion vs. $20.82 billion expected

P&G reported fiscal fourth-quarter net income of $3.62 billion, or $1.48 per share, up from $3.14 billion, or $1.27 per share, a year earlier.
Net sales rose 2% to $20.89 billion. Organic sales, which strip out acquisitions, divestitures and foreign currency, also rose 2%.
Schulten said during the media call that sales volume, which excludes pricing and therefore more accurately reflects demand, was in line with the prior year. P&G’s health care division reported a 2% decline in volume, while the beauty segment saw a 1% increase.
The United States is P&G’s largest market, followed by China. Schulten said the China business grew 2% in terms of organic sales during the quarter, but total consumption in the market is still down about 2% compared with a year earlier.
The fiscal 2026 guidance comes after P&G trimmed its outlook in April for the rest of the company’s fiscal 2025 year, citing consumer uncertainty and tariffs. Moeller said at the time that price hikes tied to tariffs would occur during the company’s fiscal 2026 year, which began this month.
CFO Andre Schulten also said in April that tariffs would hurt P&G’s growth by a range of $1 billion to $1.5 billion per year.
Both JPMorgan and Evercore downgraded PG earlier this month. The former predicted soft organic sales and the latter pointed to share losses within Amazon as a concern amid a growing shift toward online retail.
Procter & Gamble shares were up about 2% in premarket trading Tuesday. As of Monday’s close, the company’s stock was down about 6% year to date. More