This is a round-up of the reports filed on Tuesday, 11 August 2026.
It is being written while trading on Wall Street is still open, so at this stage it covers the morning reporters only. It will be updated later this evening with the after-close reporters.
Errors or inaccuracies are possible. Spotted something that looks wrong? Write to me and I will correct it.
The Israeli Morning
Six Israeli companies published reports by midday, which is a crowded day even by earnings season standards.
Elbit Systems: the Backlog
Elbit posted revenue of $2,287.1 million, against $1,972.7 million a year ago. Diluted earnings per share rose from $2.69 to $3.61.
And the number that carries the report: a record order backlog of $32.0 billion. The quarter's increase came mainly from Europe, and roughly 73% of the backlog is attributable to orders outside Israel.
The offsetting item: the effective tax rate jumped from 5.6% to 16.4% following implementation of the OECD global minimum tax rules. That is structural rather than one-off, and it touches every Israeli exporter.
Bank Hapoalim: a Growing Balance Sheet, a Falling Profit
Hapoalim posted credit to the public growing 14.3% to NIS 536.2 billion, and a balance sheet past NIS 809 billion. And profit fell: NIS 2,488 million in the quarter against NIS 2,542 million a year ago, and NIS 4,612 million for the half against NIS 4,966 million - a fall of 7.1%.
The whole explanation sits in one line: the financing margin eroded from 2.90% to 2.70%. That is the mechanics of a falling rate cycle rather than a management failure - credit reprices downward faster than deposits.
And what is impressive in the response: the efficiency ratio improved to 30.6% from 32.8% in a single quarter.
Max Stock: the Margin
Max Stock posted revenue of NIS 379.0 million, up 12.7% - and cost of sales up only 6.1%. The result: gross margin widened from 43.8% to 47.1%, and operating profit jumped 35.5%.
And what offset it: financing expenses rose 42.5%, and roughly NIS 31 million disappeared between operating profit and pre-tax profit. Most of it is interest on lease liabilities - a built-in cost of opening stores.
Tarpaz: the Headline and the Breakdown
Tarpaz posted a 42.3% jump in revenue to $90.2 million. But the company itself takes the number apart: roughly 4.3% from currency effects, roughly 7.3% organic growth, and all the rest from acquisitions completed in 2025 and the first half of 2026.
And what is genuinely improving in the business: gross margin rose to 41.5% from 39.0%. An acquisition raises revenue automatically; it does not raise margin automatically.
And Two That Were Not on Our Calendar
Amot and Stark Power reported this morning, and neither appeared on the list of reporters we prepared for this week.
This is the third time this week it has happened - the Israeli reporting calendar is announcements only and forward only, and whoever has not declared a date simply is not there.
Amot
| NIS thousands | The quarter |
|---|---|
| Revenue | 307,656 |
| Gross profit | 261,782 |
| Operating profit | 524,938 |
| Pre-tax profit | 389,782 |
| Net profit | 328,825 |
| Earnings per share | NIS 0.67 |
| Total assets | 22,891,275 |
Note the line that stands out: operating profit, at NIS 524.9 million, is higher than revenue, which was NIS 307.7 million.
That is not an error - it is an income-producing property company. Under the accounting rules, investment property is measured at fair value, and the increase in property values is booked to operating profit. So most of this quarter's profit comes from revaluation, not from rent.
For context: per the directors' report, Amot's investment property portfolio stands at NIS 22.1 billion, of which NIS 18.0 billion is income-producing and NIS 4.1 billion is under construction, initiation and planning. Three projects under construction covering 167 thousand square metres in the company's share, plus six projects in initiation and planning covering 440 thousand square metres.
Stark Power
| NIS thousands | The quarter |
|---|---|
| Revenue | 0 |
| Operating loss | 5,252 |
| Pre-tax profit | 612 |
| Net profit | 612 |
| Basic earnings per share | NIS 0.043 |
| Diluted earnings per share | NIS 0.022 |
| Operating cash flow | negative 4,367 |
| Total assets | 220,949 |
| Equity | 181,189 |
Zero revenue, an operating loss of NIS 5.3 million - and a positive net profit.
The explanation: financial income exceeded the operating loss. This is a pre-revenue company sitting on a cash pile, where income from the pile is larger than the operating burn rate. Equity is 82% of total assets.
And the line that tells the picture: operating cash flow was negative NIS 4.4 million. That describes the operations; the accounting profit describes the interest.
Also Filed This Morning
Ceragon filed with the SEC, and a dedicated piece is in preparation. Revenue rose 14.2% to $93.9 million, and the gross margin fell to 31.7% from 34.6% - with GAAP operating income down to $0.2 million from $2.2 million. The company also cut its full-year margin guidance.
And eToro filed twice on the same day - a second-quarter report and an acquisition announcement. Both are covered below.
eToro's Quarter
| The quarter | A year ago | |
|---|---|---|
| Net contribution | $229 million | $210 million |
| Net income (GAAP) | $53 million | $30 million |
| Adjusted net income | $63 million | $54 million |
| Adjusted EBITDA | $78 million | $72 million |
| Diluted EPS (GAAP) | $0.58 | $0.31 |
| Funded accounts | 4.28 million | 3.63 million |
| Assets under administration | $19.2 billion | $17.5 billion |
And the July metrics the company published alongside the report tell a different story from the quarter: assets under administration fell to $18.5 billion, down 5% year over year; crypto trade count fell 73%; and the average amount per trade fell 23% in capital markets and 50% in crypto. Accounts keep growing 18%, and the activity within each account is shrinking.
The Acquisition
eToro signed an agreement to acquire TradeZero, a US online brokerage focused on active traders.
| Aggregate consideration | Up to $231 million |
| Composition | Cash and up to 2.5 million newly issued Class A common shares |
| TradeZero revenue | About $80 million in the twelve months ended June 2026 |
| Gross margin | 81% during the second quarter of 2026 |
| Expected closing | The first half of 2027, subject to regulatory approvals |
The company states the transaction is expected to be accretive to adjusted EPS in the first year after completion, and notes it is its third acquisition signed this year.
And why it matters: TradeZero brings US broker-dealer infrastructure and licences in the United States, Canada and Europe. CEO Yoni Assia describes it as a faster path to launching products for US customers - meaning buying regulation and infrastructure, not only customers.
And a correction on Eltek: I initially wrote here that it had filed a report and come early against the calendar. That was wrong. Its filing today is not a financial report but an announcement of a date - the company will publish its second quarter results on 18 August, before the market opens, and will hold an investor call the same day.
In total, 68 companies had filed with the SEC by midday.
What Is Still Ahead This Evening
Today's after-close reporters are expected after 23:00 Israel time:
- CoreWeave - GPU cloud dedicated to AI. This is probably the most important report of the week for the AI infrastructure thesis, and it connects directly to NVIDIA's financing announcement from yesterday: CoreWeave is exactly the type of customer that $500 billion mechanism is designed to serve
- Supermicro - AI servers and liquid cooling
- Lumentum - optical components and transceivers for data centres
- CAVA - a fast-growing restaurant chain
This piece will be updated with them.
הזווית שלי
דעה אישית של אילן אברמוב - לא ייעוץ ולא המלצה
What stands out to me today is that the four Israeli companies that reported this morning tell four completely different stories - and in every one of them, the interesting number is not the headline.
At Elbit the headline is profit, and the story is the backlog - and above all where it came from. Israeli defence demand is cyclical and event-driven; a European rearmament cycle is a multi-year budget decision by dozens of countries. And 73% of the backlog sitting outside Israel says that transition has already happened.
At Hapoalim the headline is the fall in profit, and the story is that it is almost entirely mechanics. A financing margin eroding 20 basis points on a NIS 536 billion book is a great deal of money, and it is what happens to every bank in a falling rate cycle. What was within management's control - the efficiency ratio - improved by two percentage points in a single quarter.
At Max Stock the headline is growth, and the story is margin. A 3.3 percentage point improvement in the gross margin of a discount chain is the hardest thing to achieve in retail. And against it stands a financing line growing faster than operating profit.
And at Tarpaz the headline is 42%, and the story is 7.3%. To management's credit, they were the ones who said so - they took their own number apart voluntarily rather than leaving the reader with the headline.
And what I take from the whole day is an old reminder: a report's headline is almost never the report.
And what interests me this evening is CoreWeave. Yesterday NVIDIA announced a mechanism to mobilise $500 billion designed to let its customers finance compute without loading their own balance sheets. CoreWeave is the archetypal customer for that mechanism. Its report tonight is the first opportunity to see what the numbers look like for a company built entirely on that debt.
Errors or inaccuracies are possible. Spotted something that looks wrong? Write to me and I will correct it.
