ALKT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $13.89
Market Cap (MRQ) $1.49B
P/E (TTM) -33.1
EPS (TTM) $-0.42
Revenue (TTM) $490M
ROE (TTM) -12.8%
52W Range $13–$25

ALKT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04
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About Alkami Technology, Inc. - Common Stock Company overview from Wikipedia

05 · wikidata
sectorTechnology industryTechnology employees1,225 countryUS

10-Year Performance Revenue, net income, margins and EPS trends

06
Revenue$444M
2019-12-31 → 2025-12-31
EPS$-0.46
2019-12-31 → 2025-12-31
Free Cash Flow$41M
2021-12-31 → 2025-12-31
Net margin-9.2%
2021-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend ALKT 5Y avg Peer Median Verdict
P/E (TTM) -33.15Y avg ≈-45.2 ≈-45.2 · ·
P/S (TTM) 3.05Y avg ≈8.8 ≈8.8 4.0 Fair value
P/B (MRQ) 4.15Y avg ≈6.7 ≈6.7 5.3 Fair value
Price / FCF (TTM) 23.55Y avg ≈10.7 ≈10.7 · ·
Price / Cash Flow (TTM) 23.05Y avg ≈5.3 ≈5.3 23.5 Overvalued
Price / Tangible Book (MRQ) 6.85Y avg ≈13.3 ≈13.3 · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Avg Surprise 22.5%
Next Report Oct 28, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Jul 28, 2026 $0.16 $0.16 2.6%
March 31, 2026 $0.16 $0.18 -13.3%
Dec. 31, 2025 $0.16 $0.14 12.0%
Sept. 30, 2025 $0.13 $0.12 5.3%
June 30, 2025 $0.09 $0.08 15.1%
March 31, 2025 $0.19 $0.09 113.5%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
Income Statement 17
Metric Trend 2025202420232022202120202019
Revenue $444M$334M$265M$204M$152M$112M$74M
Cost of Revenue $187M$137M$121M$96M$68M$53M$43M
Gross Profit $257M$197M$144M$108M$84M$59M$30M
R&D Expense $118M$96M$85M$69M$49M$40M$33M
SG&A Expense $101M$84M$73M$71M$50M$36M$25M
Operating Expenses $310M$241M$208M$166M$127M$94M$73M
Operating Income $-54M$-45M$-64M$-58M$-43M$-35M$-43M
Interest Expense ··$7M$4M$1M$489.0K$110.0K
Interest Income $4M$5M$8M$3M$487.0K$55.0K$267.0K
Pretax Income $-59M$-41M$-63M$-59M$-47M$-51M·
Income Tax $-11M$308.0K$44.0K$-461.0K$172.0K$0$0
Net Income $-48M$-41M$-63M$-59M$-47M$-51M$-42M
EPS (Basic) $-0.46$-0.41$-0.67$-0.64$-0.73$-11.78$-9.91
EPS (Diluted) $-0.46$-0.41$-0.67$-0.64$-0.73$-11.78$-9.91
Shares (Basic) 103,895,19598,892,69294,080,79790,956,52164,510,4564,809,5334,346,900
Shares (Diluted) 103,895,19598,892,69294,080,79790,956,52164,510,4564,809,5334,346,900
EBITDA $-27M$-34M$-53M$-50M$-39M··
Balance Sheet 27
Metric Trend 2025202420232022202120202019
Cash & Equivalents $63M$94M$41M$109M$309M$167M·
Receivables $51M$39M$35M$26M$21M$14M·
Prepaid Expense $21M$14M$11M$12M$9M$8M·
Other Current Assets ·$794.0K·····
Current Assets $187M$181M$149M$242M$345M$193M·
PP&E (Net) $27M$22M$17M$14M$12M$10M·
PP&E (Gross) $41M$33M$36M$29M$24M$20M·
Accum. Depreciation $15M$11M$19M$15M$12M$10M·
Goodwill $403M$148M$148M$148M$48M$16M·
Intangibles $159M$29M$36M$43M$11M$8M·
Other Non-current Assets $10M$5M$4M$3M$2M$6M·
Total Assets $847M$437M$400M$489M$437M$249M·
Accounts Payable $6M$6M$7M$4M$4M$360.0K·
Accrued Liabilities $47M$25M$20M$22M$19M$13M·
Current Liabilities $90M$46M$39M$42M$33M$20M·
Capital Leases $16M$17M$18M$16M$0··
Deferred Tax $3M$2M$2M$2M$85.0K$0·
Other Non-current Liabilities $237.0K$220.0K$305.0K$400.0K$16M$1M·
Total Liabilities $485M$80M$75M$155M$92M$69M·
Long-term Debt ··$0$85M$25M$25M·
Total Debt ··$0$85M$25M··
Common Stock $106.0K$102.0K$97.0K$92.0K$90.0K$5.0K·
Paid-in Capital $886M$833M$760M$706M$658M$0·
Retained Earnings $-524M$-476M$-435M$-372M$-314M$-264M·
Stockholders' Equity $362M$357M$325M$334M$345M$-264M$-195M
Liabilities + Equity $847M$437M$400M$489M$437M$249M·
Shares Outstanding 106,101,875102,088,78396,722,09892,112,74989,954,6574,909,529·
Cash Flow 18
Metric Trend 2025202420232022202120202019
D&A $27M$11M$11M$8M$3M$3M$2M
Stock-based Comp $76M$59M$51M$45M$15M$2M$1M
Deferred Tax $-12M$109.0K$-32.0K$-690.0K$85.0K$0$0
Amort. of Intangibles $22M$7M$7M$5M$1M$200.0K$0
Other Non-cash $-748.0K$-11M$-16M$-32M$-200.0K··
Operating Cash Flow $43M$19M$-18M$-38M$-29M$-38M$-39M
CapEx $2M$1M$1M$1M$1M$2M$4M
Investing Cash Flow $-398M$23M$34M$-224M$-22M$-27M$-4M
Debt Issued ·$0$0$85M$0$25M$0
Net Debt Issued $0$0$-85M$60M$-313.0K··
Stock Repurchased ··$0$0$3M$3M$0
Net Stock Activity ··$0$0$-3M··
Dividends Paid ··$0$0$5M$0$0
Financing Cash Flow $324M$12M$-88M$61M$192M$225M$30M
Net Change in Cash $-31M$53M$-71M$-201M$141M$160M$-13M
Taxes Paid ·$375.0K$332.0K$249.0K$32.0K$67.0K$83.0K
Free Cash Flow $41M$17M$-19M$-39M$-30M··
Levered FCF ··$-26M$-43M···
Profitability 8
Metric Trend 2025202420232022202120202019
Gross Margin 57.8%58.9%54.4%53.0%55.1%··
Operating Margin -12.1%-13.4%-24.1%-28.2%-28.2%··
Net Margin -10.7%-12.2%-23.8%-28.7%-30.8%··
Pretax Margin -13.3%-12.1%-23.7%-28.9%···
EBITDA Margin -6.0%-10.2%-20.0%-24.3%-25.9%··
ROA -7.4%-9.8%-14.2%-12.7%-13.7%··
ROE -13.5%-11.7%-19.5%-17.7%-13.6%··
ROIC -12.0%-12.6%-19.6%-13.7%···
Liquidity & Solvency 5
Metric Trend 2025202420232022202120202019
Current Ratio 2.14.03.85.810.4··
Quick Ratio 1.32.91.93.29.9··
Debt / Equity ··0.00.30.1··
LT Debt / Equity ··0.00.20.1··
Interest Coverage ··-8.6-14.9-36.2··
Efficiency 2
Metric Trend 2025202420232022202120202019
Asset Turnover 0.70.80.60.40.4··
Receivables Turnover 9.89.08.68.78.7··
Per Share 5
Metric Trend 2025202420232022202120202019
Book Value / Share $3.41$3.50$3.36$3.63$3.83··
Revenue / Share $4.27$3.38$2.81$2.25$2.36··
Cash Flow / Share $0.41$0.19$-0.19$-0.42$-0.45··
Cash / Share $0.60$0.92$0.42$1.18$3.43··
EPS (TTM) $-0.46$-0.41$-0.67$-0.64$-0.73··
Growth Rates 3
Metric Trend 2025202420232022202120202019
Revenue YoY 32.9%26.1%29.6%34.2%35.7%··
Revenue CAGR 3Y 29.5%29.9%33.2%····
Revenue CAGR 5Y 31.7%······
Valuation (TTM) 17
Metric Trend 2025202420232022202120202019
Revenue TTM $444M$334M$265M$204M$152M··
Net Income TTM $-48M$-41M$-63M$-59M$-47M··
Market Cap $2.45B$3.74B$2.35B$1.34B$1.80B··
Enterprise Value ··$2.30B$1.32B$1.52B··
P/E -50.2-89.5-36.2-22.8-27.5··
P/S 5.511.28.96.611.9··
P/B 6.810.57.24.05.2··
P / Tangible Book ·20.816.69.46.3··
P / Cash Flow 57.0201.4-134.0-35.6-62.3··
P / FCF 59.2215.2-126.4-34.6-60.0··
EV / EBITDA ··-43.4-26.6-38.5··
EV / FCF ··-124.2-34.0-50.6··
EV / Revenue ··8.76.510.0··
Dividend Yield ··0.00%0.00%0.28%··
Earnings Yield -2.0%-1.1%-2.8%-4.4%-3.6%··
Payout Ratio ··0.00%0.00%-10.6%··
Annual Payout ··$0$0$5M··

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $444M $334M $265M $204M $152M
Gross Margin % 57.8% 58.9% 54.4% 53.0% 55.1%
Operating Margin % -12.1% -13.4% -24.1% -28.2% -28.2%
Net Income $-48M $-41M $-63M $-59M $-47M
Diluted EPS $-0.46 $-0.41 $-0.67 $-0.64 $-0.73

Institutional owners (13F) 218 filers · $2.0B total · As of June 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 218
Value held $2.0B
New positions 32
Exited positions 36
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
32 (-16 vs prior Q) 36 (-17 vs prior Q) 67 (+1 vs prior Q) 70 (-5 vs prior Q) -754K

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
GENERAL ATLANTIC, L.P. $351,148,169 19,379,038 17.18% Shares
VANGUARD GROUP INC $194,120,646 8,414,419 9.50% Shares
North Reef Capital Management LP $167,157,000 9,225,000 8.18% Shares
JANA Partners Management, LP $122,268,451 6,747,707 5.98% Shares
BlackRock, Inc. $111,043,908 6,128,251 5.43% Shares
UBS Group AG $78,979,445 4,358,689 3.86% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $78,728,646 4,344,848 3.85% Shares
ALGEBRIS (UK) LTD $61,956,035 3,430,009 3.03% Shares
JANUS HENDERSON GROUP PLC $60,413,232 3,855,334 2.95% Shares
VANGUARD CAPITAL MANAGEMENT LLC $52,728,203 2,909,945 2.58% Shares
Irenic Capital Management LP $48,473,736 2,675,151 2.37% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $46,927,176 2,589,800 2.30% Shares
Long Path Partners LP $40,580,175 2,239,524 1.98% Shares
UBS Group AG $38,093,314 2,102,280 1.86% Call option
GEODE CAPITAL MANAGEMENT, LLC $35,236,479 1,944,209 1.72% Shares
STATE STREET CORP $34,939,928 1,931,864 1.71% Shares
CITADEL ADVISORS LLC $28,395,128 1,567,060 1.39% Shares
GOLDMAN SACHS GROUP INC $28,151,232 1,553,600 1.38% Shares
CADIAN CAPITAL MANAGEMENT, LP $26,760,196 1,476,832 1.31% Shares
FMR LLC $26,454,606 1,459,967 1.29% Shares
Select Equity Group, L.P. $26,274,109 1,450,006 1.29% Shares
MORGAN STANLEY $21,916,632 1,209,526 1.07% Shares
BANK OF AMERICA CORP /DE/ $18,450,871 1,018,260 0.90% Shares
CYPRESS POINT INVESTMENT MANAGEMENT LP $16,978,168 936,985 0.83% Shares
Champlain Investment Partners, LLC $16,120,639 889,660 0.79% Shares
NOMURA HOLDINGS INC $14,018,013 773,621 0.69% Shares
ROYAL BANK OF CANADA $13,031,000 719,149 0.64% Shares
Praesidium Investment Management Company, LLC $12,765,486 704,497 0.62% Shares
NORTHERN TRUST CORP $12,423,578 685,628 0.61% Shares
ArrowMark Colorado Holdings LLC $12,370,343 682,690 0.61% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $11,642,299 642,511 0.57% Shares
Granahan Investment Management, LLC $11,375,392 627,781 0.56% Shares
Tetragon Partners GP Ltd $10,877,146 600,284 0.53% Shares
VANGUARD FIDUCIARY TRUST CO $9,859,799 544,139 0.48% Shares
Clearline Capital LP $8,181,234 451,503 0.40% Shares
MONIMUS CAPITAL MANAGEMENT, LP $7,931,758 437,735 0.39% Shares
First Eagle Investment Management, LLC $7,714,191 425,728 0.38% Shares
CONGRESS ASSET MANAGEMENT CO $7,537,485 415,976 0.37% Shares
HERALD INVESTMENT MANAGEMENT Ltd $7,244,000 400,000 0.35% Shares
Bank of New York Mellon Corp $7,201,665 397,443 0.35% Shares
NICHOLAS COMPANY, INC. $6,280,066 346,582 0.31% Shares
Hodges Capital Management Inc. $6,128,565 338,221 0.30% Shares
DIMENSIONAL FUND ADVISORS LP $6,113,545 337,471 0.30% Shares
Sovereign's Capital Management, LLC $5,833,780 321,766 0.29% Shares
DEUTSCHE BANK AG\ $5,343,642 294,903 0.26% Shares
MARSHALL WACE, LLP $5,265,581 290,595 0.26% Shares
Jain Global LLC $5,021,469 277,123 0.25% Shares
JUPITER ASSET MANAGEMENT LTD $5,014,837 276,757 0.25% Shares
ROYCE & ASSOCIATES LP $4,866,289 268,559 0.24% Shares
Quantinno Capital Management LP $4,300,943 237,358 0.21% Shares

Show all 218 institutional owners →

Activists & 5%+ owners 2 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
JANA Partners Management, LP ×3 filings June 29, 2026 6.30% Initial filing Passive investment SEC
General Atlantic, L.P., General Atlantic (SPV) GP, LLC, General Atlantic Partners 100, L.P., General Atlantic (AL), L.P., General Atlantic Partners (Bermuda) EU, L.P., General Atlantic Partners (Lux) SCSp, General Atlantic GenPar, L.P., GAP Coinvestments III, LLC, GAP Coinvestments IV, LLC, GAP Coinvestments V, LLC, GAP Coinvestments CDA, L.P., General Atlantic GenPar (Lux) SCSp, General Atlantic (Lux) S.a r.l., General Atlantic GenPar (Bermuda), L.P., GAP (Bermuda) L.P., General Atlantic Partners (Bermuda) IV, L.P., General Atlantic (SPV) GP (Bermuda), LLC, GA AL Holding, L.P., GENERAL ATLANTIC (AL) SPV, L.P., GAP Coinvestments PE Holdco, L.P., GAP Coinvestments PE, L.P., GAP Coinvestments PE Holdco GP, L.P., GAP Holdings GP, LLC, GAP Coinvestments PE GP, LLC, GA AL Holding II, L.P. ×4 filings May 15, 2026 18.10% Amendment · SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 23 insiders · 6 officers · 16 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Alex Shootman Chief Executive Officer Sept. 8, 2026 F 1,169,409 0 2 $-1,121,459
Cassandra Hudson Chief Financial Officer Sept. 1, 2026 F 324,458 0 1 $-116,086
Prerna Sachdeva Chief Accounting Officer Sept. 1, 2026 F 85,001 0 2 $-45,243
Douglas A. Linebarger Chief Legal Officer Sept. 1, 2026 F 337,265 0 2 $-259,615
Stephen Bohanon Chief Strategy & Product Offr. Dec. 5, 2024 S 337,136 0 0 $0
Kristy Ramundi Chief Accounting Officer March 1, 2024 F 134,553 0 0 $0
Maria Ines Alvarez Director July 5, 2026 A 70,594 0 0 $0
Steven R Mitchell Director July 5, 2026 A 98,026 0 0 $0
Judson C Linville Director July 5, 2026 A 20,780 0 0 $0
Jeffrey H Fox Director July 5, 2026 A 20,780 0 0 $0
Susanna Morgan Director May 19, 2026 A 23,126 0 0 $0
Raphael Osnoss Director May 19, 2026 A 53,313 0 0 $0
Joseph P. Payne Director May 19, 2026 A 37,985 1 0 $100,265
Barbara A. Yastine Director May 19, 2026 A 92,113 0 0 $0
Charles Kane Director May 19, 2026 A 54,646 0 0 $0
Gary Lynn Nelson Director April 5, 2025 A 406,455 0 0 $0
Christopher Todd Clark Director April 5, 2025 A 42,620 0 0 $0
Brian R Smith Director Jan. 5, 2023 A 719,545 0 0 $0
Michael D Hansen Director Nov. 10, 2022 S 294,374 0 0 $0
Merline Saintil Director May 18, 2022 A 15,139 0 0 $0
Eugene H Lockhart Director Sept. 8, 2021 S 216,146 0 0 $0
Bryan W Hill · Sept. 2, 2025 S 409,889 0 0 $0
KAISER GEORGE B · Nov. 8, 2024 S 5,919,784 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 35 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
SOVF · Elevation Series Trust 3.55% 170,886 NS July 31, 2026 N-PORT
FYC · First Trust Exchange-Traded AlphaDE… 0.27% 193,724 NS July 31, 2026 N-PORT
HAPS · Harbor ETF Trust 0.18% 17,322 NS July 31, 2026 N-PORT
ESSC · Strategy Shares 0.13% 2,664 NS July 31, 2026 N-PORT
IWO · iShares Trust 0.08% 634,944 SH Sept. 11, 2026 Daily
VTWG · VANGUARD SCOTTSDALE FUNDS 0.07% 72,900 SH Aug. 19, 2026 Daily
FYX · First Trust Exchange-Traded AlphaDE… 0.06% 48,142 NS July 31, 2026 N-PORT
FAD · First Trust Exchange-Traded AlphaDE… 0.06% 17,550 NS July 31, 2026 N-PORT
IGV · iShares Trust 0.05% 371,156 SH Sept. 11, 2026 Daily
IWM · iShares Trust 0.04% 1,726,574 SH Sept. 11, 2026 Daily
VTWO · VANGUARD SCOTTSDALE FUNDS 0.04% 391,081 SH Aug. 19, 2026 Daily
RSSL · Global X Funds 0.04% 32,488 NS July 31, 2026 N-PORT
BBSC · J.P. Morgan Exchange-Traded Fund Tr… 0.04% 14,673 NS July 31, 2026 N-PORT
ISCG · iShares Trust 0.03% 17,415 SH Sept. 11, 2026 Daily
VBK · VANGUARD INDEX FUNDS 0.03% 774,329 SH Aug. 19, 2026 Daily
TEXN · iShares Trust 0.02% 216 SH Sept. 11, 2026 Daily
PRFZ · Invesco Exchange-Traded Fund Trust 0.02% 41,852 SH Oct. 1, 2026 Daily
FTEC · FIDELITY COVINGTON TRUST 0.02% 227,945 NS July 31, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS 0.02% 917,983 SH Aug. 19, 2026 Daily
VGT · VANGUARD WORLD FUND 0.02% 1,739,189 SH Aug. 19, 2026 Daily
WSML · iShares Trust 0.01% 3,979 SH Sept. 11, 2026 Daily
VB · VANGUARD INDEX FUNDS 0.01% 1,346,617 SH Aug. 19, 2026 Daily
DFAS · Dimensional ETF Trust 0.01% 76,595 NS July 31, 2026 N-PORT
TECB · iShares Trust 0.01% 1,995 SH Sept. 11, 2026 Daily
TILT · FlexShares Trust 0.01% 9,006 NS July 31, 2026 N-PORT
IGM · iShares Trust 0.01% 36,250 SH Sept. 11, 2026 Daily
ITOT · iShares Trust 0.00% 108,040 SH Sept. 11, 2026 Daily
IWV · iShares Trust 0.00% 18,713 SH Sept. 11, 2026 Daily
DFAU · Dimensional ETF Trust 0.00% 9,314 NS July 31, 2026 N-PORT
DFAC · Dimensional ETF Trust 0.00% 33,264 NS July 31, 2026 N-PORT
VTI · VANGUARD INDEX FUNDS 0.00% 1,877,658 SH Aug. 19, 2026 Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX… 0.00% 48,728 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.00% 5,940 SH Aug. 19, 2026 Daily
ESGV · VANGUARD WORLD FUND 0.00% 14,792 SH Aug. 19, 2026 Daily
ISCB · iShares Trust · 2,390 SH Sept. 11, 2026 Daily

ALKT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 14 analysts BUY
Median target $21.00 +51.2%
3 21.4% Strong Buy
9 64.3% Buy
2 14.3% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

7 analysts · 2026-10-03

Mean target $20.71 +49.1%

← Below all targets Current price $13.89
Low$14.00 Mean$20.71 High$25.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
ALKT $2.45B -50.2 32.9% -10.7% -13.5% 57.8%
AI $1.31B -2.6 -35.7% -187.9% -66.0% 30.9%
EVCM $2.16B 121.1 4.8% 3.0% 2.4% ·
BL $3.31B 141.8 7.2% 3.5% 6.6% 75.2%
APPS $347M -8.7 15.2% -6.7% -21.8% 56.9%
RDVT $806M 62.6 20.0% 14.6% 13.4% ·
PLTR $425.03B 282.1 56.2% 36.3% 26.2% 82.4%

Latest News Recent headlines mentioning this company

23

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26

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Source: SEC 10-Q filed Jul 30, 2026