Good morning, CFOs. The Philadelphia Eagles’ auditor is close to selling a stake to private equity; the Fed holds rates steady for a fifth straight meeting; Ford takes an $800 million tariff hit; and Meta shares soar.

Wipfli is in advanced talks to sell a roughly 40% stake to New Mountain Capital, which would make it the latest accounting firm to turn to private-equity investors to help accelerate revenue growth.

The stake in the Milwaukee-based firm would value it at north of $1 billion, people familiar with the matter said. Wipfli audits the financial statements of the National Football League’s Philadelphia Eagles and Green Bay Packers.

With the investment, Wipfli, which also provides consulting and tax services, plans to expand its operations in the South and Southwest, among other regions, primarily through acquisitions, a person familiar with the matter said.

Wipfli, which specializes in serving middle-market businesses, aims to generate $1 billion in annual revenue within the next three years, the person said. That is up from the nearly $700 million in revenue Wipfli expects to book for the year ending May 2026 and $621 million a year earlier.

📆 Earnings

• AbbVie
• Air Products and Chemicals
• Amazon.com
• Apple
• Bristol-Myers Squibb
• Cigna Group
• Coinbase Global
• Comcast
• Intercontinental Exchange
• Mastercard
• Motorola Solutions
• Southern 
• S&P Global

📈 Economic Indicators 

The BEA releases the personal consumption expenditures price index for June.

Ford Motor paid out more than $800 million in tariffs last quarter, despite manufacturing most of its vehicles in the U.S.

The tariff bill came from parts imported from outside of the country as well as from fees on steel and aluminum. The hit helped wipe out the company’s net profit in the second quarter.

• U.S. Raises Brazil Tariffs and Sanctions Judge, Citing Trump Ally Bolsonaro
• Hershey Trims 2025 Outlook to Account for Greater Tariff Impact
• Airbus Backs Guidance After Trump, EU Reach Tariff Deal

• The Federal Reserve held rates steady for a fifth straight meeting Wednesday but faced rare dissents from two officials seeking an immediate cut.
• Microsoft’s cloud computing unit, buttressed by massive demand in artificial intelligence, pushed the tech giant to another strong quarter.
• Meta Platforms posted 22% revenue growth in the second quarter, showing its core ad business remains strong at a time when the company is investing billions of dollars into artificial intelligence.

📰 Other headlines

• U.S. Economy Rebounds in Second Quarter
• Powell’s Gamble: That the Economy Will Reveal Its True Self in the Next Two Months
• The Fed Chair Doesn’t Set Rates by Himself. Here Are the Other Voting Members.
• Can Novo Nordisk’s New CEO Stop Rivals From Taking Over the Anti-Obesity Market?
• Altria Stock at 6-Year High After Outlook Lift
• EBay Logs Higher Profit, Revenue On Strong Volumes
• JD.com Unit to Buy Ceconomy
• VF Shares Rise on Narrower 1Q Loss, Revenue Beat
• Harley-Davidson Shares Jump on Cash Infusion From KKR, Pimco Partnership
• Trump and Dimon Are Talking Again After Yearslong Rift
• Global Trade Raised Living Standards for Millions. New Barriers Are Reversing the Trend.

Pitney Bowes, the Stamford, Conn.-based shipping-services company, appointed Paul Evans as executive vice president, CFO and treasurer, effective July 29. Evans, who succeeds Robert Gold, most recently served as chief operating officer at America’s Auto Auction Group.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

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