The United States (US) midterm elections, scheduled for November 3, could trigger a major repricing of the US Dollar (USD), Treasury yields, and Gold, but the outcome is not predetermined. With all 435 House seats and 35 Senate seats up for grabs, the vote will serve as a referendum on Donald Trump's presidency, and prediction markets currently price in a roughly 60% chance of a Democratic sweep, about 30% for a divided Congress, and have almost priced out a Republican sweep. Because Congress shapes taxes, spending, government borrowing, and scrutiny of Federal Reserve (Fed) appointments, the result could push long-term yields, and Gold along with them, decisively in either direction. The key Gold levels to watch sit around $4,000 on the downside and $4,500 on the upside.
What the midterms can (and cannot) changeThe US midterm elections take place on November 3. With all 435 House seats and 35 Senate seats up for grabs, the US midterms will serve as a referendum on Donald Trump's presidency, with control of Congress, the cost of living, and the ongoing Iran war dominating voters' concerns. Republicans currently hold narrow majorities in both chambers. Democrats need to gain seats in both chambers to secure control of Congress.
Why does this matter to financial markets? Because Congress has a major role in shaping taxes, spending, healthcare policy, government borrowing, and the legislative agenda. A change in congressional control could make it harder for the White House to pass new legislation. It could also increase scrutiny of the administration's policies and appointments.
But traders need to understand one important distinction: a midterm election changes the balance of political power, not the presidency itself. Even if Democrats gain control of Congress, existing policies would not automatically disappear. A divided government could limit new legislation while leaving the administration with considerable influence over trade, sanctions, and foreign policy.
That means the market reaction may depend less on who wins and more on what investors believe the result means for economic growth, inflation, government debt and the Federal Reserve. The election result alone won't tell us how financial markets would react — what matters is how markets are pricing the three possible outcomes.
Scenario one: The Democratic sweep, the market's base caseCurrently, prediction-market pricing gives a Democratic sweep a probability of approximately 60%, although these odds can change before election day. At first glance, investors might expect this outcome to weaken the US Dollar because it would constrain Trump's legislative agenda. A Democratic-controlled Congress could restrain additional tax cuts and spending without necessarily reversing the administration's existing policies. A Democratic Senate could also increase scrutiny of Fed appointments, potentially limiting the administration's influence over the central bank and easing concerns about its independence.
If markets interpret the outcome as a more restrained fiscal path, Treasury yields could face some downward pressure. That could support Gold by reducing the opportunity cost of holding a non-yielding asset. However, one important factor remains. If the administration responds by relying more heavily on tariffs, sanctions, or other executive measures, uncertainty could remain elevated. Depending on the reaction across major currencies and bond markets, the USD could still strengthen against some peers. So don't automatically buy Gold just because Democrats win. Watch the US Dollar and Treasury yields after the result.
Scenario two: Democratic House, Republican SenatePrediction-market pricing puts the probability of Democrats winning the House while Republicans retain the Senate at roughly 30%. This would create divided government and make major legislative changes more difficult. The White House could face greater congressional scrutiny, but Congress would not automatically reverse its existing policies. This scenario could broadly be neutral for the USD and US Treasury markets.
For Gold, that suggests the election result alone may not generate a sustained trend. Instead, traders may return their attention to the Federal Reserve, inflation, energy prices, government debt, and geopolitical developments. In other words, political headlines could create short-term volatility, but the broader macroeconomic backdrop would still determine whether Gold can establish a lasting move.
With a divided Congress, the election may deliver less of a clear fiscal signal. A Republican sweep, by contrast, could change expectations for spending, borrowing and inflation.
Scenario three: The Republican sweep, the biggest repricing riskThis outcome could produce the biggest market repricing, as markets have largely priced it out. A Republican sweep could give the administration greater room to pursue its legislative agenda, including additional fiscal stimulus. If investors anticipate stronger growth, higher government borrowing or more inflationary pressure, they could demand higher yields on longer-dated US Treasuries. That could support the USD if markets interpret the yield rise as a sign of stronger growth or tighter monetary policy. For Gold, this could create a significant headwind.
Are higher yields confidence, or fiscal concern?Another factor could matter more than the election headline itself: the cost of financing US government debt. When Treasury yields rise, the government pays more to borrow as it issues new debt or refinances maturing obligations. Higher yields can also feed through to borrowing costs across the wider economy, including mortgage rates.
A month before the vote, the US average 30-year fixed mortgage rate climbed to 7.49%, its highest level since November 2023, according to data from the Mortgage Bankers Association. The rise came as Treasury yields increased amid inflation concerns, geopolitical uncertainty, and the government's substantial financing needs.
Why should Gold traders care? Because higher long-term borrowing costs can tighten financial conditions across the economy. More expensive mortgages can weigh on housing demand. Higher financing costs can also pressure businesses and government budgets. If investors believe a Republican sweep will lead to more borrowing and fiscal stimulus, long-term yields could rise further. Initially, that could support the US Dollar and pressure Gold.
But a second possibility exists: If yields rise because investors grow increasingly concerned about government debt, fiscal sustainability, or the credibility of US economic policy, the USD may not strengthen as expected. Gold could benefit if investors turn to it as a store of value or a hedge against broader financial uncertainty.
This is the central question traders should ask: Are higher yields reflecting confidence in the US economy or growing concern about the US fiscal outlook? The answer could determine whether Gold falls or proves unexpectedly resilient.
Gold's technical picture: The burden of proof is on the bulls
Gold weekly chartGold's weekly chart shows that the medium-term recovery remains unconfirmed. The Relative Strength Index (RSI) is below the neutral 50 level. This suggests momentum remains weak, though the market is not necessarily oversold. More importantly, Gold is trading below two major weekly moving averages. This alignment puts the burden of proof on the bulls.
The first major support is at the psychological $4,000 area. A hotly contested election, a Republican sweep that lifts expectations for fiscal expansion, or a stronger USD could add pressure, but the bearish scenario would need confirmation from price action. A break below $4,000 would be a more significant deterioration in the technical picture. Traders would then target the 100-week Simple Moving Average (SMA) near $3,850, followed by $3,800.
On the other hand, in a Democratic sweep, investors would expect more fiscal restraint, lower long-term yields and reduced uncertainty around the Fed's independence. Then, the yellow metal could attempt a recovery. Gold first needs to reclaim the $4,215-$4,250 area. That's the confluence zone of the 23.6% Fibonacci retracement of the decline from $4,700 and the 21-week SMA. Above that, the next hurdle is the $4,400 zone, where the 50% Fibonacci resistance and the psychological level intersect. A sustained move above the resistance zone would improve the recovery case and open the door to the $4,460 region, where the 61.8% Fibonacci hurdle and 50-week Simple Moving Average align. The next resistance comes in at $4,500.
Recapturing those levels would provide stronger evidence that the recovery is gaining traction.
If the election produces political gridlock and neither party can materially change the fiscal outlook, Gold could remain range-bound between $3,850 and $4,400. Investors could then refocus on inflation, the Fed's policy path, energy prices and economic growth.
Beyond the ballot: three risks for Gold tradersThe chart gives us the key levels: $4,000 and $3,850 below, and $4,400 and $4,460 above. However, Gold traders must watch three risks.
First, the Federal Reserve. If inflation stays elevated and policymakers signal further tightening, Gold could struggle even if election-related uncertainty increases.Second, geopolitical developments. A possible escalation involving Iran is an upside risk for the US Dollar. Depending on the nature of the shock, Gold could also attract safe-haven demand.Third, the US debt ceiling. Difficult negotiations in 2027 could create volatility in short-dated Treasury bills and broader financial markets.These risks show why it is dangerous to assume that one election result will dictate Gold's direction for months. Markets respond to the full policy and economic consequences, not just the political headline.
The bottom lineThe US midterm elections could trigger a major repricing of the US Dollar, Treasury yields, and Gold, but the outcome is not predetermined. A Republican sweep could raise fiscal-expansion concerns and pressure Gold if yields and the US Dollar rise. Democratic gains could limit new legislation and support Gold if yields ease. A divided Congress could leave markets focused on the Federal Reserve and the wider economic outlook.
Technically, watch $4,000 and $3,850 on the downside, and $4,400 and $4,460 on the upside. Don't trade the election headline. Trade the confirmed reaction.
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Alpha Metallurgical Resources předběžně vykázala za třetí čtvrtletí roku 2026 čistou ztrátu ve výši 9,3 milionu USD, což představuje 0,73 USD na zředěnou akcii.
, /PRNewswire/ -- Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today announced preliminary financial results for the third quarter ending September 30, 2026. The company plans to release its definitive third quarter financial results on November 6, 2026.
(millions, except per share)
Three months ended
Sep. 30, 2026
Net loss
($9.3)
Net loss per diluted share
($0.73)
Adjusted EBITDA(1)
$29.4
Tons of coal sold
3.9
__________________________________
1. This is a non-GAAP financial measure. A reconciliation of Net loss to Adjusted EBITDA is included in tables accompanying the financial schedules.
"As expected, our preliminary third quarter results reflect stronger volumes than in the first half but continued cost pressure," said Andy Eidson, Alpha's chief executive officer. "Our realizations for the quarter were influenced by the market volatility of the last few months. We look forward to providing more information about our results and outlook for 2027 when we announce our definitive third quarter financial results on November 6."
Preliminary Financial Performance
Alpha expects to report a net loss of $9.3 million, or $0.73 per diluted share, for the third quarter 2026.
For the third quarter, total Adjusted EBITDA is expected to be $29.4 million.
Coal Revenues
(millions)
Three months ended
Sep. 30, 2026
Met segment
$560.6
Met segment (excl. freight & handling)(1)
$474.1
Tons Sold
(millions)
Three months ended
Sep. 30, 2026
Met segment
3.9
__________________________________
1. Represents Non-GAAP coal revenues which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."
Coal Sales Realization(1)
(per ton)
Three months ended
Sep. 30, 2026
Met segment
$121.09
__________________________________
1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."
Third quarter net realized pricing for the Met segment was $121.09 per ton.
The table below provides a breakdown of our Met segment coal sold in the third quarter by pricing mechanism.
(in millions, except per ton data)
Met Segment Sales
Three months ended Sep. 30, 2026
Tons Sold
Coal Revenues
Realization/ton(1)
% of Met Tons Sold
Domestic
1.0
$133.3
$136.17
27 %
Export - Australian indexed
0.8
$120.4
$150.46
22 %
Export - other pricing mechanisms
1.8
$196.7
$107.03
51 %
Total Met coal revenues
3.6
$450.4
$124.52
100 %
Thermal coal revenues
0.3
$23.7
$79.44
Total Met segment coal revenues
(excl. freight & handling)(1)
3.9
$474.1
$121.09
__________________________________
1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."
Cost of Coal Sales
(in millions, except per ton data)
Three months ended
Sep. 30, 2026
Met segment
$509.7
Met segment (excl. freight & handling/idle)(1)
$418.6
(per ton)
Met segment(1)
$106.93
__________________________________
1. Represents Non-GAAP cost of coal sales and Non-GAAP cost of coal sales per ton which are defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."
Liquidity and Capital Resources
As of September 30, 2026, the company had total liquidity of $443.4 million, including cash and cash equivalents of $334.1 million and $184.3 million of unused availability under the asset-based revolving credit facility (ABL), partially offset by a minimum required liquidity of $75.0 million as required by the ABL. As of September 30, 2026, the company had no borrowings and $40.7 million in letters of credit outstanding under the ABL. Total long-term debt, including the current portion of long-term debt as of September 30, 2026, was $10.6 million.
Share Repurchase Program
As previously announced, Alpha's board of directors authorized a share repurchase program allowing for the expenditure of up to $1.5 billion for the repurchase of the company's common stock. As of September 30, 2026, the company had acquired approximately 7.1 million shares of common stock at a cost of approximately $1.2 billion since the start of the program. During the third quarter of 2026, the company spent approximately $3.0 million for the repurchase of roughly 18,000 shares. The number of common stock shares outstanding as of September 30, 2026 was 12,667,855, not including the potential effect of unvested equity awards.
The timing and amount of share repurchases will be based on various factors, including but not limited to market conditions, the trading price of the stock, applicable legal requirements, compliance with the provisions of the company's debt agreements, and other factors.
Note About Preliminary Results
The financial results presented in this release are preliminary and may change. This preliminary financial information includes calculations or figures that have been prepared internally by management. There can be no assurance that the Company's actual results for the periods presented herein will not differ from the preliminary financial results presented herein, and such changes could be material. These preliminary financial results should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and are not necessarily indicative of the results to be achieved for any future periods. This preliminary financial information could be impacted by the effects of the Company's financial closing procedures, final adjustments, and other developments.
Earnings Announcement and Conference Call
The company plans to announce its definitive third quarter 2026 financial results before the market opens on Friday, November 6, 2026. The company also expects to hold a conference call regarding its third quarter 2026 results on November 6, 2026, at 10:00 a.m. Eastern time. The conference call will be available live on the investor section of the company's website at https://alphametresources.com/investors. Analysts who would like to participate in the conference call should dial 877-407-0832 (domestic toll-free) or 201-689-8433 (international) approximately 15 minutes prior to start time.
About Alpha Metallurgical Resources
Alpha Metallurgical Resources (NYSE: AMR) is a Tennessee-based mining company with operations across Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Alpha reliably supplies metallurgical products to the steel industry. For more information, visit www.AlphaMetResources.com.
Forward-Looking Statements
This news release includes forward-looking statements. These forward-looking statements are based on Alpha's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Alpha's control. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Alpha to predict these events or how they may affect Alpha. Except as required by law, Alpha has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this news release may not occur. See Alpha's filings with the U.S. Securities and Exchange Commission for more information.
FINANCIAL TABLES FOLLOW
Non-GAAP Financial Measures
The discussion below contains "non-GAAP financial measures." These are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP" or "GAAP"). Specifically, we make use of the non-GAAP financial measures "Adjusted EBITDA," "non-GAAP coal revenues," "non-GAAP coal sales realization per ton," "non-GAAP cost of coal sales," "non-GAAP cost of coal sales per ton," "non-GAAP coal margin," and "non-GAAP coal margin per ton." In addition to net income (loss), we use Adjusted EBITDA to measure the operating performance of our reportable segment. Adjusted EBITDA does not purport to be an alternative to net income (loss) as a measure of operating performance or any other measure of operating results, financial performance, or liquidity presented in accordance with GAAP. Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is presented because management believes it is a useful indicator of the financial performance of our coal operations. We use non-GAAP coal revenues to present coal revenues generated, excluding freight and handling fulfillment revenues. Non-GAAP coal sales realization per ton is calculated as non-GAAP coal revenues divided by tons sold. We use non-GAAP cost of coal sales to adjust cost of coal sales to remove freight and handling costs, depreciation, depletion and amortization - production (excluding the depreciation, depletion and amortization related to selling, general and administrative functions), accretion on asset retirement obligations, amortization of acquired intangibles, and idled and closed mine costs. Non-GAAP cost of coal sales per ton is calculated as non-GAAP cost of coal sales divided by tons sold. Non-GAAP coal margin is calculated as non-GAAP coal revenues less non-GAAP cost of coal sales. Non-GAAP coal margin per ton is calculated as non-GAAP coal margin divided by tons sold. The presentation of these measures should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP.
Management uses non-GAAP financial measures to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends and to adjust for items that may not reflect the trend of future results by excluding transactions that are not indicative of our core operating performance. Furthermore, analogous measures are used by industry analysts to evaluate our operating performance. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, capital investments and other factors.
Included below are reconciliations of non-GAAP financial measures to GAAP financial measures.
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
PRELIMINARY ADJUSTED EBITDA RECONCILIATION
(Amounts in thousands)
Three Months Ended
September 30, 2026
Net loss
$ (9,293)
Interest expense
967
Interest income
(2,561)
Income tax benefit
(5,677)
Depreciation, depletion, and amortization
35,486
Non-cash stock compensation expense
4,381
Accretion on asset retirement obligations
5,249
Amortization of acquired intangibles
876
Adjusted EBITDA
$ 29,428
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
PRELIMINARY RESULTS OF OPERATIONS
Three Months Ended
(In thousands, except for per ton data)
September 30, 2026
Coal revenues
$ 560,579
Less: freight and handling fulfillment revenues
(86,508)
Non-GAAP coal revenues
$ 474,071
Non-GAAP coal sales realization per ton
$ 121.09
Cost of coal sales (exclusive of items shown separately below)
$ 509,656
Depreciation, depletion and amortization - production (1)
35,218
Accretion on asset retirement obligations
5,249
Amortization of acquired intangibles
876
Total cost of coal sales
$ 550,999
Less: freight and handling costs
(86,508)
Less: depreciation, depletion and amortization - production (1)
(35,218)
Less: accretion on asset retirement obligations
(5,249)
Less: amortization of acquired intangibles
(876)
Less: idled and closed mine costs
(4,531)
Non-GAAP cost of coal sales
$ 418,617
Non-GAAP cost of coal sales per ton
$ 106.93
GAAP coal margin
$ 9,580
GAAP coal margin per ton
$ 2.45
Non-GAAP coal margin
$ 55,454
Non-GAAP coal margin per ton
$ 14.16
Tons sold
3,915
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
Moneta Money Bank pravděpodobně zvýší výhled čistého zisku pro rok 2027 nad současných 7 mld. Kč, ačkoli generální ředitel vidí asi 60 % riziko zavedení sektorové daně.
Výhled čistého zisku na rok 2027 se s velkou pravděpodobností zvýší. Riziko sektorové daně je podle CEO vysoké.
Moneta má za sebou historicky nejúspěšnější kvartál od vstupu na burzu v roce 2016. Konferenční hovor potvrdil velmi silný provozní vývoj banky, zároveň ale přinesl opatrnější signál ohledně distribuce přebytečného kapitálu.
Rozhodnutí nevyplatit letos mimořádnou dividendu není důsledkem nedostatku kapitálu – banka na konci září vykazovala přebytečný kapitál CET1 ve výši 4,4 mld. Kč. Hlavním důvodem je snaha držet likviditu v prostředí rychlého růstu úvěrů, silné konkurence o depozita a přesunu části klientských vkladů do investičních produktů. Další odliv likvidity přinese plánované splacení dluhopisu Tier 2 za 2,6 mld. Kč v lednu 2027. Management navíc nechce využít snížení kapitálového požadavku SREP k okamžitému snížení kapitalizace banky. Jak CEO na konferenčním hovoru zdůraznil, v současném prostředí proto vedení volí obezřetný přístup k řízení likvidity a zároveň zdůraznil, že mimořádná dividenda je skutečně mimořádná a neměla by být vnímána jako standard. Řádná dividenda by nicméně ohrožena být neměla, Moneta nadále počítá s výplatou 90 % letošního zisku.
Významným rizikem zůstává případné zavedení sektorové daně. CEO Tomáš Spurný jej označil za vysoké a hovořil o přibližně 60% pravděpodobnosti jejího zavedení. Argumentoval především vysokým schodkem státního rozpočtu, politickou debatou o cenách hypoték a vysokou ziskovostí bankovního sektoru. Zároveň připustil, že legislativní proces může zavedení daně již od roku 2027 zkomplikovat.
Výhled hospodaření na rok 2027 naopak vyzněl optimisticky. Management prakticky potvrdil, že současný výhled čistého zisku pro rok 2027, který počítá se 7 mld. Kč, bude při zveřejnění celoročních výsledků v únoru příštího roku zvýšen.
Akcie Moneta Money Bank (BAAGECBA) se na pražské burze obchodují za 186,5 Kč a na RM-SYSTÉMu za 188,10 Kč.
Kombinace lifileucelu a pembrolizumabu dosáhla ve studii fáze 2 u 24 pacientů s pokročilým melanomem 62,5% míry objektivní odpovědi a 29,2% kompletních remisí.
62.5% Confirmed Objective Response Rate (ORR) and 29.2% Complete Response (CR) Rate in Final Phase 2 Analysis
Median Overall Survival (OS) Not Reached at More than 4 Years of Median Follow-up
Oral Presentation at the European Society for Medical Oncology (ESMO) Congress 2026 Reinforces Ongoing TILVANCE-301 Phase 3 Trial
PHILADELPHIA and MADRID, Oct. 23, 2026 (GLOBE NEWSWIRE) -- Iovance Biotherapeutics, Inc. (NASDAQ: IOVA), a commercial biotechnology company focused on innovating, developing, and delivering novel polyclonal tumor infiltrating lymphocyte (TIL) therapies for patients with cancer, today announced that one-time lifileucel combined with pembrolizumab demonstrated a 62.5% ORR and a 29.2% CR rate, with median OS not reached at 50.9 months of median study follow-up in the final Phase 2 analysis in frontline advanced melanoma. The Phase 2 results were presented on October 23, 2026 in a Proffered Paper oral session at the ESMO Congress 2026 in Madrid, Spain.
In frontline advanced melanoma, approximately half of patients treated with combination immune checkpoint inhibitor (ICI) therapy do not achieve long-term benefit, a widely recognized unmet need.1 Following successful adoption of lifileucel in the post-anti-PD-1 therapy setting, this Phase 2 data supports the earlier use and potential approval of lifileucel plus pembrolizumab in frontline advanced melanoma. Iovance estimates that 70,000 patients with frontline advanced melanoma are addressable each year in global markets with high prevalence.2
ESMO Presentation Highlights: Cohort 1A of the IOV-COM-202 Trial (NCT03645928)
IOV-COM-202 is a multicohort, multicenter Phase 2 trial of lifileucel plus pembrolizumab in patients with solid tumors. The final analysis in frontline advanced melanoma (Cohort 1A) included 24 patients treated with one-time lifileucel that met pre-determined manufacturing specifications and pembrolizumab monotherapy for up to 24 months.
The physician-assessed confirmed ORR by RECIST v1.1 was 62.5% (15/24; 95% CI: 40.6, 81.2), including a 29.2% CR rate. The disease control rate was 83.3% (20/24; 95% CI: 62.6, 95.3). Median duration of response (DOR) was not reached (range: 4.3 to 57.7+ months) at a median follow-up of 26.9 months for DOR.
Median progression-free survival (PFS) was 19.8 months (95% CI: 3.6 months to not reached). Median PFS after second line of therapy was 34.3 months (95% CI: 6.8 months to not reached), indicating that subsequent systemic therapy remains feasible after frontline lifileucel and pembrolizumab, including additional ICI therapy. Median OS was not reached (95% CI: 19.2 months to not reached) at a median study follow-up of 50.9 months.
Safety was consistent with the underlying disease and known safety profiles of one-time lifileucel and pembrolizumab. Late adverse events were consistent with continuous use of pembrolizumab monotherapy, further differentiating lifileucel plus pembrolizumab from ICI combinations used in the frontline setting.
“About half of patients do not experience lasting benefit with frontline combination immunotherapy for advanced melanoma,” stated Dr. Andrew J.S. Furness, Consultant Medical Oncologist and Solid Tumour Cellular Therapy Lead at The Royal Marsden National Health Service Foundation Trust, Leader of the Cellular Therapy and Translational Immunology Group at The Institute of Cancer Research, London, and Principal Investigator in IOV-COM-202 and TILVANCE-301 trials. “A single administration of lifileucel plus pembrolizumab demonstrated compelling response rates and durability that compare favorably to other ICI combination approaches in frontline advanced melanoma, with median overall survival not reached at more than four years of follow-up. These remarkable Phase 2 results provide a strong scientific rationale to investigate earlier treatment with lifileucel in the TILVANCE-301 trial.”
Translational analyses support the positive clinical results in Cohort 1A. T-cell receptor (TCR) sequencing detected clones from the infused lifileucel product in the peripheral blood for as long as 12 months after infusion (n=13), consistent with the strong DOR benefit of lifileucel.
Noah Berkowitz, M.D., Ph.D., Chief Medical Officer of Iovance, stated, “The final Cohort 1A results demonstrate unprecedented efficacy and a potentially best-in-class clinical profile for lifileucel combined with pembrolizumab in frontline advanced melanoma. These data, together with supportive translational findings, reinforce the importance of our ongoing TILVANCE-301 Phase 3 randomized trial to support a new approval for lifileucel in frontline advanced melanoma.”
The presentation is available at www.iovance.com. Iovance will also present the first clinical data for lifileucel in soft tissue sarcomas in a Rapid Oral presentation on Monday, October 26, 2026 (Abstract #3725RO).
About TILVANCE
TILVANCE-301 (NCT05727904) is a Phase 3, multicenter, open-label, randomized, parallel group, treatment study to assess the efficacy and safety of lifileucel in combination with pembrolizumab compared with pembrolizumab alone in participants with untreated, unresectable or metastatic melanoma. The trial is enrolling at more than 80 sites in the U.S., Canada, Europe, and Asia-Pacific. The dual primary endpoints are ORR and PFS assessed by independent review committee. TILVANCE-301 is designed to support approval for lifileucel in combination with pembrolizumab in frontline advanced melanoma and to serve as the confirmatory trial for full U.S. approval of Amtagvi® in previously treated advanced melanoma.
About Iovance Biotherapeutics, Inc.
Iovance Biotherapeutics, Inc. is the global leader in innovating, developing, and delivering tumor infiltrating lymphocyte (TIL) cell therapies for patients with solid tumors. Amtagvi® (lifileucel) is the first FDA-approved, one-time treatment for previously treated advanced melanoma, now approved in three global markets and available at nearly 100 authorized treatment centers (ATCs). The Iovance TIL platform spans registrational trials and next-generation programs in additional solid tumors, including gene-edited and IL-12 tethered TIL therapies, next-generation IL-2, and precision immuno-oncology approaches. As the first and only company to take TIL therapy from concept to a broadly accessible commercial treatment, Iovance operates as an end-to-end cell therapy company, anchored by fully owned, centralized U.S.-based manufacturing that is scaled to serve thousands of cancer patients worldwide each year. Headquartered in Pennsylvania with offices and laboratories in California and Florida, Iovance serves patients at ATCs and clinical sites across almost the entire U.S. and in many countries around the world. For more information, please visit www.iovance.com.
Amtagvi® and its accompanying design marks, Proleukin®, Iovance®, and IovanceCares™ are trademarks and registered trademarks of Iovance Biotherapeutics, Inc. or its subsidiaries. All other trademarks and registered trademarks are the property of their respective owners.
Information on Iovance’s broad, industry-leading patent portfolio is available on the Intellectual Property page on www.iovance.com.
About the ESMO Congress
The ESMO Congress is organized by the European Society for Medical Oncology (ESMO) and is one of the world’s most influential annual oncology meetings, bringing together more than 37,000 clinicians, researchers, patient advocates, and industry representatives from around the world. The ESMO Congress 2026 takes place October 23–27, 2026, at IFEMA Madrid, Spain, and features presentations of practice-changing clinical data, translational science, and educational programming across all major tumor types. For more information, visit www.esmo.org.
References
Larkin J, et al. N Engl J Med. 2019;381:1535-46.SEER and GLOBOCAN epidemiology data and internal data on file. Forward-Looking Statements
Certain matters discussed in this press release are “forward-looking statements” of Iovance Biotherapeutics, Inc. (hereinafter referred to as the “Company,” “we,” “us,” or “our”) within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Without limiting the foregoing, we may, in some cases, use terms such as “predicts,” “believes,” “potential,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “forecast,” “guidance,” “outlook,” “may,” “can,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes and are intended to identify forward-looking statements. Forward-looking statements are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments, and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and we undertake no duty to update or revise any such statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, many of which are outside of our control, that may cause actual results, levels of activity, performance, achievements, and developments to be materially different from those expressed in or implied by these forward-looking statements. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in the sections titled “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and include, but are not limited to, the following substantial known and unknown risks and uncertainties inherent in our business: the risks related to our ability to successfully commercialize our products; the size of the addressable patient populations for, and the acceptance by the market of, our products and product candidates, if approved, and their potential pricing and/or reimbursement by payors, and whether such acceptance is sufficient to support continued commercialization or development of our products or product candidates; the risk regarding our ability to manufacture our therapies at our iCTC facility, including the risk that our ability to increase manufacturing capacity at our facility may adversely affect our commercial supply or clinical supply; the risks related to our ability to obtain, maintain and enforce patent and other intellectual property protection for our products and product candidates; the risk that the successful development or commercialization of our products may not generate sufficient revenue from product sales, and we may not become profitable in the near term, or at all; the risks related to the timing of and our ability to successfully develop, submit, obtain, or maintain regulatory authority approval of our product candidates; whether clinical trial results from our clinical studies and cohorts, and meetings with regulatory authorities, may support registrational studies and subsequent approvals by regulatory authorities, including the risk that our registrational trials, including TILVANCE-301, may be delayed, may not meet their primary endpoints, or may not support approval; clinical results, whether preliminary, interim, or final, which may include efficacy and safety results, from clinical trials or cohorts may not be reflected in the final analyses of our ongoing clinical trials or subgroups within these trials or in other prior or future trials or cohorts, including the risk that the Cohort 1A results of IOV-COM-202 may not be predictive of results in the ongoing TILVANCE-301 trial; the risk that we may be required to conduct additional clinical trials or modify ongoing or future clinical trials based on feedback from regulatory authorities; the risk that our interpretation of the results of our clinical trials or communications with regulatory authorities may differ from the interpretation of such results or communications by such regulatory authorities or others; the risk that clinical data from ongoing clinical trials of Amtagvi will not continue or be repeated in ongoing or planned clinical trials or may not support regulatory approval or renewal of authorization; the risk that unanticipated expenses may decrease our estimated cash balances and forecasts and increase our estimated capital requirements; the risk that we may not be able to recognize revenue for our products; the risk that Proleukin revenues, and other factors such as the number of ATCs, may not serve as a leading indicator for Amtagvi revenues; the risks regarding our anticipated operating and financial performance, including our financial guidance and projections; the effects of global and domestic geopolitical factors or public health events; and other factors, including general economic conditions and regulatory developments, not within our control.
Booz Allen Hamilton vykázala za čtvrtletí zisk na akcii (EPS) ve výši 1,76 USD, což je o 22,22 % více než odhadovaných 1,44 USD, zatímco tržbami ve výši 2,78 mld. USD mírně zaostala za očekáváním.
Booz Allen Hamilton (BAH - Free Report) came out with quarterly earnings of $1.76 per share, beating the Zacks Consensus Estimate of $1.44 per share. This compares to earnings of $1.49 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +22.22%. A quarter ago, it was expected that this defense contractor would post earnings of $1.49 per share when it actually produced earnings of $1.81, delivering a surprise of +21.48%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Booz Allen, which belongs to the Zacks Consulting Services industry, posted revenues of $2.78 billion for the quarter ended September 2026, missing the Zacks Consensus Estimate by 0.81%. This compares to year-ago revenues of $2.89 billion. The company has not been able to beat consensus revenue estimates over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Booz Allen shares have lost about 6.9% since the beginning of the year versus the S&P 500's gain of 12%.
What's Next for Booz Allen?While Booz Allen has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Booz Allen was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.48 on $2.86 billion in revenues for the coming quarter and $6.25 on $11.45 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Consulting Services is currently in the top 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, CRA International (CRAI - Free Report) , has yet to report results for the quarter ended September 2026. The results are expected to be released on November 5.
This consulting firm is expected to post quarterly earnings of $2.06 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
CRA International's revenues are expected to be $198.64 million, up 6.9% from the year-ago quarter.
Key Takeaways GE Vernova secured a 372-MW gas turbine order in Cote d'Ivoire, creating equipment and service opportunities.PEG targets $24-$28 billion in capital spending for 2026-2030, mostly for regulated investments.Both companies face growing electricity demand from data centers, electrification and grid modernization. GE Vernova (GEV - Free Report) and Public Service Enterprise Group (PEG - Free Report) are well positioned to capitalize on the growing need for electricity and investments in power infrastructure. The increasing adoption of electric vehicles, electrification of industrial operations, expansion of data centers, and rising reliance on digital technologies are driving electricity consumption, creating opportunities for power-equipment manufacturers and utility providers.
Both companies are benefiting from structural changes in the energy sector. The rapid expansion of artificial intelligence and data centers is boosting demand for reliable power, while the transition toward cleaner energy sources and the need to modernize aging transmission and distribution networks are accelerating investments across the industry.
GE Vernova stands to benefit from growing demand for power-generation equipment, grid technologies and related services, while Public Service Enterprise is poised to gain from investments in its regulated utility infrastructure, supporting sustained earnings growth under an established regulatory framework.
Against this backdrop, comparing the two companies' financial performance, growth prospects, valuation metrics and earnings outlook can help determine which stock offers the more attractive investment opportunity at present.
Factors Acting in Favor of GEV StockGE Vernova has a balanced investment profile. Demand is supported by a broad electricity cycle tied to grid upgrades, electrification, data centers, reliability and energy security, giving the company better revenue visibility than a typical equipment supplier. Power remains the clearest strength, aided by gas turbine demand, pricing, capacity expansion and future service opportunities.
On Oct. 20, 2026, GE Vernova announced that it had secured an order from Songon Energies S.A. to supply a 9E gas turbine and generator for the 372-MW Songon combined-cycle power plant near Abidjan, Côte d’Ivoire, with the facility expected to begin operations in 2029. The project will also provide opportunities for GE Vernova to supply high-voltage substation equipment, digital software and long-term services. The contract could benefit GE Vernova by strengthening its Gas Power business, expanding its presence in West Africa and generating additional revenue opportunities from equipment, digital solutions and recurring service agreements over the project's lifecycle.
Factors Acting in Favor of PEG StockPublic Service Enterprise is a regulated utility that owns and operates electric transmission and distribution networks, primarily in New Jersey. Rather than selling equipment, the company invests directly in utility infrastructure, including transmission lines, substations, grid reliability projects and clean-energy initiatives. Because many of these investments are made within a regulated framework, PSEG typically earns a predictable return approved by regulators, providing relatively stable cash flows and earnings growth.
The company’s investment plan remains centered on regulated infrastructure, which provides a clear path for rate-base expansion. For 2026-2030, PSEG continues to target $24-$28 billion of total capital spending, with more than 90% directed to regulated investments. The $22.5-$25.5 billion regulated program is expected to support 6-7.5% compound annual growth in rate base through 2030. PSEG expects to fund the five-year capital plan without issuing new equity or selling assets, limiting dilution while preserving capacity for continued dividend growth.
How Do Zacks Estimates Compare for GEV & PEG?The Zacks Consensus Estimate for GE Vernova’s 2026 earnings per share (EPS) indicates growth of 72.41% year over year. GEV’s long-term (three to five years) earnings growth rate is 19.21%.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Public Service Enterprise’s 2026 EPS implies growth of 8.15%. PEG’s long-term earnings growth rate is 6.09%.
Image Source: Zacks Investment Research
Valuation for GEV & PEGGEV shares trade at a forward 12-month price/sales (P/S F12M) of 4.26X compared with PEG’s 2.79X.
Image Source: Zacks Investment Research
GEV & PEG’s Return on Equity (ROE)ROE measures how efficiently a company is utilizing its shareholders’ funds to generate profits. GE Vernova’s current ROE is 42.42% compared with Public Service Enterprise’s 12.42%.
GEV & PEG’s Price PerformanceIn the past year, shares of GE Vernova have risen 39% while those of Public Service Enterprise have declined 12.1%.
Image Source: Zacks Investment Research
GEV or PEG: Which Is a Better Choice Now?GE Vernova benefits from rising electricity demand, grid modernization and strong gas turbine demand, with new international orders creating opportunities in equipment, digital solutions and long-term services. PSEG offers stable earnings growth through regulated utility investments, expanding grid infrastructure and a long-term capital plan focused on predictable returns and sustained dividend growth.
Our choice at the moment is GE Vernova, given its stronger ROE, and better earnings growth and price performance than Public Service Enterprise. Both GEV and PEG carry a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CoreWeave má objednávky k vyřízení za 104,2 mld. USD, ale ve 2. čtvrtletí vykázala záporné volné peněžní toky ve výši 5,743 mld. USD a závazky ve výši 72,05 mld. USD.
CoreWeave sits on a backlog that rivals the GDP of a small nation, yet shares just cratered to near their 52-week low. Whether that gap represents the buying opportunity of the AI buildout or a debt trap closing in depends…
CoreWeave (NASDAQ:CRWV) trades at $62.19. Our 24/7 Wall St. price target is $85.06 over the next 12 months, which means 36.77% upside. Our model rates the stock a buy with moderate confidence.
24/7 Wall St. Price Target Summary Metric Value Current Price $62.19 Price Target from 24/7 Wall St. $85.06 Upside/Downside 36.77% Recommendation BUY Confidence Level Moderate The $100 billion opportunity is CoreWeave’s revenue backlog, which reached $104.2 billion at the end of Q2. That figure excludes the over $25 billion in net new commitments signed early in Q3.
The big question for investors is whether CoreWeave can turn that backlog into profit before its interest bill exceeds it.
A Sharp October Selloff Puts Shares Near the 52-Week Low The stock fell 20.07% in the past week and 23.56% over the past month, leaving it down 13.15% year to date. Shares sit 56% below the $141.79 52-week high and just 8.67% above the $57.23 low.
Barron’s listed CoreWeave among the stocks that explained Tuesday’s market, and the Wall Street Journal reports that stock pickers burned by the AI boom think their moment has arrived.
Fundamentals moved the other way: Q2 revenue rose 112.3% to $2.575 billion, beating the $2.555 billion consensus. GAAP EPS of -$1.14 beat the -$1.447 estimate, with help from $125 million in net other income.
Why Bulls See $138 and Beyond More than 50% of the backlog is already in customer delivery. Management expects more than two-thirds to be online by year-end. In July, CoreWeave raised prices about 25% across SKUs, and it expects adjusted operating margins to reach the low teens in Q4.
Booked ARR for managed inference rose from $1 million to more than $100 million. Management guides to a year-end annualized revenue run rate of $18.5 billion to $19.5 billion.
NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) also closed a $2B equity investment. Among analysts, 31 rate the stock a Buy or Strong Buy. Their $138.34 consensus target is our bull case.
What Could Break the Thesis Free cash flow was -$5.743 billion in Q2, and 2026 capex guidance runs $35 billion to $39 billion. Total liabilities stand at $72.05 billion. A few customers make up much of the backlog, including a $21B commitment from Meta Platforms (NASDAQ:META).
A securities class action also claims CoreWeave hid data center delays. If the market cut the multiple to 1.5x 2026 sales, our bear case would be $41.84.
Still, operating cash flow turned to +$679M from -$251M, and adjusted EBITDA hit a 59% margin. The CFO noted that online clusters become “predictable and highly cash flow generative.”
Is CoreWeave Cheaper Than Nebius and Oracle? Company Price/Sales (TTM) Quarterly Revenue Growth YoY CoreWeave 3.8x 112.5% Nebius 34.15x 454% Oracle 5.47x 29.6% Nebius Group (NASDAQ:NBIS) is the closest pure-play GPU cloud peer. Nebius carries a 46x forward P/E, while CoreWeave’s sales multiple is a fraction of Nebius’s.
Oracle (NYSE:ORCL) is building GPU capacity at hyperscale. Its 35.6% operating margin earns a higher sales multiple even though it grows far more slowly. Next to both peers, the 24/7 Wall St. price target looks conservative.
Our Model Says the Selloff Went Too Far My 24/7 Wall St. price target is $85.06, with a buy rating and moderate confidence. What tips the scale is revenue visibility that few growth stocks can match.
The thesis improves if margins expand as promised in Q3 and Q4. It weakens if interest costs exceed adjusted operating income. At this price, the backlog looks undervalued.
Year Price Target from 24/7 Wall St. 2026 $73.63 2027 $85.06 2028 $103.77 2029 $122.45 2030 $140.82 CoreWeave needs to stay on track for at least 8 gigawatts by 2030 for these projections to hold.
A faster margin ramp could lift results, while tighter credit markets could drag them lower. CoreWeave is one of several non-chip names riding the data-center expansion, and we covered seven more of them, from power to cooling, in a free AI infrastructure report.
Contact [email protected] for any questions or corrections.
USA Rare Earth má tržní kapitalizaci kolem 3,8 miliardy USD; stonásobné zhodnocení investice by vyžadovalo valuaci 380 miliard USD, což článek považuje za nepravděpodobné.
I'll get straight to the point: Investing $10,000 in USA Rare Earth (USAR -1.45%) could be a worthy endeavor for long-term wealth building, but it likely won't make you a millionaire on its own.
$9.49-$0.14 (-1.45%)
NASDAQ · As of 9:31 AM ET 10/23/26
For starters, USA Rare Earth is a rare-earth mining company. Its assets include the Round Top deposit in Texas, one of the few major U.S. deposit containing rare earths like dysprosium and terbium, both of which are essential for manufacturing permanent magnets. It also plans to manufacture magnets from its facility in Oklahoma, while also producing rare earths from a mine in Brazil.
Obviously, with the U.S. in need of a domestic rare-earth supply chain, there's plenty to like about USA Rare Earth. But turning $10,000 into $1 million requires a 100-fold return. USA Rare Earth's market cap is already around $3.8 billion. A 100-fold gain would imply a $380 billion valuation, assuming no major share dilution.
Staggering, yes. But likely to happen? Not very.
Image source: Getty Images.
The thing is, even if USA Rare Earth succeeds in its mine-to-magnet endeavors, earning the revenue needed to support a $380 billion valuation will be an enormous challenge. I won't say impossible, but there's unlikely to be enough demand to support a mining company of that size, especially with MP Materials (MP -1.40%) also working toward the same goal.
Even the world's largest mining companies today are nowhere near $380 billion.
Data by YCharts
Still, just because USA Rare Earth is unlikely to deliver a 100-fold gain doesn't mean it's a bad investment. Over time, this mining stock could reward investors handsomely, especially if its mine-to-magnet business takes off. I wouldn't buy USA Rare Earth expecting to become a millionaire but I might consider adding some shares to a diversified portfolio for potential long-term upside.
Steven Porrello has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends MP Materials. The Motley Fool has a disclosure policy.
Flagstar Bank vykázala za čtvrtletí zisk na akcii (EPS) ve výši 0,01 USD oproti odhadu 0,06 USD a tržby ve výši 530 milionů USD, což bylo o 1,37 % méně než konsensus.
Flagstar Bank (FLG - Free Report) came out with quarterly earnings of $0.01 per share, missing the Zacks Consensus Estimate of $0.06 per share. This compares to a loss of $0.07 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -83.33%. A quarter ago, it was expected that this bank holding company would post earnings of $0.06 per share when it actually produced earnings of $0.05, delivering a surprise of -16.67%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Flagstar Bank, which belongs to the Zacks Banks - Southeast industry, posted revenues of $530 million for the quarter ended September 2026, missing the Zacks Consensus Estimate by 1.37%. This compares to year-ago revenues of $519 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Flagstar Bank shares have lost about 9.1% since the beginning of the year versus the S&P 500's gain of 12%.
What's Next for Flagstar Bank?While Flagstar Bank has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Flagstar Bank was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.12 on $571.91 million in revenues for the coming quarter and $0.28 on $2.13 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Southeast is currently in the top 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Stock Yards Bancorp (SYBT - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026.
This holding company for Stock Yards Bank & Trust Co. is expected to post quarterly earnings of $1.34 per share in its upcoming report, which represents a year-over-year change of +8.9%. The consensus EPS estimate for the quarter has been revised 1.6% higher over the last 30 days to the current level.
Stock Yards Bancorp's revenues are expected to be $118.82 million, up 16.9% from the year-ago quarter.
Útočník po útoku na most Cysic převedl do Tornado Cash 300 ETH a 30.4 BNB v hodnotě přibližně 744 000 USD, přestože nadace nabídla 10% odměnu za vrácení prostředků.
Cysic dangles a 10% bounty, hacker pours loot into Tornado CashThe attacker moved $744,000 in ETH and BNB to Tornado Cash after exploiting Cysic’s bridge to mint 10 million tokens on BNB Smart Chain.
The wallet linked to the Cysic bridge exploit sent about $744,000 in cryptocurrencies to Tornado Cash on Friday after the Cysic Foundation offered the attacker a 10% recovery bounty.
The address transferred 300 Ether (ETH) and 30.4 BNB to the crypto mixer, according to blockchain security company PeckShield.
The hacker exploited a bridge vulnerability to mint 10 million Cysic (CYS) tokens on BNB Smart Chain on Saturday. Cysic suspended the bridge and blacklisted the recipient address, freezing about 2.8 million of the newly minted tokens. The foundation said its mainnet and existing assets in user wallets were unaffected.
The following Thursday, the Cysic Foundation offered the hacker a 10% bounty in exchange for returning 275.872 ETH, worth about $665,000, representing roughly 90% of the identified Ether proceeds.
Tornado Cash pools deposits from multiple addresses, making the funds harder to trace. The attacker’s Ethereum wallet held just $45 in ETH at press time, according to Akham data.
Cointelegraph contacted the Cysic Foundation for comment on fund recovery efforts but did not receive a response by publication.
Subscribe to daily byte-sized crypto news from Cointelegraph Subscribe Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Komik George Brett Olson obvinil společnost Meta poté, co účet využívající AI zkopíroval jeho vtip. Šéf Instagramu Adam Mosseri uvedl, že platforma prověří možnosti ochrany původních tvůrců.
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Author of the CMO Insider: Creator Brief newsletter
George Brett Olson (right) said his joke was taken by an AI account (left).
George Brett Olson via Instagram
This as-told-to essay is based on an interview with George Brett Olson, one of several comedians who have lately called out AI accounts for ripping off their jokes. It's been edited for length and clarity. Instagram head Adam Mosseri said he would look into what could be done about the issue and that the platform was invested in driving traffic to original content.
I started doing stand-up in 2021 after getting burned out from being a winemaker. I'd been doing live shows, and this joke I made about, ironically, AI stealing jobs went viral. The whole joke was about AI stealing jobs and people still blaming immigrants, which is very silly when the most powerful people were saying, "We're literally coming to take all your jobs."
Then a friend sent me the video of this lady doing the joke. He's like, "AI is for real, for real, stealing your jokes." It was basically me, in my clothes, but it's a 42-inch butt. It's just the pornification of women online. It was very strange.
I'd been doing that joke for a year. I thought of it after working out with my buddy, and we were talking, walking. It takes a lot of work to get a joke stage-ready. It's a lot of repetition, tweaking, driving from place to place to perform. Comedy's not easy. So it's pretty sad to see it happen, especially when the AI comedians who are stealing jokes have more followers than the people they're stealing from.
I asked the account behind the joke if she was real. She said yes. Then I asked, "Did someone help you do this?" And she just left me on read. She also left a comment saying, "Sorry, won't happen again," and removed a bunch of videos.
I've had a bunch of followers try to report it. Adam Mosseri, the head of Instagram, replied and basically said, "Not all AI's bad. We don't know how we're going to stop it, but people shouldn't be able to steal. Seems like we should do something about that."
[This was Mosseri's exact comment: "I don't think it's practical for us to try and ban AI content from the platform. It's gonna be harder and harder to identify, and it's not all bad content (though yes, there is plenty of slop). But we are very invested in trying to drive more traffic to original content creators, and if an AI creator is ripping off content wholesale, it would be good for us to work out what we can do about that. I'm not sure what it would be, but I'll make sure to talk to the team and look into it."]
George Brett Olson is one of several comedians who have lately called out AI accounts for copying their jokes.
Max Brandt
I blame Meta, not the AII don't blame someone for stealing. That's just someone trying to make a buck with the tools they have available. We want to hold people responsible that do not have the mechanisms of power because we can't hold an institution accountable.
I feel demoralized more by Meta's response. The language that's coming from all of them is that we're powerless, and this is inevitable, and there's nothing we can do. And it's just not true. And you just have to sit, be powerless, which is demoralizing.
As a comedian, you just want to sell tickets to your shows, engage with live people. That's why most of us post on social media — so people see that you're funny so they come to your live shows. I do live shows every week.
If we flood the internet with agents, and we don't know the difference anymore between what's real and what's not, this could be the death of the internet. Hopefully more people come to live shows. Because the one thing about AI comedians is: You can't see them live.
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Lucia Moses covers the media and entertainment business, with a focus on how creators build businesses, how media companies intersect with creators, and how marketers adopt entertainment tools. She's broken stories about MrBeast's ambitions, Google's movie initiative, and Netflix's push into podcasts.She previously reported on media and managed teams at Digiday and Adweek.
On a third-quarter earnings conference call, Elon Musk said Tesla Inc (NASDAQ:TSLA) may need roughly 10,000 to 20,000 Optimus robots to generate training data through "self-play," in which robots practice tasks and use the resulting experience to improve.
While this is not a production target or confirmed prerequisite for deployment, Musk estimates the 20,000 figure is what the company may need to create a training loop for a machine that does not yet have a vast fleet generating real-world data.
Tesla Cars Have a Data Head StartTesla’s autonomous-driving program benefits from information gathered by vehicles already on the road. Optimus does not have that same starting point, Musk said on the company’s third-quarter earnings call.
"A big difference with Optimus versus the cars is we don’t have this vast fleet of cars from which we can gather training data," he said. Instead, Tesla needs to build robots and have them learn by doing.
Ashok Elluswamy, VP of AI at Tesla, reinforced the distinction: "For the car, we actually have the data from the cars’ embodiment itself, but for Optimus, there’s no existing fleet to get into."
That creates a different scaling challenge. More cars can provide more driving examples as customers use them; Optimus may first need a substantial population to collect examples of robots handling physical tasks.
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Robot SchoolMusk’s latest comments outline a proposed approach, not proof it already works at scale.
According to the billionaire, Tesla’s "Optimus Academy” is in the works. The company would let robots practice a wide range of tasks, then use the data in a "flywheel" to improve performance across those tasks over time.
For investors, the 10,000-to-20,000 figure is less a near-term sales forecast than a marker of the infrastructure Tesla may need before Optimus can improve rapidly. Key milestones will show robots performing more tasks, repeatable progress from training, and a clearer timeline for deploying enough machines to support that process.
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The Federal Aviation Administration (FAA) just certified the Boeing (BA -2.46%) 737 MAX 10, a big development for the company on many fronts. Not only does it de-risk the company, but it also significantly and immediately boosts its earnings and cash flow prospects, enhances its operations, and allows it to compete with Airbus' (EADSY -1.51%) highly successful A321neo.
The certification is excellent news for Boeing investors
The news shouldn't come as a surprise; after all, management repeatedly told investors it expected it in 2027. That said, given recent history of groundings, certification delays, intense regulatory scrutiny, and production caps imposed by the FAA, it's understandable that investors might have been apprehensive about the eventuality.
$187.55-$4.73 (-2.46%)
NYSE · As of 4:00 PM ET 10/22/26
Still, with Boeing's last 737 MAX now certified, investors can start penciling in a host of improvements. First, there's a near-term earnings and cash flow benefit because Boeing was already building 737 MAX 10s in anticipation of certification and then first deliveries in 2027. Those deliveries will boost revenue, earnings, and cash flow because, until they are delivered, Boeing will have tied up cash in undelivered airplanes.
Margin, operational, and competitive improvements
Boeing has about 30% of its 737 backlog in 737 MAX 10s, and deliveries of them are likely to improve profit margins, not least as it will spread Boeing's fixed costs around more units produced. In addition, larger aircraft tend to have higher profit margins, so it's likely that the 737 MAX 10s in its backlog carry higher profit margins than the smaller variants.
There's also an operational benefit as Boeing has opened a production line in its larger Everett facility (which typically builds widebodies) which is used to build 737 MAX 10s -- Boeing's Renton facility (narrowbodies) "can't go nose to tail in the factory in Renton with all -10s," according to CEO Kelly Ortberg at a recent Morgan Stanley conference.
Image source: Getty Images.
Boeing 737 MAX 10 vs. Airbus A321neo
It will also increase Boeing's competitiveness with the Airbus A321neo. To be clear, it's far from an apples-to-apples comparison, because the A321neo variants range from 3,400 nautical miles to 4,700 nautical miles (A321XLR) with a maximum capacity of 244 passengers. This compares with the 737 MAX 10, which has a range of just 3,100 nautical miles and a maximum capacity of 230 passengers.
As such, the key benefit of the 737 MAX 10 is its ability to add capacity on short-haul routes, which airlines will appreciate, as well as avoiding the need to switch to Airbus planes to expand capacity.
Where next for Boeing
All told, the company's slow recovery, aided and abated by its high-caliber board and Ortberg's leadership, is underway, and tangible benefits are likely to become highly visible in 2027, not least from growing deliveries of the newly certified aircraft.
This report is from this week's The Tech Download newsletter. Like what you see? You can subscribe here.
Jensen Huang has been busy.
Nvidia's GTC in Berlin was the grand finale of a week-and-a-half whistle stop European tour. Huang met with world leaders — including U.K. Prime Minister Andy Burnham, French President Emmanuel Macron and German Chancellor Friedrich Merz — announced new products and even spent time talking to small robot ducks on stage.
The Nvidia chief must be tired. At a media Q&A on Thursday morning, he gave reporters an insight into his mantra. Talking about bringing data centers online faster, Huang said: "Try less sleep, which is what I do."
And the trip's not over for Huang. Today, he's in Kazakhstan, touting the country's potential as a major AI hub.
Amid all the activity in Germany, I spent two days in Berlin running around meeting with neocloud execs, investors and data center builders and suppliers.
Here are the main themes that came up.
Neocloud distressThe final day of the conference came amid a selloff among public neocloud stocks. CoreWeave ended the day down 10% and Nebius dropped 7% by market close.
It continued a tumultuous period for companies leasing AI compute, with many of their stocks plummeting on concerns over heavy borrowing.
Huang — perhaps unsurprisingly considering Nvidia's sizeable stakes in many of those companies — was more bullish.
"If you look at the fundamentals, the demand for the neo clouds is off the charts," Huang told CNBC.
Despite that, there was concern about the neocloud sector among many of the folk I spoke to at GTC. The "magnitude of businesses with no credit rating" was "freaking the market out," said one exec at an AI infrastructure company I met with.
Data centers are getting smaller Speaking onstage in Berlin, Huang announced a new product that packs seven of Nvidia's Vera Rubin AI racks into a shipping container and is designed to be transported on normal roads.
It's a play to get AI compute online more quickly amid huge demand. Huang told the audience that billions of dollars in revenue can be lost by delays in getting data centers up and running.
"By moving this into the supply chain, the speed by which we can turn on" will ramp up, he said.
Major compute consumers are already exploring opportunities for smaller data center deployments. Sources had told me in September that OpenAI and Anthropic have been hunting for smaller AI data center deals.
Capital could be the next big bottleneckAI infrastructure is hugely expensive to build.
Goldman Sachs estimates that AI-related capital spending could total about $7.6 trillion from 2026 through 2031, across compute, data centers and power.
A 1 gigawatt data center costs about $50 billion, Huang told the Berlin audience on Wednesday.
"What is missing in the middle is the working capital to fuel that growth… because there's just so much demand across so many sectors of AI, there's a scarcity of capital," he said during his CNBC interview on Thursday.
"The demand of the capital is much greater than the availability of the capital," he told my colleague Arjun Kharpal, though the CEO added: "That's going to get solved."
One person I spoke to on the sidelines, an exec at an AI infrastructure financing company, said "very soon capital will become the bottleneck."
watch now
News editOpenAI nears up to $30 billion funding round at $1.25 trillion valuation led by UAE investors.
Musk said Tesla and SpaceX formed special committees to discuss merger, on an earnings call this week.
Trump said data centers should pay communities a 'dividend' to win support, amid public backlash about the facilities.
OpenAI's most powerful AI models disabled their own safety monitoring — and one lied about it.
The Trump administration banned Chinese AI startup DeepSeek from civilian U.S. government agencies, citing security concerns.
One more thingYesterday, my colleagues Annie Palmer and Lora Kolodny dug into the accelerating demand for alternative satellite internet services, amid Ukraine's problems with SpaceX's Starlink and Starshield.
But, as they write, few alternatives to the company's systems exist and other options are not yet comparable.
Britský regulátor schválil přípravek Icotyde od Johnson & Johnson ve formě tablety užívané jednou denně pro pacienty ve věku od 12 let s hmotností alespoň 40 kg se středně těžkou až těžkou ložiskovou psoriázou.
Britain's medicines regulator on Friday approved Johnson & Johnson's (JNJ.N) daily pill for adults and teenagers with moderate-to-severe plaque psoriasis, a skin condition causing red, scaly and often itchy or painful patches.
Here are some details:
The Medicines and Healthcare products Regulatory Agency (MHRA) approved the oral drug Icotyde for people aged 12 and older who weigh at least 40 kg
The approval was based on four late-stage trials in 2,500 people with the disease, including 72 teenagers aged 12 to under 18
In all four studies, patients who took the drug saw better results after 16 weeks than those given a placebo, the regulator said
Icotyde was approved in the US earlier this year for the same condition — its first approved indication
The drug is made in collaboration with Protagonist Therapeutics (PTGX.O)
J&J is also studying the drug, chemically known as icotrokinra, for ulcerative colitis, psoriatic arthritis and Crohn's disease
The company expects the treatment to bring in $5 billion in peak sales across multiple indications
The drug competes with established psoriasis treatments such as Bristol Myers Squibb's (BMY.N) Sotyktu and AbbVie's blockbuster (ABBV.N) Skyrizi
Akcie společnosti Verizon klesly o 4,71 % poté, co Bloomberg uvedl, že SpaceX jedná o přístupu k nejméně 80 000 lokalitám mobilních vysílačů v USA pro čtvrtého celostátního operátora.
Verizon Communications Inc. (NYSE:VZ) shares are trading lower after a Bloomberg report that SpaceX is in talks to access at least 80,000 U.S. cell sites for a fourth nationwide wireless network, with Verizon reporting third-quarter earnings Monday.
Verizon stock is feeling bearish pressure. What’s weighing on VZ shares? SpaceX Reportedly Is in Talks to Access 80,000 U.S. Cell Sites for a Fourth Wireless CarrierAccording to Bloomberg, which cited people familiar with the matter, SpaceX aims to secure at least 80,000 cell sites across the U.S. and is in talks with at least one major cellular infrastructure company, including Crown Castle. Bloomberg said the agreements would solidify SpaceX’s path toward a fourth nationwide carrier and could be worth billions of dollars. Crown Castle CEO Chris Hillabrant said on his company’s earnings call that “you can assume that we’re talking to all parties,” without naming customers. Verizon, AT&T and T-Mobile shares each fell about 5% on concerns about the new competition, while Crown Castle shares jumped as much as 10% in late trading.
The report follows SpaceX’s recent acquisition of low-band spectrum and its FCC approval to launch 15,000 satellites designed to serve mobile phones directly. “We will be building out our terrestrial networks so there’s broad-based connectivity anywhere that SpaceX and Starlink are allowed to operate,” Musk said on SpaceX’s earnings call this week.
Earnings Preview & HistoryVerizon is scheduled to report third-quarter earnings on October 26 before the market opens. Analysts estimate earnings per share of $1.27 along with revenue of $34.74 billion. For the prior quarter, Verizon reported earnings per share of $1.30, beating the consensus estimate of $1.27. The company also posted revenue of $34.25 billion, missing the consensus estimate of $35.11 billion.
What to Watch: Postpaid Phone Additions, Churn and FY GuidanceInvestors will be closely tracking postpaid phone net additions, which were 184,000 in the second quarter, the best consumer second-quarter result in five years. Verizon expects the full year to land in the upper half of its 750,000 to 1 million range, with 239,000 in the first half, so the pace needed in the second half is high.
Full-year guidance will also be in focus after Verizon raised it for a second straight quarter, now calling for adjusted earnings per share growth of 6% to 7% and free cash flow growth of 9% to 10%. Churn will be watched as well, with consumer postpaid phone churn at 84 basis points in the second quarter. Revenue, which fell 0.7% in the second quarter and missed estimates, will also be watched.
Read Next
Verizon Shares Edge LowerVZ Price Action: At the time of publication, Verizon shares are trading 4.71% lower at $43.07, according to data from Benzinga Pro.
Image via Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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J.P. Morgan snížila doporučení pro Norwegian Cruise Line na „Underweight“ a cílovou cenu stanovila na 11 USD kvůli stagnujícím výnosům a rizikům pro evropskou poptávku.
Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) shares are trading lower after J.P. Morgan downgraded the stock to Underweight from Neutral and cut its price target by $2 to $11.
Norwegian Cruise Line stock is taking a hit today. What’s pressuring NCLH stock? J.P. Morgan Cuts Norwegian to Underweight on Flat Yield Growth and European Demand RisksAccording to Investing.com, J.P. Morgan cited expectations for flat annual constant-currency yield growth and risks to the recovery in European demand from prolonged geopolitical headwinds. The firm expects Norwegian to reaffirm its annual forecast when it reports third-quarter results Thursday. Investing.com said the downgrade follows a string of target cuts that have steadily eroded sentiment on the stock. TD Cowen lowered its target to $20 from $24 on Oct. 20, Bank of America cut its target to $17 from $21 on Oct. 13, and Citi reduced its target to $19 from $22 on Oct. 2. J.P. Morgan had cut its target to $13 from $17 in late September. All of those firms kept neutral or hold-equivalent ratings.
Norwegian to Report Q3 Results Thursday with Debt and Costs in FocusConsensus sits at Hold with an average price target near $20, according to Investing.com. Analysts have trimmed their third-quarter earnings per share estimate to roughly 91 cents, a decline of about 24% from a year earlier, while the company has guided to 90 cents. Investing.com pointed to structural concerns underlying the skepticism. Norwegian carries about $16 billion in total debt against a small cash cushion, and the stock is down about 32% this year, weighed down by elevated fuel costs tied to Middle East supply disruptions and what the company has described as execution gaps in its booking strategy.
Read Next
NCLH Price Action: At the time of publication, Norwegian shares are trading 3.77% lower at $14.95, according to data from Benzinga Pro.
Image via Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs
PayPal (PYPL +0.59%) was one of the biggest winners in the COVID-19 era, with soaring e-commerce demand sending its stock to a peak of about $310 per share in mid-2021. Today, it trades for more than 80% below that peak, and reports of takeover talks are now dead.
I bought shares of PayPal far more recently than the pandemic-era peak, but shares are still significantly below my average cost basis. But I'm holding on to my shares, and believe PayPal represents one of the best risk-reward plays in all of value investing right now.
Image source: PayPal.
PayPal: Then and nowIn a nutshell, PayPal's growth slowed dramatically as the pandemic began to wane. Not only were general e-commerce tailwinds dissipating, but the branded checkout business faced stiff competition from Apple Pay, Shop Pay, and others. Investors were simply not willing to pay high multiples for single-digit growth.
Here's where PayPal stands today. The company's active user base has been relatively flat for some time, but in the most recent quarter, PayPal's revenue grew 5%, and total payment volume increased 10% year-over-year. It's a modest level of growth, but it's still a growing business. Plus, PayPal owns Venmo, and management has been focusing on making the leading peer-to-peer payments app more profitable.
PYPL PayPal$57.54+$0.34 (+0.59%)
NASDAQ · As of 4:00 PM ET 10/22/26
Speaking of profitability, PayPal's growth may be sluggish, but this is a wildly profitable company. It generated $1.8 billion in free cash flow in the most recent quarter, and management has been aggressively buying back shares.
Why am I still holding PayPal?The short answer is that the risk-reward dynamics make a lot of sense. At the current price, PayPal trades for about 10 times forward earnings, and at that price, PayPal doesn't need rapid growth to be a good investment. Even a combination of modest profit growth and a rapidly shrinking share count should keep EPS rising at a healthy pace. For example, if PayPal grows its income by about 4% per year and lowers its share count through buybacks by about 8% annually, we'd see double-digit EPS growth.
Of course, there are some big risk factors. For example, if PayPal's branded checkout business continues to lose ground, it could make me reconsider. But the bottom line is that although PayPal isn't the growth stock it was in 2021, with an aggressive buyback and excellent free cash flow, it's a company worth owning.
Matt Frankel, CFP® has positions in PayPal and has the following options: long January 2027 $75 calls on PayPal, long January 2027 $95 calls on PayPal, short January 2027 $135 calls on PayPal, and short January 2027 $85 calls on PayPal. The Motley Fool has positions in and recommends PayPal. The Motley Fool recommends the following options: short December 2026 $62.50 calls on PayPal. The Motley Fool has a disclosure policy.
American Express (AXP.N) raised its 2026 profit forecast above Wall Street expectations on Friday after reporting strong third-quarter results and announced plans to eliminate 5% of its global workforce as part of a restructuring.
Airlines worldwide have raised ticket prices in recent months as they grapple with surging fuel prices stemming from the Middle East conflict and disruptions to global oil flows.
AmEx's travel and entertainment spending rose 10% in the third quarter from a year earlier, led by a 13% jump in the airline category and a 9% rise in the restaurant category.
"Of course, there is some impact here from the average ticket size and airline price increases," Chief Financial Officer Christophe Le Caillec told Reuters in an interview, referring to the airline segment.
By targeting affluent consumers with high credit scores and more disposable income, the credit card giant has built a moat around its business to keep broader economic slowdowns and uncertainty at bay.
Billed business, a measure of total spending on all AmEx-issued cards, rose 8% in the third quarter to $454 billion. Revenue climbed 9% to $20.1 billion.
AmEx expects full-year adjusted profit in the range of $17.60 to $17.90 per share, with the mid-point well above estimates of $17.63, according to data compiled by LSEG.
The company has invested heavily in attracting younger consumers, particularly Gen Z and millennials, as it seeks to build long-term customer relationships and expand its global market share to sustain growth.
AmEx posted an adjusted profit $4.68 per share in the quarter ended September 30, sailing past Wall Street expectations of about $4.48.
The stock fell 1.3% in volatile premarket trading after the results. If the decline holds, it would mark the ninth time in 11 quarters that the stock has fallen despite results beating expectations, Truist analyst Brian Foran wrote in a note.
"Maybe we all work too hard, and the investor strategy is just short the quarter, long the rest," he added.
Akcie společnosti Moderna v ranním obchodování klesly o 4 % na 193,62 USD poté, co v předchozí seanci propadly o 18 %, přestože pozdní studie vakcíny proti melanomu prováděná s Merck přinesla pozitivní výsledky.
Moderna's personalized melanoma vaccine just posted positive late-stage results alongside Merck, yet shares keep sliding after an 18% collapse. The selloff raises a pointed question about whether the data actually delivered what investors spent months betting on.
Full late-stage results for the personalized melanoma vaccine from Moderna (NASDAQ:MRNA | MRNA Price Prediction) and Merck (NYSE:MRK) came back positive, yet the selling hasn’t stopped. Those numbers landed short of the loftiest hopes built into a long rally. Moderna stock is down 4% to $193.62 in morning trading. The move extends an 18% plunge from the prior session as the market reprices what the vaccine is worth to the company.
Biotech as a whole is holding steady, which keeps the damage concentrated in Moderna and its closest large-cap peers. The iShares Biotechnology ETF (NASDAQ:IBB) is unchanged at $209.54, so the slide in Moderna stock looks like a company-specific event. Large-cap stocks are slightly softer too, with the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) down 0.4% to $761.03, a much smaller dip than Moderna’s.
Meanwhile, Merck stock is at $146, down 0.8%. That’s a fraction of the decline in Moderna stock, even though the drugmaker co-developed the vaccine. Pfizer (NYSE:PFE) stock is at $30.22, down 0.7%, a move far closer to the dip in Merck stock than to the slide in Moderna stock.
Leaked Melanoma Data Resets Moderna’s Rally Merck and Moderna released full late-stage data for intismeran autogene, their personalized melanoma vaccine given with Merck’s Keytruda. The release came after details leaked ahead of a medical-conference presentation scheduled for this weekend. Bloomberg reported on the possible leak as Moderna and Merck shares fell. Compared with Keytruda alone, the combination cut the risk of melanoma recurrence or death.
That result landed near what analysts expected. It fell short of the highest hopes, and it also showed a smaller benefit than an earlier, smaller trial produced in a different patient group. A long rally in Moderna stock began in August, when the company announced the trial had met its primary goal. Expectations built during that run left little room for a merely solid readout once the details came out. Positive data still triggered a steep correction.
Vaccine Carries Far More Weight for Moderna Than Merck The personalized cancer vaccine sits at the center of Moderna’s growth story, which leaves Moderna stock exposed to any gap between the data and the hype. Every approved Moderna product is a respiratory vaccine, so oncology carries much of the long-term upside the market had been paying for during the rally. Such concentration explains why Moderna stock is taking heavier selling than Merck shares.
For Merck, the program is an add-on to Keytruda, its blockbuster cancer drug. Keytruda already supports Merck’s oncology business, which keeps the reaction in Merck stock muted while its partner sinks. Merck’s bull case rests on the combination widening Keytruda’s reach, while its bear case centers on cooler enthusiasm for the add-on after the full data.
Pfizer is a diversified drugmaker whose results rest on a broad product base spanning vaccines, oncology and primary care. That breadth protects Pfizer against any single trial readout. It also leaves the company with little direct stake in the melanoma vaccine’s success.
BioNTech (NASDAQ:BNTX) is also developing cancer immunotherapies. That puts it in the same research field as Moderna’s personalized vaccine.
Conference Presentation Is Moderna’s Next Test A key question for Moderna is whether the full presentation at the medical conference this weekend changes how the market reads the data. Moderna stock goes into that event after a steep slide that has already stripped out much of the optimism built during the rally.
Merck’s role in that presentation could show whether the smaller selloff in Merck stock holds as doctors and analysts pick apart the full results. Shareholders should see if the iShares Biotechnology ETF holds steady. Investors weighing their exposure should adjust their holdings carefully given how concentrated the selling is in Moderna and Merck shares.
Contact [email protected] for any questions or corrections.
Agentforce dosáhl ročních opakovaných tržeb ve výši 1,5 mld. USD, což představuje meziroční růst o více než 240 %; Salesforce zvýšil celoroční výhled tržeb na 46,10–46,40 mld. USD.
Salesforce's AI products are growing at triple-digit rates while the stock sits near a 52-week low, and that gap between momentum and valuation may be exactly what the market keeps getting wrong.
The 24/7 Wall St. price target for Salesforce (NYSE:CRM | CRM Price Prediction) is $346.52 over the next 12 months. Shares trade at $242.92, so the target implies about 42.6% upside.
24/7 Wall St. Price Target Summary
Metric
Value
Current Price
$242.92
Price Target from 24/7 Wall St.
$346.52
Upside/Downside
42.6%
Model Rating
BUY
Confidence Level
90%
Our model has high confidence in that rating. The thesis comes down to one point: Agentforce and Data 360 are growing much faster than the share price reflects, and a large buyback keeps reducing the share count.
The market still prices Salesforce like a mature app vendor. The AI numbers point to something more.
Braze Deal Revives the Cost Debate After a Choppy Year
Over the past week shares rose 2.06%, and over the past month they gained 2.1%. They are still down 7.65% year to date. The stock trades 9.3% below its 52-week high of $267.80 and 66.3% above its low of $146.06. On Tuesday, Salesforce announced a deal to buy Braze (NASDAQ:BRZE), and the stock fell as investors balked at the price tag (MarketWatch).
Second-quarter fiscal 2027 revenue came in at $11.345B, +10.8% YoY, beating consensus. Non-GAAP EPS of $5.90 exceeded the $3.27 estimate, although about $2.53 per share came from gains on strategic investments. Management raised full-year revenue guidance to $46.10B-$46.40B.
Why Bulls See $387 Within Reach
Agentforce ARR passed $1.5B, +240%+ YoY, and combined Agentforce and Data 360 ARR reached about $3.9B. Agentic Work Units hit 3.2 billion in the quarter, up 97% sequentially. Only 5% of eligible knowledge workers have moved to premium editions, which carry a 60% to 80% premium.
That leaves a long time for upgrades, and ClaudeForce requires premium editions. Analyst sentiment is positive too: 6 strong buy and 32 buy ratings against a consensus target of $285.68. The bull case reaches $387.36.
Acquisition Costs and Flat Profits Could Stall the AI Payoff
Operating income was $2.331B (flat YoY), and restructuring charges rose to $94M vs $4M. Free cash flow is expected to grow only ~4-5% this year. Shareholders’ equity fell 37.42% after the debt-funded buyback.
Integrating Informatica, Contentful, Fin and now Braze also adds execution risk. On the other side, the buyback cut diluted shares to 821M from 962M at an average price of $176 per share, and that will boost per-share earnings. The bear case of $282 still stands above today’s price.
Salesforce Trades Cheaper Than Microsoft and Generates More Cash Than Oracle
Microsoft (NASDAQ:MSFT) competes head-on through Copilot and Dynamics. Its AI run rate hit $37 billion, yet it trades at 30x earnings and 59x free cash flow. Salesforce trades at 27x and 13.85x.
Oracle (NYSE:ORCL) shows the capital-heavy path to AI. Revenue grew 29.61%, but free cash flow was -$5.396B. Next to these two, our 24/7 Wall St. price target looks reasonable.
Company
Trailing P/E
Latest Quarter Revenue Growth
Salesforce
27x
10.8%
Microsoft
30x
17.75%
Oracle
Not available
29.61%
AI Momentum Supports a BUY Rating
The 24/7 Wall St. price target of $346.52 comes with a buy rating at 90% confidence. The deciding factor for me is AI revenue growing past 200% while the stock trades at 16x forward earnings (the same AI expansion is raising a whole group of suppliers we profiled in a free report on seven AI stocks that aren’t chipmakers).
My view improves if premium-edition upgrades speed up. It weakens if deal costs keep operating income flat.
Year
Price Target from 24/7 Wall St.
2026
$252.93
2027
$346.52
2028
$443.40
2029
$536.67
2030
$594.23
The projections assume Salesforce keeps executing on its current strategy. The biggest key factors are how quickly Agentforce consumption grows and whether the acquisitions integrate smoothly.
Contact [email protected] for any questions or corrections.
US-based Lyft (LYFT.O) unit Freenow and Baidu's (9888.HK) Apollo Go unveiled the Chinese company's RT6 autonomous vehicle in London on Thursday and said they hope to launch a driverless robotaxi service in the city in 2027.
The two companies began testing vehicles in London with safety drivers in the summer and hope to have fully driverless vehicles in the city next year, aiming for a commercial launch in 2027.
The partnership between San Francisco-based ride-hailing firm Lyft and China's Baidu in London comes as the US Senate is working to pass a permanent ban on Chinese cars in the United States, pushing more companies to focus on Europe.
Competition between robotaxi developers in London is heating up. UK self-driving vehicle startup Wayve and Lyft rival Uber (UBER.N) launched a robotaxi service in London in September, initially with a human safety driver behind the wheel.
US robotaxi company Waymo, a unit of Google parent Alphabet (GOOGL.O), aims to launch a fully driverless ride-hailing service in London by the end of this year.
LONDON STREETS OFFER CHALLENGING TEST
Freenow UK general manager Danny O'Gorman said London was a particularly good testing ground, with lots of speed bumps, narrow streets and many roads limited to 20 miles per hour.
"So the car is going through the phase of learning the rules of the road much like you would do if you're trying to pass your own driving test," O'Gorman told Reuters during a demonstration ride.
O'Gorman said the company was working closely with Transport for London and expected regulatory guidelines in the coming week. He recognised new technology "can sometimes be scary" but most Londoners were excited about the prospect
He said robotaxis were not trying to replace London's famous black cabs. The firm is talking about "tens of vehicles in the next year or two" as it tests the market.
"In terms of the taxi in London, the iconic black cab, this is not a replacement for that service," he said. "Black cabs are a fundamental part of London."
Akcie AT&T, Verizon a T-Mobile v pátečním obchodování před otevřením trhu klesly: AT&T o 4,6 %, Verizon o 4 % a T-Mobile o 5 % po zprávě, že SpaceX jedná o přístupu k nejméně 80 000 vysílacích stanic v USA.
Shares of AT&T, Verizon and T-Mobile fell in premarket trading on Friday after a report said SpaceX was in talks with cellular infrastructure companies to secure access to at least 80,000 sites across the United States.
AT&T stock fell about 4.6%, Verizon declined around 4%, and T-Mobile dropped approximately 5% before the market opened.
SpaceX stock was up over 2%.
Bloomberg reported that SpaceX aims to secure a minimum of 80,000 cell sites and is negotiating with at least one major cellular infrastructure company, citing people familiar with the discussions.
The agreements could help the Elon Musk-led company establish a fourth nationwide wireless carrier, intensifying competition for the country's established telecom providers.
One company involved in the discussions is Crown Castle, which, alongside American Tower and Vertical Bridge Holdings, ranks among the largest owners of cellular towers in the US.
Crown Castle shares rose nearly 9% in premarket trading, while American Tower gained more than 6%. Bloomberg said the potential deals could be worth billions of dollars.
Wireless carriers typically lease space on cellular towers to install equipment that transmits signals across their networks.
Sharing tower infrastructure is generally more cost-effective than building and maintaining individual sites.
SpaceX's reported push to secure thousands of locations could therefore create a significant business opportunity for tower operators as the company assembles the infrastructure needed to compete in the US wireless market.
Asked during an earnings conference call on Wednesday whether Crown Castle was discussing leases with SpaceX, Amazon.com or other satellite-based telecom providers, Chief Executive Officer Chris Hillabrant said, "You can assume that we're talking to all parties."
He declined to discuss specific customers.
Hillabrant also described SpaceX's recent acquisition of low-band spectrum as a "huge milestone" in its ability to provide broad mobile coverage.
Tower operators' shares had already climbed after news of SpaceX's spectrum purchase earlier this month, reflecting investor expectations that the company could require substantial ground infrastructure to deploy its wireless services.
Musk has made clear his ambition to turn SpaceX into a standalone wireless carrier, using its Starlink satellite network and newly acquired spectrum to challenge established mobile operators.
SpaceX recently secured Federal Communications Commission approval to launch 15,000 satellites designed to provide mobile connectivity directly to phones.
Combined with its spectrum holdings and terrestrial infrastructure, the satellites could help the company build a more comprehensive wireless service.
"We will be building out our terrestrial networks so there's broad-based connectivity anywhere that SpaceX and Starlink are allowed to operate," Musk said during SpaceX's earnings call this week.
Satellite launches and spectrum acquisition "will pave the way for Starlink Mobile to become a major mobile carrier in the US," he said.
SpaceX has also said it plans to use home internet equipment to emit mobile signals around customers' installations.
However, research firm MoffettNathanson LLC has noted that these locations are not necessarily where infrastructure is needed to ensure consistent network coverage.
Securing access to existing cellular tower sites could help address that challenge, although the scale, cost and timing of any agreements remain unclear.
Oracle rozšířil Marketplace o možnosti spolupráce mezi prodejci a ISV, flexibilnější nákupy prostřednictvím univerzálních kreditů a soukromé nabídky, aby partnerům usnadnil prodej zákazníkům.
Expanded access to cloud commitments, collaboration with Oracle sellers, and new purchasing options help partners turn enterprise demand into revenue
, /PRNewswire/ -- Oracle AI World -- Oracle today announced enhancements to Oracle Marketplace designed to help software and services partners, especially independent software vendors (ISVs), grow their businesses with Oracle customers and simplify purchasing. Expanded use of Oracle Universal Credits (UCs), new co-sell capabilities, and additional purchasing options help partners reach customers and sell through established budgets and buying processes. These enhancements help partners reach more customers and grow revenue with industry-specific software and AI solutions that complement Oracle's applications, databases, and cloud infrastructure.
As partners turn industry expertise into repeatable applications, accelerators, and AI offerings, Oracle PartnerNetwork provides integration validation benefits to help eligible ISVs demonstrate how their solutions work with Oracle technology. Oracle Marketplace gives those partners a route to commercialize eligible solutions and reach customers. These enhancements complement Oracle's $1 billion partner ecosystem commitment, connecting resources for partner development and delivery with opportunities to sell. See related announcement.
"Oracle customers rely on our technology to run their businesses, creating opportunities for ISVs to deliver complementary solutions," said Mark Hura, president, Global Field Operations, Oracle. "These Marketplace enhancements help partners reach those customers, collaborate with Oracle sellers, and simplify purchasing, helping ISVs grow while giving customers more choice and flexibility in how they buy."
"The next phase of cloud marketplace evolution is about more than transactions," said Stuart Wilson, Worldwide VP, Partnering Ecosystems, Alliances & Channels at IDC. "Partners increasingly want access to customers, seller collaboration, flexible commercial models, and the ability to align with enterprise procurement preferences. As marketplaces become a more integrated part of enterprise buying journeys, investments that strengthen these capabilities can help drive ecosystem growth and customer adoption."
The enhancements deliver five key benefits for partners and customers:
Closer collaboration with Oracle sellers: Marketplace Private Offers Co-Sell connects eligible ISVs with Oracle sellers on qualified customer opportunities. Oracle sellers can also proactively position ISV solutions to address specific customer needs, including specialized industry requirements. This collaborative approach supports solution positioning, customer introductions, and Private Offer execution. Greater flexibility to use existing cloud budgets: Oracle has increased the portion of a customer's eligible Universal Credits commitment that can be applied to qualifying Marketplace purchases. This allows customer to more easily direct existing cloud budget to partner solutions, creating additional sales opportunities for ISVs. Universal Credit top-ups also give eligible customers another way to replenish their credit balance for qualifying purchases. More ways to buy: Marketplace Private Offers let eligible ISVs negotiate pricing, terms, and contract durations directly with customers. Metered billing for eligible paid listings supports usage-based pricing, allowing customers to align spending with consumption. Multi-Party Private Offers enable ISVs, authorized resellers, and US customers to collaborate on a single customized transaction. ISVs can extend their reach through reseller networks, while customers buy through their preferred participating reseller. Broader access to AI and industry solutions: A growing ecosystem of Oracle Marketplace partners further enhance customer choice in AI solutions through established Oracle procurement and billing processes, with eligible UCs available for qualifying purchases. See recent Marketplace examples highlighted on Oracle.com:- Put your Oracle Cloud commitment to work with OpenAI models
- Accelerate software development with Meta Model API and Muse Code through Oracle Marketplace
- Accelerate AI Inference with NVIDIA NIM on OCI Marketplace
Oracle is also expanding its industry aligned strategy to Marketplace including health, retail, and hospitality, helping partners bring specialized solutions to customers. Additionally, Fusion Applications AI Agents give Oracle Fusion Cloud Applications customers access to Oracle-validated, partner-built AI agent templates that extend existing business workflows.
Expanded market reach: Oracle is expanding Marketplace purchasing to India and Japan, giving eligible partners more opportunities to reach customers. Oracle is also now offering Multi-Party Private Offers in the United States, Spain, and Brazil, with availability in additional European Union countries planned by the end of 2026. Turning customer opportunities into business
Partners including Fortinet, Pipefy, and RackWare have highlighted how Marketplace Private Offers support customer purchases through tailored commercial terms, simplified procurement, and the use Oracle of the use of eligible Oracle cloud commitments.
"Expanding Fortinet's presence in Oracle Marketplace gives customers a simpler way to purchase and deploy Fortinet security solutions through the procurement processes they already use with Oracle," said Anthony James, executive vice president of marketing, Fortinet.
"Oracle Marketplace opens the door to building joint solutions, rather than just executing joint transactions," said Andre Agra, CFO and EVP of strategic alliances, Pipefy.
"Enterprise customers want flexible ways to purchase and deploy solutions that support their business needs," said Colby Calonica, VP Global Sales, RackWare. "Oracle Marketplace Private Offers give us a way to work with customers on tailored commercial terms while helping them make use of eligible Oracle cloud commitments. This helps simplify the purchasing process and creates more opportunities for us to bring our solutions to Oracle customers."
About Oracle Marketplace
Oracle Marketplace connects customers with partner applications, services, and AI capabilities that complement Oracle technology. It gives eligible partners a route to Oracle customers and supports flexible purchasing through listings and private offers, helping customers procure solutions through established Oracle processes. ISVs can explore listing and selling requirements and get started at https://marketplace.oracle.com/partnerHome.
About Oracle PartnerNetwork
Oracle PartnerNetwork helps Oracle and its partners drive joint customer success and business momentum. Oracle's partner program provides choice and flexibility, offering benefits across training and enablement, go-to-market collaboration, technical accelerators, and success support. To learn more, visit https://www.oracle.com/partner/.
About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at oracle.com.
About Oracle AI World
Oracle AI World is where customers and partners discover the latest product and technology innovations, see how AI is being applied across industries, and connect with experts and peers. Attendees will gain practical tips and insights to drive immediate impact within their organizations and explore how Oracle is helping unlock the full potential of AI. Join the event to see new capabilities in action and hear from thought leaders and industry movers. Register now at oracle.com/ai-world or follow the news and conversation at oracle.com/news and linkedin.com/company/oracle.
Trademarks
Oracle, Java, MySQL, and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.
Expanded benefits and incentives provide resources to build offerings, pursue new business, and deliver customer success
, /PRNewswire/ -- Oracle AI World -- Oracle today announced a $1 billion commitment to its partner ecosystem to help partners capitalize on customer demand for AI-powered solutions and services.
Spanning the next four years, the investment is intended to expand opportunities for partners to develop innovative solutions, build specialized expertise, and deliver the technology and services customers need to support business transformation and pursue improved outcomes.
It encompasses new and expanded Oracle PartnerNetwork (OPN) benefits and incentives, including planned investments in training and certification, technical enablement, development, testing and demonstration environments, cloud migration funding, go-to-market collaboration, and commercialization through Oracle Marketplace. See related Marketplace announcement.
Oracle's diverse partner ecosystem includes systems integrators, independent software vendors (ISVs), cloud and managed service providers, value-added distributors, resellers, advisory firms, and other partners. Across Oracle Fusion Applications, Oracle Database, Oracle Cloud Infrastructure (OCI), and related AI services, partners contribute in different ways, from developing complementary solutions to providing advisory, implementation, and managed services.
"Our partners extend our sales reach, expand our delivery capacity, and bring their own innovation and investment to help customers address evolving business needs," said Mark Hura, president of Oracle Global Field Operations. "Through the Oracle PartnerNetwork, we're strengthening our ability to reach more customers, deliver solutions at scale, and accelerate innovation and business outcomes."
Investing in partner growth and customer success
The Oracle PartnerNetwork gives partners the flexibility to select benefits, incentives, and resources that best support their business strategies and growth priorities. Oracle is expanding its OPN investments across four areas:
Build differentiated offerings. Oracle provides dev/test environments, technical guidance, and integration validation to help partners create innovative solutions. Partners can combine their industry expertise and intellectual property with Oracle technology to develop specialized applications, integrations, accelerators, and AI agents that address customer needs.
Sell and grow with Oracle. Sales and marketing collaboration, demonstration environments, and eligible funding and incentives for eligible opportunities help partners showcase their solutions and pursue new business opportunities. Trainings, certifications, expertise recognition, and Oracle Marketplace help partners differentiate and commercialize their offerings.
Deliver with confidence. Training and enablement, migration resources, and advisory services help partners plan and execute customer engagements. Tools and methodologies support application implementations, database modernization, integration, and cloud services.
Drive ongoing customer success. Oracle provides tools and resources, including Oracle AI Success Navigator, for partners to support customers beyond initial deployment. Partners can help drive adoption of new capabilities, optimize existing investments, and deliver ongoing innovation and business value. "Our partners have different business models, capabilities, and growth ambitions, and our investment is designed to support that diversity," said Leah Yomtovian, senior vice president, Partner, Sales, and Operations Strategy, Oracle. "By giving partners greater choice and flexibility in how they build, sell, and deliver with Oracle, we're helping them grow their businesses while bringing more innovation, specialized expertise, and value to our customers."
Connecting partner innovation with customer opportunity
The impact of partner innovation is evident in solutions that combine specialized industry and business process expertise with Oracle's applications and AI capabilities. The following examples show how that combination comes to life:
Oracle Extends Fusion Agentic Applications with Introduction of Fusion Claw
Accenture Edge Helps Combe Unify its Global Operations, Setting the Stage for AI-Powered Growth with Oracle Fusion Applications
The Centre for Addiction and Mental Health Optimizes Operations and Patient Care with Oracle Fusion Cloud Applications
Beca Transforms Finance Operations with Oracle Fusion Applications
Leah Partners with Oracle and PwC to Take Its Agentic Operating System Global To learn more about benefits, incentives, and resources available to Oracle partners, visit oracle.com/partner. All benefits and incentives are subject to applicable program terms and eligibility requirements.
About Oracle PartnerNetwork
Oracle PartnerNetwork helps Oracle and its partners drive joint customer success and business momentum. The program provides choice and flexibility across training and enablement, go-to-market collaboration, technical accelerators, and success support. To learn more, visit oracle.com/partner.
About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit oracle.com.
About Oracle AI World
Oracle AI World is where customers and partners discover the latest product and technology innovations, see how AI is being applied across industries, and connect with experts and peers. Attendees will gain practical tips and insights to drive immediate impact within their organizations and explore how Oracle is helping unlock the full potential of AI. Join the event to see new capabilities in action and hear from thought leaders and industry movers. Register now at oracle.com/ai-world or follow the news and conversation at oracle.com/news and linkedin.com/company/oracle.
Trademarks
Oracle, Java, MySQL, and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.
Experimentální léčba společností Bristol Myers Squibb a SystImmune ve studii v pozdní fázi snížila oproti chemoterapii riziko progrese onemocnění nebo úmrtí u pacientek s pokročilým hormonálně receptorově pozitivním karcinomem prsu HER2-negativním, které dříve podstoupily alespoň jednu linii chemoterapie, o 59 %.
Bristol Myers Squibb (BMY.N) and partner SystImmune said on Friday their experimental breast cancer treatment slowed disease progression compared to standard chemotherapy in a late-stage study.
The drug, izalontamab brengitecan, reduced the risk of disease worsening or death by 59% in patients with advanced hormone-receptor-positive, HER2-negative breast cancer — the most common form of breast cancer — who had failed at least one prior line of chemotherapy.
Izalontamab brengitecan belongs to a class of treatments known as antibody-drug conjugates, often called "guided missiles". It targets two specific proteins, EGFR and HER3, to deliver a cancer-killing payload directly to tumor cells.
In the study, which enrolled 383 patients, those treated with the drug lived for a median of 8.2 months without their cancer growing, compared to four months for the participants on standard chemotherapy.
About 40.5% of patients on iza-bren saw their tumors shrink, compared to 20.2% on chemotherapy. The response lasted a median of 6.9 months, versus 4.2 months for chemotherapy.
Data on overall survival, how long patients lived in total, was not yet mature at the time of the interim analysis. The full results will be presented at the European Society for Medical Oncology congress in Madrid.
Bristol Myers had partnered with SystImmune, a unit of Chinese drugmaker Sichuan Biokin Pharmaceutical, in an up to $8.4 billion deal announced in 2023 to develop and commercialize the drug outside mainland China.
Its side effects were manageable and no new safety concerns emerged, Bristol Myers said. Only 1.6% of patients stopped treatment because of side effects, while two patients developed mild-to-moderate lung inflammation.
Micron po poklesu ceny akcií z více než 1 200 USD na přibližně 900 USD pravděpodobně v nejbližších týdnech neoznámí split akcií, přestože se titul opět blíží hranici 1 000 USD.
Micron Technology (MU -6.26%) is one of this year's biggest artificial intelligence (AI) success stories. The maker of memory and storage solutions has seen its earnings and price performance skyrocket amid high demand for its products. In the latest quarter, revenue soared a mind-boggling 379% to $54 billion, and the stock price has advanced in the triple digits this year.
In fact, the stock has climbed so much that it even surpassed $1,200 earlier this year. It's since given back some of the gain and now trades at about $900. This fantastic performance helped the company reach a market capitalization of more than $1 trillion, putting it on par with the "Magnificent Seven" tech stocks, each valued in the trillions of dollars.
Now, with its stock price hovering just under $1,000, will Micron announce a stock split? Let's consider the possibilities.
Image source: Getty Images.
Memory's crucial role in AIFirst, let's talk about Micron's path so far. Though the company opened its doors nearly 50 years ago and has increased revenue over time, revenue truly took off in recent quarters. Memory plays a crucial role in AI from start to finish, meaning it's necessary for the training of models as well as for the application of AI to real-world situations. This use of AI in the real world may be carried out by AI agents, which consider a problem and then take steps to solve it as a human would in the past.
Agentic AI is where the revenue opportunity really may gain momentum, as memory is needed in an ongoing manner. This could result in growth over time as AI is used by companies and individuals. Many investors are betting on this and have piled into Micron stock, driving it to tremendous gains.
Now, let's turn our attention to the subject of stock splits. They automatically lower the individual price of each share, but they don't change the company's market value or anything fundamental. The process involves offering additional shares to current holders, according to the ratio of the split. So, a person who held one share valued at $1,000, in a 10-for-1 split, would hold 10 shares with the same value following the operation.
The motive for such a move is simple: It allows the company to bring its stock to a broader range of potential investors. Some investors can't afford to invest $1,000 and don't have access to fractional shares -- so a stock split gives them the ability to get in on this player that was previously out of reach.
Stocks that trade around $1,000It's also important to keep in mind that certain investors shy away from stocks that trade around the $1,000 level, seeing them as expensive even if valuation says otherwise. So a stock split could make the stock more attractive to these investors too.
Is a stock split a likely move for Micron right now? Though the stock has come down from its peak, it still has posted a huge gain and once again is approaching the $1,000 mark. A stock split could make it an easier buy for smaller retail investors, and it also could deliver a message of confidence from the company itself. If a company launches a split, this implies that it's confident that the stock may once again take off and rise considerably.
MU Micron Technology$856.49-$57.18 (-6.26%)
NASDAQ · As of 4:00 PM ET 10/22/26
Micron has completed three stock splits in the past, but the most recent was more than 25 years ago. So stock splits haven't been a part of the company's strategy for quite some time.
Meanwhile, the AI boom continues to march on, with high demand for memory and storage and encouraging messages from Micron and fellow memory players. Still, it's possible that Micron and peers may face certain headwinds as the story unfolds. For example, memory supply is tight now, but as this situation improves, memory prices may decline. At the same time, any slowdown in AI investment could weigh on revenue and stock performance.
Considering all of these points, and particularly the fact that Micron stock has fallen from its highs, I don't think the company will rush to announce a stock split in the coming weeks.
Some companies don't keep their ambitions secret. They swagger onto the stock market and draw plenty of attention with a splashy IPO and big promises (lookin' at you, Tesla).
But some incredibly successful stocks are sleeper hits: They quietly sit on the market doing nothing until one day, bam! Their shares take off like a rocket, and everybody wonders how they didn't see it coming.
That's what happened to memory chipmaker Micron Technology (MU -6.26%) in late 2025: Its shares had languished for years until a global memory shortage and AI data center boom took the stock stratospheric. Between June 25, 2025, and June 25, 2026, the chipmaker's shares grew more than 850%.
If you were lucky enough to invest $10,000 in Micron on that day in 2025, you'd have had $95,370 a year later. Even today, after shares have dropped 25% from those highs, you'd still have $70,970. Not enough, perhaps, to fund a full retirement, but a nice chunk of change.
So, what about right now? Could buying $10,000 in Micron today set you up for life?
Image source: Micron Technology.
Strong earnings vs. market jitters It's ironic that even though Micron's share price has grown astronomically since June 2025, its price-to-earnings ratio -- how its share price compares to its profits -- has actually gone down. In June 2025, shares were trading at about 22 times earnings. In June 2026, at its peak, it traded at about 27 times earnings. Today, it's trading at about 12 times earnings.
Why would a wildly successful company that's grown its revenue by 256% and its per-share earnings by 879% in 16 months have a cheaper valuation than it did before?
The simple answer is that the market doesn't expect the good times to last, for two reasons.
MU Micron Technology$856.49-$57.18 (-6.26%)
NASDAQ · As of 4:00 PM ET 10/22/26
Why the market looks down on Micron The first reason is that this has happened before to memory chip stocks, and it didn't end well. Prices for dynamic RAM (DRAM) memory spiked in 2020-2021 during the pandemic tech-buying surge. After expanding capacity to meet that demand, memory producers wound up with a supply glut, and prices crashed in 2023.
This time around, Micron has tried to protect itself against such a price crash by signing multiyear supply deals with its customers to lock in price floors, allowing it to safely expand its capacity. That's a smart move, but the market is also concerned about competition.
Until now, three companies have had the global market for DRAM and high bandwidth memory (HBM) to themselves: Micron and South Korean companies Samsung Electronics (SSNLF +0.00%) and SK Hynix (SKHY -8.07%). But all three are planning to expand capacity, while concerns about rapid expansion by Chinese manufacturers abound.
While it's possible that Micron's long-term contracts will allow it to continue to grow revenue and profits, a nervous market is unlikely to give it full credit for its success. It certainly seems doubtful that it will reach a $10 trillion valuation anytime soon (which would turn a $10,000 investment into $100,000).
Even if a $10,000 investment in Micron probably won't set you up for life, the ongoing growth of AI infrastructure deployment should make Micron a solid investment for years to come.
Test Oncodetect WGS od společnosti Abbott dosáhl po operaci kolorektálního karcinomu citlivosti 72,2 % při detekci recidivy do dvou let, oproti 42,2 % u verze WES.
Beta-CORRECT study shows a 10.6-fold higher risk of recurrence, reinforcing the prognostic value of molecular residual disease (MRD) testing1
Building on its leadership in colorectal cancer screening with the Cologuard® test, Abbott is connecting innovations across the cancer care continuum, from early detection to post-treatment monitoring
, /PRNewswire/ -- For patients with colorectal cancer, surgery can remove visible cancer, but it can be difficult to know whether minute traces of the disease remain. Abbott (NYSE: ABT) today announced new Beta-CORRECT data presented at the European Society for Medical Oncology (ESMO) Congress showing that the whole-genome sequencing (WGS)-based Oncodetect® molecular residual disease (MRD) test achieved a 30-percent absolute improvement in sensitivity for colorectal cancer recurrence within two years of surgery, compared with the whole-exome sequencing (WES) Oncodetect test, using a single post-surgery blood draw.1
For more than 12 years, Abbott's cancer diagnostics business has helped expand access to colorectal cancer screening through Cologuard®. Together with Oncodetect, these innovations reflect Abbott's connected approach to cancer care, from early detection to monitoring for recurrence after treatment.
Conducted in collaboration with Dr. Takayuki Yoshino, MD, PhD, National Cancer Center Hospital East in Japan, Beta-CORRECT is the first clinical validation study of the WGS Oncodetect test in patients with stage II, III and resectable stage IV colorectal cancer. The test tracks up to 5,000 DNA variants unique to each patient's tumor, expanding opportunities to detect residual disease when very little cancer DNA is present.1 The study analyzed post-surgical samples from 279 patients, predominantly with stage II and III colorectal cancer.1
Key findings from Beta-CORRECT:
Improved sensitivity: A single blood test taken approximately one month after surgery using the WGS test achieved 72.2% sensitivity for recurrence within two years, compared with 42.2% for the WES test, a 30-percent absolute improvement.1
Additional ctDNA detection: Among 157 patients tested post-surgery with both tests, the WGS test detected ctDNA in all 29 patients in whom the WES test identified, plus 15 additional patients. All additional detections were at levels below 20 parts per million (ppm), including 14 that were below 10 ppm.1
Strong prognostic value: Patients with detectable ctDNA after surgery had a 10.6-fold higher risk of recurrence than ctDNA-negative patients. Two-year disease-free survival rates were 36.2% versus 92.3%, respectively.1
Stage II findings: Patients with detectable post-surgical ctDNA had approximately 31-fold higher recurrence risk compared to those who were ctDNA negative. Only 2.8% of stage II patients with undetectable ctDNA experienced recurrence within two years.2
"Beta-CORRECT adds important clinical evidence supporting the prognostic value of highly sensitive MRD testing in colorectal cancer," said Dr. Takayuki Yoshino, MD, PhD, National Cancer Center Hospital East and principal investigator of the Beta-CORRECT study. "The ability to identify additional patients with detectable ctDNA after surgery may help refine recurrence risk assessment beyond traditional clinical factors. Continued research will help determine how these findings can best inform patient management."
"These findings reinforce why sensitivity matters in MRD testing, particularly after surgery when ctDNA can be difficult to detect," said Dr. Rick Baehner, divisional vice president, chief medical officer, precision oncology, Abbott's cancer diagnostics business. "By identifying additional patients with residual disease, we can provide physicians with important molecular information about recurrence risk at a critical point in care."
Detecting ctDNA after surgery was the strongest predictor of cancer recurrence among the factors studied, providing important information about a patient's risk beyond traditional clinical measures. Additional patient follow-up and longitudinal data from subsequent testing time points are expected to provide further insights into the relationship between MRD, adjuvant therapy and recurrence risk over time.
The findings were presented at ESMO 2026 in poster 4426P, Validation of the ultrasensitive tumor-informed WGS MAESTRO MRD assay in β-CORRECT.
About the Oncodetect® test
The next-generation Oncodetect® test is a whole-genome sequencing-based, tumor-informed molecular residual disease (MRD) test designed to provide a personalized approach to detecting and monitoring residual cancer in patients with solid tumors. The test analyzes circulating tumor DNA (ctDNA) shed into the bloodstream by tumors, offering insights into changes in ctDNA levels over time. This quantitative assessment of ctDNA (measured as MTM/mL) helps healthcare providers better understand a patient's MRD status and make informed treatment decisions.
The Oncodetect® test was developed, and its performance characteristics determined by Genomic Health, Inc. Performance characteristics may not apply in tumor types not included in this test's clinical validation. The test has not been cleared or approved by the US Food and Drug Administration. The test is performed at Genomic Health Inc. The Genomic Health Inc. lab performing this test is certified under CLIA regulations and qualified to perform high-complexity clinical laboratory testing.
About Abbott:
Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 122,000 colleagues serve people in more than 160 countries.
Connect with us at www.abbott.com, and on LinkedIn, Facebook, Instagram, X and YouTube.
Hashimoto, T. et al. Validation of the ultrasensitive tumor-informed WGS MAESTRO MRD assay in β-CORRECT. Poster 4426P presented at ESMO 2026; October 23-27, 2026; Madrid, Spain.
Data on File – Additional Beta-CORRECT WGS analysis performed. October 2026.
Preferenční akcie Annaly NLY.PR.F s výnosem kolem 9,31 % se obchodují za 25,38 USD, tedy jen 0,11 USD nad nákupním cílem; rizikem zůstává možnost splacení za 25 USD.
Annaly Capital Management, Inc. (NLY) has a preferred share we will be looking at today: Annaly Capital Management, Inc. 6.95% PFD SER F (NLY.PR.F). It offers a stripped yield around 9.31% and carries our lowest risk rating. It’s trading only eleven cents above our buy target.
Investors have the opportunity to invest in an excellent preferred share from one of the strongest mortgage REITs in the sector, and they’re being held back by an amount of money that wouldn’t even impress a vending machine.
That being said, there’s also the small matter of Annaly having the ability to redeem shares.
That complicates things.
NLY-F When we last covered NLY-F, we liked the preferred share, but it was a bit too expensive. Apparently, the market has decided to make us wait just a little longer.
NLY-F was recently trading around $25.38:
The REIT Forum
Our current price targets are:
Strong Buy Under: $24.29.
Buy Under: $25.27.
Overpriced: $25.87.
At $25.38, NLY-F trades at around 100.4% of our buy target. That's extremely close.
We've spent over a decade looking for attractive opportunities in preferred shares (we found many along the way). Now we're staring at one that is only $0.11 above our buy target. NLY-F carries a risk rating of 1 on our scale from 1 to 5. We consider Annaly's preferred shares among the least risky in the mortgage REIT sector. The company has substantial common equity relative to its preferred shares. That provides an extra layer of safety for preferred shareholders. While that doesn’t mean NLY preferred shares are risk-free, they are some of the least risky investments in the sector.
Floating Dividend NLY-F is a fixed-to-floating preferred share. It originally carried a fixed coupon of 6.95%, but the dividend began floating in 2022.
The REIT Forum
NLY-F currently offers a floating yield on price of around 9.30%. That’s a substantial amount of income for a preferred share carrying our lowest risk rating. The 4.993% spread is materially more than Annaly Capital Management, Inc. PFD SER G (NLY.PR.G), which has a spread of only 4.172%.
Investors need to remember that the dividend isn't fixed. If short-term interest rates decline, the dividend on NLY-F will decline as well. We don't consider that a reason to avoid floating-rate preferred shares. We simply want investors to understand what they're buying.
The Downside Let’s get into the biggest issue with NLY-F. The annualized yield to call is approximately negative 2.3%. That's not particularly attractive. In fact, we have done extensive research and determined that investors generally prefer positive returns. The issue here is that NLY-F can be redeemed at $25 per share, while the market price is around $25.38. If Annaly calls NLY-F, investors purchasing today would receive $25 per share plus accrued dividends. That would result in a slight capital loss, as the dividend accrual through the call date (if a call was announced this afternoon, effective in 30 days) wouldn’t quite offset the $.38 premium.
We calculate dividend accrual based on the ex-dividend date. That matches our theory that it is important for the dividend to go to your account. NLY will calculate dividend accrual based on the dividend payment date. Those two dates are often very close to 30 days apart. Consequently, if shares were called immediately, the dividend accrual for the final payout would be right around $.32. That’s the same as the amount we have recorded for dividend accrual today. For some mortgage REITs, the ex-dividend date and payment date are often about 15 to 18 days apart. However, for the rest, it is common for the dates to be 30 days apart. We make it easier to handle by tracking the “worst cash to call” in a spreadsheet we share with members. That allows members to see how much they would stand to lose if shares were called immediately, rather than only using the annualized rate. Sometimes having the exact value can be important because an annualized rate of -2.3% that is only sustained for one month isn’t nearly as bad as if that were the rate sustained for a year.
NLY-F has a relatively high floating spread. Annaly may decide at some point that it can replace NLY-F with less expensive financing. As an important note, Annaly recently redeemed NLY-I on October 1, 2026. NLY-I had a floating spread of 4.989%, which is very similar to NLY-F’s 4.993%. That doesn't mean Annaly will definitely call NLY-F next. However, it does give investors a good reason to take the possibility seriously.
Investors who will buy a preferred share at inflated prices and believe Annaly would never redeem its floating-rate preferred shares recently received a counterargument.
From Annaly.
In cash.
NLY-F Close To A Buy Despite the call risk, we believe NLY-F remains one of the more attractive preferred shares with a very low-risk rating. In fact, as of writing this article, we have no preferred shares in the buy range that are under a risk rating of 2.5 (though a few are extremely close). The dividend yield offered by NLY-F is excellent given its risk rating.
One of the reasons we keep such a close eye on Annaly’s preferred shares is the substantial common equity relative to the preferred share liquidation ($25 per share). This matters to investors because, in general, the common equity will absorb losses before the preferred shareholders do. The better the ratio, the more comfortable we can be with the preferred share (generally speaking).
How We Look At Preferred Shares A strong company doesn't automatically make its preferred shares a good investment. However, it usually helps a great deal while we assign a risk rating. We consider the price, yield, call risk, and relative alternatives in the preferred shares space.
That's precisely why we maintain different price targets for preferred shares.
We spend a great deal of time comparing preferred shares and baby bonds at The REIT Forum. We recently wrote a guide on swapping preferred shares. The basic concept is simple. When two similar preferred shares get too far apart on valuation, investors can sell the more expensive share and move into the cheaper one.
For readers who want to see how often we actually do this, we also published our most recent 100 trades in preferred shares and baby bonds. We find these opportunities fairly often in the preferred shares of mortgage REITs.
We are always hunting for a better price.
At $25.38, NLY-F is in our hold range.
Even a tiny decline in the price would change that.
Final Thoughts NLY-F is offering a stripped yield around 9.31% while carrying a risk rating of 1. That's a great combination.
However, investors need to look at the negative yield to call. Especially after Annaly’s recent redemption of NLY-I.
We like NLY-F. We just don’t like paying more than we believe it’s worth. We aren’t going to chase shares simply because we like the company and the risk rating. At $25.38, NLY-F is in our hold range. Our buy under target is $25.27.
We aren’t asking for too much. Just eleven cents. I might even consider budging by a few. We’re finally close.
Key Takeaways Freeport is slated to report Q3 results on Oct. 27, with earnings estimated at 78 cents per share.Favorable copper prices are likely to support FCX's results despite lower year-over-year volumes.Grasberg disruptions and higher unit costs pose challenges, with copper sales expected to fall 23%.
Freeport-McMoRan Inc. (FCX - Free Report) is set to release third-quarter 2026 results before the opening bell on Oct. 27.
The mining giant beat the Zacks Consensus Estimate for earnings in each of the last four quarters. It has a trailing four-quarter earnings surprise of 32.6% on average. While higher unit costs and weaker year-over-year volumes are likely to have impacted FCX’s performance, it is expected to have benefited from favorable copper prices.
FCX’s shares have rallied 56.1% in a year, outperforming the Zacks Mining - Non Ferrous industry’s 38.7% rise.
Image Source: Zacks Investment Research
Let’s see how things are shaping up for this announcement.
What Our Model Unveils for FCX StockOur proven model predicts an earnings beat for Freeport this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is just the case here.
Earnings ESP: Earnings ESP for FCX is +0.12%. The Zacks Consensus Estimate for the third quarter is currently pegged at 78 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: FCX currently carries a Zacks Rank #2.
What do FCX’s Revenue Estimates Indicate?The Zacks Consensus Estimate for FCX’s third-quarter consolidated sales is currently pegged at $7,086.6 million, calling for an increase of 1.6% from the year-ago quarter’s tally.
Factors at Play for FCX StockFreeport’s third-quarter results are expected to reflect favorable copper prices. FCX expects its third-quarter average realized copper price to exceed $6.50 per pound.
Copper prices continue to show strength driven by robust demand from China and the United States. Structural tailwinds, including electric vehicles (EVs), renewable energy projects, artificial intelligence data center growth and grid modernization, continue to boost copper consumption. Worries about tightening supply amid rising EV and infrastructure demand aided the red metal. Supply risks stem from operational issues in top producer Chile, along with export bans on copper concentrates from the Democratic Republic of Congo.
Copper surged to an all-time high near $6.9 per pound last month on tariff-related uncertainties and supply tightness. Imports to the United States have surged ahead of a potential tariff announcement by the Trump administration. Copper prices are currently hovering around $6.4 per pound.
FCX’s results are likely to have been unfavorably impacted by lower year-over-year sales volumes due to the Grasberg mine incident. The company expects third-quarter copper sales to be roughly 750 million pounds, while gold sales are projected at around 100,000 ounces, reflecting 23% and 70% year-over-year declines, respectively. Lower year-over-year sales volumes are expected to have weighed on its top line.
FCX recently said that its U.S. operations experienced lower-than-planned operating rates during the third quarter due to increased localized flooding, power outages and strong winds. In Indonesia, abnormally dry weather generally supported mining activity but created challenges in the milling process. In the third quarter, Grasberg mill throughput averaged approximately 140,000 metric tons of ore per day, or about 67% of normalized rates before the September 2025 incident. The company continues to expect Grasberg to reach 80% capacity by mid-2027 and approach full capacity by year-end 2027.
Higher unit costs are also likely to have affected the company’s performance in the September quarter. FCX expects unit net cash costs to be about 5% above its July 2026 estimate of $2 per pound, mainly due to lower by-product credits. The projected third-quarter unit cost reflects a roughly 44% year-over-year increase.
Basic Materials Stocks That Warrant a LookHere are some companies in the basic materials space you may want to consider, as our model shows they too have the right combination of elements to post an earnings beat this quarter:
Avient Corporation (AVNT - Free Report) , scheduled to release earnings on Nov. 4, has an Earnings ESP of +0.58% and carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for AVNT’s earnings for the third quarter is currently pegged at 81 cents.
DuPont de Nemours, Inc. (DD - Free Report) , scheduled to release earnings on Nov. 3, has an Earnings ESP of +1.35%.
The Zacks Consensus Estimate for DD’s earnings for the third quarter is currently pegged at $1.86. DD currently carries a Zacks Rank #3.
Huntsman Corporation (HUN - Free Report) , slated to release earnings on Nov. 2, has an Earnings ESP of +49.86% and carries a Zacks Rank #3 at present.
The consensus mark for HUN’s third-quarter earnings is currently pegged at 7 cents.
Biogen Inc. (BIIB - Free Report) shares soared 5.3% in the last trading session to close at $253.84. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 5.9% gain over the past four weeks.
Biogen’s share price gain can likely be attributed to the growing investor optimism surrounding its pipeline progress and upcoming clinical milestones. Positive long-term phase II data from the ongoing AMETHYST study for litifilimab in cutaneous lupus erythematosus, showing sustained skin improvement through 52 weeks, has strengthened confidence in the drug’s potential. Data from phase III portion of the study are expected in the first half of 2027. Investors are also watching felzartamab’s development in kidney diseases, with phase III data expected in 2027, and upcoming phase III results for litifilimab in systemic lupus erythematosus (SLE), anticipated by year-end 2026.
This company is expected to post quarterly earnings of $2.08 per share in its upcoming report, which represents a year-over-year change of -56.8%. Revenues are expected to be $2.59 billion, up 2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Biogen, the consensus EPS estimate for the quarter has been revised 1.8% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on BIIB going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Biogen is part of the Zacks Medical - Biomedical and Genetics industry. Novavax (NVAX - Free Report) , another stock in the same industry, closed the last trading session 9.3% lower at $9.99. NVAX has returned 4.4% in the past month.
For Novavax, the consensus EPS estimate for the upcoming report has changed -8.1% over the past month to -$0.33. This represents a change of +46.8% from what the company reported a year ago. Novavax currently has a Zacks Rank of #3 (Hold).
SLB ve třetím čtvrtletí překonala odhady s upraveným ziskem 64 centů na akcii a tržbami ve výši 9,45 miliardy USD, k nimž přispěla silná aktivita v Severní Americe.
SLB (SLB.N) beat Wall Street estimates for third-quarter profit on Friday, supported by strong North American oilfield activity, while signaling recovery in parts of the Middle East following conflict-related disruptions.
Repeated flare-ups in the US-Iran conflict, now in its eighth month, have pressured oilfield services companies with significant exposure to the region as customers delayed project decisions and ongoing operations were interrupted.
Revenue from the Middle East and Asia rose 9% sequentially to $2.81 billion in the third quarter, even as it was down 6% from a year earlier. The Middle East is SLB's biggest market, accounting for 34% of total revenue in 2025.
Activity improved in Iraq, Kuwait, Oman, Saudi Arabia, Qatar and the United Arab Emirates, although certain countries experienced renewed disruptions during the final weeks of the quarter, the company said in a statement.
Latest data from Baker Hughes backed higher oilfield activity in the region. It showed total rig count, an indicator of future output, rose 4% sequentially to 504, while international rig count rose sequentially to 1,107 from 1,056.
In North America, quarterly revenue rose 24% to $2.40 billion, driven by strength in US oil and gas drilling activity.
"Combined with significant activity increases in Venezuela and expanding momentum across our Core, Digital and Data Center Solutions businesses, we see a very compelling outlook for 2027, with further upside as Middle East activity recovers," said CEO Olivier Le Peuch.
In August, Reuters reported that SLB and Venezuela's state-run PDVSA had signed a contract that granted the US company access to oilfield data from the country with the world's largest crude reserves.
SLB in August acquired cooling equipment maker Kelvion for $4.1 billion, expanding its data center business amid an AI-driven boom in power and cooling infrastructure demand.
The company posted an adjusted profit of 64 cents per share for the three months ended September 30, compared with analysts' estimate of 62 cents, according to data compiled by LSEG.
Total revenue in the quarter came in at $9.45 billion, topping estimates of $9.28 billion.
, /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) today announced its Board of Directors, at its quarterly meeting, has authorized a common stock dividend of $0.05 cents per share, payable December 15, 2026, to the Company's shareholders of record on December 1, 2026.
EIDP, Inc. Announces Preferred Stock Dividend
The Board of Directors of EIDP, Inc. (formerly known as E. I. du Pont de Nemours and Company) (EIDP) declared regular preferred stock dividends of $1.12-1/2 per share on the $4.50 series preferred stock and $0.87-1/2 per share on the $3.50 series preferred stock – both payable January 25, 2027, to EIDP stockholders of record on January 4, 2027. EIDP, Inc. is a wholly owned subsidiary of Corteva, Inc.
About Corteva
Corteva, Inc. (NYSE: CTVA) is a global crop protection company with a leading portfolio of differentiated solutions, including award-winning conventional chemistries and advantaged biologicals, seed-applied technologies and nature-inspired products that help farmers increase yields and protect crops from the stresses of weather, insects, weeds and diseases. Driven by a robust innovation pipeline, deep customer relationships, operational excellence, and disciplined capital allocation, Corteva is focused on creating value for its farmers, channel partners, employees, shareholders, and the communities in which it operates. More information at corteva.com.
Cautionary Statement Regarding Forward-Looking Statements
Corteva (including its subsidiaries) and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in Corteva's other filings with the SEC, and in presentations, reports or letters to its stockholders. In some cases, Corteva identifies these forward-looking statements by such words or phrases as "authorize," "plans," "outlook," "will," "is designed to," "is confident that," "expect," "should," "could," "may," "will continue to," "believe," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends," or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words or phrases. Such forward looking statements are based on Corteva's current views and assumptions regarding future events, future business conditions and the outlook for Corteva based on currently available information. Such forward looking statements are based on Corteva's current views and assumptions regarding future events, future business conditions and the outlook for Corteva based on currently available information. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. Such risks and uncertainties include Corteva's business performance and the outcome and timing of litigation, including the potential consequences of any such restrictions on Corteva's business and operations resulting from such. These statements are qualified by reference to the "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" the reports and forms filed by Corteva with the SEC. Corteva wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. Corteva specifically declines to undertake any obligation, and specifically disclaims any duty, to publicly update or revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law.
Společnost Gentex ve třetím čtvrtletí 2026 dosáhla tržeb 647,7 mil. USD a čistého zisku 90,6 mil. USD, oproti 101,0 mil. USD ve stejném období předchozího roku.
ZEELAND, Mich., Oct. 23, 2026 (GLOBE NEWSWIRE) -- Gentex Corporation (NASDAQ: GNTX), a leading supplier of digital vision, connected car, dimmable glass, fire protection technologies, and consumer electronics, today reported financial results for the three and nine months ended September 30, 2026.
Third Quarter 2026 Highlights
Net sales of $647.7 million North American automotive revenue growth outpaced regional light vehicle production by approximately 800 basis pointsGross margin of 33.4%Income from operations (GAAP) $115.1 million; adjusted income from operations (non-GAAP) $118.8 millionNet income attributable to Gentex (GAAP) $90.6 million; adjusted net income attributable to Gentex (non‑GAAP) $97.8 millionEarnings per diluted share attributable to Gentex (GAAP) $0.43; adjusted earnings per diluted share (non‑GAAP) $0.47Share repurchases: 5.7 million shares repurchased during the quarter for a total of $132.6 millionAwarded first printed circuit board assembly ("PCBA") contract with production expected to begin in 2029 Financial Summary
For the third quarter of 2026, the Company reported net sales of $647.7 million, compared to net sales of $655.2 million in the third quarter of 2025. Automotive unit performance during the quarter was consistent with expectations; however, revenue for the quarter was approximately $35 million below the Company's forecast at the beginning of the quarter due to certain customer issues and delayed launches in the quarter. North American automotive revenue for the third quarter of 2026 increased approximately 3% compared to the third quarter of 2025 despite a 5% decline in regional light vehicle production. In Europe, automotive revenue performance produced a 13% year-over-year growth rate, apart from the Volkswagen program loss, which more than offset the growth in the rest of the region. Globally, automotive revenue performance achieved a 2% year over year growth apart from the previously announced headwinds in China and with VW. This performance occurred despite global light vehicle production declining by more than 2% year over year during the third quarter of 2026. Automotive revenue was driven from content growth across the Company’s primary automotive markets. In addition, revenue from the Company's other product categories grew meaningfully, led by a 27% year-over-year increase in Premium Audio revenue to $54.7 million, while Other Products, including Aerospace, Biometrics, Fire Protection, and Automotive Aftermarket, revenue collectively increased by 5% year over year.
“Our third quarter results demonstrate the resilience of our business and the continued benefits of our strategy to grow through technology, product mix, and diversification,” said Steve Downing, President and CEO. “Despite continued challenges in China and Europe, we delivered third quarter net sales that were relatively flat compared to the third quarter of 2025 even though revenue was approximately $35 million below our beginning-of-quarter forecast. Our results benefited from strong performance in North America through continued adoption of our advanced feature content, and from growth across our non-automotive product lines. In Europe, the continued rollout of DMS and ICMS products helped offset lower vehicle production and mirror unit shipments, which demonstrates the necessity and value of increasing content per vehicle. China remained a known headwind during the quarter, with previously discussed industry conditions continuing to pressure both unit shipments and revenue. Outside of automotive, our diversification strategy is gaining momentum, with non-automotive revenue increasing approximately 17% year over year and representing 15% of total Company revenue during the third quarter. In comparison, in the third quarter of 2025, non-automotive revenue was approximately 12% of total revenue.”
For the third quarter of 2026, the Company's gross margin was 33.4%, compared to a gross margin of 34.4% for the third quarter of 2025. The year-over-year change was primarily driven by higher precious metal costs and the impact of lower-than-anticipated sales, which resulted in unfavorable product mix and reduced operating leverage during the quarter. “While gross margin was below our expectations for the quarter, the underlying drivers were relatively concentrated. The higher precious metal costs which increased bill of material costs has been an ongoing headwind over the last few quarters as these commodity prices have increased significantly. And despite the impressive performance from the operations teams, the sales shortfall versus our beginning of quarter forecast reduced operating leverage for the quarter. We remain focused and confident in the Company’s ability to engineer solutions to help offset the inflationary cost environment that exists in a number of different commodity areas,” remarked Downing.
Consolidated operating expenses during the third quarter of 2026 were $101.3 million, compared to operating expenses of $102.8 million in the third quarter of 2025. On a non-GAAP basis, adjusted operating expenses were $97.5 million in the third quarter of 2026, compared to $101.8 million in the third quarter of 2025, when adjusted for certain impairment and severance expenses during each of the quarters. “The decrease in operating expenses on a GAAP and an adjusted basis reflects the Company’s continued focus on managing operating expenses as sales growth has moderated during 2026. Despite the decrease in operating expenses, our teams continue to execute on a significant number of launches and core R&D initiatives that are imperative for us to achieve our strategic growth initiatives,” said Gentex COO and CTO Neil Boehm. “As demonstrated during our Shareholder and Investor Day in August, the Company is making meaningful progress on the development and launch of our dimmable visor product, which is scheduled to launch late next year. The team also continues to move our large area device R&D project closer to a qualified product, with a volume manufacturing footprint that can scale to support the significant volume we are expecting from customers once the product is fully validated,” concluded Boehm.
Income from operations for the third quarter of 2026 was $115.1 million, compared to income from operations of $122.3 million for the third quarter of 2025. On a non-GAAP basis, adjusted income from operations was $118.8 million in the third quarter of 2026, compared to $123.4 million in the third quarter of 2025.
Total other loss was $7.8 million during the third quarter of 2026, compared to other loss of $1.8 million in the third quarter of 2025. On a non-GAAP basis, adjusted other loss was $3.1 million in the third quarter of 2026, compared to other income of $0.4 million in the third quarter of 2025. The year-over-year change primarily reflects certain credit loss reserves and investment-related charges, partially offset by higher investment income and gains on asset and investment sales.
During the third quarter of 2026, the Company had an effective tax rate of 15.5%, compared to an effective tax rate of 16.3% during the third quarter of 2025.
Net income attributable to Gentex for the third quarter of 2026 was $90.6 million, compared to $101.0 million in the third quarter of 2025. On a non-GAAP basis, adjusted net income attributable to Gentex was $97.8 million in the third quarter of 2026, compared to $103.7 million in the third quarter of 2025.
Earnings per diluted share attributable to Gentex for the third quarter of 2026 were $0.43, compared to earnings per diluted share of $0.46 for the third quarter of 2025. On a non-GAAP basis, adjusted earnings per diluted share were $0.47 for the third quarter of 2026, and for the third quarter of 2025.
Segment Revenue
Automotive
Automotive net sales were $552.5 million in the third quarter of 2026, compared to $573.7 million in the third quarter of 2025. Automotive revenue performance during the quarter reflected expected unit trends and strong content growth across the Company’s primary markets. Reported results included discrete headwinds in China and from the VW program loss. Excluding these items, automotive revenue increased approximately 2% quarter over quarter, led by significant North American market outgrowth and a 13% growth in Europe (excluding the VW program loss), supported by favorable product mix and increased electronic content per vehicle.
Premium Audio
Net sales from the Premium Audio category were $54.7 million in the third quarter of 2026, compared to $43.0 million in the third quarter of 2025, an increase of approximately 27%.
Other Products
Net sales from the Other Products category were $40.5 million in the third quarter of 2026, which was a 5% increase compared to the third quarter of 2025. Growth was driven primarily by Aerospace and Fire Protection revenues, which increased 135% and 36%, respectively, but were partially offset by lower aftermarket and accessory sales.
Share Repurchases
During the third quarter of 2026, the Company repurchased 5.7 million shares of its common stock at an average price of $23.44 per share, for a total of $132.6 million. Year-to-date, the Company has repurchased 11.6 million shares for a total of $270.2 million, at an average price of $23.28 per share. As of September 30, 2026, the Company had approximately 24.3 million shares remaining available for repurchase under its previously announced share repurchase plan. The Company intends to continue to repurchase additional shares of its common stock in support of the previously disclosed capital allocation strategy, but share repurchases will vary from time to time and will take into account macroeconomic issues, market trends, and other factors that the Company deems appropriate.
Future Estimates
The Company’s light vehicle production assumptions are based on the mid-October 2026 Mobility Global outlook. Global light vehicle production is forecast to decline approximately 4% in the fourth quarter of 2026 and approximately 2% for full-year 2026, compared with the respective prior-year periods. Global light vehicle production is expected to increase approximately 1% in 2027, compared to 2026; however, production in the Company’s primary automotive markets of North America, Europe, and Japan/Korea is forecasted to decline approximately 1%, with growth concentrated in China and other markets. Forecasted production volumes for the fourth quarter of 2026 and calendar years 2026 and 2027 are presented below.
Light Vehicle Production (Mobility Global mid-Oct light vehicle production forecast)(in Millions)RegionQ4
2026Q4
2025%
Change
Calendar Year 2027Calendar Year 2026Calendar Year 2025 2027 vs 2026
%
Change
2026 vs 2025
%
ChangeNorth America3.503.58(2)% 15.1014.9915.27 1 %(2)%Europe4.284.34(1)% 16.9017.1617.05 (2)%1 %Japan and Korea3.183.103 % 11.8712.2612.07 (3)%2 %China8.989.79(8)% 31.5231.0133.10 2 %(6)%Total Light Vehicle Production19.9420.81(4)% 75.3975.4277.49 — %(3)% Based on actual results for the first nine months of 2026, the updated Mobility Global light vehicle production forecast, and the Company’s expectations for its Automotive, Premium Audio, and Other Products categories, the Company is updating certain elements of its full-year 2026 guidance as set forth below. The updated guidance reflects the anticipated impact of all known tariffs effective as of October 23, 2026.
2026 Annual Guidance (as of October 23, 2026)
Consolidated Revenue: Approximately $2.65 billion (previously $2.65 – $2.75 billion)Gross Margin: 34.0% – 34.5% (previously 34.5% – 35.5%). The updated guidance includes an estimated $10 million to $15 million of incremental cost increases that are expected in the fourth quarter of 2026, with related recoveries not anticipated to be reimbursed until the first half of 2027. Operating Expenses (excluding severance and impairments): $395 – $410 million (previously $405 - $415 million)Tax Rate: 16% – 16.5% (previously 16% - 17%)Capital Expenditures: $100 – $115 million (previously $115 - $125 million)Depreciation & Amortization: $100 – $105 million (previously $100 - $110 million) 2027 Revenue Guidance
Based on the mid-October 2026 Mobility Global light vehicle production forecast and the Company’s current expectations for Automotive, Premium Audio, and Other Products revenue, the Company is maintaining its 2027 revenue outlook of $2.80 billion to $2.90 billion. This outlook assumes light vehicle production in the Company’s primary markets declines approximately 1% in 2027.
Closing Remarks
“As we look ahead, we are increasingly confident in the growth opportunities in front of us,” said Downing. “We are beginning to see the impact of our broader product and growth strategy reflected in our forward-looking guidance. Despite a light vehicle production environment in our primary markets that is currently expected to decline approximately 1% in 2027, we are maintaining our 2027 revenue outlook of $2.80 billion to $2.90 billion, which is a significant acceleration in outgrowth versus the underlying market. We believe the growing divergence between our revenue expectations and the underlying light vehicle production environment reflects the increasing contribution from new technology, higher content per vehicle, and our diversifying customer base. The progress we demonstrated at our Shareholder and Investor Day in August provides further evidence of how far several of these programs have advanced towards commercialization, including our interior visor program and the large area device product portfolio. Launches of our fourth-generation FDM are now in full swing, and our engineering teams continue to improve product design and cost while delivering some of the most advanced technology and features we have ever offered our customers. We are also pleased to announce that during the third quarter we secured our first PCBA business award, with production currently expected to begin in 2029. This award represents another important opportunity to leverage Gentex’s advanced manufacturing capabilities in new products and markets, and we are actively pursuing additional PCBA opportunities with anticipated production timelines beginning in or around the same period. While we remain optimistic regarding our future growth opportunities, we are actively managing the challenges developing across the supply chain. Significant demand for memory and other electronic components is creating supply constraints and cost pressure across much of the electronics industry. Additionally, precious metals pricing is increasingly volatile with many of the metals used in our core products experiencing significant cost increases over the last year. And while these cost headwinds are expected to continue into the fourth quarter, our teams are actively engaged with our customers to establish the need for appropriate reimbursement. Additionally, our engineering teams are committed to pursuing design changes and other cost-reduction opportunities to mitigate these pressures. We believe the combination of higher content, new product launches, diversification, and expansion into new markets is changing the growth profile of the Company. We are also convinced that achieving our growth objectives while we focus our internal efforts to offset the many cost pressures facing the industry can combine with our aggressive approach to share repurchases to create meaningful long-term shareholder value,” concluded Downing.
Safe Harbor for Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements contained in this communication that are not purely historical are forward-looking statements. Forward-looking statements give the Company’s current expectations or forecasts of future events. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “believe,” “confident,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “hope,” “intend,” "likely", “may,” “opinion,” “optimistic,” “outlook,” “plan,” “poised,” “predict,” “project,” “should,” “strategy,” “target,” “will,” "work to," and variations of such words and similar expressions. Such statements are subject to risks and uncertainties that are often difficult to predict and beyond the Company’s control and could cause the Company’s results to differ materially from those described. These risks and uncertainties include, without limitation: changes in general industry or regional market conditions, including the impact of inflation; changes in consumer and customer preferences for our products (such as cameras replacing mirrors and/or autonomous driving); our ability to be awarded new business; continued uncertainty in pricing negotiations with customers and suppliers, including the ability to be reimbursed for increasing costs; loss of business from increased competition; changes in strategic relationships; customer bankruptcies or divestiture of customer brands; fluctuation in vehicle production schedules (including the impact of customer employee strikes); delays in program launches; changes in product mix; raw material and other supply shortages; labor shortages, supply chain constraints and disruptions; our dependence on information systems; higher raw material, fuel, energy and other costs; unfavorable fluctuations in currencies or interest rates in the regions in which we operate; costs or difficulties related to the integration and/or ability to maximize the value of any new or acquired technologies and businesses; changes in regulatory conditions; warranty and recall claims and other litigation and customer reactions thereto; possible adverse results of pending or future litigation or infringement claims; changes in tax laws; import and export duty and tariff rates and uncertainties in or with the countries with which we conduct business; negative impact of any governmental investigations and associated litigation, including securities litigation relating to the conduct of our business; our ability to successfully develop and commercialize new products and new markets (such as PCBA); and force majeure events. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made.
The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law or the rules of the NASDAQ Global Select Market. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties identified under the heading “Risk Factors” in the Company’s most recent Form 10-K and subsequent Form 10-Q filed with the SEC, which risks and uncertainties include tariffs and supply chain constraints that have affected, are affecting, and will continue to affect, general economic and industry conditions, customers, suppliers, and the regulatory environment in which the Company operates. Includes content supplied by Mobility Global Light Vehicle Production Forecast of October 15, 2026 (http://www.gentex.com/forecast-disclaimer).
Third Quarter Conference Call
A conference call related to this news release will be simulcast live on the Internet beginning at 9:30 a.m. ET today, October 23, 2026. Participants who wish to ask questions may register for the call at https://register-conf.media-server.com/register/BIf16d76cd30ef4ccb9104c3f057fb46e5. It is recommended that participants join 10 minutes prior to the event start, although they may register ahead of the call and dial in at any time during the call. Participants may listen to the call via audio streaming https://edge.media-server.com/mmc/p/xisihger. A webcast replay will be available approximately 24 hours after the conclusion of the call at https://ir.gentex.com/events-and-presentations/upcoming-past-events.
About the Company
Founded in 1974, Gentex Corporation (The NASDAQ Global Select Market: GNTX) is a leading supplier of digital vision, connected car, dimmable glass, fire protection technologies, and consumer electronics. Visit the Company’s web site at http://www.gentex.com.
Contact Information:
Gentex Investor & Media Contact
Josh O'Berski
616.931.3505
GENTEX CORPORATIONAUTOMOTIVE SALES BY REGION(Thousands) Three Months Ended September 30,Nine Months Ended September 30,Region Q3 2026 Q3 2025 % Change YTD 2026 YTD 2025 % ChangeNorth America $263,279 $255,942 3 % $781,212 $709,760 10 %Europe+ 126,624 126,798 — % 419,508 423,080 (1)%Japan/Korea 129,005 140,126 (8)% 380,147 429,393 (11)%China 22,072 39,107 (44)% 82,686 115,143 (28)%Rest of World 11,541 11,686 (1)% 29,976 38,277 (22)%Total $552,521 $573,659 (4)% $1,693,529 $1,715,653 (1)% +VW’s European business represented an approximately $16.6 million quarter over quarter revenue headwind and a $37.5 million year to date revenue headwind during the third quarter.
GENTEX CORPORATIONLIGHT VEHICLE PRODUCTION BY REGION(Thousands) Three Months Ended September 30,Nine Months Ended September 30,RegionQ3 2026 Q3 2025 % Change YTD 2026 YTD 2025 % ChangeNorth America*3,785 3,970 (5)% 11,484 11,696 (2)%Europe*3,905 3,872 1 % 12,879 12,710 1 %Japan/Korea*2,893 2,923 (1)% 9,074 8,993 1 %China7,875 8,366 (6)% 22,022 23,304 (6)%Rest of World4,274 3,966 8 % 12,325 11,577 6 %Total22,732 23,097 (2)% 67,784 68,280 (1)% *Primary Markets10,583 10,765 (2)% 33,437 33,399 — % GENTEX CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net Sales 647,709,651 655,236,055 1,974,452,482 1,889,867,355 Cost of Goods Sold 431,378,974 430,069,318 1,288,497,162 1,247,676,128 Gross Profit 216,330,677 225,166,737 685,955,320 642,191,227 Engineering, Research & Development 51,568,685 52,634,707 152,480,305 150,030,348 Selling, General & Administrative 45,925,812 49,686,902 145,755,108 128,135,262 Impairment Charges 3,000,000 — 5,800,000 — Severance Expense 776,979 518,190 1,862,392 10,191,438 Operating Expenses 101,271,476 102,839,799 305,897,805 288,357,048 Income from Operations 115,059,201 122,326,938 380,057,515 353,834,179 Other Income/(Loss) (7,842,477) (1,756,230) (17,964,539) (4,165,750)Income (Loss) Before Income Taxes 107,216,724 120,570,708 362,092,976 349,668,429 Income Tax Provision 16,651,840 19,684,004 58,923,261 58,257,230 Net Income (Loss) 90,564,884 100,886,704 303,169,715 291,411,199 Less: Net Income (Loss) attributable to non-controlling interest — (81,206) (539,730) (470,340)Net Income (Loss) Attributable to Gentex Corporation $90,564,884 $100,967,910 $303,709,445 $291,881,539 Earnings Per Share Attributable to Gentex Corporation(1) Basic $0.43 $0.46 $1.44 $1.31 Diluted $0.43 $0.46 $1.44 $1.31 Cash Dividends Declared per Share $0.12 $0.12 $0.36 $0.36 (1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards. GENTEX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2026 December 31, 2025 (Unaudited) (Note)ASSETS Cash and Cash Equivalents $136,444,273 $145,645,715Short-Term Investments 9,225,472 5,386,566Accounts Receivable, net 404,572,897 368,517,569Inventories, net 550,087,498 516,253,617Other Current Assets 80,554,516 92,631,001Total Current Assets 1,180,884,656 1,128,434,468 Plant and Equipment - Net 775,713,271 790,935,378 Goodwill 360,854,260 357,211,919Long-Term Investments 233,639,174 272,975,939Intangible Assets, net 180,793,694 189,341,387Deferred Tax Asset 118,557,294 108,338,592Patents and Other Assets, net 90,043,020 81,355,151Total Other Assets 983,887,442 1,009,222,988 Total Assets $2,940,485,369 $2,928,592,834 LIABILITIES AND SHAREHOLDERS' INVESTMENT Current Liabilities $404,425,501 $387,542,969Other Non-current Liabilities 50,945,536 49,209,006Deferred Income Taxes 1,209,205 908,922Redeemable Non-controlling Interest — 3,102,213Shareholders' Investment 2,483,905,127 2,487,829,724Total Liabilities & Shareholders' Investment $2,940,485,369 $2,928,592,834 Note: The condensed consolidated balance sheet at December 31, 2025 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.
GENTEX CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)
In this press release, the Company has provided information regarding certain non-GAAP financial measures, which are reconciled to their most directly comparable GAAP financial measure in the following schedules. Use of the term "adjusted" or "excluding" in connection with a financial measure identifies and reflects a non-GAAP financial measure.
Beginning in the first quarter of 2026, the Company revised its non-GAAP presentation to include Adjusted Other (Loss) Income. As a result, prior-period non-GAAP measures presented herein have been revised to conform to the current presentation. Management believes the revised presentation enhances period-over-period comparability and provides investors with a more consistent view of the Company's performance. These revisions affect only the presentation of non-GAAP financial measures and do not affect the Company's previously reported GAAP results.
Non-GAAP Financial Measures: The Company has presented Adjusted Operating Expenses, Adjusted Income from Operations, and Adjusted Other (Loss) Income as supplemental measures of the Company's performance. Current quarter Adjusted Operating Expenses, Adjusted Income from Operations, and Adjusted Other (Loss) Income exclude impairment charges, acquisition related costs, and severance costs, in each case as set forth in the table below.
(Unaudited) Three Months Ended September 30, Consolidated 2026Consolidated 2025 Operating Expenses - GAAP $101,271,476 $102,839,799 Less: Impairment Charge - Intangible Assets 3,000,000 — Acquisition Related Costs — 568,040 Severance Costs 776,979 518,190 Adjusted Operating Expenses - (Non-GAAP) $97,494,497 $101,753,569 Income from Operations - GAAP $115,059,201 $122,326,938 Less: Impairment Charge - Intangible Assets 3,000,000 — Acquisition Related Costs — 568,040 Severance Costs 776,979 518,190 Adjusted Income from Operations - (Non-GAAP) $118,836,180 $123,413,168 Other (Loss) Income - GAAP $(7,842,477)$(1,756,230)Less: Impairment Charge - Technology Investment (4,744,703) (2,194,148)Adjusted Other (Loss) Income - (Non-GAAP) $(3,097,774)$437,918 Adjusted Net Income and Adjusted Earnings per Share: Adjusted Net Income and Adjusted Earnings per Share are presented as supplemental measures of the Company's performance. Adjusted Net Income is defined as Net Income adjusted for impairment charges, acquisition related costs, and severance costs during the third quarter of 2026 and third quarter of 2025. Adjusted Earnings per Share is defined as Adjusted Net Income divided by weighted average diluted shares outstanding.
(Unaudited) Three Months Ended September 30, 2026 Consolidated2025 Consolidated Net Income Attributable to Gentex Corporation - GAAP $90,564,884$100,967,910Impairment Charges - Intangible Assets, net of tax 2,534,070 —Acquisition Related Costs, net of tax — 475,304Severance Costs, net of tax 656,306 433,592Impairment Charges - Technology Investment, net of tax 4,007,803 1,835,938Net Income (Loss) Attributable to Gentex Corporation - (Non-GAAP) $97,763,063$103,712,744 Adjusted Earnings Per Share: Basic $0.47$0.47Diluted $0.47$0.47 The Company believes that the presentation of these non-GAAP financial measures provides insight into the Company's core performance and trends with respect to the same. Management of the Company similarly uses such non-GAAP financial measures in assessing the business internally.
This press release was published by a CLEAR® Verified individual.
MONTVALE, N.J., Oct. 23, 2026 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) today reported financial results for its 2026 fiscal third quarter ended September 30, 2026. For the quarter, the Company reported net sales of $290.7 million, net earnings of $46.7 million, adjusted EBITDA(a) of $80.3 million, and free cash flow(a) of $57.9 million.
Ted Harris, Chairman, President and CEO of Balchem, said, “Balchem delivered another excellent quarter, with healthy growth across all three of our reporting segments and record consolidated quarterly net sales, net earnings, and adjusted EBITDA.”
Third Quarter 2026 Financial Highlights:
Net sales were $290.7 million, an increase of 8.6% from the prior year quarter.GAAP net earnings were $46.7 million, an increase of 16.0% from the prior year quarter.Adjusted EBITDA was $80.3 million, an increase of 12.4% from the prior year quarter.GAAP earnings per share were $1.46 compared to $1.24 in the prior year quarter and adjusted earnings per share(a) were $1.57 compared to $1.35 in the prior year quarter.Cash flows from operations were $69.8 million, with free cash flow of $57.9 million.Sales and earnings from operations growth in all three of our reporting segments. Recent Highlights:
At the upcoming SupplySide Global trade show, we will showcase several of our latest Human Nutrition and Health technologies and innovations, including new science supporting VitaCholine®, K2VITAL™, Optifolin+® and OptiMSM®, as well as advances in performance nutrition and functional food and beverage applications. These innovations highlight the strength of our pipeline and our continued focus on developing differentiated, science-backed solutions that address important human health and wellness trends.Balchem repurchased approximately $28 million of common stock during the third quarter and approximately $127 million over the trailing twelve months, reflecting the Company's balanced capital allocation strategy and commitment to long-term shareholder value creation. Mr. Harris added, “With strong results through the first nine months of the year and a healthy balance sheet, Balchem is well positioned to continue executing our strategic growth initiatives, and we remain excited about the future of our company.”
Results for Period EndedSeptember 30, 2026 (unaudited)
(Dollars in thousands, except per share data) Three Months Ended
September 30,
Nine Months Ended
September 30,
2026 2025 2026 2025 Net sales $290,658 $267,558 $845,364 $773,544 Gross margin 105,714 95,453 310,481 276,734 Operating expenses 43,277 40,874 133,197 119,698 Earnings from operations 62,437 54,579 177,284 157,036 Interest and other expenses 2,393 2,535 6,937 8,041 Earnings before income tax expense 60,044 52,044 170,347 148,995 Income tax expense 13,316 11,755 38,719 33,375 Net earnings $46,728 $40,289 $131,628 $115,620 Diluted net earnings per common share $1.46 $1.24 $4.09 $3.54 Adjusted EBITDA (a) $80,297 $71,447 $232,522 $206,961 Adjusted net earnings (a) $50,350 $43,982 $141,437 $125,560 Adjusted net earnings per common share (a) $1.57 $1.35 $4.40 $3.84 Shares used in the calculations of diluted and adjusted net earnings per common share 32,032 32,595 32,181 32,702 (a)See “Non-GAAP Financial Information” for a reconciliation of GAAP and non-GAAP financial measures.
Financial Results for the Third Quarter of 2026:
The Human Nutrition and Health segment generated record quarterly sales of $188.2 million, an increase of $14.1 million, or 8.1%, compared to the prior year quarter. The increase was driven by higher sales within both the nutrients business and the food ingredients and solutions businesses. Record earnings from operations for this segment of $45.6 million increased $4.8 million, or 11.8%, compared to $40.8 million in the prior year quarter, primarily due to the aforementioned higher sales and favorable mix, partially offset by higher operating expenses. Excluding the effect of non-cash expense associated with amortization of acquired intangible assets and other adjustments, record adjusted earnings from operations(a) for this segment were $48.9 million, compared to $44.1 million in the prior year quarter, an increase of 10.9%.
The Animal Nutrition and Health segment generated quarterly sales of $63.0 million, an increase of $6.6 million, or 11.7%, compared to the prior year quarter. The increase was driven by higher sales in both the monogastric and ruminant species markets. Third quarter earnings from operations for this segment of $6.8 million increased $3.1 million, or 82.8%, compared to $3.7 million in the prior year quarter, primarily due to the aforementioned higher sales and favorable mix, partially offset by certain higher manufacturing input costs. Excluding the effect of non-cash expense associated with amortization of acquired intangible assets and other adjustments, adjusted earnings from operations for this segment were $7.0 million compared to $4.0 million in the prior year quarter, an increase of 73.6%.
The Specialty Products segment generated quarterly sales of $37.3 million, an increase of $1.6 million, or 4.5%, compared to the prior year quarter, due to higher sales in the performance gases business. Earnings from operations for this segment of $12.3 million increased $0.8 million, or 6.6%, compared to $11.5 million in the prior year quarter, primarily driven by the aforementioned higher sales and favorable mix, partially offset by higher operating expenses. Excluding the effect of non-cash expense associated with amortization of acquired intangible assets and other adjustments, adjusted earnings from operations for this segment were $13.1 million, compared to $12.7 million in the prior year quarter, an increase of 3.0%.
Consolidated quarterly gross margin of $105.7 million increased by $10.3 million, or 10.7%, compared to $95.5 million for the prior year comparable period. Gross margin as a percentage of sales was 36.4% compared to 35.7% in the prior year period, an increase of 70 basis points, primarily due to sales growth, favorable mix and manufacturing efficiencies, partially offset by certain higher manufacturing input costs. Operating expenses of $43.3 million for the quarter increased $2.4 million from the prior year comparable quarter, primarily due to higher compensation-related costs, partially offset by the net favorable impact of certain discrete items.
Net interest expense was $1.9 million and $2.6 million in the third quarters of 2026 and 2025, respectively. The decrease in interest expense was primarily due to lower outstanding borrowings and lower interest rates. Our effective tax rates for the three months ended September 30, 2026 and 2025 were 22.2% and 22.6%, respectively. The decrease in the effective tax rate was primarily due to higher favorable adjustments related to the filing of the prior year federal tax return and a higher foreign-derived intangible income deduction benefit, partially offset by an increase in certain state taxes.
Third quarter cash flows provided by operating activities were $69.8 million and free cash flow was $57.9 million. Net working capital of $240.8 million as of September 30, 2026 included a cash balance of $66.3 million. Significant cash payments during the quarter included net debt payments of $28.0 million, income taxes paid of $27.8 million, repurchases of common stock of $27.4 million, and capital expenditures and intangible assets acquired of $12.5 million. Outstanding debt on our revolving loan was $124.0 million as of September 30, 2026 and our net debt (b) was $57.7 million, with an overall leverage ratio (c) on a net debt basis of 0.2 times.
Mr. Harris said, “The Balchem team delivered another strong quarter in Q3 of 2026, and we remain confident in the long-term growth outlook for our company as we continue to execute our strategic growth initiatives.”
(b)Net debt is defined as the outstanding balance on our revolving loan less cash and cash equivalents.(c)Leverage ratio is defined as net debt divided by trailing twelve months adjusted EBITDA.
Quarterly Conference Call
A quarterly conference call will be held on Friday, October 23, 2026, at 11:00 AM Eastern Time (ET) to review third quarter 2026 results. Ted Harris, Chairman, President and CEO and Martin Bengtsson, CFO, will host the call. Institutional investors, analysts and other members of the financial community are invited to join the live call by dialing +1-833-461-5787 (USA/Canada toll free) or +1-585-542-9983 (International Toll), and referencing Meeting ID: 831870284, five minutes prior to the scheduled start time of the conference call. Investors and the public are invited to listen to the live webcast at https://events.q4inc.com/attendee/831870284. The conference call will be available for replay shortly after the conclusion of the call at https://events.q4inc.com/attendee/831870284 for one year.
Segment Information
Balchem Corporation reports three business segments: Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products. The Human Nutrition and Health segment delivers customized food and beverage ingredient systems, as well as key nutrients into a variety of applications across the food, supplement and pharmaceutical industries. The Animal Nutrition and Health segment manufactures and supplies products to numerous animal health markets. Through Specialty Products, Balchem provides specialty-packaged performance gases for use in healthcare and other industries, and also provides chelated minerals to the micronutrient agricultural market. Sales and production of products outside of our reportable segments and other minor business activities are included in "Other and Unallocated".
Forward-Looking Statements
This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our expectation or belief concerning future events that involve risks and uncertainties. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "forecast," "outlook," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," or the negative thereof or variations thereon or similar expressions generally intended to identify forward-looking statements. Forward-looking statements may relate to such matters as projections of revenue, margins, expenses, tax provisions, earnings, cash flows, benefit obligations, dividends, share repurchases or other financial items; any statements of the plans, strategies and objectives of management for future operations, including those relating to any statements concerning expected development, performance or market share relating to our products and services; any statements regarding future economic conditions or our performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. These statements are based on the Company's currently available information and our current assumptions, expectations and projections about future events. They are subject to future events, risks and uncertainties - many of which are beyond the Company’s control - as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Important factors and other risks that may affect the Company's business or that could cause actual results to differ materially are included in filings the Company makes with the U.S. Securities and Exchange Commission from time to time, including its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, its Current Reports on Form 8-K, and in its other SEC filings. Reference should be made to such factors and all forward-looking statements are qualified in their entirety by the above cautionary statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Business Segment Net Sales: Three Months Ended
September 30,
Nine Months Ended
September 30,
2026 2025 2026 2025 Human Nutrition and Health $188,227 $174,088 $536,749 $493,318 Animal Nutrition and Health 62,990 56,376 189,633 169,681 Specialty Products 37,294 35,683 112,532 106,143 Other (d) 2,147 1,411 6,450 4,402 Total $290,658 $267,558 $845,364 $773,544 (d) Other consists of a few minor businesses which individually do not meet the quantitative thresholds for separate presentation.
Business Segment Earnings Before Income Taxes: Three Months Ended
September 30, Nine Months Ended
September 30, 2026 2025 2026 2025 Human Nutrition and Health $45,633 $40,831 $128,034 $117,147 Animal Nutrition and Health 6,789 3,713 17,708 12,463 Specialty Products 12,301 11,534 37,129 32,388 Other and Unallocated (e) (2,286) (1,499) (5,587) (4,962)Interest and other expenses (2,393) (2,535) (6,937) (8,041)Total $60,044 $52,044 $170,347 $148,995 (e) Other and Unallocated consists of a few minor businesses which individually do not meet the quantitative thresholds for separate presentation and corporate expenses that have not been allocated to a segment. Unallocated corporate expenses consist of transaction and integration costs of $578 and $1,495 for the three and nine months ended September 30, 2026, respectively, and $333 and $1,227 for the three and nine months ended September 30, 2025, respectively. Selected Balance Sheet Items (Dollars in thousands) September 30, 2026
December 31, 2025
(unaudited)
Cash and cash equivalents $66,264 $74,570 Accounts receivable, net 145,635 143,596 Inventories 177,006 131,449 Other current assets 15,972 15,999 Total current assets 404,877 365,614 Property, plant and equipment, net 306,135 306,648 Goodwill 807,487 816,375 Intangible assets with finite lives, net 147,366 163,289 Right of use assets 17,683 16,192 Other assets 20,024 18,134 Total non-current assets 1,298,695 1,320,638 Total assets $1,703,572 $1,686,252 Current liabilities $164,115 $176,384 Revolving loan 124,000 164,000 Deferred income taxes 52,273 54,143 Other long-term obligations 36,407 34,312 Total liabilities 376,795 428,839 Stockholders' equity 1,326,777 1,257,413 Total liabilities and stockholders' equity $1,703,572 $1,686,252 Balchem Corporation
Condensed Consolidated Statements of Cash Flows
(Dollars in thousands)
(unaudited) Nine Months Ended September 30, 2026 2025 Cash flows from operating activities: Net earnings $131,628 $115,620 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 37,100 33,969 Stock compensation expense 16,316 14,298 Other adjustments 3,037 (1,692)Changes in assets and liabilities (31,537) (12,914)Net cash provided by operating activities 156,544 149,281 Cash flows from investing activities: Capital expenditures and intangible assets acquired (29,605) (27,275)Cash paid for acquisitions, net of cash acquired — (323)Proceeds from the sale of assets 7 267 Investment in affiliates (155) (144)Net cash used in investing activities (29,753) (27,475) Cash flows from financing activities: Proceeds from revolving loan 88,000 70,000 Principal payments on revolving loan (128,000) (106,000)Principal payments on finance leases (153) (145)Cash paid for financing costs (1,943) — Proceeds from stock options exercised 11,589 6,867 Dividends paid (30,773) (28,276)Repurchases of common stock (71,925) (54,008)Net cash used in financing activities (133,205) (111,562) Effect of exchange rate changes on cash (1,892) 5,334 (Decrease) increase in cash and cash equivalents (8,306) 15,578 Cash and cash equivalents, beginning of period 74,570 49,515 Cash and cash equivalents, end of period $66,264 $65,093
Non-GAAP Financial Information
In addition to disclosing financial results in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains non-GAAP financial measures that we believe are helpful in understanding and comparing our past financial performance and our future results. The non-GAAP financial measures in this press release include adjusted gross margin, adjusted earnings from operations, adjusted net earnings and the related adjusted diluted per share amounts, EBITDA, adjusted EBITDA, adjusted income tax expense, free cash flow, net debt, and leverage ratio. The non-GAAP financial measures disclosed by the Company exclude certain business combination accounting adjustments and certain other items related to acquisitions, certain equity compensation, nonqualified deferred compensation plan expense (income), and certain one-time or unusual transactions. Detailed non-GAAP adjustments are described in the reconciliation tables below and also explained in the related footnotes. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Investors should not consider non-GAAP measures as alternatives to the related GAAP measures.
Set forth below are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
Table 1
(unaudited)
Reconciliation of Non-GAAP Measures to GAAP
(Dollars in thousands, except per share data) Three Months Ended
September 30, Nine Months Ended
September 30, 2026 2025 2026 2025 Reconciliation of adjusted gross margin GAAP gross margin $105,714 $95,453 $310,481 $276,734 Amortization of intangible assets and finance leases (1) 715 739 2,162 2,156 Adjusted gross margin $106,429 $96,192 $312,643 $278,890 Reconciliation of adjusted earnings from operations GAAP earnings from operations $62,437 $54,579 $177,284 $157,036 Amortization of intangible assets and finance leases (1) 4,333 4,394 13,137 12,819 Transaction and integration costs (2) 578 333 1,495 1,227 Nonqualified deferred compensation plan expense (3) (45) 404 572 839 Restructuring costs (4) — — — (192)Adjusted earnings from operations $67,303 $59,710 $192,488 $171,729 Reconciliation of adjusted net earnings GAAP net earnings $46,728 $40,289 $131,628 $115,620 Amortization of intangible assets and finance leases (1) 4,433 4,467 13,381 13,035 Transaction and integration costs (2) 578 333 1,495 1,227 Restructuring costs (4) — — — (192)Income tax adjustment (5) (1,389) (1,107) (5,067) (4,130)Adjusted net earnings $50,350 $43,982 $141,437 $125,560 Adjusted net earnings per common share - diluted $1.57 $1.35 $4.40 $3.84
Table 2
(unaudited)
Reconciliation of GAAP Net Earnings to EBITDA and to Adjusted EBITDA
(Dollars in thousands) Three Months Ended
September 30,
Nine Months Ended
September 30, 2026 2025 2026 2025 Net earnings - as reported $46,728 $40,289 $131,628 $115,620 Add back: Provision for income taxes 13,316 11,755 38,719 33,375 Interest and other expenses 2,393 2,535 6,937 8,041 Depreciation and amortization 12,288 11,481 36,855 33,753 EBITDA 74,725 66,060 214,139 190,789 Add back: Non-cash compensation expense related to equity awards 5,039 4,650 16,316 14,298 Transaction and integration costs (2) 578 333 1,495 1,227 Nonqualified deferred compensation plan expense (3) (45) 404 572 839 Restructuring costs (4) — — — (192)Adjusted EBITDA $80,297 $71,447 $232,522 $206,961
Table 3
(unaudited)
Reconciliation of GAAP Effective Income Tax Rate to Non-GAAP Effective Income Tax Rate
(Dollars in thousands) Three Months Ended September 30, 2026 Effective Tax Rate 2025 Effective Tax RateGAAP Income Tax Expense $13,316 22.2% $11,755 22.6%Impact of ASU 2016-09 (6) 260 21 Adjusted Income Tax Expense $13,576 22.6% $11,776 22.6% Nine Months Ended September 30, 2026 Effective Tax Rate 2025 Effective Tax RateGAAP Income Tax Expense $38,719 22.7% $33,375 22.4%Impact of ASU 2016-09 (6) 1,550 894 Adjusted Income Tax Expense $40,269 23.6% $34,269 23.0%
Table 4
(unaudited)
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
(Dollars in thousands) Three Months Ended
September 30, Nine Months Ended
September 30, 2026 2025 2026 2025 Net cash provided by operating activities $69,772 $65,572 $156,544 $149,281 Capital expenditures and proceeds from the sale of assets (11,863) (14,891) (28,559) (26,866)Free cash flow $57,909 $50,681 $127,985 $122,415 (1) Amortization of intangible assets and finance leases: Amortization of intangible assets and finance leases consists of amortization of customer relationships, trademarks and trade names, developed technology, regulatory registration costs, patents and trade secrets, capitalized loan issuance costs, other intangibles acquired primarily in connection with business combinations, and finance leases. We record expense relating to the amortization of these intangibles and finance leases in our GAAP financial statements. Amortization expenses for our intangible assets and finance leases are inconsistent in amount and are significantly impacted by the timing and valuation of acquisitions. Consequently, our non-GAAP adjustments exclude these expenses to facilitate an evaluation of our current operating performance and comparisons to our past operating performance. (2) Transaction and integration costs: Transaction and integration costs related to acquisitions and divestitures are expensed in our GAAP financial statements. Management excludes these items for the purposes of calculating adjusted EBITDA and other non-GAAP financial measures. We believe that excluding these items from our non-GAAP financial measures is useful to investors because these are items associated with transactions that are inconsistent in amount and frequency causing comparison of current and historical financial results to be difficult. (3) Nonqualified deferred compensation plan (income) expense: Gains and losses on rabbi trust assets related to our nonqualified deferred compensation plan are recorded in other (income) expense while the offsetting increases or decreases to the deferred compensation liability are recorded within earnings from operations. The increases and decreases in the deferred compensation liability are driven by market volatility and are not a true reflection of company performance. We believe excluding these amounts from our non-GAAP financial measures is useful to investors because these items are inconsistent in amount based on market conditions causing comparison of current and historical financial results to be difficult. (4) Restructuring costs: Restructuring costs related to a reorganization of the business are recorded in our GAAP financial statements. Management excludes these items for the purposes of calculating adjusted EBITDA and other non-GAAP financial measures. We believe that excluding these items from our non-GAAP financial measures is useful to investors because these items are inconsistent in amount and frequency causing comparison of current and historical financial results to be difficult. (5) Income tax adjustment: For purposes of calculating adjusted net earnings and adjusted diluted earnings per share, we adjust the provision for (benefit from) income taxes to tax effect the taxable and deductible non-GAAP adjustments described above as they have a significant impact on our income tax (benefit) provision. Additionally, the income tax adjustment is adjusted for the impact of adopting ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting” and uses our non-GAAP effective rate applied to both our GAAP earnings before income tax expense and non-GAAP adjustments described above. See Table 3 for the calculation of our non-GAAP effective tax rate. (6) Impact of ASU 2016-09: The primary impact of ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"), was the recognition during the three and nine months ended September 30, 2026 and 2025, of excess tax benefits as a reduction to the provision for income taxes and the classification of these excess tax benefits in operating activities in the consolidated statement of cash flows instead of financing activities. Management excludes this item for the purpose of calculating adjusted Income Tax Expense. We believe that excluding the item in our non-GAAP financial measures is useful to investors because it is inconsistent in amount and frequency causing comparison of current and historical financial results to be difficult.
Proti společnosti Ensign Group (ENSG) byla podána hromadná žaloba pro údajný podvod s cennými papíry. Akcie společnosti 8. června 2026 klesly o 8,15 % po zprávě o údajném zanedbávání pacientů a nedostatečném počtu zaměstnanců.
NEW YORK, Oct. 23, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against The Ensign Group, Inc. (NASDAQ:ENSG) and certain of the company’s senior executives for securities fraud after significant stock drops resulting from potential violations of the federal securities laws.
If you invested in Ensign, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/ensign-class-action-lawsuit.
Key Details of the Ensign ($ENSG) Class Action:
Lead Plaintiff Deadline: December 7, 2026Alleged Misconduct: Securities fraud alleging Ensign misrepresented that its business model relied on patient neglect, understaffing, manipulated quality and staffing data, improper billing, and an administrator-license rental scheme.Largest Alleged Stock Drop: June 8, 2026 – 8.15%Court: U.S. District Court for the Central District of CaliforniaAction: Contact BFA Law to discuss your rights Investors have until December 7, 2026 to ask the Court to be appointed to lead the case. The complaint asserts securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Ensign securities. The class action is pending in the U.S. District Court for the Central District of California. It is captioned Perusek v. The Ensign Group, Inc., et al., No. 8:26-cv-02963.
Why is Ensign Being Sued for Securities Fraud?
Ensign is a healthcare services company that operates skilled nursing, senior living, and rehabilitative care facilities through affiliated providers. The company relies heavily on Medicare and Medicaid reimbursements, making patient care, staffing, billing, and regulatory compliance central to its business model.
According to the complaint, Ensign represented that quality patient care was central to its business, described its clinical outcomes and CMS ratings, and characterized regulatory and compliance risks as contingencies.
As alleged, Defendants concealed systematic understaffing and patient neglect, manipulated reported quality and staffing data, engaged in improper Medicare and Medicaid billing and upcoding, and used licensed administrators who did not actually manage certain facilities.
Why did Ensign’s Stock Drop?
On June 8, 2026, Hunterbrook Media published “Ensign: The Nursing Home Empire Built on Fatal Neglect,” based on a five-month investigation. The report alleged that Ensign acquired distressed nursing facilities, reduced registered-nurse and other skilled-care hours, used self-reported data to improve quality ratings, and generated profits by providing less care than residents required despite receiving public funds based on patient acuity.
On this news, the price of Ensign stock fell $13.88 per share, or 8.15%, from a closing price of $170.30 per share on June 5, 2026, to $156.42 per share on June 8, 2026.
On June 11, 2026, Muddy Waters Research published “Ensign: Deceiving the Government at Estimated ~20% of Facilities.” The report alleged that Ensign used licensed administrators who were seldom present and did not actually manage certain facilities, while unlicensed operators handled day-to-day operations. Muddy Waters estimated that the alleged practices existed at approximately 20% of Ensign’s skilled nursing facilities and could expose Ensign to significant sanctions, slower growth, and reduced margins.
On this news, the price of Ensign stock fell $4.52 per share, or 2.98%, from a closing price of $151.65 per share on June 10, 2026, to $147.13 per share on June 11, 2026.
On June 18, 2026, Hunterbrook published a follow-up report, “New: Patients Hungry in Ensign Facilities,” alleging additional firsthand evidence of resident hunger, inadequate food and supplies, payroll and staffing-data falsification, understaffing, and employees working above their license levels.
On this news, the price of Ensign stock fell $2.19 per share, or 1.4%, to close at $153.65 per share on June 18, 2026.
Click here for more information: https://www.bfalaw.com/cases/ensign-class-action-lawsuit.
What Can You Do?
If you invested in Ensign, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360, and “SuperLawyers” by Thomson Reuters.
Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff’s securities litigation law firm, with clients noting: “[t]here is no better service provider in the practice area,” “[t]he interest of the client is always front and center,” and “[t]here isn’t a better firm in this space.” One testimonial described the firm as “nimble and entrepreneurial,” with a “relentless focus on adding value for clients.”
BFA’s notable successes include a recovery of over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
White.market, a CS2 skins marketplace, together with WhiteBIT are launching Cache Back. The campaign combines in-game item trading with rewards in Tether Gold (XAU₮), a digital token backed by physical gold.
From October 14 to December 12, 2026, users who purchase CS2 skins on white.market can receive up to $25 worth of XAU₮ in their WhiteBIT accounts.
For white.market’s trading community, this opens not only access to more than one million CS2 skins, but also the opportunity to receive a reward in a digital asset that represents ownership of physical gold.
Skins have long outgrown their purely in-game function. They’re collected, resold, and rare items can be worth thousands of dollars: according to analyst estimates, the secondary CS2 skin market’s capitalization ranged between $4.3–6 billion in 2025–2026, with players opening over 400 million cases each year (SteamDB). Cache Back adds a new element to that experience — an introduction to tokenized gold through a purchase players already make.
Gold has long been viewed as a store of value, and tokenization now makes it as easy to hold as any digital asset — without a vault or physical storage. XAU₮, issued by Tether, is one of the largest tokens that provides you ownership of real physical gold.
XAU₮ tokens are divisible into increments as small as 0.000001 fine troy ounce of gold held in a Swiss vault.
Cache Back sits precisely at the intersection of these two trends — the excitement of the skin market and growing interest in stable digital assets.
A single skin purchase of $20 or more during the campaign period qualifies for cashback. A standard skin earns $20 in XAU₮, while a skin from the Gold Collection earns $25. Each participant may receive the cashback only once during the entire campaign. The reward is credited automatically, but withdrawing, trading, or converting it requires completed KYC verification on WhiteBIT, to be finished by December 31, 2026.
Gold Tickets can also be earned without a purchase, through Quick Learn — short educational cards explaining what XAU₮ is and how it is backed by physical gold.
Participation opens on October 14. Only users whose Steam accounts were registered before the start of the campaign can take part. To join, sign in to white.market via Steam and connect a WhiteBIT account. Full terms are available on the campaign page.
WhiteBIT and white.market are part of W Group. W Group is a global fintech ecosystem that brings together high-tech companies across blockchain, cryptocurrencies, traditional finance, and media.
The campaign’s materials, including Quick Learn, are for informational and educational purposes only and do not constitute investment, financial, or trading advice. Full terms, including a list of countries and jurisdictions with participation restrictions, are available on the campaign page on white.market.
AUTHOR
Tokoni Uti is a Lagos-based writer with several years of experience. Her work has appeared in the Huffington Post, the Los Angeles Free Press and the San Diego Free press among others. She is a graduate of Bowen University.
Gate.io ve svém říjnovém dokladu o rezervách (Proof of Reserves), zveřejněném 20. října 2026 na základě auditu k 18. říjnu 2026, vykázala poměr rezerv XRP ve výši přibližně 115 %: držela 60 396 694 XRP oproti zákaznickým zůstatkům ve výši 52 529 328 XRP.
Gate.io has released its latest Proof of Reserves (PoR) report, showing that it holds more XRP than its customers collectively have on the exchange.
The Proof of Reserve, released on Oct. 20, 2026, puts XRP’s reserve ratio at approximately 115%, meaning Gate holds 15% more tokens than customers have deposited.
Based on the audit snapshot from Oct. 18, 2026, the report also shows that the exchange holds more than its customers’ balances across every other major asset class. Gate has published verified reserve reports since 2020.
Gate Strengthens Its Overall Reserve Coverage Gate’s October report reveals that customers held a combined $7.332 billion in assets on the platform at the time of the snapshot, including more than 52 million XRP.
The exchange held $8.688 billion in total reserves, bringing its overall reserve ratio to 118.49%. This marks an increase from the 117.26% recorded in the previous reporting period.
Gate’s reserves exceeded customer balances by $1.356 billion, giving the exchange an additional buffer to meet withdrawals if many customers seek to withdraw their assets at once.
Gate has maintained excess reserves throughout 2026, building on its first PoR audit in 2020. Its reserve ratio stood at 125% in January, when total reserves reached $9.478 billion, before falling to 122% in March.
The October ratio is lower than both earlier figures, partly due to the effect of a larger and faster-growing customer base. However, Gate still holds more than $1.3 billion above its customers’ combined balances, which keeps its total reserves well above its reported liabilities.
Gate Proof of Reserves Shows Small XRP Holdings Gate’s October PoR puts its XRP reserve ratio at approximately 115%. Specifically, customers held 52,529,328 XRP on the exchange, worth about $69.8 million at the time of the snapshot.
Gate.io Proof of Reserves shows XRP overcollateralized at 115% Meanwhile, Gate held 60,396,694 XRP, valued at approximately $78.9 million. By press time, XRP had risen to $1.33, pushing the value of the exchange’s XRP holdings above $80.3 million.
Interestingly, on-chain data provided by XRPScan shows that Gate now holds 58.65 million XRP across four XRP Ledger (XRPL) accounts. This represents approximately 0.88% of the 68.4 billion XRP tokens in circulation.
Onchain data shows Gate.io holds 58M XRP across 4 accounts Gate’s XRP holdings remain relatively small compared with those of the largest centralized exchanges. South Korea’s Upbit leads with approximately 4.4 billion XRP across 13 XRPL accounts, accounting for 6.43% of the circulating supply.
Coinbase follows with 3.99 billion XRP across 343 accounts, representing 5.84%, while Binance ranks third with 1.874 billion XRP across 145 accounts, giving it a 2.74% share.
Robinhood, Bithumb, Uphold, and Kraken also rank among the top 10 XRP exchange holders, holding between 958 million and 1.6 billion XRP. Phemex, meanwhile, reported an XRP reserve ratio of 153.55% in its September 2026 PoR.
Bitcoin, Ethereum, and Stablecoins Equally Well-Covered Gate also holds more Bitcoin and Ethereum than its customers collectively own. Customers held 21,156 BTC on the exchange, while Gate maintained 25,727 BTC in reserves, worth $2.115 billion. This brought its Bitcoin reserve ratio to 121.6%. Essentially, the exchange held more than 4,500 BTC above customer balances.
With Ethereum, Gate’s customers held 362,785 ETH, while the exchange maintained 449,042 ETH worth $1.082 billion. These holdings resulted in an Ethereum reserve ratio of 123.78%.
Gate’s stablecoin reserves also exceeded customer balances. The exchange held $929.8 million in USDT, giving it a reserve ratio of 111.68%. Its USD1 reserves reached $395.594 million, producing a ratio of 100.98%. As for GUSD, Gate held $317.3 million, giving it a reserve ratio of 181.11%.
NEW YORK, Oct. 23, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into lululemon athletica inc. (NASDAQ:LULU) for potential securities fraud after significant stock drops.
If you invested in Lululemon, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/lululemon-class-action-lawsuit.
Key Details of the Lululemon ($LULU) Class Action Investigation:
Investigation Overview: Securities fraud investigation relating to Lululemon’s misrepresentations about the strength of its growth and overall business healthLargest Stock Drop: September 4, 2026 – 17.4% Stock DropAction: Contact BFA Law to discuss your rights Why is Lululemon Being Investigated for Securities Fraud?
Lululemon is being investigated for securities fraud following significant stock drops. The decline in Lululemon’s stock price caused significant losses to investors.
Lululemon is a designer, distributor, and retailer of technical athletic apparel, footwear, and accessories. Lululemon’s apparel includes pants, shorts, tops, and jackets designed for athletic activities, as well as fitness-oriented apparel and accessories.
BFA is investigating whether Lululemon misled investors about the strength of its growth and overall business health.
Why did Lululemon’s Stock Drop?
On April 22, 2026, after market close, Lululemon announced that Heidi O’Neill would be appointed as CEO effective September 8, 2026. Analysts expressed skepticism that O’Neill was well-suited for this role given her background.
On this news, the price of Lululemon stock declined by $21.79 per share, or 13.3%, from a closing price of $163.45 per share on April 22, 2026, to a closing price of $141.66 per share on April 23, 2026.
Then, on June 4, 2026, after market close, Lululemon disclosed that gross margins were down 4% year-over-year. Further, sales trends slowed at the end of the quarter due to both negative media commentary about Lululemon’s products and underwhelming results from new product launches.
On this news, the price of Lululemon stock declined by $10.96 per share, or 8.6%, from a closing price of $124.92 per share on June 4, 2026 to a closing price of $114.23 per share on June 5, 2026.
Then, on September 3, 2026, after market close, Lululemon announced a year-over-year revenue decline of 4.3%, including a 10% decline in same-store sales a 20% decline in Lululemon’s core products—leggings and women’s tops—during the quarter. Management lowered FY26 revenue, operating margins, EPS guidance, and issued fiscal 3Q26 EPS guidance which was 60% below analysts’ expectations.
On this news, the price of Lululemon stock declined by $21.16 per share, or 17.4%, from a closing price of $121.77 per share on September 3, 2026 to a closing price of $100.61 per share on September 4, 2026.
Click here for more information: https://www.bfalaw.com/cases/lululemon-class-action-lawsuit.
What Can You Do?
If you invested in Lululemon, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360, and “SuperLawyers” by Thomson Reuters.
Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff’s securities litigation law firm, with clients noting: “[t]here is no better service provider in the practice area,” “[t]he interest of the client is always front and center,” and “[t]here isn’t a better firm in this space.” One testimonial described the firm as “nimble and entrepreneurial,” with a “relentless focus on adding value for clients.”
BFA’s notable successes include a recovery of over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
Společnost Winnebago Industries nominuje Jaye L. Johnsona do představenstva a navrhne, aby bylo rozdělení představenstva do tříd během tří let zrušeno, a to od výroční valné hromady v roce 2027.
EDEN PRAIRIE, Minn., Oct. 23, 2026 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO) (the “Company”), a leading manufacturer of outdoor recreation products, today announced its intent to nominate Jay L. Johnson for election to Winnebago Industries’ Board of Directors (the “Board”) at the Company’s 2026 Annual Meeting of Shareholders (the “2026 Annual Meeting”), expected to be held in December.
“We look forward to welcoming Jay to the Board and benefiting from his perspectives as we navigate a dynamic environment and advance Winnebago Industries’ position as a trusted leader in outdoor recreation products,” said John Murabito, Independent Chairman of Winnebago Industries’ Board. “Jay’s expertise in financial management, capital allocation and capital markets will complement the skills and experience of our existing directors.”
In connection with Mr. Johnson’s nomination, Winnebago Industries has entered into a cooperation agreement with Vision One Fund, LP (“Vision One”). Under the cooperation agreement, Vision One has agreed to customary standstill, voting and other provisions. A complete copy of the cooperation agreement will be filed with the U.S. Securities and Exchange Commission as an exhibit to a Current Report on Form 8-K.
In addition, Winnebago Industries announced that the Board has committed to submitting proposals at the 2026 Annual Meeting seeking shareholder approval of amendments to the Company’s Articles of Incorporation and Bylaws to phase out its classified Board structure over a three-year period, beginning with the 2027 Annual Meeting of Shareholders.
The Board’s formal recommendations regarding the election of directors and the proposed amendments to the Company’s Articles of Incorporation and Bylaws will be included in the Company’s definitive proxy statement for the 2026 Annual Meeting, which will also provide the meeting date and other relevant information.
About Jay L. Johnson
Jay L. Johnson has been Executive Vice President, Chief Financial Officer and Treasurer of Lamar Advertising Company since October 2019. Prior to joining Lamar, Mr. Johnson served as Executive Vice President and Chief Financial Officer of DiamondRock Hospitality Company and as Senior Vice President and Treasurer of Host Hotels & Resorts. Prior to Host, he served in a variety of senior leadership roles at KeyBank Real Estate Capital and Bank of America. Mr. Johnson currently serves as a director at SBA Communications Corp., a leading owner and operator of wireless communications infrastructure, and is a former director at Newell Brands, Inc., a global consumer goods company. He received his Masters in Business Administration from Harvard Business School and his undergraduate degree from Morehouse College.
About Winnebago Industries
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.
Advisors
Goldman Sachs & Co. LLC is serving as financial advisor to Winnebago Industries and Sidley Austin LLP is serving as legal advisor. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated nomination and election of Jay L. Johnson to the Board, the proposed declassification of the Board and the timing and implementation of related governance changes. Forward-looking statements may be identified by terms such as “may,” “will,” “could,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “believe” or similar expressions. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including the outcome of shareholder votes at the 2026 Annual Meeting and other factors described in the Company's filings with the Securities and Exchange Commission (the “SEC”), including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update or revise any forward-looking statements, except as required by law.
Important Additional Information and Where to Find It
The Company intends to file a proxy statement on Schedule 14A, an accompanying proxy card and other relevant documents with the SEC in connection with its 2026 Annual Meeting. SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING PROXY CARD AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain copies of these documents, when available, free of charge at the SEC’s website at www.sec.gov or through the “SEC Filings” section of the Company’s investor relations website at https://winnebago.gcs-web.com/.
Certain Information Regarding Participants in the Solicitation
The Company, its directors and certain of its executive officers (Michael Happe, President and Chief Executive Officer; Bryan Hughes, Senior Vice President - Chief Financial Officer, Investor Relations, Information Technology and Business Development; and Stacy Bogart, Senior Vice President - Chief Legal Officer, Corporate Secretary and Corporate Responsibility) are deemed “participants” (as defined in Schedule 14A under the Securities Exchange Act of 1934, as amended) in the solicitation of proxies from the Company’s shareholders in connection with the matters to be considered at the 2026 Annual Meeting. Information regarding the names of the Company’s directors and executive officers and certain other individuals and their respective interests in the Company, by security holdings or otherwise, is set forth in the sections entitled “Director Compensation,” “Compensation Discussion and Analysis,” “Compensation Tables and Narrative Disclosure,” and “Security Ownership of Certain Beneficial Owners and Management” of the Company’s proxy statement on Schedule 14A in connection with its 2025 Annual Meeting of Shareholders, filed with the SEC on November 4, 2025 (available here) and the section entitled “Information about our Executive Officers” of the Company’s Annual Report on Form 10-K filed with the SEC on October 21, 2026 (available here) and, with respect to Emily Silver, Item 5.02 of the Company’s Current Report on Form 8-K filed with the SEC on May 1, 2026 (available here). Supplemental information regarding the participants’ holdings of the Company’s securities can be found in SEC filings on statements of beneficial ownership on Forms 3, 4 and 5 filed with the SEC on October 27, 2025 and October 15, 2026 for Sara Armbruster (available here and here); October 13, 2026 and October 16, 2026 for Stacy Bogart (available here, here and here); October 15, 2026 for Christopher Braun (available here); October 15, 2026 for Kevin Bryant (available here); November 17, 2025 and October 15, 2026 for William Fisher (available here and here); October 29, 2025, August 14, 2026, October 13, 2026 and October 16, 2026 for Michael Happe (available here, here, here, here and here); October 13, 2026 and October 16, 2026 for Bryan Hughes (available here, here and here); August 31, 2026 and October 15, 2026 for Staci Kroon (available here and here); December 1, 2025, March 3, 2026 and October 15, 2026 for David Miles (available here, here and here); October 15, 2026 for John Murabito (available here); December 1, 2025, March 3, 2026, June 1, 2026, August 31, 2026 and October 15, 2026 for Michael Pack (available here, here, here, here and here); and May 1, 2026, May 5, 2026 and October 15, 2026 for Emily Silver (available here, here and here). Such filings will also be available at no charge by clicking the “SEC Filings” link in the “Financial Information” section of the “Investors” tab of the Company’s website at https://winnebago.gcs-web.com/.
Any subsequent updates following the date hereof to the information regarding the identity of potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Company’s proxy statement on Schedule 14A and other materials to be filed with the SEC in connection with the Company’s 2026 Annual Meeting, when they become available. These documents will be available free of charge as described above.
RASONQUE v klinické studii fáze 3 prodloužil medián celkového přežití u dříve léčených pacientů s metastatickým karcinomem slinivky na 13,2 měsíce oproti 6,7 měsíce ve skupině léčené chemoterapií.
Expanding on the unprecedented final results previously reported from the Phase 3 RASolute 302 trial, the exploratory subgroup analyses showed RASONQUE consistently provided an overall survival benefit compared with chemotherapy across key subgroups, including patients with no identified tumor RAS mutationFindings presented as late-breaking abstract during Proffered Paper session REDWOOD CITY, Calif., Oct. 23, 2026 (GLOBE NEWSWIRE) -- Revolution Medicines, Inc. (Nasdaq: RVMD), a global, commercial-stage oncology company dedicated to discovering, developing and delivering innovative medicines for patients with RAS-addicted cancers, today announced that exploratory subgroup analyses from the Phase 3 RASolute 302 trial were presented as a late-breaking abstract at the European Society for Medical Oncology (ESMO) Congress 2026 in Madrid, Spain. The analyses showed that RASONQUE (daraxonrasib) consistently provided an overall survival (OS) benefit compared with chemotherapy across all evaluated RAS genotype subgroups among patients with previously treated metastatic pancreatic adenocarcinoma (PDAC), including those with no identified tumor RAS mutation. The OS benefit with RASONQUE was also maintained across preselected standard-of-care (SOC) chemotherapy regimens and prior treatment settings, including early metastatic recurrence following perioperative therapy.
“For people living with metastatic pancreatic cancer, progression after initial treatment can be devastating, with limited options and a poor prognosis,” said Zev A. Wainberg, M.D., Professor of Medicine at UCLA and co-director of the UCLA GI Oncology Program, RASolute 302 investigator and presenter of the data at ESMO. “The analysis presented at ESMO reinforces the unprecedented and statistically significant survival benefit of daraxonrasib observed in the overall study population of the RASolute 302 trial. The overall survival benefit was seen consistently across all evaluated tumor RAS profiles, underscoring the potential of daraxonrasib to benefit the broad population of patients with this devastating disease.”
In the RASolute 302 trial, patients were randomized to receive either RASONQUE 300 mg once daily (n=248) or investigator’s choice of standard chemotherapy (n=252). These exploratory subgroup analyses were derived from the prespecified primary analysis of RASolute 302, conducted at the February 10, 2026 data cutoff, which had a median follow-up of 8.5 months. In the previously reported primary analysis, median OS was 13.2 months with RASONQUE versus 6.7 months with chemotherapy (hazard ratio [HR] 0.40; 95% confidence interval [CI]: 0.30–0.53). For these exploratory analyses, across the RAS subgroups evaluated, the OS HR was 0.49 (95% CI: 0.33–0.74) for G12D mutations, 0.32 (95% CI: 0.19–0.54) for G12V mutations, 0.61 (95% CI: 0.29–1.30) for G12R mutations, 0.37 (95% CI: 0.09–1.44) for RAS Q61 mutations, and 0.43 (95% CI: 0.09–1.98) for tumors with no identified RAS mutation.
The analyses also showed a consistent OS benefit with RASONQUE across preselected SOC chemotherapy regimens, including gemcitabine plus nab-paclitaxel (GnP; HR 0.45; 95% CI: 0.32–0.65), pooled modified FOLFIRINOX/FOLFOX (HR 0.46; 95% CI: 0.23–0.95) and nanoliposomal irinotecan plus fluorouracil and leucovorin (NAL-IRI + 5-FU/LV; HR 0.32; 95% CI: 0.18–0.58).
The OS improvement was also seen among patients treated with RASONQUE compared with chemotherapy across prior treatment settings, including metastatic disease diagnosed less than six months after the last dose of neoadjuvant or adjuvant therapy (HR 0.36; 95% CI: 0.17–0.75) and one prior line of therapy for metastatic disease (HR 0.43; 95% CI: 0.32–0.58).
“These exploratory analyses across key subgroups from RASolute 302 reinforce RASONQUE as a potential new standard of care for eligible adults with metastatic pancreatic adenocarcinoma,” said Alan Sandler, M.D., chief development officer of Revolution Medicines. “They also support our broader clinical development program, which is evaluating targeted approaches across RAS variants and treatment settings with the goal of changing the treatment paradigm in RAS-addicted cancers where there is a significant unmet medical need. With RASONQUE approved in the United States, the European Medicines Agency’s Committee for Medicinal Products for Human Use recent positive opinion and regulatory reviews underway in other countries, we remain committed to expanding access to RASONQUE for eligible patients globally.”
The presentation (LBA82), titled “Daraxonrasib, a RAS(ON) multi-selective inhibitor vs chemotherapy in previously treated metastatic pancreatic adenocarcinoma (mPDAC): Additional subgroup analyses from the Phase 3 RASolute 302 study,” was delivered by Dr. Wainberg during the Proffered Paper 1: Gastrointestinal Tumour, Upper Digestive session on October 23, 2026, at the ESMO Congress in Madrid, Spain. The primary analysis from RASolute 302 was presented at the 2026 American Society of Clinical Oncology Annual Meeting with simultaneous publication in The New England Journal of Medicine.
About Pancreatic Adenocarcinoma
Pancreatic adenocarcinoma, or PDAC, is the most common form of pancreatic cancer and among the most challenging malignancies. RAS, a key growth control switch in human cells, is the main driver of pancreatic cancer, which is characterized by excessive RAS signaling. Each year, approximately 500,000 people globally are diagnosed with PDAC and it is the seventh leading cause of cancer-related deaths worldwide.1,2
Because early-stage pancreatic cancer often causes few or no symptoms, approximately 80% of patients are diagnosed after the disease has spread, when treatment options are more limited.3 For patients with metastatic PDAC, the five-year relative survival rate is approximately 3% worldwide.4
About the RASolute 302 Clinical Trial
RASolute 302 (NCT06625320) was a global, randomized Phase 3 registrational clinical trial designed to evaluate the efficacy and safety of RASONQUE as a monotherapy in patients with previously treated metastatic pancreatic adenocarcinoma (PDAC). In the trial, patients were randomized to receive either an oral dose of 300 mg RASONQUE once daily or investigator’s choice of four different cytotoxic chemotherapy regimens, which represented standard of care across the globe. The trial enrolled patients with metastatic PDAC with RAS G12 mutations (such as G12D, G12V, and G12R), RAS G13 or Q61 mutations, as well as patients with no identified tumor RAS mutations.
The primary endpoints of the RASolute 302 trial were progression-free survival (PFS), as assessed by a Blinded Independent Central Review according to RECIST 1.1, and overall survival (OS) in patients with tumors harboring RAS G12 mutations. Secondary endpoints included PFS and OS in all enrolled patients (the intent-to-treat population) encompassing patients with and without identified tumor RAS mutations, as well as objective response rate, duration of response, and patient-reported quality of life.
About RASONQUE™ (daraxonrasib)
RASONQUE (daraxonrasib) is an oral, RAS(ON) multi-selective, noncovalent, tri-complex inhibitor (TCI), approved by the U.S. FDA for the treatment of adult patients with metastatic pancreatic adenocarcinoma (PDAC) who have received at least one prior systemic therapy or who are not candidates for multiagent systemic therapy.5 RASONQUE is being investigated through a global Phase 3 registrational program in patients with PDAC and metastatic RAS mutant non-small cell lung cancer (NSCLC). Outside the U.S., RASONQUE is an investigational agent that has not been approved by any regulatory authority.
U.S. INDICATION
RASONQUE is indicated for the treatment of adult patients with metastatic pancreatic adenocarcinoma who have received at least one prior systemic therapy or who are not candidates for multiagent systemic therapy.
U.S. IMPORTANT SAFETY INFORMATION
RASONQUE is associated with the following Warnings and Precautions: Dermatologic and Soft Tissue Toxicity, Stomatitis and Oral Disorders, Diarrhea, Gastrointestinal Perforation, Interstitial Lung Disease (ILD)/Pneumonitis, and Embryo-Fetal Toxicity.
U.S. WARNINGS AND PRECAUTIONS
Dermatologic and Soft Tissue Toxicity
RASONQUE can cause dermatologic toxicity, which may be severe. Clinical manifestations included, but were not limited to, rash, pruritus, paronychia, dry skin, and skin fissures. In clinical trials of patients with pancreatic adenocarcinoma, dermatologic toxicity occurred in 86% of patients treated with RASONQUE, of which 10% were Grade 3.
Monitor patients who develop dermatologic or soft tissue toxicities while receiving RASONQUE. Initiate prophylactic measures (e.g., topical corticosteroids, emollient creams, sunscreen, oral antibiotics) prior to the first dose of RASONQUE to reduce the risk of moderate to severe dermatologic reactions. Advise patients to limit sun exposure while taking RASONQUE. Initiate supportive measures (e.g., oral corticosteroids) as clinically indicated, and consider dermatologic consultation. Withhold, reduce the dose, or permanently discontinue RASONQUE based on severity.
Stomatitis and Oral Disorders
RASONQUE can cause stomatitis, including mouth ulcers and oral mucositis. In clinical trials of patients with pancreatic adenocarcinoma, stomatitis occurred in 57% of patients, of which 9% were Grade 3.
Monitor patients for signs and symptoms of stomatitis while receiving RASONQUE. Initiate a steroid-containing mouthwash for treatment of stomatitis and administer other topical treatments (e.g., chlorhexidine mouthwash, 2% lidocaine viscous) as clinically indicated. Withhold, reduce the dose, or permanently discontinue RASONQUE based on severity.
Diarrhea
RASONQUE can cause diarrhea. In clinical trials of patients with pancreatic adenocarcinoma, diarrhea occurred in 63% of patients, of which 6% were Grade 3.
If diarrhea occurs, administer antidiarrheal treatment as clinically indicated. Withhold, reduce the dose, or permanently discontinue RASONQUE based on severity.
Gastrointestinal Perforation
RASONQUE can cause gastrointestinal perforation. In clinical trials of patients with pancreatic adenocarcinoma, gastrointestinal perforation occurred in 0.9% of patients treated with RASONQUE, of which 0.5% were Grade 3, one event was Grade 4, and one event was fatal.
Monitor patients for gastrointestinal perforation. Withhold RASONQUE if gastrointestinal perforation is suspected. Reduce the dose or permanently discontinue RASONQUE if no other potential causes of gastrointestinal perforation are identified.
Interstitial Lung Disease (ILD)/Pneumonitis
RASONQUE can cause interstitial lung disease or pneumonitis. In clinical trials of patients with pancreatic adenocarcinoma, ILD/pneumonitis occurred in 2.4% of patients treated with RASONQUE, of which 0.9% were Grade 3, and one event was fatal.
Monitor patients for new or worsening pulmonary symptoms. Withhold RASONQUE if ILD/pneumonitis is suspected. Reduce the dose or permanently discontinue RASONQUE if no other potential causes of ILD/pneumonitis are identified.
Embryo-Fetal Toxicity
Based on findings in animals, RASONQUE can cause fetal harm when administered to a pregnant woman. Advise females of reproductive potential to use effective contraception during treatment with RASONQUE and for 1 week after the last dose. Advise males with female partners of reproductive potential to use effective contraception during treatment with RASONQUE and for 1 week after the last dose.
ADVERSE REACTIONS
Serious adverse reactions occurred in 30% of patients treated with RASONQUE. Serious adverse reactions occurring in ≥ 2% of patients treated with RASONQUE were diarrhea (3.7%), pyrexia (3.3%), sepsis (2.9%), fatigue (2.1%), and hemorrhage (2.1%).
Adverse reactions leading to permanent discontinuation of RASONQUE occurred in 2.9% of patients, including two patients who discontinued due to rash (0.8%).
The most common (≥ 20%) adverse reactions in patients treated with RASONQUE were rash, diarrhea, stomatitis, nausea, fatigue, vomiting, abdominal pain, edema, decreased appetite, and hemorrhage.
DRUG INTERACTIONS
Strong CYP3A Inhibitors with P-gp Inhibition: Avoid concomitant use.Strong CYP3A Inhibitors without P-gp Inhibition: Reduce RASONQUE dosage.Moderate CYP3A Inhibitors with or without P-gp Inhibition: Reduce RASONQUE dosage.P-gp Inhibitors: Reduce RASONQUE dosage.Cyclosporine A: Avoid concomitant use.Strong CYP3A Inducers: Avoid concomitant use. Increase RASONQUE dosage if concomitant use cannot be avoided.Moderate CYP3A Inducers: Increase RASONQUE dosage.P-gp Substrates: Take at least 4 hours apart from RASONQUE.
PROPHYLACTIC MEASURES
When initiating RASONQUE and throughout treatment, prophylactic and concomitant medications are recommended to reduce the risk of dermatologic reactions:
administer a topical corticosteroid (applied to the face and chest) and emollient creamsadvise patients to limit sun exposure and use broad-spectrum sunscreen (SPF 30 or higher)consider prophylactic oral antibiotics (e.g., doxycycline or minocycline)
Please see U.S. Full Prescribing Information for RASONQUE
About Revolution Medicines, Inc.
Revolution Medicines is a global, commercial-stage oncology company dedicated to discovering, developing and delivering innovative medicines for patients with RAS-addicted cancers. Leveraging its differentiated RAS(ON) tri-complex inhibitor platform, the company is advancing a broad, integrated portfolio of oral RAS(ON) inhibitors designed to directly target the active, cancer-driving state of RAS. Founded on rigorous scientific inquiry and a willingness to challenge long-held assumptions, Revolution Medicines is committed to changing the trajectory of disease for patients with RAS-addicted cancers worldwide. For more information, visit www.revmed.com and follow Revolution Medicines on LinkedIn, X (Twitter) and Instagram.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not historical facts may be considered "forward-looking statements," including without limitation statements regarding the broad potential of RAS(ON) inhibition; the interpretation, significance and implications of the subgroup analyses and other data from the RASolute 302 trial; the potential of RASONQUE to become a standard of care or to change the treatment paradigm in pancreatic cancer or other RAS-addicted cancers; treatment practices; the company’s regulatory interactions and plans, including the timing and outcome of the European Commission’s decision following the CHMP positive opinion and of regulatory reviews in other jurisdictions; the commercialization, market acceptance and potential label expansion of RASONQUE; the company’s broader clinical development program; and progression of clinical studies and findings from these studies, including the tolerability, safety, and potential efficacy of RASONQUE and the company's product candidates being studied.
Forward-looking statements are typically, but not always, identified by the use of words such as "aims," "anticipate," "believe," "estimate," "expect," "plan," "potential," "project," "up to," "will" and other similar terminology indicating future results. Such forward-looking statements are subject to substantial risks and uncertainties that could cause the company's development programs, future results, performance, or achievements to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include without limitation risks and uncertainties inherent in the drug development process, including the company's programs' development stages, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, the company's ability to successfully establish, protect and defend its intellectual property, other matters that could affect the sufficiency of the company's capital resources to fund operations, reliance on third parties for manufacturing and development efforts, changes in the competitive landscape, and the effects on the company's business of global events, such as international conflicts or global pandemics. For a further description of the risks and uncertainties that could cause actual results to differ from those anticipated in these forward-looking statements, as well as risks relating to the business of Revolution Medicines in general, see Revolution Medicines' Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on August 5, 2026, and its future periodic reports to be filed with the SEC. Except as required by law, Revolution Medicines undertakes no obligation to update any forward-looking statements to reflect new information, events, or circumstances, or to reflect the occurrence of unanticipated events.
Akcie společnosti On Holding letos klesly přibližně o 23 %, protože firma záměrně omezuje dodávky maloobchodním prodejcům. Její DTC prodej však ve čtvrtletí vzrostl o 34,3 %.
The On Holding (ONON -0.64%) athletic shoes are gaining real attention and traction among athletes and everyday adults running errands. The company has been one of the fastest-growing brands this decade, but this year the stock is down about 23%. The problem seems to be an intentional slowdown that's testing investors' patience.
In August, shares dropped precipitously after second-quarter sales missed Wall Street's estimates. On experienced the largest one-day drop in its history as a slowdown in wholesale racked investors' nerves.
Image source: Getty Images.
It's all part of the plan for On The slowdown is intentional, however, as On is limiting shipments to retailers to promote full-price sales and make room for new products in the coming year. The business's fundamentals look strong as well.
In its latest quarterly report, On's direct-to-consumer sales grew 34.3% while gross margin widened to 65.4% year over year. Net sales in apparel were up 56.2%. Management expects constant-currency sales to grow in the low-20% range in 2026. While that's a slight revision down from its previous guidance, it's still a healthy trajectory as the company expands into other sports such as football and golf. The company is targeting $7 billion in sales with this expansion, an ambitious goal.
ONON On Holding$34.00-$0.22 (-0.64%)
NYSE · As of 4:00 PM ET 10/22/26
The shoe and sportswear company also recently authorized a $1 billion share buyback. On is trading at about 21 times trailing earnings, and with a price-to-earnings growth ratio well below 1 at 0.49. This suggests the stock is fairly priced and is actually currently under the analysts' consensus price target of $43.55.
I don't think there's anything inherently wrong with On Holding, but investors should be patient as the company navigates through its slowdown and heads into 2027. The business's growth may slow somewhat, but On is running on solid financial ground.
Catie Hogan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends On Holding. The Motley Fool has a disclosure policy.
Akcie společnosti Nebius za poslední měsíc klesly o 32,59 % poté, co Gartner předpověděl, že do roku 2030 ukončí samostatnou činnost více než 80 % poskytovatelů necloudových služeb.
A Gartner forecast just sparked a brutal selloff that wiped nearly half of Nebius Group's value from its peak, yet one Wall Street firm now sees shares more than doubling from here. The question is whether the neocloud model survives…
Nebius Group (NASDAQ:NBIS | NBIS Price Prediction) trades at $159.17, and Wall Street’s average price target is $283.60. That implies about 78% upside to where analysts think the shares should trade.
Nebius leases NVIDIA GPU capacity to AI labs and enterprises. Its Nebius AI Cloud segment brought in $574.9M last quarter, up 514% year over year. Hyperscale contracts with Meta and Microsoft helped build $37.49B in remaining performance obligations, which is why the Street keeps such close watch on the stock.
Northland Securities holds the Street-high target of $410.00, roughly 2.58x the current price. With implied upside above 40%, analyst targets frame the outlook for the stock.
Neocloud Extinction Fears Drive a Steep Monthly Sell-Off A Gartner forecast set off the latest wave of selling. It predicted that “cost pressure and a lack of a differentiating business model will force over 80% of neocloud providers to cease independent operations” by 2030. Nebius has fallen 32.59% in the past month. It lost 15.52% in the past week alone. The stock now sits about 47% below its 52-week high of $299.86.
The damage hit the whole sector. Rate-hike fears hit the AI debt market at the same time, according to 24/7 Wall St. coverage. DA Davidson’s Gil Luria said Nebius and CoreWeave (NASDAQ:CRWV) “literally sell the same thing to the same companies,” so investors are questioning the neocloud model as a whole.
The last quarter itself held up. Revenue of $582.3M beat the $574.65M consensus. Even so, the operating loss reached $175.9M, first-half capex reached $8.13B, and three customers made up 24%, 21%, and 14% of revenue.
Northland’s $410 Target Rests on 2027 Pricing Power Of the 21 analysts tracked, 2 rate it Strong Buy, 12 Buy, 5 Hold, 1 Sell, and 1 Strong Sell. Northland’s Nehal Chokshi keeps an Outperform rating, and BNP Paribas Exane’s Stefan Slowinski holds a $399.00 target. Northland’s thesis centers on the company’s data center buildout across Europe and North America, early access to next-generation NVIDIA GPUs, and multiple expansion as markets price Nebius as a pure-play AI cloud operator.
The near-term marker is full-year guidance, which management reaffirmed: revenue of $3 billion to $3.4 billion, annualized run-rate revenue of $7 billion to $9 billion, and roughly 40% adjusted EBITDA margin. Analysts expect third-quarter revenue of about $904.8 million.
CEO Arkady Volozh said Nebius “could sell today our entire 2027 capacity on these terms if we wanted to.” Short-duration deals are being set at $40 million to $50 million per megawatt, and the contracted power target rose to 5 gigawatts. Management says formal 2027 guidance comes later this year.
Price targets are estimates and carry no guarantee. All of this depends on Nebius bringing capacity online on schedule while capital markets stay open.
CoreWeave and Oracle Fell Too, With Even Wider Gaps The whole peer group sold off together, and Nebius carries the lowest implied upside of the three.
CoreWeave trades at $55.60 after falling 36.02% in a month. Its $138.34 target implies about 149% upside. Of 42 analysts, 8 rate it Strong Buy and 23 Buy, and Goldman Sachs recently upgraded it to Buy. Its 8.94 debt-to-equity ratio explains part of the discount.
Oracle (NYSE:ORCL) trades at $125.54, down 13.16% in a month. Its $237.36 target implies roughly 89% upside. Of 43 analysts, 7 rate it Strong Buy and 28 Buy.
CoreWeave holds the largest analyst-implied upside. Nebius looks like the group’s relative winner, priced with less distress than its peers.
Nebius Is Still Up 90% This Year Despite the Drawdown At $159.17, Nebius trades with about 78% implied upside to the $283.60 consensus from 21 analysts. Shares are down 27.97% over three months but still up 90.16% year to date.
The S&P 500 has gained 12.05% year to date and slipped 1.21% over the past month. Nebius trades at about 46x forward earnings.
Backlog Supports the Upside, but Dilution Caps the Ceiling The bull case strengthens if the 2027 pricing Volozh described holds and the third-quarter report confirms new capacity is turning into revenue. That path leads back toward the consensus target.
The bear case gains weight if Gartner’s consolidation call is right. Convertible debt with a fair value of $20.8B, $12.1B in upcoming lease obligations, and ongoing share sales could dilute holders even if revenue keeps growing.
I lean positive. The backlog looks durable, and management guides to roughly 40% adjusted EBITDA margin. The $410 target needs everything to go right, though, so the consensus figure is the more realistic benchmark. Nebius is one of several picks-and-shovels names riding the data-center buildout, and we rounded up seven more in a free report on AI infrastructure stocks that aren’t chipmakers.
Contact [email protected] for any questions or corrections.
Rogers delivers topline and adjusted EBITDA growth while generating record free cash flow and its lowest capital intensity in over two decades
Total service revenue and adjusted EBITDA growth of 1%Free cash flow of $1.4 billion, achieves over $3 billion of free cash flow year to dateCapital expenditures of $524 million and capital intensity of 9.6%, down 840 basis points and amongst the lowest in the industry Executes on sports and media strategy; becomes 100% owner of MLSE on October 1 and turns to process to sell minority interest in our consolidated sports, media, and entertainment assets (Rogers Sports)
Focus on efficiency and financial discipline continues to drive industry-leading Wireless and Cable margins; underlying telecom operations stable
Wireless service revenue of $2.0 billion, down 1%Wireless adjusted EBITDA up 1%; adjusted EBITDA margin up 130 basis points to 68%Total mobile phone net additions of 17,000Mobile phone ARPU of $55.22; postpaid mobile phone churn of 1.03%Cable service revenue of $2.0 billion, stable year over yearCable adjusted EBITDA up 1%; adjusted EBITDA margin up 40 basis points to 59%Retail Internet net additions of 10,000 Achieves strong performance in Media helped by over 97% near-sell-out attendance at the Toronto Blue Jays; Rogers leading sports and media assets continue to show scale
Revenue of $821 million, up 9%Adjusted EBITDA of $84 million, up 12%Commenced 13th consecutive year of national NHL media rights ownership; expanded sublicensing agreements for both Wednesday night hockey and French-language games for duration of contractAnnounced twelve-concert Backstreet Boys residency at Rogers Centre in Q1 2027, reflecting global scale opportunity of world-class assets Balance sheet improves with a debt leverage ratio of 3.7x, down 0.1x sequentially
Targets further deleveraging by the first half of 2027 through the unlocking of considerable value in Rogers Sports holdings Company reaffirms 2026 outlook for total service revenue, adjusted EBITDA, capital expenditures, and free cash flow
TORONTO, Oct. 23, 2026 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI) today announced its unaudited financial and operating results for the third quarter ended September 30, 2026.
"Our third quarter results demonstrate strong financial discipline, with margin expansion in Cable and Wireless, record free cash flow, and further deleveraging despite lower market activity," said Tony Staffieri, President and CEO. "The close of the MLSE transaction marks a significant milestone in our plan to unlock shareholder value from our sports and media assets, which continue to show global breadth and scale."
Consolidated Financial Highlights
(In millions of Canadian dollars, except per share amounts, unaudited)Three months ended September 30
Nine months ended September 30
2026 2025% Chg 2026 2025% Chg Total revenue 5,443 5,3482 16,540 15,5406 Total service revenue 4,780 4,7391 14,747 13,8546 Adjusted EBITDA1 2,535 2,5151 7,341 7,1313 Net income 495 5,768(91) 312 6,196(95)Net income attributable to RCI shareholders 482 5,714(92) 194 6,151(97)Adjusted net income1 701 726(3) 1,884 1,901(1)Adjusted net income attributable to RCI shareholders1 704 740(5) 1,894 1,903— Diluted earnings per share attributable to RCI shareholders$0.88$10.54(92)$0.33$11.38(97)Adjusted diluted earnings per share attributable to RCI shareholders1$1.29$1.37(6)$3.46$3.52(2) Cash provided by operating activities 1,658 1,5159 4,670 4,4076 Free cash flow1 1,370 82965 3,128 2,34034 _______________________________________
1 Adjusted EBITDA is a total of segments measure. Free cash flow and debt leverage ratio are capital management measures. Capital intensity and Wireless mobile phone ARPU are supplementary financial measures. Adjusted diluted earnings per share is a non-GAAP ratio. Adjusted net income and adjusted net income attributable to RCI shareholders (a component of adjusted diluted earnings per share) are non-GAAP financial measures. See "Non-GAAP and Other Financial Measures" in our Q3 2026 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and this earnings release for more information about each of these measures. These are not standardized financial measures under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other companies.
Strategic Highlights
The five objectives set out below guide our work and decision-making as we further improve our operational execution and make well-timed investments to grow our core businesses and deliver increased shareholder value. Below are some highlights for the quarter.
Build the biggest and best networks in the country
Expanded our 5G/5G+ network nationally, including in New Brunswick and Quebec.Completed 350 new wireless sites and upgraded 300 existing sites as part of the $300 million Eastern Ontario Regional Network Cell Gap Project.Leveraged Rogers Satellite capabilities to offer free Rogers Satellite to all Rogers wireless customers in British Columbia during the state of emergency caused by wildfires. Deliver easy to use, reliable products and services
Added exclusive Sportsnet+ content, including Monday Night Hockey, for Rogers Xfinity customers at no additional cost.Introduced new wireless product lineups from Apple and Samsung Galaxy.Carried 510 terabytes of mobile data on our 5G+ network at stadiums and fan zones in Toronto and Vancouver on FIFA World Cup match days. Be the first choice for Canadians
Drew an American League-leading over 3.3 million fans to Toronto Blue Jays games at the Rogers Centre this season - more than 97% of capacity, the club's best attendance since 2016, and third-highest in the MLB.Earned the number-one ranking for Rogers radio stations among adults aged 25-53 in Toronto, Edmonton, and Vancouver, as reported by Numeris. Be a strong national company investing in Canada
Signed an agreement with Kilmer Sports Inc. to acquire its remaining 25% stake in MLSE on October 1.Donated $1 million to Alberta children's charities through the Rogers Charity Classic.Renewed Mobi by Rogers through 2029 with Vancouver Bike Share to connect riders across the city. Be the growth leader in our industry
Grew total service revenue by 1% and adjusted EBITDA by 1%.Generated strong free cash flow of $1,370 million and cash flow from operating activities of $1,658 million. Update on sports and entertainment assets
On October 1, 2026, we completed the MLSE minority interest acquisition for $4.35 billion in cash, which we funded through short-term credit facilities. For more information, see "Managing our Liquidity and Financial Resources" in our Q3 Management's Discussion and Analysis (MD&A). Upon completing this transaction, we have obtained a 100% ownership interest in MLSE.
MLSE owns the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), Toronto Argonauts (CFL), various minor league teams, and associated real estate holdings, including Scotiabank Arena. MLSE also holds interests in certain entities that are complementary to its sports and events businesses. On completion of the MLSE minority interest acquisition, MLSE became a wholly owned subsidiary of Rogers, further enhancing our sports and entertainment portfolio, which also includes the Toronto Blue Jays, Rogers Centre, and Sportsnet.
We are pursuing the sale of a minority interest in our consolidated sports, media, and entertainment assets (Rogers Sports) to third-party investors by the first half of 2027, the proceeds from which we expect to use to repay debt and further improve our balance sheet. We remain committed to unlocking what we view as significant unrecognized value in our sports assets.
Quarterly Financial Highlights
Revenue
Total revenue increased by 2% and total service revenue increased by 1% this quarter, primarily as a result of revenue growth in Media.
Wireless service revenue decreased by 1% this quarter primarily as a result of the decline in mobile phone ARPU due to the cumulative impact of competitive intensity and lower fee revenue as a result of the Canadian Radio-television and Telecommunications Commission's (CRTC) decision prohibiting certain fees (see "Regulatory Developments" for more information), partially offset by the year-to-date cumulative addition of new customers. Wireless equipment revenue increased by 9%, primarily as a result of a continued shift in the product mix towards higher-value devices, higher device upgrades by existing customers, and disciplined pricing.
Cable service revenue this quarter was in line with the prior year as the impact of retail Internet subscriber growth and base management activities was offset by declines in our Home Phone and Video subscriber bases. Our customer-facing data centre business, which we sold in late 2025, reflected approximately 1% of Cable service revenue in the prior year.
Media revenue increased by 9% this quarter, primarily as a result of higher sports revenue and subscriber revenue from the Warner Bros. Discovery suite of channels, partially offset by lower advertising revenue.
Adjusted EBITDA and margins
Consolidated adjusted EBITDA increased 1% this quarter, driven by EBITDA growth across all our businesses, and our adjusted EBITDA margin decreased by 40 basis points.
Wireless adjusted EBITDA increased by 1%, primarily as a result of higher equipment margins. This gave rise to an adjusted EBITDA margin of 68%, up 130 basis points.
Cable adjusted EBITDA increased by 1% as a result of various efficiency initiatives. This gave rise to an adjusted EBITDA margin of 59%, up 40 basis points. Our customer-facing data centre business, which we sold in late 2025, reflected approximately 0.5% of Cable adjusted EBITDA in the prior year.
Media adjusted EBITDA increased by 12%, primarily due to the flow-through impact of the aforementioned revenue impacts and associated costs.
Net income and adjusted net income
Adjusted net income decreased by 3% this quarter, primarily as a result of higher finance costs, partially offset by higher adjusted EBITDA. Net income decreased by $5,273 million this quarter as it was also impacted by a $5 billion non-cash gain in the prior year to recognize our existing 37.5% interest in MLSE at fair value, which was required as a result of the MLSE Transaction, and the $151 million gain on the redemption of long-term debt in the prior year.
Cash flow, available liquidity, and returns to shareholders
This quarter, we generated cash provided by operating activities of $1,658 million (2025 - $1,515 million), which increased as a result of lower income taxes paid, and free cash flow of $1,370 million (2025 - $829 million), which increased as a result of lower capital expenditures, higher adjusted EBITDA, and lower cash income taxes, partially offset by distributions to non-controlling interests. Our free cash flow generation is expected to further strengthen our balance sheet over time through accelerated repayment of debt.
As at September 30, 2026, we had $8.3 billion of available liquidity2 (December 31, 2025 - $5.9 billion), reflecting $3.2 billion in cash and cash equivalents and $5.1 billion available under our bank and other credit facilities. In September 2026, we issued three tranches of subordinated notes and received net proceeds of $2.0 billion from the issuance. We intend to use the proceeds to redeem our $2.0 billion subordinated notes due 2081 in December 2026 on their first at-par redemption date. The $4.35 billion of credit facilities we entered into in September 2026 are not included in available liquidity as they were drawn in full on October 1, 2026 to fund the MLSE minority interest acquisition (see "Update on sports and entertainment assets").
Our debt leverage ratio2 was 3.7 as at September 30, 2026 (December 31, 2025 - 4.0, which reflects the combined results of Rogers including MLSE for the period from the MLSE Transaction closing date (July 1, 2025) to December 31, 2025, and standalone Rogers results prior to July 2025 in trailing 12-month adjusted EBITDA). See "Financial Condition" in our Q3 MD&A for more information.
We also returned $270 million in dividends to shareholders this quarter and we declared a $0.50 per share dividend on October 22, 2026.
_______________________________________
2 Available liquidity and debt leverage ratio are capital management measures. See "Non-GAAP and Other Financial Measures" and "Financial Condition" in our Q3 2026 MD&A, available at www.sedarplus.ca, for more information about these measures.
About this Earnings Release
This earnings release contains important information about our business and our performance for the three and nine months ended September 30, 2026 and forward-looking information (see "About Forward-Looking Information") about future periods. This earnings release should be read in conjunction with our Third Quarter 2026 Interim Condensed Consolidated Financial Statements (Third Quarter 2026 Interim Financial Statements) and notes thereto, which have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB); our Third Quarter 2026 MD&A; our 2025 Annual MD&A; our 2025 Annual Audited Consolidated Financial Statements and notes thereto, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB; and our other recent filings with Canadian and US securities regulatory authorities, including our Annual Information Form, which are available on SEDAR+ at sedarplus.ca or EDGAR at sec.gov.
For more information about Rogers, including product and service offerings, competitive market and industry trends, our overarching strategy, key performance drivers, and objectives, see "Understanding Our Business", "Corporate Overview", and "Delivering on our Priorities" in our 2025 Annual MD&A.
References to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023 (see "Shaw Transaction" in our 2023 Annual MD&A and our 2023 Annual Audited Consolidated Financial Statements). References to the MLSE Transaction are to our acquisition of BCE Inc.'s (Bell) indirect 37.5% interest in Maple Leaf Sports & Entertainment Ltd. (MLSE) on July 1, 2025 (see "MLSE Transaction" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements). References to the MLSE minority interest acquisition are to our acquisition of the remaining 25% interest in MLSE from Kilmer Sports Inc., which was completed on October 1, 2026 (see "Update on sports and entertainment assets"). References to the "network transaction" are to our sale of a non-controlling interest in Backhaul Network Services Inc. (BNSI), a Canadian subsidiary of Rogers that owns a minor part of our wireless network (see "Subsidiary Equity Investment" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements).
We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.
All dollar amounts in this earnings release are in Canadian dollars unless otherwise stated and are unaudited. All percentage changes are calculated using the rounded numbers as they appear in the tables. This earnings release is current as at October 22, 2026 and was approved by RCI's Board of Directors (the Board) on that date.
In this earnings release, this quarter, the quarter, or third quarter refer to the three months ended September 30, 2026, first quarter refers to the three months ended March 31, 2026, second quarter refers to the three months ended June 30, 2026, and year to date refers to the nine months ended September 30, 2026, unless the context indicates otherwise. All results commentary is in descending order of magnitude and is compared to the equivalent period in 2025 or as at December 31, 2025, as applicable, unless otherwise indicated.
Reportable segments
We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:
SegmentPrincipal activitiesWirelessWireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.CableCable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.MediaA diversified portfolio of media properties, including sports media and entertainment, sports team ownership, television and radio broadcasting, specialty channels, and digital media.
Wireless and Cable are operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other subsidiaries. Media is operated by our wholly owned subsidiary, Rogers Media Inc., its subsidiaries, and MLSE. Effective July 2025, TSC was transferred from the Media reportable segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results.
Summary of Consolidated Financial Results
Three months ended September 30
Nine months ended September 30
(In millions of dollars, except margins and per share amounts) 2026 2025 % Chg 2026 2025 % Chg Revenue Wireless 2,688 2,661 1 7,819 7,745 1 Cable 1,987 1,981 — 5,919 5,884 1 Media 821 753 9 2,964 2,052 44 Corporate items and intercompany eliminations (53) (47)13 (162) (141)15 Revenue 5,443 5,348 2 16,540 15,540 6 Total service revenue1 4,780 4,739 1 14,747 13,854 6 Adjusted EBITDA Wireless 1,383 1,374 1 4,019 3,990 1 Cable 1,164 1,153 1 3,444 3,408 1 Media 84 75 12 153 20 n/m Corporate items and intercompany eliminations (96) (87)10 (275) (287)(4)Adjusted EBITDA 2,535 2,515 1 7,341 7,131 3 Adjusted EBITDA margin2 46.6% 47.0%(0.4 pts) 44.4% 45.9%(1.5 pts) Net income3: 495 5,768 (91) 312 6,196 (95)Net income attributable to RCI shareholders 482 5,714 (92) 194 6,151 (97)Earnings per share attributable to RCI shareholders3: Basic$0.89 $10.58 (92)$0.36 $11.41 (97)Diluted$0.88 $10.54 (92)$0.33 $11.38 (97) Adjusted net income 701 726 (3) 1,884 1,901 (1)Adjusted net income attributable to RCI shareholders 704 740 (5) 1,894 1,903 — Adjusted earnings per share attributable to RCI shareholders: Basic2$1.30 $1.37 (5)$3.51 $3.53 (1)Diluted$1.29 $1.37 (6)$3.46 $3.52 (2) Capital expenditures 524 964 (46) 2,027 2,773 (27)Cash provided by operating activities 1,658 1,515 9 4,670 4,407 6 Free cash flow 1,370 829 65 3,128 2,340 34 n/m - not meaningful
1 As defined. See "Key Performance Indicators".
2 Adjusted EBITDA margin is a supplementary financial measure. Adjusted basic earnings per share attributable to RCI shareholders is a non-GAAP ratio (of which adjusted net income attributable to RCI shareholders is a component). This is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" in our Q3 2026 MD&A for more information about each of these measures, available at www.sedarplus.ca.
3 Net income and earnings per share for the three and nine months ended September 30, 2025 include a $40 million reduction to the gain on revaluation of our investment in MLSE in the third quarter of 2025 as a result of finalization adjustments to the preliminary purchase price allocation for the MLSE Transaction.
Results of our Reportable Segments
WIRELESS
Wireless Financial Results
Three months ended September 30
Nine months ended September 30
(In millions of dollars, except margins)2026 2025 % Chg 2026 2025 % Chg Revenue Service revenue from external customers1,996 2,029 (2)5,947 6,004 (1)Service revenue from internal customers37 30 23 107 80 34 Service revenue2,033 2,059 (1)6,054 6,084 — Equipment revenue from external customers655 602 9 1,765 1,661 6 Revenue2,688 2,661 1 7,819 7,745 1 Operating costs Cost of equipment579 569 2 1,623 1,605 1 Other operating costs726 718 1 2,177 2,150 1 Operating costs1,305 1,287 1 3,800 3,755 1 Adjusted EBITDA1,383 1,374 1 4,019 3,990 1 Adjusted EBITDA margin168.0%66.7%1.3 pts 66.4%65.6%0.8 pts Capital expenditures171 367 (53)638 1,139 (44) 1 Calculated using service revenue.
Wireless Subscriber Results 1
Three months ended September 30
Nine months ended September 30
(In thousands, except churn and mobile phone ARPU) 2026 2025 Chg
2026 2025 Chg
Postpaid mobile phone Gross additions 347 385 (38) 1,109 1,084 25 Net additions 6 62 (56) 56 108 (52)Total postpaid mobile phone subscribers2 11,051 10,961 90 11,051 10,961 90 Churn (monthly) 1.03% 0.99%0.04 pts
1.06% 1.00%0.06 pts
Prepaid mobile phone Gross additions 186 149 37 534 416 118 Net additions 11 49 (38) 34 98 (64)Total prepaid mobile phone subscribers2 1,234 1,205 29 1,234 1,205 29 Churn (monthly) 4.77% 2.86%1.91 pts
4.60% 3.14%1.46 pts
Mobile phone ARPU (monthly)3$55.22 $56.70 ($1.48)$55.05 $56.40 ($1.35) 1 Subscriber counts and subscriber churn are key performance indicators. See "Key Performance Indicators".
2 As at end of period.
3 Mobile phone ARPU is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q3 2026 MD&A for more information about this measure, available at www.sedarplus.ca.
Service revenue
The 1% decrease in service revenue this quarter was a result of the decline in mobile phone ARPU due to the cumulative impact of competitive intensity and lower fee revenue as a result of the CRTC's decision prohibiting certain fees (see "Regulatory Developments" for more information), partially offset by the year-to-date cumulative addition of new customers. Service revenue year to date was in line with the prior year.
The decreases in postpaid gross and net additions this quarter, and net additions year to date, were primarily a result of promotional discipline and lower overall market activity in Canada.
The increase in postpaid gross additions year to date was a result of the highly promotional and competitive Canadian market activity in the first quarter.
Equipment revenue
The 9% increase in equipment revenue this quarter and 6% increase year to date were primarily a result of:
a continued shift in the product mix towards higher-value devices;higher device upgrades by existing customers; anddisciplined pricing; partially offset bya decrease in new subscribers purchasing devices. Operating costs
Cost of equipment
The 2% increase in the cost of equipment this quarter and 1% increase year to date were a result of the equipment revenue changes discussed above.
Other operating costs
The 1% increases in other operating costs this quarter and year to date were a result of higher commissions and higher costs related to Rogers Satellite.
Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.
CABLE
Cable Financial Results
Three months ended September 30
Nine months ended September 30
(In millions of dollars, except margins)2026 2025 % Chg 2026 2025 % Chg Revenue Service revenue from external customers1,961 1,957 — 5,835 5,808 — Service revenue from internal customers18 17 6 56 51 10 Service revenue1,979 1,974 — 5,891 5,859 1 Equipment revenue from external customers8 7 14 28 25 12 Revenue1,987 1,981 — 5,919 5,884 1 Operating costs823 828 (1)2,475 2,476 — Adjusted EBITDA1,164 1,153 1 3,444 3,408 1 Adjusted EBITDA margin58.6%58.2%0.4 pts 58.2%57.9%0.3 pts Capital expenditures315 477 (34)1,090 1,327 (18)
Cable Subscriber Results 1
Three months ended September 30
Nine months ended September 30
(In thousands, except ARPA and penetration) 2026 2025 Chg
2026 2025 Chg
Homes passed2 10,683 10,438 245 10,683 10,438 245 Customer relationships Net (losses) additions (2) 20 (22) 4 40 (36)Total customer relationships2 4,860 4,845 15 4,860 4,845 15 ARPA (monthly)3$135.72 $136.05 ($0.33)$134.80 $136.47 ($1.67) Penetration2 45.5% 46.4%(0.9 pts
) 45.5% 46.4%(0.9 pts
) Retail Internet Net additions 10 29 (19) 34 78 (44)Total retail Internet subscribers2 4,531 4,475 56 4,531 4,475 56 Video Net losses (35) (36) 1 (89) (93) 4 Total Video subscribers2 2,414 2,524 (110) 2,414 2,524 (110)Home Monitoring Net additions 5 7 (2) 10 15 (5)Total Home Monitoring subscribers2 163 148 15 163 148 15 Home Phone Net losses (26) (31) 5 (82) (86) 4 Total Home Phone subscribers2 1,307 1,421 (114) 1,307 1,421 (114) 1 Subscriber results are key performance indicators. See "Key Performance Indicators".
2 As at end of period.
3 ARPA is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q3 2026 MD&A for more information about this measure, available at www.sedarplus.ca.
Service revenue
Service revenue this quarter was in line with the prior year. The 1% increase year to date was a result of:
retail Internet subscriber growth; andbase management activities, including adjustments to subscriber rates and bundled service offerings; partially offset bydeclines in our Home Phone and Video subscriber bases. Our customer-facing data centre business, which we sold in late 2025, reflected approximately 1% of Cable service revenue in the prior year.
Operating costs
The 1% decrease in operating costs this quarter was a result of:
ongoing efficiency and productivity initiatives; partially offset byincreased licensing rights associated with changes to our bundled service offerings. Operating costs for the year to date were stable.
Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the service revenue and expense changes discussed above. Our customer-facing data centre business, which we sold in late 2025, reflected approximately 0.5% of Cable adjusted EBITDA in the prior year.
MEDIA
Media Financial Results
Three months ended September 30
Nine months ended September 30
(In millions of dollars, except margins)2026 2025 % Chg 2026 2025 % Chg Revenue from external customers750 678 11 2,741 1,820 51 Revenue from internal customers71 75 (5)223 232 (4)Revenue821 753 9 2,964 2,052 44 Operating costs737 678 9 2,811 2,032 38 Adjusted EBITDA84 75 12 153 20 n/m Adjusted EBITDA margin10.2%10.0%0.2 pts 5.2%1.0%4.2 pts Capital expenditures46 75 (39)165 136 21
Revenue
The 9% increase in revenue this quarter was a result of:
higher sports revenue, including:
higher game day attendance at the Toronto Blue Jays;
the NHL regular season beginning in September this year; and
higher sports league and other revenue related to other sporting events held at our venues;
higher advertising revenue on Sportsnet; and
higher subscriber revenue from the Warner Bros. Discovery suite of channels; partially offset by
lower advertising revenue as a result of ongoing softness in non-sports media advertising. The 44% increase in revenue year to date was primarily a result of the consolidation of MLSE beginning in the second half of 2025, which contributed $0.79 billion in revenue in the first and second quarters of 2026. Excluding the consolidation of MLSE, organic revenue growth was 6% year to date as a result of higher game day attendance at the Toronto Blue Jays and higher subscriber revenue from the Warner Bros. Discovery suite of channels, partially offset by lower advertising revenue.
Operating costs
The 9% increase in operating costs this quarter was a result of:
higher player salaries and related costs at the Toronto Blue Jays and the Toronto Maple Leafs, including as a result of the NHL regular season beginning in September this year; andhigher programming costs. The 38% increase year to date was primarily a result of the consolidation of MLSE beginning in the second half of 2025, which contributed $0.64 billion in costs in the first and second quarters of 2026. Excluding the consolidation of MLSE, the organic increase in operating costs was 7% year to date and primarily reflects higher player salaries and other game day costs at the Toronto Blue Jays and higher programming costs.
Adjusted EBITDA
The increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.
CAPITAL EXPENDITURES
Three months ended September 30
Nine months ended September 30
(In millions of dollars, except capital intensity)2026 2025 % Chg 2026 2025 % Chg Wireless171 367 (53)638 1,139 (44)Cable315 477 (34)1,090 1,327 (18)Media46 75 (39)165 136 21 Corporate(8)45 (118)134 171 (22) Capital expenditures1524 964 (46)2,027 2,773 (27) Capital intensity29.6%18.0%(8.4 pts)12.3%17.8%(5.5 pts) 1 Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.
2 Capital intensity is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q3 2026 MD&A for more information about this measure, available at www.sedarplus.ca.
We continue to (i) expand the reach and capacity of our 5G network across the country and (ii) invest in fibre deployments, including fibre-to-the-home (FTTH), in our cable network as we expand our network footprint to reach more homes and businesses, including in rural, remote, and Indigenous communities. These investments are expected to strengthen network resilience and stability and help us bridge the digital divide by expanding our network further into rural and underserved areas through participation in various programs and projects. In April 2026, we updated our 2026 capital expenditure guidance range (see "Financial Guidance") as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. Our strategic priorities remain unchanged and our current capital expenditure guidance range continues to support these priorities. We expect to achieve our guidance range through (i) ongoing investments progressing at a slower pace, (ii) the deferral, cancellation, or sale of certain projects, and (iii) lower capital costs for projects, most predominantly affecting Wireless and Cable.
Wireless
In addition to the above, the decreases in capital expenditures in Wireless this quarter and year to date were due to the impact of $133 million and $223 million (2025 - $13 million and $13 million), respectively, of proceeds received on the sale of certain network assets, which reduced capital expenditures. We continued to expand and enhance our wireless network through investments in network development and 5G deployment. We are actively deploying advanced spectrum assets, including the ongoing rollout of 3500 MHz spectrum and 3800 MHz spectrum. These investments build on our existing 5G infrastructure in the 600 MHz spectrum band, enabling greater speed, lower latency, and improved reliability for customers across urban and rural areas.
Cable
In addition to the above, the decreases in capital expenditures in Cable this quarter and year to date were a result of customers increasingly choosing to self-install new products. We also sold certain cable network assets for $86 million and $132 million (2025 - nil and $47 million) this quarter and year to date, respectively, the proceeds from which reduced capital expenditures. The sold assets were associated with under-construction rural fibre network projects we have deprioritized in the current environment. We are growing our network through expanded fibre deployments to increase our FTTH distribution and to extend our service footprint. At the same time, we are enhancing our network by upgrading our DOCSIS 3.1 platform as we transition to DOCSIS 4.0 to improve network resilience, stability, and capacity while delivering faster speeds. As part of this upgrade, we are rolling out mid-split technology (which has a greater number of frequencies than older technology and also allocates a greater number of frequencies to uploading data) in Ontario and Eastern Canada, significantly increasing upload speeds. These advancements leverage the latest technologies to provide greater bandwidth, improved performance, and an enhanced customer experience as we advance our connected home roadmap.
Media
The decrease in capital expenditures in Media this quarter was a result of lower modernization costs at Scotiabank Arena as construction nears completion. The increase year to date reflects higher costs in the first half of the year related to the continued modernization of Rogers Centre and Scotiabank Arena.
Corporate
The decreases in capital expenditures in Corporate this quarter and year to date primarily reflect the impact of $55 million (2025 - nil and $5 million) of proceeds received on the sale of certain real estate (land and building) assets.
Capital intensity
Capital intensity decreased this quarter and year to date as a result of the revenue growth and capital expenditure changes discussed above.
Review of Consolidated Performance
This section discusses our consolidated net income and other income and expenses that do not form part of the segment discussions above.
Three months ended September 30
Nine months ended September 30
(In millions of dollars)2026 2025 % Chg 2026 2025 % Chg Adjusted EBITDA2,535 2,515 1 7,341 7,131 3 Deduct (add): Depreciation and amortization1,202 1,230 (2)3,617 3,580 1 Restructuring, acquisition and other104 51 104 364 416 (13)Finance costs623 252 147 1,631 1,459 12 Gain on disposition of assets(67)— — (97)— — Other (income) expense1(22)(4,998)(100)993 (5,005)n/m Income tax expense200 212 (6)521 485 7 Net income495 5,768 (91)312 6,196 (95) 1 Other income for the three and nine months ended September 30, 2025 includes a $40 million reduction to the gain on revaluation of our investment in MLSE in the third quarter of 2025 as a result of finalization adjustments to the preliminary purchase price allocation for the MLSE Transaction.
Depreciation and amortization
Three months ended September 30
Nine months ended September 30
(In millions of dollars)2026 2025 % Chg 2026 2025 % Chg Depreciation of property, plant and equipment927 971 (5)2,815 2,835 (1)Depreciation of right-of-use assets140 117 20 384 328 17 Amortization135 142 (5)418 417 — Total depreciation and amortization1,202 1,230 (2)3,617 3,580 1
Restructuring, acquisition and other
Three months ended September 30 Nine months ended September 30 (In millions of dollars)20262025 20262025 Restructuring, acquisition and other excluding Shaw Transaction integration-related costs9735 342338 Shaw Transaction integration-related costs716 2278 Total restructuring, acquisition and other10451 364416
The restructuring, acquisition and other costs excluding Shaw Transaction integration-related costs in the third quarter and year to date in 2025 and 2026 primarily include severance and other departure-related costs associated with the targeted restructuring of our employee base, specifically including $120 million arising from a voluntary departure program in the second quarter of 2026. Year to date in 2026, we also incurred costs associated with certain litigation.
In 2025, the third quarter costs also included expenses related to closing the MLSE Transaction and real estate rationalization programs. Year to date in 2025, the costs also included expenses directly related to completing the network transaction and an unfavourable regulatory decision related to retransmission of distant signals.
The Shaw Transaction integration-related costs in 2025 and 2026 consisted of incremental costs supporting integration activities related to the Shaw Transaction.
Finance costs
Three months ended September 30
Nine months ended September 30
(In millions of dollars)2026 2025 % Chg 2026 2025 % Chg Interest on borrowings, net1497 481 3 1,481 1,480 — Interest on lease liabilities42 37 14 122 109 12 Interest on post-employment benefits(2)(1)100 (5)(4)25 Gain on redemption of long-term debt2— (151)(100)— (151)(100)(Gain) loss on foreign exchange(7)43 n/m 30 (43)n/m Change in fair value of derivative instruments4 (62)n/m (31)10 n/m Change in fair value of subsidiary equity derivative instruments338 (134)n/m (83)(41)102 Capitalized interest(8)(7)14 (22)(24)(8)Deferred transaction costs and other59 46 28 139 123 13 Total finance costs623 252 147 1,631 1,459 12 1 Interest on borrowings, net includes interest on short-term borrowings and on long-term debt.
2 Reflects the net gain on the redemption of long-term debt purchased in the third quarter of 2025 (see "Managing our Liquidity and Financial Resources" in our Q3 MD&A for more information).
3 Reflects the change in fair value of derivatives entered into related to the network transaction (see "Financial Risk Management" in our Q3 MD&A for more information). This amount is removed from the calculation of adjusted net income and adjusted net income attributable to RCI shareholders (see below).
Other (income) expense
The other expense year to date primarily reflects a $1,034 million non-cash loss to recognize the change in the fair value of the MLSE put liability from $3.3 billion to $4.35 billion as at June 30, 2026, as a result of the July 2026 agreement to complete the MLSE minority interest acquisition (see "Update on sports and entertainment assets"). In 2025, the other income primarily reflected a $5 billion non-cash gain to recognize our interest in MLSE at fair value, which was required as a result of the MLSE Transaction.
Income tax expense
Three months ended September 30
Nine months ended September 30
(In millions of dollars, except tax rates)2026 2025 2026 2025 Statutory income tax rate26.2%26.2%26.2%26.2%Income before income tax expense695 5,980 833 6,681 Computed income tax expense182 1,567 218 1,751 Increase (decrease) in income tax expense resulting from: Non-taxable gain on revaluation of MLSE investment— (1,304)— (1,304)Non-(taxable) deductible stock-based compensation(2)7 (6)6 Non-taxable portion of equity income— (4)(3)(3)Non-deductible loss on revaluation of MLSE put liability— — 274 — Non-deductible (taxable) portion of capital losses (gains)10 (31)— 13 Unrealized capital losses for which no deferred tax asset is recognized13 4 32 49 Recognition of previously unrecognized capital loss carryforwards— (10)— (10)Other items(3)(17)6 (17) Total income tax expense200 212 521 485 Effective income tax rate28.8%3.5%62.5%7.3%Cash income taxes paid48 234 414 548
Cash income taxes paid decreased this quarter and year to date due to timing of installments.
Net income
Three months ended September 30
Nine months ended September 30
(In millions of dollars, except per share amounts) 2026 2025 % Chg 2026 2025 % Chg Net income 495 5,768 (91) 312 6,196 (95)Net income attributable to RCI shareholders 482 5,714 (92) 194 6,151 (97)Basic earnings per share attributable to RCI shareholders$0.89 $10.58 (92)$0.36 $11.41 (97)Diluted earnings per share attributable to RCI shareholders$0.88 $10.54 (92)$0.33 $11.38 (97)
Adjusted net income
We calculate adjusted net income from adjusted EBITDA as follows:
Three months ended September 30
Nine months ended September 30
(In millions of dollars, except per share amounts) 2026 2025 % Chg 2026 2025 % Chg Adjusted EBITDA 2,535 2,515 1 7,341 7,131 3 Deduct (add): Depreciation and amortization1 1,029 1,020 1 3,091 2,929 6 Finance costs2 585 537 9 1,714 1,651 4 Other income3 (22) (22)— (41) (29)41 Income tax expense4 242 254 (5) 693 679 2 Adjusted net income 701 726 (3) 1,884 1,901 (1)Adjusted net income attributable to RCI shareholders 704 740 (5) 1,894 1,903 — Adjusted earnings per share attributable to RCI shareholders: Basic$1.30 $1.37 (5)$3.51 $3.53 (1)Diluted$1.29 $1.37 (6)$3.46 $3.52 (2) 1 Depreciation and amortization excludes depreciation and amortization on the fair value increment recognized on acquisition of Shaw Transaction-related property, plant and equipment and intangible assets for the three and nine months ended September 30, 2026 of $173 million and $526 million (2025 - $210 million and $651 million). Adjusted net income includes depreciation and amortization on the acquired Shaw property, plant and equipment and intangible assets based on Shaw's historical cost and depreciation policies.
2 Finance costs exclude the $38 million and $83 million (2025 - $134 million and $41 million) change in fair value of subsidiary equity derivative instruments for the three and nine months ended September 30, 2026. Finance costs also exclude the $151 million gain on repayment of long-term debt for the three and nine months ended September 30, 2025.
3 Other income excludes a $1,034 million non-cash loss on revaluation of the MLSE put liability for the nine months ended September 30, 2026 (see "Update on sports and entertainment assets" for more information). Other income also excludes a $4,976 million gain on revaluation of our investment in MLSE as a result of the MLSE Transaction for the three and nine months ended September 30, 2025.
4 Income tax expense excludes recoveries of $42 million and $172 million (2025 - recoveries of $42 million and $194 million), respectively, for the three and nine months ended September 30, 2026 related to the income tax impact for adjusted items.
Regulatory Developments
See "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the significant regulations that affected our operations as at March 6, 2026. The following are the relevant developments since that date.
Millimetre Wave (mmWave) Spectrum Licence Auction
On September 24, 2026, Innovation, Science and Economic Development Canada announced that the mmWave spectrum licence auction originally scheduled to start on October 19, 2027 has been rescheduled to start on January 25, 2028.
Sovereign Internet
On September 15, 2026, the Government of Canada announced its intention to support the development of a new Internet network to provide sovereign connectivity across Canada, including northern and Arctic regions, and to establish more direct international links to Europe and Asia. The initiative forms part of the government's broader strategy to strengthen Canada's digital sovereignty, enhance network resilience, reduce reliance on foreign infrastructure, and support growing demand for connectivity and data-intensive applications such as artificial intelligence. Governance, ownership, and funding models have yet to be determined.
Self-service Mechanisms
On April 24, 2026, the CRTC issued Telecom Regulatory Policy CRTC 2026-78, Enhancing self-service mechanisms, requiring service providers to, among other things, ensure customers can modify and cancel their plans through a self-service mechanism. The definition of "self-service" includes any mechanism that is easy to use and enables a customer to perform actions in relation to their service plan, including modification and cancellation, without interacting with a live customer service representative. The new requirements will come into effect on April 26, 2027.
Prohibition of Fees
On March 12, 2026, the CRTC issued Telecom Regulatory Policy CRTC 2026‑43, Prohibition of fees that are a barrier to switching cellphone and Internet plans, regarding fees incurred as a result of activating or modifying telecommunications service plans. The policy amends both the Internet Code and the Wireless Code to add a new definition of "activation or modification fee", which amendments became effective on June 12, 2026. On June 30, 2026, the CRTC issued Notice of Consultation CRTC 2026-155, Show cause and call for comments - Compliance with the prohibition of fees that are a barrier to switching cellphone and Internet plans, requiring each of Rogers, Bell, and Telus to show cause why certain fees charged by those carriers that the CRTC believes may be in contravention of Telecom Regulatory Policy 2026-43 are not in violation of sections 24 and 27.04 of the Telecommunications Act and Telecom Regulatory Policy 2026-43. Submissions addressing the issues were due to the CRTC by August 31, 2026, with replies due by September 10, 2026.
CRTC Codes of Conduct
On April 13, 2026, in Telecom Regulatory Policy CRTC 2026-67, Enhancing customer notifications, the CRTC amended the Wireless Code and the Internet Code to set out what information must be included in notices sent to customers before the end of their contract and to require notifications to customers before the end of a time-limited discount or promotion and when their data usage reaches $50 when roaming internationally. The new requirements will come into effect on April 13, 2027.
Further, on September 10, 2026, the CRTC issued Telecom Regulatory Policy CRTC 2026-238, Making it easier for consumers to shop for Internet services, requiring Internet service providers covered by the Internet Code to post additional information about Internet services by advertising and contractually disclosing (i) typical download and upload speeds, including ensuring customers receive at least 95% of those committed speeds during "peak hours" (defined as weekdays between 7:00pm and 11:00pm) and 100% of those speeds outside peak hours and (ii) a latency range for each service plan using defined categories (less than 50 ms, 51-150 ms, or greater than 151 ms). The CRTC has required this information be provided in contracts, critical information summaries, and marketing materials. The new requirements will come into effect on March 10, 2027.
Online Streaming Act
On May 21, 2026, the CRTC issued Broadcasting Regulatory Policies CRTC 2026-95 and 2026-96, which introduced (i) a new financial contribution requirement of 1.55% of annual Canadian broadcasting revenues to support a new Services of Exceptional Importance Fund (SEIF) applicable to all broadcasting ownership groups with annual revenues of at least $100 million and (ii) a new Canadian Programming Expenditures (CPE) framework. On June 3, 2026, the Government of Canada directed the CRTC to review its decision to regulate online streamers and Canadian broadcasters and stated it would be issuing new policy directions to the CRTC requiring it to adjust its implementation of the Online Streaming Act.
Updates to Risks and Uncertainties
See "Risk Management" and "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the principal risks and uncertainties that could have a material adverse effect on our business and financial results as at March 6, 2026, which should be reviewed in conjunction with this MD&A. The following updates and supplements those risks and uncertainties.
Monetization of sports, media, and entertainment assets
We intend to sell a minority interest in Rogers Sports (see "Update on sports and entertainment assets") and use the proceeds therefrom to repay debt. While we believe there is a significant market for these assets, there is no guarantee we will be successful in selling a minority interest, whether at the expected investment amount, within the anticipated timing, or at all. Such a sale would also require approval from the various leagues governing our professional sports teams, which is not guaranteed. We may not proceed with, or complete, any sale of a minority interest in Rogers Sports, whether at the expected investment amount, within the anticipated timing, or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations. Any sale of a minority interest in Rogers Sports, if completed, may be at a valuation that is less than expected or may not raise the anticipated proceeds and may not unlock significant value from our sports assets. Additionally, we may use the proceeds from the sale of a minority interest in Rogers Sports, if completed, for other purposes, whether due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations.
Sports franchises
After obtaining a 100% ownership interest in MLSE (see "Update on sports and entertainment assets"), our exposure to risks associated with owning and operating sports franchises and venues has increased.
Government broadband subsidy programs
We have agreements related to the Government of Canada's Universal Broadband Fund (UBF) and the Government of Ontario's Accelerated High-Speed Internet Program (AHSIP) under which we have committed to building networks capable of delivering Internet services to unserved or underserved regions. We have assigned the construction of certain of these lots to various third parties who have agreed, among other things, to complete construction in accordance with the standards and timelines contained within our agreements with the governments. Notwithstanding these third-party arrangements, we remain responsible for the obligations to the respective government. Should these entities be unable to fulfill their obligations, we would be required to take steps to ensure construction is completed, which could cause us to incur additional capital expenditures or reprioritize other projects to ensure these timelines are met.
Financial Guidance
On April 22, 2026, concurrently with the release of our first quarter 2026 results, we updated our consolidated guidance ranges for select full-year 2026 financial metrics that were originally provided on January 29, 2026 as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. This press release is available under Rogers' profile on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov.
Key Performance Indicators
We measure the success of our strategy using a number of key performance indicators that are defined and discussed in our 2025 Annual MD&A and this earnings release. We believe these key performance indicators allow us to appropriately measure our performance against our operating strategy and against the results of our peers and competitors. The following key performance indicators, some of which are supplementary financial measures (see "Non-GAAP and Other Financial Measures" in our Q3 2026 MD&A), are not measurements in accordance with IFRS. They include:
subscriber counts; Wireless;Cable; andhomes passed (Cable); Wireless subscriber churn (churn);Wireless mobile phone average revenue per user
(ARPU); Cable average revenue per account (ARPA);Cable customer relationships;Cable market penetration (penetration);capital intensity; andtotal service revenue. Non-GAAP and Other Financial Measures
Reconciliation of adjusted EBITDA
Three months ended September 30
Nine months ended September 30
(In millions of dollars)2026 2025 2026 2025 Net income495 5,768 312 6,196 Add (deduct): Income tax expense200 212 521 485 Finance costs623 252 1,631 1,459 Depreciation and amortization1,202 1,230 3,617 3,580 EBITDA2,520 7,462 6,081 11,720 Add (deduct): Other (income) expense(22)(4,998)993 (5,005)Restructuring, acquisition and other104 51 364 416 Gain on disposition of assets(67)— (97)— Adjusted EBITDA2,535 2,515 7,341 7,131
Reconciliation of adjusted net income
Three months ended September 30
Nine months ended September 30
(In millions of dollars)2026 2025 2026 2025 Net income495 5,768 312 6,196 Add (deduct): Restructuring, acquisition and other104 51 364 416 Change in fair value of subsidiary equity derivative instruments38 (134)(83)(41)Depreciation and amortization on fair value increment of Shaw Transaction-related assets173 210 526 651 Gain on repayment of long-term debt— (151)— (151)Gain on revaluation of MLSE investment— (4,976)— (4,976)Loss on revaluation of MLSE put liability— — 1,034 — Gain on disposition of assets(67)— (97)— Income tax impact of above items(42)(42)(172)(194) Adjusted net income701 726 1,884 1,901
Reconciliation of adjusted net income attributable to RCI shareholders
Three months ended September 30
Nine months ended September 30
(In millions of dollars)2026 2025 2026 2025 Net income attributable to RCI shareholders482 5,714 194 6,151 Add (deduct): Restructuring, acquisition and other104 51 364 416 Change in fair value of subsidiary equity derivative instruments38 (134)(83)(41)Depreciation and amortization on fair value increment of Shaw Transaction-related assets173 210 526 651 Gain on repayment of long-term debt— (151)— (151)Gain on revaluation of MLSE investment— (4,976)— (4,976)Loss on revaluation of MLSE put liability— — 1,034 — Gain on disposition of assets(67)— (97)— Revaluation of subsidiary US dollar-denominated balances119 68 150 47 Income tax impact of above items(45)(42)(194)(194) Adjusted net income attributable to RCI shareholders704 740 1,894 1,903 1 Reflects RCI's share of the impacts of foreign exchange revaluation on US dollar-denominated intercompany balances in BNSI, our non-wholly owned subsidiary formed in connection with the network transaction. These impacts are eliminated on consolidation.
Reconciliation of free cash flow
Three months ended September 30
Nine months ended September 30
(In millions of dollars)2026 2025 2026 2025 Cash provided by operating activities1,658 1,515 4,670 4,407 Add (deduct): Capital expenditures(524)(964)(2,027)(2,773)Interest on borrowings, net and capitalized interest(489)(474)(1,459)(1,456)Interest paid592 543 1,600 1,533 Restructuring, acquisition and other104 51 364 416 Program rights amortization(14)(15)(100)(65)Change in net operating assets and liabilities194 133 513 244 Distributions paid by subsidiaries to non-controlling interests(119)(14)(352)(14)Net cash proceeds on subsidiary equity derivatives15 — 39 — Post-employment benefit contributions, net of expense(18)(19)(52)(55)Cash flows relating to other operating activities(29)75 (66)110 Other investment income— (2)(2)(7) Free cash flow1,370 829 3,128 2,340 Rogers Communications Inc.
Interim Condensed Consolidated Statements of Income
(In millions of Canadian dollars, except per share amounts, unaudited)
Three months ended September 30
Nine months ended September 30
2026 2025 2026 2025 Revenue 5,443 5,348 16,540 15,540 Operating expenses: Operating costs 2,908 2,833 9,199 8,409 Depreciation and amortization 1,202 1,230 3,617 3,580 Restructuring, acquisition and other 104 51 364 416 Finance costs 623 252 1,631 1,459 Gain on disposition of assets (67) — (97) — Other (income) expense (22) (4,998) 993 (5,005) Income before income tax expense 695 5,980 833 6,681 Income tax expense 200 212 521 485 Net income for the period 495 5,768 312 6,196 Net income for the period attributable to: RCI shareholders 482 5,714 194 6,151 Non-controlling interest 13 54 118 45 Earnings per share attributable to RCI shareholders: Basic $0.89 $10.58 $0.36 $11.41 Diluted $0.88 $10.54 $0.33 $11.38 Rogers Communications Inc.
Interim Condensed Consolidated Statements of Financial Position
(In millions of Canadian dollars, unaudited)
As at
September 30 As at
December 31 2026 2025 Assets Current assets: Cash and cash equivalents3,152 1,344 Accounts receivable5,815 6,105 Inventories544 550 Current portion of contract assets158 151 Other current assets1,286 1,239 Current portion of derivative instruments500 99 Total current assets11,455 9,488 Property, plant and equipment26,087 26,307 Intangible assets29,666 28,898 Investments1,308 1,291 Derivative instruments652 746 Financing receivables1,080 1,198 Other long-term assets2,170 2,052 Goodwill20,032 20,032 Total assets92,450 90,012 Liabilities and equity Current liabilities: Short-term borrowings1,322 4,000 Accounts payable and accrued liabilities4,679 4,831 Income tax payable77 — Other current liabilities4,838 3,831 Contract liabilities1,031 1,114 Current portion of long-term debt4,362 1,186 Current portion of lease liabilities827 690 Total current liabilities17,136 15,652 Provisions54 55 Long-term debt37,470 35,872 Lease liabilities2,657 2,428 Other long-term liabilities2,939 2,225 Deferred tax liabilities9,476 9,494 Total liabilities69,732 65,726 Equity Equity attributable to RCI shareholders16,533 17,751 Non-controlling interest6,185 6,535 Equity22,718 24,286 Total liabilities and equity92,450 90,012 Rogers Communications Inc.
Interim Condensed Consolidated Statements of Cash Flows
(In millions of Canadian dollars, unaudited)
Three months ended September 30
Nine months ended September 30
2026 2025 2026 2025 Operating activities: Net income for the period495 5,768 312 6,196 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization1,202 1,230 3,617 3,580 Program rights amortization14 15 100 65 Finance costs623 252 1,631 1,459 Income tax expense200 212 521 485 Post-employment benefits contributions, net of expense18 19 52 55 Income from associates and joint ventures(22)(20)(39)(22)Gain on revaluation of MLSE investment— (4,976)— (4,976)Gain on disposition of assets(67)— (97)— Loss on revaluation of MLSE put liability— — 1,034 — Other29 (75)66 (110)Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid2,492 2,425 7,197 6,732 Change in net operating assets and liabilities(194)(133)(513)(244)Income taxes paid(48)(234)(414)(548)Interest paid, net(592)(543)(1,600)(1,533) Cash provided by operating activities1,658 1,515 4,670 4,407 Investing activities: Capital expenditures(524)(964)(2,027)(2,773)Additions to program rights and other intangible assets(32)(21)(173)(69)Changes in non-cash working capital related to investing activities116 (51)(79)(107)Acquisitions and other strategic transactions, net of cash acquired— (4,499)(85)(4,499)Other9 (3)— 5 Cash used in investing activities(431)(5,538)(2,364)(7,443) Financing activities: Net (repayment of) proceeds received from short-term borrowings(917)1,972 (2,708)636 Net issuance (repayment) of long-term debt1,670 (2,928)3,839 (2,504)Net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives23 (37)49 40 Transaction costs incurred(26)(4)(55)(103)Principal payments of lease liabilities(161)(147)(458)(414)Dividends paid to RCI shareholders(270)(270)(810)(643)Distributions paid by subsidiaries to non-controlling interests(119)(14)(352)(14)Issuance of subsidiary shares to non-controlling interest— — — 6,656 Other(1)— (3)(4) Cash provided by (used in) financing activities199 (1,428)(498)3,650 Change in cash and cash equivalents1,426 (5,451)1,808 614 Cash and cash equivalents, beginning of period1,726 6,963 1,344 898 Cash and cash equivalents, end of period3,152 1,512 3,152 1,512 About Forward-Looking Information
This earnings release includes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information"), and assumptions about, among other things, our business, operations, and financial performance and condition approved by our management on the date of this earnings release. This forward-looking information and these assumptions include, but are not limited to, statements about our objectives and strategies to achieve those objectives, and about our beliefs, plans, expectations, anticipations, estimates, or intentions.
Forward-looking information
typically includes words like could, expect, may, anticipate, assume, believe, intend, estimate, plan, project, guidance, outlook, target, and similar expressions;includes conclusions, forecasts, and projections that are based on our current objectives and strategies and on estimates, expectations, assumptions, and other factors that we believe to have been reasonable at the time they were applied but may prove to be incorrect; andwas approved by our management on the date of this earnings release. Our forward-looking information in this earnings release includes forecasts and projections related to the following items, among others:
revenue;total service revenue;adjusted EBITDA;capital expenditures;cash income tax payments;free cash flow (including its application to strengthen our balance sheet through accelerated debt repayment);dividend payments;the growth of new products and services;expected growth in subscribers and the services to which they subscribe; the cost of acquiring and retaining subscribers and deployment of new services;continued cost reductions and efficiency improvements;our debt leverage ratio and how we intend to manage that ratio;
the sale of a minority interest in Rogers Sports to third-party investors, including the timing, size, amount, and use of proceeds therefrom and the value it may unlock from our sports assets; andall other statements that are not historical facts. Our conclusions, forecasts, and projections in this earnings release are based on a number of estimates, expectations, assumptions, and other factors, including, among others:
general economic and industry conditions, including the effects of inflation;currency exchange rates and interest rates;product pricing levels and competitive intensity;subscriber growth;pricing, usage, and churn rates;changes in government regulation; technology and network deployment;availability of devices;timing of new product launches;content and equipment costs;the integration of acquisitions; andindustry structure and stability. Except as otherwise indicated, this earnings release and our forward-looking information do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetization events, mergers, acquisitions, other business combinations, or other transactions that may be considered or announced or may occur after the date on which the statement containing the forward-looking information is made.
Risks and uncertainties
Actual events and results may differ materially from what is expressed or implied by forward-looking information in this earnings release as a result of risks, uncertainties, and other factors, many of which are beyond our control or our current expectations or knowledge, including, but not limited to:
regulatory changes;
technological changes;
economic, geopolitical, and other conditions affecting commercial activity and the costs of goods and services, including the potential application or modification of tariffs, trade wars, recessions, or reduced immigration levels;
unanticipated changes in content or equipment costs;
changing conditions in the sports, media, entertainment, information, and communications industries;
performance of our sports teams, including uncertainty as to their participation or success in their respective postseasons;sports-related work stoppages or cancellations and labour disputes;
the integration of acquisitions;
litigation and tax matters;the level of competitive intensity;
the emergence of new opportunities;
external threats, such as epidemics, pandemics, and other public health crises, natural disasters, the effects of climate change, or cyberattacks, among others;
the anticipated benefits of the MLSE Transaction and the MLSE minority interest acquisition may not be realized;
we may be unable to proceed with, or complete, the sale of a minority interest in Rogers Sports, within the anticipated timing or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations;if completed, the sale of a minority interest in Rogers Sports may not be at the expected valuation or may not raise the anticipated proceeds and may not unlock significant value from our sports assets;if completed, we may use the proceeds from the sale of a minority interest in Rogers Sports for other purposes, whether due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations;new interpretations or accounting standards, or changes to existing interpretations and accounting standards, from accounting standards bodies;changes to the methodology, criteria, or conclusions used by rating agencies in assessing or assigning equity treatment or equity credit on our subordinated notes or for the network transaction; andthe other risks outlined in "Risks and Uncertainties Affecting our Business" in our 2025 Annual MD&A and "Updates to Risks and Uncertainties" in this earnings release. These risks, uncertainties, and other factors can also affect our objectives, strategies, plans, and intentions. Should one or more of these risks, uncertainties, or other factors materialize, our objectives, strategies, plans, or intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary materially from what we currently foresee.
Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and caution them that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information or the factors or assumptions underlying them, whether as a result of new information, future events, or otherwise, except as required by law. All of the forward-looking information in this earnings release is qualified by the cautionary statements herein.
Before making an investment decision
Before making any investment decisions and for a detailed discussion of the risks, uncertainties, and environment associated with our business, its operations, and its financial performance and condition, fully review the sections of this earnings release entitled "Updates to Risks and Uncertainties" and "Regulatory Developments" and fully review the sections in our 2025 Annual MD&A entitled "Regulation in our Industry" and "Risk Management", as well as our various other filings with Canadian and US securities regulators, which can be found at sedarplus.ca and sec.gov, respectively. Information on or connected to sedarplus.ca, sec.gov, our website, or any other website referenced in this document is not part of or incorporated into this earnings release.
About Rogers
Rogers is Canada's communications, sports and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).
Investment Community Contact
Media Contact
David Naccarato
416.987.0264 [email protected] Schmidt
647.643.6397 [email protected] Quarterly Investment Community Teleconference
Our third quarter 2026 results teleconference with the investment community will be held on:
October 23, 2026
8:00 a.m. Eastern Time
webcast available at about.rogers.com/investor-relations
media are welcome to participate on a listen-only basis A rebroadcast will be available at about.rogers.com/investor-relations for at least two weeks following the teleconference. Additionally, investors should note that from time to time, Rogers management presents at brokerage-sponsored investor conferences. Most often, but not always, these conferences are webcast by the hosting brokerage firm, and when they are webcast, links are made available on our website at about.rogers.com/investor-relations.
For More Information
You can find more information relating to us on our website (about.rogers.com/investor-relations), on SEDAR+ (sedarplus.ca), and on EDGAR (sec.gov), or you can e-mail us at [email protected]. Information on or connected to these and any other websites referenced in this earnings release is not part of, or incorporated into, this earnings release.
You can also go to about.rogers.com/investor-relations for information about our governance practices, corporate social responsibility reporting, a glossary of communications and media industry terms, and additional information about our business.
January 5, 2027 payment date following December 8, 2026 record date | Source: Rogers Communications, Inc.
TORONTO, Oct. 23, 2026 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (TSX: RCI.A and RCI.B) (NYSE: RCI) (“Rogers”) announced that its Board of Directors (the “Board”) declared a quarterly dividend totaling 50 cents per share (the “Quarterly Dividend”) on each of its outstanding Class B Non-Voting shares and Class A Voting shares.
The declared Quarterly Dividend will be paid January 5, 2027 to shareholders of record on December 8, 2026. Such quarterly dividends are only payable as and when declared by the Board and there is no entitlement to any dividend prior thereto.
About Rogers Communications Inc:
Rogers is Canada’s communications, sports and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). For more information, please visit rogers.com or about.rogers.com/investor-relations.
For further information:
Investor Relations
1-844-801-4792 [email protected]
Gorman-Rupp ve třetím čtvrtletí 2026 zvýšila tržby o 11,8 % na rekordních 193,3 milionu USD a čistý zisk zdvojnásobila na 22,7 milionu USD neboli 0,86 USD na akcii.
MANSFIELD, Ohio--(BUSINESS WIRE)--The Gorman-Rupp Company (NYSE: GRC) reports financial results for the third quarter ended September 30, 2026.
Third Quarter 2026 Highlights
Record net sales of $193.3 million increased 11.8%, or $20.4 million, compared to the third quarter of 2025 Record net income of $22.7 million, or $0.86 per share, compared to net income of $11.3 million, or $0.43 per share, for the third quarter of 2025 Adjusted earnings per share1 for the third quarter of 2026 and 2025 were $0.86 and $0.52, respectively Record adjusted EBITDA1 of $41.8 million, which was 21.6% of sales, an increase of $9.5 million, or 29.4%, over the third quarter of 2025 Net sales for the third quarter of 2026 were $193.3 million compared to net sales of $172.8 million for the third quarter of 2025, an increase of 11.8%, or $20.4 million. Sales increased across all of our markets driven by volume growth as well as price increases taken in the first quarter of 2026. Sales increased $4.7 million in the agriculture market, $3.5 million in the construction market, and $3.4 million in the industrial market, in each case due in part to improvement across Fill-Rite’s sales channels. Sales in the construction market also benefited from increased sales of rental equipment and industrial sales benefited from increased HVAC demand. Sales increased $3.8 million in the fire suppression market due to increased international sales. In addition, sales increased $2.0 million in the municipal market, $1.4 million in the OEM market, $1.0 million in the petroleum market, and $0.6 million in the repair market.
Gross profit was $64.5 million for the third quarter of 2026, resulting in gross margin of 33.4%, compared to gross profit of $50.4 million and gross margin of 29.2% for the same period in 2025. Gross profit for the third quarter of 2025 included $2.7 million of one-time facility optimization costs. The 420 basis point increase in gross margin was driven by a 190 basis point improvement in labor and overhead expense (130 basis points driven by leverage on increased sales and 60 basis points driven by favorable medical expenses), a 160 basis point improvement from 2025 facility optimization costs that did not recur, and a 70 basis point reduction in LIFO expense.
Selling, general and administrative (“SG&A”) expenses were $27.5 million and improved to 14.3% of net sales for the third quarter of 2026 compared to $25.9 million and 15.0% of net sales for the same period in 2025. The decrease in SG&A expense as a percent of net sales was driven by improved leverage on SG&A expenses from increased sales.
Operating income was $33.9 million for the third quarter of 2026, resulting in an operating margin of 17.5%, compared to operating income of $21.5 million and an operating margin of 12.4% for the same period in 2025. Operating income for the third quarter of 2025 included $3.0 million of one-time facility optimization costs. The 510 basis point increase in operating margin was driven by a 420 basis point improvement in gross margin as well as a 90 basis point improvement in leverage on SG&A and amortization.
Interest expense was $4.3 million for the third quarter of 2026 compared to $5.8 million for the same period in 2025. The decrease in interest expense was due primarily to a decrease in outstanding debt.
Net income was $22.7 million, or $0.86 per share, for the third quarter of 2026 compared to net income of $11.3 million, or $0.43 per share, in the third quarter of 2025. Adjusted earnings per share1 for the third quarter of 2026 and 2025 were $0.86 and $0.52, respectively.
Adjusted EBITDA1 was $41.8 million and 21.6% of sales for the third quarter of 2026 compared to $32.3 million and 18.7% of sales for the third quarter of 2025.
Year to date 2026 Highlights
Net sales of $555.9 million increased 7.8%, or $40.1 million, compared to the first nine months of 2025 Net income of $60.0 million, or $2.27 per share, compared to net income of $39.3 million, or $1.49 per share, for the first nine months of 2025 Adjusted earnings per share1 for the first nine months of 2026 and 2025 were $2.27 and $1.58, respectively Adjusted EBITDA1 of $115.5 million, which was 20.8% of sales, an increase of $18.3 million, or 18.8%, over the first nine months of 2025 Total debt decreased $58.0 million through the first nine months of 2026 Net sales for the first nine months of 2026 were $555.9 million compared to net sales of $515.8 million for the first nine months of 2025, an increase of 7.8%, or $40.1 million. Sales increased in the majority of our markets including a sales increase of $14.7 million in the construction market due to increased demand in mining and sales of rental equipment, $13.3 million in the agriculture market due to broad-based improvement across Fill-Rite's sales channels, $8.6 million in the industrial market due to increased domestic investment, $4.0 million in the OEM market, $3.9 million in the municipal market, and $0.2 million in the petroleum market. Offsetting these increases were a decrease of $3.8 million in the fire suppression market and a decrease of $0.8 million in the repair market.
Gross profit was $182.5 million for the first nine months of 2026, resulting in gross margin of 32.8%, compared to gross profit of $156.8 million and gross margin of 30.4% for the same period in 2025. Gross profit for the first nine months of 2025 included $2.7 million of one-time facility optimization costs. The 240 basis point increase in gross margin included a 100 basis point improvement in margin on material (30 basis points of which was attributable to a decrease in LIFO expense), a 90 basis point improvement in leverage on labor and overhead expense resulting from increased sales, and a 50 basis point improvement from 2025 facility optimization costs that did not recur.
SG&A expenses were $81.5 million and improved to 14.7% of net sales for the first nine months of 2026 compared to $77.0 million and 14.9% of net sales for the same period in 2025. SG&A expenses increased due to increased incentive-based payroll expenses, higher advertising expenses, and increased freight out costs driven by increased sales. The decrease in SG&A expense as a percent of net sales was driven by improved leverage on SG&A expenses from increased sales.
Operating income was $91.8 million for the first nine months of 2026, resulting in an operating margin of 16.5%, compared to operating income of $70.5 million and an operating margin of 13.7% for the same period in 2025. Operating income for the first nine months of 2025 included $3.0 million of one-time facility optimization costs. The 280 basis point increase in operating margin was driven by a 240 basis point improvement in gross margin as well as a 40 basis point improvement in leverage on SG&A and amortization.
Interest expense was $13.9 million for the first nine months of 2026 compared to $18.0 million for the same period in 2025. The decrease in interest expense was primarily due to a decrease in outstanding debt.
Net income was $60.0 million, or $2.27 per share, for the first nine months of 2026 compared to net income of $39.3 million, or $1.49 per share, for the first nine months of 2025. Adjusted earnings per share1 for the first nine months of 2026 and 2025 were $2.27 per share and $1.58 per share, respectively.
Adjusted EBITDA1 was $115.5 million and 20.8% of net sales for the first nine months of 2026 compared to $97.3 million and 18.9% of net sales for the first nine months of 2025.
Incoming orders for the first nine months of 2026 were $562.2 million, an increase of 2.2%, or $12.0 million, compared to the same period in 2025. The Company’s backlog of orders was $236.8 million at September 30, 2026 compared to $234.2 million at September 30, 2025 and $244.0 million at December 31, 2025.
Net cash provided by operating activities for the first nine months of 2026 was $114.9 million compared to $91.2 million for the same period in 2025. The increase in cash provided by operating activities in the first nine months of 2026 compared to the same period last year was primarily due to increased net income. Capital expenditures for the first nine months of 2026 were $14.7 million and consisted primarily of machinery and equipment. Capital expenditures for the full-year 2026 are presently planned to be approximately $22.0 - $24.0 million. Total debt decreased $58.0 million during the first nine months of 2026.
Scott A. King, President and CEO, commented, “We are very pleased with our third-quarter results, which included record net sales, gross margin, and earnings per share. This marks the third consecutive quarter with record earnings per share and the second consecutive quarter with record sales. Our sales growth was broad-based with all of our markets showing growth over the same quarter last year. Our margins remained strong as increased volumes drove leverage on labor, overhead and SG&A expenses. These operating improvements, together with lower interest expense, contributed to record earnings and strong cash generation. Solid operating cash flow allowed us to reduce total debt by $58.0 million during the first nine months of the year while also continuing to invest in the business. Incoming orders and backlog remain healthy, and our diverse markets and strong financial position provide a solid foundation as we enter the fourth quarter.”
About The Gorman-Rupp Company
Founded in 1933, The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire suppression, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications.
(1) Non-GAAP Information
This release includes certain non-GAAP financial data and measures such as adjusted earnings, adjusted earnings per share, and adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). Adjusted earnings is earnings excluding 2025 facility optimization costs. Adjusted earnings per share is earnings per share excluding 2025 facility optimization costs per share. Adjusted EBITDA is net income (loss) excluding interest, taxes, depreciation and amortization, adjusted to exclude 2025 facility optimization costs and non-cash LIFO2 expense. Management utilizes these adjusted financial data and measures to assess comparative operations against those of prior periods without the distortion of non-comparable factors. The inclusion of these adjusted measures should not be construed as an indication that the Company’s future results will be unaffected by unusual or infrequent items or that the items for which the Company has made adjustments are unusual or infrequent or will not recur. Further, the impact of the LIFO inventory costing method can cause results to vary substantially from company to company depending upon whether they elect to utilize LIFO and depending upon which LIFO method they may elect. The Gorman-Rupp Company believes that these non-GAAP financial data and measures also will be useful to investors in assessing the strength of the Company’s underlying operations and liquidity from period to period. These non-GAAP financial measures are not intended to replace GAAP financial measures, and they are not necessarily standardized or comparable to similarly titled measures used by other companies. Provided later in this release is a reconciliation of adjusted earnings, adjusted earnings per share, and adjusted EBITDA to their corresponding GAAP financial measures, which includes a description of actual adjustments made in the current period and the corresponding prior period.
(2) LIFO Inventory Method
The majority of the Company’s inventories are valued on the last-in, first-out (LIFO) method and stated at the lower of cost or market. Current cost approximates replacement cost, or market, and LIFO cost is determined at the end of each fiscal year based on inventory levels on-hand at current replacement cost and a LIFO reserve. The Company uses the simplified LIFO method, under which the LIFO reserve is determined utilizing the inflation factor specified in the Producer Price Index for Machinery and Equipment – Pumps, Compressors and Equipment, as published by the U.S. Bureau of Labor Statistics. Interim LIFO calculations are based on management’s estimate of the expected year-end inflation index and, as such, are subject to adjustment each quarter. When inflation increases, the LIFO reserve and non-cash expense increase.
Forward-Looking Statements
In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, The Gorman-Rupp Company provides the following cautionary statement: This news release contains various forward-looking statements based on assumptions concerning The Gorman-Rupp Company’s operations, future results and prospects. These forward-looking statements are based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Such uncertainties include, but are not limited to, our estimates of future earnings and cash flows, general economic conditions and supply chain conditions and any related impact on costs and availability of materials, retention of supplier and customer relationships and key employees, and the ability to service and repay indebtedness. Other factors include, but are not limited to: company specific risk factors including (1) loss of key personnel; (2) intellectual property security; (3) growth through acquisitions; (4) the Company’s indebtedness and how it may impact the Company’s financial condition and the way it operates its business; (5) impairment in the value of intangible assets, including goodwill; (6) defined benefit pension plan settlement expense; (7) LIFO inventory method; and (8) family ownership of common equity; and general risk factors including (9) continuation of the current and projected future business environment; (10) highly competitive markets; (11) availability and costs of raw materials and labor; (12) cybersecurity threats; (13) artificial intelligence risk and challenges that can impact our business; (14) compliance with, and costs related to, a variety of import and export laws and regulations; (15) the impact of U.S. trade policy, including resulting tariffs; (16) environmental compliance costs and liabilities; (17) exposure to fluctuations in foreign currency exchange rates; (18) conditions in foreign countries in which The Gorman-Rupp Company conducts business; (19) changes in our tax rates and exposure to additional income tax liabilities; and (20) risks described from time to time in our reports filed with the Securities and Exchange Commission. Except to the extent required by law, we do not undertake and specifically decline any obligation to review or update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments or otherwise.
The Gorman-Rupp Company
Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Dollars in thousands, except per share amounts)
2026
2025
2026
2025
Net sales
$
193,254
$
172,825
$
555,912
$
515,818
Cost of products sold
128,730
122,405
373,421
359,013
Gross profit
64,524
50,420
182,491
156,805
Selling, general and administrative expenses
27,543
25,856
81,462
77,002
Amortization expense
3,080
3,087
9,239
9,289
Operating income
33,901
21,477
91,790
70,514
Interest expense
(4,316
)
(5,787
)
(13,942
)
(17,980
)
Other income (expense), net
246
(357
)
(380
)
(1,282
)
Income before income taxes
29,831
15,333
77,468
51,252
Provision for income taxes
7,120
3,989
17,485
11,983
Net income
$
22,711
$
11,344
$
59,983
$
39,269
Earnings per share
$
0.86
$
0.43
$
2.27
$
1.49
Average number of shares outstanding
26,410,243
26,312,842
26,386,043
26,289,471
The Gorman-Rupp Company
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)
September 30,
2026
December 31,
2025
Assets
Cash and cash equivalents
$
59,302
$
35,083
Accounts receivable, net
109,014
88,378
Inventories, net
84,904
96,457
Prepaid and other
8,267
13,776
Total current assets
261,487
233,694
Property, plant, and equipment
133,420
134,131
Other assets
23,104
22,192
Goodwill and other intangible assets, net
460,727
470,038
Total assets
$
878,738
$
860,055
Liabilities and equity
Accounts payable
$
34,610
$
25,885
Current portion of long-term debt
—
23,125
Accrued liabilities and expenses
62,332
49,602
Total current liabilities
96,942
98,612
Pension benefits
3,840
5,149
Postretirement benefits
25,279
24,803
Long-term debt, net of current portion
250,232
284,406
Other long-term liabilities
41,314
32,362
Total liabilities
417,607
445,332
Shareholders' equity
461,131
414,723
Total liabilities and shareholders' equity
$
878,738
$
860,055
The Gorman-Rupp Company
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended
September 30,
(Dollars in thousands)
2026
2025
Cash flows from operating activities:
Net income
$
59,983
$
39,269
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
21,591
20,820
LIFO expense
2,531
4,266
Pension expense
1,489
2,076
Stock based compensation
4,329
2,850
Contributions to pension plans
(2,154
)
(2,113
)
Amortization of debt issuance fees
886
886
Other
241
247
Changes in operating assets and liabilities:
Accounts receivable, net
(21,100
)
(3,085
)
Inventories, net
8,063
2,662
Accounts payable
8,923
7,926
Commissions payable
(253
)
65
Deferred revenue and customer deposits
1,938
610
Income taxes
15,449
4,152
Accrued expenses and other
(300
)
2,137
Benefit obligations
13,294
8,462
Net cash provided by operating activities
114,910
91,230
Cash flows from investing activities:
Capital additions
(14,687
)
(12,533
)
Other
360
85
Net cash used for investing activities
(14,327
)
(12,448
)
Cash flows from financing activities:
Cash dividends
(15,035
)
(14,586
)
Treasury share repurchases
(2,649
)
(1,152
)
Payments to banks for borrowings
(58,000
)
(45,000
)
Other
(92
)
(90
)
Net cash used for financing activities
(75,776
)
(60,828
)
Effect of exchange rate changes on cash
(588
)
770
Net increase in cash and cash equivalents
24,219
18,724
Cash and cash equivalents:
Beginning of period
35,083
24,213
End of period
$
59,302
$
42,937
The Gorman-Rupp Company
Non-GAAP Financial Information
(Dollars in thousands, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Adjusted earnings:
Net income – GAAP basis
$
22,711
$
11,344
$
59,983
$
39,269
Facility optimization costs
—
2,309
—
2,309
Non-GAAP adjusted earnings
$
22,711
$
13,653
$
59,983
$
41,578
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Adjusted earnings per share:
Earnings per share – GAAP basis
$
0.86
$
0.43
$
2.27
$
1.49
Facility optimization costs
—
0.09
—
0.09
Non-GAAP adjusted earnings per share
$
0.86
$
0.52
$
2.27
$
1.58
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Adjusted EBITDA:
Net income –GAAP basis
$
22,711
$
11,344
$
59,983
$
39,269
Interest expense
4,316
5,787
13,942
17,980
Provision for income taxes
7,120
3,989
17,485
11,983
Depreciation and amortization expense
7,519
6,883
21,591
20,820
Non-GAAP earnings before interest, taxes, depreciation and amortization
Společnost The Gorman-Rupp Company zvýšila čtvrtletní hotovostní dividendu o 5,3 % na 0,20 USD za akcii. Dividenda bude vyplacena 10. prosince 2026 akcionářům evidovaným k 13. listopadu 2026.
MANSFIELD, Ohio--(BUSINESS WIRE)--The Board of Directors of The Gorman-Rupp Company (NYSE: GRC) has declared a quarterly cash dividend of $0.20 per share on the common stock of the Company, payable December 10, 2026, to shareholders of record November 13, 2026. The cash dividend will represent a 5.3% increase over the $0.19 dividend per share paid in the previous quarter.
This action will mark the 307th consecutive quarterly dividend paid by The Gorman-Rupp Company and the 54th consecutive year of increased dividends to its shareholders, which positions Gorman-Rupp in the top 50 of all U.S. public companies with respect to number of years of increased dividend payments.
About The Gorman-Rupp Company
Founded in 1933, The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire suppression, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications.
Forward-Looking Statements
In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, The Gorman-Rupp Company provides the following cautionary statement: This news release contains various forward-looking statements based on assumptions concerning The Gorman-Rupp Company’s operations, future results and prospects. These forward-looking statements are based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Such uncertainties include, but are not limited to, our estimates of future earnings and cash flows, general economic conditions and supply chain conditions and any related impact on costs and availability of materials, retention of supplier and customer relationships and key employees, and the ability to service and repay indebtedness. Other factors include, but are not limited to: company specific risk factors including (1) loss of key personnel; (2) intellectual property security; (3) growth through acquisitions; (4) the Company’s indebtedness and how it may impact the Company’s financial condition and the way it operates its business; (5) impairment in the value of intangible assets, including goodwill; (6) defined benefit pension plan settlement expense; (7) LIFO inventory method; and (8) family ownership of common equity; and general risk factors including (9) continuation of the current and projected future business environment; (10) highly competitive markets; (11) availability and costs of raw materials and labor; (12) cybersecurity threats; (13) artificial intelligence risk and challenges that can impact our business; (14) compliance with, and costs related to, a variety of import and export laws and regulations; (15) the impact of U.S. trade policy, including resulting tariffs; (16) environmental compliance costs and liabilities; (17) exposure to fluctuations in foreign currency exchange rates; (18) conditions in foreign countries in which The Gorman-Rupp Company conducts business; (19) changes in our tax rates and exposure to additional income tax liabilities; and (20) risks described from time to time in our reports filed with the Securities and Exchange Commission. Except to the extent required by law, we do not undertake and specifically decline any obligation to review or update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments or otherwise.
Target (TGT +3.76%) has raised its dividend for 55 consecutive years, qualifying it as one of the elite Dividend Kings -- companies that have increased their payouts for at least 50 years in a row. The stock currently yields about 3%, based on its quarterly dividend of $1.16 per share. That is roughly 3 times the S&P 500's yield of approximately 1%, making the shares more appealing as the business turns the corner.
Sales are improving, helped by growth in advertising revenue and Target Circle 360 memberships. The core retail business is also showing better traffic and conversion. Comparable sales swung from a 2.5% decline in the holiday quarter to growth in each of the first two quarters of 2026, led by stronger store traffic.
Image source: Getty Images.
The bigger opportunity is non-retail sales. In the quarter ended Aug. 1, advertising revenue, powered by the Roundel media network, rose 20%. Revenue from Target Circle 360 memberships and sales on the Target Plus online marketplace each grew more than 40% year over year. Management says these businesses grow profits faster than sales, which points to higher margins and earnings.
These profitable revenue streams support the dividend. Target is already paying out less than half of its trailing earnings per share, and management's long-term goal is to keep the payout ratio near 40%. This leaves plenty of room to keep increasing the dividend during a year when a slow economy could weigh on sales and earnings.
TGT Target$158.11+$5.73 (+3.76%)
NYSE · As of 4:00 PM ET 10/22/26
The stock remains attractively valued. Shares trade at about 15 times this year's expected earnings, below the S&P 500's roughly 19 times. Investors can lock in an above-average dividend yield while positioning themselves to potentially profit from further upside in the shares, as the turnaround continues.
John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy.
Akcie McDonald's letos klesly téměř o 20 % kvůli slabší návštěvnosti a tlaku na hospodaření restaurací. Srovnatelné tržby ve 2. čtvrtletí vzrostly jen o 1,3 %.
McDonald's (MCD +2.59%) stock has been under pressure this year. The company's share price is down just under 20% across 2026's trading, and it's off almost 28% from its lifetime high.
The company is facing declining consumer traffic, more challenging unit economics, and price increases that have complicated its value proposition, as well as the possibility that GLP-1s and other diet drugs will become a sustained limiting factor on demand.
With the stock down substantially, is McDonald's a good buy right now?
Image source: Getty Images.
McDonald's share sell-off has lowered the company's forward price-to-earnings ratio to roughly 19. Sell-offs have also pushed the company's dividend yield up to roughly 3%, and the payout looks well covered despite recent headwinds facing the business.
$252.63+$6.38 (+2.59%)
NYSE · As of 4:00 PM ET 10/22/26
While the company's forward P/E is roughly in line with the S&P 500 (^GSPC -1.21%) and looks low on a historical basis, the company's valuation should also be viewed in the context of its growth. Global same-store sales increased 1.3% annually in the second quarter, with gains primarily driven by higher ticket prices amid unfavorable traffic trends. Meanwhile, earnings per share increased roughly 5% year over year on a currency-adjusted basis.
McDonald's is a great business, but there is currently no shortage of companies in the S&P 500 that offer a more appealing profile in terms of earnings growth and valuation. The headwinds facing the business are likely to continue in the near term, and I think that patient investors may be able to buy the stock at an even steeper discount.
Keith Noonan has no position in any of the stocks mentioned. The Motley Fool recommends the following options: long January 2028 $320 calls on McDonald's and short January 2028 $340 calls on McDonald's. The Motley Fool has a disclosure policy.
