Market Signal Briefing

, /PRNewswire/ -- Gaotu Techedu Inc. (NYSE: GOTU) ("Gaotu" or the "Company"), a leading technology-driven education company in China focused on enabling lifelong learning through AI-powered solutions, today announced its unaudited financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Highlights[1]

Net revenues were RMB1,579.0 million, increased by 30.7% from RMB1,208.3 million in the same period of 2024.
Gross billings[2] were RMB1,188.9 million, increased by 11.2% from RMB1,069.2 million in the same period of 2024.
Loss from operations was RMB178.0 million, compared with loss from operations of RMB490.1 million in the same period of 2024.
Net loss was RMB147.1 million, compared with net loss of RMB471.3 million in the same period of 2024.
Non-GAAP net loss was RMB137.7 million, compared with non-GAAP net loss of RMB457.2 million in the same period of 2024.
Net operating cash outflow was RMB660.2 million, compared with net operating cash outflow of RMB714.4 million in the same period of 2024.

Third Quarter 2025 Key Financial and Operating Data

(In thousands of RMB, except for percentages)

For the three months ended September 30,

2024

2025

Pct. Change

Net revenues

1,208,253

1,579,026

30.7 %

Gross billings

1,069,159

1,188,909

11.2 %

Loss from operations

(490,107)

(178,025)

(63.7) %

Net loss

(471,273)

(147,121)

(68.8) %

Non-GAAP net loss

(457,195)

(137,745)

(69.9) %

Net operating cash outflow

(714,385)

(660,230)

(7.6) %

[1] For a reconciliation of non-GAAP numbers, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" at the end of this press release. Non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses.

[2] Gross billings is a non-GAAP financial measure, which is defined as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. See "About Non-GAAP Financial Measures" and "Reconciliations of non-GAAP measures to the most comparable GAAP measures" elsewhere in this press release.

Nine Months Ended September 30, 2025 Highlights

Net revenues were RMB4,461.5 million, increased by 41.0% from RMB3,164.9 million in the same period of 2024.
Gross billings were RMB4,330.0 million, increased by 25.4% from RMB3,452.2 million in the same period of 2024.
Loss from operations was RMB385.1 million, compared with loss from operations of RMB1,032.6 million in the same period of 2024.
Net loss was RMB239.1 million, compared with net loss of RMB913.1 million in the same period of 2024.
Non-GAAP net loss was RMB207.3 million, compared with non-GAAP net loss of RMB872.2 million in the same period of 2024.
Net operating cash outflow was RMB548.7 million, compared with net operating outflow of RMB525.6 million in the same period of 2024.

First Nine Months 2025 Key Financial and Operating Data

(In thousands of RMB, except for percentages)

For the nine months ended September 30,

2024

2025

Pct. Change

Net revenues

3,164,935

4,461,457

41.0 %

Gross billings

3,452,211

4,330,021

25.4 %

Loss from operations

(1,032,559)

(385,117)

(62.7) %

Net loss

(913,120)

(239,124)

(73.8) %

Non-GAAP net loss

(872,196)

(207,255)

(76.2) %

Net operating cash outflow

(525,636)

(548,670)

4.4 %

Larry Xiangdong Chen, the Company's founder, Chairman and CEO, commented, "With a profound focus on user needs, Gaotu continues to provide end-to-end educational products and solutions across the full learning lifecycle. We have deeply integrated online and offline formats and accelerated full-stack AI integration across our teaching, services, and operations to provide users with increasingly differentiated and personalized services. In the third quarter, we achieved sustained growth momentum and enhanced profitability. Our revenue grew by 30.7% year over year to nearly RMB1.6 billion, while on a non-GAAP basis, both loss from operations and net loss narrowed significantly by 64.6% and 69.9%, respectively. Excluding the impact of share repurchases, our cash position improved year over year, strengthening our balance sheet and demonstrating our disciplined financial management. We also remained committed to delivering shareholder returns, completing our US$80 million share repurchase program initially launched in November 2022 this quarter and initiating the new US$100 million program approved in May. "

"Going forward, Gaotu will continue to pursue sustainable growth by strengthening our pipeline of high-quality teachers, enhancing execution and leveraging data-driven operations, delivering enduring, long-term value to all our stakeholders."

Shannon Shen, CFO of the Company, added, "In the third quarter, we sustained solid revenue growth while elevating our overall operational quality and efficiency. Operating expenses as a percentage of net revenues decreased significantly, improving by 27.6 percentage points year-over-year. Additionally, our user acquisition efficiency improved 12.8% year over year, and net operating cash outflow narrowed by approximately RMB54.2 million year over year, reflecting the early benefits of structured efficiency gains across our operations. Deferred revenue grew robustly to nearly RMB1.8 billion, up 23.2% year-over-year, providing greater visibility of revenue for the upcoming quarters. We will remain focused on driving high-quality, sustainable growth by optimizing unit economics, while enhancing our operational quality and resilience through continued product refinement, systematic teacher development and brand building."

Financial Results for the Third Quarter of 2025

Net Revenues

Net revenues increased by 30.7% to RMB1,579.0 million from RMB1,208.3 million in the third quarter of 2024, which was mainly due to the continued year-over-year growth in gross billings as a result of our sufficient and effective response to strong market demand. Furthermore, our high-quality educational products and learning services resulted in improved recognition of our product and service offerings.

Cost of Revenues

Cost of revenues increased by 24.6% to RMB535.5 million from RMB429.8 million in the third quarter of 2024. The increase was mainly due to expansion of instructors and tutors workforce, higher rental cost, and increased depreciation and amortization cost.

Gross Profit and Gross Margin

Gross profit increased by 34.0% to RMB1,043.5 million from RMB778.5 million in the third quarter of 2024. Gross profit margin increased to 66.1% from 64.4% in the same period of 2024.

Non-GAAP gross profit increased by 33.8% to RMB1,044.5 million from RMB780.7 million in the third quarter of 2024. Non-GAAP gross profit margin increased to 66.1% from 64.6% in the same period of 2024.

Operating Expenses

Operating expenses decreased by 3.7% to RMB1,221.5 million from RMB1,268.6 million in the third quarter of 2024. The decrease was primarily due to our precise efficiency management and implementation of cost reduction, which resulted in year-over-year decreases in personnel expenses of selling, general and administrative, as well as research and development function.

Selling expenses decreased to RMB873.4 million from RMB885.8 million in the third quarter of 2024.
Research and development expenses decreased to RMB162.9 million from RMB189.3 million in the third quarter of 2024.
General and administrative expenses decreased to RMB185.2 million from RMB193.5 million in the third quarter of 2024.

Loss from Operations

Loss from operations was RMB178.0 million, compared with loss from operations of RMB490.1 million in the third quarter of 2024.

Non-GAAP loss from operations was RMB168.6 million, compared with non-GAAP loss from operations of RMB476.0 million in the third quarter of 2024.

Interest Income and Realized Gains from Investments

Interest income and realized gains from investments, on aggregate, were RMB14.9 million, compared with a total of RMB21.7 million in the third quarter of 2024.

Other Income, net

Other income, net was RMB14.6 million, compared with other income, net of RMB4.0 million in the third quarter of 2024.

Net Loss

Net loss was RMB147.1 million, compared with net loss of RMB471.3 million in the third quarter of 2024.

Non-GAAP net loss was RMB137.7 million, compared with non-GAAP net loss of RMB457.2 million in the third quarter of 2024.

Cash Flow

Net operating cash outflow in the third quarter of 2025 was RMB660.2 million.

Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were both RMB0.61 in the third quarter of 2025.

Non-GAAP basic and diluted net loss per ADS were both RMB0.57 in the third quarter of 2025.

Share Outstanding

As of September 30, 2025, the Company had 161,367,979 ordinary shares outstanding.

Cash, Cash Equivalents, Restricted Cash, Short-term and Long-term Investments

As of September 30, 2025, the Company had cash and cash equivalents, restricted cash, short-term and long-term investments of RMB3,040.4 million in aggregate, compared with a total of RMB4,094.3 million as of December 31, 2024.

Acquisition of Property

In November 2025, the Company entered into an agreement to acquire 100% of equity interest of Zhengzhou You'ai Culture Technology Co., Ltd. ("Zhengzhou You'ai") for a consideration of RMB206.6 million. The underlying assets of Zhengzhou You'ai are four buildings currently under construction, which have been topped out in November 2025. The Company intends to utilize the buildings as a campus premise upon completion. The transaction is a related party transaction and has been approved by both the Company's board of directors and the audit committee of the board.

Share Repurchase

In November 2022, the Company's board of directors authorized a share repurchase program ("2022 Share Repurchase Program"), under which the Company may repurchase up to US$30 million of its shares, effective until November 22, 2025. In November 2023, the Company's board of directors authorized modifications to the share repurchase program, increasing the aggregate value of shares that may be repurchased from US$30 million to US$80 million, effective until November 22, 2025.

As of September 22, 2025, the Company's repurchase amount had reached US$80 million and the 2022 Share Repurchase Program was completed.

In May 2025, the Company's board of directors authorized a new share repurchase program ("2025 Share Repurchase Program"), under which the Company may repurchase up to an aggregate value of US$100 million of its shares during the three-year period beginning upon the completion of the Company's 2022 Share Repurchase Program.

As of November 25, 2025, the Company had cumulatively repurchased approximately 27.5 million ADSs for approximately US$85.6 million under aforesaid two share repurchase programs.

Business Outlook

Based on the Company's current estimates, total net revenues for the fourth quarter of 2025 are expected to be between RMB1,628 million and RMB1,648 million, representing an increase of 17.2% to 18.7% on a year-over-year basis. These estimates reflect the Company's current expectations, which are subject to change.

Conference Call

The Company will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Wednesday, November 26, 2025 (9:00 PM Beijing/Hong Kong Time on Wednesday, November 26, 2025). Dial-in details for the earnings conference call are as follows:

International: 1-412-317-6061
United States: 1-888-317-6003
Hong Kong: 800-963-976
Mainland China: 400-120-6115
Passcode: 5199067

A telephone replay will be available two hours after the conclusion of the conference call through December 3, 2025. The dial-in details are:

International: 1-412-317-0088
United States: 1-855-669-9658
Passcode: 2149536

Additionally, a live and archived webcast of this conference call will be available at https://ir.gaotu.cn/home.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook, as well as the Company's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's ability to continue to attract students to enroll in its courses; the Company's ability to continue to recruit, train and retain qualified teachers; the Company's ability to improve the content of its existing course offerings and to develop new courses; the Company's ability to maintain and enhance its brand; the Company's ability to maintain and continue to improve its teaching results; and the Company's ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company's reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

About Gaotu Techedu Inc.

Gaotu is a leading technology-driven education company in China focused on enabling lifelong learning through AI-powered solutions that cultivate interest and drive continuous growth. The Company provides AI-powered, product-led learning solutions for learners from pre-school to adulthood. By combining rare, high-caliber teaching resources with AI-enhanced tools and content, Gaotu creates engaging and effective learning experiences delivered through both online and offline channels. AI and data analytics permeate throughout the Company's operations to adapt content and teaching methods to individual learner needs, enhance efficiency and drive sustained learning progress.

About Non-GAAP Financial Measures

The Company uses gross billings, non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss), each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes.

The Company defines gross billings for a specific period as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. The Company's management uses gross billings as a performance measurement because the Company generally bills its students for the entire course fee at the time of sale of its course offerings and recognizes revenue proportionally as the classes are delivered. For some courses, the Company continues to provide students with 12 months to 36 months access to the pre-recorded audio-video courses after the online live courses are delivered. The Company believes that gross billings provides valuable insight into the sales of its course packages and the performance of its business. As gross billings have material limitations as an analytical metrics and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies.

Non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. The Company believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to the Company's historical performance. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company's business.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.

The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Exchange Rate

The Company's business is primarily conducted in China and a significant majority of revenues generated are denominated in Renminbi ("RMB"). This announcement contains currency conversions of RMB amounts into U.S. dollars ("USD") solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to USD are made at a rate of RMB7.1190 to USD1.0000, the effective noon buying rate for September 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on September 30, 2025, or at any other rate.

For further information, please contact:

Gaotu Techedu Inc.
Investor Relations
E-mail: [email protected]

Piacente Financial Communications
Brandi Piacente
Tel: +1 212 481-2050
Jenny Cai
Tel: +86 10 6508-0677
E-mail: [email protected]

Gaotu Techedu Inc.

Unaudited condensed consolidated balance sheets

(In thousands of RMB and USD, except for share, per share and per ADS data)

As of December 31,

As of September 30,

2024

2025

2025

RMB

RMB

USD

ASSETS

Current assets

    Cash and cash equivalents

1,321,118

318,731

44,772

    Restricted cash

5,222

125,272

17,597

    Short-term investments

1,845,242

2,095,986

294,421

    Inventory, net

36,401

53,401

7,501

    Prepaid expenses and other current assets, net

431,829

526,989

74,026

Total current assets

3,639,812

3,120,379

438,317

Non-current assets

    Operating lease right-of-use assets

503,601

506,882

71,201

    Property, equipment and software, net

670,237

834,745

117,256

    Land use rights, net

25,762

45,424

6,381

    Long-term investments

922,740

500,401

70,291

    Rental deposit

45,834

49,271

6,921

    Other non-current assets

20,091

57,636

8,096

TOTAL ASSETS

5,828,077

5,114,738

718,463

LIABILITIES

Current liabilities

    Short-term borrowings of the consolidated VIE
      without recourse to the Group

-

48,544

6,819

    Accrued expenses and other current liabilities
      (including accrued expenses and other current
      liabilities of the consolidated VIE without
      recourse to the Group of RMB811,879
      and RMB944,484 as of December 31, 2024
      and September 30, 2025, respectively)

1,245,207

1,320,853

185,539

    Deferred revenue, current portion (including
      current portion of deferred revenue of the
      consolidated VIE without recourse to the Group
      of RMB1,867,096 and RMB1,534,148
      as of December 31, 2024 and
      September 30, 2025, respectively)

1,867,096

1,534,246

215,515

   Operating lease liabilities, current portion
      (including current portion of operating lease
      liabilities of the consolidated VIE without
      recourse to the Group of RMB114,471 and
      RMB132,281 as of December 31, 2024 and
      September 30, 2025, respectively)

147,635

140,337

19,713

   Income tax payable (including income tax
      payable of the consolidated VIE without
      recourse to the Group of RMB606 and
      RMB39 as of December 31, 2024 and
      September 30, 2025, respectively)

665

88

12

Total current liabilities

3,260,603

3,044,068

427,598

Gaotu Techedu Inc.

Unaudited condensed consolidated balance sheets

(In thousands of RMB and USD, except for share, per share and per ADS data)

As of December 31,

As of September 30,

2024

2025

2025

RMB

RMB

USD

Non-current liabilities

    Deferred revenue, non-current portion of
      the consolidated VIE without recourse
      to the Group

218,797

238,924

33,561

    Operating lease liabilities, non-current
      portion (including non-current portion 
      of operating lease liabilities of the
      consolidated VIE without recourse
      to the Group of RMB337,258 and
      RMB332,307 as of December 31, 2024
      and September 30, 2025, respectively)

344,609

343,158

48,203

   Deferred tax liabilities (including deferred
      tax liabilities of the consolidated VIE
      without recourse to the Group of
      RMB70,316 and RMB76,056 as of
      December 31, 2024 and September 30, 
      2025, respectively)

70,604

76,073

10,686

TOTAL LIABILITIES

3,894,613

3,702,223

520,048

SHAREHOLDERS' EQUITY

    Ordinary shares

116

116

16

    Treasury stock, at cost

(242,866)

(461,340)

(64,804)

    Additional paid-in capital

7,991,421

7,950,976

1,116,867

    Accumulated other comprehensive loss

(2,832)

(25,738)

(3,615)

    Statutory reserve

66,042

66,042

9,277

    Accumulated deficit

(5,878,417)

(6,117,541)

(859,326)

TOTAL SHAREHOLDERS' EQUITY

1,933,464

1,412,515

198,415

TOTAL LIABILITIES AND TOTAL
  SHAREHOLDERS' EQUITY

5,828,077

5,114,738

718,463

Gaotu Techedu Inc.

Unaudited condensed consolidated statements of operations

(In thousands of RMB and USD, except for share, per share and per ADS data)

For the three months ended September 30,

For the nine months ended September 30,

2024

2025

2025

2024

2025

2025

RMB

RMB

USD

RMB

RMB

USD

Net revenues

1,208,253

1,579,026

221,804

3,164,935

4,461,457

626,697

Cost of revenues

(429,791)

(535,528)

(75,225)

(1,014,638)

(1,460,829)

(205,201)

Gross profit

778,462

1,043,498

146,579

2,150,297

3,000,628

421,496

Operating expenses:

Selling expenses

(885,769)

(873,399)

(122,686)

(2,227,547)

(2,403,766)

(337,655)

Research and development expenses

(189,305)

(162,912)

(22,884)

(503,013)

(461,562)

(64,835)

General and administrative expenses

(193,495)

(185,212)

(26,017)

(452,296)

(520,417)

(73,103)

Total operating expenses

(1,268,569)

(1,221,523)

(171,587)

(3,182,856)

(3,385,745)

(475,593)

Loss from operations

(490,107)

(178,025)

(25,008)

(1,032,559)

(385,117)

(54,097)

Interest income

15,661

8,577

1,205

55,608

31,553

4,432

Realized gains from investments

6,001

6,346

891

20,285

19,566

2,748

Other income, net

3,964

14,621

2,054

52,220

91,822

12,898

Loss before provision for income
tax and share of results of equity
investees

(464,481)

(148,481)

(20,858)

(904,446)

(242,176)

(34,019)

Income tax (expenses)/benefits

(6,792)

1,360

191

(8,674)

3,052

429

Net loss

(471,273)

(147,121)

(20,667)

(913,120)

(239,124)

(33,590)

Net loss attributable to Gaotu
Techedu Inc.'s ordinary
shareholders

(471,273)

(147,121)

(20,667)

(913,120)

(239,124)

(33,590)

Net loss per ordinary share

Basic

(2.75)

(0.91)

(0.13)

(5.30)

(1.46)

(0.20)

Diluted

(2.75)

(0.91)

(0.13)

(5.30)

(1.46)

(0.20)

Net loss per ADS

Basic

(1.83)

(0.61)

(0.09)

(3.54)

(0.97)

(0.14)

Diluted

(1.83)

(0.61)

(0.09)

(3.54)

(0.97)

(0.14)

Weighted average shares used in
net loss per share

Basic

171,135,287

161,927,833

161,927,833

172,165,794

163,986,613

163,986,613

Diluted

171,135,287

161,927,833

161,927,833

172,165,794

163,986,613

163,986,613

Note: Three ADSs represent two ordinary shares.

Gaotu Techedu Inc.

Reconciliations of non-GAAP measures to the most comparable GAAP measures

(In thousands of RMB and USD, except for share, per share and per ADS data)

For the three months ended September 30,

For the nine months ended September 30,

2024

2025

2025

2024

2025

2025

RMB

RMB

USD

RMB

RMB

USD

Net revenues

1,208,253

1,579,026

221,804

3,164,935

4,461,457

626,697

Less: other revenues(1)

60,581

41,708

5,859

117,081

78,624

11,044

Add: VAT and surcharges

72,056

98,101

13,780

192,049

277,259

38,946

Add: ending deferred revenue

1,439,217

1,773,170

249,076

1,439,217

1,773,170

249,076

Add: ending refund liability

77,869

110,621

15,539

77,869

110,621

15,539

Less: beginning deferred revenue

1,582,135

2,196,993

308,610

1,237,621

2,085,893

293,004

Less: beginning refund liability

85,520

133,308

18,726

67,157

127,969

17,976

Gross billings

1,069,159

1,188,909

167,004

3,452,211

4,330,021

608,234

Note (1): Include miscellaneous revenues generated from services other than courses.

For the three months ended September 30,

For the nine months ended September 30,

2024

2025

2025

2024

2025

2025

RMB

RMB

USD

RMB

RMB

USD

Gross profit

778,462

1,043,498

146,579

2,150,297

3,000,628

421,496

Share-based compensation expenses(1) in
cost of revenues

2,265

1,017

143

4,543

4,480

629

Non-GAAP gross profit

780,727

1,044,515

146,722

2,154,840

3,005,108

422,125

Loss from operations

(490,107)

(178,025)

(25,008)

(1,032,559)

(385,117)

(54,097)

Share-based compensation expenses(1)

14,078

9,376

1,317

40,924

31,869

4,477

Non-GAAP loss from operations

(476,029)

(168,649)

(23,691)

(991,635)

(353,248)

(49,620)

Net loss

(471,273)

(147,121)

(20,667)

(913,120)

(239,124)

(33,590)

Share-based compensation expenses(1)

14,078

9,376

1,317

40,924

31,869

4,477

Non-GAAP net loss

(457,195)

(137,745)

(19,350)

(872,196)

(207,255)

(29,113)

Note (1): The tax effects of share-based compensation expenses adjustments were nil.

SOURCE Gaotu Techedu Inc.

The shift in sentiment followed Tuesday’s economic reports showing U.S. retail sales rising less than expected in September and the Producer Price Index increasing 2.7% year over year, unchanged from August and below market expectations. The combination of tempered demand and controlled producer inflation reinforced the view that monetary policy may be tighter than necessary.

The dollar slipped to a one-week low as traders speculated the next Federal Reserve chair may adopt a more accommodative stance. A weaker dollar tends to increase global appetite for gold and silver by lowering the cost of dollar-denominated commodities for overseas buyers.

U.S. Treasury yields also remained under pressure, with the benchmark 10-year note trading near one-month lows. Lower yields reduce the opportunity cost of holding non-yielding assets, historically strengthening demand for gold during periods when markets anticipate the Fed will ease.

Markets are now pricing an 84% probability of a December rate cut, sharply higher than the 50% odds seen last week, according to CME FedWatch data—marking one of the fastest shifts in rate expectations this quarter.

Silver Benefits From Broader Risk Repricing
Silver tracked the move in gold, supported by the same combination of a softer dollar, lower yields, and rising expectations for policy easing. While industrial demand remains mixed, the metal continues to benefit from its dual role as both a precious and industrial commodity, allowing it to capture haven flows without losing exposure to cyclical themes.

The next focal point for both metals will be the U.S. weekly jobless claims report, which may further influence rate expectations and guide market direction into the December policy meeting.

Las Vegas,, Nov. 26, 2025 (GLOBE NEWSWIRE) --

Nov. 25, 2025 - AlliGaming.com, a leading authority in iGaming analytics and digital payment evaluations, has named BetWhale the trusted PayPal casino USA for 2025, citing the platform’s consistent performance in fast and secure transaction processing. According to the publication’s latest industry assessment, BetWhale delivers reliably efficient PayPal deposits and withdrawals, placing it at the forefront of the sector as digital wallet adoption continues to accelerate.

This shift aligns with broader fintech trends, where players increasingly favor digital wallets over traditional card-based methods. BetWhale’s sustained PayPal integration, combined with its user-focused payment architecture, illustrates how operators can adapt to evolving transaction standards while maintaining regulatory compliance and operational transparency.

To Learn More About Betwhale Casino, Visit The Official Website Here

PayPal’s Role in Today’s Online Gambling Landscape

PayPal has emerged as a preferred financial gateway for millions of users across eCommerce, entertainment platforms, digital services, and subscription ecosystems. Its influence within iGaming reflects a similar trajectory. Equipped with end-to-end encryption, real-time fraud monitoring, tokenized transactions, and two-factor authentication, PayPal is widely recognized as a secure and well-regulated digital wallet.

When PayPal re-entered regulated online gambling markets, operators were required to demonstrate strong compliance, secure infrastructure, and verifiable identity checks. Casinos that met these criteria benefited from improved user trust and higher transactional effectiveness. BetWhale’s integration with PayPal is frequently cited in industry reports as an example of a platform aligning with the digital wallet’s high security and regulatory benchmarks.

Evaluated Bonus Structure and Promotional Value

Industry analysts often examine the bonus frameworks of PayPal casinos to evaluate user value, fairness, and transparency. BetWhale consistently ranks among the top platforms in this category due to its structured approach to promotions. While bonus amounts and availability vary over time, BetWhale maintains clearly documented terms for wagering, eligibility, and withdrawal requirements, ensuring no ambiguity around how promotions function.

The platform’s commitment to presenting bonus rules in an accessible and straightforward manner stands out in an industry where unclear promotion terms are a common user complaint. As a result, BetWhale is frequently referenced as the PayPal casino in the U.S that balances user incentives with clarity and responsible disclosure.

To Learn More About Betwhale Casino, Visit The Official Website Here

Broad Gaming Collection

A wide content offering is considered a key criterion when evaluating modern PayPal casinos. BetWhale supports a large, multi-provider game library featuring:

Modern video slots
Progressive jackpot titles
Classic table games
RNG-powered card games
Live-dealer tables from recognized studios Because BetWhale integrates content from numerous global gaming suppliers, players have access to a broad range of themes, volatility levels, and game formats without needing multiple accounts. This multi-source content ecosystem is one reason analysts consistently categorize BetWhale as the best PayPal-enabled casino for users seeking a comprehensive game selection.

The platform also maintains a steady schedule of updates, expanding its catalog with new releases and enhanced features in line with evolving iGaming content trends.

Responsible Gaming Policies

Responsible gambling safeguards remain a central component of PayPal’s merchant requirements. BetWhale adheres to these principles by offering an extensive suite of tools designed to support healthy gaming behavior. These include:

Voluntary deposit limits
Wagering caps
Reality checks
Session-time notifications
Cooling-off periods
Long-term self-exclusion options
BetWhale’s responsible gaming documentation outlines how users can adjust limitations, contact support, or access educational resources. Its alignment with industry best practices reinforces the platform’s reputation as a safe environment for PayPal users.

Data Security and Encryption Standards

As digital payments evolve, a strong security infrastructure remains one of the defining characteristics of PayPal’s compatibility requirements. BetWhale demonstrates this through well-established security frameworks that include:

1. SSL & TLS Encryption

All data transmitted between users and BetWhale servers is encrypted with industry-standard SSL/TLS protocols.

2. Tokenized Transaction Processing

PayPal payments conducted on BetWhale use tokenization, ensuring that sensitive financial data is never stored on the operator’s servers.

3. Secure User Authentication

The platform supports secure login systems, multi-layered account verification, and optional two-factor authentication.

4. Firewall & Intrusion Prevention Systems

BetWhale utilizes real-time monitoring and advanced firewalls to mitigate unauthorized access attempts.

5. Compliance with Data Protection Frameworks

BetWhale’s data handling processes align with global requirements covering user information, secure storage, and privacy protection.

These measures position BetWhale as one of the most secure PayPal casinos available, providing strong assurance for users conducting digital wallet transactions.

Why PayPal Casinos Continue to Grow in Popularity

1. Faster and More Predictable Withdrawals

PayPal casinos typically offer shorter withdrawal processing times than bank transfers or card-based payouts. BetWhale, which places an emphasis on stable payout workflows, has developed a reputation for being one of the most consistent PayPal withdrawal performers in the sector.

2. Mobile-First Accessibility

With the majority of users managing finances through mobile applications, PayPal’s intuitive app ecosystem supports smoother, real-time casino payments. BetWhale’s platform is fully optimized for mobile PayPal transactions, enabling seamless cross-device access.

3. Enhanced Financial Protections

PayPal’s global reputation comes from its oversight mechanisms, including dispute resolution, buyer protection systems, and strong fraud prevention tools—attributes that appeal to players seeking secure and traceable deposits.

4. Privacy and Transaction Separation

Players who prefer not to reflect casino activity on bank statements often favor digital wallet methods. PayPal serves as a layer of financial separation, and BetWhale’s PayPal-flow design respects this user preference with documented privacy processes.

Industry Adoption: PayPal Casinos Expand in 2025

Regulated iGaming markets continue to witness rapid adoption of PayPal due to rising digital wallet usage and regulatory clarity around compliant payment systems. PayPal casinos must demonstrate:

Transparent transaction policies
AML and KYC verification
Secure data handling
Reliable payout methodologies
Adherence to responsible gambling frameworks BetWhale is frequently named as the operator that most effectively blends these requirements with user-friendly payment experiences. Analysts consistently reference its strong transaction reliability, predictable timelines, and adherence to compliance expectations as reasons it stands above other PayPal-supported platforms.

Market Forecast: 2025–2030

Financial experts predict that PayPal and other major digital wallets—including Venmo, Google Pay, and Apple Pay—will continue gaining ground in online gambling as:

Mobile-first payments become standard
Identity verification technology evolves
Cross-border payment solutions improve
Fintech and iGaming infrastructure merge
Compliance expectations strengthen BetWhale is positioned favorably in this future landscape due to its proven PayPal integration, stable payout systems, and emphasis on secure digital payment architecture.

Analyst Commentary: What Makes BetWhale Stand Out

Industry research groups studying digital wallets in online gambling frequently point to several common observations:

Players trust casinos with well-structured PayPal payout systems
PayPal casinos outperform traditional payment casinos in user satisfaction
Operators like BetWhale gain higher retention rates when offering transparent digital wallet workflows
stability and clarity in payments often outweigh game library size in user priorities
This commentary reinforces BetWhale’s strong position in the PayPal market segment.

According to multiple independent assessments, BetWhale consistently ranks at the top of these criteria, making it the strongest overall choice for players seeking a dependable PayPal casino experience.

About Betwhale Paypal Casino

As PayPal continues its expansion across payment ecosystems in 2025, digital wallet adoption in iGaming has accelerated. Operators capable of delivering transparent rules, secure infrastructure, strong payout performance, and responsible gaming measures are increasingly favored by both regulators and consumers.

Across these benchmarks, BetWhale stands out as the best PayPal-compatible online casino, combining robust technical integration, broad gaming options, transparent policies, strong support frameworks, and industry-aligned security standards. As digital payments evolve further toward mobile-first ecosystems, BetWhale remains well positioned to lead the PayPal casino segment through 2030 and beyond.

Contact Information:

Source: BetWhale Casino

Email: [email protected]

Official Site: www.betwhale.ag

Advertise with us: [email protected]

November 26, 2025 01:30 ET

 | Source:

Galapagos NV

Mechelen, Belgium; November 26, 2025, 07:30 CET; regulated information – Galapagos NV (Euronext & NASDAQ: GLPG) received transparency notifications from Bank of America.

Pursuant to Belgian transparency legislation1, Galapagos received transparency notifications on November 18 and November 19, 2025, from Bank of America Corporation indicating that it positively crossed the threshold of 5% of Galapagos’ voting rights on November 12, 2025 following an acquisition of Galapagos’ voting rights and equivalent financial instruments, and then subsequently fell below this threshold on November 14, 2025 following the disposal of such instruments.

On November 14, 2025, the Bank of America Corporation (taking into account the holding of its affiliates) owned 103,534 voting rights and 2,159,259 equivalent financial instruments, representing together 3.43% of Galapagos’ currently outstanding 65,897,071 shares, versus 168,924 voting rights and 3,295,951 equivalent financial instruments, representing together 5.26%, in the previous notification.

Summary of the transactions:

Date on which the threshold was crossedDate of notificationDirect voting rights after the transactionEquivalent financial instruments after the transactionTotalNovember 12, 2025November 18, 20250.26%5.00%5.26%November 14, 2025November 19, 20250.16%3.28%3.43% Content of the notifications from Bank of America Corporation:
The notification dated November 19, 2025 contains the following information:

Date of notification: November 19, 2025Date on which the threshold is crossed: November 14, 2025Threshold of voting rights crossed downwards (in %): 5%Notification by: Bank of America CorporationDenominator: 65,897,071Reason for the notification: Acquisition or disposal of financial instruments that are treated as voting securitiesNotified details: A) Voting RightsPrevious notificationAfter the transaction # of voting rights# of voting rights% of voting rightsHolder of voting rights Linked to securitiesNot linked to securitiesLinked to securitiesNot linked to securitiesBank of America Corporation00 0.00% Bank of America, National Association12,56812,476 0.02% Merrill Lynch International65,07066,430 0.10% Managed Account Advisors LLC33 0.00% BofA Securities, Inc.76,70010,042 0.02% Merrill Lynch, Pierce, Fenner & Smith
Incorporated14,46214,462 0.02% U.S. Trust Company of Delaware121121 0.00% Subtotal168,924103,534 0.16%  TOTAL103,53400.16%0.00%B) Equivalent financial instruments After the transactionHolder of equivalent financial instrumentsType of financial instrumentExpiration dateExercise period or date# of voting rights that may be acquired if the instrument is exercised% of voting rightsSettlementMerrill Lynch InternationalRight to Recall  195,5330.30%physicalBofA Securities, Inc.Rights of Use  1,796,9752.73%physicalMerrill Lynch InternationalRights of Use  8,6790.01%physicalMerrill Lynch InternationalPhysical Call Option19/06/2026 100,0000.15%physicalBank of America, National AssociationSwaps15/10/2027 270.00%cashBank of America, National AssociationSwaps15/06/2026 12,5000.02%cashMerrill Lynch InternationalSwaps30/04/2026 18,7900.03%cashMerrill Lynch InternationalSwaps02/07/2026 7170.00%cashMerrill Lynch InternationalSwaps15/10/2027 270.00%cashMerrill Lynch InternationalSwaps01/11/2027 1620.00%cashMerrill Lynch InternationalSwaps15/06/2026 12,5000.02%cashMerrill Lynch InternationalSwaps30/01/2026 1690.00%cashMerrill Lynch InternationalSwaps17/11/2025 12,5210.02%cashMerrill Lynch InternationalSwaps28/08/2026 6590.00%cash TOTAL  2,159,2593.28% TOTAL (A&B)# of voting rights% of voting rights 2,262,7933.43% The chain of control has been described at the end of the notification (section 11) and can be found here.

The notification dated November 18, 2025 contains the following information:

Date of notification: November 18, 2025Date on which the threshold is crossed: November 12, 2025Threshold of voting rights crossed upwards (in %): 5%Notification by: Bank of America CorporationDenominator: 65,897,071Reason for the notification: Acquisition or disposal of voting securities or voting rights and acquisition or disposal of financial instruments that are treated as voting securitiesNotified details: A) Voting RightsPrevious notificationAfter the transaction # of voting rights# of voting rights% of voting rightsHolder of voting rights Linked to securitiesNot linked to securitiesLinked to securitiesNot linked to securitiesBank of America Corporation 000.00%0.00%Bank of America, National Association 12,56800.02%0.00%Merrill Lynch International 65,07000.10%0.00%Managed Account Advisors LLC 300.00%0.00%BofA Securities, Inc. 76,70000.12%0.00%Merrill Lynch, Pierce, Fenner & Smith
Incorporated 14,46200.02%0.00%U.S. Trust Company of Delaware 12100.00%0.00%Subtotal 168,924 0.26%  TOTAL168,92400.26%0.00%B) Equivalent financial instruments After the transactionHolder of equivalent financial instrumentsType of financial instrumentExpiration dateExercise period or date# of voting rights that may be acquired if the instrument is exercised% of voting rightsSettlementMerrill Lynch InternationalRight to Recall  196,4910.30%physicalBofA Securities, Inc.Rights of Use  2,936,4524.46%physicalMerrill Lynch InternationalRights of Use  4,0890.01%physicalMerrill Lynch InternationalPhysical Call Option19/06/2026 100,0000.15%physicalMerrill Lynch InternationalSwaps30/04/2026 19,2200.03%cashBank of America, National AssociationSwaps15/06/2026 12,5000.02%cashMerrill Lynch InternationalSwaps02/07/2026 7440.00%cashMerrill Lynch InternationalSwaps15/06/2026 12,5000.02%cashMerrill Lynch InternationalSwaps30/01/2026 1,4340.00%cashMerrill Lynch InternationalSwaps17/11/2025 12,5210.02%cash TOTAL  3,295,9515.00% TOTAL (A&B)# of voting rights% of voting rights 3,364,8755.26% The chain of control has been described at the end of the notification (section 11) and can be found here.

For further information, contact Galapagos:
Investor Relations
Glenn Schulman

+1 412 522 6239
[email protected]

Corporate Communications
Marieke Vermeersch
+32 479 490 603

[email protected]

Visit us at www.glpg.com or follow us on LinkedIn or X.

1 Belgian Act of 2 May 2007 on the disclosure of major shareholdings in issuers whose shares are admitted to trading on a regulated market and regarding miscellaneous provisions, as amended from time to time.

Galapagos Receives Transparency Notifications from Bank of America

GALAPAGOS NV Form TD 14.11.2025_Revised Part I

GALAPAGOS NV Form TD 12.11.2025_Part I_Revision2

Q3: 2025-11-25 Earnings SummaryEPS of $1.29 beats by $0.10

 |

Revenue of

$1.53B

(12.30% Y/Y)

beats by $41.81M

Urban Outfitters, Inc. (URBN) Q3 2026 Earnings Call November 25, 2025 5:00 PM EST

Company Participants

Oona McCullough - Executive Director of Investor Relations
Richard Hayne - Co-Founder, Chairman & CEO
Francis Conforti - COO & Co-President
Tricia Smith - Global Chief Executive Officer of Anthropologie Group
Melanie Marein-Efron - Chief Financial Officer
David Hayne - Chief Technology Officer & President of Nuuly
Shea Jensen - President of Urban Outfitters Brand of North America
Sheila Harrington - Global CEO Urban Outfitters Group & CEO of Free People Group

Conference Call Participants

Lorraine Maikis - BofA Securities, Research Division
Adrienne Yih-Tennant - Barclays Bank PLC, Research Division
Matthew Boss - JPMorgan Chase & Co, Research Division
Paul Lejuez - Citigroup Inc., Research Division
Mark Altschwager - Robert W. Baird & Co. Incorporated, Research Division
Alexandra Straton - Morgan Stanley, Research Division
Dana Telsey - Telsey Advisory Group LLC
Marni Shapiro - The Retail Tracker
Janet Kloppenburg - JJK Research Associates, Inc.
Jay Sole - UBS Investment Bank, Research Division

Presentation

Operator

Good day, ladies and gentlemen, and welcome to the Urban Outfitters, Inc. Third Quarter Fiscal '26 Earnings Call. [Operator Instructions]

I'd now like to turn the conference over to Oona McCullough, Executive Director, Investor Relations. Ma'am, you may begin.

Oona McCullough
Executive Director of Investor Relations

Good afternoon, and welcome to the URBN Third Quarter Fiscal 2026 Conference Call. Earlier this afternoon, the company issued a press release outlining the financial and operating results for the 3- and 9-month period ending October 31, 2025. The following discussions may include forward-looking statements. Please note that actual results may differ materially from those statements. Additional information concerning factors that could cause actual results to differ materially from projected results is contained in the company's filings with the Securities and Exchange Commission. For a more detailed commentary on our quarterly performance and the text of today's conference call, please refer to our Investor Relations website at www.urbn.com.

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easyJet plc (OTCQX:ESYJY) Q4 2025 Earnings Call November 25, 2025 5:00 AM EST

Company Participants

Kenton Jarvis - CEO, Member of the Management Board & Director
Jan De Raeymaeker - CFO, Member of the Management Board & Director
Garry Wilson - Chief Executive Officer of easyJet Holidays & Member of the Management Board
Sophie Dekkers - Chief Commercial Officer & Member of the Management Board
David Morgan - COO & Member of the Management Board

Conference Call Participants

James Hollins - BNP Paribas, Research Division
Gerald Khoo - Panmure Liberum Limited, Research Division
Harry Gowers - JPMorgan Chase & Co, Research Division
Andrew Lobbenberg - Barclays Bank PLC, Research Division
Conroy Gaynor
Ruairi Cullinane - RBC Capital Markets, Research Division
Dudley Shanley - Goodbody Stockbrokers UC, Research Division

Presentation

Kenton Jarvis
CEO, Member of the Management Board & Director

Well, hello, everybody, and welcome to easyJet's Full Year Presentation for the period ending 30th of September 2025. I'm joined today by my full management Board on the front row here. So please feel free to ask them questions either after the event or in the Q&A session that we'll have. We also loaded a presentation first thing this morning on to the website. Hopefully, you've had a chance to look at that presentation. But if you haven't, I will give you the key highlights of it now, and then we'll go straight to Q&A, so we have a good amount of time for your questions.

So we're very pleased to announce our third consecutive year of earnings growth. From a PBT perspective, that was a 9% increase to GBP 665 million. But actually from an operational performance before financing, so EBIT, we saw an 18% improvement with GBP 56 million of that improvement in EBIT coming from holidays and GBP 50 million of that improvement coming from the airline.

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Analyst’s Disclosure:I/we have a beneficial long position in the shares of BNED either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

NEW YORK CITY and NEW ORLEANS, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until December 8, 2025 to file lead plaintiff applications in a securities class action lawsuit against WPP plc (NYSE: WPP), if they purchased or otherwise acquired the Company’s shares between February 27, 2025 and July 8, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.

What You May Do

If you purchased shares of WPP and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-wpp/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by December 8, 2025.

About the Lawsuit

WPP and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On July 9, 2025, the Company published a trading update for the first half of 2025, disclosing that it had allegedly “seen a deterioration in performance as Q2 has progressed” due to both “continued macro uncertainty weighing on client spend and weaker net new business than originally anticipated,” as well as “some distraction to the business” as a result of the continued restructuring of WPP Media a.k.a. GroupM. The Company further disclosed that its CEO “will retire from the Board and as CEO on 31 December 2025.”

On this news, the price of WPP’s shares fell from a closing price of $35.82 per share on July 8, 2025 to $29.34 per share on July 9, 2025, a decline of about 18.1% in the span of just a single day.

The case is Marty v. WPP plc, 25-cv-08365.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC

Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

CONNECT WITH US: Facebook || Instagram || YouTube || TikTok || LinkedIn

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

NEW YORK CITY and NEW ORLEANS, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors with substantial losses that they have until January 2, 2026 to file lead plaintiff applications in a securities class action lawsuit against CarMax, Inc. (NYSE: KMX), if they purchased or otherwise acquired the Company’s securities between June 20, 2025 and November 5, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of Maryland.

What You May Do

If you purchased securities of CarMax and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-kmx/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by January 2, 2026.

About the Lawsuit

CarMax and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On September 25, 2025, the Company announced its Second Quarter Fiscal Year 2026 financial results, disclosing among other things, that retail unit sales had decreased 5.4%, comparable store unit sales had decreased 6.3%, wholesale units had decreased 2.2%, and that net earnings per diluted share of $0.64 compared to $0.85 a year ago.

On this news, the price of CarMax’s shares fell $11.5 per share, or 20.07%, to close at $45.60 per share on September 25, 2025.

The case is Cap v. CarMax, Inc., No. 25-cv-03602.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

CONNECT WITH US: Facebook || Instagram || YouTube || TikTok || LinkedIn

NEW YORK and NEW ORLEANS, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors with substantial losses that they have until December 30, 2025 to file lead plaintiff applications in a securities class action lawsuit against Synopsys, Inc. (“Synopsys” or the “Company”) (NasdaqGS: SNPS), if they purchased or otherwise acquired the Company’s securities between December 4, 2024 and September 9, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.

What You May Do

If you purchased securities of Synopsys and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-snps/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by December 30, 2025.

About the Lawsuit

Synopsys and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On September 9, 2025, post-market, the Company announced its 3Q2025 financial results, disclosing quarterly revenue of $1.740 billion, missing its prior guidance of between $1.755 billion and $1.785 billion, and reported net income of $242.5 million, a 43% year-over-year decline from $425.9 million reported for 3Q 024. Further, the Company reported that its Design IP segment accounted for approximately 25% of revenue and came in at $426.6 million, a 7.7% decline year-over-year, and also provided guidance inferring that Design IP revenues will decline by at least 5% on a full-year basis in fiscal 2025.

On this news, the price of Synopsys’ shares fell $216.59, or 35.8%, to close at $387.78 per share on September 10, 2025, on unusually heavy trading volume.

The case is Kim v. Synopsis, Inc., et al., Case No. 25-cv-09410.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

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NEW YORK CITY and NEW ORLEANS, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors with substantial losses that they have until January 5, 2026 to file lead plaintiff applications in a securities class action lawsuit against Six Flags Entertainment Corporation f/k/a CopperSteel HoldCo, Inc. (NYSE: FUN), if they purchased or otherwise acquired the Company’s common stock pursuant or traceable to the company’s registration statement and prospectus issued in connection with the July 1, 2024 merger of legacy Six Flags Entertainment Corporation (“Legacy Six Flags”) with Cedar Fair, L.P. (“Cedar Fair”), and their subsidiaries and affiliates (the “Merger”). This action is pending in the United States District Court for the Northern District of Ohio.

What You May Do

If you purchased shares of Six Flags as above and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-fun/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by January 5, 2026.

About the Lawsuit

Six Flags and certain of its executives are charged with failing to disclose material information in the registration statement for the Merger, violating federal securities laws.

Specifically, the Registration statement failed to disclose that (i) despite the Company’s claims that it had pursued transformational investment initiatives in the years leading up to the Merger, Legacy Six Flags in fact suffered from chronic underinvestment and its parks required millions of dollars in additional capital and operational expenditures above the company’s historical cost trends in order to maintain or grow Legacy Six Flags’ share in the intensely competitive amusement park market; (ii) following defendant Selim Bassoul's appointment as CEO in November 2021, the company implemented aggressive cost-cutting measures, including significant reductions in employee headcount, which materially degraded operational competence and guest experience; (iii) as a result, Legacy Six Flags required a substantial and undisclosed capital infusion to stabilize and revitalize its business, and these acute capital needs fundamentally undermined the rationale for the Merger as presented in the registration statement.

On the Merger closing date, July 1, 2024, Six Flags stock traded above $55 per share. The price of Six Flags stock subsequently fell as low as $20 per share, a nearly 64% decline.

The case is City of Livonia Employees’ Retirement System v. Six Flags Entertainment Corporation, No. 25-cv-02394.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC

Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

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Q4: 2025-11-25 Earnings SummaryEPS of $0.93 beats by $0.01

 |

Revenue of

$14.64B

(4.16% Y/Y)

beats by $145.91M

HP Inc. (HPQ) Q4 2025 Earnings Call November 25, 2025 5:00 PM EST

Company Participants

Alok Juyal - Global Head of IR
Enrique Lores - CEO, President & Director
Karen Parkhill - Chief Financial Officer

Conference Call Participants

Wamsi Mohan - BofA Securities, Research Division
Brian Luke - UBS Investment Bank, Research Division
Jyhhaw Liu - Evercore ISI Institutional Equities, Research Division
Joseph Cardoso - JPMorgan Chase & Co, Research Division
Michael Ng - Goldman Sachs Group, Inc., Research Division
Michael Cadiz - Citigroup Inc., Research Division
Maya Neuman - Morgan Stanley, Research Division
Mark Newman - Sanford C. Bernstein & Co., LLC., Research Division

Presentation

Operator

Good day, everyone, and welcome to the Fourth Quarter 2025 HP Inc. Earnings Conference Call. My name is Regina, and I will be your conference moderator for today's call. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes. I would now like to turn the call over to Alok Juyal, Head of Investor Relations. Please go ahead.

Alok Juyal
Global Head of IR

Good afternoon, everyone, and welcome to HP's Fourth Quarter 2025 Earnings Conference Call. With me today are Enrique Lores, HP's President and Chief Executive Officer; and Karen Parkhill, HP's Chief Financial Officer.

Before handing the call over to Enrique, let me remind you that this call is a webcast, and a replay will be available on our website shortly after the call for approximately 1 year. We posted the earnings release and accompanying slide presentation on our Investor Relations web page at investor.hp.com.

As always, elements of this presentation are forward-looking and are based on our best view of the world and our business as we see them today. For more detailed information, please see disclaimers in the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions. For a discussion of some of these risks, uncertainties

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By

PYMNTS
 | 
November 25, 2025

 | 

Visa has partnered with Aquanow to provide stablecoin settlement capabilities across the Central and Eastern Europe, the Middle East and Africa (CEMEA) region.

The integration of Visa’s technology stack and Aquanow’s global digital asset infrastructure will allow Visa’s network of issuers and acquirers to settle transactions using approved stablecoins, the companies said in a press release emailed to PYMNTS.

This capability will enable users to reduce costs, operational friction and settlement times, according to the release.

“Our partnership with Aquanow is another key step in modernizing the back-end rails of payments, reducing reliance on traditional systems with multiple intermediaries, and preparing institutions for the future of money movement,” Godfrey Sullivan, head of product and solutions for CEMEA at Visa, said in the release.

Aquanow CEO Phil Sham said in the release: “Together, Visa and Aquanow are unlocking new ways for institutions to participate in the digital economy, leveraging stablecoin technology to settle with the speed and transparency of the internet.”

When announcing in July that it planned to support more stablecoins and blockchains on its settlement platform, Visa said its crypto and treasury infrastructure capabilities already facilitated settlement in more than 25 fiat currencies worldwide.

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“Visa is building a multicoin and multichain foundation to help meet the needs of our partners worldwide,” Rubail Birwadker, global head of growth products and strategic partnerships at Visa, said at the time in a press release. “We believe that when stablecoins are trusted, scalable and interoperable, they can fundamentally transform how money moves around the world.”

Visa’s ongoing investments and bets on stablecoins were among the bigger themes of Visa’s third quarter earnings call, PYMNTS reported at the time.

“Consumers and businesses are using stablecoins to save money in U.S. dollars, but they also want to spend that money, and there’s no better way to do that than with a Visa crypto card,” Visa CEO Ryan McInerney said during the July 29 call. “We are piloting and partnering with stablecoin companies … as we build out our stablecoin settlement stack … we are working to streamline treasury operations, improve liquidity management and enable quick and more cost-effective cross-border strategies.”

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UK bank stocks popped by over 3% on Tuesday as investors waited for the upcoming Rachel Reeves budget reading and as traders anticipated more returns.  Lloyds share price jumped by 3.78% to 90.69p, up from this week's low of 85.86.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of LYFT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Nio Inc. shares fell sharply in Hong Kong trading after the Chinese electric vehicle maker issued a weaker-than-expected outlook for the fourth quarter, heightening investor concerns about its ability to reach a long-promised break-even goal amid intensifying competition in the domestic EV industry. The Hong Kong-listed stock declined 7.

SummaryDividends are “real” because they reduce book value, not earnings, preserving valuation anchored to P/E multiples.Ex-dividend price drops make stocks temporarily cheaper, improving fundamentals for dividend growth and value investors.SCHD’s screening emphasizes quality, free cash flow, and dividend durability, supporting long-term outperformance and mean reversion.Falling interest rates boost earnings for moderately leveraged companies, strengthening dividend growth potential across SCHD holdings.SCHD remains a strong diversifier and value store during AI-driven market exuberance, trading near decade-high starting yields. Richard Drury/DigitalVision via Getty Images

The Argument Against Dividends There's no question about it that Seeking Alpha is a popular place for dividend investors to research and pick funds or equities that fit their needs for both income and appreciation. The Schwab U.S. Dividend Equity ETF

Analyst’s Disclosure:I/we have a beneficial long position in the shares of SCHD, SPY, DIA, QQQ either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Disclaimer: The information in this article is provided for general informational purposes only and does not constitute financial advice. The views expressed are those of the author, based on personal research, analysis, and experience. This content may not be appropriate for your individual financial circumstances or objectives.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Bitcoin Cash is trading at $542.71 after slipping 1.7% in the latest trading session, reflecting cautious sentiment across the crypto market. Liquidity has weakened significantly, with 24-hour trading volume dropping 33.79% to $514.65 million.

Decentralized finance (DeFi) may only be years away from mainstream adoption, according to Chainlink co-founder Sergey Nazarov. However, significant regulatory and institutional hurdles must still be cleared before it can achieve global scale.

“I think we’re about 30% of the way there,” Nazarov said during an interview with MN Capital founder Michaël van de Poppe published to YouTube on Tuesday.

DeFi, which is peer-to-peer financial services built on blockchain networks, could reach 50% global adoption once clearer regulation and legislation can explain why it is reliable, according to Nazarov. 

Other industry executives have shared a similar view. Curve Finance founder Michael Egorov said in February that the biggest hurdles to DeFi adoption come from regulatory and legal uncertainty, as well as the need to comply with Know Your Customer and Anti-Money Laundering requirements.

He also pointed to issues around liquidity and transparency of transactions and technical security risks.

US government approving DeFi may start a domino effectNazarov said that clarity will start with the US and spread quickly. “A lot of governments follow what the US does because they want to be compatible with the US financial system,” he said.

Sergey Nazarov (left) spoke to Michael van de Poppe (right). Source: Michael van de PoppeMeanwhile, Michael Selig, who serves as chief counsel for the crypto task force at the US Securities and Exchange Commission, recently said, “When we’re thinking about DeFi, it’s something of a buzzword,” and the focus should be more on onchain applications, the features of these applications and whether there is an intermediary involved.

Nazarov said DeFi global adoption will reach 70% when there is a clear and efficient pathway for institutional users to put their capital and clients’ money into DeFi.

He anticipated that full global adoption would only arrive once DeFi grows large enough that its capital base can be meaningfully compared to the funds allocated within traditional finance. 

100% DeFi adoption in 2030, predicts Chainlink founder“I think we’ll be at 100% when you have those kinds of pie charts to show the percentage of client money or institutional capital that is in a DeFi system versus a TradFi system,” he said. 

“I think there are going to be charts like this in 2030,” he said, emphasizing that the charts will look similar to ones showing the percentage of the treasury market to stablecoins. While he said it still isn’t a huge percentage, it starts the momentum.

“As that percentage gets bigger, I think people then start saying, oh okay, wow, this percentage of all institutional capital is now in this blockchain-based form,” he said.

“Then you go from the early adopters to mainstream,” he added.

DeFi lending protocols have seen significant momentum recently, driven by growing institutional adoption of stablecoins and tokenized assets. 

According to recent Binance Research, DeFi lending protocols have increased by more than 72% year-to-date, rising from $53 billion at the beginning of 2025 to over $127 billion in cumulative total value locked.

Magazine: Sunny Lu: Getting scammed for 100 Bitcoin led him to create VeChain

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China has quietly worked its way back into the top three global Bitcoin miners, holding about 14% of the network’s total computing power.

Reports have disclosed that this share is roughly equal to 145 EH/s (exahashes per second), putting the country behind the United States and Russia in raw hashrate.

The shift comes despite an official crackdown on mining that started in 2021, when many operations moved overseas.

According to data from Hashrate Index and other tracking services, the rebound is real and measurable. Some mining activity now appears to be running in Xinjiang and Sichuan, where power costs can be low at certain times.

Based on reports, operators are using a mix of legacy farms, small private setups and cloud-like arrangements that mask mining as other forms of compute work.

Why Bitcoin Mining Returned To China
Cheap electricity is one driver. Another is that factory and data center capacity can be reused without large new investments. Manufacturers that supply mining rigs also report stronger sales back home.

Source: Hashrate Index
Canaan, a maker of mining machines, has seen a pickup in Chinese demand. That suggests money is again flowing into hardware and setup, not just into restarting old machines.

At the same time, revenue from mining has been under pressure. Hashprice — the estimated payout per unit of hashrate — fell to record lows this year as Bitcoin prices and fees weakened and mining difficulty rose.

That decline puts strain on smaller players and makes efficiency and low-cost power more important than ever.

What This Means For The Network
A return of significant mining capacity to China raises two kinds of concern. One is over concentration: if too much hashrate clusters in particular regions or systems, the network’s geographic diversity shrinks.

BTCUSD now trading at $87,561. Chart: TradingView
The other is enforcement uncertainty. Mining remains banned on paper in many parts of China, yet enforcement appears uneven. As a result, some operations run under the radar while others run in partnerships with local firms that provide energy and space.

Publicly available maps track hashrate by country, but exact figures can shift fast. The best current snapshot points to China at 14% and about 145 EH/s of capacity, but those numbers will change as miners add or remove machines.

The United States and Russia remain the largest hosts, and that fact does limit immediate systemic risk.

What Analysts Are Watching
Analysts will watch three things closely: whether Chinese authorities change enforcement, how hardware makers like Canaan perform in coming quarters, and whether hashprice recovers if Bitcoin’s price strengthens.

If policy softens in some regions, more visible growth could follow. If enforcement tightens, activity could scatter again, just as it did after the 2021 ban.

Featured image from Unsplash, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

In brief
A $2 billion "call condor" options trade is betting on a Bitcoin rally to $118,000 by December 2025, but no higher.
Analysts say a true market bottom isn't here yet, citing still-elevated implied volatility and negative skew.
They point to three key signals for a "genuine low," including a drop in IV, a return to contango, and a neutral skew.
Options traders' bets are flashing a complex signal for Bitcoin: expect a rally, but don't bet on a moonshot. The trade highlights a market that has priced out a euphoric year-end surge in favor of a more measured, range-bound ascent.

Roughly 20,000 BTC in notional call condor block trades were spotted on Deribit, structured for the top crypto to settle between $100,000 and $118,000 by December 2025. 

The strategy involves buying four call options with the same expiry but at different strike prices. It is typically employed when investors expect a rally but believe the upside is capped.

“The previously consensus view of a year-end ‘Santa rally’ has been priced out of the markets.” Jake Ostrovskis, an OTC trader at crypto market maker Wintermute, noted in a Tuesday tweet, referring to the recent uptick in long call condor block trades.

“For those looking to time a genuine low, the term structure will likely serve as the key signal,” Ostrovskis noted, highlighting, “implied volatility to drop off, contango to return to the term structure, and skew to drift back toward neutral.”

“Under the current market conditions, the expectations for a new high in the fourth quarter have completely dissipated, and a bearish sentiment has taken hold,” Adam Chu, chief researcher at options analytics firm GreeksLive, told Decrypt, echoing Ostrovskis’ tempered bullish year-end expectations.  

The massive long call condor orders are likely part of “whale-driven repositioning” ahead of monthly expiries, Chu suggested.

However, the market has not yet met these bottoming conditions, Sean Dawson, head of research at on-chain options platform Derive, told Decrypt. He cited uptrending 30 and 180-day implied volatility despite prices stabilizing, meaning traders are still paying up for panic protection.

A spike in implied volatility, which measures market expectations of future price swings, means the market expects a larger price swing in an asset's future price, signaling increased uncertainty or fear.

The current "backwardation" in the volatility term structure—where short-term volatility is more expensive than long-term—is a classic sign of distressed markets, Dawson explained. A return to "contango," where long-dated IVs are higher, would signal that markets have settled.

The skew, meanwhile, has been deeply negative since the October 10 flash crash, Dawson said.

While there has been a slight recovery over the past week, "there's quite some way to go before we see skew properly revert" to a neutral state, he added, indicating bearish sentiment has not yet fully dissipated.

The combination of those signals suggests professional traders are positioning for continued volatility and a lack of conviction in a straight-line recovery. 

Despite recent declines in key metrics, “market panic has not fully subsided,” GreeksLive's Chu said, adding that “the final month of the year remains risky, with volatility expectations still elevated.”

Dawson broadly agreed with the capped outlook, stating he expects Bitcoin to be range-bound between $100,000 and $118,000 for the rest of 2025, with a move above $120,000 more likely well into the new year.

Bitcoin is currently trading at $87,400, down 0.3% over 24 hours, according to CoinGecko data.

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Follow up to the hour updates on what is happening in crypto today, November 26. Market movements, crypto news, and more!

The project is backed by the Trump family and emphasizes regulatory compliance and US-focused crypto infrastructure.

Key Takeaways

World Liberty Financial repurchased 59 million WLFI tokens worth nearly $10 million in six hours.
WLFI rallied on the renewed accumulation.

World Liberty Financial, the crypto project backed by the Trump family, spent approximately $10 million to buy back 59 million WLFI tokens over the past six hours, according to Arkham Intelligence data.

The entity appears to be continuing its accumulation of WLFI through swap purchases on CoW Swap at the time of reporting.

WLFI climbed during the buyback activity, gaining 10% over the past six hours, according to CoinGecko.

Founded in 2024, World Liberty Financial aims to offer on-chain financial services supported by its WLFI token and USD1 stablecoin. The project promotes US-aligned crypto development with a focus on compliance and secure, dollar-based products.

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