Market Signal Briefing

Coupang, Inc. (CPNG - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Over the past month, shares of this company have returned -1.9%, compared to the Zacks S&P 500 composite's +2.1% change. During this period, the Zacks Internet - Commerce industry, which Coupang falls in, has remained unchanged. The key question now is: What could be the stock's future direction?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

For the current quarter, Coupang is expected to post earnings of $0.04 per share, indicating a change of -33.3% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

The consensus earnings estimate of $0.17 for the current fiscal year indicates a year-over-year change of -22.7%. This estimate has changed -2% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $0.6 indicates a change of +252.9% from what Coupang is expected to report a year ago. Over the past month, the estimate has changed +1.7%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Coupang.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of Coupang, the consensus sales estimate of $9.06 billion for the current quarter points to a year-over-year change of +15.2%. The $34.82 billion and $40.72 billion estimates for the current and next fiscal years indicate changes of +15% and +16.9%, respectively.

Last Reported Results and Surprise HistoryCoupang reported revenues of $8.52 billion in the last reported quarter, representing a year-over-year change of +16.4%. EPS of $0.02 for the same period compares with $0.07 a year ago.

Compared to the Zacks Consensus Estimate of $8.41 billion, the reported revenues represent a surprise of +1.37%. The EPS surprise was -71.43%.

Over the last four quarters, Coupang surpassed consensus EPS estimates two times. The company topped consensus revenue estimates two times over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Coupang is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Coupang. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Morgan Stanley (MS - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Shares of this investment bank have returned +6.4% over the past month versus the Zacks S&P 500 composite's +2.1% change. The Zacks Financial - Investment Bank industry, to which Morgan Stanley belongs, has lost 0.5% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

Morgan Stanley is expected to post earnings of $2.27 per share for the current quarter, representing a year-over-year change of +2.3%. Over the last 30 days, the Zacks Consensus Estimate has changed +8.5%.

For the current fiscal year, the consensus earnings estimate of $9.42 points to a change of +18.5% from the prior year. Over the last 30 days, this estimate has changed +6.3%.

For the next fiscal year, the consensus earnings estimate of $10.06 indicates a change of +6.9% from what Morgan Stanley is expected to report a year ago. Over the past month, the estimate has changed +5%.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Morgan Stanley is rated Zacks Rank #1 (Strong Buy).

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of Morgan Stanley, the consensus sales estimate of $17.01 billion for the current quarter points to a year-over-year change of +4.8%. The $68.5 billion and $71.51 billion estimates for the current and next fiscal years indicate changes of +10.9% and +4.4%, respectively.

Last Reported Results and Surprise HistoryMorgan Stanley reported revenues of $18.22 billion in the last reported quarter, representing a year-over-year change of +18.5%. EPS of $2.8 for the same period compares with $1.88 a year ago.

Compared to the Zacks Consensus Estimate of $16.45 billion, the reported revenues represent a surprise of +10.8%. The EPS surprise was +34.62%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Morgan Stanley is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Morgan Stanley. However, its Zacks Rank #1 does suggest that it may outperform the broader market in the near term.

CRISPR Therapeutics AG (CRSP - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Over the past month, shares of this company have returned -16.1%, compared to the Zacks S&P 500 composite's +2.1% change. During this period, the Zacks Medical - Biomedical and Genetics industry, which CRISPR Therapeutics falls in, has gained 8.7%. The key question now is: What could be the stock's future direction?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, CRISPR Therapeutics is expected to post a loss of $1.32 per share, indicating a change of -30.7% from the year-ago quarter. The Zacks Consensus Estimate has changed -15.7% over the last 30 days.

For the current fiscal year, the consensus earnings estimate of -$6.66 points to a change of -53.5% from the prior year. Over the last 30 days, this estimate has changed -1.3%.

For the next fiscal year, the consensus earnings estimate of $4.21 indicates a change of +36.7% from what CRISPR Therapeutics is expected to report a year ago. Over the past month, the estimate has changed +5.8%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for CRISPR Therapeutics.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of CRISPR Therapeutics, the consensus sales estimate of $6.71 million for the current quarter points to a year-over-year change of +1018.8%. The $21.16 million and $199.52 million estimates for the current and next fiscal years indicate changes of -43.3% and +842.8%, respectively.

Last Reported Results and Surprise HistoryCRISPR Therapeutics reported revenues of $0.89 million in the last reported quarter, representing a year-over-year change of +71.2%. EPS of -$1.29 for the same period compares with -$1.49 a year ago.

Compared to the Zacks Consensus Estimate of $6.58 million, the reported revenues represent a surprise of -86.45%. The EPS surprise was +12.24%.

Over the last four quarters, CRISPR Therapeutics surpassed consensus EPS estimates three times. The company topped consensus revenue estimates just once over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

CRISPR Therapeutics is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about CRISPR Therapeutics. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Key Takeaways Hercules Capital's Q3 net investment income rose 6.5% to $88.6 million, beating estimates.Total investment income climbed 10.3% to $138.1 million, driven by a larger debt portfolio.Operating expenses increased 21% year over year as most cost components moved higher.
Hercules Capital Inc.’s (HTGC - Free Report) shares gained almost 1% in the after-market hours on better-than-expected third-quarter 2025 results. The net investment income of 49 cents per share surpassed the Zacks Consensus Estimate by a penny. However, the bottom line declined 3.9% from the year-ago quarter.

Results were primarily driven by higher total investment income. Also, the portfolio activity was robust in the quarter. However, an increase in expenses was the undermining factor.

Net investment income was $88.6 million, up 6.5% year over year.

HTGC's Investment Income Increases, Expenses RiseTotal investment income was $138.1 million, up 10.3% from the year-ago quarter. The rise was driven by a higher weighted average debt investment portfolio between periods. Also, the top line beat the Zacks Consensus Estimate of $132.5 million.

Total gross operating expenses jumped 21% year over year to $53.6 million. The rise was due to an increase in almost all cost components, except for tax expenses and general and administrative expenses.

HTGC Portfolio Value & New Commitments Remain StrongThe fair value of Hercules Capital’s total investment portfolio was $4.31 billion as of Sept. 30, 2025. It realized early loan repayments of $262.3 million in the third quarter. This, along with normal scheduled amortization of $2.3 million, led to total debt repayments of $264.6 million.

In the third quarter, the company delivered $846.2 million in gross new debt and equity commitments and $504.6 million in gross new funding.

Hercules Capital’s Balance Sheet Position DecentAs of Sept. 30, 2025, Hercules Capital’s net asset value was $12.05 per share, up from $11.66 as of Dec. 31, 2024.

As of Sept. 30, 2025, the company had $655 million in liquidity, including $29.4 million of unrestricted cash and cash equivalents, and $625.6 million in credit facilities.

At the end of the third quarter, the weighted average cost of debt, comprising interest and fees, remained constant at 5.1% year over year.

Our View on HTGCThe absence of global diversification limits Hercules Capital’s growth prospects. Further, the company’s efforts to improve originations will likely keep expenses elevated. Nonetheless, rising demand for customized financing is expected support total investment income.
 

Performance & Earnings Dates of HTGC’s PeersAres Capital Corporation’s (ARCC - Free Report) third-quarter 2025 core earnings of 50 cents per share met the Zacks Consensus Estimate. However, the bottom line reflected a decline of 13.8% from the prior-year quarter.

The results were primarily aided by higher total investment income. Also, ARCC’s robust portfolio activities offered some support. However, higher expenses acted as a spoilsport.

Main Street Capital (MAIN - Free Report) is scheduled to announce third-quarter 2025 results on Nov. 6.

Over the past seven days, the Zacks Consensus Estimate for Main Street Capital’s quarterly earnings has been unchanged at $1.04. This implies a 4% rise from the prior-year quarter’s actual.

Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF) managing director Richard Belcher talked with Proactive about the advancement of the Konkola West copper exploration project, where strategic partner KoBold Metals has committed to Stage 2 of the joint venture.

The project, located in a world-class copper terrain adjacent to operating mines, involves challenging deep drilling operations of up to two kilometres. Belcher said, “These are deep, two-kilometre deep drill holes; the cost of this drilling is within the millions of dollars to drill these holes.”

He explained that KoBold’s continued financial backing, including a commitment to spend up to $6 million in Stage 2, is a strong endorsement of the licence’s potential. Tertiary Minerals retains upside in the project while significantly reducing its financial exposure, with Belcher noting that the JV model “reduces our risk... we don’t need to contribute in terms of the cost of this drilling.”

The technical results so far have enhanced understanding of the basin’s geology and informed future targeting. Belcher highlighted the strategic value of having KoBold take on both the risk and cost associated with such deep exploration, adding that this collaboration allows Tertiary to move forward without diluting resources.

In addition to progress at Konkola West, Belcher revealed plans to carry out additional drilling at the Mushima North project before the rainy season, reinforcing the company's commitment to advancing its wider Zambian exploration portfolio.

Proactive: Richard, good to speak with you this morning. KoBold Metals has now completed Stage 1 and committed to Stage 2 — what does that tell investors about the potential scale and importance of the Konkola West project?

Richard Belcher: I think this really underlines the importance of this licence area and the project, and the potential strategic importance of it as well. This licence is located in a world-class copper terrain and the surrounding neighbours are all operating copper mines. So this is an incredibly important licence area. And it's great to have KoBold Metals involved in this project.

Proactive: Drilling hit some technical challenges but also set a record for depth — what have you learned so far, and how does that shape the next phase of exploration?

Richard Belcher: Overall, the drilling has been very successful from a technical point of view and in terms of understanding — or better understanding — the geology of the basin, and where best now to drill going forward. We always knew this was going to be technically very difficult drilling. It's very deep drilling.

We knew, being only a couple of kilometres away from Konkola Deep, that the mineralisation — if it extends into our licence area — what depth, what grades, what thicknesses are. So it was always going to be technically very challenging and we needed a partner who had the strategy, the forethought, and was also willing to take on the risk and the expenditure to drill. So I think it's been very successful from there. And the fact that they’re advancing into Stage 2 just underlines how important the work so far has been, and hopefully the potential progress we can make going forward.

Proactive: With KoBold spending up to US$6 million in Stage 2, what’s the value for Tertiary in this partnership, and how does it manage risk and reward for shareholders?

Richard Belcher: Well, this has been great for us so far. Certainly, for us as a junior explorer, we wouldn’t have been able to take on this style of drilling on our own. These are deep, two-kilometre deep drill holes. The cost of this drilling is within the millions of dollars to drill these holes. So having a partner willing to take on that expenditure and also to take on the risk in terms for equity has been great. For us it reduces our risk. We don't need to contribute in terms of the cost of this drilling. For that, we give up some of the equity in the project.

So there's still plenty of upside for us in terms of going through to this next stage and also for the stages going forward. So it's a great deal for our shareholders. And hopefully we'll see some value coming out — or further value coming out — of that in the future.

Proactive: Richard, what's next? What else should your shareholders be looking out for?

Richard Belcher: Well, as we've said, we are planning to do some additional drilling at Mushima North. So that's very exciting for us, and it just shows our commitment to sort of aggressively advance our own projects as well. So certainly being able to do additional drilling before the rainy season is a great bonus, and we look forward to updating shareholders around our drilling program as we go forward.

Proactive: I hope you'll keep us updated on progress with that. Richard, thank you very much for speaking with us today.

Intel Corp (NASDAQ:INTC, ETR:INL) is in preliminary discussions to acquire SambaNova Systems, an AI chip startup focused on custom processors, systems, and clouds optimized for AI inference workloads, according to Bloomberg News, which cited sources familiar with the matter.

SambaNova, founded in 2017 in California, has shifted its focus from training large AI models to inference optimization, a move that aligns with Intel’s growing AI strategy.

The company has engaged bankers to gauge potential buyer interest, with any transaction expected to value SambaNova below its $5 billion valuation from a 2021 funding round.

Intel CEO Lip-Bu Tan, who took over leading the company in 2024, has a long-standing relationship with SambaNova.

Tan serves as SambaNova’s executive chairman, and his venture firm, Walden International, was one of the company’s founding investors. Intel Capital and SoftBank’s Vision Fund have also invested in the startup.

While acquisition discussions are ongoing, no agreement has been finalized, and a deal is not guaranteed, the sources told Bloomberg.

Wedbush analysts see SambaNova fitting in with Graphcore, Cerebras and Groq, “capturing the same big COVID-era raise that propelled its peers.”

“However, unlike the latter two, SambaNova never garnered the partnerships or large deals that both validated Groq's and Cerebras' technology, while providing a next leg of growth,” they wrote.

They noted that Intel should know SambaNova “extremely well,” given Lip-Bu Tan’s position as chairman and Walden’s status as one of the founding investors.

“At the same time, we always worry about acquisitions of struggling companies that seemingly involve fixing technologies, as this path tends to lead to disappointment versus buying emerging market leaders and using better size/funding to more rapidly scale their sales and product efforts,” they wrote.

Shares of Intel traded up 0.4% at $40 on Friday morning, up more than 100% in the year to date.

The company's earnings reassured investors about both demand for iPhones and revenue from the services business.

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RBC Bearings (RBC - Free Report) came out with quarterly earnings of $2.88 per share, beating the Zacks Consensus Estimate of $2.74 per share. This compares to earnings of $2.29 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +5.11%. A quarter ago, it was expected that this maker of bearings and components would post earnings of $2.74 per share when it actually produced earnings of $2.84, delivering a surprise of +3.65%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

RBC Bearings, which belongs to the Zacks Manufacturing - General Industrial industry, posted revenues of $455.3 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.88%. This compares to year-ago revenues of $397.9 million. The company has topped consensus revenue estimates three times 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.

RBC Bearings shares have added about 35.9% since the beginning of the year versus the S&P 500's gain of 16%.

What's Next for RBC Bearings?While RBC Bearings has outperformed 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 RBC Bearings 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 $2.77 on $460.47 million in revenues for the coming quarter and $11.55 on $1.84 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, Manufacturing - General Industrial is currently in the bottom 41% 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.

One other stock from the same industry, Xometry (XMTR - Free Report) , is yet to report results for the quarter ended September 2025. The results are expected to be released on November 4.

This marketplace for on-demand manufacturing is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of +450%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Xometry's revenues are expected to be $168.23 million, up 18.7% from the year-ago quarter.

W.W. Grainger (GWW - Free Report) came out with quarterly earnings of $10.21 per share, beating the Zacks Consensus Estimate of $9.93 per share. This compares to earnings of $9.87 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +2.82%. A quarter ago, it was expected that this seller of maintenance and other supplies would post earnings of $10 per share when it actually produced earnings of $9.97, delivering a surprise of -0.3%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

W.W. Grainger, which belongs to the Zacks Industrial Services industry, posted revenues of $4.66 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.33%. This compares to year-ago revenues of $4.39 billion. The company has topped consensus revenue estimates two times 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.

W.W. Grainger shares have lost about 9.3% since the beginning of the year versus the S&P 500's gain of 16%.

What's Next for W.W. Grainger?While W.W. Grainger 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 W.W. Grainger 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 $9.73 on $4.53 billion in revenues for the coming quarter and $39.51 on $18.03 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, Industrial Services is currently in the bottom 26% 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.

One other stock from the same industry, ScanSource (SCSC - Free Report) , is yet to report results for the quarter ended September 2025. The results are expected to be released on November 6.

This technology products distributor is expected to post quarterly earnings of $0.91 per share in its upcoming report, which represents a year-over-year change of +8.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

ScanSource's revenues are expected to be $784.85 million, up 1.2% from the year-ago quarter.

Lufthansa's Q3 results show record revenue of €11.2 billion, with robust performance in the airlines and cargo segments. The company's strong free cash flow, reduced net debt, and ongoing cost optimization support a constructive outlook and reinforce the turnaround plan. Valuation remains attractive, with a confirmed price target of €10.5 per share, backed by sum-of-the-parts analysis and MRO upside. Lufthansa also reaffirmed its FY25 guidance.

LyondellBasell (LYB - Free Report) came out with quarterly earnings of $1.01 per share, beating the Zacks Consensus Estimate of $0.8 per share. This compares to earnings of $1.88 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +26.25%. A quarter ago, it was expected that this oil refiner and chemical company would post earnings of $0.87 per share when it actually produced earnings of $0.62, delivering a surprise of -28.74%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

LyondellBasell, which belongs to the Zacks Chemical - Diversified industry, posted revenues of $7.73 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 3.11%. This compares to year-ago revenues of $10.32 billion. The company has topped consensus revenue estimates four times 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.

LyondellBasell shares have lost about 39.1% since the beginning of the year versus the S&P 500's gain of 16%.

What's Next for LyondellBasell?While LyondellBasell 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 LyondellBasell 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 #5 (Strong 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 $0.57 on $7.02 billion in revenues for the coming quarter and $2.34 on $29.85 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, Chemical - Diversified is currently in the bottom 8% 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, Avient (AVNT - Free Report) , has yet to report results for the quarter ended September 2025. The results are expected to be released on November 5.

This maker of resins used in plastic pipe and other products is expected to post quarterly earnings of $0.69 per share in its upcoming report, which represents a year-over-year change of +6.2%. The consensus EPS estimate for the quarter has been revised 1.1% lower over the last 30 days to the current level.

Avient's revenues are expected to be $821.41 million, up 0.8% from the year-ago quarter.

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SummaryNvidia Corporation remains a Strong Buy, as its valuation growth is firmly supported by robust fundamentals and a secure growth trajectory through 2026.Nvidia's product roadmap is accelerating, with Blackwell Ultra and Rubin platforms driving innovation and annual performance improvements, ensuring continued market leadership for NVDA.NVDA estimates a $3-4 trillion total addressable market by 2030, fueled by AI infrastructure demand and strategic partnerships with industry leaders that cement Nvidia's role in physical AI.Despite NVDA stock's higher P/E multiple, the company's sustained revenue and earnings growth justify its premium, making it an attractive long-term investment. BING-JHEN HONG/iStock Editorial via Getty Images

As those of you who know me a bit probably know, Nvidia Corporation (NVDA) is one of my favorite businesses to invest in. I started my journey with NVDA in 2022 and have

Analyst’s Disclosure:I/we have a beneficial long position in the shares of NVDA, AMZN, GOOG, META, MSFT 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.

The information, opinions, and thoughts included in this article do not constitute an investment recommendation or any form of investment advice.

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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Correcting press release issued under same heading: Date in body text corrected to "November 6, 2025" as in headline. COPENHAGEN, Denmark, October 31, 2025 - Evaxion A/S (NASDAQ: EVAX) (“Evaxion”), a clinical-stage TechBio company specializing in developing AI-Immunology™ powered vaccines, will provide a business update and report its third quarter 2025 financial results on Thursday November 6, 2025, before opening of the Nasdaq CM.

Colgate-Palmolive (CL - Free Report) came out with quarterly earnings of $0.91 per share, beating the Zacks Consensus Estimate of $0.89 per share. This compares to earnings of $0.91 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +2.25%. A quarter ago, it was expected that this consumer products maker would post earnings of $0.89 per share when it actually produced earnings of $0.92, delivering a surprise of +3.37%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Colgate-Palmolive, which belongs to the Zacks Consumer Products - Staples industry, posted revenues of $5.13 billion for the quarter ended September 2025, missing the Zacks Consensus Estimate by 0.07%. This compares to year-ago revenues of $5.03 billion. The company has topped consensus revenue estimates two times 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.

Colgate-Palmolive shares have lost about 15.8% since the beginning of the year versus the S&P 500's gain of 16%.

What's Next for Colgate-Palmolive?While Colgate-Palmolive 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 Colgate-Palmolive 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 $0.94 on $5.15 billion in revenues for the coming quarter and $3.67 on $20.31 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, Consumer Products - Staples is currently in the bottom 17% 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.

Purple Innovation (PRPL - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2025.

This company is expected to post quarterly loss of $0.09 per share in its upcoming report, which represents a year-over-year change of -12.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Purple Innovation's revenues are expected to be $123.1 million, up 3.8% from the year-ago quarter.

Church & Dwight (CHD - Free Report) came out with quarterly earnings of $0.81 per share, beating the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.79 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +10.96%. A quarter ago, it was expected that this maker of household and personal products would post earnings of $0.85 per share when it actually produced earnings of $0.94, delivering a surprise of +10.59%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Church & Dwight, which belongs to the Zacks Consumer Products - Staples industry, posted revenues of $1.59 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 3.32%. This compares to year-ago revenues of $1.51 billion. The company has topped consensus revenue estimates three times 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.

Church & Dwight shares have lost about 21.9% since the beginning of the year versus the S&P 500's gain of 16%.

What's Next for Church & Dwight?While Church & Dwight 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 Church & Dwight 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 $0.88 on $1.63 billion in revenues for the coming quarter and $3.46 on $6.14 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, Consumer Products - Staples is currently in the bottom 17% 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.

Leslie's, Inc. (LESL - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2025.

This company is expected to post quarterly earnings of $1.10 per share in its upcoming report, which represents a year-over-year change of +175%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Leslie's, Inc.'s revenues are expected to be $368.43 million, down 7.4% from the year-ago quarter.

SummaryCompaniesAnanym redoubles push to persuade LKQ to sell European businessHedge fund says there are buyers interested in the European businessProceeds from a sale could be used to reduce leverage, buy back stockNEW YORK, Oct 31 (Reuters) - Ananym Capital has intensified its call for auto-parts supplier LKQ

(LKQ.O), opens new tab to sell its European business, stressing that there are interested buyers and that the proceeds could be used to buy back shares, according to a letter to LKQ's board on Friday that was seen by Reuters.

The letter, following close on the heels of the company's third-quarter earnings report the day before, pressed the activist hedge fund's point that keeping the European and North American businesses together makes little sense.

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"While management continues to pursue the arduous task of trying to integrate the disparate collection of businesses that comprise the EU business, LKQ continues to suffer from a substantial sum-of-the-parts discount and to dramatically lag its peers in share price performance,"

the hedge fund wrote, opens new tab.

A representative for LKQ was not immediately available to comment.

On Thursday's earnings call with analysts, CEO Justin Jude said: "The challenges in Europe affect the entire industry but LKQ excels in such environments, as shown by our own success in North America. Having integrated businesses in tough settings before, I am confident we can achieve similar results in Europe."

The strong North America performance powered a more than 5% rise in LKQ's stock during Thursday's session, but its close at $31.16 left it down more than 16% for the past 12 months.

Ananym's letter noted that the total return on stock in LKQ, which has a market value of $8 billion, has lagged its proxy peers by 33% over the last 12 months, by 113% over the last five years, and by 253% over the last decade.

It added that, instead of trying to integrate 20 ERP software systems across 900 locations in 18 different countries in Europe, management should talk to potential buyers who could handle the integration and free up LKQ executives to concentrate on running its "crown jewel NA (North America) collision business."

Management could use the proceeds from selling the European business to reduce leverage and buy back shares, which would create more benefits for shareholders than trying to run the European business in the coming years, the hedge fund said.

Ananym has been holding discussions with Chicago-headquartered LKQ in recent months and has been largely complimentary of the company's CEO, Justin Jude, who was named to the position in July 2024.

But in late summer, the hedge fund stepped up its push for a separation or sale of the European business after disappointing second-quarter earnings, when investors pushed the stock price down more than 20%.

The company has taken steps to simplify its portfolio, and in August announced the sale of its self-service segment to private-equity firm Pacific Avenue Capital Partners.

Ananym was founded last year by Charlie Penner, the architect of a massive three-board-seat victory at Exxon Mobil

(XOM.N), opens new tab in 2021, and former P2 partner Alex Silver.

Reporting by Svea Herbst-Bayliss; Editing by Edmund Klamann

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Order strengthens growing partnership to deploy long-duration energy storage across multiple markets

October 31, 2025 09:10 ET

 | Source:

Eos Energy Enterprises, Inc.

PITTSBURGH, Oct. 31, 2025 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos" or the “Company”), an American energy company and the leading innovator in designing, sourcing, manufacturing, and providing zinc-based battery energy storage systems (BESS) and Frontier Power Ltd. (“Frontier”), a leading UK-based energy developer, today announced a strategic 228 megawatt-hour (MWh) order to deploy Eos Z3™ energy storage systems across Frontier’s expanding portfolio of storage and grid-reliability projects.

The 228 MWh order – the first to be converted under the companies’ 5 GWh framework agreement announced in April 2025 – marks a significant milestone in a growing partnership focused on scaling alternative, long-duration energy storage to strengthen grid reliability across multiple markets.

“This order reflects continued confidence in Eos’ zinc technology and the strength of our partnership with Frontier,” said Nathan Kroeker, Eos Chief Commercial Officer. “Together, we’re demonstrating that long-duration storage is ready to scale and play a critical role in delivering reliable dispatchable power.”

Frontier will deploy Eos’ Z3™ energy storage systems, featuring the Company’s proprietary battery management system, software, controls and analytics platform – DawnOS™ – to validate performance and reliability in diverse grid environments. This provides a unique opportunity to showcase Eos’ technology ahead of Frontier’s upcoming projects under Ofgem’s Cap-and-Floor program.

Frontier recently advanced 11 gigawatt-hours (GWh) of long-duration storage projects to the second round of the program, all incorporating Eos’ technology and more than double the original commitment. This milestone highlights the growing market demand for 8-hour-plus storage and reinforces confidence in the companies’ joint ability to deliver commercially viable, large-scale solutions.

“Our partnership with Eos goes beyond a single project – it’s about building a platform for long-duration storage at scale,” said Humza Malik, Frontier Chief Executive Officer. “Together, we’re demonstrating how innovative, safe, and sustainable zinc technology can support renewable growth and deliver dependable, flexible power for the grid of the future.”

Eos’ Z3™ technology builds on the company’s proven zinc-based chemistry, offering enhanced energy density, extended duration, and a safe, non-flammable solution ideal for long-life, grid-scale applications. As the partnership grows, Eos and Frontier are positioned to accelerate deployment of long-duration energy storage across key international markets, supporting renewable integration, grid stability, and global energy security.

The announcement coincides with the Company also achieving its final cash receipt milestone previously agreed upon between Eos and an affiliate of Cerberus Capital Management LP (Cerberus) as part of Cerberus’s strategic investment in the Company. No additional preferred stock or warrants will be issued to Cerberus at this time.

About Eos Energy Enterprises

Eos is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. The Company’s BESS features the innovative Znyth™ technology, a proven chemistry with readily available non-precious earth components, that is the pre-eminent safe, non-flammable, secure, stable, and scalable alternative to conventional lithium-ion technology. The Company’s BESS is ideal for utility-scale, microgrid, commercial, and industrial long-duration energy storage applications (i.e., 4 to 16+ hours) and provides customers with significant operational flexibility to cost effectively address current and future increased grid demand and complexity. For more information about Eos (NASDAQ: EOSE), visit eose.com.

Contacts        
Investors:  [email protected]
Media:  [email protected]

Forward Looking Statements

Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements that refer to outlook, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and the information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.

Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to achieve the operational milestones on the delayed draw term loan; our ability to raise financing in the future; risks associated with the credit agreement with Cerberus, including risks of default, dilution of outstanding Common Stock, consequences for failure to meet milestones and contractual lockup of shares; our customers’ ability to secure project financing; the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act; the timing and availability of future funding under the Department of Energy Loan Facility; our ability to continue to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; our ability to convert firm order backlog and pipeline to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes to the U.S. trade environment; our ability to maintain the listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; risks related to the adverse changes in general economic conditions, including inflationary pressures and increased interest rates; risk from supply chain disruptions and other impacts of geopolitical conflict; changes in applicable laws or regulations; the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; other factors beyond our control; risks related to adverse changes in general economic conditions; and other risks and uncertainties.

The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in the Company’s most recent filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that the Company makes with the Securities and Exchange Commission from time to time. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release.

Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Instead of just making movies on its own, Netflix Inc. (NASDAQ: NFLX) may buy Warner Bros.

SAN DIEGO, CALIFORNIA - AUGUST 2: A Chipotle logo is displayed outside their restaurant on August 2, 2025 in San Diego, California. (Photo by Kevin Carter/Getty Images)

Getty Images

Chipotle Mexican Grill stock (NYSE: CMG) crashed 18% yesterday, October 30, 2025, after the company reported its Q3 2025 earnings.

For the third time this year, Chipotle cut its sales forecast due to weaker-than-expected comparable sales. Management attributed this disappointing performance to persistent macroeconomic pressures and a notable pullback in spending from its core customers, particularly the 25-to-35 age group.

This single-day drop has extended CMG’s recent decline to 23.2% in under a month (falling from $42.36 on 10/21/2025 to a current price of $32.53). Given this sharp correction, the central question for investors is: Should you buy this dip? Buying a stock after a decline is a valid strategy, provided the company is a quality business with a history of bouncing back.

It turns out that CMG stock meets basic quality criteria, having generated a median return of 94% over one year, and a peak return of 102% after experiencing sharp declines (>30% in 30 days) historically. For a brief overview, CMG offers fast-casual Mexican food with around 3,000 locations in the United States, Canada, the United Kingdom, France, Germany, and other parts of Europe since 1993.

For insights regarding stock fundamentals and evaluations: Read Buy or Sell Chipotle Mexican Grill Stock to gain a comprehensive view.

That being said, if you seek an upside with less volatility than holding an individual stock like CMG, consider the High Quality Portfolio. It has comfortably outperformed its benchmark—a combination of the S&P 500, Russell, and S&P MidCap indexes—and has achieved returns exceeding 105% since its inception. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride, as evident in HQ Portfolio performance metrics.

Historical Median Returns Post DipsHistorical Median Returns Post Dips

Trefis

Historical Dip-Wise DetailsCMG has experienced 2 occurrences since 1/1/2010 when the dip threshold of -30% within 30 days was breached

102% median peak return within 1 year of dip occurrence350 days is the median duration to peak return following a dip-19% median maximum drawdown within 1 year of dip eventHistorical Dip-Wise Details

Trefis

Chipotle Mexican Grill Passes Basic Financial Quality ChecksIt is essential to assess revenue growth, profitability, cash flow, and the strength of the balance sheet to mitigate the risk that a dip may signal a deteriorating business situation.

CMG Basic Financial Quality Checks

Trefis

Investing in a single stock without comprehensive analysis can be risky. Consider the Trefis Reinforced Value (RV) Portfolio, which has outperformed its all-cap stocks benchmark (combination of the S&P 500, S&P mid-cap, and Russell 2000 benchmark indices) to produce strong returns for investors. Why is that? The quarterly rebalanced mix of large-, mid-, and small-cap RV Portfolio stocks provided a responsive way to make the most of upbeat market conditions while limiting losses when markets head south, as detailed in RV Portfolio performance metrics.

WisdomTree, Inc. (WT - Free Report) came out with quarterly earnings of $0.23 per share, beating the Zacks Consensus Estimate of $0.21 per share. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +9.52%. A quarter ago, it was expected that this company would post earnings of $0.18 per share when it actually produced earnings of $0.18, delivering no surprise.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

WisdomTree, Inc., which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $125.62 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.50%. This compares to year-ago revenues of $113.17 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.

WisdomTree, Inc. shares have added about 10.3% since the beginning of the year versus the S&P 500's gain of 16%.

What's Next for WisdomTree, Inc.?While WisdomTree, Inc. 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 WisdomTree, Inc. 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 $0.22 on $133.96 million in revenues for the coming quarter and $0.77 on $478.43 million 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, Financial - Miscellaneous Services is currently in the top 34% 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.

One other stock from the same industry, Brookfield Asset Management (BAM - Free Report) , is yet to report results for the quarter ended September 2025. The results are expected to be released on November 7.

This investment manager is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of +5.3%. The consensus EPS estimate for the quarter has been revised 3.5% lower over the last 30 days to the current level.

Brookfield Asset Management's revenues are expected to be $1.33 billion, up 9.9% from the year-ago quarter.

Key Takeaways LyondellBasell posted adjusted EPS of $1.01, topping estimates but down from $1.91 a year ago.Improved U.S. olefins margins and higher polyethylene demand aided performance.LYB expects seasonal softness and higher feedstock costs to pressure Q4 results.
LyondellBasell Industries N.V. (LYB - Free Report) recorded a loss of $890 million or $2.77 per share. This compares unfavorably with a profit of $573 million or $1.75 per share reported a year ago.

Barring one-time items, LYB posted adjusted earnings of $1.01 per share, down from the year-ago quarter's figure of $1.91. It topped the Zacks Consensus Estimate of 80 cents.

The company’s net sales in the reported quarter were $7,727 million, which beat the Zacks Consensus Estimate of $7,493.9 million. Net sales fell around 10% from $8,604 million in the prior-year quarter.

LYB saw improved profitability in the Olefins & Polyolefins — Americas segment, backed by higher olefins margins and increased sales volumes. Sales volumes were supported by higher domestic demand for polyethylene.

LyondellBasell’s Segment HighlightsIn the reported quarter, the Olefins & Polyolefins — Americas segment's revenues declined around 13% year over year to $2,606 million. The figure beat the consensus estimate of $2,531 million.

Similarly, Olefins & Polyolefins — Europe, Asia, the international segment revenues declined 8% year over year to $2,587 million. It topped the consensus estimate of $2,293 million.

In the Intermediates and Derivatives segment sales were $2,343 million, a decline of roughly 13% year over year, beating the consensus estimate of $2,325 million.

The Advanced Polymer Solutions revenues were $870 million, representing a decline of around 3% year over year, missing the consensus estimate of $891 million.

The Technology segment's revenues were $115 million, marking a decline of roughly 21%, and lagging the consensus estimate of $137 million.

LYB’s FinancialsLYB generated $983 million in cash from its operating activities in the reported quarter. The company continued its balanced capital allocation strategy by spending $406 million on capital expenditures and distributing $443 million to shareholders via dividends and share buybacks. At the end of the quarter, LYB had $1.8 billion in cash and cash equivalents, along with $6.5 billion in total available liquidity.

LYB’s OutlookIn the fourth quarter, LyondellBasell anticipates reduced operating rates and year-end seasonality to impact results across most of its businesses. Increased natural gas and feedstock costs are expected to put pressure on integrated polyolefins margins in North America. LYB also sees soft industrial and consumer demand to persist in Europe. While Industry downtime aided oxyfuels margins during October, seasonally higher costs for feedstocks and reduced octane values are expected to pressure margins for the balance of the fourth quarter. Cost reduction initiatives are also forecast to offset some of the pricing pressures in Advanced Polymer Solutions.

LYB remains on track with its Cash Improvement Plan, which is expected to deliver on a $600 million target for 2025 and at least $1.1 billion by the end of next year.

LYB’s Price PerformanceShares of LyondellBasell have lost 47.8% in the past year compared with the Zacks Chemicals Diversified industry’s 27.4% decline.

Image Source: Zacks Investment Research

LYB’s Zacks Rank & Key PicksLYB currently carries a Zacks Rank #5 (Strong Sell).

Some better-ranked stocks worth a look in the basic materials space are Avino Silver & Gold Mines Ltd. (ASM - Free Report) , Royal Gold, Inc. (RGLD - Free Report) and and Fortuna Mining Corp. (FSM - Free Report) .

Avino Silver is slated to report third-quarter results on Nov. 6. The Zacks Consensus Estimate for third-quarter earnings is pegged at 3 cents per share. ASM’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, with the average surprise being 141.7%. Avino Silver carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Royal Gold is scheduled to report third-quarter results on Nov. 5. The Zacks Consensus Estimate for RGLD’s third-quarter earnings is pegged at $2.30 per share. RGLD’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, with the average surprise being 8.9%. Royal Gold currently sports a Zacks Rank #1.

Fortuna Mining is scheduled to report third-quarter results on Nov. 5. FSM carries a Zacks Rank #2 at present. Fortuna Mining’s earnings beat the consensus estimate in one of the last four quarters and missed thrice.

Continued execution fueling solid performance;
Company narrows full year 2025 earnings outlook

Third Quarter Highlights

Delivered sales of $4.7 billion, up 6.1%, or 5.4% on a daily, constant currency basis
Achieved operating margin of 11.0% on a reported basis, down 460 basis points, or 15.2% on an adjusted basis, down 40 basis points, which excludes the non-cash loss related to the Company's intended exit of the U.K. market, including the planned divestiture of Cromwell
Generated diluted EPS of $6.12 on a reported basis, down 38.0%, or $10.21 on an adjusted basis, up 3.4%
Produced $597 million in operating cash flow and returned $399 million to Grainger shareholders through dividends and share repurchases
Updating full year 2025 guidance, including a narrowed adjusted diluted EPS range of $39.00 to $39.75

, /PRNewswire/ -- Grainger (NYSE: GWW) today reported results for the third quarter of 2025 with sales of $4.7 billion, up 6.1%, or 5.4% on a daily, constant currency basis, and adjusted diluted EPS of $10.21, up 3.4% compared to the third quarter of 2024. 

"We delivered results in-line with our expectations for the quarter, reinforcing the value and differentiated experience Grainger consistently creates for our customers," said D.G. Macpherson, Chairman and CEO. "Looking ahead, we remain focused on navigating the continued uncertain environment through strong execution, industry-leading service and innovative capabilities to deliver on what matters most to our stakeholders."

2025 Third Quarter Financial Summary

($ in millions, except per share amounts)

Q3 2025

Q3 2024

Q3'25 vs. Q3'24

Fav. / (Unfav.)

Reported

Adjusted(1)

Reported

Adjusted

Reported

Adjusted

Net Sales

$4,657

$4,657

$4,388

$4,388

6.1 %

6.1 %

Gross Profit

$1,798

$1,798

$1,720

$1,720

4.5 %

4.5 %

Operating Earnings

$511

$707

$686

$686

(25.5) %

3.1 %

Net Earnings Attributable to W.W. Grainger, Inc.

$294

$490

$486

$486

(39.5) %

0.8 %

Diluted Earnings Per Share

$6.12

$10.21

$9.87

$9.87

(38.0) %

3.4 %

Gross Profit Margin

38.6 %

38.6 %

39.2 %

39.2 %

(60) bps

(60) bps

Operating Margin

11.0 %

15.2 %

15.6 %

15.6 %

(460) bps

(40) bps

Effective Tax Rate

34.7 %

24.8 %

24.8 %

24.8 %

(990) bps

0 bps

(1) Reflects the asset impairment loss and other expenses recorded in the third quarter of 2025 related to the Company's intention to exit the U.K. market, including the planned divestiture of the Cromwell business, which was held for sale as of September 30, 2025. See the supplemental information of this release for further information regarding the Company's non-GAAP measures including reconciliations to the most directly comparable GAAP measure.

Revenue
Sales in the quarter increased 6.1% compared to the third quarter of 2024. When normalizing for the impact of foreign currency exchange, sales on a daily, constant currency basis increased 5.4% compared to the third quarter of 2024.

In the High-Touch Solutions - N.A. segment, sales were up 3.4% on both a daily and constant currency basis compared to the third quarter of 2024. Results for the segment were driven by volume growth and improving price contribution as tariff costs are passed. In the Endless Assortment segment, sales were up 18.2%, or 14.6% on a daily, constant currency basis, compared to the third quarter of 2024. Growth for the segment was driven by strong performance at both MonotaRO and Zoro.

Gross Profit Margin
Gross profit margin was 38.6% in the third quarter of 2025, a decrease of 60 basis points from the third quarter of 2024. 

In the High-Touch Solutions - N.A. segment, gross profit margin was 41.1%, a 50 basis point decrease compared to the prior year quarter as tariff-related inflation caused unfavorable price / cost timing and last-in, first-out (LIFO) inventory valuation headwinds. In the Endless Assortment segment, gross profit margin increased by 60 basis points from the third quarter of 2024 due to improvement across the segment.

Earnings
For the third quarter of 2025, total Company reported operating earnings were $511 million, down 25.5% compared to the third quarter of 2024. Reported operating margin was 11.0%, a 460 basis point decrease compared to the third quarter of 2024. On an adjusted basis, operating earnings for the quarter were $707 million, up 3.1% compared to the third quarter of 2024.  Adjusted operating margin was 15.2%, a 40 basis point decrease compared to the third quarter of 2024. This decrease in adjusted operating margin was driven by unfavorable gross margin in High-Touch Solutions - N.A., which was partially offset by expense leverage in Endless Assortment. These adjusted results for the quarter exclude the asset impairment loss from the planned divestiture of the Cromwell business, along with other expenses related to the intended exit from the U.K. market incurred in the current year period.

Diluted earnings per share for the third quarter of 2025 were $6.12 on a reported basis, down 38.0% compared to the third quarter of 2024. On an adjusted basis, diluted EPS was $10.21, up 3.4% compared to the third quarter of 2024. The increase was driven primarily by sales growth and fewer shares outstanding.

Tax Rate
For the third quarter of 2025, the effective tax rate was 34.7%, compared to 24.8% in the third quarter of 2024. The increase in the effective tax rate was primarily due to the loss from the planned divestiture of the Cromwell business and intended exit from the U.K. market, for which there are no corresponding tax benefits. On an adjusted basis, the effective tax rate was 24.8% in both periods.

Cash Flow
During the third quarter of 2025, the Company generated $597 million of cash flow from operating activities. The Company invested $258 million in capital expenditures, resulting in free cash flow of $339 million. During the quarter, the Company returned $399 million to Grainger shareholders through dividends and share repurchases.

Guidance
The Company is updating the following guidance ranges which include certain known tariff impacts.

Total Company(1)

Previous 2025 Guidance Range

(as of August 1, 2025)

Updated 2025 Guidance Range

(as of October 31, 2025)

Net Sales

$17.9 - $18.2 billion

$17.8 - $18.0 billion

   Sales growth

4.4% - 5.9%

3.9% - 4.7%

   Daily, organic constant currency sales growth

4.5% - 6.0%

4.4% - 5.1%

Gross Profit Margin

38.6% - 38.9%

38.9% - 39.1%

Adjusted Operating Margin

14.7% - 15.1%

15.0% - 15.2%

Adjusted Diluted Earnings per Share

$38.50 - $40.25

$39.00 - $39.75

Operating Cash Flow

$2.05 - $2.25 billion

$2.10 - $2.20 billion

CapEx (cash basis)

$0.55 - $0.65 billion

$0.625 - $0.675 billion

Share Buyback

$1.05 - $1.15 billion

$1.05 - $1.15 billion

Effective Tax Rate

~23.8%

~23.8%

Segment Adjusted Operating Margin

High-Touch Solutions - N.A.

16.5% - 16.9%

16.9% - 17.0%

Endless Assortment

9.2% - 9.6%

9.2% - 9.5%

 (1)

Guidance provided is on an adjusted basis. Daily, organic constant currency sales growth is adjusted for the impact

of one less selling day in 2025 as compared to 2024 and excludes the sales of certain divested or closed businesses

in the comparable prior year period post date of divestiture or closure and changes in foreign currency exchange

rates. The Company does not reconcile forward-looking non-GAAP financial measures. For further details see the

supplemental information of this release.

Webcast
The Company will conduct a live conference call and webcast at 11:00 a.m. ET on Friday, October 31, 2025, to discuss the third quarter results. The event will be hosted by D.G. Macpherson, Chairman and CEO, and Deidra Merriwether, Senior Vice President and CFO, and can be accessed at invest.grainger.com. To access the conference call via phone, please send a request to [email protected]. For those unable to participate in the live event, a webcast replay will be available for 90 days at invest.grainger.com.

About Grainger
W.W. Grainger, Inc., is a leading broad line distributor with operations primarily in North America, Japan and the United Kingdom. At Grainger, We Keep the World Working® by serving more than 4.5 million customers worldwide with maintenance, repair and operating (MRO) products and value-added solutions delivered through innovative technology and deep customer expertise. Known for its commitment to service and purpose-driven culture, the Company reported 2024 revenue of $17.2 billion. For more information, visit www.grainger.com.  

Visit invest.grainger.com to view information about the Company, including a supplement regarding 2025 third quarter results and additional Company information.

Safe Harbor Statement
All statements in this communication, other than those relating to historical facts, are "forward-looking statements." Forward-looking statements can generally be identified by their use of terms such as "anticipate," "estimate," "believe," "expect," "could," "forecast," "may," "intend," "plan," "predict," "project," "will," or "would," and similar terms and phrases, including references to assumptions. Grainger cannot guarantee that any forward-looking statement will be realized and achievement of future results is subject to risks and uncertainties, many of which are beyond Grainger's control, which could cause Grainger's results to differ materially from those that are presented. Forward-looking statements include, but are not limited to, statements about future strategic plans and future financial and operating results. Important factors that could cause actual results to differ materially from those presented or implied in the forward-looking statements include, without limitation: inflation, higher product costs or other expenses, including operational and administrative expenses; a major loss of customers; loss or disruption of sources of supply; changes in customer or product mix; increased competitive pricing pressures; changes in third-party practices regarding digital advertising; failure to enter into or sustain contractual arrangements on a satisfactory basis with group purchasing organizations; failure to develop, manage or implement new technology initiatives or business strategies including with respect to Grainger's eCommerce platforms and artificial intelligence; failure to adequately protect intellectual property or successfully defend against infringement claims; fluctuations or declines in Grainger's gross profit margin; Grainger's responses to market pressures; the outcome of pending and future litigation or governmental or regulatory proceedings, including with respect to wage and hour, anti-bribery and corruption, environmental, regulations related to advertising, marketing and the internet, consumer protection, pricing (including disaster or emergency declaration pricing statutes), product liability, compliance or safety, trade and export compliance, general commercial disputes, or privacy and cybersecurity matters; investigations, inquiries, audits and changes in laws and regulations; failure to comply with laws, regulations and standards, including new or stricter environmental laws or regulations; government contract matters; the impact of any government shutdown; disruption or breaches of information technology or data security systems involving Grainger or third parties on which Grainger depends; general industry, economic, market or political conditions; general global economic conditions, including existing, new, or increased tariffs, trade issues and changes in trade policies, inflation, and interest rates; currency exchange rate fluctuations; market volatility, including price and trading volume volatility or price declines of Grainger's common stock; commodity price volatility; facilities disruptions or shutdowns; higher fuel costs or disruptions in transportation services; effects of outbreaks of pandemic disease or viral contagions, global conflicts, natural or human induced disasters, extreme weather, and other catastrophes or conditions; effects of climate change; failure to execute on our efforts and programs related to environmental, social and governance matters; competition for, or failure to attract, retain, train, motivate and develop executives and key team members; loss of key members of management or key team members; loss of operational flexibility and potential for work stoppages or slowdowns if team members unionize or join a collective bargaining arrangement; changes in effective tax rates; changes in credit ratings or outlook; Grainger's incurrence of indebtedness or failure to comply with restrictions and obligations under its debt agreements and instruments and other factors that can be found in our filings with the Securities and Exchange Commission, including our most recent periodic reports filed on Form 10-K and Form 10-Q, which are available on our Investor Relations website. Forward-looking statements are given only as of the date of this communication and we disclaim any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. 

W.W. Grainger, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In millions of dollars, except for share and per share amounts)

(Unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Net sales

$     4,657

$     4,388

$   13,517

$   12,935

Cost of goods sold

2,859

2,668

8,254

7,853

Gross profit

1,798

1,720

5,263

5,082

Selling, general and administrative expenses

1,287

1,034

3,402

3,078

Operating earnings

511

686

1,861

2,004

Other (income) expense:

Interest expense – net

20

19

61

60

Other – net

(1)

(4)

(10)

(18)

Total other expense – net

19

15

51

42

Earnings before income taxes

492

671

1,810

1,962

Income tax provision

171

166

481

470

Net earnings

321

505

1,329

1,492

Less net earnings attributable to noncontrolling interest

27

19

74

58

Net earnings attributable to W.W. Grainger, Inc.

$        294

$        486

$     1,255

$     1,434

Earnings per share:

Basic

$       6.13

$       9.90

$     26.02

$     29.10

Diluted

$       6.12

$       9.87

$     25.97

$     29.00

Weighted average number of shares outstanding:

Basic

47.8

48.8

48.0

49.0

Diluted

47.9

48.9

48.1

49.2

W.W. Grainger, Inc. and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of dollars)

(Unaudited)

As of

(Unaudited)

Assets

September 30, 2025

December 31, 2024

Current assets

Cash and cash equivalents

$                                 535

$                              1,036

Accounts receivable (less allowance for credit

losses of $36 and $32, respectively)

2,408

2,232

Inventories – net

2,275

2,306

Prepaid expenses and other current assets

206

163

Assets held for sale

50

—

Total current assets

5,474

5,737

Property, buildings and equipment – net

2,237

1,927

Goodwill

361

355

Intangibles – net

264

243

Operating lease right-of-use

320

371

Other assets

192

196

Total assets

$                              8,848

$                              8,829

Liabilities and Shareholders' Equity

Current liabilities

Current maturities

$                                     2

$                                 499

Trade accounts payable

1,123

952

Accrued compensation and benefits

297

324

Operating lease liability

76

78

Accrued expenses

410

407

Income taxes payable

25

45

Liabilities held for sale

82

—

Total current liabilities

2,015

2,305

Long-term debt

2,367

2,279

Long-term operating lease liability

275

327

Deferred income taxes and tax uncertainties

135

101

Other non-current liabilities

95

114

Shareholders' equity

3,961

3,703

Total liabilities and shareholders' equity

$                              8,848

$                              8,829

 W.W. Grainger, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions of dollars)

(Unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Cash flows from operating activities:

Net earnings

$         321

$         505

$      1,329

$      1,492

Adjustments to reconcile net earnings to net cash

provided by operating activities:

Provision for credit losses

7

6

20

18

Deferred income taxes and tax uncertainties

36

9

37

24

Depreciation and amortization

65

59

190

175

Non-cash lease expense

21

20

62

61

Impairment loss and net losses from business

divestitures

196

—

196

—

Stock-based compensation

14

14

49

48

Change in operating assets and liabilities:

Accounts receivable

(40)

22

(252)

(183)

Inventories

(8)

15

(27)

86

Prepaid expenses and other assets

1

16

(32)

(26)

Trade accounts payable

(46)

(85)

185

99

Operating lease liabilities

(26)

(26)

(79)

(73)

Accrued liabilities

64

54

4

36

Income taxes – net

(5)

(2)

(42)

(64)

Other non-current liabilities

(3)

4

(20)

(10)

Net cash provided by operating activities

597

611

1,620

1,683

Cash flows from investing activities:

Capital expenditures

(258)

(88)

(558)

(283)

Proceeds from sale of assets

—

1

4

2

Other – net

(2)

2

11

19

Net cash used in investing activities

(260)

(85)

(543)

(262)

Cash flows from financing activities:

Proceeds from debt

27

500

90

503

Payments of debt

—

(21)

(503)

(38)

Proceeds from stock options exercised

—

16

2

26

Payments for employee taxes withheld from stock awards

(1)

(4)

(31)

(44)

Purchases of treasury stock

(291)

(227)

(798)

(739)

Cash dividends paid

(133)

(115)

(358)

(321)

Other – net

—

(1)

(1)

(2)

Net cash used in financing activities

(398)

148

(1,599)

(615)

Exchange rate effect on cash and cash equivalents

(1)

5

21

(18)

Net change in cash and cash equivalents

(62)

679

(501)

788

Cash and cash equivalents at beginning of period

597

769

1,036

660

Cash and cash equivalents at end of period

$         535

$      1,448

$         535

$      1,448

SUPPLEMENTAL INFORMATION - RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES (Unaudited)

The Company supplements the reporting of financial information determined under U.S. generally accepted accounting principles (GAAP) with the non-GAAP financial measures as defined below. The Company believes these non-GAAP financial measures provide meaningful information to assist investors in understanding financial results and assessing future performance as they provide a better baseline for analyzing the ongoing performance of its business by excluding items that may not be indicative of core operating results.

Basis of presentation
The Company has a controlling ownership interest in MonotaRO, which is part of our Endless Assortment segment. MonotaRO's results are fully consolidated, reflected in U.S. GAAP, and reported one-month in arrears. Results will differ from MonotaRO's externally reported financials which follow Japanese GAAP.

Adjusted gross profit, adjusted SG&A, adjusted operating earnings, adjusted operating margin, adjusted net earnings, adjusted diluted EPS
Exclude certain non-recurring items, like restructuring charges, asset impairments, gains and losses associated with business divestitures and other non-recurring, infrequent or unusual gains and losses (together referred to as "non-GAAP adjustments"), from the Company's most directly comparable reported U.S. GAAP figures (reported gross profit, SG&A, operating earnings, net earnings and EPS). The Company believes these non-GAAP adjustments provide meaningful information to assist investors in understanding financial results and assessing future performance as they provide a better baseline for analyzing the ongoing performance of its business by excluding items that may not be indicative of core operating results.

Free cash flow (FCF) 
Calculated using total cash provided by operating activities less capital expenditures. The Company believes the presentation of FCF allows investors to evaluate the capacity of the Company's operations to generate free cash flow.

Daily sales 
Refers to sales for the period divided by the number of U.S. selling days for the period.

Daily, constant currency sales
Refers to daily sales adjusted for changes in foreign currency exchange rates.

Daily, organic constant currency sales
Refers to daily sales excluding the sales of certain divested or closed businesses in the comparable prior year period post date of divestiture or closure and changes in foreign currency exchange rates.

Foreign currency exchange
Calculated by dividing current period local currency daily sales by current period average exchange rate and subtracting the current period local currency daily sales divided by the prior period average exchange rate.

U.S. selling days:
2024: Q1-64, Q2-64, Q3-64, Q4-64, FY-256
2025: Q1-63, Q2-64, Q3-64, Q4-64, FY-255
2026: Q1-63, Q2-64, Q3-64, Q4-64, FY-255

As non-GAAP financial measures are not standardized, it may not be possible to compare these measures with other companies' non-GAAP measures having the same or similar names. These non-GAAP measures should not be considered in isolation or as a substitute for reported results. These non-GAAP measures reflect an additional way of viewing aspects of operations that, when viewed with GAAP results, provide a more complete understanding of the business. This press release also includes certain non-GAAP forward-looking information. The Company believes that a quantitative reconciliation of such forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. A reconciliation of these non-GAAP financial measures would require the Company to predict the timing and likelihood of future restructurings, asset impairments, and other charges. Neither of these forward-looking measures, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of the most directly comparable forward-looking GAAP measures is not provided.

The reconciliations provided below reconcile GAAP financial measures to non-GAAP financial measures used in this release: daily sales; daily, constant currency sales; and free cash flow.

Sales growth for the three months ended September 30, 2025

(percent change compared to prior year period)

(unaudited)

Q3 2025

Total Company

High-Touch Solutions - N.A.

Endless Assortment

Reported sales

6.1 %

3.4 %

18.2 %

Daily impact

— %

— %

— %

Daily sales(1)

6.1 %

3.4 %

18.2 %

Foreign currency exchange(2)

(0.7) %

— %

(3.6) %

Daily, constant currency sales

5.4 %

3.4 %

14.6 %

(1) Based on U.S. selling days, there was 64 selling days in Q3 2025 and Q3 2024.

(2) Excludes the impact of year-over-year foreign currency exchange rate fluctuations.

Free cash flow (FCF) for the three months ended September 30, 2025

(in millions of dollars)

(unaudited)

Q3 2025

Net cash flows provided by operating activities                                   

$                                                  597

Capital expenditures

(258)

Free cash flow

$                                                  339

Income statement adjustments  for the three months ended September 30, 2025 and 2024

(in millions of dollars)

(unaudited)

Q3 2025

Reported

Adjusted (2)  

Reported

Adjusted

Reported

Adjustment(1)

Adjusted

% of Net sales

Y/Y

Earnings reconciliation:

SG&A

$     1,287

$              (196)

$    1,091

27.6 %

23.4 %

24.5 %

5.5 %

Operating earnings

511

196

707

11.0

15.2

(25.5)

3.1

Other expense — net

(19)

—

(19)

0.4

0.4

26.7

26.7

Earnings before income

taxes

492

196

688

10.6

14.8

(26.7)

2.5

Income tax provision(3)

(171)

—

(171)

3.7

3.7

3.0

3.0

Net earnings

321

196

517

6.9

11.1

(36.4)

2.4

Noncontrolling interest(4)

(27)

—

(27)

0.6

0.6

42.1

42.1

Net earnings attributable

to W.W. Grainger, Inc.

$       294

$               196

$       490

6.3 %

10.5 %

(39.5) %

0.8 %

Diluted earnings per share:

$      6.12

4.09

$    10.21

(38.0) %

3.4 %

Q3 2024

Reported

Adjusted (2)  

Reported

Adjusted

Reported

Adjustment(1)

Adjusted

% of Net sales

Y/Y

Earnings reconciliation:

SG&A

$     1,034

$                  —

$    1,034

23.6 %

23.6 %

4.7 %

4.7 %

Operating earnings

686

—

686

15.6

15.6

2.8

2.8

Other expense — net

(15)

—

(15)

0.3

0.3

—

—

Earnings before income

taxes

671

—

671

15.3

15.3

2.9

2.9

Income tax provision

(166)

—

(166)

3.8

3.8

4.4

4.4

Net earnings

505

—

505

11.5

11.5

2.4

2.4

Noncontrolling interest(4)

(19)

—

(19)

0.4

0.4

11.8

11.8

Net earnings attributable

to W.W. Grainger, Inc.

$       486

$                  —

$       486

11.1 %

11.1 %

2.1 %

2.1 %

Diluted earnings per share:

$      9.87

—

$      9.87

4.7 %

4.7 %

(1) Reflects the asset impairment loss and other expenses recorded in the third quarter of 2025 related to the Company's intention to exit the U.K. market,

     including the planned divestiture of the Cromwell business, which was held for sale as of September 30, 2025. There were no non-GAAP adjustments

     for three months ended September 30, 2024.

(2) Calculated on the basis of reported net sales for the third quarter of 2025 and 2024.

(3)  The Company's reported and adjusted effective tax rates were 34.7% and 24.8% for the third quarter of 2025, respectively.

(4) The Company has a controlling ownership interest in MonotaRO with the residual representing noncontrolling interest.

SOURCE W.W. Grainger, Inc.

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Abercrombie & Fitch Management Co.

NEW ALBANY, Ohio, Oct. 31, 2025 (GLOBE NEWSWIRE) -- Abercrombie & Fitch Co. (NYSE: ANF) will host its quarterly earnings conference call for all interested parties on Tuesday, November 25, 2025, at 8:30 a.m. ET. A press release detailing the company’s third quarter results is expected to be issued shortly after 7:30 a.m. ET.   In addition, a presentation of the third quarter results will be available on the company’s website at approximately 7:30 a.m. ET.

Conference Call:To access the conference call by phone, participants will need to register to obtain a dial-in phone number and an access code. Register for the call using this link.  Webcast:To listen to a live webcast of the call, please visit corporate.abercrombie.com/investors/news-and-events/events/ and click the link to the webcast.  Replay:A replay of the webcast will be available at corporate.abercrombie.com/investors shortly after the call ends and will be archived for one year. Further information is available at corporate.abercrombie.com. Important information may be disseminated initially or exclusively via the website: investors should consult the site to access this information.

About Abercrombie & Fitch Co.

Abercrombie & Fitch Co. (NYSE: ANF) is a global, digitally led omnichannel specialty retailer of apparel and accessories catering to kids through millennials with assortments curated for their specific lifestyle needs.

The company operates a family of brands, including Abercrombie brands and Hollister brands, each sharing a commitment to offer products of enduring quality and exceptional comfort that support global customers on their journey to being and becoming who they are. Abercrombie & Fitch Co. operates approximately 810 stores under these brands across North America, Europe, Asia and the Middle East, as well as the e-commerce sites abercrombie.com, abercrombiekids.com, and hollisterco.com.

Investor Contact: Media Contact:Mo Gupta Kate WagnerAbercrombie & Fitch Co. Abercrombie & Fitch Co.(614) 283-6751 (614) [email protected] [email protected]