Market Signal Briefing

October 14, 2025 08:17 ET

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Lulu's Fashion Lounge Holdings, Inc.

CHICO, Calif., Oct. 14, 2025 (GLOBE NEWSWIRE) -- Lulu’s Fashion Lounge Holdings, Inc. (“Lulus” or the “Company”) (Nasdaq: LVLU) today announced the appointment of Heidi Crane as its fractional Chief Financial Officer (“Fractional CFO”), effective yesterday, October 13, 2025. Ms. Crane will lead the Company's financial strategy with a focus on accelerating growth momentum, improving operational efficiencies and driving long-term shareholder value.

“We’re thrilled to welcome Heidi to the Lulus team. Heidi’s extensive experience and knowledge leading financial strategy for high-growth, consumer-focused companies will be instrumental as we continue to execute against our financial and strategic initiatives, and work towards achieving long-term, sustainable growth,” said Crystal Landsem, CEO of Lulus.

“I’m excited to join Lulus at a pivotal moment in its journey,” said Ms. Crane, Fractional CFO of Lulus. “Lulus is an incredible brand with significant runway ahead, and I look forward to working alongside the leadership team to position the business for long-term growth and value-creation.”

With over 17 years of CFO experience across private equity and venture-backed consumer brands, Ms. Crane brings deep financial expertise in scaling direct-to-consumer businesses. She has led finance teams at FightCamp, BH Cosmetics, and Techstyle Fashion Group, and previously held roles at Diageo PLC, Dole Food Company, and Ernst & Young, where she earned her C.P.A. License. Ms. Crane holds an M.B.A. from University of California, Los Angeles Anderson School of Management and a B.S. in Business Administration from California State University, Long Beach.

About Lulus
Headquartered in California and serving millions of customers worldwide, Lulus is an attainable luxury fashion brand for women, offering modern, unapologetically feminine designs at accessible prices for every occasion. Our aim is to make every woman feel confident and celebrated, supporting her for all of life’s occasions, big or small – from work desk to dream date, cozying up on the couch to the spotlight of her wedding day. Founded in 1996, Lulus delivers fresh styles to consumers daily, using direct consumer feedback and insights to refine product offerings and elevate the customer experience. Lulus’ world class personal stylists, bridal concierge, and customer care team share an unwavering commitment to elevating style and quality and bring exceptional customer service and personalized shopping to customers around the world. Follow @lulus on Instagram and @lulus on TikTok. Lulus is a registered trademark of Lulu’s Fashion Lounge, LLC. All rights reserved.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the Company’s financial strategy. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Lulus’ actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the risk factors discussed in Part I, Item 1A, “Risk Factors” in Lulus’ Annual Report on Form 10-K for the fiscal year ended December 29, 2024, Part II, Item IA, “Risk Factors” in Lulus’ Quarterly Reports on Form 10-Q for the fiscal quarters ended March 30, 2025 and June 29, 2025, and our other filings with the Securities and Exchange Commission which could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While Lulus may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, except as required by law, even if subsequent events cause its views to change.

Contact
[email protected] 

Marks and Spencer Group PLC (LSE:MKS) shareholders can relax: Archie Norman is not going anywhere just yet.

The retailer has decided to extend the chairman’s tenure for another three years beyond 2026, a move that Shore Capital calls “good news for all stakeholders”.

The decision, led by senior independent director Fiona Dawson after consultation with shareholders, means Norman will stay in post until at least 2029, subject to annual review.

It breaks with the usual nine-year guideline for listed company chairs, but the board said it was “unanimous in its conviction” that his continuation was in the company’s best interests.

ShoreCap's analysts, led by Clive Black, welcomed the decision, describing Norman as “hugely well-respected” and praising his role in transforming M&S since taking over in 2017.

They argue that stepping down purely to “tick a governance box” would have been unhelpful given the progress under chief executive Stuart Machin and the close working relationship between the two.

Norman’s tenure has spanned Brexit disruption, the pandemic and more recent cyberattacks, but the group has emerged leaner and stronger.

ShoreCap points to a “genuine transformation in reputation, operating performance and financial output” during his leadership.

M&S is in its close period ahead of half-year results on 5 November, followed by a capital markets day a week later.

Forecasts suggest adjusted pre-tax profit of about £600 million this year, rising towards £1 billion by 2027. 

The shares were flat at 399p.

BP PLC's (LSE:BP.) updated guidance ahead of its third-quarter results was not entirely clear but debt continues to be a "large concern", said analysts, and suggests share buybacks may need to be cut back.

The new guidance, given ahead of 4 November results, suggests production will be higher than the second quarter's 2.27 million barrels of oil equivalent per day (mmboepd) but it was not said whether it would be higher than the first quarter's 2.38mmboepd.

"It will still be lower y-o-y due to declines impacting the wider portfolio," analysts at Panmure Liberum said, noting that price realisations were broadly flat, but refining margins will be stronger and that no guidance was given on refinery uptime.

With net debt set to be unchanged at $26 billion, the analysts said: "this is a large concern given BP is targeting reducing this to $18 billion by 2027.

"This remains a fanciful goal given falling output, softer commodity prices and ongoing need to sell off more valuable assets – of which there are less in the portfolio after the push into low margin renewables.

"If this is to be achieved, the scale of buybacks may need to be trimmed further."

The oil trading business was reported to be performing poorly on oil trading with gas trading average.

"Investors will not be much clearer on what to expect as the statement is vague and woolly – BP should follow Shell's lead and provide clear granular guidance – but being vague does help BP if its going to miss expectations (again)."

First cross-cloud consumption model  will enable customers to quickly and easily buy Oracle AI Database and OCI services in the cloud of their choice

Customers will be able to streamline procurement with flexible terms and consistent contracts across AWS, Google Cloud, Microsoft Azure, and OCI

, /PRNewswire/ -- Oracle AI World -- Oracle today introduced Oracle Multicloud Universal Credits, a new licensing option that will enable customers to procure Oracle AI Database and Oracle Cloud Infrastructure (OCI) services more quickly and easily in the cloud of their choice. The new Multicloud Universal Credits will be usable across Oracle Database@AWS, Oracle Database@Azure, Oracle Database@Google Cloud, and OCI, enabling customers to streamline procurement, benefit from consistent contracts across clouds, and operate Oracle databases in their preferred region, subject to the cloud service provider's marketplace policies.

"Procurement and governance are often roadblocks for innovation," said Dave McCarthy, research vice president, IDC. "Oracle has already done the technical work to create multicloud offerings in AWS, Google Cloud, and Microsoft Azure, and now they've taken it a step further and simplified procurement, contracting, and governance to provide even more flexibility to customers. Oracle Multicloud Universal Credits could be the jet fuel that accelerates widespread adoption of Oracle's multicloud services."

Unified Cross-Cloud Experience
Oracle Multicloud Universal Credits will provide customers with unique capabilities including:

A single consumption model across clouds: Provides seamless administration and governance for procuring and operating Oracle databases across multiple clouds. In addition, customers can apply this program to procure any OCI service.
Expanded access to regions across clouds: Gives customers more options for running applications by enabling them to deploy Oracle AI Database workloads on OCI across any available AWS, Google Cloud, Microsoft Azure, or OCI region.
Workload portability and flexibility: Provides commercial freedom to run Oracle AI Database workloads across multiple clouds and facilitates a consistent database management experience.

"Oracle's industry-leading multicloud solution is designed to help customers accelerate application modernization and cloud migrations," said Karan Batta, senior vice president, Oracle Cloud Infrastructure. "With multiple regions now live across AWS, Google Cloud, and Microsoft Azure and the coming launch of Oracle Multicloud Universal Credits, we're giving customers more choices and flexibility than ever by simplifying contracts and introducing the industry's first flexible, cross-cloud consumption model."

Customers can request early access for Oracle Multicloud Universal Credits.

Additional Resources

Learn more about Oracle Multicloud Solutions
Learn more about new capabilities for Oracle Database@AWS, Oracle Database@Azure, and Oracle Database@Google Cloud

About Oracle Distributed Cloud
Oracle's distributed cloud delivers the benefits of cloud with greater control and flexibility. Oracle's distributed cloud lineup includes:

Public cloud: Hyperscale public cloud regions serve any size of organization, including those requiring strict EU sovereignty controls. See the full list of regions here.
Dedicated cloud: Customers can run all OCI cloud services in their own data centers with OCI Dedicated Region, while partners can resell OCI cloud services and customize the experience using Oracle Alloy. Oracle also operates separate U.S., UK, and Australian Government Clouds, and Isolated Cloud Regions for national security purposes. Each of these products provide a full cloud and AI stack that customers can deploy as a Sovereign Cloud.
Hybrid cloud: OCI delivers key cloud services on-premises via Oracle Exadata Cloud@Customer and Compute Cloud@Customer and is already managing deployments in over 60 countries. Additionally, OCI Roving Edge Infrastructure, which consists of multiple configurations of ruggedized and portable high-performance devices, helps customers leverage remote AI inferencing at the edge.
Multicloud: OCI is physically deployed within all the hyperscale cloud providers, including AWS, Google Cloud, and Microsoft Azure, providing low latency, natively integrated Oracle AI Database services, including Oracle Database@AWS, Oracle Database@Azure, Oracle Database@Google Cloud; and Oracle HeatWave on AWS and Microsoft Azure. Oracle Interconnect for Microsoft Azure and Oracle Interconnect for Google Cloud allows customers to combine key capabilities from across clouds.

About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.

About Oracle AI World
Oracle AI World is where customers and partners discover the latest product and technology innovations, see how AI is being applied across industries, and connect with experts and peers. Attendees will gain practical tips and insights to drive immediate impact within their organizations and explore how Oracle is helping unlock the full potential of cloud and AI. Join the event to see new capabilities in action and hear from thought leaders and industry movers. Register now at oracle.com/ai-world or follow the news and conversation at oracle.com/news and linkedin.com/company/oracle.

Future Product Disclaimer
The preceding is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle's products may change and remains at the sole discretion of Oracle Corporation.

Trademarks
Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

SOURCE Oracle

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Fastenal Today

$42.33 -3.45 (-7.54%)

As of 10/13/2025 04:00 PM Eastern

52-Week Range$35.31▼

$50.63Dividend Yield2.08%

P/E Ratio40.70

Price Target$47.05

Fastenal Company NASDAQ: FAST stock is pulling back in October, and the Q3 results aren’t helping with support. However, the problem isn’t with growth, profitability, or capital returns so much as valuation and analysts' sentiment, which are likely to be passing issues.

With shares trading at 42x this year’s earnings and recent results falling short of consensus, there’s little immediate incentive for the market to buy in mid-October. However, that dynamic is likely to shift as catalysts play out and sentiment improves over time.

Not only is this company growing in the face of macroeconomic headwinds, but it is also widening its margin, set up to improve its valuation and sustain its stock price uptrend over the long term. 

Fastenal’s High-Valuation Isn’t Undeserved
Fastenal’s Q3 results failed to impress the market but still highlight the quality of its operations. The company grew revenue by 11.5%, which is in line with MarketBeat’s consensus analyst estimate and is driven by an increase in client count and location penetration.

The company reported increased unit sales, with strength across client sizes, particularly in larger businesses. Segmentally, the core fastener segment was strongest, gaining 14.4%, while Safety and Other grew by 9.8% and 10.7%, respectively.

Breaking it down by end-market, manufacturing was strongest, up 12.7%, followed by 7.5% and 8.9% increases in non-residential construction and Other, with no reason to expect weaknesses to emerge in Q4.

The margin news is also bullish. The company experienced margin pressures, but price increases, product mix, sales leverage, and operational improvement offset them, leaving the gross and operating margins up by 40 basis points each.

The net result is that operating and net income grew at leveraged rates, with net up 12.6% and GAAP EPS up 12.3%. A higher share count impacted GAAP EPS. Fastenal has an existing repurchase authorization but did not buy shares in Q3. 

Fastenal’s cash flow and balance sheet also reflect its high-quality operations. Balance sheet highlights at the end of Q3 include increased cash, receivables, and inventory, as well as current and total assets sufficient to offset liabilities and improve shareholder equity.

The quarterly cash flow was positive, long-term debt declined, and leverage remains ultra-low. The company’s total liabilities are less than 0.35x its equity, leaving it in a fortress-like condition capable of sustaining its growth while paying dividends. 

Fastenal Is Growing Its Dividend Quickly
Fastenal Dividend PaymentsDividend Yield2.08%

Annual Dividend$0.88

Dividend Increase Track Record26 Years

Dividend Payout Ratio84.62%

Next Dividend PaymentNov. 25

FAST Dividend History

Fastenal’s dividend is attractive for numerous reasons, including its yield, safety, and distribution growth. The stock yields approximately 2.0% after its October price plunge and has been increasing its annual distribution at a double-digit CAGR for years.

The payout ratio is on the high side at nearly 80%, but this isn’t a red flag given the earnings growth outlook and balance sheet health. The company has virtually no long-term debt, leaving its cash flow unimpeded and available for distribution.

While the dividend growth CAGR may slow in the coming years, it is unlikely that Fastenal will stop increasing its dividend and give up its recently acquired Dividend Aristocrat status. 

Analysts and institutional trends suggest that these groups will buy Fastenal stock on the dip. The analyst trends include increased coverage, a solid support base with 15 tracked by MarketBeat, and a rising price target. Institutional trends are likely bullish, with them owning about 80% and buying on balance in 2025.

The caveat is that the Q3 release may not inspire bullish revisions to analysts' forecasts, including the stock price target, which may cap the market until better news emerges. That could begin as soon as the upcoming quarter, when FOMC interest rate cuts are expected to start impacting industrial activity globally. 

Should You Invest $1,000 in Fastenal Right Now?Before you consider Fastenal, you'll want to hear this.

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Multiple Iridium data services integrated into the powerful Snapdragon platform for U.S. government and allied users

, /PRNewswire/ -- Iridium Communications Inc. (NASDAQ: IRDM), a leading provider of global voice, data, and PNT satellite services, and Qualcomm Technologies, Inc. (QTI) today announced that they have successfully integrated Iridium® data services into the Snapdragon® Mission Tactical Radio (MTR) and intend to make these services available for adoption and use by U.S. government customers and approved allied partners.

Iridium Satellite Network

By integrating Iridium data services, Snapdragon MTR-equipped devices, ranging from handheld and mounted radios to autonomous vehicles, stand to benefit from flexible, highly reliable, and secure L-band satellite communications in environments where terrestrial networks are congested, compromised, or unavailable.

To meet diverse mission needs, the Snapdragon MTR can integrate multiple Iridium services into a single chipset: Short Burst Data® (SBD®), for proven low-latency messaging and telemetry, and Iridium Burst®, for receipt of simultaneous broadcasts to an unlimited number of enabled devices. The Iridium waveform, coupled with QTI's leadership in commercial wireless capabilities such as cellular, Wi-Fi, Bluetooth, and GNSS, will enable powerful global connectivity in devices with strict size, weight, power, and cost (SWaP-C) requirements.

Iridium Executive Vice President of Government Programs Scott Scheimreif said, "The Snapdragon MTR positions Iridium and QTI at the forefront of next-generation communications architectures while equipping warfighters and coalition partners with scalable solutions."

QTI-powered devices with integrated Iridium data services, which will be eligible for activation through the Enhanced Mobile Satellite Services (EMSS) program, are expected to be available following finalization of commercial arrangements among QTI, Iridium and original equipment manufacturers (OEMs). Iridium EMSS connectivity provides trusted and protected access to satellite communications for an unlimited number of approved government users. This latest innovation marks another advancement in Iridium's commitment to the EMSS program, a longstanding partnership that delivers truly global standard and secure voice, broadcast, push-to-talk (PTT), and other services to approved government subscribers anywhere on Earth.

Iridium and QTI are working to make Iridium data services available via the Snapdragon® X75 5G Modem-RF System in the form of an M.2 modem module for government partners who wish to create unique satellite connectivity solutions.

Iridium and QTI are highlighting Snapdragon MTR capabilities at the Association of the U.S. Army's (AUSA) annual convention October 13-15, 2025, in Washington, D.C., with demonstrations planned alongside industry partners.

For more information about the Iridium EMSS program, visit www.iridium.com/enhanced-mobile-satellite-services.

About Iridium Communications Inc.

Iridium® is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations, and assets to and from anywhere, in real time. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. In 2024, Iridium acquired Satelles and its positioning, navigation, and timing (PNT) service. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the Nasdaq Global Select Market under the ticker symbol IRDM. For more information about Iridium products, services, and partner solutions, visit www.iridium.com.

Snapdragon is a product of Qualcomm Technologies, Inc. and/or its subsidiaries. Snapdragon is a trademark or registered trademark of Qualcomm Incorporated.

Press Contact: 

Investor Contact:

Jordan Hassin

Kenneth Levy

Iridium Communications Inc. 

Iridium Communications Inc.

[email protected]

[email protected]

+1 (703) 287-7421

+1 (703) 287-7570

SOURCE Iridium Communications Inc.

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FORT MYERS, Fla.--(BUSINESS WIRE)--NeoGenomics, Inc. (NASDAQ: NEO), a leading provider of oncology diagnostic solutions that enable precision medicine, today announced the presentation of assay-relevant data, including interventional therapy trials in progress, to showcase how its molecular residual disease (MRD) assay may benefit pharmaceutical partners at the European Society for Medical Oncology (ESMO) Congress 2025, October 17–21, in Berlin, Germany. RaDaR ST, the company’s circulating tumor DNA (ctDNA) assay, is designed to accelerate and optimize oncology drug development.

Building on NeoGenomics’ established molecular capabilities, the RaDaR ST assay uses whole-exome sequencing data from tumor samples and advanced bioinformatics to create patient-specific MRD panels. By leveraging high-depth sequencing and personalized panel design, the assay delivers highly sensitive and specific detection of ctDNA from plasma samples, providing real-time insights into tumor dynamics and treatment response.

“We stand by our commitment to clinical validation and interventional studies utilizing NeoGenomics’ MRD technology, as reflected in three new posters from our European collaborators presented at this year’s ESMO congress,” said Tony Zook, Chief Executive Officer. “We are excited to continue our long-standing support of drug development and interventional clinical trials, now with our RaDaR ST assay. Pharmaceutical sponsors are seeking partners who can deliver both innovation and operational excellence across every stage of oncology trials. NeoGenomics meets that need with RaDaR ST, providing patient-specific insights in real time to help drive faster, more informed decisions and advance cancer research more effectively.”

As MRD gains traction as a preferred solution to monitor responses to next-generation therapies, NeoGenomics’ launch of RaDaR ST strengthens its position as a partner to biopharma organizations seeking to advance precision oncology. The company will feature RaDaR ST and its broader oncology testing and research capabilities at booth #4012.

About NeoGenomics

NeoGenomics, Inc. is a premier cancer diagnostics company specializing in cancer genetics testing and information services. We offer one of the most comprehensive oncology-focused testing menus across the cancer continuum, serving oncologists, pathologists, hospital systems, academic centers, and pharmaceutical firms with innovative diagnostic and predictive testing to help them diagnose and treat cancer. Headquartered in Fort Myers, FL, NeoGenomics operates a network of CAP-accredited and CLIA-certified laboratories for full-service sample processing and analysis services throughout the US and a CAP-accredited full-service sample-processing laboratory in Cambridge, United Kingdom.

Forward Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “can,” “could,” “would,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” “guidance,” “potential” and other words of similar meaning, although not all forward-looking statements include these words. Each forward-looking statement contained in this press release is subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Applicable risks and uncertainties include, among others, the risks identified under the heading "Risk Factors" contained in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and the Company's other filings with the Securities and Exchange Commission.

We caution investors not to place undue reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov and in the “Investors” section of our website at ir.neogenomics.com, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document (unless another date is indicated), and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

More News From NeoGenomics, Inc.

As electric vehicle adoption slows in the U.S., GM announced a $1.6 billion write down related to its EV investments.

Construction materials are on a building site in Montreal, Quebec, Canada, on October 8, 2025. (Photo by Graham Hughes/NurPhoto via Getty Images)

NurPhoto via Getty Images

Few stocks have stirred interest in 2025 quite like TMC The Metals Company (NASDAQ: TMC). Shares have skyrocketed to around $10.00, rising over 800% year-to-date, as the previously speculative deep-sea mining pioneer approaches commercial viability. What was once regarded as a far-off idea now appears feasible, supported by concrete advancements in project development, clearer regulatory frameworks, and a surge in demand for battery metals. The current question is whether this impressive trend has the potential to persist—or if investors should prepare for forthcoming volatility.

If you’re looking for an upside with less volatility than holding a single stock, consider the High Quality Portfolio. It has comfortably outperformed its benchmark—an amalgamation of the S&P 500, Russell, and S&P MidCap indexes—and has achieved returns exceeding 105% since its inception. Separately, see Can PayPal Stock Fall To $50?

Core Thesis: From Speculation to ExecutionCommercial Launch Nearing & Re-Rating in ProgressTMC’s ascent has been fueled by an increasing belief that its long-anticipated Clarion-Clipperton Zone (CCZ) project could commence production by 2026, following successful pilot initiatives and environmental assessments. The company has transitioned from concept to credible operations—completing pilot collection campaigns (utilizing a robotic vehicle to gather battery metals from the ocean floor), enhancing processing technology, and securing strategic funding to support the next phase.

In 2023 and 2024, TMC reported minimal revenue, concentrating mainly on research and pilot collection. However, current projections indicate potential annual revenues of $1–1.5 billion once full-scale production kicks off. Investors have swiftly factored in this transformation, propelling valuation multiples significantly higher.

At current prices, TMC is trading at approximately 8–9x forward sales, marking a substantial re-rating from early 2025 when the stock was valued at under 1x. This momentum mirrors not just optimism regarding commercialization but also the scarcity of scalable, ESG-aligned metal sources beyond traditional mining.

Nevertheless, maintaining this surge will hinge on impeccable execution, regulatory clarity, and steady advancements toward initial metal production.

Key Growth CatalystsExploding Demand for EV Metals – The global demand for electric vehicles (EVs) and energy storage is prompting a rush for nickel, cobalt, copper, and manganese—the very metals that TMC’s seabed nodules are rich in. As automakers strive to secure low-carbon supply chains, TMC is positioned to gain from its anticipated lower environmental footprint compared to land mining.Regulatory Progress with the ISA – Following years of ambiguity, the International Seabed Authority (ISA) is now nearing the finalization of the mining code. This framework could officially approve TMC’s commercial license, paving the way for production.Environmental and Economic Edge – TMC argues that collecting seabed nodules results in up to 70% lower carbon emissions and land disruption compared to terrestrial mining, granting both an ESG benefit and a cost advantage.Strategic Partnerships – TMC is actively pursuing discussions with battery and EV manufacturers for long-term supply contracts, which would ensure revenue visibility as production commences.Robust Balance Sheet – Recent capital raises and debt financing have extended the company's cash runway, supporting its efforts to enhance mining systems and processing capacity through 2026.Risks: Can the Momentum Hold?Regulatory Delays: The ISA might still defer commercial approvals, delaying production timelines.Environmental Pushback: Resistance from NGOs and environmental organizations persists, which could result in reputational threats or political backlash.Valuation Stretch: Following an 800% increase, expectations are elevated. Any operational hiccup or market correction might lead to sharp declines.Capital Requirements: Scaling to complete commercial operations is still capital-intensive, and additional funding rounds will likely be necessary before reaching breakeven.Commodity Price Risk: A decline in nickel or cobalt prices could reduce margins once operations start.The VerdictAt around $10, The Metals Company has evolved from a speculative penny stock into a high-stakes wager on the commercialization of an innovative resource frontier. The fundamentals are rapidly improving, but the current valuation assumes a smooth path in both regulatory and operational respects.

If TMC manages to initiate production by 2026 and grows revenues to the $1–1.5 billion range, the present price could be justified—or even seen as conservative in the long term. However, considering the 800% year-to-date surge, short-term fluctuations and profit-taking are probable as the market adjusts its expectations.

For long-term advocates of the deep-sea mining and clean energy metals narrative, TMC continues to represent one of the most asymmetric opportunities in the market—a potential blueprint for the next phase of the energy transition.

At $19, TMC stands as evidence that the company’s formerly controversial vision is beginning to resemble the future of sustainable mining.

Investors should brace themselves for significant volatility and the risk of substantial losses if market conditions worsen or if the company is unable to deliver on its ambitious growth targets. While the potential upside is mathematically robust based on anticipated revenues, it hinges on perfect execution in a rapidly changing and competitive environment. Now, we apply a risk assessment framework while constructing the Trefis High Quality (HQ) Portfolio, which, with a collection of 30 stocks, has a track record of comfortably outperforming the S&P 500 over the last 4-year period. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk compared to the benchmark index; less of a volatile experience as demonstrated in HQ Portfolio performance metrics.

The fourth addition to its  hemp-derived  THC product lineup, Knockout expands Charlotte's Web's Brightside collection into the sleep market by combining cannabinoids, clean ingredients, and fast-acting delivery technology to support quality sleep.

, /PRNewswire/ - (TSX: CWEB) (OTCQB: CWBHF) Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company"), the pioneer and market leader in hemp-derived wellness, today announced the launch of Knockout, the newest addition to its Brightside collection of hemp-derived THC gummies. Each blackberry-flavored gummy is precisely infused with a balanced ratio of hemp-derived THC and CBN, delivering dual-action support - THC to help you fall asleep, while CBN promotes restful, uninterrupted sleep throughout the night. Leveraging proprietary AZUCA TiME INFUSION™ delivery system, Knockout offers rapid onset, with effects typically beginning within 5 to 15 minutes—setting the stage for a fast-acting, dependable experience. 

The launch builds on the success of Charlotte's Web's Brightside Hemp THC Gummies, which introduced a new standard of precision wellness earlier this year with its Unwind, Focus, and Recover formulations. With sleep continuing to rank among the top wellness priorities for consumers, Knockout represents the next phase of the company's investment in fast-acting, hemp-derived THC innovation.

Key Benefits of Knockout:

Rapid-onset formulation with effects in 5–15 minutes
Balanced hemp-derived THC + CBN ratio for falling and staying asleep
Natural blackberry flavor
Vegan, gluten-free, and made in the USA with U.S.-grown hemp

"Sleep remains one of the fastest-growing segments in wellness, and Charlotte's Web is positioned to lead the hemp wellness category," said Bill Morachnick, CEO of Charlotte's Web. "Knockout offers consumers a controlled, predictable experience—combining our trusted ingredient integrity with innovative, fast-acting delivery technology. This approach not only meets the growing demand for safe, reliable sleep solutions but also strengthens our portfolio and reinforces our commitment to science-backed formulations."

Knockout is designed for people who want better sleep without compromise. As more consumers look for natural alternatives to alcohol and traditional sleep aids, Knockout combines trusted quality, clean formulations, and precise delivery for a controlled experience—helping you rest easy with confidence.

Knockout retails for $39.99 (20-count) and is available through Charlotte's Web online and at select retailers nationwide starting on October 14, 2025. Shop the full sleep collection here.

To learn more about Charlotte's Web, please visit www.charlottesweb.com.

About Brightside Hemp-Derived THC Gummies
Brightside is a new line of fast-acting hemp-derived THC gummies from Charlotte's Web, designed to elevate your wellness journey with precision and care. Featuring four unique formulations - Unwind, Focus, Recover, and Knockout - Brightside gummies combine micro- to moderate doses of hemp-derived THC with synergistic cannabinoids, offering targeted benefits in just 5-15 minutes. Brightside embodies a commitment to innovation and wellness, empowering individuals to enhance their daily experiences with curated cannabinoid formulations. Crafted for both the THC-curious and seasoned users, these gummies are made with US-grown hemp and are compliant with the 2018 Farm Bill. All products are marketed as dietary supplements and are not intended for sale to persons under the age of 21.

About Charlotte's Web Holdings, Inc.
About Charlotte's Web Holdings, Inc.Charlotte's Web Holdings, Inc., a Certified B Corporation headquartered in Louisville, Colorado, is a botanical wellness innovation company and market leader in hemp extract wellness. The Company's product categories include CBD oil tinctures (liquid products), CBD gummies (sleep, calming, exercise recovery, immunity), CBN gummies, hemp-derived THC microdose gummies, functional mushroom gummies, CBD capsules, CBD topical creams and lotions, as well as CBD pet products for dogs. Through its substantially vertically integrated business model, Charlotte's Web maintains stringent control over product quality and consistency with analytic testing for quality assurance. Charlotte's Web products are distributed to retailers and healthcare practitioners throughout the U.S.A. and are available online through the Company's website at www.charlottesweb.com.

SOURCE Charlotte's Web Holdings, Inc.

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CNBC's Leslie Picker joins 'Squawk Box' to break down the company's quarterly earnings results.

CoreWeave‘ (CRWV) 322% surge stems from AI demand, turning its crypto roots into a $5 billion revenue machine.

CNBC's Joe Kernen reports on the company's quarterly earnings results.

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:

Antero Resources (AR - Free Report) is an independent explorer, primarily engaged in the acquisition and development of natural gas, natural gas liquids and oil resources in the Appalachian Basin. The Zacks Consensus Estimate for its current year earnings has been revised almost 25.4 downward over the last 60 days.

BTCS Inc. (BTCS - Free Report) is focused on blockchain infrastructure and technology. The Zacks Consensus Estimate for its current year earnings has been revised almost 23.5% downward over the last 60 days.

Atossa Genetics (ATOS - Free Report)  is a healthcare company focused on the development and marketing of cellular and molecular diagnostic risk assessment products for breast cancer. The Zacks Consensus Estimate for its current year earnings has been revised 8.3% downward over the last 60 days.

View the entire Zacks Rank #5 List.

LAS VEGAS, Oct. 14, 2025 (GLOBE NEWSWIRE) -- Bitcoin Bancorp. (“Bitcoin Bancorp” or the “Company”), formerly Bullet Blockchain, Inc. and trading under the symbol (OTC: BULT), today announced that FINRA has confirmed and completed the Company’s corporate action to change its name to Bitcoin Bancorp, Inc. and its trading symbol to “BCBC.” The Company’s common stock will begin trading on the OTC market under the new symbol BCBC effective at the open of trading on October 15, 2025.

No action is required by our shareholders. Key Highlights:

New Corporate name: From Bullet Blockchain, Inc. to Bitcoin Bancorp, Inc.New Symbol change: From BULT to BCBC, effective 10/15/2025.Shareholder action: No action is required; all existing shares remain valid and tradable.CUSIP: Current CUSIP will remain the same: 12023B103.ISIN: Current ISIN will remain the same: US12023B1035. “Rebranding to Bitcoin Bancorp marks the evolution of our Company into a Bitcoin-native financial services institution with patented Bitcoin ATM technologies, a licensed Bitcoin ATM network, and Bitcoin Treasury management solutions for NASDAQ companies,” said Eric Noveshen, Director of Bitcoin Bancorp. “We envision Bitcoin Bancorp will serve as the bridge between traditional finance and digital asset infrastructure, combining innovation, compliance, and institutional trust.”

Bitcoin Bancorp’s recent moves ensure that the Company remains at the forefront of innovation, offering innovative crypto financial services and building a trusted brand name. Bitcoin Bancorp’s ownership of Bitcoin ATMs and two (2) U.S. patents protecting its Bitcoin ATM technologies forms the backbone of Bitcoin Bancorp’s mission to make Bitcoin accessible, auditable, and seamlessly integrated into the global financial ecosystem.

About Bitcoin Bancorp, Inc.

Headquartered in Las Vegas, Nevada, Bitcoin Bancorp – common stock is publicly traded on the OTC Markets under the symbol (BCBC) – is a diversified digital asset and BaaS company, specializing in blockchain technologies, software development, and Web 3.0. As previously announced, Bitcoin Bancorp, through its wholly owned subsidiary, First Bitcoin Capital LLC, is the owner and exclusive licensor of intellectual property consisting of two (2) Bitcoin ATM patents – U.S. Patent Nos. US9135787B1 and US10332205B1. Bitcoin Bancorp owns Bitcoin ATMs which are operated by licensed third-party operators within the jurisdictions in which they reside. Bitcoin Bancorp is committed to driving the innovations needed to shape the future of digital and blockchain-related platforms through digital technology and decentralized blockchain solutions. Management is dedicated to rapid growth and increasing shareholder value. Bitcoin Bancorp is not licensed as a bank in the U.S. and does not provide banking services. 

Shareholders, potential investors, and others should note that we announce material events and material financial information to our shareholders and the public using our website and the social media addresses listed below, as well as in our OTC Markets’ disclosures, press releases, public conference calls, and webcasts. We also use social media to communicate with our email subscribers and the public about Bitcoin Bancorp, services, and other related information. It is possible that the information we post on social media could be deemed to be material information. Therefore, we encourage shareholders, the media, and others interested in Bitcoin Bancorp to review the information we post on Bitcoin Bancorp’s social media channels listed below. This list may be updated from time to time. 

For investor and general information, please email  [email protected]

Follow us at:Website:https://www.BitcoinBancorp.com/X (f/k/a Twitter):@BULT_stockReddit:https://www.reddit.com/r/BULT/Facebook:https://www.facebook.com/BulletBlockchainInc/Instagram:https://www.instagram.com/bitcoin_bancorp/#LinkedIn:www.linkedin.com/in/bullet-blockchain-inc   Find investor and general information at https://www.otcmarkets.com/stock/BULT/profile

Forward-Looking Statements: 
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors, including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release, and these views could change at some point in the future. However, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “anticipate,” “anticipates,” “believes,” “belief,” “envision,” “expects,” “expect,” “intend,” “plans,” “plans,” “plan,” to be uncertain and forward-looking. 

Contact us: [email protected]

SOURCE: Bitcoin Bancorp, Inc. f/k/a Bullet Blockchain, Inc.

Ecora Resources PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF) is eyeing valuable new income, highlighting that Orion Resource Partners has agreed a deal with Capstone Copper to acquire a 25% interest in the Santo Domingo project and the Sierra Norte project for up to US$360 million.

Capstone said it is advancing remaining workstreams, and it expects a final investment decision on Santo Domingo in H2 2026.

Ecora retains a 2% net smelter return royalty over certain Santo Domingo tenements, which include the highest copper grade portion of the deposit and is identified to be mined first, according to an updated feasibility study last year.

Ecora said the royalty is expected to generate an average annual royalty entitlement of US$30-to-35million over the first seven years at planned production rates and spot commodity prices.

, /PRNewswire/ -- Morgan Stanley has raised its target price for JOYY (JOYY.US) to US$62 from US$40, reflecting improving fundamentals in JOYY's core business, accelerating advertising growth, and attractive shareholder returns. The firm also highlighted JOYY's robust cash position and attractive shareholder return program as key factors offering downside protection.

Live-streaming business may have bottomed out: Morgan Stanley thinks JOYY's live steaming business may have bottomed out since 2Q25, after reporting 1% QoQ growth and positive management comments on revenue growth. The report expects further QoQ improvement in 2H25 and more growth in 2026-2027.

Advertising business to be the main growth driver in 2026 –2027: The report notes that JOYY's advertising business continued its strong revenue momentum in the first half of 2025, following more than 175% year-over-year growth in 2024. Morgan Stanley expects this momentum to persist, forecasting 26% year-over-year growth in 2H25 and 20% in 2026.

Attractive dividends and buybacks of US$300mn annually in 2025-2027: The company previously announced a three-year quarterly dividend policy totaling approximately US$600 million, together with a share repurchase program of up to US$300 million during 2025-2027. In 1H25, JOYY allocated US$135 million to quarterly dividends and share buybacks. Morgan Stanley assumes US$300 million in annual investor returns, including dividends and share buybacks.

SOURCE JOYY Inc.

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Company Intends to Shun Highly Toxic Financing Structures and May Consider Long-Term or Strategic Partners For Future Capital Needs

, /PRNewswire/ -- Solidion Technology Inc. ("Solidion" or the "Company") (Nasdaq: STI), an advanced battery technology solutions provider, today reaffirmed its commitment to protect shareholder value by avoiding financing structures that could result in substantial dilution to existing investors.

Jaymes Winters, Chief Executive Officer of Solidion Technology, stated:

"Our focus remains on building intrinsic value through the commercialization of our advanced solid-state battery technology. To that end, we intend to avoid financing arrangements that create short-term pressure or excessive dilution. Instead, we are open to proposals from long-term or strategic investors who share our vision for sustainable growth and value creation."

Solidion continues to advance key initiatives aimed at scaling production capacity, securing strategic partnerships, and expanding its customer base across the EV and energy storage sectors. The Company expects to provide further updates on its commercialization roadmap in the coming quarters.

About Solidion Technology, Inc.

Headquartered in Dallas, Texas with pilot production facilities in Dayton, Ohio, Solidion's (NASDAQ: STI) core business includes manufacturing of battery materials and components, as well as development and production of next-generation batteries for energy storage systems, including UPS systems serving the artificial intelligence (AI) data center market and electric vehicles for ground, aerospace, and sea transportation. Solidion holds a portfolio of over 525 patents, covering innovations such as high-capacity, silane gas free and graphene-enabled silicon anodes, biomass-based graphite, advanced lithium-sulfur and lithium-metal technologies.

For more information, please visit www.solidiontech.com or contact Investor Relations.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Solidion Technology Inc., (NASDAQ: STI) (the "Company," "Solidion," "we," "our" or "us") desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "forecasts" "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

SOURCE Solidion Technology, Inc.

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Vancouver, British Columbia--(Newsfile Corp. - October 14, 2025) - Naughty Ventures Corp. (CSE: BAD) (OTC Pink: YORKFF) (FSE: 5DE) (the "Company" or "Naughty Ventures") is pleased to provide shareholders with an update on its corporate activities and ongoing projects, including its high-grade rare-earth elements property in Newfoundland. CEO Update Blair Naughty, Chief Executive Officer of Naughty Ventures, reminds shareholders of the Company's holdings in the Bottom Brook Rare-Earth Property ("Bottom Brook Property" or the "Property") located in Newfoundland, Canada.

October 14, 2025 6:00 AM EDT | Source: Happy Belly Food Group Inc.
Toronto, Ontario--(Newsfile Corp. - October 14, 2025) - Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leader in acquiring and scaling emerging food brands across Canada, is pleased to announce the signing of a new franchise agreement and secured real estate for Heal Wellness ("Heal") in Airdrie, Alberta - a thriving and fast-growing community located just north of Calgary. Heal Wellness is a quick-service restaurant ("QSR") specializing in fresh smoothie bowls, açaí bowls, and smoothies.

"With both a franchise agreement and real estate now secured, Airdrie will represent an exciting step forward in our expansion across Alberta," said Sean Black, Chief Executive Officer of Happy Belly. "The city's rapid population growth, strong family demographics, and health-conscious residents make it an ideal market for Heal. This signing reflects the continued confidence our franchise partners have in our scalable, asset-light business model, and further demonstrates the nationwide demand for our wellness-focused brand."

Happy Belly 1

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As one of the fastest-growing cities in Canada, Airdrie's proximity to Calgary provides access to a robust consumer base of commuters, families, and young professionals seeking convenient, nutritious, and energizing dining options. Its active, community-driven lifestyle-anchored by local fitness hubs, schools, and sports programs-perfectly complements Heal Wellness' mission to provide better-for-you food that fuels busy lives.

Happy Belly 2

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Heal Wellness continues to accelerate its coast-to-coast expansion, solidifying its growing position as Canada's leading smoothie bowl and wellness QSR brand. Founded with a mission to deliver quick, fresh wellness foods that support busy, active lifestyles, Heal Wellness offers a diverse range of smoothie bowls, smoothies, and super-seed grain bowls-all crafted with real fruit and enriched with superfoods such as açaí, pitaya, goji berries, and chia seeds. With 27 locations currently open and over 168 in development, Heal Wellness continues to gain nationwide momentum through consistent franchise growth and strategic real estate execution, contributing to Happy Belly Food Group's total of 626 contractually committed retail franchise locations across its portfolio of emerging brands-including Heal Wellness, Rosie's Burgers, Yolks Breakfast, Via Cibo Italian Street Food, and others-now in various stages of development, construction, and operation nationwide.

"We are just getting started," added Sean Black.

About Heal Wellness Heal Wellness was founded with a passion and mission to provide quick, fresh wellness foods that support a busy and active lifestyle. We currently offer a diverse range of smoothie bowls and smoothies. We take pride in meticulously selecting every superfood ingredient on our menu to fuel the body, including acai smoothie bowls, smoothies, and super-seed grain bowls. Our smoothie bowls are crafted with real fruit and enriched with superfoods like acai, pitaya, goji berries, chia seeds, and more.

FranchisingFor franchising inquiries, please see www.happybellyfg.com/franchise-with-us/ or contact us at [email protected].

About Happy Belly Food GroupHappy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company") is a leader in acquiring and scaling emerging food brands across Canada.

Happy Belly 3

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Sean Black
Chief Executive Officer

Shawn Moniz
Chief Operating Officer

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-Looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include the future performance of Happy Belly and her subsidiaries. Forward-Looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/270319

As 2025 enters its final months, Disney inches closer to the announcement the entire entertainment industry has been waiting for — who will take over for Bob Iger as the company's next CEO.

Disney has publicly stated it will name Iger's successor in early 2026. Two internal candidates stand out as the most likely contenders: Disney Entertainment co-chairman Dana Walden and Disney Experiences chairman Josh D'Amaro. Walden brings decades of Hollywood expertise; D'Amaro worked in consumer products before his elevation in the theme parks division all the way up to running the unit when its previous leader, Bob Chapek, was named Disney CEO in 2020.

Given Walden's and D'Amaro's complementary skill sets — and given recent momentum behind co-CEO appointments both in media and beyond — the Disney board could opt to select both to jointly replace Iger.

It's a strategy rival Netflix has similarly — and effectively — used since 2020, when Reed Hastings named Ted Sarandos his co-CEO. Three years later, Hastings relinquished that post and moved on to become the company's executive chairman, elevating Greg Peters into his spot as co-CEO.

Netflix's success has contributed to a recent co-CEO wave. Last month, Spotify named Alex Norstrom and Gustav Soderstrom as co-CEOs to replace founder Daniel Ek; Oracle named Clay Magouyrk and Mike Sicilia to jointly lead the company; and Comcast tapped president Mike Cavanagh to join longtime CEO Brian Roberts in the chief role.

But while a duel CEO structure may superficially make sense for Disney, company insiders and corporate governance experts warn there are considerations specific to the Mouse House that would make such a dynamic unwise.

The Netflix strategyLast year, Iger called Sarandos and asked him about Netflix's co-CEO model. That call was first reported by the Wall Street Journal in November, and CNBC can confirm it took place, according to people familiar with the matter.

Sarandos and co-CEO Peters have different areas of passion, according to people familiar with Netflix's leadership styles, who asked to remain unnamed because the details are private. That's allowed the two leaders to make decisions without stepping on each other's toes. If Sarandos and Peters disagree on something, they work it out by deferring to the leader who is more passionate about the answer. That typically means Sarandos wins out if it's a content or creative decision, and Peters triumphs if the decision is more product- or technology-based. A Netflix spokesperson declined to comment.

If there's a grey area, the co-CEOs can always fall back on Hastings, the company's co-founder and CEO of 25 years. Peters and Sarandos worked together under Hastings for many years. That comfort level — and Netflix's famously un-hierarchical corporate culture — have helped maintain a dual CEO structure without turf wars and while serving shareholders, Sarandos told Iger, according to the people familiar.

Since Peters stepped in as co-CEO in January 2023, Netflix shares have gained about 275%.

Disney's choiceAt first glance, Walden and D'Amaro present a similar dynamic to Sarandos and Peters. Walden's expertise is Hollywood, and D'Amaro's is parks and consumer products. Iger could theoretically advance to the executive chairman role, keeping him around in a similar fashion to Hastings.

Selecting both Walden and D'Amaro as Iger's long-awaited successor may allow Disney to keep both leaders at the company. If the board chooses one over the other, Disney risks losing a top executive who may want a chance to be CEO elsewhere. This happened to Disney in 2020, when streaming chief Kevin Mayer departed the company to become TikTok's CEO after he was passed over for Chapek.

But a Disney co-CEO arrangement also comes with a number of red flags that don't exist at other companies.

First, if Iger sticks around on the board, some employees — and external partners — may still view him as a CEO. That could undercut the power-sharing structure of two CEOs, especially given Iger's reputation for wanting to remain the company's No. 1 leader.

While Hastings has turned his attention to hobbies like skiing since giving up his CEO role, Iger has developed a reputation for wanting to hang around as Disney's head honcho. He's five times pushed backed retirement to remain at the helm, and he came back to replace Chapek in 2022 after hand-picking him as his replacement.

Second, during Chapek's tenure, Iger didn't fully give up his operational responsibilities right away, choosing to direct the company's "creative endeavors" for more than a year. That led to an ugly power-sharing situation between Iger and Chapek, as CNBC detailed in 2023. Even if Walden and D'Amaro have different domain strengths, choosing a co-CEO model after suffering through a recent time period where control lines were blurred may be a case of failing to learn from one's mistakes.

Third, Walden and D'Amaro haven't worked together as long as Peters and Sarandos (or other co-leader arrangements with long-term success, such as CAA's co-chairman arrangement with Bryan Lourd, Richard Lovett and Kevin Huvane). Walden did work in a co-chair arrangement with Gary Newman at Fox for many years running Fox TV, proving she's capable of succeeding in such an arrangement, but it's unclear if she'd relish the opportunity to go back to a pairing.

Fourth, Disney's corporate culture is famously political. The company has had several tortured succession processes with Iger and Disney's former CEO Michael Eisner. While Netflix is largely untouched by M&A, Disney is an amalgam of many acquisitions and units over the years, including ABC, ESPN, Fox, Pixar, Marvel and Lucasfilm. That's brought employees from many different cultures together, rather than breeding a unified corporate mindset from its founding.

"It wouldn't work for Disney," a senior media executive told CNBC privately. "There would be so much backbiting. That's how it's always been there."

A Disney spokesperson declined to comment.

Netflix vs. traditionOn top of all of that, traditional corporate governance experts have broadly dismissed a co-CEO setup as suboptimal.

About 1.2% of companies in the Russell 3000 index have employed a co-CEO structure at any given time in recent years, The Wall Street Journal reported last month, citing data from Equilar.

"When you create two sources of authority in an organization, that's never good," said Charles Elson, founding director of the Weinberg Center for Corporate Governance at the University of Delaware, in an interview. "Two in charge means no one is in charge."

Still, there are mitigating factors that can make a co-CEO arrangement more palatable, Elson said. Having Hastings as executive chairman is likely important for Netflix because he can act as a de-facto tiebreaker in a co-CEO arrangement.

Similarly, a co-CEO structure can work if it's clearly done for more-drawn-out succession planning, such as Comcast's decision to elevate Cavanagh to co-CEO alongside Roberts, said Elson.

When push comes to shove, Hastings and Roberts can make the deciding calls on the biggest decisions, Elson said. Roberts is Comcast's controlling shareholder. Oracle similarly has a controlling shareholder in co-founder Larry Ellison.

While Iger could play a tie-breaking role for Disney as executive chairman, he isn't a founder of the company and owns less than 1% of shares outstanding. That gives him less skin in the game for the Disney's future than someone like Roberts or Ellison, noted Elson.

Selecting just one CEO may be a leap of faith for the Disney board, but it's better than setting up instability, said Elson.

"Inevitably, one CEO dominates and the other one goes away," he said. "That's the nature of humanity."

Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC upon Comcast's planned spinoff of Versant.

The collection of 100-plus items with the outdoor lifestyle brand spans men's and women's apparel and accessories, home, outdoor gear and food and beverage, starting at $2 and with most items under $40

Woolrich x Target includes the retailer's largest-ever men's capsule in a limited-time offering

For the first time, the retailer will offer three Woolrich x Target items ahead of the launch, exclusively for members of the retailer's paid membership program Target Circle 360

, /PRNewswire/ -- Target Corporation (NYSE: TGT) today announced the launch of a limited-time collection with Woolrich, the iconic outdoor lifestyle brand known for its signature buffalo check. Woolrich x Target launches Oct. 18 in select Target stores and on Target.com, featuring more than 100 reinvented classics that blend Woolrich's heritage of outdoor craftsmanship with modern style across men's and women's apparel, home, outdoor gear and food and beverage.

Woolrich x Target

The collaboration brings together two design-driven brands, offering a fashion-forward collection that reflects today's cultural shift toward outdoor living and adventure. It includes Target's largest men's capsule ever in a limited-time offering, alongside a broad range of women's styles and lifestyle pieces, with standouts like the Women's Buffalo Check Melton Jacket and Adult Printed Landscape Zip-Up Fleece Jacket. Designed to blend style and function and taking inspiration from the growing urban adventure movement, the assortment leans into modern trends with prices starting at $2, and most items under $40. Explore the lookbook for the full collection.

"Woolrich x Target is all about fashion meeting function to help consumers embrace the outdoors in style," said Jill Sando, executive vice president and chief merchandising officer, apparel & accessories, home and hardlines, Target. "From the Quilted Sheep Tote Bag to the Buffalo Check Outdoor Wearable Throw, to the amazing inflatable kayak, and so much more, I love how Target and Woolrich have worked together to create something that's fun and affordable."

Building on two legacies 
Known as "the original outdoor clothing company," Woolrich has been outfitting adventurers since 1830, with a legacy rooted in durability, craftsmanship and iconic style. From outfitting Arctic expeditions to becoming a staple in streetwear, Woolrich has inspired generations of open-air wanderers and urban explorers alike.

Meanwhile, Target's leadership as a brand has long been driven by great design, built through decades of investment in owned brands, national brands and partnerships to deliver on-trend design and affordable style. For over 25 years, Target has partnered with trendsetting designers — nearly 200 to date — and expanded into unexpected categories such as beauty, home, food and more, evolving its strategy with cultural and social trends.

The Woolrich x Target collaboration builds on both legacies and celebrates the joy of outdoor living and versatility of adventure-ready fashion, with pieces like the Buffalo Check Outdoor Wearable Throw and Men's Mid-Rise Straight Fit Cargo Pant that blend style and function while surprising with unexpected details. The Woolrich archives provided early inspiration for the team, who incorporated original details, prints and artwork into many Woolrich x Target items. Target guests will find archival Woolrich designs alongside unique additions that include an inflatable kayak, binoculars, mindfulness journals, a new home assortment, plus new and exclusive food and beverage items from Peet's Coffee and Kodiak Cakes — all designed to bring joy and adventure into everyday life.

"For nearly two centuries, Woolrich has been synonymous with authentic American outdoor exploring, crafting products built on a legacy of heritage," said Heekyun Kim, Woolrich's creative director. "This collaboration with Target represents an exciting opportunity to introduce our iconic designs, like our legendary buffalo check, to a new generation of explorers. We are proud to create a collection that honors our archives while making the Woolrich spirit of adventure accessible to all."

Early access on three exclusive items for Target Circle 360 members
For the first time, the retailer will offer three Woolrich x Target items ahead of the launch — the Patchwork Plaid Throw Blanket, Sheep Shaped Throw Pillow and Sheep Print Beanie — exclusively for members of the retailer's paid membership program Target Circle 360. The items will be available for purchase on Target.com Oct. 14-16, while supplies last, before the collection launches Oct. 18 — and are not included in the main collection.

An adventure-fueled campaign and shopping experience
To celebrate the launch, Target will debut an "Adventure Is Wherever You Are" marketing campaign shot in New York City by the retailer's in-house team and featuring style influencer Lauren Wolfe and singer-songwriter David Kushner. The campaign captures the playful, optimistic spirit of the collection, showing how the collection fits seamlessly into everyday moments of exploration, style and self-expression.

The retailer will craft the shopping experience in the same adventurous spirit. Select stores will feature a dedicated Woolrich x Target shopping experience that immerses guests in a world of buffalo check and invites them to explore the collection's cozy textures. On Target.com and the Target app, guests will be greeted with joyful touches that evoke fall and highlight the collection. Target is also making shopping the collection fast and easy with same-day pickup and same-day delivery so guests can grab their gear and get adventuring*.1

The Woolrich x Target collection is the latest example of Target's commitment to its continued legacy of design partnerships that make quality style and design accessible to all.

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at nearly 2,000 stores and at Target.com, with the purpose of helping all families discover the joy of everyday life. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. Additional company information can be found by visiting the corporate website and press center.

1 Availability for same-day services will vary based on location and time.

SOURCE Target Corporation

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Vodafone has said a massive blackout in its internet coverage yesterday was not caused by a cyber attack.

The issues have now been fully resolved, according to the company, after hundreds of thousands of people reported their wifi, 4G and 5G connections dropping out.

"On Monday afternoon, for a short time, the Vodafone network had an issue affecting broadband, 4G and 5G services," said a Vodafone spokesperson.

"This was triggered by a non-malicious software issue with one of our vendor partners which has now been resolved, and the network has fully recovered.

"We apologise for any inconvenience this caused our customers."

As well as internet connections, Vodafone's app, website and customer services were also down.

At its peak, more than 130,000 people reported problems to the internet status checker Downdetector.

More on Vodafone

Vodafone internet services down for thousands of users

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Vodafone users were shown an error message when trying to access the internet provider's app

Vodafone users contacted Sky News and posted on social media to find out if compensation would be given to affected customers.

"We all better get some compensation or I'll be cancelling my contract," said one X user.

"Are they paying any compensation to those affected?" asked a Sky News reader. "This outage must have had major effects on ordinary people/business."

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According to Sabrina Hoque, a telecoms expert at Uswitch, customers could be entitled to compensation of £9.76 for each calendar day their broadband doesn't work - but only if it is down for more than two days.

"Ofcom advises that compensation for mobile signal outages is 'dependent on the circumstances'," she said, "but in extreme cases, where repairs take much longer, you may be entitled to an additional refund or account credit."

Considering the outage only lasted a few hours for most people, they may not be entitled to claim.

However, Melanie Pizzey, chief executive of the Global Payroll Alliance, said the company could now face "a wave of compensation claims ... particularly if financial losses or missed deadlines can be directly linked to the downtime."

One X user warned that last night, scammers pretending to be from Vodafone had called and directed him to download an app in order to receive compensation.

"Who knows how many people they [are] scamming as we speak?" he said.

Global retail sales growth (excluding foreign currency impact) of 6.3%

U.S. same store sales growth of 5.2%

 International same store sales growth (excluding foreign currency impact) of 1.7%

Global net store growth of 214, including 29 net store openings in the U.S. and 185 net store openings internationally

Income from operations increased 12.2%; excluding the $0.8 million positive impact of foreign currency exchange rates on international franchise royalty revenues, income from operations increased 11.8%

, /PRNewswire/ -- Domino's Pizza, Inc. (Nasdaq: DPZ), the largest pizza company in the world, announced results for the third quarter of 2025.

"I am incredibly proud of how our team and franchise system is bringing our Hungry for MORE strategy to life and delivering best in class results," said Russell Weiner, Domino's Chief Executive Officer. "In the U.S., we drove positive order counts behind our Best Deal Ever promotion and stuffed crust pizza product innovation for the third quarter. This resulted in another quarter of strong growth in both our delivery and carryout businesses. Seeing our strategy being executed at such a high level gives me the confidence that we will continue to win and take QSR pizza market share around the world in 2025 and beyond. We have never had more tools to drive long-term value creation for our franchisees and shareholders."

Third Quarter 2025 Operational and Financial Highlights (Unaudited):

The tables below outline certain statistical measures utilized by the Company to analyze its performance, as well as key financial results. This historical data is not necessarily indicative of results to be expected for any future period. Refer to Comments on Regulation G below for additional details, including definitions of these statistical measures and certain reconciliations.

Third Quarter

Three Fiscal Quarters

2025

2024

2025

2024

Global retail sales: (in millions of U.S. dollars)

U.S. stores

$

2,320.4

$

2,168.4

$

6,896.8

$

6,602.5

International stores

2,375.8

2,223.6

6,933.5

6,581.9

Total

$

4,696.2

$

4,392.0

$

13,830.3

$

13,184.4

Third Quarter

Three Fiscal Quarters

2025

2024

2025

2024

Global retail sales growth:
   (versus prior year period, excluding foreign currency impact)

U.S. stores

+ 7.0 %

+ 5.1 %

+ 4.5 %

+ 6.6 %

International stores

+ 5.7 %

+ 5.1 %

+ 6.6 %

+ 6.5 %

Total

+ 6.3 %

+ 5.1 %

+ 5.5 %

+ 6.5 %

Same store sales growth:
   (versus prior year period)

U.S. Company-owned stores

+ 3.4 %

+ 3.1 %

+ 1.0 %

+ 5.4 %

U.S. franchise stores

+ 5.3 %

+ 3.0 %

+ 2.7 %

+ 4.4 %

U.S. stores

+ 5.2 %

+ 3.0 %

+ 2.7 %

+ 4.5 %

International stores (excluding foreign currency impact)

+ 1.7 %

+ 0.8 %

+ 2.5 %

+ 1.1 %

U.S. Company-
owned Stores

U.S. Franchise
Stores

Total
U.S. Stores

International
Stores

Total

Third quarter of 2025 store counts:

Store count at June 15, 2025

258

6,803

7,061

14,475

21,536

Openings

2

28

30

220

250

Closings

—

(1)

(1)

(35)

(36)

Store count at September 7, 2025

260

6,830

7,090

14,660

21,750

Third quarter 2025 net store growth

2

27

29

185

214

Trailing four quarters net store growth

3

157

160

588

748

Third Quarter

Three Fiscal Quarters

(In millions, except percentages, percentage points, per
share data and leverage ratio)

2025

2024

Increase/
(Decrease)

2025

2024

Increase/
(Decrease)

Total revenues

$1,147.1

$1,080.1

+ 6.2 %

$3,404.3

$3,262.5

+ 4.3 %

U.S. Company-owned store gross margin

16.3 %

16.8 %

(0.5) pp

16.0 %

17.3 %

(1.3) pp

Supply chain gross margin

11.3 %

10.6 %

+ 0.7 pp

11.6 %

11.0 %

+ 0.6 pp

Income from operations

$223.2

$198.8

+ 12.2 %

$658.3

$605.3

+ 8.7 %

Net income

$139.3

$146.9

(5.2) %

$420.1

$414.7

+ 1.3 %

Diluted earnings per share

$4.08

$4.19

(2.6) %

$12.22

$11.80

+ 3.6 %

Leverage ratio

4.5x

4.9x

(0.4)x

Net cash provided by operating activities

$552.3

$446.9

+ 23.6 %

Capital expenditures

(56.7)

(70.8)

(19.9) %

Free cash flow

$495.6

$376.1

+ 31.8 %

Revenues increased $66.9 million, or 6.2%, in the third quarter of 2025 as compared to the third quarter of 2024, primarily due to higher supply chain revenues and higher U.S. franchise royalties and fees and advertising revenues. The increase in supply chain revenues was primarily attributable to higher order volumes, as well as an increase in the Company's food basket pricing to stores, which increased 3.3% during the third quarter of 2025 as compared to the third quarter of 2024. These increases were partially offset by a shift in the relative mix of products sold by the Company and the transition of the Company's equipment and supplies business to a third-party supplier. The increases in U.S. franchise royalties and fees and advertising revenues were driven primarily by same store sales growth and net store growth during the trailing four quarters.
U.S. Company-owned store gross margin decreased 0.5 percentage points in the third quarter of 2025 as compared to the third quarter of 2024, primarily due to the increase in the Company's food basket pricing to stores, as well as higher wage rates, and was partially offset by higher sales leverage.
Supply chain gross margin increased 0.7 percentage points in the third quarter of 2025 as compared to the third quarter of 2024, primarily due to procurement productivity, partially offset by the increase in the cost of the Company's food basket.
Income from operations increased $24.3 million, or 12.2%, in the third quarter of 2025 as compared to the third quarter of 2024. Excluding the positive impact of foreign currency exchange rates on international franchise royalty revenues of $0.8 million, income from operations increased $23.5 million, or 11.8%, in the third quarter of 2025 as compared to the third quarter of 2024. The increase in income from operations was primarily due to higher U.S. franchise royalties and fees and gross margin dollar growth within supply chain.
Net income decreased $7.6 million, or 5.2%, in the third quarter of 2025 as compared to the third quarter of 2024, primarily due to an unfavorable change of $29.2 million in the pre-tax unrealized losses and gains associated with the Company's investment in DPC Dash Ltd. To a lesser extent, an increase in the provision for income taxes also contributed to the decrease in net income. The effective tax rate increased to 22.3% in the third quarter of 2025 as compared to 20.4% in the third quarter of 2024 resulting in an increase in the provision for income taxes of $2.2 million. These decreases were partially offset by higher income from operations as discussed above.
Diluted EPS was $4.08 in the third quarter of 2025 as compared to $4.19 in the third quarter of 2024, representing an $0.11, or 2.6%, decrease. The decrease in diluted EPS in the third quarter of 2025 as compared to the third quarter of 2024 was driven by lower net income, partially offset by a lower weighted average diluted share count resulting from the Company's share repurchases during the trailing four quarters.
Net cash provided by operating activities was $552.3 million in the three fiscal quarters of 2025 as compared to $446.9 million in the three fiscal quarters of 2024. The Company spent $56.7 million on capital expenditures in the three fiscal quarters of 2025 as compared to $70.8 million in the three fiscal quarters of 2024, resulting in free cash flow of $495.6 million in the three fiscal quarters of 2025 as compared to $376.1 million in the three fiscal quarters of 2024. The increase in free cash flow was a result of the positive impact of changes in operating assets and liabilities, higher net income excluding non-cash operating activities, the timing and amount of advertising activities, as well as lower investments in capital expenditures.

Quarterly Dividend

Subsequent to the end of the third quarter of 2025, on October 7, 2025, the Company's Board of Directors declared a $1.74 per share quarterly dividend on its outstanding common stock for shareholders of record as of December 15, 2025, to be paid on December 26, 2025.

Share Repurchases

During the third quarter of 2025, the Company repurchased and retired 165,778 shares of common stock for a total of $74.7 million. During the three fiscal quarters of 2025, the Company repurchased and retired 596,754 shares of common stock for a total of $274.7 million. As of September 7, 2025, the Company had a total remaining authorized amount for share repurchases of $539.7 million.

2025 Refinancing

On September 5, 2025, the Company completed a previously announced $1.00 billion refinancing transaction, including the issuance by certain of its subsidiaries of $500.0 million of 4.930% fixed rate senior secured notes with an anticipated term of five years and $500.0 million of 5.217% fixed rate senior secured notes with an anticipated term of seven years (collectively, the "2025 Notes").

The proceeds from the 2025 Notes, as well as $160.0 million of the Company's unrestricted cash and cash equivalents, were used to (i) repay the remaining $742.0 million in outstanding principal under the Company's 2015 ten-year notes and the remaining $402.7 million in outstanding principal under the Company's 2018 7.5-year notes, (ii) prefund a portion of the interest payable on the 2025 Notes and (iii) capitalize $15.4 million for financing costs. Additionally, certain of the Company's subsidiaries also issued a new $320.0 million variable funding note facility, which was undrawn on the closing date, and the Company's previous variable funding note facilities were canceled. For additional information related to this refinancing transaction, refer to the Company's Current Report on Form 8-K filed on September 8, 2025 and the Company's Form 10-Q for the quarter ended September 7, 2025.

Comments on Regulation G

In addition to the GAAP financial measures set forth in this press release, the Company has included non-GAAP financial measures within the meaning of Regulation G, including free cash flow, income from operations, excluding foreign currency impact and Consolidated Adjusted EBITDA. The Company has also included metrics such as global retail sales, global retail sales growth (excluding foreign currency impact), same store sales growth, net store growth, food basket pricing change, impact of changes in foreign currency exchange rates on international franchise royalty revenues and the leverage ratio, which are commonly used statistical measures in the quick-service restaurant industry that are important to understanding Company performance.

The Company uses "global retail sales," a statistical measure, to refer to total worldwide retail sales at Company-owned and franchise stores. The Company believes global retail sales information is useful in analyzing revenues because franchisees pay royalties and advertising fees that are based on a percentage of franchise retail sales. The Company reviews comparable industry global retail sales information to assess business trends and to track the growth of the Domino's Pizza brand and believes they are indicative of the financial health of the Company's franchisee base. In addition, supply chain revenues are directly impacted by changes in franchise retail sales in the U.S. and Canada. As a result, sales by Domino's franchisees have a direct effect on the Company's profitability. Retail sales for franchise stores are reported to the Company by its franchisees and are not included in Company revenues. "Global retail sales growth" is calculated as the change of U.S. Dollar global retail sales against the comparable period of the prior year. "Global retail sales growth, excluding foreign currency impact" is calculated as the change of international local currency global retail sales against the comparable period of the prior year. Changes in global retail sales growth, excluding foreign currency impact, are primarily driven by same store sales growth and net store growth.

The Company uses "same store sales growth," a statistical measure, which is calculated by including only retail sales from stores that also had sales in the comparable weeks of both periods. International same store sales growth is calculated similarly to U.S. same store sales growth. Changes in international same store sales are reported excluding foreign currency impacts, which reflect changes in international local currency sales. Same store sales growth for transferred stores is reflected in their current classification.

The Company uses "net store growth," a statistical measure, which is calculated by netting gross store openings with gross store closures during the period. Transfers between Company-owned stores and franchised stores are excluded from the calculation of net store growth.

The Company uses "food basket pricing change," a statistical measure, which is calculated as the percentage change of the food basket (including both food and cardboard products) purchased by an average U.S. store (based on average weekly unit sales) from U.S. supply chain centers against the comparable period of the prior year. The Company believes that the food basket pricing change is important to investors and other interested persons to understand the Company's performance. As food basket prices fluctuate, revenues, cost of sales and gross margin percentages in the Company's supply chain segment also fluctuate. Additionally, cost of sales, gross margins and gross margin percentages for the Company's U.S. Company-owned stores also fluctuate.

The Company uses "free cash flow," which is calculated as net cash provided by operating activities, less capital expenditures, both as reported under GAAP. The most directly comparable financial measure calculated and presented in accordance with GAAP is net cash provided by operating activities. The Company believes that the free cash flow measure is important to investors and other interested persons, and that such persons benefit from having a measure which communicates how much cash flow is available for working capital needs or to be used for repurchasing debt, making acquisitions, repurchasing common stock or paying dividends.

The Company uses "income from operations, excluding foreign currency impact," which is calculated as income from operations as reported under GAAP, less the "impact of changes in foreign currency exchange rates on international franchise royalty revenues," a statistical measure. The most directly comparable financial measure calculated and presented in accordance with GAAP is income from operations. The impact of changes in foreign currency exchange rates on international franchise royalty revenues is calculated as the difference in international franchise royalty revenues resulting from translating current period local currency results to U.S. dollars at current period exchange rates as compared to prior period exchange rates. The Company believes that the impact of changes in foreign currency exchange rates on international franchise royalty revenues is important to investors and other interested persons to understand the Company's international royalty revenues given the significant variability in those revenues and that can be driven by changes in foreign currency exchanges rates. International franchise royalty revenues do not have a cost of sales component, so changes in these revenues have a direct impact on income from operations.

The Company uses "Consolidated Adjusted EBITDA," which is calculated as Segment Income as defined by the Company under Accounting Standards Codification 280, Segment Reporting, less corporate administrative costs that have not been allocated to a reportable segment including labor, computer expenses, professional fees, travel and entertainment, rent, insurance and other corporate administrative costs. Consolidated Adjusted EBITDA is defined in the base indenture governing the Company's securitized debt. The Company uses Consolidated Adjusted EBITDA to determine future business objectives and targets and for long-range planning, as well as to evaluate total Company operating performance for the purposes of determining certain variable performance-based compensation. The Company believes Consolidated Adjusted EBITDA is a reliable barometer for the overall success of the Company. It is also used to calculate the leverage ratio (defined below), and other ratios defined in the indenture governing the Company's securitized debt. As such, Consolidated Adjusted EBITDA is important to investors and other interested persons to understand the financial performance of the Company, and to assess the ability of the Company to meet its financial obligations.

The Company uses the "leverage ratio1," which is calculated as the Company's securitized debt related to its fixed-rate notes and borrowings under its variable funding notes, divided by Consolidated Adjusted EBITDA on a trailing four quarters basis. The Company has historically operated with a leverage ratio between four and six times. The Company reviews its leverage ratio on at least a quarterly basis and believes its leverage ratio is important to investors and other interested persons to understand the capital structure of the Company, and to assess the ability of the Company to meet its financial obligations.

The reconciliation of the leverage ratio for the third quarters of 2025 and 2024 is as follows below.

September 7,
2025

September 8,
2024

2015 Ten-Year Notes

$

—

$

742,000

2017 Ten-Year Notes

940,000

940,000

2018 7.5-Year Notes

—

402,688

2018 9.25-Year Notes

379,000

379,000

2019 Ten-Year Notes

648,000

648,000

2021 7.5-Year Notes

826,625

826,625

2021 Ten-Year Notes

972,500

972,500

2025 Five-Year Notes

500,000

—

2025 Seven-Year Notes

500,000

—

Total fixed-rate notes

$

4,766,125

$

4,910,813

Segment Income - third quarter of 2025 and 2024

$

273,771

$

252,117

Segment Income - second quarter of 2025 and 2024

273,758

253,565

Segment Income - first quarter of 2025 and 2024

268,417

260,016

Segment Income - fourth quarter of 2024 and 2023

340,968

327,098

Segment Income - trailing four quarters

$

1,156,914

$

1,092,796

General and administrative - other - third quarter of 2025 and 2024

$

(19,771)

$

(22,839)

General and administrative - other - second quarter of 2025 and 2024

(20,925)

(26,165)

General and administrative - other - first quarter of 2025 and 2024

(27,313)

(18,173)

General and administrative - other - fourth quarter of 2024 and 2023

(27,818)

(32,498)

General and administrative - other - trailing four quarters

$

(95,827)

$

(99,675)

Consolidated Adjusted EBITDA - trailing four quarters

$

1,061,087

$

993,121

Leverage ratio

4.5

x

4.9

x

(1)

The Company also calculates and reviews its Senior Leverage Ratio and Holdco Leverage Ratio as defined in the indenture governing the Company's securitized debt.

Conference Call Information

The Company will file its Quarterly Report on Form 10-Q today. As previously announced, Domino's Pizza, Inc. will hold a conference call today at 8:30 a.m. (Eastern) to review its third quarter 2025 financial results. The webcast is available at ir.dominos.com and will be archived for one year.

About Domino's Pizza®

Founded in 1960, Domino's Pizza is the largest pizza company in the world, with a significant business in both delivery and carryout. It ranks among the world's top public restaurant brands with a global enterprise of more than 21,700 stores in over 90 markets. Domino's had global retail sales of over $19.7 billion in the trailing four quarters ended September 7, 2025. Its system is comprised of independent franchise owners who accounted for 99% of Domino's stores as of the end of the third quarter of 2025. In the U.S., Domino's generated more than 85% of U.S. retail sales in 2024 via digital channels and has developed many innovative ordering platforms.

Order – dominos.com
Company Info – biz.dominos.com
Media Assets – media.dominos.com

Please visit our Investor Relations website at ir.dominos.com to view news, announcements, earnings releases, investor presentations and conference webcasts.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:

This press release contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") that are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. The following cautionary statements are being made pursuant to the provisions of the Act and with the intention of obtaining the benefits of the "safe harbor" provisions of the Act. You can identify forward-looking statements by the use of words such as "anticipates," "believes," "could," "should," "estimates," "expects," "intends," "may," "will," "plans," "predicts," "projects," "seeks," "approximately," "potential," "outlook" and similar terms and phrases that concern our strategy, plans or intentions, including references to assumptions. These forward-looking statements address various matters including information concerning future results of operations and business strategy, our anticipated profitability, estimates in same store sales growth, store growth and the growth of our U.S. and international business in general, our ability to service our indebtedness, our future cash flows, our operating performance, trends in our business and other descriptions of future events reflect the Company's expectations based upon currently available information and data. While we believe these expectations and projections are based on reasonable assumptions, such forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from our expectations are more fully described in our filings with the Securities and Exchange Commission, including under the section headed "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors, including but not limited to: our substantial indebtedness as a result of our recapitalization transactions and our ability to incur additional indebtedness or refinance or renegotiate key terms of that indebtedness in the future; the impact a downgrade in our credit rating may have on our business, financial condition and results of operations; our future financial performance and our ability to pay principal and interest on our indebtedness; the strength of our brand, including our ability to compete in the U.S. and internationally in our intensely competitive industry, including the food service and food delivery markets; our ability to successfully implement our growth strategy, including through our participation in the third-party order aggregation marketplace; labor shortages or changes in operating expenses resulting from increases in prices of food (particularly cheese), fuel and other commodity costs, labor, utilities, insurance, employee benefits and other operating costs or negative economic conditions; the effectiveness of our advertising, operations and promotional initiatives; shortages, interruptions or disruptions in the supply or delivery of fresh food products and store equipment; the additional risks our international operations subject us to, which may differ in each country in which we and our franchisees do business; our ability and that of our franchisees to successfully operate in the current and future credit environment; the impact of social media or a boycott on our business, brand and reputation; the impact of new or improved technologies and alternative methods of delivery on consumer behavior; new product, digital ordering and concept developments by us, and other food-industry competitors; our ability to maintain good relationships with and attract new franchisees, and franchisees' ability to successfully manage their operations without negatively impacting our royalty payments and fees or our brand's reputation; our ability to successfully implement cost-saving strategies; changes in the level of consumer spending given general economic conditions, including interest rates, energy prices and consumer confidence or negative economic conditions in general; our ability and that of our franchisees to open new restaurants and keep existing restaurants in operation and maintain demand for new stores; the impact that widespread illness, health epidemics or general health concerns, severe weather conditions and natural disasters may have on our business and the economies of the countries where we operate; changes in foreign currency exchange rates; changes in income tax rates; our ability to retain or replace our executive officers and other key members of management and our ability to adequately staff our stores and supply chain centers with qualified personnel; our ability to find and/or retain suitable real estate for our stores and supply chain centers; changes in government legislation and regulations, including changes in laws and regulations regarding information privacy, payment methods, advertising and consumer protection and social media; adverse legal judgments or settlements; food-borne illness or contamination of products or food tampering or other events that may impact our reputation; data breaches, power loss, technological failures, user error or other cyber risks threatening us or our franchisees; the impact that environmental, social and governance matters may have on our business and reputation; the effect of war, terrorism, catastrophic events, other geopolitical or reputational considerations or climate change; our ability to pay dividends and repurchase shares; changes in consumer tastes, spending and traffic patterns and demographic trends; changes in accounting policies; and adequacy of our insurance coverage. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur. All forward-looking statements speak only as of the date of this press release and should be evaluated with an understanding of their inherent uncertainty. Except as required under federal securities laws and the rules and regulations of the Securities and Exchange Commission, or other applicable law, we will not undertake, and specifically disclaim, any obligation to publicly update or revise any forward-looking statements to reflect events or circumstances arising after the date of this press release, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by, or on behalf of, us. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

TABLES TO FOLLOW

Domino's Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

Fiscal Quarter Ended

September 7,
2025

% of
Total
Revenues

September 8,
2024

% of
Total
Revenues

(In thousands, except share and per share data)

Revenues:

U.S. Company-owned stores

$

82,749

$

89,173

U.S. franchise royalties and fees

157,155

144,074

Supply chain

696,959

651,314

International franchise royalties and fees

78,549

74,633

U.S. franchise advertising

131,642

120,925

Total revenues

1,147,054

100.0

%

1,080,119

100.0

%

Cost of sales:

U.S. Company-owned stores

69,258

74,205

Supply chain

617,894

582,167

Total cost of sales

687,152

59.9

%

656,372

60.8

%

Gross margin

459,902

40.1

%

423,747

39.2

%

General and administrative

105,092

9.1

%

103,991

9.6

%

U.S. franchise advertising

131,642

11.5

%

120,925

11.2

%

Income from operations

223,168

19.5

%

198,831

18.4

%

Other (expense) income

(3,017)

(0.3)

%

26,172

2.4

%

Interest expense, net

(40,952)

(3.6)

%

(40,387)

(3.7)

%

Income before provision for income taxes

179,199

15.6

%

184,616

17.1

%

Provision for income taxes

39,880

3.5

%

37,692

3.5

%

Net income

$

139,319

12.1

%

$

146,924

13.6

%

Earnings per share:

Common stock – diluted

$

4.08

$

4.19

Weighted average diluted shares

34,146,418

35,039,408

Domino's Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

Three Fiscal Quarters Ended

September 7,
2025

% of
Total
Revenues

September 8,
2024

% of
Total
Revenues

(In thousands, except share and per share data)

Revenues:

U.S. Company-owned stores

$

266,803

$

274,086

U.S. franchise royalties and fees

464,416

442,168

Supply chain

2,053,945

1,969,772

International franchise royalties and fees

231,272

220,295

U.S. franchise advertising

387,818

356,181

Total revenues

3,404,254

100.0

%

3,262,502

100.0

%

Cost of sales:

U.S. Company-owned stores

224,242

226,722

Supply chain

1,815,993

1,753,132

Total cost of sales

2,040,235

59.9

%

1,979,854

60.7

%

Gross margin

1,364,019

40.1

%

1,282,648

39.3

%

General and administrative

321,777

9.5

%

320,962

9.8

%

U.S. franchise advertising

387,818

11.4

%

356,181

10.9

%

Refranchising (gain) loss

(3,883)

(0.1)

%

158

0.0

%

Income from operations

658,307

19.3

%

605,347

18.6

%

Other income

5,036

0.2

%

18,871

0.6

%

Interest expense, net

(123,411)

(3.6)

%

(122,996)

(3.8)

%

Income before provision for income taxes

539,932

15.9

%

501,222

15.4

%

Provision for income taxes

119,871

3.6

%

86,496

2.7

%

Net income

$

420,061

12.3

%

$

414,726

12.7

%

Earnings per share:

Common stock – diluted

$

12.22

$

11.80

Weighted average diluted shares

34,366,396

35,145,732

Domino's Pizza, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)

September 7,
2025

December 29,
2024

(In thousands)

Assets

Current assets:

Cash and cash equivalents

$

139,728

$

186,126

Restricted cash and cash equivalents

202,501

195,370

Accounts receivable, net

277,175

309,104

Inventories

71,155

70,919

Prepaid expenses and other

41,349

40,363

Advertising fund assets, restricted

135,826

103,396

Total current assets

867,734

905,278

Property, plant and equipment, net

290,653

301,179

Operating lease right-of-use assets

223,540

210,302

Investment in DPC Dash

43,650

82,699

Other assets

234,700

237,555

Total assets

$

1,660,277

$

1,737,013

Liabilities and stockholders' deficit

Current liabilities:

Current portion of long-term debt

$

5,521

$

1,149,679

Accounts payable

113,071

85,898

Operating lease liabilities

45,163

39,920

Advertising fund liabilities

132,705

101,567

Other accrued liabilities

242,693

235,398

Total current liabilities

539,153

1,612,462

Long-term liabilities:

Long-term debt, less current portion

4,810,274

3,825,659

Operating lease liabilities

190,757

181,983

Other accrued liabilities

82,052

79,200

Total long-term liabilities

5,083,083

4,086,842

Total stockholders' deficit

(3,961,959)

(3,962,291)

Total liabilities and stockholders' deficit

$

1,660,277

$

1,737,013

Domino's Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Three Fiscal Quarters Ended

September 7,
2025

September 8,
2024

(In thousands)

Cash flows from operating activities:

Net income

$

420,061

$

414,726

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

61,128

60,974

Refranchising (gain) loss

(3,883)

158

Loss on sale/disposal of assets

703

501

Amortization of debt issuance costs

3,768

3,685

Provision (benefit) for deferred income taxes

9,255

(7,524)

Non-cash equity-based compensation expense

31,681

31,541

Excess tax benefits from equity-based compensation

(2,751)

(21,609)

(Benefit) provision for losses on accounts and notes receivable

(49)

250

Unrealized and realized gain on investments, net

(5,036)

(18,871)

Changes in operating assets and liabilities

10,242

(18,968)

Changes in advertising fund assets and liabilities, restricted

27,137

2,016

Net cash provided by operating activities

552,256

446,879

Cash flows from investing activities:

Capital expenditures

(56,667)

(70,801)

Sale of investments

44,085

—

Proceeds from sale of assets

8,458

73

Other

(1,939)

(1,167)

Net cash used in investing activities

(6,063)

(71,895)

Cash flows from financing activities:

Proceeds from issuance of long-term debt

1,000,000

—

Repayments of long-term debt and finance lease obligations

(1,147,773)

(15,947)

Proceeds from exercise of stock options

12,882

34,669

Purchases of common stock

(277,698)

(214,999)

Tax payments for restricted stock upon vesting

(10,862)

(10,706)

Payments of common stock dividends and equivalents

(119,503)

(106,015)

Cash paid for financing costs

(15,287)

—

Net cash used in financing activities

(558,241)

(312,998)

Effect of exchange rate changes on cash

1,487

(589)

Change in cash and cash equivalents, restricted cash and cash equivalents

(10,561)

61,397

Cash and cash equivalents, beginning of period

186,126

114,098

Restricted cash and cash equivalents, beginning of period

195,370

200,870

Cash and cash equivalents included in advertising fund assets, restricted,
   beginning of period

80,928

88,165

Cash and cash equivalents, restricted cash and cash equivalents and
   cash and cash equivalents included in advertising fund assets, restricted,
   beginning of period

462,424

403,133

Cash and cash equivalents, end of period

139,728

189,084

Restricted cash and cash equivalents, end of period

202,501

185,439

Cash and cash equivalents included in advertising fund assets, restricted, end of period

109,634

90,007

Cash and cash equivalents, restricted cash and cash equivalents and cash and
   cash equivalents included in advertising fund assets, restricted, end of period

$

451,863

$

464,530

SOURCE Domino's Pizza, Inc.

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SummaryCompaniesKenvue faces investor pressure amid strategic review, leadership changes and litigation riskTrump administration position on Tylenol erased $10 billion in market valuePotential sale or spin-off of Kenvue's skin health is on the tableOct 14 (Reuters) - Tylenol maker Kenvue

(KVUE.N), opens new tab was already having a painful year before U.S. President Donald Trump and his health secretary got involved.

Activist investor Starboard Value took aim at the company about a year ago, forcing the Band-Aid and Benadryl maker to settle a potentially costly and time-consuming fight by naming the hedge fund's CEO, Jeffrey Smith, and two other directors to the board in March.

Sign up here.

Other unhappy investors weren't mollified by the board refreshment, including Daniel Loeb's hedge fund Third Point, which quietly built its own stake in April.

In mid-July, Kenvue's board ousted its CEO after already replacing its chief financial officer and launched a strategic review of its operations, which sources say could include a sale or breakup of the company that had been spun off from healthcare conglomerate Johnson & Johnson

(JNJ.N), opens new tab in 2023.

Then news leaked on September 5 of a report that Health Secretary Robert F. Kennedy, Jr. planned to release linking its popular painkiller Tylenol to autism, driving shares down 9% that day.

AUTISM CLAIMSArguably the biggest blow came on September 22, when Trump told people to stop taking Tylenol. Flanked by Kennedy at a rare Roosevelt Room press conference, he told America: "It's not good."

The Food and Drug Administration, part of Kennedy's Department of Health and Human Services, that same day said it was slapping a

new warning, opens new tab on Tylenol labels reflecting safety concerns that its active ingredient, acetaminophen, could cause attention-deficit/hyperactivity disorder and autism in children whose mothers took it during pregnancy. That claim was refuted by influential medical groups and dismissed in federal court for its lack of scientific evidence.

The Trump administration's statements have cost Kenvue some $10 billion in market value and prompted investors to steer clear of the company, for now, analysts and investors said.

The presidential spotlight created a public relations firestorm for Kenvue, which has a market value of roughly $30 billion. It could create new legal dangers and complicate any strategic plans for the company, which also owns Neutrogena, Listerine and Zyrtec among several popular household products.

Kenvue declined to comment.

Plaintiffs are appealing a federal judge's 2024 dismissal of lawsuits bundled into multi-district litigation that alleged Tylenol or generic versions caused autism. The judge ruled that they failed to support their conclusions with scientific evidence.

"In 25 years or so doing this work, I’ve never seen the president, the HHS secretary, and the FDA commissioner join hands in common cause with the plaintiffs’ bar and use the bully pulpit of the White House to promote the interests of a legal case,” said Bob Chlopak, managing partner at Vision360 Partners, a firm that specializes in crisis communications.

COMPLICATING STRATEGIC OPTIONSKenvue's strategic review committee is considering a broad range of options, including a sale of the company or sale or spin-off of its struggling skin health & beauty unit, which contains household brands like Neutrogena, Aveeno and Clean & Clear, people familiar with the company's thinking said.

Finding a buyer for the full company would be much harder now with several dealmakers saying the company is “unsellable” until all Tylenol claims are resolved because buyers would worry about litigation risk and a prolonged drop in sales at one of the biggest brands.

“In our view, the company’s current structure makes (a full sale) unlikely, but a more focused OTC and skin care business could eventually become a target,” a July HSBC research note said.

Other consumer giants including Kellogg and Kraft Heinz

(KHC.O), opens new tab have opted for separation to create more streamlined businesses. Last month, Kraft Heinz announced it will separate into two independent, publicly traded companies: Global Taste Elevation and North American Grocery.

There is already interest in Neutrogena and Aveeno, sources said, but so far Kenvue has only been willing to part with its non-core skin health & beauty brands.

The skin health & beauty unit could be worth $6 billion to $9 billion, analysts say, despite the segment's falling revenue. That's a large bite for any company or private equity firm, but some have turnaround ideas for brands like Neutrogena, which Kenvue has poured advertising dollars into this year, sources said.

Neutrogena has struggled to win over Gen Z consumers and lost market share to competitors like L'Oreal's CeraVe, which in 2021 usurped the title of the No. 1 recommended skin care brand by dermatologists.

LEGAL CHALLENGES AHEADIf Kenvue were to sell or spin the skin health & beauty unit, the remaining company might be worse off without profitable segments to balance potential losses from its Tylenol litigation.

Ashley Keller, who represents families in the class action dismissed last year, submitted the Trump administration's latest actions as supporting evidence in an appeal before the 2nd U.S. Circuit Court of Appeals in Manhattan.

Kenvue could face substantial damages if the appeals court sides with plaintiffs, worrying investors.

The appellate court is using a legal standard that allows it to overturn the dismissal only if the panel of judges finds the prior ruling to be "plain error," unreasonable, or "completely out of bounds," lawyers and analysts said.

A ruling is expected by the end of March.

The solution to the Tylenol problem might just be time, analysts said, but board committees typically try to wrap up strategic reviews in a matter of months.

Reporting by Abigail Summerville and Svea Herbst-Bayliss in New York; Editing by Dawn Kopecki and Bill Berkrot

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

Abigail is on the M&A team and writes about consumer and retail deals. She joined Reuters in 2022 from Debtwire where she covered leveraged finance and the primary debt market for three years. Previously, her work has appeared in the Wall Street Journal, CNBC and the Boston Business Journal. She majored in business journalism at Washington and Lee University.