FTC Puts A Wrinkle In the Cintas and UniFirst MergerCintas NASDAQ: CTAS shareholders elected eight directors, approved executive compensation on an advisory basis, ratified Ernst & Young LLP as the company’s independent auditor for fiscal 2027, and approved the company’s reincorporation from Washington state to Delaware at its 2026 annual meeting.
Executive Chairman Scott Farmer said the board unanimously approved and recommended the conversion to Delaware on July 28, 2026. The company did not provide vote totals during the meeting, and Election Inspector Jim Raitt said final tabulations would be completed following the meeting.
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Women Drive the Job Market—These 3 Stocks Are Following ThemThe elected directors were Beverly Carmichael, Karen Carnahan, Bob Coletti, Scott Farmer, Marty Mucci, Joe Scaminace, Todd Schneider and Ron Tysoe. Farmer also recognized Melanie Barstad, who did not stand for re-election and retired from the board after 15 years of service.
Shareholder Proposal Fails
Shareholders did not approve a proposal titled “Govern by Majority Vote,” which the board had recommended voting against.
Cintas Raises Guidance as a Major Catalyst Moves CloserJohn Chevedden, a shareholder and private investor who presented the proposal, said the topic had received 58% support at Cintas’ 2022 annual meeting. He argued that the proposal had required a 67% vote threshold and said it would likely have passed had Farmer supported it. Chevedden said Farmer controls 13% of the Cintas vote.
“This proposal is asking Cintas shareholders to vote again for the proposal they already gave 58% support to,” Chevedden said.
Raitt said the shareholder request was not approved.
Technology Investments and SAP Deployment
During the question-and-answer period, Farmer discussed the company’s technology investments, including its implementation of SAP software. He said Cintas’ uniform rental and facility services division, as well as its first aid and safety division, have fully implemented SAP. Its fire protection division is currently piloting the platform.
Farmer said Cintas is a member of SAP’s strategic customer program, placing it among the top 1% of SAP customers in North America, according to the company.
He said the SAP deployment enables Cintas to generate and capture data that it can use through partnerships with Google and Verizon. The Google relationship is intended to improve data security, support the company’s digital presence, optimize operations and provide access to advanced analytics, artificial intelligence and machine learning through cloud-based data hosting, Farmer said. The Verizon partnership is designed to provide resilient connectivity across the organization and support data access while employees are mobile.
Farmer cited operational applications including better enterprise-wide visibility into garment sharing in the uniform rental business, which he said can lower material costs. Centralized visibility into plant operations also can help the company reduce variability among plants and maximize the use of equipment, labor and energy, he said.
In addition, Farmer said Cintas’ proprietary SmartTruck technology improves route efficiency, allowing the company to spend more time with customers, reduce fuel spending and add routes. Through its myCintas offering, customers can pay bills and communicate with the company around the clock, he said.
UniFirst Deal Review Continues
Farmer also provided an update on Cintas’ pending transaction with UniFirst. He said the company remains excited about the opportunity and the potential long-term value creation for the combined companies, customers, employee partners and shareholders.
The merger remains subject to regulatory clearance in the U.S. and Canada and other customary closing conditions. Farmer said the regulatory review is progressing as expected, with Cintas continuing to engage with the Federal Trade Commission and the Canadian Competition Bureau.
Earlier in the month, both Cintas and UniFirst certified compliance with information requests from the two agencies, Farmer said. The companies also entered a timing agreement with the FTC under which they will not complete the transaction before Dec. 11, 2026, unless the FTC provides written notice that it has closed its merger investigation.
Until closing, Cintas and UniFirst will continue to operate separately, Farmer said. He added that Cintas is preparing for integration while maintaining its day-to-day focus on customer service and its growth strategy. The company expects the transaction to close by the end of the calendar year.
Farmer said Cintas was pleased with its first-quarter results and continues to see strong momentum in the business, supported by investments that he said are driving attractive revenue growth and continued double-digit earnings growth.
About Cintas (NASDAQ:CTAS)Cintas Corporation provides workplace products and services to businesses and other organizations, primarily in the United States and Canada. The company is best known for designing, supplying, laundering and maintaining uniforms, workwear and related apparel for employees across a range of industries.
Its offerings also include facility services such as entrance mats, restroom supplies, hygiene products, janitorial supplies and document management. Through its first aid and safety business, Cintas provides first-aid products, safety training and related workplace solutions.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Invitation Homes Inc. (INVH) Q3 2026 Earnings Call October 29, 2026 11:00 AM EDT
Company Participants
Scott McLaughlin - Senior Vice President of Investor Relations & Tax
Dallas Tanner - Co-Founder, CEO, President & Director
Tim Lobner - Executive VP & COO
Jonathan Olsen - Executive VP, CFO & Treasurer
Conference Call Participants
Eric Wolfe - Citigroup Inc., Research Division
Steve Sakwa - Evercore ISI Institutional Equities, Research Division
James Feldman - Wells Fargo Securities, LLC, Research Division
Nahom Tesfazghi - JPMorgan Chase & Co, Research Division
Juan Sanabria - BMO Capital Markets Equity Research
Austin Wurschmidt - KeyBanc Capital Markets Inc., Research Division
Haendel St. Juste - Mizuho Securities USA LLC, Research Division
Julien Blouin - Goldman Sachs Group, Inc., Research Division
John Pawlowski - Green Street Advisors, LLC, Research Division
Brad Heffern - RBC Capital Markets, Research Division
Adam Kramer - Morgan Stanley, Research Division
Jana Galan - BofA Securities, Research Division
Richard Hightower - Barclays Bank PLC, Research Division
Ami Probandt - UBS Investment Bank, Research Division
Peter Abramowitz - Deutsche Bank AG, Research Division
Jesse Lederman - Zelman & Associates LLC
Jason Sabshon - Keefe, Bruyette, & Woods, Inc., Research Division
Presentation
Operator
Welcome to the Invitation Homes Third Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. At this time, I would like to turn the conference over to Scott McLaughlin, Senior Vice President of Investor Relations. Please go ahead.
Scott McLaughlin
Senior Vice President of Investor Relations & Tax
Thank you, operator, and good morning. On the call today, we'll hear from Dallas Tanner, our President and Chief Executive Officer; Tim Lobner, our Chief Operating Officer; and Jon Olsen, our Chief Financial Officer. Following our prepared remarks, we'll open the line for questions from our covering sell-side analysts. During today's call, we may reference our third quarter 2026 earnings release and supplemental information. We issued this document yesterday afternoon after the market closed, and it's available on the Investor Relations
Key Takeaways TROW's Q3'26 EPS of $2.86 beat estimates, while revenues rose 5.9% y/y, lifting shares 1.3% in early trading.TROW's AUM climbed 5.4% y/y to $1.86 trillion, while investment advisory fees increased 5.8% to $1.80 billion.TROW faced $28.3 billion in net client outflows and a 5.8% rise in adjusted operating expenses in Q3. Shares of T. Rowe Price Group, Inc. (TROW - Free Report) rallied nearly 1.3% in the early trading session on better-than-expected third-quarter 2026 results. The company reported third-quarter adjusted earnings per share (EPS) of $2.86, which surpassed the Zacks Consensus Estimate of $2.58. Further, the bottom line increased 1.8% year over year.
Results benefited from higher investment advisory fees, increased average assets under management (AUM) and strong capital allocation-based income. However, substantial net client outflows and higher adjusted operating expenses were headwinds.
The results included certain items. After considering those, net income attributable to T. Rowe Price (on a GAAP basis) was $612.3 million, which declined 5.2% from the prior-year quarter.
TROW’s Revenues Increase, Expenses DeclineNet revenues rose 5.9% year over year to $2 billion. Further, the top line surpassed the Zacks Consensus Estimate of $1.95 billion by 2.8%.
Investment advisory fees rose 5.8% year over year to $1.80 billion.
Capital allocation-based income increased to $59.9 million from $42 million in the prior-year quarter.
Administrative, distribution, servicing and other fees declined 3.5% year over year to $141.3 million.
Total operating expenses declined 1.2% year over year to $1.24 billion in the reported quarter. The decline primarily reflected lower deferred compensation-related costs, acquisition-related expenses and restructuring charges. On an adjusted basis, operating expenses were $1.20 billion, up 5.8% year over year.
TROW’s AUM Rises, Liquidity Position StrongAs of Sept. 30, 2026, total AUM reached $1.86 trillion, up 5.4% year over year.
During the reported quarter, T. Rowe Price recorded net client outflows of $28.3 billion, significantly wider than $7.9 billion in the year-ago period. Further, net market depreciation and income of $2.4 billion adversely impacted the company’s AUM.
The company had substantial liquidity, including cash and cash equivalents of $3.77 billion as of Sept. 30, 2026, up from $3.63 billion as of Sept. 30, 2025. This will enable TROW to keep investing.
TROW’s Capital Distribution ActivitiesT. Rowe Price returned $285 million to shareholders through recurring quarterly dividends in the third quarter. The company did not repurchase shares during the reported quarter.
Our View on TROWTROW’s higher average AUM, increased investment advisory fees and positive capital allocation-based income are likely to support top-line growth. Its expanding exchange-traded fund (ETF) business, along with product innovation and strategic partnerships, further supports growth.
The planned acquisition of F/m Investments, expected to close in early 2027, is likely to strengthen TROW’s fixed-income business. The deal is expected to increase its fixed-income AUM by nearly 9% and more than double the assets managed through its fixed-income ETFs. Its partnership with Goldman Sachs Asset Management further expands its private markets offerings. A substantial liquidity position enables the company to continue investing and sustain capital distributions. However, persistent net client outflows, a declining investment advisory effective fee rate and elevated adjusted operating expenses remain concerns.
Performance of Other Asset ManagersBlackRock’s (BLK - Free Report) third-quarter 2026 adjusted earnings of $15.93 per share surpassed the Zacks Consensus Estimate of $13.97. The figure reflects a 38% rise from the year-ago quarter.
BLK’s results benefited from record assets under management, higher revenues, robust asset inflows and improved operating performance. However, higher expenses weighed on results.
Blackstone’s (BX - Free Report) third-quarter 2026 distributable earnings of $1.32 per share outpaced the Zacks Consensus Estimate of $1.26. However, the bottom line declined 13% from the prior-year quarter.
Results benefited from a rise in the assets under management balance to record levels and higher fee-related earnings. However, a decline in segment revenues was the undermining factor for BX.
West Pharmaceutical Services, Inc. (WST) Q3 2026 Earnings Call October 29, 2026 8:00 AM EDT
Company Participants
Michele Polinsky - Vice President of Global Communications
Michel Lagarde - President, CEO & Director
Robert McMahon - Senior VP & CFO
Conference Call Participants
Paul Knight - KeyBanc Capital Markets Inc., Research Division
Daniel Markowitz - Evercore ISI Institutional Equities, Research Division
Matthew Larew - William Blair & Company L.L.C., Research Division
Justin Bowers - Deutsche Bank AG, Research Division
Lawrence Solow - CJS Securities, Inc.
Douglas Schenkel - UBS Investment Bank, Research Division
David Windley - Jefferies LLC, Research Division
Salem Salem - Barclays Bank PLC, Research Division
Brendan Smith - TD Cowen, Research Division
Curtis Moiles - BNP Paribas, Research Division
Steven Etoch - Stephens Inc., Research Division
Avantika Dhabaria - BofA Securities, Research Division
Presentation
Operator
Good day, and thank you for standing by. Welcome to the Q3 2026 West Pharmaceutical Services Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Michele Polinsky, Vice President of Communications.
Michele Polinsky
Vice President of Global Communications
Good morning, and welcome to West's Third Quarter Earnings Conference Call, which has been webcast live. With me today on the call are West's President and CEO, Michel Lagarde; and West's Senior Vice President and CFO, Bob McMahon. Earlier today, we issued our third quarter financial results. A copy of the press release, along with today's slide presentation containing supplemental information for your reference has been posted in the Investors section of the company's website at investor.westpharma.com. Later today, a replay of the webcast will also be available in the Investors section of our website.
Before we begin, we'd like to remind you that statements made by management during this call and in the accompanying presentation contain
Carrier Global Corporation (CARR) Q3 2026 Earnings Call October 29, 2026 7:30 AM EDT
Company Participants
Michael Rednor - Vice President of Investor Relations
David Gitlin - Chairman & CEO
Patrick Goris - Executive VP and Chief Financial & Strategy Officer
Conference Call Participants
Julian Mitchell - JPMorgan Chase & Co, Research Division
Nigel Coe - Wolfe Research, LLC
Charles Stephen Tusa - Wells Fargo Securities, LLC, Research Division
Joseph Ritchie - Goldman Sachs Group, Inc., Research Division
Scott Davis - Melius Research LLC
Andrew Kaplowitz - Citigroup Inc., Research Division
Joseph O'Dea - Vertical Research Partners, LLC
Andrew Obin - BofA Securities, Research Division
Nicole DeBlase - Deutsche Bank AG, Research Division
Presentation
Operator
Good morning, and welcome to Carrier's Q3 2026 earnings release.
I would like to introduce your host for today's conference, Michael Rednor, Vice President of Investor Relations. Michael, please go ahead.
Michael Rednor
Vice President of Investor Relations
Good morning, and welcome to Carrier's Third Quarter 2026 Earnings Conference Call. On the call with me today are David Gitlin, Chairman and Chief Executive Officer; and Patrick Goris, Chief Financial Officer. Except where otherwise noted, the company will speak to results from continuing operations, excluding restructuring costs and certain significant nonrecurring items. A reconciliation of these and other non-GAAP financial measures can be found in the appendix of the webcast.
We also remind listeners that the presentation contains forward-looking statements, which are subject to risks and uncertainties. Carrier's SEC filings, including our Form 10-K and quarterly reports on Form 10-Q, provide details on important factors that could cause actual results to differ materially.
With that, I'd like to turn the call over to Dave.
David Gitlin
Chairman & CEO
Well, thanks, Mike, and good morning, everyone. We delivered a strong third quarter. Organic sales grew 15%. Adjusted operating profit increased about 35% with adjusted operating margins expanding 260 basis points. Adjusted EPS increased
Key Takeaways Corning's Q3 core sales rose 19% to $5.08 billion, while core earnings jumped 36% to 91 cents per share.GLW's Optical Communications sales surged 44%, driven by an 84% jump in Enterprise Networks revenues.GLW operating margin expanded to 22.7%, while Q4 guidance signals continued double-digit earnings growth.
Corning Incorporated (GLW - Free Report) delivered a sharp acceleration in third-quarter 2026 growth as demand for optical connectivity tied to AI infrastructure lifted sales and profitability.
Core sales increased 19% year over year to $5.08 billion, while core earnings rose 36% to 91 cents per share. The more important question for investors is whether the quarter represents a durable increase in Corning’s earnings power rather than a temporary burst of AI-related demand.
Image Source: Zacks Investment Research
The combination of rapid Optical Communications growth, expanding margins, long-term customer agreements and another quarter of double-digit earnings growth points toward a broader operating shift. Solar execution remains the main counterweight.
Corning's Optical Sales Surge 44%Optical Communications generated third-quarter sales of $2.38 billion, up 44% year over year. Segment net income surged 80% to $532 million, showing that rising AI-related demand is contributing to profits as well as revenues.
Enterprise Networks drove the advance. Sales in the business increased 84% year over year to $1.53 billion, while Gen AI product sales more than doubled. Carrier Network sales rose 4% to $854 million, supported by data-center interconnect demand.
The results reflect increasing deployment of optical connectivity as AI data centers require greater bandwidth and denser network architectures. Corning is benefiting as customers expand fiber and connectivity content within those systems.
GLW Locks In Major Customer CommitmentsCorning also added longer-term visibility to the AI opportunity during the quarter.
The company secured four long-term, multibillion-dollar customer agreements, including agreements with Verizon (VZ - Free Report) and AT&T (T - Free Report) . These commitments support Corning’s manufacturing expansion and help share some of the cost and risk associated with adding capacity.
Existing relationships with Meta, Amazon and NVIDIA broaden Corning’s exposure to large-scale AI infrastructure investment. The NVIDIA relationship, for example, is tied to a major expansion of U.S. optical-connectivity manufacturing capacity and domestic fiber production.
These agreements matter because AI infrastructure spending can be volatile. Longer-term commitments give Corning greater demand visibility as it invests ahead of future capacity requirements.
Corning Converts Growth Into Higher MarginsThe third quarter also showed that Corning is converting faster sales growth into better operating economics.
Core gross margin expanded 150 basis points year over year to 40.5%. Core operating margin improved 310 basis points to 22.7%, while core return on invested capital increased 330 basis points to 16.7%.
That margin expansion strengthens the case that AI-related growth is becoming more valuable financially, rather than simply adding volume. Core earnings growth of 36% was nearly twice the 19% increase in core sales.
Corning also generated $661 million of adjusted free cash flow in the quarter while continuing to invest more than $500 million in capital expenditures to support demand.
GLW's Fourth-Quarter Outlook Extends MomentumManagement expects the growth trend to continue in the fourth quarter.
Corning projects core sales of $5.2-$5.3 billion, representing approximately 19% year-over-year growth. Core earnings are expected to reach 96 cents to $1 per share, implying growth of roughly 36%.
The outlook is important because it suggests the third-quarter acceleration is extending beyond a single reporting period. Corning’s Springboard plan is built around reaching a $40 billion annualized sales run rate by the end of 2030, with earnings expected to grow faster than sales.
Continued margin expansion alongside double-digit revenue growth would strengthen the case that the company is moving into a higher earnings-power phase.
Corning's Solar Ramp Remains the CounterweightSolar remains the clearest operating challenge.
Third-quarter Solar sales increased 37% year over year to $436 million, but the segment recorded a $7 million net loss. Production at Corning’s wafer and module facilities continues to ramp, although progress has been slower than anticipated.
Management expects improved productivity to lift output and profitability as the operations scale. Until that happens, Solar remains a drag on the otherwise improving profit profile.
The segment could eventually become a sizable additional growth platform, with Corning targeting a Solar revenue stream of more than $3 billion. For now, investors need evidence that higher revenues can translate into sustained profits.
GLW's Scores Reinforce the Earnings MomentumGLW currently carries a Zacks Rank #1 (Strong Buy). Its Momentum Score of A and Growth Score of B fit the acceleration visible in Optical Communications, earnings and operating margins. You can see the complete list of today’s Zacks #1 Rank stocks here.
The stock also has a VGM Score of B, while its Value Score of D remains the main offset. Zacks Style Scores are designed to complement the Zacks Rank, with A and B representing the more favorable grades.
The third-quarter results strengthen the case that AI infrastructure demand is creating more than a temporary revenue spike for Corning. Long-term customer commitments, rising margins and fourth-quarter guidance all point toward improving earnings power.
Solar profitability and valuation discipline still matter. Yet the current operating evidence increasingly supports the view that Corning’s AI optical opportunity is developing into a multiyear growth driver rather than a one-quarter demand event.
In this week's episode, CNBC's Contessa Brewer sits down with Jason Robins, DraftKings CEO and co-founder. They discussed the importance of NFL season, the promise of prediction markets, the challenges of an evolving regulatory landscape, and how DraftKings is using artificial intelligence across its operations.
Lawsuit alleges FuelCell Energy, Inc. made misleading statements to investors from June 24, 2026 to September 1, 2026; lead plaintiff motions are due November 10, 2026
, /PRNewswire/ -- The Law Offices of Frank R. Cruz today announced a class action lawsuit against FuelCell Energy, Inc. ("FuelCell" or the "Company") (NASDAQ: FCEL) on behalf of investors who acquired the Company's securities from June 24, 2026 to September 1, 2026. Filed on September 11, 2026, the case is Nguyen v. FuelCell Energy, Inc. et al., U.S. District Court for the Southern District of New York, Case No. 26-cv-07953.
If you lost money on FuelCell Energy, Inc. securities, submit your FuelCell Energy, Inc. loss information by November 10, 2026 to learn about participating in the lawsuit.
FuelCell Energy, Inc. class action timeline
Class period begins: June 24, 2026Class period ends: September 1, 2026Complaint filed: September 11, 2026Lead plaintiff motion deadline: November 10, 2026What happened?
On September 2, 2026, FuelCell reported its fiscal third-quarter results. The Company reported, among other things, that revenue fell 29% year over year to $33 million, primarily due to lower product sales caused by fewer module deliveries to customers in South Korea. FuelCell further reported it saw a gross loss from product revenues for the quarter reflecting that product costs and manufacturing overhead currently exceeded the contractual pricing established under the Fit Energy agreement. FuelCell recognized approximately $17 million in charges related to the initial 30 MW phase of that agreement.
On this news, FuelCell shares fell $2.68 or 15.69% to close at $14.40 on September 2, 2026, thereby injuring investors.
What is the FuelCell Energy, Inc. lawsuit about?
The FuelCell Energy, Inc. securities lawsuit alleges that, between June 24, 2026 and September 1, 2026, defendants made materially false and/or misleading statements and failed to disclose material adverse facts about FuelCell Energy, Inc.'s business, operations, and prospects. Specifically, the complaint alleges defendants failed to disclose that: (1) the Company's manufacturing capacity was inadequate to generate the production rate required under the CEPA; (2) as a result, the Company's annualized production rate for deliveries under the CEPA with Fit Energy was slower than expected; (3) as a result, the Company was incurring higher product costs and manufacturing overhead expenses; (4) as a result of the slower production rate, the Company was reasonably likely to incur charges in connection with the CEPA; (5) the foregoing was a known trend affecting the Company's profitability; and (6) as a result, defendants' positive statements about FuelCell Energy, Inc.'s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
"According to the complaint filed against FuelCell Energy, Inc., the Company, among other things, did not disclose that the Company's manufacturing capacity was inadequate to generate the production rate required under the CEPA. The November 10, 2026 deadline is a key date for FuelCell Energy, Inc. investors who want a voice in how this case moves forward," said Frank R. Cruz of The Law Offices of Frank R. Cruz.
What should FuelCell Energy, Inc. investors do now?
The Law Offices of Frank R. Cruz can help FuelCell Energy, Inc. investors evaluate potential claims to recover their losses.
Investors who want to serve as lead plaintiff in the FuelCell Energy, Inc. class action must file a motion with the Court by November 10, 2026. For more information, visit the FuelCell Energy, Inc. case page, email [email protected], or call 310-914-5007.
If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.
Investors may retain counsel of their choice. FuelCell Energy, Inc. investors who bought during the class period may also take no action and remain absent class members. No class has been certified yet in the FuelCell Energy, Inc. case.
Questions and answers about the FuelCell Energy, Inc. lawsuit
Who is eligible? Investors who bought FuelCell Energy, Inc. securities between June 24, 2026 and September 1, 2026 and lost money may be class members, and may seek lead plaintiff appointment by November 10, 2026.
What does a lead plaintiff do? The lead plaintiff is appointed by the court to represent all class members and direct the FuelCell Energy, Inc. class action.
Must I be lead plaintiff to share in a recovery? No, FuelCell Energy, Inc. investors can take no action and remain absent class members.
How are attorneys' fees handled? The Law Offices of Frank R. Cruz works on contingency, so FuelCell Energy, Inc. investors pay no attorneys' fees up front. Any attorneys' fees and litigation expenses come only from a recovery, if there is one, and require court approval.
About The Law Offices of Frank R. Cruz
The Law Offices of Frank R. Cruz investigates and prosecutes securities fraud and corporate malfeasance class actions. With nearly 20 years of litigation experience, the firm focuses on complex securities class actions and gives each client personal, one-on-one attention throughout the legal process.
Prior results do not guarantee a similar outcome.
Related links
FuelCell Energy, Inc. case page, The Law Offices of Frank R. CruzComplaint: Nguyen v. FuelCell Energy, Inc. et al., U.S. District Court for the Southern District of New Yorkpress releaseFuelCell Energy, Inc. SEC filings index, EDGARThe Law Offices of Frank R. CruzFollow The Law Offices of Frank R. Cruz for updates on Twitter: twitter.com/FRC_LAW
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
SOURCE The Law Offices of Frank R. Cruz, Los Angeles
Key Takeaways Dell Technologies expands AI security, identity resilience and data protection capabilities. Dell Technologies' AI backlog surged to $95 billion, driven by strong enterprise demand. Cisco and HPE are expanding their security portfolios, intensifying competition. Dell Technologies (DELL - Free Report) is benefiting from growing enterprise demand for artificial intelligence (AI) infrastructure, cybersecurity and data protection solutions. The company recently expanded its cybersecurity and resilience portfolio to strengthen protection across AI environments, identity systems and enterprise infrastructure. These enhancements strengthen DELL’s competitive position against Cisco Systems (CSCO - Free Report) and Hewlett Packard (HPE - Free Report) .
The company introduced Security Hardening for Dell AI Factory and Resilience Operations for AI services to enhance workload protection and recovery. Expanded PowerProtect AI Assistant capabilities simplify cyber resilience management, while new identity resilience solutions support recovery across Active Directory, Microsoft Entra ID and Okta. Dell Technologies also enhanced PowerProtect and PowerScale integration for faster data recovery. The company also introduced quantum-safe encryption in PowerStore and Post-Quantum Readiness Assessment services to help enterprises address emerging cybersecurity threats.
Dell Technologies' growing AI infrastructure business has been a major growth driver. In second-quarter fiscal 2027, AI server revenues reached $16.4 billion, while the AI backlog surged to $95 billion. Strong enterprise adoption creates opportunities for the company to cross-sell security, storage and data protection solutions.
Dell Technologies' expanding cybersecurity capabilities, integrated infrastructure portfolio and robust AI demand strengthen its competitive position against Cisco Systems and Hewlett Packard. The company expects third-quarter fiscal 2027 revenues of approximately $49 billion, including $19 billion in AI server revenues.
How Competitors Fare against DELLDell Technologies suffers from stiff competition from companies like Cisco Systems and Hewlett Packard. Both companies are expanding their footprint in the security space.
Cisco Systems is benefiting from its expanding security portfolio, growing adoption of AI-driven cybersecurity solutions and strengthening Splunk momentum. In the fourth quarter of fiscal 2026, Security revenues increased 14% year over year to $2.23 billion. The entire security portfolio, including Splunk, recorded double-digit order growth.
Hewlett Packard is expanding its security capabilities by integrating Juniper Networks with its Aruba-based networking portfolio, strengthening its position in AI-native networking and converged network security. The company has also introduced server innovations designed to accelerate secure 5G and AI deployments, enhance security and automate operations from the edge to the core.
DELL’s Share Price Performance, Valuation & EstimatesShares of Dell Technologies have appreciated 292.2% year to date, outperforming the broader Zacks Computer and Technology sector’s 16.5% growth.
DELL Stock’s Price Performance
Image Source: Zacks Investment Research
DELL stock is trading at a premium, with a Price/Free Cash Flow ratio of 37.61X compared with the broader sector’s 34.96X. Dell Technologies has a Value Score of D.
DELL’s Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Dell Technologies fiscal 2027 earnings is currently pegged at $26.09 per share, which has been unchanged over the past 30 days. This suggests 153.30% year-over-year growth.
Dell Technologies currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Key Takeaways Dell's AI server orders reached $60.9 billion in fiscal Q2 2027, with backlog climbing to $95 billion.Dell expects fiscal 2027 sales and EPS growth of 72.4% and 153.3%, respectively.Everpure's revenues grew 38%, but negative free cash flow and falling earnings estimates add risks. Dell Technologies (DELL - Free Report) and Everpure (P - Free Report) , formerly known as Pure Storage, are major competitors in the enterprise data storage and management market. Both companies are expanding their capabilities to address growing demand for AI-ready infrastructure, high-performance flash storage and hybrid cloud solutions.
Dell is strengthening its storage portfolio through innovations in PowerStore, PowerScale and PowerMax, while Everpure is advancing its unified storage and data management platform through its Enterprise Data Cloud architecture. As enterprises modernize data centers, deploy AI workloads and prioritize efficient data management, both companies are positioned to benefit from increasing infrastructure investments.
The Case for PEverpure's expanding enterprise footprint remains central to its growth strategy. In second-quarter fiscal 2027, revenues increased 38% year over year to approximately $1.2 billion, supported by strong demand across products, geographies and customer segments.
Product revenues advanced 54% to $687 million, reflecting favorable pricing, stronger demand for high-performance configurations and larger customer transactions. Operating profit surged 77% to $230 million, demonstrating improving operating leverage.
The subscription business offers another compelling opportunity. Subscription services revenues rose 20% to $499 million, representing 42% of total revenues. Annual recurring revenues exceeded $2 billion, while remaining performance obligations climbed 44% to more than $4 billion.
Evergreen//One, the company's consumption-based storage offering, continues to attract enterprises seeking predictable costs and infrastructure flexibility. Its annualized total contract value run rate exceeded $1 billion, strengthening future revenue visibility.
Everpure is increasingly benefiting from growing enterprise investment in AI-ready data infrastructure. Its FlashBlade platforms support demanding AI workloads, while Enterprise Data Cloud and Data Intelligence solutions help organizations consolidate, manage and utilize fragmented information.
The company has also secured a supply agreement with a second top-five hyperscaler, validating its DirectFlash technology. This agreement is expected to contribute meaningfully to revenues beginning in fiscal 2028.
Reflecting strong demand, management increased fiscal 2027 revenue guidance to $5.03-$5.07 billion and operating profit expectations to $940-$960 million. These upward revisions reinforce confidence in continued business expansion.
Despite impressive fundamentals, Everpure faces several risks. Increasing semiconductor and NAND component costs could pressure profitability, while aggressive competition may restrict pricing flexibility.
Second-quarter operating cash flow was $136 million, mainly due to strategic inventory purchases. Free cash flow was negative $238 million, highlighting working-capital pressures associated with rapid expansion. Although management anticipates a cash flow recovery, execution remains important.
The Case for DELLDell continues to experience AI server demand outpacing supply as customers accelerate deployments across neocloud, sovereign and enterprise environments. In the second quarter of fiscal 2027, AI orders totaled $60.9 billion, bringing trailing-12-month bookings to $131.7 billion, while backlog reached $95 billion. Management emphasized that most backlog orders are noncancelable following rigorous customer credit, financing, technical design and data-center readiness assessments, providing greater shipment visibility. The opportunity pipeline remains several times larger than backlog, while enterprise AI customers increased more than 60% over six months to exceed 6,500.
Demand is also expanding into inference, security and resiliency applications, alongside strengthening traditional server requirements. Dell maintains its fiscal 2027 AI server revenue outlook of approximately $74 billion. Although supply constraints persist, substantial backlog, a growing customer base and expanding applications reinforce Dell's multiyear growth prospects.
Dell's integrated infrastructure capabilities, spanning servers, networking, storage and data management, position it to capitalize on increasingly complex enterprise AI deployments. Management highlighted its engineering expertise and global supply-chain capabilities, which enable large-scale deployments four to six weeks faster in terms of time-to-token, with systems achieving 99.9% uptime after installation. Growing AI and inference workloads are also increasing storage requirements, creating opportunities for higher-margin revenues.
Dell IP storage registered its sixth consecutive quarter of demand growth at nearly twice the market rate in the second quarter of fiscal 2027. PowerStore achieved its tenth consecutive quarter of double-digit growth, while PowerScale and ObjectScale extended their growth streaks to five and four quarters, respectively. Management projects approximately $2.5 billion in additional storage revenues for fiscal 2027, with double-digit annual growth expected. A richer mix of proprietary storage products, software and services should support margin expansion and diversify Dell's growth drivers beyond AI servers.
How Do Zacks Estimates Compare for P & DELL?The Zacks Consensus Estimate for P’s fiscal 2027 sales and EPS indicates year-over-year growth of 38% and 41.6%, respectively. EPS estimates have been trending downwards over the past 60 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for DELL’s fiscal 2027 sales and EPS indicates year-over-year growth of 72.4% and 153.3%, respectively. EPS estimates have been trending upwards over the past 60 days.
Image Source: Zacks Investment Research
DELL’s Valuation More Attractive Than PWhile DELL has a forward 12-month P/E of 16.93X versus its median of 16.80X, suggesting that the stock could be slightly overvalued relative to its historical range, P trades at a forward 12-month P/E of 35.36X, below its 12-month median of 83.61X.
DELL Emerges as the Better BuyDell appears to be a more compelling investment choice than Everpure, supported by robust AI server demand, an expanding storage portfolio and strong earnings growth prospects. Its substantial AI backlog, improving storage momentum and diversified infrastructure offerings provide greater revenue visibility. Moreover, Dell's attractive valuation relative to Everpure strengthens its investment appeal. While Everpure benefits from strong subscription growth and AI-driven storage demand, its premium valuation, cash flow pressures and downward earnings estimate revisions warrant caution.
Dell's upward earnings estimate revisions and Zacks Rank #1 (Strong Buy) compared with Everpure's Zacks Rank #3 (Hold), make DELL the better buy currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
Institutional investors are invited to private bank conferences where they meet public company CEOs face to face. Most retail investors never get that access.
Founders often play a pivotal role in shaping the strategic direction, corporate culture and long-term growth prospects of the businesses they establish. Their deep-rooted commitment and entrepreneurial vision often encourage them to embrace calculated risks, navigate challenges and explore opportunities that conventional management teams might overlook. As their leadership philosophies become embedded in business operations, founder-led companies can develop distinct competitive advantages that support sustainable growth. Currently, approximately 11% of large-cap U.S. companies are founder-led.
Despite accounting for less than 5% of the S&P 500, founder-led businesses wield considerable influence over the broader market. Visionary entrepreneurs such as Elon Musk, Warren Buffett, Steve Jobs, Jeff Bezos, Mark Zuckerberg and Bill Gates have reshaped industries and built globally recognized enterprises. Companies such as NVIDIA (NVDA - Free Report) , Amazon, Meta Platforms, Tesla, Alphabet and Netflix demonstrate the lasting impact of entrepreneurial leadership and innovation. Together, these businesses represent nearly 15% of the S&P 500's market capitalization, with technology companies accounting for a significant portion.
Founder-driven businesses often emerge from innovative concepts designed to capitalize on technological advancements and evolving consumer needs. During their formative years, entrepreneurs frequently encounter investor skepticism and financing challenges, prompting them to rely on personal resources before securing external funding. As these enterprises mature, founders often retain substantial ownership stakes, aligning their financial interests with those of shareholders and encouraging a long-term approach to value creation.
However, founder-led companies also face certain challenges. Founders may be reluctant to delegate responsibilities or relinquish control over key decisions, potentially limiting operational flexibility and organizational expansion. While their direct involvement can preserve the company's original vision, excessive dependence on founder leadership may restrict access to specialized expertise and hinder scalability. Nevertheless, founder-led businesses have historically demonstrated impressive investment performance. According to a Motley Fool report, publicly traded companies managed by their founders delivered average annual returns of 25% over the past decade, outperforming the S&P 500's 14% return during the same period.
Our Founder-Run Companies Screen makes it easy to identify high-potential stocks. Currently, stocks like NVIDIA Corporation, Dell Technologies (DELL - Free Report) , Shopify (SHOP - Free Report) , Salesforce (CRM - Free Report) and BlackRock Inc. (BLK - Free Report) look appealing.
Ready to uncover more transformative thematic investment ideas? Explore 37 cutting-edge investment themes with Zacks Thematic Screens and discover your next big opportunity.
5 Founder-Run Companies to Add to Your PortfolioNVIDIA, with a market capitalization of approximately $5.2 trillion, is a global leader in visual computing and the pioneer of the graphics processing unit (GPU). NVIDIA, once best known for its dominance in PC graphics, has successfully expanded into artificial intelligence-driven technologies powering high-performance computing, gaming, and immersive virtual environments.
NVIDIA CEO Jensen Huang believes accelerated computing and generative AI are transforming industries worldwide, creating significant growth opportunities beyond the technology sector. The company has capitalized on this shift to establish multiple billion-dollar businesses across gaming, healthcare, automotive and robotics. NVIDIA continues to witness robust demand for accelerated computing as hyperscalers, AI cloud providers, enterprises and sovereign customers invest in building AI factories. While Blackwell Ultra is driving near-term growth, the Vera Rubin platform is expected to expand NVIDIA’s capabilities across GPUs, CPUs, networking and software.
NVIDIA’s data center business remains a major growth catalyst, benefiting from the rapid adoption of cloud computing and AI infrastructure. Leading cloud service providers, including Amazon, Microsoft and Alphabet, are aggressively expanding their data center capacities to support growing AI workloads. These investments are fueling sustained demand for NVIDIA’s advanced GPUs and accelerated computing solutions, strengthening its position in the AI infrastructure market.
NVDA currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Dell Technologies, with a market capitalization of approximately $307.6 billion, is a global leader in servers, storage systems, and personal computers. Founded by Michael Dell, the company is well-positioned to benefit from renewed demand tied to the ongoing PC refresh cycle.
Dell Technologies provides enterprise customers with comprehensive infrastructure solutions across on-premise, cloud and edge environments. Its advanced storage solutions, including PowerProtect Data Domain and PowerScale, integrate AI-powered ransomware detection to strengthen cybersecurity and operational resilience. The company is also capitalizing on growing demand for AI-optimized servers and data center infrastructure as enterprises increasingly invest in AI training and inference capabilities.
This Zacks Rank #1 company continues to benefit from robust AI infrastructure spending as enterprises expand capacity and upgrade data centers. Its diversified portfolio, spanning AI servers, traditional computing, storage and commercial PCs, creates multiple growth opportunities and supports market share gains. Dell’s expanding AI server portfolio, backed by strategic collaborations with NVIDIA and AMD, further reinforces its competitive position in the rapidly evolving AI infrastructure market. Strong cash flow generation and prudent capital allocation underscore its solid financial health and long-term growth prospects.
Management raised fiscal 2027 revenue outlook by $25 billion to $192 billion, plus or minus $2 billion, and lifted non-GAAP earnings guidance to $25.50 per share, plus or minus 25 cents.
Shopify, with a market capitalization of roughly $218.3 billion, is a leading global commerce platform that helps in starting, scaling, marketing, and running a business of any size. Its platform and services are engineered for simplicity and reliability, while delivering a better shopping experience for customers everywhere.
Founded in 2006 by Tobias Lutke, Daniel Weinand and Scott Lake, Shopify has millions of merchants from more than 175 countries. Shopify’s growth case remains supported by broad merchant gains, deeper payments adoption and expansion across online, offline and B2B channels. AI tools are becoming a larger part of merchant discovery and operations, while Catalog, Sidekick and agentic integrations extend Shopify into emerging commerce surfaces. Shopify is using its commerce data and infrastructure to improve discovery, conversion and merchant productivity.
Shopify continues to add merchants while expanding the ways they sell and get paid. It is widening the surfaces where merchants can be discovered and transact while keeping product data, checkout and payments connected to its platform. Shopify also added an agentic section in Admin so merchants can manage AI channels and track performance from one interface. It supports builders through connectors to ChatGPT, Claude, Perplexity, Replit and other tools.
Merchant expansion, AI-led commerce, international localization, broader distribution and disciplined cash generation support this Zacks Rank #1 company’s long-term growth and operating leverage potential.
Salesforce, with a market capitalization of roughly $190.4 billion, is the global leader in customer relationship management software and a major force in the Software-as-a-Service (SaaS) enterprise applications market. Salesforce enables businesses across industries to enhance customer engagement through its advanced CRM, artificial intelligence, data analytics and cloud-based solutions. The company is expanding beyond traditional CRM into AI-driven automation, data integration and workplace collaboration, with its Agentforce platform gaining significant momentum.
Founded in 1999 by Marc Benioff, Parker Harris, Dave Moellenhoff and Frank Dominguez, Salesforce has established a dominant position in the global CRM market. Its leadership as the world's top CRM provider for 11 consecutive years highlights sustained demand for its cloud offerings and strong competitive advantages.
This Zacks Rank #2 company continues to benefit from accelerating enterprise digital transformation and growing adoption of generative AI solutions. Salesforce is strengthening its AI capabilities through continuous innovation, strategic acquisitions and partnerships. Collaborations with Amazon and Alphabet are supporting its global cloud expansion, while investments in emerging technologies and start-ups are enhancing its product portfolio. These initiatives are expected to reinforce its CRM leadership, drive revenue growth and strengthen its long-term market position.
BlackRock, with a market capitalization of roughly $188.1 billion, offers products that span the risk spectrum, including active, enhanced and index strategies through a variety of structures that include separate accounts, mutual funds, iShares, ETFs and other pooled investment vehicles.
Founded in 1988 by eight co-founders, it has Larry Fink serving as chairman and CEO. BlackRock, one of the world’s leading asset managers, had $15.49 trillion in assets under management (AUM) as of Sept. 30, 2026. Its substantial AUM base, diversified product offerings, strategic acquisitions and expanding private markets capabilities position it well for sustained growth.
This Zacks Rank #2 company’s iShares ETF franchise remains a key growth catalyst, benefiting from strong market positioning, scale advantages and rising demand for passive investment products. Continued investments in ETF offerings and increased focus on active equity strategies are expected to drive AUM growth and market share gains. BlackRock is also strengthening its presence in higher-margin alternative investments, including infrastructure, private credit and energy transition assets. Its expanding private markets platform offers significant earnings potential, supported by a $400 billion fundraising target through 2030.
Strategic acquisitions of GIP, HPS and Preqin further enhance BlackRock’s capabilities across private markets, data and technology. These initiatives, alongside growth in ETFs, active equities and alternatives, are expected to bolster revenues, diversify earnings streams and reinforce its competitive position.
The Zacks Transportation - Shipping industry is benefiting from strategic diversification initiatives and an increasing shift toward digitalization aimed at improving operational efficiency. The industry is also witnessing positive momentum from a stronger focus on environmental compliance and the growing adoption of alternative fuels.
Agreed that the Iran war and the resultant high fuel costs are a deterrent; shipping stocks have most of the crisis actually through factors like a spike in ocean freight rates and artificial capacity contraction through rerouting. As a result, betting on shipping stocks such as International Seaways (INSW - Free Report) , ZIM Integrated Shipping Services (ZIM - Free Report) and KNOT Offshore Partners (KNOP - Free Report) appears to be a prudent move.
Industry Overview The companies belonging to the Zacks Transportation - Shipping industry, which is cyclical in nature, offer liquefied natural gas and crude oil marine transportation services under long-term, fixed-rate contracts with energy and utility bigwigs. Most participants focus on the seaborne transportation of crude oil and other oil products globally. The industry also includes players that own, operate and manage liquefied natural gas carriers. Some participants are owners and operators of containerships for charter. The change in the e-commerce landscape implies that shippers are relying more on third-party logistics providers. The well-being of the industry participants is directly proportional to the health of the economy. The ongoing geopolitical tensions are hurting the industry.
3 Shipping Industry Trends in Focus Digitalization and AI Enhance Operating Efficiency: Digitalization and artificial intelligence are transforming the shipping industry by improving operational efficiency and optimizing supply-chain management. AI-powered analytics and machine learning tools are enabling more accurate demand forecasting, better route planning and improved fuel-efficiency management, helping shipping companies reduce costs while supporting sustainability goals.
At the same time, IoT-enabled sensors and real-time cargo tracking are improving shipment visibility, reducing delays and allowing operators to identify potential disruptions before they escalate. Automation across ports and vessels is streamlining cargo handling and documentation, shortening turnaround times and lowering the risk of manual errors. In addition, AI-powered predictive maintenance solutions are helping companies reduce equipment downtime, extend vessel lifespans and improve fleet reliability.
Green Transition Creates Long-Term Opportunities:The shipping industry's accelerating shift toward decarbonization continues to create long-term growth opportunities. Rising adoption of alternative fuels such as LNG, methanol, ammonia and biofuels is helping operators reduce emissions while complying with increasingly stringent environmental regulations.
At the same time, investments in fuel-efficient vessel designs, advanced hull coatings and next-generation propulsion systems are lowering operating costs and improving fleet efficiency. The industry's sustainability initiatives are also enhancing access to green financing and strengthening relationships with customers seeking lower-carbon transportation solutions. Additionally, greater collaboration among shipbuilders, ports and technology providers is supporting the development of the infrastructure needed for cleaner shipping and positioning the industry to navigate evolving regulatory and market requirements.
Brightening Freight Scenario: Highlighting the brightening freight demand scenario, the Cass Freight Shipments Index improved 2.3% month on month in September 2026. This measure has improved month on month in five of the past seven months, which confirms the improving scenario. Additionally, the measure rose 1.9% year over year, marking its second consecutive annual increase following a three-and-a-half-year contraction, the longest such decline on record. This is a huge positive for shipping stocks.
Moreover, ever since the tensions between the United States and Iran escalated, ocean freight rates have been on the rise. Also, the avoidance of the Persian Gulf and Red Sea has increased transit times, absorbing vessel capacity and, in turn, drastically reducing overcapacity problems that had long plagued the industry.
Zacks Industry Rank Indicates Upbeat Prospects The Zacks Transportation - Shipping industry lies within the broader Zacks Transportation sector. The industry currently carries a Zacks Industry Rank #49, which places it in the top 20% of 247 Zacks industries.
The group’s Zacks Industry Rank, basically the average of the Zacks Rank of all the member stocks, indicates bright near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Looking at the aggregate earnings estimate revisions, it appears that analysts are optimistic about this group’s earnings growth. As a matter of fact, the industry’s earnings estimate for 2026 has increased more than 100% since April 2026.
Before we present a few stocks that you may want to add to your portfolio, let’s look at the industry’s recent stock-market performance and its valuation picture.
Industry Outperforms Sector and S&P 500 The Zacks Transportation - Shipping industry has surpassed the Zacks S&P 500 composite index as well as the broader sector over the past year.
Over this period, the industry has surged in excess of 69% compared with the S&P 500 Index’s northward movement of 13.6%. The broader sector has moved 17.4% north in the same timeframe.
One-Year Price PerformanceIndustry's Current Valuation Based on the forward 12-month price-to-sales (P/S- F12M), a commonly used multiple for valuing shipping stocks, the industry is currently trading at 2.76X, compared with the S&P 500’s 4.57X. It is above the sector’s P/S (F12) reading of 1.49X.
Over the past five years, the industry has traded as high as 2.98X, as low as 2.13X and at the median of 2.61X.
P/S Ratio (Forward 12-Month)
3 Transportation-Shipping Stocks to Buy Now International Seaways is benefiting from the increasing demand for tanker tonnage amid instability in the Strait of Hormuz, which is lengthening shipping routes. The tanker sector is experiencing strong rates, a further tailwind for INSW.
Efforts to modernize its fleet also bode well for International Seaways. INSW currently flaunts a Zacks Rank #1 (Strong Buy). The shipping company’s earnings outpaced the Zacks Consensus Estimate in each of the past four quarters. The average beat was 33.9%.
You can see the complete list of today’s Zacks #1 Rank stocks here
Price and Consensus: INSW
ZIM Integrated benefits from the recovery in freight rates, focus on niche markets and a shareholder-friendly approach. The company's investments in digitalization and innovative technologies enhance operational efficiency, positioning it to benefit from growing demand for sustainable shipping solutions.
ZIM, currently sporting a Zacks Rank #1, has seen the Zacks Consensus Estimate for 2026 earnings being revised more than 181% upward over the past 60 days. Shares of the shipping company have risen roughly 40% year to date.
Price and Consensus: ZIM
KNOT Offshore is engaged in owning, acquiring and operating shuttle tankers designed to transport crude oil and condensates from offshore oil field installations to onshore terminals and refineries.
The stock currently carries a Zacks Rank #2 (Buy). KNOT Offshore’s earnings surpassed the Zacks Consensus Estimate in three of the past four quarters, missing in one. The average beat was 165%. Shares of KNOP have gained roughly 12% over the past year.
D.R. Horton, Inc. (NYSE:DHI) on Thursday reported mixed fourth-quarter fiscal 2026 results, with earnings per share of $2.67 missing the $3.03 analyst estimate, while revenue of $9.371 billion topped expectations of $8.988 billion.
Key Takeaways D.R. Horton's Q4 earnings fell 12.2% to $2.67 per share, while revenues beat estimates at $9.37 billion.DHI's net sales orders fell 7%, as affordability concerns and rising mortgage rates weighed on buyer demand.DHI projects fiscal 2027 revenues of $30-$32 billion, with elevated sales incentives expected to persist.
D.R. Horton, Inc. (DHI - Free Report) reported mixed fourth-quarter fiscal 2026 results, with earnings missing the Zacks Consensus Estimate but revenues surpassing the same. Results reflected persistent housing affordability challenges, elevated sales incentives, softer homebuyer demand and inventory impairment charges in the rental business.
Rising mortgage rates and cautious consumer sentiment pressured new home orders, while lower homebuilding profitability and rental-related charges weighed on overall earnings.
Shares of this homebuilder lost almost 3% following its earnings release.
DHI's Q4 Earnings & Revenue DiscussionD.R. Horton reported earnings of $2.67 per share for the fourth quarter of fiscal 2026, missing the Zacks Consensus Estimate of $3.03 by 11.9%. The bottom line declined 12.2% from $3.04 in the year-ago quarter.
Consolidated revenues (Homebuilding, Forestar, Rental and Financial Services) totaled $9.37 billion, exceeding the consensus estimate of $9.04 billion by 3.6%. However, revenues declined 3.2% from $9.68 billion reported a year ago.
Net income attributable to D.R. Horton decreased 18.1% year over year to $741.8 million from $905.3 million. Consolidated pre-tax income declined 15.8% to $1.01 billion from $1.20 billion, while the pre-tax profit margin contracted to 10.8% from approximately 12.4% a year ago.
Results included $91.4 million of inventory impairment charges related to nine multifamily rental projects.
D.R. Horton's Homebuilding Business Faces Demand PressureHomebuilding revenues declined 2% year over year to approximately $8.4 billion, while home closings decreased 2% to 22,915 units. Home sales revenues totaled $8.38 billion compared with $8.54 billion in the prior-year quarter.
Homebuilding pre-tax income fell 11% year over year to $891 million from approximately $1 billion, while the pre-tax profit margin contracted to 10.6% from approximately 11.7% a year ago. The home sales gross margin contracted 50 basis points (bps) year over year to 19.5% from 20%, reflecting continued pressure on profitability amid challenging housing market conditions.
Net sales orders decreased 7% year over year to 18,619 homes, while their dollar value declined 9% to $6.6 billion. The cancellation rate increased to 23% from 20% a year ago, highlighting persistent affordability constraints and cautious buyer sentiment.
Average active selling communities increased 10% year over year, suggesting that expanded community availability was insufficient to offset softer demand.
At fiscal year-end, D.R. Horton had 28,200 homes in inventory, including 17,700 unsold homes. Of these, 8,800 were completed, including 600 that had remained completed for more than six months.
DHI's Non-Homebuilding Segments Show Mixed PerformanceThe Rental segment generated revenues of $647.1 million but recorded a pre-tax loss of $25.3 million, including $91.4 million of inventory impairment charges. The business sold 509 single-family rental homes for $134.3 million and 2,182 multifamily rental units for $512.8 million.
Forestar generated revenues of $580.8 million from the sale of 5,004 residential lots. The segment reported pre-tax income of $78.6 million, translating into a pre-tax profit margin of 13.5%.
The Financial Services segment contributed $219.2 million in revenues and $78.2 million in pre-tax income, achieving a pre-tax profit margin of 35.7%. The segment continued to support D.R. Horton's integrated homebuilding business through mortgage financing and related services.
DHI's Fiscal 2026 Performance Reflects Housing Market WeaknessD.R. Horton reported earnings per share of $10.11 for fiscal 2026, down 12.6% from $11.57 in fiscal 2025. Total revenues declined 3.5% year over year to $33.04 billion from $34.25 billion. Homebuilding deliveries decreased 0.8% to 84,202 homes from 84,863 homes a year ago. Meanwhile, the home sales gross margin contracted 130 basis points to 20.2% from 21.5%, reflecting continued pricing pressure and elevated sales incentives amid challenging housing market conditions.
D.R. Horton's Liquidity and Shareholder ReturnsD.R. Horton ended fiscal 2026 with total liquidity of $7.2 billion and a debt-to-total capital ratio of 20.8%, highlighting its financial flexibility amid uncertain housing market conditions.
Cash and cash equivalents totaled $2.06 billion as of Sept. 30, 2026, compared with $2.99 billion a year ago. Total inventories were $25.07 billion compared with $25.29 billion at the end of fiscal 2025.
Cash provided by operating activities totaled $3.5 billion in fiscal 2026.
During the fiscal fourth quarter, the company repurchased 9.4 million shares for $1.4 billion and paid $125 million in cash dividends. For fiscal 2026, total repurchases amounted to $3.6 billion, while dividend payments totaled $513.3 million.
Shares outstanding declined 8% year over year to 271.4 million. The company had $4.7 billion remaining under its share repurchase authorization as of Sept. 30, 2026.
D.R. Horton also increased its quarterly dividend by 11% to 50 cents per share, payable on Nov. 19, 2026, to shareholders of record as of Nov. 12.
DHI Provides Fiscal 2027 GuidanceD.R. Horton expects consolidated revenues of $30-$32 billion for fiscal 2027, implying a decline of approximately 3.2%-9.2% from fiscal 2026 revenues of $33.04 billion.
Homebuilding closings are projected to be between 79,000 and 84,000 homes compared with 84,202 homes closed during fiscal 2026.
Management anticipates an income tax rate of approximately 25.5% and operating cash flow of around $3.5 billion.
The company also expects to repurchase approximately $3 billion worth of shares and distribute about $500 million in dividends during fiscal 2027.
Management cautioned that housing market conditions became more challenging during the fourth quarter, with rising mortgage rates, affordability constraints and subdued consumer confidence pressuring demand. Consequently, sales incentives are expected to remain elevated throughout fiscal 2027, depending on market conditions.
Despite these challenges, D.R. Horton remains focused on adjusting pricing, incentives and construction starts across individual communities to balance inventory levels with demand, while leveraging its national scale, liquidity and disciplined capital allocation strategy to protect long-term profitability.
DHI’s Zacks Rank & Recent Homebuilding ReleasesD.R. Horton currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
PulteGroup, Inc. (PHM - Free Report) reported weaker-than-expected third-quarter 2026 results, with quarterly earnings of $2.53 per share missing the Zacks Consensus Estimate of $2.63 by 3.8%. Earnings fell from $2.96 per share in the prior-year quarter. Total revenues (Homebuilding & Financial Services) of $3.97 billion lagged the consensus mark of $4.13 billion by 3.9% and decreased 9.8% from $4.40 billion in the year-ago period.
PulteGroup ended the quarter with a backlog of 10,298 homes, up 4.1% year over year. Management emphasized its strategy of balancing home pricing and sales pace while aligning production with demand conditions. Move-up and active-adult buyers accounted for more than 60% of the company's business, supporting its focus on maintaining profitability amid housing-market challenges.
KB Home (KBH - Free Report) reported third-quarter fiscal 2026 earnings of $1.05 per share, beating the Zacks Consensus Estimate of 88 cents by 19.3%. Earnings declined 34.8% from $1.61 per share in the year-ago quarter.
KBH’s total revenues of $1.30 billion surpassed the consensus mark of $1.29 billion by 0.4% but dropped 20% year over year. Results reflected lower deliveries and continued pricing pressure, partly offset by progress in the company’s Built to Order model. BTO homes represented 74% of deliveries, supporting sequential improvement in housing gross margin.
Lennar Corporation (LEN - Free Report) reported weaker-than-expected third-quarter fiscal 2026 (ended Aug. 31) results. Adjusted earnings of $1.23 per share missed the Zacks Consensus Estimate of $1.29 by 4.7% and fell 38.5% from $2.00 per share a year ago.
Lennar’s total revenues of $8.05 billion missed the consensus estimate of $8.33 billion by 3.4% and declined 8.6% year over year. Lower deliveries and home prices weighed on results amid affordability pressure. Inventory turn stood at 2.4 times.
Samsung's profit miss just knocked the wind out of a memory rally that had bulls excited, and now Sandisk heads into its own earnings report with the sector selling off hard and a high bar to clear.
The memory rally from October 28 is turning back just hours before Sandisk (NASDAQ:SNDK | SNDK Price Prediction) reports, and memory makers are taking the hardest hit. Sandisk stock trades at $1,330.60, down 5%. The iShares Semiconductor ETF (NASDAQ:SOXX) is at $509.21, down 2%; meanwhile, the broader market, tracked by the SPDR S&P 500 ETF Trust (NYSEARCA:SPY), is at $767.11, down 0.7%.
Micron Technology (NASDAQ:MU) stock is at $930.23, down 5%, as the selling spreads across the group. The SOXX ETF’s softer decline shows the pressure is concentrated in memory names like Sandisk and Micron.
24/7 Wall St. asked on October 28 whether that day’s bounce marked a bottom for Sandisk. That question now runs straight into Sandisk’s quarterly report, which lands after the closing bell.
Samsung’s Profit Miss Cools Memory Stocks Samsung Electronics released its quarterly results on October 29, and the AI-driven numbers looked strong on the surface. A record operating profit of approximately 106.5 trillion won at Samsung’s chip division reflected demand for AI chips. Even so, quarterly net profit at Samsung came in at 75.136 trillion won, missing the FactSet consensus estimate of 86.13 trillion won.
Shares of Samsung fell more than 4% in Seoul as high expectations met concerns about AI infrastructure spending and a lack of detail on shareholder returns. Still, Samsung expects tight memory supply. It sees this lasting for the next few years, with multiyear supply contracts projected to cover 60% to 70% of its production capacity by 2030. That supportive outlook didn’t stop the selling from reaching Sandisk and Micron.
SK Hynix’s Record Quarter Set Up the Reversal The pullback follows a sharp rally on October 28, when Micron and Sandisk rose after SK Hynix (NASDAQ:SKHY) posted record results. SK Hynix reported Q3 2026 revenue of 104.6 trillion won ($78.9 billion), up 328% year over year (YoY), and operating profit of 83.3 trillion won, up 632%. The memory maker said demand could outpace supply through 2030, with more than half of its 2027 and 2028 capacity already committed under long-term agreements.
TrendForce expects Q4 2026 NAND contract prices to rise 15% to 20%. It also expects dynamic random-access memory (DRAM) contract prices to rise 10% to 15%, a pricing background that still favors Sandisk.
Sandisk Faces a High Bar After the Close Sandisk’s results are due after the close, and analysts expect $10.64 billion in revenue and earnings per share (EPS) of $46. On August 5, the company guided Q1 FY2027 revenue to $10.3 billion to $10.8 billion and adjusted EPS to $44 to $46. The report could set the tone for Micron too.
The company disclosed on August 5 that its Q4 FY2026 revenue reached $8.96 billion, up 371.6% YoY. Sandisk also beat earnings estimates in that report.
Micron and SK Hynix Diverge From Sandisk Micron’s 5.39% decline is a touch steeper than Sandisk’s 5.28%, which cuts against the idea that the NAND specialist would take the worst of the hit. SK Hynix stock is at $159.41, down 3%. That softer drop comes a day after SK Hynix delivered its own record report.
Hard-drive makers are holding up better than Sandisk. Western Digital stock is at $392.38, down 1%. Meanwhile, Seagate Technology stock is at $690.77, down 1%.
How Sandisk’s Business Model Stands Apart Sandisk is a pure-play NAND flash maker that completed its separation from Western Digital on February 21, 2025. That focus ties Sandisk directly to NAND pricing, where Samsung’s miss hit sentiment hardest, while Micron spreads its exposure across DRAM, high-bandwidth memory (HBM) and NAND, with heavy AI demand behind its HBM business.
SK Hynix leads the HBM market and also sells DRAM and NAND. Western Digital is now a pure-play hard-drive company. Seagate builds drives around its heat-assisted magnetic recording (HAMR) Mozaic platform, leaving both less tied to NAND prices than Sandisk.
Sandisk’s Report Tests a Massive Run Sandisk stock is up 461% year to date (YTD), even after a steep pullback over the past month. Micron has gained 226% YTD.
Sandisk’s upcoming guidance will reveal whether NAND pricing and datacenter demand are holding up. Supporting the bull case, TrendForce’s pricing outlook and CEO David Goeckeler’s comment on the August 5 call: “We continue to get more bullish on the requirements for NAND.” The bears can point to Samsung’s miss and softer cloud spending signals. It may make sense to wait until Sandisk’s earnings reaction resolves.
Contact [email protected] for any questions or corrections.
Oshkosh Corporation (OSK) Q3 2026 Earnings Call October 29, 2026 9:30 AM EDT
Company Participants
Patrick Davidson - Senior Vice President of Investor Relations
John Pfeifer - President, CEO & Director
Matthew Field - Executive VP & Chief Financial Officer
Conference Call Participants
Stephen Volkmann - Jefferies LLC, Research Division
Mircea Dobre - Robert W. Baird & Co. Incorporated, Research Division
Jerry Revich - Wells Fargo Securities, LLC, Research Division
David Raso - Evercore ISI Institutional Equities, Research Division
Jamie Cook - Truist Securities, Inc., Research Division
Stefan Diaz - Morgan Stanley, Research Division
Tami Zakaria - JPMorgan Chase & Co, Research Division
Kyle Menges - Citigroup Inc., Research Division
Timothy Thein - Raymond James & Associates, Inc., Research Division
Lauren Sullivan - UBS Investment Bank, Research Division
Presentation
Operator
Greetings, and welcome to the Oshkosh Corporation 2026 Third Quarter Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Pat Davidson, Senior Vice President of Investor Relations. Thank you, sir. You may begin.
Patrick Davidson
Senior Vice President of Investor Relations
Good morning, and thanks for joining us. Earlier today, we published our third quarter 2026 results. A copy of that release is available on our website at oshkoshcorp.com. Today's call is being webcast and is accompanied by a slide presentation, which includes a reconciliation of GAAP to non-GAAP financial measures that we will use during this call and is also available on our website. The audio replay and slide presentation will be available on our website for approximately 12 months.
Please refer now to Slide 2 of that presentation. Our remarks that follow, including answers to your questions, contain statements that we believe to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and other factors that could
Key Takeaways Marriott to report Q3 results on Nov. 2, with consensus EPS of $2.87, up 16.2% year over year.Global RevPAR is projected to grow 3.5-4%, supported by travel demand, room pricing and leisure bookings.A 629,000-room development pipeline, rising fee income and cost discipline may drive revenues and EBITDA.
Marriott International, Inc. (MAR - Free Report) is scheduled to report third-quarter 2026 results on Nov. 2, before the opening bell.
MAR’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed on one occasion, the average surprise being 2.5%.
Trend in the Estimate Revision of MARThe Zacks Consensus Estimate for third-quarter earnings per share (EPS) is pegged at $2.87, indicating growth of 16.2% from $2.47 reported in the year-ago quarter.
For revenues, the consensus mark is pegged at nearly $7.04 billion. The metric implies a rise of 8.4% from the year-ago quarter’s figure.
Let's look at how things might have shaped up in the to-be-reported quarter.
Factors Likely to Shape Marriott’s Q3 ResultsMarriott is likely to have benefited from steady travel demand, favorable room pricing and continued strength in leisure bookings in the third quarter of 2026. In the United States and Canada, demand across hotel categories and customer segments is likely to have supported revenues, with the summer travel season and the final weeks of the FIFA World Cup potentially providing an additional lift in July.
Marriott's luxury and resort properties are likely to have remained important contributors, reflecting sustained demand for upscale travel experiences. Leisure activity across the Caribbean might have supported the Caribbean and Latin America region, while healthy domestic and international travel demand is likely to have benefited Asia Pacific excluding China.
In Europe, popular Mediterranean destinations continued to attract leisure travelers. Although the Middle East conflict has remained a challenge for the EMEA region, management expects its third-quarter performance to have improved from the preceding quarter. Against this backdrop, Marriott projects global revenue per available room (RevPAR) to grow 3.5-4% in the third quarter. Our model predicts third-quarter RevPAR in the United States and Canada to increase 0.7% year over year.
Growth in Marriott's global lodging system and recurring fee streams is also likely to have contributed to revenue growth. The company's development pipeline stood at approximately 629,000 rooms at the end of June 2026, representing an increase of nearly 7% year over year. Strong hotel signings and the conversion of existing properties to Marriott brands are likely to have strengthened its expansion prospects. Its broad brand portfolio and Marriott Bonvoy loyalty platform might also have helped attract hotel owners and encourage guest engagement.
Marriott's earnings are likely to have benefited from higher fee income, operating efficiencies and restrained corporate spending. Management expects adjusted EBITDA to increase 7-9% in the third quarter, reflecting anticipated revenue growth and the benefits of its asset-light operating structure. Efforts to simplify hotel operating standards, improve property-level productivity and use technology to streamline business processes might have helped contain costs.
The company's adoption of artificial intelligence and digital tools might also have supported more efficient revenue generation and workflow management. Furthermore, management's full-year forecast calls for general and administrative expenses to increase only 1-3% from 2025, indicating a focus on expense discipline. Nevertheless, spending on technology, hotel development and incentives designed to support hotel owners might have limited some of the potential improvement in profitability.
What Our Model Says About MAR StockOur proven model predicts an earnings beat for Marriott this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is exactly the case here.
Earnings ESP for MAR: Marriott presently has an Earnings ESP of +1.56%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Marriott’s Zacks Rank: The company currently has a Zacks Rank #3.
Other Stocks Poised to Beat on EarningsHere are some other stocks from the Zacks Consumer Discretionary sector that investors may consider, as our model shows that these, too, have the right combination of elements to post an earnings beat.
Planet Fitness, Inc. (PLNT - Free Report) currently has an Earnings ESP of +0.53% and a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
PLNT’s earnings for the to-be-reported quarter are expected to remain flat. Planet Fitness reported better-than-expected earnings in each of the trailing four quarters, the average surprise being 9.3%.
Choice Hotels International, Inc. (CHH - Free Report) has an Earnings ESP of +0.19% and a Zacks Rank of 3 at present.
For the to-be-reported quarter, Choice Hotels is expected to register an 8.1% increase in earnings. Choice Hotels reported better-than-expected earnings in the trailing two out of the four quarters and missed twice, the average surprise being negative 4.8%.
Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) currently has an Earnings ESP of +0.72% and a Zacks Rank of 3.
For the to-be-reported quarter, Norwegian Cruise’s earnings are expected to decrease 23.33%. Norwegian Cruise reported better-than-expected earnings in each of the trailing four quarters, with the average surprise being 20%.
Shares of Carvana Co (NYSE:CVNA) rallied in early trading on Thursday, after the company on Wednesday reported its third-quarter results.
Here are some key analyst takeaways:
Needham analyst Chris Pierce reiterated a Buy rating, while lowering the price target from $120 to $100. BTIG analyst Marvin Fong reaffirmed a Buy rating, while cutting the price target from $87 to $82. DA Davidson analyst Michael Baker maintained a Buy rating and price target of $67. Check out other analyst stock ratings.
Needham: Carvana continued to gain market share, with retail used units growing around 40%, "despite increasingly difficult comps and a flat industry backdrop," Pierce said in a note.
Consensus unit estimates "look achievable," with the company already having the capacity to recondition 1.5 million cars per year and room to expand to 3 million, the analyst stated. This sets up Carvana for long-term, profitable growth, with adjusted EBITDA growing at a CAGR (compounded annual growth rate) of around 30%, he added.
BTIG: Carvana topped consensus expectations across all major KPIs, Fong said. He added, however, that higher-than-expected expenses resulted in a "relatively modest" bear on adjusted EBITDA, which came in at $800 million versus consensus of $791 million.
Management indicated that higher fuel costs and benchmark rates negatively impacted gross profit per unit (GPU), translating to an EBITDA drag of around $43 million, the analyst stated.
The results support the thesis that Carvana can increase its market share "while maintaining industry-leading unit economics," he further wrote.
Fong raised the revenue and adjusted EBITDA estimates for the fourth quarter from $7.6 billion to $8 billion and from $685 million to $708 million, respectively.
DA Davidson: Carvana achieved retail unit growth of 39%, which "far outpaced competitors," indicating "massive" market share gains, with industry-leading margins, Baker said. The company’s trailing 12-month EBITDA margin stands at 10%, versus others in the 3.7%-5.7% range, he added.
Management raised their 2026 outlook to "the high end" of the previous guidance range of $2.7-$3 billion, the analyst stated. With $2.24 billion generated year to date, including the third-quarter beat, the guidance implies $609-$759 million in the fourth quarter, he further noted.
CVNA Price Action: Shares of Carvana had risen by 15.47% to $68.15 at the time of publication on Thursday.
Photo: Inside a Carvana vending tower, courtesy Carvana
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For the quarter ended September 2026, Robinhood Markets, Inc. (HOOD - Free Report) reported revenue of $1.42 billion, up 11.8% over the same period last year. EPS came in at $0.60, compared to $0.61 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $1.44 billion, representing a surprise of -1.17%. The company delivered an EPS surprise of +7.14%, with the consensus EPS estimate being $0.56.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Robinhood Markets performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Funded Customers: 28.7 million versus the four-analyst average estimate of 29.8 million.Robinhood Gold Subscribers: 5.2 million versus the three-analyst average estimate of 5.07 million.Total Platform Assets - Total: $395.90 billion compared to the $391.25 billion average estimate based on three analysts.Average Revenues Per User (ARPU): $200.00 versus the two-analyst average estimate of $205.09.Revenues- Transaction-based revenues: $730 million versus $887.73 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a 0% change.Revenues- Net interest revenues: $456 million versus $430.56 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a 0% change.Revenues- Other revenues: $88 million compared to the $134.36 million average estimate based on five analysts. The reported number represents a change of 0% year over year.Revenues- Net interest revenues- Securities lending, net: $-19 million versus $-2.35 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -121.8% change.Revenues- Net interest revenues- Margin interest: $244 million compared to the $242.03 million average estimate based on four analysts. The reported number represents a change of +59.5% year over year.Revenues- Net interest revenues- Interest on segregated cash, securities, and deposits: $55 million versus the four-analyst average estimate of $64.51 million. The reported number represents a year-over-year change of -46.6%.Revenues- Net interest revenues- Interest expenses related to credit facilities: $-8 million versus $-9.56 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a 0% change.Revenues- Transaction-based- Other: $54 million compared to the $51.42 million average estimate based on four analysts. The reported number represents a change of -25% year over year.View all Key Company Metrics for Robinhood Markets here>>>
Shares of Robinhood Markets have returned -18.7% over the past month versus the Zacks S&P 500 composite's +0.9% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.
Key Takeaways Chipotle's Q3 adjusted EPS fell 6.9% to 27 cents, while revenues increased 9.6% year over year to $3.29B.CMG's Q3 comparable restaurant sales rose 2.1% as transactions increased 0.8% and average checks grew 1.3%.Chipotle opened 84 company-operated restaurants in Q3 and reaffirmed plans for 350-370 openings in 2026.
Chipotle Mexican Grill, Inc. (CMG - Free Report) reported third-quarter 2026 results, with earnings missing the Zacks Consensus Estimate and revenues surpassing the same. The top line increased year over year, while the bottom line declined.
Following the results, the company’s shares gained approximately 7% in the after-hours trading session. The positive investor sentiment likely reflected growing confidence in Chipotle’s Recipe for Growth strategy, underscored by three consecutive quarters of positive comparable transaction growth. Moreover, continued emphasis on menu and digital innovation, high-efficiency equipment deployment and international expansion bodes well for the company’s growth prospects.
CMG's Q3 Earnings & Revenue DiscussionFor the quarter under review, CMG reported adjusted earnings per share (EPS) of 27 cents, missing the Zacks Consensus Estimate of 29 cents by 6.9%. The bottom line declined 6.9% from 29 cents reported in the year-ago quarter.
Quarterly revenues of $3.293 billion surpassed the consensus mark of $3.288 billion by 0.2%. The top line rose 9.6% on a year-over-year basis, primarily driven by new restaurant openings and comparable restaurant sales growth.
Comparable restaurant sales increased 2.1% compared with 0.3% growth reported in the prior-year quarter. Comps benefited from a 0.8% increase in transactions and a 1.3% rise in average checks.
During the third quarter, digital sales contributed 38.8% to total food and beverage revenues compared with 36.7% in the prior-year period.
CMG's Costs, Operating Highlights & Net IncomeIn the third quarter of 2026, food, beverage and packaging costs, as a percentage of revenues, came in at 29.5%, compared with 30% in the prior-year quarter. The improvement was driven by menu pricing and tariff relief, partially offset by inflation in beef and freight costs.
Labor costs represented 25.7% of revenues, up from 25.2% in the year-ago quarter. The increase reflected wage inflation, with higher labor usage supporting promotional activities and insurance-related expenses.
Other operating costs increased to 16% of revenues from 15% a year ago, primarily due to higher marketing expenses, delivery mix and inflation across utilities and maintenance.
Restaurant-level operating margin reached 23.3%, down from 24.5% in the prior-year quarter, reflecting increased operating expenses. Operating margin in the quarter declined 220 basis points year over year to 13.7%. We predicted the metric to be 14%.
Adjusted net income amounted to $344.6 million, compared with $389.9 million in the year-ago quarter. Our estimate for the metric was $370.3 million.
CMG's Balance SheetAs of Sept. 30, 2026, the company reported cash and cash equivalents of $634.2 million, compared with $350.5 million as of Dec. 31, 2025.
Inventory totaled $48.9 million compared with $49.5 million as of Dec. 31, 2025.
Chipotle ended the quarter with approximately $1 billion in cash, restricted cash and investments, with no debt. Year-to-date share repurchases totaled $1.4 billion, with approximately $1.6 billion remaining under authorization.
Chipotle's Restaurant OpeningsStrength in new restaurant openings aided the company's performance in the third quarter. Chipotle opened 84 company-operated restaurants, including 53 featuring a Chipotlane. The company also opened five partner-operated restaurants internationally.
During the quarter, Chipotle expanded into Mexico, Saudi Arabia and South Korea, bringing its global presence to 11 countries. Management highlighted strong initial customer demand across these markets.
The company also reached its 1,500th Chipotlane milestone. Management emphasized that Chipotlanes support higher digital sales, convenience and stronger restaurant-level returns.
Chipotle's 2026 & 2027 OutlookFor 2026, management continues to anticipate comparable restaurant sales growth in the low-single-digit range. It expects 350-370 new restaurant openings, including 10-15 international partner-operated restaurants. Around 80% of new company-owned restaurants are expected to feature a Chipotlane.
The company anticipates an underlying effective tax rate between 24% and 26% for 2026. For the fourth quarter, management expects comparable sales growth of approximately 2%, with restaurant-level operating margins slightly below 22%.
For 2027, Chipotle expects to open 340-360 company-operated restaurants in the United States and Canada, alongside approximately 15-25 company-owned and partner-operated restaurants outside these markets.
Management also plans to begin expanding catering nationally in the first quarter of 2027, supported by continued menu innovation and digital initiatives.
CMG’s Zacks RankChipotle currently has a Zacks Rank #3 (Hold).
Stocks to ConsiderHere are some better-ranked stocks from the Zacks Retail-Wholesale sector:
Five Below, Inc. (FIVE - Free Report) presently sports a Zacks Rank #1 (Strong Buy). The company delivered a trailing four-quarter earnings surprise of 68.3%, on average. FIVE stock has gained 24.5% year to date. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Five Below’s 2026 sales and EPS indicates growth of 20.1% and 57.6%, respectively, from the year-ago period’s levels.
Cracker Barrel Old Country Store, Inc. (CBRL - Free Report) currently flaunts a Zacks Rank #1. The company delivered a trailing four-quarter earnings surprise of 228.6%, on average. CBRL stock has surged 179% year to date.
The Zacks Consensus Estimate for Cracker Barrel's fiscal 2027 sales and EPS indicates a year-over-year rise of 1.5% and 95%, respectively, from the prior-year levels.
FIGS, Inc. (FIGS - Free Report) has a Zacks Rank #2 (Buy) at present. The company delivered a trailing four-quarter earnings surprise of 201.8%, on average. FIGS stock has jumped 81.9% year to date.
The Zacks Consensus Estimate for FIGS’ 2026 sales and EPS indicates growth of 19.8% and 89.5%, respectively, from the prior-year levels.
Chipotle's latest quarter handed Wall Street a mixed bag, with traffic beating expectations while margins took a visible hit from heavy promotions. Whether that tradeoff can sustain a rally in a stock still deep in the red this year is…
A cleaner read on customer traffic is lifting Chipotle Mexican Grill (NYSE:CMG | CMG Price Prediction) after the burrito chain’s latest quarterly report. Chipotle stock is at $31.19 in midday trading, up 9%. Consumer discretionary names are also higher, with the Consumer Discretionary Select Sector SPDR Fund (NYSEARCA:XLY) at $116.05, up 0.6%. Meanwhile, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is at $768.12, down 0.5%.
The rally adds to a rebound that started before the report, though Chipotle stock remains down 16% year to date (YTD). For a company coming off a stretch of slower growth, the quarter offered fresh evidence that its sales momentum is holding.
Chipotle’s Sales Beat Outweighs a Softer Earnings Line After the close on October 28, Chipotle reported Q3 2026 results that kept its turnaround on track. Same-store sales at Chipotle grew 2.1%, topping the 1.5% Wall Street expected. Chipotle’s adjusted earnings per share (EPS) of $0.27 missed the $0.29 estimate. That miss is taking a back seat to traffic, with transactions up 0.8% for a third straight quarter of positive transaction growth.
Scott Boatwright, Chipotle’s chief executive, said, “Three consecutive quarters of positive comparable transaction growth demonstrates that our Recipe for Growth strategy is working.” The company also disclosed on October 28 that it repurchased $110 million of stock in Q3 at an average price of $34.05 per share.
Chipotle Wins Back Lower-Income Diners as Margins Narrow Wallet share held up across Chipotle’s customer base, as Boatwright noted, “We saw stable or improving wallet share across the quarter, with broad strength across income and age cohorts.” He added, “We saw lower income cohorts outperform higher income cohorts for the first time this year, with the greatest strength in September, when promotional activity was at its lowest.” That eases a concern Telsey Advisory Group analyst Sarang Vora raised before the report, when he warned that inflation and higher fuel prices could pressure lower-income households.
Profitability told a tougher story at Chipotle, whose operating margin fell to 13.7% from 15.9% a year earlier. Heavy promotions weighed on the quarter, including a back-to-school buy-one-get-one deal, free double protein, and Pollo Asado and Chili Lime Chips limited-time offers. Adam Rymer, Chipotle’s chief financial officer, stated the company raised menu prices 2.7% in Q3 to offset inflation and plans to keep using price in a “measured, patient way.”
McDonald’s and Starbucks Trail Chipotle’s Rally McDonald’s (NYSE:MCD) stock is at $255.73, up 2%. The gain trails Chipotle’s by a wide margin, a sign that the sharper reaction belongs to Chipotle’s own numbers. Because McDonald’s carries a larger weighting than Chipotle in the XLY ETF, its move does more to lift the sector fund.
At the same time, Starbucks (NASDAQ:SBUX) stock is at $104.51, up 1%. A Starbucks spokesperson denied rumors in early October that the coffee chain was in talks to buy Chipotle, stating, “we are not buying Chipotle.” Chipotle’s call made no mention of Starbucks.
How Chipotle’s Model Stands Apart From McDonald’s and Starbucks Company-operated restaurants under one fast-casual brand tie Chipotle’s results directly to store-level sales and costs. McDonald’s is a heavily franchised global burger chain that collects royalties and rent, which cushions it from swings in restaurant labor and food costs. Specialty coffee is the core at Starbucks, which sells through company-operated and licensed stores, while its channel development business adds packaged coffee sales through its alliance with Nestlé. That structure explains why a promotion-heavy quarter showed up so quickly in Chipotle’s margins.
Can Chipotle’s Traffic Recovery Outlast a Softer October? Chipotle reiterated its full-year outlook for low single-digit comparable sales growth and still expects 350 to 370 new restaurant openings this year. Rymer cautioned that “October trends have softened, consistent with the broader industry.” The next test for Chipotle is whether its promotions can keep lower-income guests returning without squeezing its margins further.
The bulls have three straight quarters of transaction growth and a broadening customer base on their side. A thinner margin, an EPS miss and a stock that’s still down sharply this year give the bears their own case. Taking a cautious approach may make sense while Chipotle’s October slowdown plays out.
Contact [email protected] for any questions or corrections.
Chipotle Mexican Grill Inc. sales rose faster than expected in the third quarter, as more frequent menu launches and revamped loyalty offers help sustain a recovery that had been threatened by a food-illness scare. Bloomberg's Michael Halen joins to discuss.
PBF Energy Inc. (PBF) Q3 2026 Earnings Call October 29, 2026 8:30 AM EDT
Company Participants
Colin Murray - Vice President of Investor Relations
Matthew Lucey - President, CEO & Director
Michael A. Bukowski - Senior VP & Head of Refining
Joseph Marino - Senior VP & CFO
Thomas O'Connor
Paul Davis - Senior Vice President of Supply, Trading & Optimization
Conference Call Participants
Manav Gupta - UBS Investment Bank, Research Division
Douglas George Blyth Leggate - Wolfe Research, LLC
Joseph Laetsch - Morgan Stanley, Research Division
Phillip Jungwirth - BMO Capital Markets Equity Research
Josiah Knight - Goldman Sachs Group, Inc., Research Division
John Royall - Piper Sandler & Co., Research Division
Presentation
Operator
Good day, everyone, and welcome to the PBF Energy Third Quarter 2026 Earnings Conference Call and Webcast. [Operator Instructions] Please note, this conference is being recorded.
It is now my pleasure to turn the floor over to Colin Murray of Investor Relations. Sir, you may begin.
Colin Murray
Vice President of Investor Relations
Thank you, Jeanie. Good morning, and welcome to today's call. With me today are Matt Lucey, our President and CEO; Mike Bukowski, our Senior Vice President and Head of Refining; Joe Marino, our CFO; and several other members of our management team. Copies of today's earnings release and our 10-Q filing, including supplemental information, are available on our website.
Before getting started, I'd like to direct your attention to the safe harbor statement contained in today's press release. Statements expressing the company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions under federal securities laws. Consistent with our prior periods, we'll discuss our results excluding special items, which are described in today's press release. Also included in the press release is forward-looking guidance information. For any questions on these items or other follow-up questions, please contact Investor
Key Takeaways Intercontinental Exchange's Q3 adjusted EPS rose 18.1% to $2.02, beating estimates as revenues grew 14.7%.ICE's exchange revenues jumped to $1.542 billion, fueled by strong energy, financials and equities trading.ICE lifted 2026 recurring revenue growth forecasts and moved its MarketAxess deal closing target to Q1 2027.
Intercontinental Exchange (ICE - Free Report) reported third-quarter 2026 adjusted earnings of $2.02 per share, up 18.1% year over year and ahead of the Zacks Consensus Estimate of $1.97 by 2.54%. Net revenues of $2.77 billion climbed 14.7% and surpassed the consensus mark of $2.73 billion by 1.33%.
Stronger energy and financial markets trading lifted exchange revenues, while fixed income data continued to grow. Transaction-based net revenues increased 23.2% to $1.400 billion, and recurring revenues advanced 7.1% to $1.365 billion.
Shares of ICE gained about 0.3% in the pre-market trading session to reflect the outperformance.
ICE Exchanges Gain From Broad-Based Trading GrowthExchanges net revenues climbed to $1.542 billion from $1.265 billion a year ago. Energy generated $603 million versus $482 million, while financials contributed $190 million compared with $139 million. Agriculture and metals revenues rose to $83 million from $51 million.
Cash equities and equity options net revenues improved to $132 million from $105 million. Data and connectivity services delivered $292 million, up from $264 million, and listings increased to $130 million from $125 million. Adjusted operating income rose to $1.169 billion from $924 million, lifting the adjusted margin to 76% from 73%.
Intercontinental's Data Business Builds Recurring SalesFixed income and data services revenues grew to $674 million from $618 million. Fixed Income Data and Analytics contributed $336 million versus $311 million, while Data and Network Technology increased to $202 million from $184 million. CDS Clearing rose to $102 million from $90 million.
Recurring revenues advanced to $538 million from $495 million. Annual subscription value reached $2.107 billion, compared with $1.955 billion a year earlier, indicating a larger contracted subscription base. Adjusted operating income was $309 million, up from $282 million, with the adjusted margin widening to 46% from 45%.
ICE Mortgage Revenues Climb, Profitability SlipsMortgage technology revenues increased to $549 million from $528 million. Servicing Software was the largest contributor at $229 million versus $216 million, while Origination Technology edged up to $189 million from $188 million. Closing Solutions increased to $60 million from $58 million, and Data and Analytics reached $71 million from $66 million.
Recurring revenues rose to $405 million from $391 million. However, adjusted operating expenses increased to $330 million from $304 million, outpacing revenue growth. Adjusted operating income fell to $219 million from $224 million, and the adjusted margin narrowed to 40% from 42%.
Intercontinental Sees Higher Profits Despite CostsConsolidated adjusted operating expenses increased to $1.068 billion from $981 million. Compensation costs reached $526 million from $483 million, while technology and communication expenses rose to $245 million from $219 million. Acquisition-related transaction and integration costs also increased to $49 million from $9 million on a GAAP basis.
Adjusted operating income grew to $1.697 billion from $1.430 billion, while the adjusted margin widened to 61% from 59%. GAAP operating income improved to $1.410 billion from $1.174 billion. GAAP earnings were $1.67 per share, compared with $1.42 a year earlier.
ICE Cash Generation Fuels Shareholder ReturnsOperating cash flow for the first nine months of 2026 rose to $4.486 billion from $3.387 billion. Adjusted free cash flow grew to $3.728 billion from $3.178 billion. Capital expenditures and capitalized software development costs totaled $664 million over the period.
ICE returned $2.486 billion to stockholders through September, including $1.6 billion in repurchases and $884 million in dividends. Unrestricted cash totaled $936 million at quarter-end, compared with $837 million at the end of 2025. Outstanding debt was $23.3 billion, including $3.704 billion in MarketAxess deal-related borrowings.
Intercontinental Raises Outlook as MarketAxess Deal AdvancesManagement now expects 9% growth in exchange recurring revenues in 2026, compared with its earlier high-single-digit outlook. Fixed income and data services recurring growth forecast is 8%, up from the prior 7%-8% range. Mortgage technology revenues are still projected to grow at a low-to-mid-single-digit rate.
For the fourth quarter, ICE projects adjusted operating expenses of $1.082-$1.092 billion and adjusted non-operating expenses of $175-$185 million. It forecasts 558-563 million weighted average shares outstanding and approximately $1.050 billion of 2026 capital expenditures and capitalized software spending, compared with the prior $850 million forecast.
ICE received early termination of the U.S. antitrust waiting period for its planned MarketAxess acquisition on Oct. 21. Other approvals and closing conditions remain outstanding. The company now expects to close the transaction in the first quarter of 2027, ahead of its earlier first-half 2027 timeline.
Zacks RankICE currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Industry PlayersCME Group Inc. (CME - Free Report) reported third-quarter 2026 adjusted earnings per share of $3.02, which beat the Zacks Consensus Estimate by 1.3%. The bottom line increased 12.7% year over year. CME Group’s revenues of $1.73 billion increased 13% year over year. The year-over-year increase was primarily due to higher clearing and transaction fees, market data and information services, and other factors. The top line beat the Zacks Consensus Estimate by 1.2%.
Total expenses rose 5.5% year over year to $595.9 million, attributable to higher technology, depreciation and amortization, licensing and other fee agreements, and other expenses. Operating income increased 17.3% from the prior-year quarter to $1.14 billion.
Nasdaq, Inc. (NDAQ - Free Report) reported third-quarter 2026 non-GAAP earnings of $1.04 per share, which increased 18% year over year. The figure beat the Zacks Consensus Estimate of $1.02 by 1.96%.
Net revenues increased 13% to $1.48 billion and topped the consensus estimate of $1.46 billion by 1.4%. Growth was driven by strong Index and Financial Technology performance. Annualized recurring revenues rose 12% to $3.37 billion, with organic growth reaching 14%.
Nasdaq updated its 2026 non-GAAP operating expense guidance to $2.550-$2.580 billion from the previous range of $2.530-$2.570 billion. The revision follows increased compensation costs tied to revenue execution and continued investments in technology.
Upcoming ReleaseCboe Global Markets, Inc. (CBOE - Free Report) is set to report third-quarter 2026 results on Oct. 30, before market open. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $3.40, suggesting an increase of 27.3% from the year-ago quarter’s reported figure.
CBOE’s earnings beat estimates in each of the last four quarters.
Can Incyte Deliver on 447% EPS Forecasts and Pipeline Hype?Incyte NASDAQ: INCY reported third-quarter revenue of $1.56 billion, up 14% from a year earlier, as growth in its dermatology and hematology-oncology products helped offset a more modest increase in Jakafi sales. The company also raised its full-year sales outlook for OPZELURA, hematology and oncology products, and total net sales while outlining progress across several late-stage pipeline programs.
Chief Executive Officer Bill Meury said the company’s strategy centers on expanding its core business beyond Jakafi while advancing a late-stage pipeline intended to support growth through and beyond the company’s anticipated 2029 transition.
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5 top healthcare stocks for earnings growth in 2024“Every product grew year-over-year,” Meury said, adding that sales from the core business excluding Jakafi increased 37% from the prior-year period.
Sales Growth Led by OPZELURA and Core Brands Total net sales were $1.32 billion in the quarter, also up 14% year-over-year. Jakafi franchise net sales rose 4% to $827 million. Underlying demand for Jakafi increased 12%, with growth across indications led by polycythemia vera, though reported sales growth reflected expected pricing dynamics, including the effect of the CMS GENEROUS Model, Meury said.
Argenx's 28% Surge & Promising Product Propel Investor ConfidenceIncyte said formulary coverage for Jakafi XR is expected to exceed 80% by year-end. The company remains on track for approximately $50 million in full-year XR net sales and continues to target retention of 10% to 30% of the Jakafi business by 2029.
Core-business sales excluding Jakafi reached $490 million, up 30% year-over-year, supported by OPZELURA, NIKTIMVO, ZYNYZ and MONJUVI. Meury said Incyte sees the ex-Jakafi core business growing to between $3 billion and $4 billion by 2030.
OPZELURA net sales rose 36% to $255 million. On a pro forma basis that adjusts the prior-year quarter for a Medicaid line-extension settlement, OPZELURA sales increased 21%. U.S. sales totaled $208 million, up 45% from a year earlier.
Mohamed Issa, executive vice president and head of U.S. commercial, said pro forma U.S. OPZELURA growth was driven largely by demand, which grew 24% year-over-year. He said new-patient volume grew at twice the market rate across atopic dermatitis and vitiligo.
Guidance Raised as Expenses Reflect Vega Acquisition Chief Financial Officer Suky Upadhyay said the company raised 2026 OPZELURA net-sales guidance to $1.10 billion to $1.12 billion and increased hematology and oncology sales guidance to $890 million to $910 million. Total net-sales guidance was raised to $5.21 billion to $5.30 billion.
Incyte maintained its full-year operating-expense guidance, with research and development and selling, general and administrative expenses expected near the midpoint of the previously stated range.
GAAP expenses totaled $2.27 billion, up 146% year-over-year, including a $1.23 billion in-process research and development expense tied to the closing of Incyte’s acquisition of Vega Therapeutics. Excluding the Vega-related expense, operating expenses increased 12%. The company ended the quarter with $3.9 billion in cash and cash equivalents.
Pipeline Updates Include MF, Oncology and Dermatology Programs President and Global Head of R&D Pablo Cagnoni said Incyte expects to present first-line myelofibrosis data for INCA033989, its mutant CALR antibody, by year-end. The update is expected to include approximately 55 frontline patients, including patients treated with the therapy as a monotherapy and in combination with ruxolitinib.
The company’s pivotal second-line myelofibrosis study of 989 is focused on patients with Type 1 CALR mutations, which Cagnoni said represent more than 70% of CALR-mutated myelofibrosis cases. Incyte also plans to present preclinical data for a next-generation mutant CALR antibody and move that candidate into the clinic in early 2027.
In hematology, the FDA review of tafasitamab for first-line diffuse large B-cell lymphoma remains under way, with a decision expected in the first quarter of 2027. Incyte also expects results from a phase II study of axatilimab plus ruxolitinib in chronic graft-versus-host disease at a medical meeting early next year.
Vega’s lead therapy, latarcibart, is being studied in a pivotal phase III trial for von Willebrand disease, with top-line data expected in early 2029.
For its KRAS G12D inhibitor, INCB161734, Incyte reported phase I response rates of 58% with gemcitabine and nab-paclitaxel and 81% with modified FOLFIRINOX in first-line pancreatic ductal adenocarcinoma. In heavily pretreated colorectal cancer, 734 plus cetuximab produced a 36% objective response rate. Incyte plans to initiate the phase III DAWN-302 study in previously treated colorectal cancer in the first half of 2027. Its TGF-beta receptor 2 by PD-1 bispecific antibody, INCA33890, showed a 71% objective response rate with FOLFOX and bevacizumab in first-line microsatellite-stable colorectal cancer in phase I data, according to the company. Incyte said the phase III NEXERA-303 study of 890 in first-line metastatic microsatellite-stable colorectal cancer is under way, with top-line results expected in 2029.
The company also narrowed development plans for its CDK2 inhibitor, INCB123667. It will focus on first-line maintenance treatment in CCNE1-overexpressing ovarian cancer, halt additional site activation and future enrollment in the randomized phase III MAESTRA-2 study in platinum-resistant ovarian cancer, and continue the open-label phase II MAESTRA-1 trial.
Regulatory Milestones in Dermatology During the quarter, the European Commission approved OPZELURA for adults with moderate atopic dermatitis, making it the first steroid-free topical JAK inhibitor available in Europe for that population, according to Incyte.
Meanwhile, povorcitinib received a positive CHMP opinion in Europe for adults with moderate-to-severe hidradenitis suppurativa who have had an inadequate response to anti-TNF therapy. Incyte expects a potential European approval by year-end and anticipates a U.S. decision in the first quarter of 2027.
The company also expects phase III readouts by year-end for ruxolitinib cream in mild-to-moderate hidradenitis suppurativa and povorcitinib in prurigo nodularis.
About Incyte (NASDAQ:INCY)Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.
Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Incyte Corporation (INCY) Q3 2026 Earnings Call October 29, 2026 8:00 AM EDT
Company Participants
Alexis Smith - VP & Head of Investor Relations
William Meury - CEO & Director
Pablo Cagnoni - President and Global Head of R&D
Suketu Upadhyay - Executive VP & CFO
Mohamed Issa - Executive Vice President & Head of U.S. Commercial
Conference Call Participants
Tazeen Ahmad - BofA Securities, Research Division
Gustave Diep - Barclays Bank PLC, Research Division
Silvia Luo - JPMorgan Chase & Co, Research Division
Erik Lavington - Mizuho Securities USA LLC, Research Division
Brian Abrahams - RBC Capital Markets, Research Division
Evan Seigerman - BMO Capital Markets Equity Research
Andrew Berens - Leerink Partners LLC, Research Division
Salveen Richter - Goldman Sachs Group, Inc., Research Division
Jay Olson - Oppenheimer & Co. Inc., Research Division
Gavin Clark-Gartner - Evercore ISI Institutional Equities, Research Division
John Newman - Canaccord Genuity Corp., Research Division
Michael Schmidt - Guggenheim Securities, LLC, Research Division
Amit Dayal - H.C. Wainwright & Co, LLC, Research Division
Jacob Goell - Wells Fargo Securities, LLC, Research Division
Imogen Mansfield - Cantor Fitzgerald & Co., Research Division
Tara Bancroft - TD Cowen, Research Division
Presentation
Operator
Greetings, and welcome to the Incyte Third Quarter 2026 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. [Operator Instructions]
It's now my pleasure to turn the call over to Alexis Smith, Vice President and Head of Investor Relations. Please go ahead, Alexis.
Alexis Smith
VP & Head of Investor Relations
Thank you. Good morning, and welcome to Incyte's Third Quarter 2026 Earnings Conference Call. Before we begin, I encourage everyone to go to the Investors section of our website to find the press release, related financial tables and slides that follow today's discussion.
On today's call, I'm joined by Bill, Pablo and Suky, who will deliver our prepared remarks. Steven, Dave and Mohamed will also be available for Q&A. I would like
Birkenstock's Strong Growth Creates a Buying OpportunityCrocs NASDAQ: CROX reported third-quarter 2026 revenue growth across both its Crocs and HEYDUDE brands, supported by international demand, product diversification and stronger wholesale results. The company raised its full-year revenue and adjusted earnings outlook after reporting enterprise revenue of more than $1 billion, up 5% year over year on a constant-currency basis.
Chief Executive Officer Andrew Rees said the quarter represented an “important inflection” for HEYDUDE, whose revenue rose 6% following prior periods of declines. Crocs brand revenue increased 4%, producing what Rees described as a record third quarter for the brand.
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With a 60%+ Upside, There’s Plenty to Love About Lovesac“As we stated at the beginning of the year, returning to growth for both brands is a strategic goal we set out to achieve,” Rees said. “As a result, we are raising our full year 2026 revenue guidance from up 1%-2% to up approximately 3%.”
Revenue Growth Led by International Crocs and HEYDUDE Wholesale The Crocs brand generated $873 million in third-quarter revenue, up 4% from a year earlier. International revenue increased approximately 12%, with growth across all of the company’s tier-one international markets. International direct-to-consumer revenue climbed 24%, supported by growth across marketplaces, retail stores and Crocs’ own website.
3 Consumer Discretionary Stocks Ready for a Comeback in 2025North American Crocs revenue declined about 2%, partly due to a planned business-model shift that moved certain activity from direct-to-consumer to wholesale. Chief Financial Officer Patraic Reagan said the change reduced North American DTC growth by about 270 basis points during the quarter. Excluding that shift, North American DTC revenue would have increased roughly 2%, according to Reagan.
The company expects the business-model transition to create a 700- to 800-basis-point headwind for North American DTC growth over the next several quarters, until the comparison is anniversaryed in the third quarter of next year. Reagan said the shift does not affect units in the marketplace or market share and is intended to create a more efficient and profitable model.
HEYDUDE revenue totaled $170 million, up 6% and ahead of management’s expectations. Wholesale revenue increased 14%, driven by higher at-once and replenishment orders, while DTC revenue rose slightly despite a planned reduction in promotional activity.
Rees said the company believes HEYDUDE’s shorter-term normalized growth rate is in the low- to mid-single digits after accounting for last year’s marketplace inventory cleanup. He also said the company sees long-term opportunity to expand the brand in underpenetrated U.S. regions and internationally, though international activity remains a smaller, measured investment.
Margins Expand as Cost Savings and Tariffs Help Results Enterprise adjusted gross margin increased 180 basis points year over year to 60.3%. The improvement reflected cost-savings efforts, lower tariffs and margin expansion at both brands, partly offset by the planned mix shift toward diversified products.
Crocs brand adjusted gross margin rose 160 basis points to 63.4%, while HEYDUDE’s adjusted gross margin increased 350 basis points to 45.8%. Reagan cited lower tariffs, improved average selling prices and product mix for HEYDUDE’s margin improvement.
The company said adjusted gross margin excludes $64 million in tariff refunds received during the quarter. Adjusted selling, general and administrative expenses rose 6% to $397 million, reflecting investments in DTC growth initiatives that were partly offset by cost savings.
Adjusted operating margin expanded 150 basis points to 22.3%. Adjusted diluted earnings per share rose 26% year over year to $3.69, exceeding the company’s prior guidance range of $3.20 to $3.30. The non-GAAP effective tax rate was 17%.
Product Expansion and Digital Commerce Remain Central Strategies Management highlighted Crocs’ efforts to broaden its product offering beyond the Classic Clog. Rees cited continued momentum in the Crafted, Crocband, Mellow and Echo clog franchises, as well as double-digit growth in sandals led by the Miami and Saturday franchises. The company also pointed to consumer response to the Ballet Flat and plans to test lined versions in Asia.
For HEYDUDE, the company said its core Wally and Wendy silhouettes remain central to the product range, while sandals, work footwear, boots and seasonal slippers are providing additional growth opportunities. The company said HEYDUDE’s sandals business exceeded expectations during the quarter.
Crocs also emphasized social commerce and digital engagement. The company retained its number-one footwear brand ranking on TikTok Shop in the U.S., U.K. and Japan, and added Malaysia during the quarter. It also launched Rivet, a proprietary artificial intelligence-powered shopping agent on its website.
In international markets, Rees identified China, India and Japan as major contributors to growth. In China, Crocs launched an Echo 2.0 marketing campaign featuring Olympic table tennis gold medalist Fan Zhendong, which the company said generated 40 billion impressions in Asia.
Capital Returns and Updated Outlook Crocs ended the quarter with more than $163 million in cash and cash equivalents and about $890 million in revolver borrowing capacity. Inventory was $413 million, up 4% year over year, while enterprise inventory turns exceeded the company’s annualized goal of four times.
During the quarter, the company repurchased about 2 million shares for $250 million and paid down $21 million of debt. Net leverage ended at the low end of the company’s target range of 1x to 1.5x.
Full-year enterprise revenue: Expected to increase about 3%, up from prior guidance of 1% to 2% growth. Crocs brand revenue: Expected to rise about 4%, compared with prior guidance of 2% to 3% growth. HEYDUDE revenue: Expected to be approximately flat, improved from prior expectations for a 2% to 4% decline. Adjusted diluted EPS: Expected to be $14.45 to $14.65, up from prior guidance of $13.70 to $14.00. Fourth-quarter enterprise revenue: Expected to increase 7% to 9%, including projected growth of 6% to 8% for Crocs and 10% to 12% for HEYDUDE. For the fourth quarter, Crocs expects adjusted operating margin of approximately 20.5% and adjusted diluted EPS of $3.25 to $3.45. Reagan said management expects adjusted gross margin to rise about 200 basis points year over year in the quarter.
About Crocs (NASDAQ:CROX)Crocs, Inc is a global footwear company best known for its Crocs brand of casual, lightweight shoes. Its product portfolio includes clogs, sandals, slides, boots and other casual footwear, along with accessories such as Jibbitz charms, which are designed to personalize Crocs shoes.
The company was founded in 2002 and introduced its first clog that year. Crocs has expanded from its original molded footwear into a broader lifestyle brand, offering products for women, men and children through company-operated and third-party retail stores, e-commerce platforms and wholesale partners.
In 2022, Crocs completed its acquisition of HEYDUDE, adding the casual shoe brand to its portfolio.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Crocs' shares surged about 27% on Thursday after the footwear maker raised its full-year forecasts, betting on a sustained recovery at its HEYDUDE brand and steady demand for its namesake clogs.
Crocs (CROX +25.04%) raised its full-year outlook for the third consecutive time after overseas growth and a return to growth at HEYDUDE helped third-quarter revenue rise 4.6%.
Profitability improved, too. Adjusted operating income grew 11.7%, outpacing sales. But a one-time tariff refund and a smaller share count made the headline earnings gains look stronger than the underlying improvement.
CROX Crocs$149.66+$29.97 (+25.04%)
NASDAQ · As of 3:27 PM ET 10/29/26
The quarter's key numbers Revenue: $1.04 billion, up 4.6%.
GAAP diluted EPS: $4.52, up 67.4%.
Adjusted diluted EPS: $3.69, up 26.4%.
Adjusted operating margin: 22.3%, up from 20.8%.
Full-year adjusted EPS guidance: $14.45 to $14.65, up from $13.70 to $14.00.
Better margins weren't just a tariff windfall Crocs received a $64 million nonrecurring tariff refund that boosted GAAP profit. The company excluded that refund and related interest income from adjusted earnings.
Even without those benefits, the business improved. Adjusted gross margin rose to 60.3% from 58.5%, more than offsetting an increase in adjusted selling, general, and administrative expenses as a percentage of revenue.
Buybacks provided another lift. The diluted share count fell about 11% from a year earlier, helping adjusted EPS grow 26.4% even though adjusted net income increased roughly 12%. That's real profit growth, amplified by fewer shares.
Image source: Getty Images.
Overseas growth offset North American weakness Crocs brand revenue rose 4.4% to $873 million. International revenue increased 11.8%, led by a 24.1% jump in direct-to-consumer sales.
North American revenue, however, fell 2.1%. Wholesale sales declined 4.9%, while direct-to-consumer sales slipped 0.7%. A change in the business model also weighed on the direct-sales comparison, though the release offered little detail.
HEYDUDE revenue rose 6.1% to $170 million, marking a return to growth. The rebound was uneven: Wholesale revenue increased 14%, while direct-to-consumer sales were essentially flat. The results show progress, but not yet a broad-based recovery across both channels.
What to watch next Management now expects full-year revenue growth of approximately 3%, up from its previous forecast of 1% to 2%. For the fourth quarter, it projects total revenue growth of 7% to 9%, including 10% to 12% growth for HEYDUDE.
The next test is whether HEYDUDE can sustain its rebound and whether Crocs brand growth spreads to North America. Stronger direct sales at HEYDUDE would add confidence that its recovery extends beyond wholesale orders.
Willis Towers Watson Public Limited Company (WTW) Q3 2026 Earnings Call October 29, 2026 9:00 AM EDT
Company Participants
Claudia La Hoz - Head of Investor Relations
Carl A. Hess - CEO & Director
Andrew Krasner - CFO & Co-head of Corporate Development
Julie Gebauer - President of Health, Wealth & Career
Lucy Clarke - President of Risk & Broking
Conference Call Participants
Mark Hughes - Truist Securities, Inc., Research Division
Elyse Greenspan - Wells Fargo Securities, LLC, Research Division
Charles Peters - Raymond James & Associates, Inc., Research Division
Jon Paul Newsome - Piper Sandler & Co., Research Division
Michael Zaremski - BMO Capital Markets Equity Research
Presentation
Claudia La Hoz
Head of Investor Relations
Good morning. Welcome to the WTW Earnings conference Call. Please refer to wtwco.com for the press release and supplemental information that were issued earlier today. Today's call is being recorded and will be available for the next 3 months on WTW's website. Some of the comments in today's call may constitute forward-looking statements within the meaning of the Private Securities Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. Actual results may differ materially from those discussed today, and the company undertakes no obligation to update these statements unless required by law.
For a more detailed discussion of these and other risk factors, investors should review the forward-looking statements section of the earnings press release issued this morning as well as in the most recent Form 10-K and other subsequent WTW SEC filings. During the call, certain non-GAAP financial measures may be discussed. To provide direct comparability with prior periods, all commentary regarding the company's revenue growth results will be on a non-GAAP organic basis unless specifically stated otherwise. For reconciliations of the non-GAAP measures as well as other information regarding these measures, please refer to the most recent earnings release and other materials
Key Takeaways WM's Q3 revenues of $6.85B beat estimates, but $2.15 adjusted EPS missed as management held 2026 guidance.WM's healthcare EBITDA jumped 33% on pricing and integration savings, while core waste volumes fell 0.5%.WM's nine-month free cash flow rose more than 42%, despite fuel and claims costs pressuring margins.
Waste Management, Inc. (WM - Free Report) emphasized improving healthcare profitability and firm pricing during its third-quarter 2026 earnings call, while acknowledging sluggish waste volumes and elevated fuel costs. Management maintained its annual outlook, supported by stronger cash generation.
Adjusted earnings of $2.15 per share missed the Zacks Consensus Estimate of $2.18. Revenues of $6.85 billion topped the consensus estimate of $6.80 billion. Executives focused on margin durability and 2027 growth.
WM Holds Its Full-Year OutlookCEO Jim Fish expects 2026 revenue and free cash flow at the high ends of guidance, with adjusted operating EBITDA within range.
WM projects revenues of $26.275 billion to $26.475 billion, adjusted operating EBITDA of $8.15 billion to $8.25 billion and free cash flow of $3.75 billion to $3.85 billion.
An Oppenheimer analyst questioned fourth-quarter EBITDA pressure. CFO David Reed expects sequential margin improvement but said fuel could weigh on year-over-year comparisons. Better pricing, volumes or recycling prices could lift results.
Waste Management's Healthcare Pricing GainsPresident John Morris highlighted 3.7% revenue growth and a 33% increase in Healthcare Solutions operating EBITDA, citing pricing discipline and integration savings.
Healthcare core price reached 5.5%, while its selling, general and administrative expense ratio fell to 15.2%. Both reached management's year-end targets ahead of schedule.
Answering a Barclays analyst, Morris said medical waste and secure information destruction volumes were improving, with the latter recovering faster. He stopped short of forecasting when either would turn positive. Healthcare synergy targets remain on track for mid-2027.
WM Defends Pricing as Volumes SoftenCore price rose 5.8%, but workday-adjusted Collection and Disposal volumes declined 0.5%. Management prioritizes higher-margin contracts.
A Morgan Stanley analyst pressed Morris on residential losses. He said residential volumes fell 2.6%, while commercial volumes declined 1.3% amid prior broker-account exits and weaker small-business formation.
A BNP Paribas analyst asked whether pricing was increasing customer departures. Morris said that commercial churn improved 30 basis points to 9.3%, even as the company anticipates roughly 1% full-year volume declines.
Waste Management Faces Fuel and Claims CostsReed attributed 40 basis points of margin support to Collection and Disposal pricing and another 30 basis points to Healthcare. Fuel and risk management each imposed 40-basis-point headwinds.
A Raymond James analyst examined higher insurance-related expenses. Reed quantified a $63 million year-over-year increase, citing an actuarial adjustment, large claims and a difficult comparison with a prior-year insurance recovery.
Responding to Stifel, Reed assumed fourth-quarter diesel prices above $5.50 per gallon, roughly 40% above last year. COO Tara Hemmer identified an approximately one-month lag in fuel surcharge recovery.
WM Sees More From Recycling and Renewable GasHemmer said that WM has completed 18 renewable natural gas facilities since 2022, with another planned for the fourth quarter and the final project expected in early 2027.
More than 90% of expected 2026 production and about 40% of 2027 production are contracted. Recycling Processing and Sales operating EBITDA rose 40% to $91 million.
When Barclays questioned sequential renewable-energy margin weakness, Hemmer pointed to lower-priced voluntary-market sales and start-up costs. She highlighted quarterly margin volatility.
Waste Management Funds Deals and Cash ReturnsFree cash flow reached $3.01 billion over the past nine months, up more than 42%. Reed credited earnings growth, reduced capital expenditure, favorable taxes and working-capital improvements.
Share repurchases totaled $1.58 billion, alongside $1.14 billion in dividends. Management still expects $2 billion of repurchases for 2026.
Morris cited $239 million in completed acquisitions, another $140 million expected in the fourth quarter and a signed $250 million transaction for early 2027. Responding to William Blair, Reed said roughly 90% of interest-rate exposure is fixed.
WM Prepares for CEO SuccessionFish plans to retire in early January, when Morris becomes CEO. Morris signaled continuity, with pricing discipline, technology adoption, healthcare integration and core solid waste acquisitions remaining priorities.
Management expects further investment benefits but sees limited visibility into 2027 waste volumes. Cost discipline and cash conversion remain priorities.
Waste Management's Zacks Rank and Style SignalsWM presently carries a Zacks Rank #3 (Hold). The ranking emphasizes earnings-estimate revisions. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Waste Management's Growth Score of B is stronger than its Value Score of C, Momentum Score of D and combined VGM Score of C. Those mixed readings temper the growth signal. The Zacks Rank can change as analysts revise estimates following the latest results.
XPO, Inc. (XPO) Q3 2026 Earnings Call October 29, 2026 8:30 AM EDT
Company Participants
Mario Harik - CEO & Chairman of the Board
Kyle Wismans - Chief Financial Officer
Ali-Ahmad Faghri - Chief Strategy Officer
Conference Call Participants
Ken Hoexter - BofA Securities, Research Division
Christian Wetherbee - Wells Fargo Securities, LLC, Research Division
Jordan Alliger - Goldman Sachs Group, Inc., Research Division
Stephanie Benjamin Moore - Jefferies LLC, Research Division
Scott Group - Wolfe Research, LLC
David Vernon - Bernstein Institutional Services LLC, Research Division
Jonathan Chappell - Evercore ISI Institutional Equities, Research Division
Jason Seidl - TD Cowen, Research Division
Richa Talwar - Deutsche Bank AG, Research Division
Thomas Wadewitz - UBS Investment Bank, Research Division
J. Bruce Chan - Stifel, Nicolaus & Company, Incorporated, Research Division
Brian Ossenbeck - JPMorgan Chase & Co, Research Division
Bascome Majors - Stephens Inc., Research Division
Presentation
Operator
Welcome to the XPO Q3 2026 Earnings Conference Call and Webcast. My name is Carrie, and I will be your operator for today's call. [Operator Instructions] Please note that this conference is being recorded.
Before the call begins, let me read a brief statement on behalf of the company regarding forward-looking statements and the use of non-GAAP financial measures. During this call, the company will be making certain forward-looking statements within the meaning of applicable security laws, which, by their nature, involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those projected in the forward-looking statements. A discussion of factors that could cause actual results to differ materially is contained in the company's SEC filings as well as in its earnings release. The forward-looking statements in the company's earnings release or made on this call are made only as of today, and the company has no obligation to update any of these forward-looking statements, except to the extent required by law.
Cheniere Energy, Inc. (LNG) Q3 2026 Earnings Call October 29, 2026 11:00 AM EDT
Company Participants
Randy Bhatia - Vice President of Investor Relations
Jack Fusco - President, CEO & Chairman
Anatol Feygin - Executive VP & Chief Commercial Officer
Zach Davis - Executive VP & CFO
Conference Call Participants
Theresa Chen - Barclays Bank PLC, Research Division
Douglas Irwin - Citigroup Inc., Research Division
Keith Stanley - Wolfe Research, LLC
Jeremy Tonet - JPMorgan Chase & Co, Research Division
Brandon Bingham - Scotiabank Global Banking and Markets, Research Division
Jean Ann Salisbury - BofA Securities, Research Division
Presentation
Operator
Good day, and welcome to the Third Quarter 2026 Cheniere Energy Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Randy Bhatia. Please go ahead.
Randy Bhatia
Vice President of Investor Relations
Thanks, operator. Good morning, everyone, and welcome to Cheniere's Third Quarter 2026 Earnings Conference Call. The slide presentation and access to the webcast for today's call are available at cheniere.com. Before we begin, I would like to remind all listeners that our remarks, including answers to your questions, may contain forward-looking statements, and actual results could differ materially from what is described in these statements. Slide 2 of our presentation contains a discussion of those forward-looking statements and associated risks. In addition, a reconciliation of non-GAAP measures to the most comparable GAAP measure can be found in the presentation appendix. The call agenda is shown on Slide 3. After prepared remarks from Jack, Anatol and Zach, we will open the call for Q&A. I'll now turn the call over to Jack Fusco, Cheniere's Chairman, President and CEO.
Jack Fusco
President, CEO & Chairman
Thank you, Randy. Good morning, everyone. Thanks for joining us today as we review our results from the third quarter of 2026 and the third
Key Takeaways VICI Properties' Q3 AFFO rose 4.3% to 62 cents per share, while revenues grew 5.8% to $1.07 billion.Higher lease income and loan contributions fueled revenue growth, while portfolio occupancy remained at 100%.VICI raised its 2026 AFFO per-share outlook to $2.47-$2.48 and authorized $2 billion share buyback program.
VICI Properties Inc. (VICI - Free Report) reported third-quarter 2026 adjusted funds from operations (AFFO) per share of 62 cents, in line with the Zacks Consensus Estimate. The figure increased 4.3% year over year.
Total revenues rose 5.8% to $1.07 billion and surpassed the consensus mark of $1.06 billion by 0.1%. The top line benefited from higher sales-type lease income and contributions from lease financing receivables, loans and securities.
VICI's Revenue Mix Reflects Lease GrowthIncome from sales-type leases increased 4.7% year over year to $556.7 million. Growth reflected contributions from the Clairvest Northfield Park lease and PURE Master Lease, alongside contractual rent escalations across existing properties.
Income from lease financing receivables, loans and securities climbed 7.7% to $482.6 million. Within this category, income from loans and securities rose 29.8% to $79.1 million, supported by higher interest income from senior secured loans, mezzanine loans and preferred equity investments.
VICI Expands Its Tenant Base Through New Lease AgreementDuring the third quarter, VICI announced an agreement to enter into a separate triple-net master lease with a subsidiary of Highfield Investment Group. The agreement relates to Century Mile Racetrack and Century Downs Racetrack in Alberta, Canada, following Century Casinos' planned sale of its operations.
The proposed lease carries an initial annual base rent of C$10.7 million and a new 20-year initial term, with four five-year renewal options. The transaction will diversify VICI's tenant roster without changing aggregate rental collections. Closing is anticipated in the fourth quarter of 2026 or the first quarter of 2027, subject to regulatory approvals and customary conditions.
VICI’s Portfolio Maintains Strong OccupancyVICI's portfolio comprised 103 experiential assets, including 63 gaming properties and 40 other experiential properties, across the United States and Canada. Portfolio occupancy remained at 100%, while the weighted-average lease term, including tenant renewal options, stood at 39.4 years.
The company's annualized contractual real estate rent reached approximately $3.32 billion as of October 2026. Including annualized income from loans and securities, the total stood at approximately $3.62 billion. Caesars Entertainment and MGM Resorts International accounted for 38% and 32%, respectively, of annualized rent, highlighting the portfolio's concentration among major gaming operators.
VICI's Balance Sheet Supports Financial FlexibilityVICI ended the third quarter with $270.3 million in cash and cash equivalents. Total liquidity was approximately $2.5 billion, including around $2.2 billion available under its revolving credit facility. Total debt was approximately $17.2 billion, while the last-quarter annualized (LQA) net leverage ratio was 4.8 times.
In August, the company issued $1.75 billion of senior unsecured notes to refinance its remaining 2026 debt maturities. The offering carried an adjusted weighted-average interest rate of 5.42%. Subsequently, on Oct. 27, the board authorized a share repurchase program of up to $2 billion, expiring in September 2029.
VICI Raises 2026 AFFO OutlookManagement raised its full-year 2026 AFFO guidance to $2.695-$2.705 billion from the previous range of $2.675-$2.695 billion. The revised outlook increases both ends of the range, reflecting management's updated expectations for operating performance.
AFFO per share is now projected between $2.47 and $2.48 compared with the previous guidance of $2.45-$2.47. The Zacks Consensus Estimate is presently pegged at $2.47, within the projected range.
Currently, the company carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other REITsBXP, Inc. (BXP - Free Report) reported third-quarter 2026 funds from operations (FFO) of $1.89 per share, beating the Zacks Consensus Estimate of $1.80 by 5%. FFO increased 8.6% from the year-ago quarter. Lease revenues increased 4.5% year over year to $846.2 million, surpassing the consensus mark of $839.9 million by 0.7%. Total revenues rose 4.6% to $911.4 million.
BXP’s results reflected better-than-projected portfolio performance, higher occupancy and growth in same-property net operating income (NOI), which supported the FFO and revenues beat.
Welltower Inc. (WELL - Free Report) reported third-quarter 2026 normalized FFO of $1.67 per share, beating the Zacks Consensus Estimate of $1.64 by 1.8%. The metric increased 24.6% year over year. Total revenues of $3.72 billion surpassed the consensus mark of $3.63 billion by 2.5% and rose 38.4% year over year.
WELL’s results benefited from robust senior housing operating portfolio performance, with same-store NOI growth and improvement in average occupancy.
Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.
Key Takeaways AEP beats Q3 earnings and revenue estimates, unveils a $100B capital plan and raises its growth outlook.AEP targets 9%-11% annual EPS growth through 2031, with its rate base projected to reach $162 billion.AEP reports 84 GW of contracted load through 2031, including 35 GW backed by firm take-or-pay agreements.
American Electric Power Company, Inc. (AEP - Free Report) outlined an expanded investment strategy during its third-quarter 2026 earnings call, introducing a $100 billion capital plan and raising its long-term earnings growth outlook amid accelerating electricity demand.
Management emphasized stronger operating earnings, contracted load growth, transmission expansion and disciplined financing. Analyst discussions focused on investment opportunities beyond the current capital plan, regulatory developments and balancing infrastructure spending with customer affordability.
AEP Delivers Earnings and Revenue Beats in Q3AEP reported third-quarter 2026 operating earnings of $2.23 per share, exceeding the Zacks Consensus Estimate of $2.04 by 9.30%. Operating earnings increased from $1.80 per share in the year-ago quarter.
Quarterly revenues reached $6.832 billion, surpassing the Zacks Consensus Estimate of $6.614 billion by 3.30%. Revenues increased from $6.011 billion in the prior-year period.
CFO Trevor Mihalik attributed stronger earnings to constructive regulatory outcomes, growing electricity demand and continued transmission and generation investments. Operating earnings totaled $1.216 billion compared with $963 million a year earlier.
American Electric Power Raises Earnings Growth OutlookChairman, president and CEO William Fehrman introduced expected annual operating earnings per share growth of 9-11% from 2027 through 2031, up from the previous 7-9% range.
Mihalik projected operating earnings CAGR exceeding 10% through 2031, based on the original 2026 guidance midpoint. Management also projected 10% CAGR through 2033.
Following strong year-to-date performance, AEP expects 2026 operating earnings at or above the upper end of its $6.25-$6.55 guidance range. Management established guidance of $6.75-$7.05 for 2027 and $7.40-$7.70 for 2028.
AEP Expands Capital Spending to Support DemandFehrman highlighted the $100 billion five-year capital plan through 2031, supporting expected rate base growth from $87 billion in 2026 to $162 billion by 2031.
Mihalik detailed planned investments of $37 billion in transmission, $36 billion in generation and $22 billion in distribution. Transmission rate base is expected to approach $70 billion by 2031.
Management emphasized that approximately 90% of planned utility investments are expected to benefit from reduced regulatory recovery lag mechanisms, including riders and trackers.
American Electric Power Sees Contracted Load GrowthFehrman identified data centers, manufacturing facilities and other large electricity consumers as significant drivers of infrastructure demand.
Mihalik reported 84 gigawatts of incremental contracted load through 2031, an increase of 15 gigawatts from the previous quarter. Of this, 35 gigawatts are supported by firm take-or-pay electric service agreements.
Fehrman also highlighted potential residential customer benefits. Existing agreements could generate up to $21 billion in fixed-cost offsets over their contractual lives compared with the previous $16 billion estimate.
AEP Addresses Texas Investment and Regulatory TimingDuring the analyst discussion, Wolfe Research questioned how much contracted Texas demand was incorporated into the capital plan.
Mihalik explained that the $17 billion Texas investment allocation primarily addresses reliability and resiliency. Additional transmission projects associated with large-load demand represent opportunities beyond current spending assumptions.
A Jefferies analyst questioned ERCOT approval timing. Fehrman discussed the pending Batch Zero review and disclosed that AEP had collected more than $2 billion in Texas cash or collateral.
American Electric Power Details Financing StrategyMihalik expects approximately $55 billion in operating cash flow over the five-year planning period, supporting the expanded investment program.
Responding to Wells Fargo, Mihalik discussed more than $5 billion in equity forwards and an additional $2.5 billion in potential marketed equity over two years.
Management emphasized financing flexibility and limiting shareholder dilution. Mihalik also highlighted future generation opportunities supported by contracted demand and existing turbine supplier arrangements.
AEP Maintains Focus on Disciplined ExecutionFehrman emphasized established supplier partnerships, regulatory relationships and project execution capabilities as essential to delivering the investment program.
Mihalik reinforced management's commitment to balancing infrastructure growth with financial discipline, customer affordability and timely recovery of invested capital.
AEP's Zacks Rank and Style Scores Indicate Mixed SignalsAEP currently carries a Zacks Rank #2 (Buy), reflecting favorable near-term earnings estimate revision characteristics. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Its Momentum Score of B indicates relatively stronger momentum attributes.
However, Value, Growth and VGM Score of C indicate more moderate characteristics across those categories. The combination is less favorable than a Zacks Rank #1 or #2 paired with an A- or B-rated VGM Score.
The Zacks Rank remains subject to change as analysts revise earnings estimates following the recently reported quarterly results.
An open optimization contest backed by StarkWare and the Starknet Foundation roughly halved the gas cost of verifying Falcon-512 signatures
Quantum-safe transactions on Starknet now cost about $0.023 per verification.
That’s the result of an open challenge where people and AI agents compete to make post-quantum signatures cheaper. Within weeks, they cut the gas bill for verifying a Falcon-512 signature roughly in half.
How a coding contest halved the bill
The challenge targets Falcon-512, a post-quantum signature scheme. The contest asks a narrow question: how cheaply can a Falcon-512 signature be verified inside Starknet’s Cairo-based environment?
The starting line came from OpenZeppelin, which supplied the initial verifier. That baseline implementation consumed 48.4 million gas per verification.
The current leading implementation sits at approximately 25.9 million gas. That is close to a 2x improvement, or nearly 50% less work for the network.
Translated into money, the record works out to about $0.023 per verification at recent STRK token prices. The figure depends on the token, so it will shift as STRK moves.
The challenge launched around October 18, 2026, as a joint effort between StarkWare and the Starknet Foundation. Dozens of successive records were set within days, and the roughly 50% reduction was reached by late October.
For Falcon-512 specifically, participants and their AI agents set 434 records on the way to the about $0.023 cost figure. Each result is checked and publicly credited to whoever produced it.
From a $0.06 demo to a cents-level benchmark
This is not Starknet’s first pass at Falcon-512. In July 2026, a mainnet transfer using a Falcon-512 account cost around $0.06.
That transaction was described as experimental and unaudited. It was a proof that the plumbing worked, not a product anyone was meant to rely on.
The two numbers measure slightly different things. The July figure covered a full account transfer, while the newer $0.023 figure refers to the verification step.
The Falcon-512 work sits inside a broader post-quantum roadmap from StarkWare. The company points to Starknet’s STARK-proof architecture as the basis for its claims of quantum resistance.
That framing matters for context. STARK proofs secure how Starknet proves its computation, but user accounts still need signatures, and that’s where schemes like Falcon-512 come in.
What this means for Starknet and post-quantum crypto
The caveats are real. The earlier mainnet demo was explicitly experimental and unaudited, and record-setting optimizations in a contest are not the same as audited, production-ready code.
Aggressive gas tricks can also introduce subtle bugs. Any verifier that ends up protecting real funds will need serious review before it graduates from the leaderboard.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Flowserve Corporation (FLS) Q3 2026 Earnings Call October 29, 2026 8:30 AM EDT
Company Participants
Olivia Webb - Director of Investor Relations
Robert Rowe - President, CEO & Director
Brian Ezzell - Senior VP, CFO & Interim Chief Accounting Officer
Conference Call Participants
Michael Halloran - Robert W. Baird & Co. Incorporated, Research Division
Andrew Kaplowitz - Citigroup Inc., Research Division
Adam Farley - Stifel, Nicolaus & Company, Incorporated, Research Division
Joseph Ritchie - Goldman Sachs Group, Inc., Research Division
Brett Linzey - Mizuho Securities USA LLC, Research Division
Joseph Giordano - TD Cowen, Research Division
Zachary Walljasper - UBS Investment Bank, Research Division
Presentation
Operator
Good day, and welcome to the Flowserve Third Quarter 2026 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Olivia Webb, Director of Investor Relations for Flowserve. Please go ahead.
Olivia Webb
Director of Investor Relations
Thank you, and good morning, everyone. Welcome to Flowserve's Third Quarter 2026 Business Update. I'm joined by Scott Rowe, Flowserve's President and Chief Executive Officer; and Flowserve's Chief Financial Officer, Brian Ezzell. Following Scott and Brian's prepared remarks, we will open the call for questions.
Turning to Slide 2. Our discussion will contain forward-looking statements that are based upon information available as of today. Actual results may differ materially due to risks and uncertainties. Please refer to additional information, including our note on non-GAAP measures in our press release, earnings presentation and SEC filings, which are available on our website.
With that, I will turn it over to Scott.
Robert Rowe
President, CEO & Director
Thank you, Olivia, and good morning, everyone. To start, I'm excited to have Brian Ezzell on our executive leadership team in his new role as Chief Financial Officer. He brings deep financial and operational experience, strong knowledge of our business and trusted relationships with the investment
SummaryKinetik Holdings is rated Hold with a 12-month price target of $59.90, reflecting limited upside after a strong run on takeover speculation.KNTK's recent outperformance was driven by commodity tailwinds and marketing gains, but future results hinge on curtailed volumes returning and Kings Landing II execution.The dividend yields 5.8% but remains partly debt-funded; material growth is unlikely until Kings Landing II is operational, with free cash flow coverage expected by 2028.At $55.75, KNTK trades at a premium multiple, already pricing in much of the takeover optionality and growth, leaving a modest risk/reward skew. RyanJLane/E+ via Getty Images
On September 9, after the close, Bloomberg reported that Kinetik Holdings (KNTK) was working with advisers on a possible sale process that "could start within weeks." The shares rose 5.1% in after-hours trading. Seven weeks later there's no announced deal, and
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in GNRC over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
WESCO International, Inc. (WCC) Q3 2026 Earnings Call October 29, 2026 10:00 AM EDT
Company Participants
Scott Gaffner - Senior Vice President of Investor Relations
John Engel - Chairman, President & CEO
Indraneel Dev - Executive VP & CFO
Conference Call Participants
David Manthey - Robert W. Baird & Co. Incorporated, Research Division
Sam Darkatsh - Raymond James & Associates, Inc., Research Division
Thomas Moll - Stephens Inc., Research Division
Christopher Glynn - Oppenheimer & Co. Inc., Research Division
Kenneth Newman - KeyBanc Capital Markets Inc., Research Division
Guy Drummond Hardwick - Barclays Bank PLC, Research Division
Christopher Dankert - D.A. Davidson & Co., Research Division
Presentation
Operator
Hello, and welcome to the Wesco's 2026 Third Quarter Earnings Call. [Operator Instructions] Please note that this event is being recorded. I will now hand the call over to Scott Gaffner, SVP, Investor Relations, to begin.
Scott Gaffner
Senior Vice President of Investor Relations
Thank you, and good morning, everyone. Before we get started, I want to remind you that certain statements made on this call contain forward-looking information. Forward-looking statements are not guarantees of performance and by their nature, are subject to uncertainties. Actual results may differ. Please see our webcast slides and the company's SEC filings for additional risk factors and disclosures. Any forward-looking information speaks only as of this date, and the company undertakes no obligation to update the information to reflect changed circumstances.
Additionally, today, we will use certain non-GAAP financial measures. Required information about these measures is available on our webcast slides and in our press release, both of which are posted on our website at wesco.com. On the call this morning, we have John Engel, Wesco's Chairman, President and Chief Executive Officer; and Neel Dev, Executive Vice President and Chief Financial Officer. And with that, I'll turn the call over to John.
, /PRNewswire/ -- QuidelOrtho Corporation (Nasdaq: QDEL), a leading global provider of diagnostic solutions, has released episode 62 of its Science Bytes podcast, exploring best practices in AI and informatics to make lab operations smoother.
Rodney Guzman, Vice President of Software Engineering for Global Informatics Platforms, QuidelOrtho Laboratories are facing increasing complexity and growing testing demand. Historically, data across the lab has existed in silos. Labs need ways to integrate this data and accelerate clinical decision-making. Informatics serves as a critical means to drive efficiency, performance and data accuracy – having a real impact on patients awaiting test results.
Hosted by Josh Casey, this episode features QuidelOrtho's Vice President of Software Engineering for Global Informatics Platforms, Rodney Guzman, who illustrates how to apply structured informatics to transform results from discrete laboratory systems into meaningful clinical knowledge.
Key Insights:
Clinical laboratories face workforce challenges, including shortages of specialists to manage complex testing scenariosAI has the potential to optimize test utilization, eliminate redundant testing and reduce workflow bottlenecksHowever, before this happens, the underlying lab data must be standardized, reliable and traceable; otherwise, the AI system can't deliver reliable insightsInformatics serves as a means to consolidate, organize and present data sets consistentlyIntegrating this data is particularly beneficial for supporting applications like transfusion medicine where a complex array of data influences clinical decisionsIn any lab setting, AI augments clinical experts, and lab professionals are ultimately responsible for interpreting results and making final decisionsListen to the latest episode of the QuidelOrtho Science Bytes podcast on major streaming platforms or at https://www.quidelortho.com/global/en/resources/podcasts/Episode-62-Turning-results-into-answers.
Entegris, Inc. (ENTG) Q3 2026 Earnings Call October 29, 2026 8:00 AM EDT
Company Participants
Jeffrey Schnell - Vice President of Investor Relations
David Reeder - CEO, President & Director
Sukhi Nagesh - Senior VP & CFO
Conference Call Participants
Melissa Weathers - Deutsche Bank AG, Research Division
Yiling Sun - Citigroup Inc., Research Division
Brian Chin - Stifel, Nicolaus & Company, Incorporated, Research Division
Aleksey Yefremov - Barclays Bank PLC, Research Division
Timothy Arcuri - UBS Investment Bank, Research Division
James Schneider - Goldman Sachs Group, Inc., Research Division
Christopher Parkinson - Wolfe Research, LLC
Yu Shi - Needham & Company, LLC, Research Division
Edward Yang - Oppenheimer & Co. Inc., Research Division
Peter Osterland - Truist Securities, Inc., Research Division
Michael Harrison - Seaport Research Partners
Presentation
Operator
Welcome to the Entegris Third Quarter 2026 Earnings Conference Call. [Operator Instructions]
I would now like to turn the call over to Jeffrey Schnell, VP of Investor Relations.
Jeffrey Schnell
Vice President of Investor Relations
Good morning, everyone. Earlier today, we announced the financial results for the third quarter of 2026. Before we begin, I would like to remind listeners that our comments today will include some forward-looking statements. These statements involve a number of risks and uncertainties, and actual results could differ materially from those projected in the forward-looking statements. Additional information regarding these risks and uncertainties is contained in our most recent annual report and subsequent quarterly reports that we have filed with the SEC. Please refer to the information on the disclaimer slide in the presentation. On this call, we will also refer to non-GAAP financial measures as defined by the SEC in Regulation G. You can find reconciliation tables in today's news release as well as on the IR page of our website at entegris.com.
Joining me on the call today are Dave Reeder, our CEO; and Sukhi
The milestone comes as the protocol ends ENA token incentives and leans on a revenue-funded buyback model instead
Ethena says it has distributed more than $800 million in rewards across its USDe ecosystem since launch. That is a lot of money handed back to users of a dollar-pegged token that only arrived in early 2024.
The timing is interesting. The milestone lands just as Ethena has stopped paying users in its own ENA token and started betting that real revenue, not emissions, can keep the lights on.
Where the money went The bulk of those rewards flowed to users who staked USDe into sUSDe, the protocol’s staked version of the token. Rewards also went to people who took part in various other activities across the ecosystem.
Research compiled on the protocol puts the figure at more than $750 million since USDe launched. It adds that total rewards reportedly approached or surpassed $800 million, which lines up with Ethena’s own claim.
That reward machine has now been partly switched off. As of September 30, 2026, ENA token incentives for USDe stakers were fully discontinued.
The wind-down was not sudden. Those incentives had already been cut by approximately 85% since 2024 before being phased out entirely.
Yield has not disappeared, though. Average annual percentage yields on sUSDe hovered around 5% in Q3 2026, according to the research findings. That return now has to stand on its own without a token sweetener on top.
A bumpy ride for USDe supply The supply numbers tell a story of boom, bust and cautious stabilization. USDe’s circulating supply peaked at approximately $15 billion in October 2025.
By late August 2026, that figure had fallen below $5 billion. By mid-October 2026, supply stood at around $4.94 billion.
The fee switch and the ENA buyback bet In a recent governance vote, Ethena approved what it calls an “ENA fee switch.” The mechanism allows buybacks funded by up to 95% of certain eligible net revenues.
There is a catch. The switch only triggers once USDe supply hits specific milestones, with the first threshold initially set at $7.5 billion.
At around $4.94 billion, USDe would need to grow by more than $2.5 billion before that first trigger kicks in.
Building the distribution network Ethena has not been sitting still while supply recovers. Several expansions rolled out in 2026 aimed at putting USDe in more places.
The protocol expanded USDe rewards on Aave V4, one of the larger lending venues in decentralized finance. It also added new integrations with Morpho, another lending platform.
On top of that, Ethena introduced beta features for Ethena Pay. The research findings describe these moves as efforts to boost user engagement and widen the ecosystem.
What this means For ENA holders, the buyback mechanism is real on paper, but it stays dormant until supply climbs well above where it sits today. Anyone evaluating the token should treat USDe supply as the single most important metric to watch, because it determines whether the fee switch ever activates.
For USDe users, the question is whether roughly 5% yield on sUSDe is enough to compete without extra ENA rewards. The research notes that USDe’s appeal against rivals hinges on strategies like the fee switch and partnerships such as Aave.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of The Ensign Group, Inc. (NASDAQ: ENSG) between February 10, 2022 and June 18, 2026, both dates inclusive (the “Class Period”), of the important December 7, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.
SO WHAT: If you purchased Ensign securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Ensign class action, go to https://rosenlegal.com/cases/the-ensign-group-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 7, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) Ensign’s business model depends on the systematic and widespread neglect of elderly people who live in its facilities, including those with needs for high levels of care; (2) Ensign’s abuse and neglect includes not giving residents enough food, medical attention, or even basic toiletries as well as failing to respond to residents in clear distress, which has resulted in resident deaths; (3) Ensign uses self-reporting measures as a way to cover up that it systematically neglects patients; (4) Ensign defrauds Medicaid and Medicare by taking federal funds to help patients who need high levels of care, and then neglecting those same patients; (5) Ensign falsifies the number of hours that Certified Nursing Assistants spend with residents; (6) Ensign engages in an illegal scheme to rent the licenses of Administrators who are not generally present at, nor actually managing, its facilities; (7) Ensign materially understated the reputational and litigation exposure that comes with a dangerous, abhorrent, and illegal business model; and (8) as a result, defendants’ statements about Ensign’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Ensign class action, go to https://rosenlegal.com/cases/the-ensign-group-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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Attorney Advertising. Prior results do not guarantee a similar outcome.
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The Rosen Law Firm, P.A.
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New York, NY 10016
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