Track market-moving stories before they get noisy

Shale producer Occidental Petroleum (OXY.N) said in a filing on Tuesday its worldwide average realized ​oil prices rose 32.6% in the third quarter from ‌a year earlier, as concerns over supply disruptions linked to the US-Iran war and restricted oil flows through the Strait ​of Hormuz lifted crude prices.

The US-Iran war has pushed ​up oil prices by raising supply concerns ⁠and disrupting flows through the Strait of ​Hormuz, which carries about a fifth of the world's ​oil.

In September, the company temporarily curtailed production at certain Gulf of America facilities, referring to the Gulf of Mexico, ​due to a third-party gas pipeline constraint ​and maintenance activities.

Production has been partially restored, with the remaining ‌impacted ⁠production expected to return as the third-party gas pipeline constraint is resolved.

Benchmark Brent crude prices averaged $89.27 a barrel during the July-September quarter, up 31.2% ​from the year-ago ​quarter.

Occidental's worldwide ⁠average realized oil price in the third quarter was $85.91 per barrel, compared ​with $64.78 a barrel a year earlier.

Worldwide realized ​natural ⁠gas prices averaged $1.69 per million cubic feet, compared with positive $1.57 per mcf in the year-ago quarter.

Worldwide realized natural ⁠gas ​liquids prices rose nearly 26% ​to $24.63 per barrel, compared with $19.60 per barrel in the year-ago quarter.

Company investing and scaling production to support global demand

, /PRNewswire/ -- Raytheon, an RTX (NYSE: RTX) business, was awarded $729 million to deliver critical components of the LIDS counter-drone system to the U.S. Army, Qatar and Jordan. LIDS – or the Low, slow, small, unmanned aircraft Integrated Defeat System – incorporates Raytheon's Ku-band Radio Frequency Sensor (KuRFS) and the Coyote® effector. These are the first international sales of KuRFS and Coyote.

As key elements of the U.S. Army's LIDS program, KuRFS provides advanced 360-degree threat detection, while Coyote low-cost kinetic and non-kinetic effectors defeat individual drones as well as swarms, with hundreds of intercepts in combat. The contract includes a mix of fixed-site and mobile configurations for LIDS.

"LIDS provides a proven and cost-effective layer of defense that ensures allied forces have the protection they need against hostile drones," said Tom Laliberty, president of Land and Air Defense Systems at Raytheon. "To stay ahead of rapidly evolving drone threats, Raytheon is accelerating production of the Coyote family of effectors -- delivering a uniquely scalable, battle–tested solution that meets the surge in global demand."

RTX is investing to expand production and integrate new technologies into the Coyote interceptor to constantly stay ahead of evolving threats. Capability upgrades include faster launch times, higher speeds and greater range at higher altitudes.

About Raytheon
Raytheon, an RTX business, is a leading provider of defense solutions to help the U.S. government, our allies and partners defend their national sovereignty and ensure their security. For more than 100 years, Raytheon has developed new technologies and enhanced existing capabilities in integrated air and missile defense, smart weapons, missiles, advanced sensors and radars, interceptors, space-based systems, hypersonics and missile defense across land, air, sea and space.

About RTX
With more than 180,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. With industry-leading capabilities, we advance aviation, engineer integrated defense systems for operational success, and develop next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2025 sales of more than $88 billion, is headquartered in Arlington, Virginia.

For questions or to schedule an interview, please contact [email protected].

SOURCE RTX

Broadcom's CEO stood before a room of investors and called them casino gamblers, then turned around and raised his own AI revenue guidance. The contradiction points to three separate warnings buried in one panel appearance, and the most dangerous one…

“A lot of investors have no clue what they are investing in,” Hock Tan, chief executive of Broadcom (NASDAQ:AVGO | AVGO Price Prediction), said at an event in Singapore. Investors, he noted, “set very extreme expectations only to find out that it’s almost like they are in a casino.”

Broadcom fell 1.88% on the session to close at $354.73, leaving the $1.69 trillion chipmaker about 28% below its 52-week high of $495.00.

The man warning about excess is also guiding his own AI revenue sharply higher. Both positions hold, because Tan sells custom chips to a handful of hyperscalers under multi-year programs, and his warning targets everyone downstream of that order book.

Three Separate Warnings Hidden in One Panel The first concerns investors who cannot explain what they own. His words were “a lot of” and “many,” a qualified claim about part of the market.

The second concerns enterprises. He compared corporate AI pilots to a video arcade, where $10 is gone in 10 minutes, and the spending teaches companies little.

The third is the most specific: a capital shortage could overtake chips and memory as the industry’s next constraint. Mentioning AI data center company Firmus pulling its IPO in the week of October 5, 2026, he noted that fellow panelists, including the chief executives of Intel (NASDAQ:INTC) and DBS, echoed the capital crunch concern.

The capital warning carries the most weight because the AI buildout runs on outside money; data centers are paid for with debt, private credit, and equity raised against revenue that often does not exist yet.

If financing tightens, orders stop before the chips run out. A single pulled IPO is a small signal, but funding stress usually surfaces first in deals like that one.

Broadcom is directly exposed to this risk: on its September 2, 2026 call, management said future customer financing arrangements may include residual value guarantees or backstops.

Broadcom’s Read-Through AI semiconductor revenue reached $16.7 billion last quarter, up 221%, and management guided $21.7 billion for the current quarter. Tan expects about $58 billion this fiscal year and $230 billion in fiscal 2028.

Custom silicon is signed years ahead and is among the last spending a hyperscaler cuts. The bear case is concentration: Broadcom has six XPU customers, and if two or three slow down, there is nowhere to redirect the capacity. Broadcom sits further upstream of the excess, which delays any damage if spending slows but offers no protection.

What Tan Left Unsaid Tan has a reason to talk down expectations he will later be measured against. On the September call, he told an analyst, “Whatever I tell you, you guys go on and print a bigger number.”

On OpenAI, whose reported annualized revenue is about $50 billion, he said, “for now it’s still losing money because they’re spending a lot on training,” and added, “frankly, it doesn’t tell anything at this point except that there is a lot of potential revenue growth.” He also did not cut guidance, flag order cancellations, or describe weakness in Broadcom’s own book.

Should You Buy or Sell AVGO Stock The evidence leans toward the bull case for the business. Tan described a valuation problem among investors and a financing problem among builders, and neither has yet reached Broadcom’s signed orders.

With shares about 28% below the high while guidance rises, the market already discounts part of the forecast, which limits how much of the outlook is priced in.

The trigger to check is financing. If another large private AI infrastructure raise is pulled, or Broadcom’s next quarterly filing shows expanded backstop exposure, the bull case weakens because the capital crunch Tan described will have reached his own customers.

Contact [email protected] for any questions or corrections.

With C1.ai, Workday Can Give Every Person and AI Agent the Right Access from the Day They Join to the Day They Leave — and Everywhere in Between

, /PRNewswire/ -- Workday Rising 2026 – Workday, Inc. (NASDAQ: WDAY), the trusted agentic platform for HR, finance, and IT, today announced it has signed a definitive agreement to acquire C1.ai, a leading agentic identity platform for people and agents. C1.ai connects to the systems a business runs on – from email and CRM to code repositories, finance systems, and cloud infrastructure – giving each person and agent the right access at the right time and removing it the moment it's no longer needed.

Most organizations manage employee access across hundreds of applications through manual service tickets, spreadsheets, and periodic reviews as workers join, move, and leave. The rapid adoption of AI agents has accelerated this challenge: C1.ai's research shows that 95% of large U.S. companies already run autonomous agents, yet according to Deloitte's State of AI research, only 21% report having a mature way to govern them. Organizations need to know who and what has access, why they have it, and when to remove it. Without those controls, AI agents can become lawless, creating security and compliance risks across the business.

Every new hire, job change, and exit is a Workday event. Workday already governs the people, money, and agents at the heart of the enterprise. With C1.ai, Workday will become the identity governance layer for people, money, and agents. Every employee and agent using Workday can have the right access to the apps, data, and systems they need, from the day they join to the day they leave, and every move in between.

"Today's companies run on a combined workforce of people and AI agents," said Gerrit Kazmaier, president, product and technology, Workday. "With C1.ai, we'll help secure that workforce by managing and enforcing exactly who – and what – has access to connected apps and systems, giving each person and agent the right access at the right moment to make work easier, safer, and more compliant."

"Enterprises can't secure the AI era using yesterday's IT tickets," said Alex Bovee, CEO and co-founder, C1.ai. "Workday is the operational heart of the enterprise, and by bringing C1.ai's identity governance directly into that core, we'll be able to manage access for every human and agent in real time – making work faster without making it less secure."

Managing Access for Every Worker and Agent in One Place

Imagine a new hire spending their first few days filing tickets just to get access to Slack, Jira, and the finance dashboard – and then keeping that access long after changing roles. Workday and C1.ai will bring these processes together so that new hires get the right access when they start, employees gain and lose access as their roles change, and departing workers are removed promptly. This translates to less time waiting on system permissions for employees, fewer manual approvals for managers, and fewer open doors for attackers.

Complete Visibility and Control for Agents

Some agents act on behalf of an employee and should only reach part of what that person can, while others work on their own with broader access that needs close oversight. An agent that was retired last quarter shouldn't still be able to get in, and most companies don't yet have a way to manage access at that level of detail.

The Workday Agent System of Record already gives companies one place to see and manage their agents. C1.ai will build on that, going beyond registering agents to also governing what they can access across Workday and other enterprise systems. Once registered, an agent can receive the access it needs, when it needs it, and lose that access immediately when its work or role ends.

Transaction Details & Availability 

The transaction is expected to close in the fourth quarter of Workday's fiscal year 2027, ending January 31, 2027, subject to the satisfaction of customary closing conditions. BofA Securities is serving as financial advisor to Workday and Orrick is serving as its legal advisor. Qatalyst is serving as financial advisor to C1.ai and Ashurst Perkins Coie is serving as its legal advisor.

About Workday 

Workday operates at the heart of the enterprise – HR, finance, and IT – where the margin for error is effectively zero. By tightly coupling AI with the context, guardrails, and trusted processes that run the business, Workday goes beyond AI that assists with work to agents that are capable of driving measurable outcomes. More than 11,500 organizations worldwide, including more than 65% of the Fortune 500, trust Workday to deliver. For more information about Workday, visit workday.com.

© 2026 Workday, Inc. All rights reserved. Workday and the Workday logo are trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.

About C1.ai

C1.ai is the identity platform for the AI era. Our platform connects humans and agents to enterprise systems with scoped access, enforced policies, human approval, and a record of every action. With C1.ai, the fastest path to AI adoption at scale is the governed path, giving organizations visibility and control without sacrificing security or slowing innovation.

Forward-Looking Statements 

This press release contains forward-looking statements including, among other things, statements regarding Workday's intent to acquire C1.ai, the expected timing and closing of the acquisition, and the expected benefits and capabilities of the combined solutions. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, the satisfaction of closing conditions, regulatory approvals, our ability to successfully integrate C1.ai's operations and technology, and other risks described in our filings with the Securities and Exchange Commission ("SEC"), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law.

Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday's discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.

SOURCE Workday Inc.

One Connection Carries Each Company's Permissions, Policies, and Approvals, So Workday's HR and Finance Agents Can Get the Work Done Wherever Work Happens

, /PRNewswire/ -- Workday Rising 2026 – Workday, Inc. (NASDAQ: WDAY), the trusted agentic platform for HR, finance, and IT, today announced that Sana, Workday's agentic experience and orchestration engine, will work inside the AI tools and platforms employees already use, including Claude, Google Cloud's Gemini Enterprise, Microsoft Copilot and Teams, and Slack, building on the self-service capabilities already available today.

Employees can ask for what they need in plain language, then Sana checks the company's policies, permissions, and approvals, and brings in the right Workday agents to get the work done.

For example, a business leader can ask Sana inside Microsoft Copilot to model a planning decision. Sana checks permissions, uses company data to compare the options, and saves the chosen plan to Workday with a full audit trail. If approval is needed, Sana gathers the context first and gives the manager a clear recommendation to act on.

Employees no longer have to file a ticket, chase an answer, or figure out which system to open, and companies are able to stay in control of their data, policies, and approvals. It is the next step beyond the self-service capabilities already available in these tools, from getting an answer to getting the work done.

"People shouldn't have to leave a conversation to access HR or finance domain AI agents, or to get the work done," said Joel Hellermark, chief AI officer, Workday. "Wherever that conversation happens, Sana brings the same understanding of a company's people, money, and rules that it has inside Workday, and the same team of agents to act on it."

Sana Applies Company Rules Before Acting

Sana is more than a connector. Third-party AI tools and platforms never get raw access to Workday data – they can now access this data through Sana, and Sana does the reasoning, applies each company's own permissions, approvals, and policies, and carries out the work so actions are lawful by design and recorded, regardless of the tool it started in. Workday introduced self-service capabilities in these tools earlier this year, giving employees a fast way to ask a question and get an answer. With Sana, these experiences now move beyond answers:

An employee asks for a specific outcome, and Sana coordinates the right Workday agents and tools behind the scenes to complete the work, without requiring the employee to know which agent handles what.
Sana can also spot certain issues before an employee asks for help. For example, after a business trip, Sana can flag an unfiled expense in Claude, apply the company policy, and prepare the expense report for review. The employee can confirm it from the conversation and get back to work.
One Connection Brings Workday Agents into the Tools Employees Already Use

Customers do not need to connect every tool to every agent one by one. With Sana, a single connection brings agents – whether they are built by Workday, a customer, or a partner – into the tools and platforms employees already use.

When Workday adds a new capability, it shows up across connected tools without employees having to learn a new system. Policy checks and approvals stay anchored in Workday, so work can start in any connected AI tool while the company's controls remain in place.

Sana Keeps Complex Work Moving

Some work requires more than a single question and answer. Open enrollment, performance reviews, closing the quarter, and workforce planning all involve many people, steps, and decisions that unfold over time.

For that work, Sana provides a home experience where employees and managers can see what is happening, pick up where they left off, and keep the work moving. Work can start in any tool, move into Sana when a richer view is needed, and return to the employee's flow of work with context intact.

Availability

Self-service with Sana is generally available today in Google Cloud's Gemini Enterprise, Microsoft Copilot, Microsoft Teams, and Slack. Sana will be available on those platforms in late 2026.
Sana in Claude Cowork is available today in early access.
Sana in Copilot Cowork is expected to be available in early access in late 2026.
For More Information

Read about how Sana brings the agentic experience to every employee.
Learn how Workday's Autopilot Agents get real work done across HR, Finance, and IT.
Register and attend Workday Rising sessions in the digital program:

Innovation Keynote [26-KEY2], Oct. 13 at 8:45am PT.
AI: Strategy & Vision [26-PSVIT2745], Oct. 13 at 3:15pm PT.

About Workday

Workday operates at the heart of the enterprise – HR, finance, and IT – where the margin for error is effectively zero. By tightly coupling AI with the context, guardrails, and trusted processes that run the business, Workday goes beyond AI that assists with work to agents that are capable of driving measurable outcomes. More than 11,500 organizations worldwide, including more than 65% of the Fortune 500, trust Workday to deliver. For more information about Workday, visit workday.com.

© 2026 Workday, Inc. All rights reserved. Workday and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.

Forward-Looking Statements 
This press release contains forward-looking statements including, among other things, statements regarding Workday's plans, beliefs, and expectations. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission ("SEC"), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time. Workday assumes no obligation to update any such forward-looking statements after the date of this release, except as required by law.

Any unreleased services, features, or functions referenced in this document are subject to change at Workday's discretion and may not be delivered as planned or at all. Customers should make purchase decisions based on services, features, and functions that are currently available.

SOURCE Workday Inc.

New Agent Harness Runs Every Agent with Built-in Context, Memory, and Guardrails, So Every Decision Can Be Proven

Agent-Ready Tools, Workday Data Cloud, Developer Agent, Custom Agents, and Agent Harness Are Now Generally Available

, /PRNewswire/ -- Workday Rising 2026 – Workday, Inc. (NASDAQ: WDAY), the trusted agentic platform for HR, finance, and IT, today announced its Trusted Agent Platform is now headless, enabling customers to build, run, and govern lawful AI agents across HR and finance with the development tools and models they choose. Every agent, whether it's built by Workday, a customer, or partner, works under the same Workday permissions, approvals, and audit trails.

The Trusted Agent Platform is where organizations build and run AI agents that operate within their business rules. It brings together Workday Data Cloud, Agent-Ready Tools, Developer Agent, Custom Agents, and Agent Harness, all generally available today.

Enterprise software is going headless, and AI agents can now do real work in HR and finance, without anyone logging in. That is the risk. Point an agent at an ungoverned copy of HR data in a data lake and it can read compensation it should never see. Connect it through a system-level account and it can act without approval. Either way, no one can prove what it did or why.

"Headless can't mean lawless," said Gabe Monroy, chief technology officer, Workday. "The rules for HR and finance already live in Workday, so customers don't have to rebuild them for every agent they create. This is what lets companies move fast with agents without losing control."

Bring Workday Rules to Headless

Workday is giving customers a safer way to let AI agents and apps work with Workday data wherever work happens, not just inside Workday. With Agent-Ready Tools and Live Data Query, every request carries Workday's rules with it, including who is asking, what they can see and do, which approvals apply, and how the action is recorded.

Agent-Ready Tools are Workday's Model Context Protocol (MCP) tools, giving any agent that supports MCP an approved way to read Workday data and take action.

"MCP gives agents a standard way to connect with the systems where work happens," said Ankur Sinha, head of enterprise and verticals, Anthropic. "Workday's Agent-Ready Tools bring that model to HR and finance, helping customers give agents access to critical workflows while preserving the permissions and approvals their businesses already trust."

Live Data Query lets teams and agents ask questions of live Workday data in SQL through Workday Data Cloud, with no custom reports, fragile integrations, or stale data copies. Workday applies the right security and business rules, so a BI dashboard or an AI agent gets answers from the same trusted source.

Run Every Agent on Guardrails with Agent Harness

Workday research shows why agents need guardrails. Large language models can misapply HR policies even when the correct policy is in front of them. Better models alone do not solve this. Agents need the context, rules, and business processes that live inside Workday.

Every agent deployed on Workday runs on Agent Harness, which gives each agent the context a task depends on, including who the person is, their role and reporting line, what they can see and do, and which policies and processes apply. That context comes from the system that runs HR and finance, not from a data copy or policy document, so agents work from the facts and rules the business already trusts. Agent Harness also governs each action and routes each task to the right model for cost and performance.

In early 2027, Agent Harness will add Agent Context Service and Grounded Reasoning. Agent Context Service will identify the Workday context an agent needs and provide it before the agent starts reasoning, so agents work faster and handle less sensitive data. Grounded Reasoning will then check requests against company policies, business processes, and tenant data before an agent acts.

For example, if a manager asks an agent to move someone into a role the manager has no authority to fill, the agent will be able to stop, explain why, and point to the right next step instead of making a change that violates policy.

Build Enterprise-Ready Agents on Workday

Developer Agent is now generally available and lets teams turn plain language requests into custom agents and apps using the domain expertise and AI skills built into Workday.

Customers describe the agent they need using their preferred development tool, including Claude Code, Codex, Cursor, and the Workday Developer Site. A team that wants to match employees to open internal roles, for example, can ask Developer Agent to build an agent that uses trusted job data through Workday Data Cloud, picks the right Agent-Ready Tools, and follows existing Workday security and business processes.

With Custom Agents also now generally available, teams can build their own agents and deploy them on Agent Harness. Teams that prefer their own framework can build with tools like Google ADK and LangChain frameworks. They can also choose which AI model powers each agent, including Anthropic's Claude, Google's Gemini, Meta's Llama, Mistral models, OpenAI's GPT, and now, NVIDIA's Nemotron open models.

"Efficient agents require a system of both open and proprietary models," said Pat Lee, vice president, strategic enterprise partnerships, NVIDIA. "Workday's Trusted Agent Platform gives developers the ability to work with the right model for the job – including NVIDIA Nemotron open models – so they can build optimized workflows they can adapt, govern, and trust."

Availability

Workday Agent Harness is generally available, powering all agents built by Workday, customers, and partners. Agent-Ready Tools, Custom Agents, and Developer Agent are generally available in Workday Extend AI. Workday Data Cloud, including Live Data Query and Agent Lake, are generally available. Support for LangChain frameworks and NVIDIA Nemotron is now generally available. Support for Google ADK is accepting design partners. Agent Context Service is expected to be delivered within Agent Harness in early access in late 2026. Grounded Reasoning is expected to be delivered within Agent Harness in early access in early calendar year 2027. For More Information

Read the blog, Inside Workday's Trusted Agent Platform. Discover how to build and run AI agents lawfully with Workday Extend AI's Developer Agent, Custom Agents, and Agent-Ready Tools. Learn how Workday Data Cloud opens the system of record directly to AI agents, so teams no longer have to extract data, duplicate it, or rebuild security. Register and attend Workday Rising sessions in the digital program: Office of the CIO Keynote: The Agent-Ready Platform [26-KEY6], Oct. 13 at 11:00am PT. Workday Data Cloud: Governed Access and trusted contextualized data for Autonomous Agents [26-PSVIT2743], Oct. 13 at 4:30pm PT. About Workday

Workday operates at the heart of the enterprise – HR, finance, and IT – where the margin for error is effectively zero. By tightly coupling AI with the context, guardrails, and trusted processes that run the business, Workday goes beyond AI that assists work to agents that are capable of driving measurable outcomes. More than 11,500 organizations worldwide, including more than 65% of the Fortune 500, trust Workday to deliver. For more information about Workday, visit workday.com.

© 2026 Workday, Inc. All rights reserved. Workday and the Workday logo are trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.

Forward-Looking Statements

This press release contains forward-looking statements including, among other things, statements regarding Workday's plans, beliefs, and expectations. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission ("SEC"), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law.

Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday's discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.

SOURCE Workday Inc.

Workday Decision Intelligence Replaces Spreadsheets and Guesswork with a Single, Governed AI Experience for HR and Finance

Teams Can Model Different Business Scenarios Across HR and Finance, Make Critical Decisions and Take Action with Confidence

, /PRNewswire/ -- Workday Rising 2026 – Workday, Inc. (NASDAQ: WDAY), the trusted agentic platform for HR, finance, and IT, today announced Workday Decision Intelligence is now available across its portfolio, giving HR and finance teams a single, governed AI experience that works the way an in-house analyst would: with seamless, secure access to the people, financial, and planning data already governed in Workday. Teams can ask a question in plain language, get an answer grounded in live data instead of a static export, compare options, and take action based on existing Workday permissions.

When HR and finance teams need to evaluate a hiring plan, explain a margin shift, or respond to a change in the business, they need workforce and financial data they can trust – and that data rarely lives in one place. Too often, getting that answer means downloading data out of separate HR and finance systems into spreadsheets, working from offline exports that are out of date as soon as they're pulled, and manually stitching together numbers because the two systems were never connected to begin with. By the time teams are ready to act, the data is stale, the access controls are unclear, and nobody can agree on which version of the numbers is right. Decision Intelligence solves this by giving HR and finance teams a single agentic experience with secure access to the same live, trusted data.

"Decision Intelligence is one of the most meaningful advances we've seen in Workday," said James Choi, global head of finance transformation & procurement, Unity Technologies. "It is already helping us close the gap between analysis and execution, from quickly investigating revenue variances to streamlining the monthly post-close outlook deck we build for our CFO. Because it works within Workday's security model and understands our ledger, cost center, and company hierarchies, our teams can move faster without losing the business context they rely on."

Decision Intelligence first helped financial planning and analysis (FP&A) teams in Adaptive from Workday move quickly from analysis to action. Workday is now extending it to more of the business, from team design, skills gaps, and hiring strategy to close variances, reconciliation, and flux analysis during close.

"Leaders are under pressure to make more complex decisions in less time, but speed only matters if teams can understand the full impact of the path they choose," said Ben Pierce, general manager, Adaptive from Workday. "With Workday Decision Intelligence, HR and finance teams can evaluate workforce and financial trade-offs together, then move approved actions forward through the data, permissions, and business processes that already run the enterprise."

For HR, Workforce Planning That Looks Beyond Headcount

Workday Decision Intelligence for HR helps HR leaders, business partners, and workforce planners make decisions about people, skills, teams, and organizational health with the full costs, timing, and risk in view.

Teams can ask questions about workforce supply and demand, organization design, attrition risk, recruiting plans, and skills gaps. They can then compare strategies, such as hiring externally, building internal talent, using contingent labor, adjusting timelines, or investing in retention, and see the cost, timing, and risk of each. Recommended actions go to the right decision-makers with the trade-offs already laid out.

For example, if a workforce plan calls for 50 new hires, HR can ask whether the business still needs all 50 based on the work being done, where skills already exist, where capacity is underused, and how the plan affects cost. Leaders can compare options using current workforce data instead of static reports or manually piecing together information. Once a strategy is approved, teams can act on it directly in Workday, keeping people decisions grounded in trusted data, existing approvals, and human oversight. Over time, HR can see which workforce strategies actually delivered, so the next decision starts from what worked, not from scratch.

For Finance, From Understanding What Changed to What to Do Next

Workday Decision Intelligence for Finance helps FP&A and accounting teams understand what changed, evaluate options, and decide how to respond, whether it's performance, profitability, or financial health.

Teams can explore questions about revenue changes, margin pressure, cost trends, forecast variance, and balance sheet movement across different dimensions. Finance leaders can trace changes to the underlying drivers, compare actions such as adjusting investment timing, reallocating budget, or revisiting assumptions and route recommendations through the right controls and approvals.

For example, if revenue is growing but margin is shrinking, finance teams can ask what changed and why and can compare options before deciding what to do next. Instead of recreating analysis in spreadsheets, teams can investigate, model scenarios, and act on governed financial and planning data in Workday, with a clear record of the assumptions, approvals, and actions behind every decision. That record becomes a feedback loop: finance can see which responses to a variance actually improved the outcome and apply that the next time a similar shift happens.

Availability

Workday Decision Intelligence is now available to Workday Human Capital Management (HCM) and Workday Financial Management customers. Decision Intelligence for Adaptive continues to be available to Adaptive from Workday customers.

For More Information

Learn how Workday's Autopilot Agents get real work done across HR, Finance, and IT.
Read about how Sana brings the agentic experience to every employee.
Register and attend Workday Rising sessions in the digital program:

Decide Faster, Decide Better: AI and the Road to Agentic Finance [26-KEY5], Oct. 13 at 11:00am PT.
Decision Intelligence: AI-driven Strategic Insights with Adaptive from Workday [26-PLLP1920], Oct. 14 at 12:00pm PT.

About Workday

Workday operates at the heart of the enterprise – HR, finance, and IT – where the margin for error is effectively zero. By tightly coupling AI with the context, guardrails, and trusted processes that run the business, Workday goes beyond AI that assists work to agents that are capable of driving measurable outcomes. More than 11,500 organizations worldwide, including more than 65% of the Fortune 500, trust Workday to deliver. For more information about Workday, visit workday.com.

© 2026 Workday, Inc. All rights reserved. Workday and the Workday logo are trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.

Forward-Looking Statements

This press release contains forward-looking statements including, among other things, statements regarding Workday's plans, beliefs, and expectations. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission ("SEC"), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law.

Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday's discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.

SOURCE Workday Inc.

New job matching capability helps compensation teams adapt as AI reshapes jobs and skills.  | Source: Willis Towers Watson US LLC

NEW YORK, Oct. 13, 2026 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company, has introduced AI-powered job matching capability to Rewards AI, helping compensation teams keep pace with evolving jobs and skills through faster, more consistent job matching.

Using Rewards AI for Job Matching, compensation professionals can enter a job title or describe a role in everyday language and receive recommended job disciplines, career bands and career levels based on WTW job content and survey methodology. The job-matching capability explains the rationale behind each recommendation, allowing users to review the options and make the final decision.

Job matching determines which market role and level should be used to benchmark an organization’s jobs for pay purposes. As AI changes tasks and introduces new skills into existing roles, accurately aligning jobs to market data becomes more complex.

The capability extends AI-powered job matching across WTW's rewards technology ecosystem.

Sambhav Rakyan, Global Rewards Data Intelligence Leader, WTW, said: "A job title may stay the same even when the work is changing. A software engineer role, for example, may now include responsibilities related to generative AI, agentic systems or workflow automation that did not exist a few years ago. That can change how the role should be understood, leveled and benchmarked.

“As roles evolve, compensation teams need more than a list of possible matches. They need to understand why a match fits and apply a consistent methodology, while retaining the professional judgment required to make the final decision.”

Unlike general-purpose AI tools, Rewards AI is designed specifically for compensation and HR decisions. It draws on WTW’s proprietary job content, rewards data and methodology, providing transparent, traceable context for the role being assessed.

"Organizations have more workforce data than ever before, but the challenge is turning that information into better decisions," Rakyan added. "By combining trusted rewards data, proven methodology and AI-driven conversational experiences, we're helping compensation teams spend less time searching for answers and more time taking action."

Rewards AI for Job Matching puts WTW’s broader AI Workforce Transformation perspective into practice: as AI changes work, organizations need trusted intelligence to understand how roles and skills are evolving, alongside human judgment to make informed workforce and rewards decisions. It complements WTW’s wider capabilities in work redesign, change acceleration and total rewards, helping organizations translate AI-driven change into stronger workforce decisions and performance.

About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success, and provide perspective that moves you.

Learn more at wtwco.com.

Media contacts
WTW: [email protected] / [email protected] / [email protected]

, /PRNewswire/ -- Centene Corporation (NYSE: CNC) today announced it will launch its National Performance-Based Gold Card Program in November 2026. The program, which will initially be available to more than 160,000 qualifying providers nationwide for select outpatient services, is designed to streamline the prior authorization review process while maintaining appropriate clinical and quality standards.

The Gold Card Program recognizes providers with a demonstrated track record of following evidence-based clinical guidelines and consistently meeting clinical review requirements. Eligibility is based on objective performance measures, including approval history, documentation quality, compliance with medical policy, and adherence to applicable regulatory requirements. The program is designed to help reduce administrative burden while ensuring that accountability and program integrity remain - all in support of high-quality care for our members. Centene intends to expand the program to other service types and additional providers over time.

The program was developed based on feedback gathered anonymously from providers across 24 states and represents the latest step in Centene's ongoing efforts to simplify the healthcare experience for providers and members.

"At Centene, we're committed to making it easier for providers to deliver access to high-quality, evidence-based care," said Susan Smith, Chief Operating Officer. "The Gold Card Program was shaped through deep collaboration with providers, ensuring its review process is grounded in the real-world needs of those delivering care every day."

Key features of the program include:

Gold Card status for qualifying providers, enabling a pre-notification process for eligible services. Reduced administrative touchpoints for providers with a demonstrated history of ordering evidence-based services with high rates of approval for evidence-based care. Objective eligibility criteria based on provider performance, including approval history, documentation quality, compliance with medical policy, and applicable regulatory requirements. Eligible providers will be contacted regarding program requirements, eligibility, and next steps. Program operation may vary based on applicable state and federal requirements. Providers who do not initially qualify will continue to use the standard review process and will have future opportunities to become eligible for the program.

To learn more, please visit www.centene.com/provider-gold-card-program.

About Centene Corporation
Centene Corporation, a Fortune 500 company, is a leading healthcare enterprise that is committed to helping people live healthier lives. The Company takes a local approach with local teams to provide fully integrated, high-quality, and cost-effective services to government-sponsored and commercial healthcare programs, focusing on under-insured individuals. Centene offers affordable and high-quality products to more than 1 in 15 individuals across the nation, including Medicaid and Medicare members (including Medicare Prescription Drug Plans) as well as individuals and families served by the Health Insurance Marketplace. 

Centene uses its investor relations website to publish important information about the Company, including information that may be deemed material to investors. Financial and other information about Centene is routinely posted and is accessible on Centene's investor relations website, http://investors.centene.com/. 

SOURCE Centene Corporation

SummaryLincoln National (LNC) remains a 'Buy' with a $55/share price target, reflecting 11–19% annual upside and potential for over 40% total return. LNC's capital restoration, improved RBC ratio above 420%, and robust liquidity over $900M signal a shift from repair to optimization. At ~5x P/E and 0.45x price-to-book (ex-AOCI), LNC trades at a significant discount to peers, with normalized earnings supporting a $70–$75/share fair value. Recent reinsurance transactions and risk transfers enhance stability, but future growth will likely be slower, prioritizing financial safety over rapid profitability. Looking for a portfolio of ideas like this one? Members of Wolf of Value get exclusive access to our subscriber-only portfolios. Learn More » Rocky89/iStock via Getty Images

In this article, I'll be updating my ongoing thesis on Lincoln National (LNC), an insurance carrier which I bought at a significant discount and that has gone up quite a bit. Unfortunately, the company hasn't had (thus

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SLM Corporation (NASDAQ:SLM – Get Free Report) has earned a consensus rating of “Hold” from the twelve research firms that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $29.40.

Several research firms recently weighed in on SLM. JPMorgan Chase & Co. reduced their target price on SLM from $25.00 to $22.00 and set an “underweight” rating for the company in a report on Monday. Morgan Stanley upped their price target on shares of SLM from $27.00 to $28.00 and gave the company an “equal weight” rating in a report on Monday, July 20th. Wells Fargo & Company set a $28.00 price target on SLM in a research report on Friday, July 24th. Royal Bank Of Canada lowered their price target on SLM from $29.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday. Finally, Barclays reiterated an “equal weight” rating and issued a $26.00 price objective (down from $30.00) on shares of SLM in a research note on Tuesday, July 7th.

Check Out Our Latest Analysis on SLM

SLM Price Performance
NASDAQ SLM opened at $22.94 on Tuesday. SLM has a fifty-two week low of $17.77 and a fifty-two week high of $31.06. The stock’s 50-day moving average is $25.49 and its two-hundred day moving average is $23.96. The firm has a market cap of $4.31 billion, a P/E ratio of 6.41, a price-to-earnings-growth ratio of 1.54 and a beta of 0.96. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.33 and a quick ratio of 1.32.
SLM (NASDAQ:SLM – Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The credit services provider reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.17). The company had revenue of $401.11 million for the quarter, compared to the consensus estimate of $409.22 million. SLM had a return on equity of 33.81% and a net margin of 26.09%. The business’s revenue was down .7% compared to the same quarter last year. During the same quarter last year, the company posted $0.32 EPS. SLM has set its FY 2026 guidance at 3.100-3.200 EPS. On average, analysts anticipate that SLM will post 3.12 earnings per share for the current fiscal year.

SLM Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Friday, September 4th were paid a dividend of $0.13 per share. The ex-dividend date was Friday, September 4th. This represents a $0.52 annualized dividend and a yield of 2.3%. SLM’s dividend payout ratio is presently 14.53%.

Institutional Trading of SLM
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its holdings in shares of SLM by 16.3% during the third quarter. GAMMA Investing LLC now owns 13,461 shares of the credit services provider’s stock worth $305,000 after buying an additional 1,882 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of SLM by 52.1% in the third quarter. Farther Finance Advisors LLC now owns 4,819 shares of the credit services provider’s stock valued at $109,000 after acquiring an additional 1,650 shares during the period. Versant Capital Management Inc grew its stake in shares of SLM by 48.7% in the third quarter. Versant Capital Management Inc now owns 2,016 shares of the credit services provider’s stock worth $46,000 after acquiring an additional 660 shares during the last quarter. QRG Capital Management Inc. grew its stake in shares of SLM by 32.2% in the second quarter. QRG Capital Management Inc. now owns 66,623 shares of the credit services provider’s stock worth $1,728,000 after acquiring an additional 16,233 shares during the last quarter. Finally, Tidal Investments LLC increased its position in SLM by 5.5% during the second quarter. Tidal Investments LLC now owns 497,731 shares of the credit services provider’s stock worth $12,911,000 after acquiring an additional 26,026 shares during the period. Institutional investors and hedge funds own 98.94% of the company’s stock.

SLM Company Profile
(Get Free Report)

SLM Corp., operating under the Sallie Mae brand, is a financial services company focused on education financing. It primarily provides private student loans to undergraduate and graduate students, as well as education loans for parents and other creditworthy borrowers. Sallie Mae also offers related products and resources designed to help families plan and pay for college.

The company’s private education loans can be used for eligible expenses such as tuition, fees, books, supplies, and living costs.

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Shares of Super Micro Computer, Inc. (NASDAQ:SMCI – Get Free Report) have been assigned an average recommendation of “Hold” from the eighteen ratings firms that are presently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $43.07.

SMCI has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Super Micro Computer in a report on Monday, September 21st. Mizuho increased their price target on shares of Super Micro Computer from $35.00 to $43.00 and gave the company a “neutral” rating in a research report on Tuesday, October 6th. The Goldman Sachs Group reissued a “sell” rating and issued a $34.00 price target (up from $30.00) on shares of Super Micro Computer in a report on Wednesday, August 12th. Barclays set a $39.00 price target on shares of Super Micro Computer and gave the stock an “equal weight” rating in a report on Wednesday, August 12th. Finally, Rosenblatt Securities boosted their price objective on shares of Super Micro Computer from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th.

Check Out Our Latest Research Report on SMCI

More Super Micro Computer News
Here are the key news stories impacting Super Micro Computer this week:

Positive Sentiment: Analyst sentiment improved. Zacks upgraded Super Micro to Rank #1, or “Strong Buy,” citing stronger earnings prospects. The upgrade could support near-term buying interest. Super Micro Upgraded to Strong Buy
Positive Sentiment: A sizable order pipeline supports the growth outlook. The company is viewed as having substantial future demand, particularly for AI servers, which may help sustain revenue growth and reinforce the bullish case for the stock. Why Super Micro Stock Is Heading to $60
Neutral Sentiment: Insider transactions drew investor attention. CEO Charles Liang and director Chiu-Chu Liang each sold 100,000 shares at approximately $45.02, worth about $4.5 million per transaction. The CEO’s sale was reported under a trading plan, which may reduce its signaling value, but the transactions can still weigh on sentiment. CEO Sells Shares Under Trading Plan
Negative Sentiment: A contractor pleaded guilty in a major illegal AI-chip export case. Reports describe a scheme involving approximately $2.5 billion in AI servers or chips. Although the reports identify a contractor rather than alleging that Super Micro itself committed wrongdoing, the association increases regulatory, compliance and reputational concerns for the AI-server manufacturer. Contractor Pleads Guilty in AI Chip Export Scheme

Super Micro Computer Stock Performance
Shares of SMCI stock opened at $39.98 on Tuesday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.07 and a current ratio of 3.87. Super Micro Computer has a fifty-two week low of $19.48 and a fifty-two week high of $56.60. The stock has a 50 day moving average price of $38.46 and a two-hundred day moving average price of $33.14. The company has a market capitalization of $26.27 billion, a P/E ratio of 12.49, a PEG ratio of 0.81 and a beta of 2.02.

Super Micro Computer (NASDAQ:SMCI – Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported $1.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.78. Super Micro Computer had a return on equity of 27.83% and a net margin of 5.71%. The firm had revenue of $11.12 billion during the quarter, compared to analyst estimates of $11.60 billion. During the same quarter in the prior year, the firm posted $0.31 earnings per share. The business’s quarterly revenue was up 93.2% compared to the same quarter last year. Super Micro Computer has set its Q1 2027 guidance at 1.010-1.100 EPS. Analysts expect that Super Micro Computer will post 3.94 earnings per share for the current year.

Insider Activity
In other news, Director Chiu-Chu Liang sold 100,000 shares of the stock in a transaction dated Wednesday, October 7th. The shares were sold at an average price of $45.02, for a total transaction of $4,502,000.00. Following the completion of the sale, the director directly owned 337,506 shares in the company, valued at approximately $15,194,520.12. This represents a 22.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Charles Liang sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, October 7th. The stock was sold at an average price of $45.02, for a total value of $4,502,000.00. Following the completion of the sale, the chief executive officer directly owned 337,506 shares in the company, valued at $15,194,520.12. The trade was a 22.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 400,000 shares of company stock valued at $16,442,000. Insiders own 16.10% of the company’s stock.

Institutional Investors Weigh In On Super Micro Computer
Several institutional investors and hedge funds have recently bought and sold shares of SMCI. Dimensional Fund Advisors LP lifted its position in shares of Super Micro Computer by 2.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,082,780 shares of the company’s stock worth $92,872,000 after purchasing an additional 111,388 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Super Micro Computer by 1,770.4% during the second quarter. Assenagon Asset Management S.A. now owns 2,174,863 shares of the company’s stock valued at $63,789,000 after buying an additional 2,058,588 shares during the period. Swiss National Bank raised its stake in Super Micro Computer by 7.6% in the first quarter. Swiss National Bank now owns 1,576,800 shares of the company’s stock worth $35,904,000 after buying an additional 111,100 shares in the last quarter. Hsbc Holdings PLC raised its stake in Super Micro Computer by 13.7% in the fourth quarter. Hsbc Holdings PLC now owns 1,134,891 shares of the company’s stock worth $33,203,000 after buying an additional 137,180 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in Super Micro Computer by 1.3% in the first quarter. Principal Financial Group Inc. now owns 565,746 shares of the company’s stock worth $12,882,000 after buying an additional 7,373 shares in the last quarter. Hedge funds and other institutional investors own 84.06% of the company’s stock.

Super Micro Computer Company Profile
(Get Free Report)

Super Micro Computer, Inc develops and sells application-optimized server and storage systems for data centers, cloud computing, enterprise IT, artificial intelligence, and other demanding computing environments. The company offers complete computing platforms as well as modular components, allowing customers to configure systems for specific performance, power, and workload requirements.

Its product portfolio includes server and storage systems, workstations, networking equipment, rack-scale solutions, GPU and AI systems, and related software and services.

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Vistra has shed nearly a fifth of its value over the past year while Wall Street keeps piling on Buy ratings and one analyst sees nearly 90% upside ahead. The disconnect between the stock price and that conviction points to…

Vistra (NYSE:VST | VST Price Prediction) trades at $158.05. The average analyst price target is $210.25, which means 33% upside.

Vistra runs nuclear and natural gas plants across Texas and the PJM grid, and it has become one of Wall Street’s favorite ways to invest in AI electricity demand. It has signed 20-year PPAs with Meta for more than 2,600 MW at its PJM nuclear plants, plus up to 1,200 MW with AWS at Comanche Peak.

The most bullish call goes well beyond the consensus. Jefferies has the highest analyst target at $298.00, about 88.5% above the current price. A spread that wide shows analysts disagree sharply about what this AI power story is worth.

Cheap Texas Power Pulled Vistra Off Its Highs Flat Texas wholesale prices did the most damage. On the second-quarter call, the CEO, Jim Burke, said ERCOT prices averaged “$30 a megawatt hour” year to date, matching last year, and admitted “$30 is not going to get new stuff built.” The CFO, Chris Moldovan, said gains in PJM “don’t fully offset the ERCOT headwind” and that 2027 was “trending towards the lower end” of its range before pending deals.

Shares are down 19.19% over the past year and sit 26.8% below the 52-week high of $215.85. GAAP results added to the pressure. Second-quarter revenue fell 5.5% to $4.02B, and net income slipped to $305M from $327M after $472M in unrealized hedging losses. Ongoing Operations Adjusted EBITDA still rose more than 30% to $1.77B.

Nineteen of 20 Analysts Still Back the Nuclear and Gas Moat Analysts argue that hyperscalers need reliable 24/7 power, and Vistra’s nuclear and gas fleet can lock that supply into premium long-term contracts. Of 20 covering analysts, the split is:

Strong Buy: 4 Buy: 15 Hold: 0 Strong Sell: 1 Recent moves have been reiterations, including a Buy from Wells Fargo. The Meta PPAs begin contributing to Adjusted EBITDA in 2027, and the 5,500 MW Cogentrix gas portfolio has FERC approval. Moldovan said the two could add “roughly $700 million to our midpoint opportunity.”

Capital returns support the Jefferies case. Buybacks have reduced the share count by ~30% since Nov 2021, with ~$1.2B of authorization left. Management reaffirmed 2026 Adjusted EBITDA guidance of $6.80B to $7.60B. Vistra is also the preferred power provider for Helix Digital Infrastructure, its venture with NVIDIA, KKR, and Kuwait Investment Authority.

AI Power Stocks Fell Together, and NRG Has the Widest Consensus Gap Vistra fell alongside its peers. Investors have marked down the whole AI power group, even as the buildout behind it keeps growing (we covered seven companies providing that AI infrastructure, from power to cooling, in a free report you can download here).

Constellation Energy (NASDAQ:CEG) is down 22.85% over the past year at $293.89. Its $341.53 target means just 16.2% upside. 19 analysts rate it Buy or Strong Buy and 3 rate it Hold, so its upside is smaller than Vistra’s.

NRG Energy (NYSE:NRG) has dropped 36.97% over the year to $106.37. Its second-quarter adjusted EPS of $1.49 missed the $1.7401 estimate. Its $185.50 target means 74.4% upside, with 13 Buy-side ratings and 3 Holds.

Talen Energy (NASDAQ:TLN) is down 12.86% over the year but up 32.55% in the past month to $379.77. Its $455.65 target means 20% upside, with 16 Buy-side ratings and 2 Holds.

NRG has the largest gap to its consensus target, while Vistra has the single most aggressive individual call. That puts Vistra in the middle of the group on consensus upside.

Vistra Trails the S&P 500 Despite a Sharp Rebound Vistra trades at $158.05 against a $210.25 consensus target from 20 analysts, means 33% upside. Treat targets as one data point. They are estimates and has no guarantee.

The stock is down 1.54% year to date, while the S&P 500 is up 14.1%. Over one year, Vistra is down 19.19% against a 17.35% gain for the index. Momentum has turned recently, with shares up 9.14% in a week. At a forward P/E of about 13, Vistra costs less than Constellation at 21.

Vistra Looks Mispriced if Texas Power Prices Firm Up The bull case improves if ERCOT prices move toward new-build economics and the Meta and Cogentrix contributions arrive on schedule in 2027. Downside risks grow if Texas prices stay near $30 a megawatt hour, 2027 EBITDA lands at the low end, and hyperscaler deals slow as grid operators restrict interconnection queues.

The data tilt bullish. Vistra is ~94% hedged for 2027, its core EBITDA is growing, and its valuation is below peers. Those factors make the consensus target reachable. The Jefferies $298.00 target needs everything to go right. Keep an eye on the next earnings report for any change to the 2027 outlook.

Contact [email protected] for any questions or corrections.

EUR/GBP reverses earlier gains on Tuesday as fiscal and political concerns in France limit the Euro’s (EUR) upside, while the technical picture also suggests sellers remain dominant. At the time of writing, the cross trades around 0.8445, near its lowest level since June 2025, after reaching an intraday high of 0.8457.

Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the US Dollar.

USDEURGBPJPYCADAUDNZDCHFUSD-0.28%-0.29%-0.32%-0.30%-0.27%-0.46%-0.32%EUR0.28%-0.02%-0.05%-0.01%-0.01%-0.18%-0.03%GBP0.29%0.02%-0.04%-0.03%0.01%-0.18%-0.01%JPY0.32%0.05%0.04%0.02%0.04%-0.16%0.01%CAD0.30%0.00%0.03%-0.02%0.03%-0.17%-0.01%AUD0.27%0.00%-0.01%-0.04%-0.03%-0.20%-0.04%NZD0.46%0.18%0.18%0.16%0.17%0.20%0.17%CHF0.32%0.03%0.01%-0.01%0.00%0.04%-0.17%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

Pound support builds as EUR/GBP seen anchored in tight range despite UK budget riskAnalysts at ING have turned more constructive on the Pound, noting that they have "lowered our EUR/GBP forecast and now expect the pair to trade in a 0.84-0.85 range for at least several more months." They argue that "idiosyncratic risks surrounding the euro are unlikely to fade anytime soon," while the BoE "has sent a clear enough signal that it is prepared to hike," creating a supportive backdrop for GBP.

At the same time, ING flags the forthcoming "UK budget on 28 October" as "a potential risk for sterling, as markets are pricing in little fiscal concern." Even so, the bank points out that "Chancellor John Healey and Prime Minister Andy Burnham have appeared mindful of market sensitivities," and stresses that "while the budget will be closely scrutinised, we do not currently expect it to trigger significant bond volatility or leave a lasting negative mark on GBP."

Traders look ahead to the UK’s August Gross Domestic Product (GDP) report on Thursday, followed by the final Eurozone inflation reading for September on Friday. These releases, alongside comments from European Central Bank (ECB) and Bank of England (BoE) officials throughout the week, could trigger some price swings over the coming days.

Technical analysis

EUR/GBP has reversed sharply after testing 0.8600 in late September, slipping below the 50-day and 100-day Simple Moving Averages (SMAs). The 200-day SMA sits further overhead, reinforcing the bearish structure.

Momentum remains weak, with the Relative Strength Index (RSI) near 22 signalling deeply oversold conditions, while the Moving Average Convergence Divergence (MACD) remains in negative territory. The Average Directional Index (ADX) around 33 points to a strong prevailing downtrend, although oversold conditions leave room for a short-term recovery.

On the topside, initial resistance appears just above the market at the 0.8450 horizontal level, followed by a stronger barrier at 0.8500. Beyond these, the 50-day SMA at 0.8554 and the 100-day SMA at 0.8572 form a dense technical zone ahead of the 0.8600 horizontal line, with the 200-day SMA at 0.8626 marking a more strategic hurdle. On the downside, a further decline could bring the 0.8400 psychological mark into focus as the next support level.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Euro FAQs

The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day.
EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%).

The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy.
The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa.
The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde.

Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control.
Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money.

Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency.
A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall.
Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy.

Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period.
If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

The Federal Government continues to be a key driver of funding for domestic quantum computing companies—an Oct. 8 announcement from the Department of Defense pledges about $350 million in new initiatives and programs to U.S. quantum computing capabilities that support national security efforts. This comes just months after the Department of Commerce promised more than $2 billion to domestic firms specializing in quantum computing.

The government has so far been fairly quiet about specifics regarding this funding support, although a separate announcement revealed a $150-million conditional loan commitment to privately held quantum firm PsiQuantum related to the Quantum Benchmarking Initiative (QBI) of the Defense Advanced Research Projects Agency (DARPA). Still, while the news of major funding for military-focused quantum initiatives could be positive for some quantum computing companies, the latest announcements are not necessarily an immediate game-changer for the industry.

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DARPA's Initiative and IonQ Are the Big Winners HereThe QBI is the recipient of about $200 million in new funding from the announcement. DARPA has identified a handful of companies that have advanced through the process, including major tech firms like IBM Corp. NYSE: IBM and Microsoft Corp. NASDAQ: MSFT.

IonQ Today

$36.22 -3.68 (-9.21%)

As of 10/12/2026 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

$25.89▼

$84.64$63.83

One standout from the more niche publicly traded quantum sphere is IonQ Inc. NYSE: IONQ, which is among DARPA's firms advancing in the QBI. IonQ is increasingly distinguishing itself from the long list of upstart quantum rivals in the U.S., thanks to its strong financial progress and its success with AI and other technologies.

Critically, too, IonQ is making a name for itself in the aerospace and defense industry. This is thanks in large part to its acquisition of Capella Space, which has facilitated the company's receiving a contract in August 2026 with the U.S. National Reconnaissance Office, among other achievements.

So far, IonQ's advances in radar technology have been crucial for developing military intelligence and disaster response. DARPA's goals for the QBI are broader, aiming to develop a fault-tolerant quantum computer, but IonQ's growing authority as a quantum firm with defense interests may help it appeal to the Department of Defense as well.

Other Quantum Computing Companies Could Still Move Toward Defense ApplicationsD-Wave Quantum Today

$13.74 -0.83 (-5.70%)

As of 10/12/2026 04:00 PM Eastern

$12.75▼

$46.75$36.27

IonQ is not the only publicly traded pure-play quantum company that has signaled interest in the defense space.

Earlier this year, D-Wave Quantum NASDAQ: QBTS announced a partnership with defense firms Davidson Technologies and Anduril Industries to create quantum-classical computer applications for air and missile defense, for instance.

Granted, a company like D-Wave—or another quantum firm seeking to explore defense applications—may now have an uphill climb as they do not enjoy the benefits of participating in DARPA's program.

This is both because these companies are not yet beneficiaries of Department of Defense funding and because they are increasingly playing catch-up to IonQ after the strength of its revenue momentum.

What the Defense Funding Does Not Mean for Quantum FirmsThe announcement from the Department of Defense is an important sign of the government's prioritization of quantum technology. However, it does not automatically translate into revenue for any quantum firms. More likely, the funds will be used to support research programs or to provide conditional loans, as in the case of PsiQuantum. Firms are likely to need to meet certain milestones before receiving funds, and government contracts often take years to translate into meaningful revenue even in well-established industries.

Another key consideration for investors is what the Pentagon actually needs from quantum computing. Despite the announcement's focus on general fault-tolerant quantum tech, there are likely to be specific applications: optimization of military logistics and operational planning, for instance, and improved analysis of sensing, navigation, and other intelligence data. Quantum-based military applications remain, for now at least, at an early stage of development.

That's not to discount the impact of major federal support on small quantum companies in particular. If a select quantum firm receives government funding, it could also gain access to government customers and additional opportunities, all of which may be transformational. On the other hand, not being selected for an initiative is not necessarily a black mark for companies still interested in exploring defense applications, either.

Throughout this process, investors may find few catalysts supporting or opposing specific stocks. Rather, the Department of Defense's announcement could signal several areas that investors should watch in the coming quarters: if any announced funding becomes finalized and leads to actual cash flow, whether IonQ and others in the DARPA program demonstrate significant technical progress, and whether defense contracts continue to expand as a meaningful share of revenue, for instance.

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DELAWARE, Ohio, Oct. 13, 2026 (GLOBE NEWSWIRE) -- Greif, Inc. (NYSE: GEF, GEF.B), a global leader in performance packaging products and services, today announced that its greenhouse gas emissions reduction targets have been validated by the Science Based Targets initiative (SBTi).

The validation follows Greif’s April 2026 commitment to set targets with SBTi and establishes a science-based pathway to reduce emissions across the company’s operations and value chain. The targets strengthen Greif’s long-term approach to reducing emissions and further establishes Greif as a value-adding partner of choice.

“Our customers are setting ambitious targets, and they need partners who can help them deliver,” said Ole Rosgaard, President and Chief Executive Officer of Greif. “We want Greif to be that advantage. These targets give us a clear and credible framework to reduce our own emissions, help our customers advance their commitments, and position Greif to grow alongside them.”

Using fiscal 2024 as its baseline, Greif has set targets to:

Reduce absolute Scope 1 and 2 greenhouse gas emissions 30% by fiscal 2030.Reduce absolute Scope 3 greenhouse gas emissions 17.5% by fiscal 2030.Reduce absolute Scope 1, 2, and 3 greenhouse gas emissions 90% by fiscal 2050.
SBTi validation confirms that Greif’s targets meet established science-based criteria, building on nearly two decades of work to reduce the company’s environmental footprint while advancing its mission to Protect Our Future and its vision to be the advantage that its helps customers win.

With validation complete, Greif is developing a decarbonization plan to translate its commitments into action across its operations and value chain. The company expects to complete the plan by the end of its fiscal second quarter.

“Validation is an important milestone, but delivering against these commitments is what matters,” said Brad Doughty, Director of Sustainability “Our focus now is building a practical roadmap, measuring our progress, and working with our customers and suppliers to identify opportunities that reduce emissions and create lasting value.”

For more information about Greif’s sustainability commitments and performance, visit greif.com/sustainability.

About Greif
Founded in 1877, Greif is a global leader in performance packaging located in over 35 countries. The company delivers trusted, innovative, and tailored solutions that support some of the world’s most demanding and fastest-growing industries. With a commitment to legendary customer service, operational excellence, and global sustainability, Greif packages life’s essentials – and creates lasting value for its colleagues, customers, and other stakeholders. Learn more about the company’s Customized Polymer, Sustainable Fiber, Durable Metal, and Innovative Closure Solutions at www.greif.com and follow Greif on Instagram and LinkedIn.

Media Contact
Greif Media Relations
[email protected]
+1 (234) 221-6001

Chemed Corporation (NYSE:CHE – Get Free Report) has received an average rating of “Hold” from the seven research firms that are presently covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $554.60.

CHE has been the subject of a number of analyst reports. Weiss Ratings raised shares of Chemed from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday. Royal Bank Of Canada upped their target price on shares of Chemed from $436.00 to $548.00 and gave the company a “sector perform” rating in a research note on Thursday, July 30th. Wall Street Zen raised shares of Chemed from a “buy” rating to a “strong-buy” rating in a research report on Saturday. UBS Group assumed coverage on shares of Chemed in a research note on Friday, September 25th. They set a “buy” rating and a $650.00 price target for the company. Finally, Oppenheimer lifted their price objective on Chemed from $500.00 to $590.00 and gave the company an “outperform” rating in a report on Friday, July 31st.

View Our Latest Analysis on CHE

Insider Buying and Selling
In related news, EVP Spencer Lee sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $541.04, for a total transaction of $541,040.00. Following the completion of the transaction, the executive vice president owned 13,912 shares in the company, valued at $7,526,948.48. This trade represents a 6.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin McNamara sold 2,000 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $539.51, for a total value of $1,079,020.00. Following the completion of the sale, the chief executive officer directly owned 70,418 shares in the company, valued at approximately $37,991,215.18. This represents a 2.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 9,190 shares of company stock worth $4,833,160 in the last 90 days. 3.33% of the stock is owned by company insiders.
Institutional Investors Weigh In On Chemed
Several institutional investors and hedge funds have recently made changes to their positions in CHE. BlackRock Inc. acquired a new stake in shares of Chemed in the second quarter valued at $691,290,000. First Trust Advisors LP raised its holdings in shares of Chemed by 24.7% in the first quarter. First Trust Advisors LP now owns 236,392 shares of the company’s stock valued at $89,295,000 after buying an additional 46,791 shares during the last quarter. Copeland Capital Management LLC lifted its position in Chemed by 7.6% during the 1st quarter. Copeland Capital Management LLC now owns 147,957 shares of the company’s stock worth $55,889,000 after buying an additional 10,406 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in Chemed by 7.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 107,215 shares of the company’s stock worth $40,481,000 after buying an additional 7,807 shares in the last quarter. Finally, Bank of America Corp DE acquired a new position in Chemed during the 2nd quarter worth about $48,255,000. Institutional investors and hedge funds own 95.85% of the company’s stock.

Chemed Stock Performance
Shares of NYSE CHE opened at $500.46 on Tuesday. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of 25.14, a PEG ratio of 2.01 and a beta of 0.51. Chemed has a one year low of $365.20 and a one year high of $557.00. The business has a fifty day simple moving average of $520.47 and a 200 day simple moving average of $467.89. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 0.17.

Chemed (NYSE:CHE – Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $6.06 earnings per share for the quarter, topping analysts’ consensus estimates of $5.60 by $0.46. The firm had revenue of $673.25 million for the quarter, compared to the consensus estimate of $665.04 million. Chemed had a net margin of 10.60% and a return on equity of 31.77%. The business’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.27 earnings per share. Chemed has set its FY 2026 guidance at 25.000-25.750 EPS. Sell-side analysts expect that Chemed will post 23.55 EPS for the current year.

Chemed Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Monday, August 17th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, August 17th. This is a boost from Chemed’s previous quarterly dividend of $0.60. Chemed’s payout ratio is currently 14.06%.

Chemed Company Profile
(Get Free Report)

Chemed Corporation is a diversified services company headquartered in Cincinnati, Ohio. Its operations are organized through two principal businesses: VITAS Healthcare and Roto-Rooter.

VITAS Healthcare provides hospice and palliative care for patients with advanced illnesses. Its services include clinical care, pain and symptom management, emotional and spiritual support, and assistance for patients and their families in homes, hospice residences, hospitals, nursing facilities, and other care settings.

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SummaryON Semiconductor is rated a "Buy", driven by improving profitability, strong cash flows, and exposure to long-term growth trends in automotive and AI data centers.Q2 2026 saw 9% revenue growth, but adjusted EPS grew four times faster, reflecting operational efficiency and disciplined expense control.ON's 'Fab Right' strategy targets production cost reductions and margin expansion, while robust free cash flow supports aggressive share buybacks.The Synaptics acquisition at a reduced $5.7B price, if integrated successfully, could broaden ON's product portfolio and accelerate EPS growth.Just_Super/iStock via Getty Images

Thesis ON Semiconductor Corporation (ON) is also known as onsemi. It is a United States semiconductor company that creates power management and sensor technologies. Its solutions are used in the automotive industry, energy infrastructure, and AI data centers. The company's

141 Followers

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.

With artificial intelligence (AI) stocks all the rage, growth stories in other parts of the market are often getting overlooked. That certainly appears to be the case with Dutch Bros (BROS -2.02%), as the coffee shop operator has one of the best long-term growth stories in the consumer space, yet the stock has struggled this year. However, it appears to have significant upside in the coming years. With $10,000, you could buy about 260 shares.

Dutch Bros is riding the sweet coffee drink craze made popular by Starbucks (SBUX +1.69%), while adding its own twist with its popular Rebel energy drinks. The concept is popular, as evidenced by strong same-store sales, which rose an impressive 8.3% for company-operated shops in the second quarter. It has also seen a lift by adding hot food items to its shops, which can support it.

Image source: The Motley Fool.

More than anything, though, Dutch Bros is a powerful expansion story. It ended the June quarter with 1,225 locations, of which 888 were company-owned. It plans to open at least 185 new locations this year and have more than 2,000 total shops by 2029. Its long-term goal is to operate around 7,000 shops in the U.S.

The nice thing about Dutch Bros' expansion is that it is happening at a quick but measured pace. Its shops tend to have small footprints with no indoor seating, and serve customers through two drive-thru lanes. This makes them relatively cheap to build out, although they generate strong sales, with average unit volumes (AUVs) and impressive $2.2 million. This allows the company to achieve quick payback periods on its investments and increase its store count using only its operating cash flow.

The company has also notably shown discipline while expanding. For example, in 2024, it decided to redefine its real estate plan, and it recently bowed out of a bidding war for the real estate of bankrupt Salad and Go, letting rival 7 Brew purchase the assets. While the market may not appreciate it, these are the types of decisions that lead to long-term sustainable success in the restaurant industry.

Through a combination of unit expansion and same-store sales growth, Dutch Bros is set to see a massive increase in sales in the coming years. Meanwhile, scale should eventually lead to robust earnings.

Analysts currently project that the company will grow its revenue to $8.5 billion in 2035 from just over $2.1 billion this year. Estimates range from $7.9 billion to $9.1 billion. Meanwhile, the lone analyst earnings per share (EPS) estimate for 2035 is $4.35. Assuming another 10% revenue growth in 2026 and 20% EPS growth, the company would produce $5.22 in EPS in 2036 on revenue of $9.4 billion.

When looking at potential future valuations, we can turn to rival Starbucks, which trades at 2.8 times fiscal 2027 (ending November 2027) sales and 30 times EPS. Starbucks has notably been working to restore margins.

Premium Feature

Moneyball Superscore

77/100

Today's Change

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If we apply a forward price-to-sales (P/S) multiple of 2.8 times on $9.4 billion in 2036 sales, Dutch Bros stock would have a $26.3 billion market cap, or a $150 stock price. That's nearly 4x upside for its current levels. Apply a 30-times forward P/E multiple, and the stock would be worth a similar $157. That would make a 260-share investment worth between $39,000 and $40,800.

That's some massive potential upside, which makes this growth stock a long-term buy. The biggest risks to the company achieving this long-term price target would be the concept becoming less popular or there being just too much competition in the space, from the likes of 7 Brew and other similar concepts, that stall growth. While the stock has huge potential, it still has to prove it can become the next Starbucks and that it won't be the next Krispy Kreme.

NEW YORK, Oct. 13, 2026 (GLOBE NEWSWIRE) -- Cipher Digital Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”), a leading developer, owner and operator of industrial-scale data centers, today announced its intention to offer, subject to market and other conditions, $850.0 million aggregate principal amount of 0.00% convertible senior notes due 2032 (the “notes”) in a private offering (the “offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Cipher also expects to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $150.0 million aggregate principal amount of notes. Concurrently with the offering, Cipher expects to enter into separate, privately negotiated transactions to exchange a portion of its outstanding 1.75% Convertible Senior Notes due 2030 (the “2030 notes”).

The final terms of the notes, including the initial conversion rate and certain other terms, will be determined at the time of pricing of the offering. When issued, the notes will be senior, unsecured obligations of Cipher. The notes will not bear regular interest, and the principal amount of the notes will not accrete. The notes will mature on November 1, 2032, unless earlier repurchased, redeemed or converted. Prior to August 1, 2032, the notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, the notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Cipher will settle conversions by paying or delivering, as applicable, cash, shares of its common stock, par value $0.001 per share (“common stock”), or a combination of cash and shares of its common stock, at Cipher’s election.

The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Cipher’s option at any time, and from time to time, on or after November 5, 2029 and on or before the 30th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Cipher’s common stock exceeds 130% of the conversion price for a specified period of time. Cipher may also redeem the notes, in whole but not in part, at any time if the aggregate principal amount of notes then outstanding is less than 10% of the aggregate principal amount of notes initially issued (including any notes issued pursuant to the initial purchasers’ option to purchase additional notes). The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid special interest and additional interest, if any, to, but excluding, the redemption date.

If certain corporate events that constitute a “fundamental change” occur, then, subject to a limited exception, noteholders may require Cipher to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid special interest and additional interest, if any, to, but excluding, the applicable repurchase date. In addition, unless Cipher has previously called all outstanding notes for redemption, noteholders may at their option require Cipher to repurchase their notes for cash on November 1, 2030 at a repurchase price equal to the principal amount of the notes to be repurchased, plus accrued and unpaid special interest and additional interest, if any, to, but excluding, the repurchase date.

Cipher intends to use the net proceeds from the offering to fund the cost of entering into the capped call transactions described below and use the remainder of the net proceeds to fund additional equity investment in the Barber Lake project, support the build-out of its high-performance computing (HPC) strategy across its near-term pipeline, continue to expand its pipeline of development sites, and for general corporate purposes. If the initial purchasers exercise their option to purchase additional notes, then Cipher intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions.

Concurrently with the offering, in separate, privately negotiated transactions, Cipher expects to enter into exchange agreements with a limited number of holders of the 2030 notes to exchange a portion of the outstanding 2030 notes for shares of Cipher’s common stock (the “Concurrent 2030 Notes Exchange”).

Holders of the 2030 notes that participate in any such exchanges may purchase or sell shares of Cipher’s common stock in the open market and/or enter into or unwind various derivative transactions to unwind any hedge positions they may have with respect to the 2030 notes or to hedge their exposure in connection with these transactions. These activities could increase (or reduce the size of any decrease in) or decrease (or reduce the size of any increase in) the market price of Cipher’s common stock.

In connection with the pricing of the notes, Cipher expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers or their affiliates and/or one or more other financial institutions (the “option counterparties”).

The capped call transactions will cover, subject to customary anti-dilution adjustments, the number of shares of Cipher’s common stock that will initially underlie the notes. The capped call transactions are generally expected to reduce the potential dilution to Cipher’s common stock upon any conversion of the notes and/or offset any potential cash payments Cipher is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap.

In connection with establishing their initial hedges of the capped call transactions, Cipher expects the option counterparties or their respective affiliates will enter into various derivative transactions with respect to Cipher’s common stock and/or purchase shares of Cipher’s common stock concurrently with or shortly after the pricing of the notes, including with, or from, certain investors in the notes. This activity could increase (or reduce the size of any decrease in) the market price of Cipher’s common stock or the notes at that time.

In addition, Cipher has been advised to expect that the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Cipher’s common stock and/or purchasing or selling shares of Cipher’s common stock or other securities of Cipher in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so (x) on each exercise date for the capped call transactions, which are expected to occur on each trading day during the 30 trading day period beginning on the 31st scheduled trading day prior to the maturity date of the notes and (y) following any early conversion of the notes, any repurchase of the notes by Cipher on any fundamental change repurchase date, any optional repurchase date, any redemption date or any other date on which the notes are repurchased by Cipher, in each case if Cipher exercises the relevant election to terminate the corresponding portion of the capped call transactions). This activity could also cause or avoid an increase or a decrease in the market price of Cipher’s common stock or the notes, which could affect noteholders’ ability to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares, if any, and value of the consideration that noteholders will receive upon conversion of the notes.

The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

J. Wood Capital Advisors LLC is acting as financial advisor to the Company.

About Cipher

Cipher develops and operates industrial-scale data centers engineered for next-generation computing at the highest standards of innovation, precision, and excellence. The Company brings together deep expertise across power sourcing, construction, engineering, operations, real estate, and technology to deliver high-quality data centers purpose built for HPC workloads. By partnering with premier tenants, Cipher seeks to meet the growing demand for industrial-scale data center capacity and become a leading HPC development platform that is built for hyperscale.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as statements regarding the anticipated terms of the notes being offered, the completion, timing and size of the proposed offering of the notes, the initial purchasers’ option to purchase additional notes, the expected amount and intended use of the net proceeds, the anticipated terms of, and the effects of, the Concurrent 2030 Notes Exchange and the anticipated terms of, and the effects of entering into, the capped call transactions, are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and our management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: whether the offering and the Concurrent 2030 Notes Exchange will be completed on the anticipated terms or at all, whether the capped call transactions will become effective, volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, Cipher’s evolving business model and strategy and efforts we may make to modify aspects of our business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, the ability of Cipher’s customers, tenants, and other counterparties to perform their contractual obligations, the ability of Cipher to complete its data centers and future strategic growth initiatives in a timely manner or within anticipated cost estimates, risks relating to the development, construction, and operation of Cipher’s data centers, the availability of capital and financing on acceptable terms, changes in market demand, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on February 24, 2026, and our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026 filed with the SEC on August 4, 2026, and in Cipher’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contacts:
Investor Contact:
Courtney Knight
Head of Investor Relations at Cipher Digital
[email protected]

Media Contact:
Ryan Dicovitsky
Dukas Linden Public Relations
[email protected]

Podobně jako JP Morgan či Goldman Sachs se se svými výsledky hospodaření za třetí čtvrtletí vytáhla také Citigroup. Ta předčila odhady jak v případě zisku, tak i tržeb. Banka navíc zaznamenala jeden z nejlepších výsledků svého obchodování s dluhopisy za posledních nejméně deset let. Akcie v bezprostřední reakci vykazovaly mírný pokles o necelé procento.

Upravený zisk na akcii vzrostl ve třetím kvartálu meziročně o 27 procent na 2,85 dolaru, zatímco trh počítal s 2,66 dolaru. Tržby byly meziročně o osm procent vyšší, když dosáhly 23,8 mld. USD při konsenzu 23,72 mld. USD.

Zmíněné výnosy z obchodování s dluhopisy, měnami a komoditami (FICC) dosáhly 4,4 miliardy dolarů, čímž o sto milionů překonaly konsenzus analytiků. A k silným výsledkům přispěla také divize Services, jež pomáhá firmám a vládám se správou a přesuny peněz. Její tržby meziročně vzrostly o 15 procent na 6,6 mld. USD.

Na druhé straně slabší čtvrtletí si připsalo investiční bankovnictví – příjmy z poradenství při fúzích a akvizicích klesly o čtyři procenta.

Investoři bedlivě sledují výsledky dluhopisových obchodních divizí, protože jde o jeden z hlavních zdrojů zisků velkých bank. Objevují se totiž obavy, že by rostoucí úrokové sazby a zpomalení aktivity v oblasti fúzí a akvizic mohly jejich výkonnost utlumit. Citigroup má druhou největší FICC platformu na Wall Street, a tento segment je proto pro banku mimořádně důležitý.

Dosavadní výsledky naznačují, že banka se s náročným prostředím vyrovnává lépe než někteří konkurenti. JPMorgan totiž oznámila překvapivý pokles příjmů z obchodování s dluhopisy, první za více než dva roky, upozornila agentura Bloomberg. V případě Citi táhly výsledky zejména aktivity v oblasti úvěrového financování v rámci divize spreadových produktů, zatímco obchodování s úrokovými sazbami zaznamenalo pokles.

Některé investory v červenci znepokojilo oznámení, že Citi urychlí část nákladů kvůli hlubšímu propouštění a investicím do technologií ve druhé polovině roku. Ve třetím čtvrtletí však banka udržela náklady pod kontrolou. Neúrokové náklady činily 14 mld. USD, zatímco analytici očekávali 14,4 mld. USD.

Citigroup rovněž pokračuje v přípravách na vstup své mexické retailové banky Banamex na burzu. Společnost již vybrala poradenské banky pro plánovanou nabídku akcií, v jejímž rámci hodlá v následujících měsících prodat většinu svého podílu. Jde o završení dlouholeté strategie CEO Jane Fraserové zaměřené na omezení retailových aktivit mimo Spojené státy.

New solution delivers industry-leading 95% fulfillment rate for mortgage lenders 

Equifax is announcing Mortgage Ultimate™ with adaptive automation, seamlessly integrating automated verifications from The Work Number® with Network Verification Services to deliver an industry-leading 95% fulfillment rate. Solution supports mortgage lenders with a one-stop verification workflow that offers predictable pricing and automated, flexible ordering. , /PRNewswire/ -- Equifax® (NYSE: EFX) is releasing Mortgage Ultimate™ with adaptive automation, a next-generation verification solution designed to help mortgage lenders streamline underwriting operations and loan-origination processes. By combining its full suite of verification solutions, Equifax offers lenders an industry-leading 95% fulfillment rate. 

By integrating automated verifications from The Work Number® with Network Verification Services (NVS) from Equifax, the new Mortgage Ultimate with adaptive automation solution offers a highly predictable, streamlined workflow. The Work Number provides instant verifications, while NVS adds extra coverage when needed. Together it offers an initial Verification of Income (VOI) and up to three subsequent income or employment updates over a 90-day window, from application through closing.

"Mortgage lenders face the challenges of lowering origination costs and accelerating speed-to-close, while managing the fragmented landscape of single-point verification vendors," said Joel Rickman, General Manager and Senior Vice President, U.S. Mortgage and Verification Services. "Mortgage Ultimate with adaptive automation helps eliminate these friction points in the verification process through an automated verification process that offers an industry-leading 95% fulfillment rate."

Mortgage Ultimate with adaptive automation offers several key benefits to help mortgage lenders streamline their verification processes and manage costs:

Market-leading coverage and turnaround times: Equifax provides a 95% fulfillment rate on initial income verification requests, with 72% of mortgage requests fulfilled instantly through The Work Number, and a total of 90% fulfilled in 48 hours or less after orders transition to NVS. Predictable pricing: A single-cost model helps lenders easily predict their verification costs. 90-day ordering window: Pricing includes the initial verification, and allows lenders to order up to three additional verifications of income or employment for the next 90 days, supporting the origination process from application to underwriting to closing.  Secure manual verifications: A best-in-class process for confirming employer and contact information that helps protect lenders during the income and employment verification process. Zero-hit protection: Lenders are charged only when the initial verification order returns data. Mortgage Ultimate with adaptive automation is expected to be available in early 2027. For more information about mortgage solutions from Equifax, click here.

ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.

FOR MORE INFORMATION:
Daniel Jenkins for Equifax
[email protected]

SOURCE Equifax Inc.

Manhattan Wins Kesko Mandate as Nordic Retail Giant Bets on Cloud-Native, AI-Driven Warehousing
The race to modernise Europe's grocery supply chains has entered a new phase, with Finnish retail group Kesko selecting ActiveWarehouse™ from leading supply chain and omnichannel commerce solutions provider Manhattan Associates Inc. (NASDAQ: MANH).

The Nordic retail giant is replacing its grocery trade legacy warehouse management system with the industry’s leading, cloud-native warehouse management solution, including agentic AI capabilities delivered through ActiveAgents™ and Agent Foundry.

For Finland’s second largest grocery brand, and one of the biggest in Northern Europe, the investment reflects the growing strategic importance of operational agility, as digital and physical retail become increasingly interconnected and a broader shift taking place across retail logistics more generally.

The scale of Kesko’s grocery trade makes the project noteworthy in Finnish and European retail. In 2025, the division’s net sales amounted to EUR 6.5 billion, and its comparable operating profit was EUR 418 million. Together, K-food stores and Kespro form an extensive grocery trade business.

“Our aim is to create a warehouse and technology foundation that evolves without the disruption traditionally associated with enterprise software upgrades, while also leveraging the transformative power of agentic AI to gain operational efficiencies and unlock previously unseen opportunities,” commented Pekka Tala, Director Strategic Programs, Grocery Trade Logistics at Kesko.

The significance of Kesko’s decision extends beyond infrastructure, however, as retailers face increasingly fragmented consumer demands and rising expectations for rapid, reliable fulfilment. “If you break an on-time-in-full promise, a customer will simply find an alternative, which sets the stakes high,” Tala added.

“Initially covering five distribution centres, followed by a greenfield site (in 2029-30), plus a range of terminal hub operations, being able to interpret and act on operational signals in real time is key for us,” finished Tala.

Kesko expects to deploy Manhattan's Wave Coordinator, Labour, and Warehouse Associate Agents while exploring additional purpose-built agents to support additional inbound operations with Agent Foundry.

Sebastien Lefebure, Senior Vice President, EMEA at Manhattan continued: “Retailers are increasingly viewing warehouse projects as an opportunity for competitive differentiation. This project represents more than the simple replacement of a legacy WMS; it is an opportunity to drive competitive advantage.

“The continuous innovation delivered by Manhattan’s cloud-native platform, coupled with the functional power of AI embedded in the execution layer of supply chains is increasingly becoming the benchmark against which next-generation supply chain platforms will be measured, and Kesko is at the forefront of the application of this technology in the Nordic grocery space,” Lefebure finished.

About Manhattan Associates

Manhattan Associates is a global technology leader, providing supply chain and omnichannel commerce solutions with unmatched AI capabilities. We design, build and offer best-in-class, AI-powered, cloud-based solutions that drive resilience and efficiency for businesses. We enable enterprises to uniquely unify front-end sales with back-end supply chain execution.

Our commitment to innovation, cloud-native platform, and API-first architecture create simpler experiences and faster paths to value for our customers. We empower them to pre-empt and react to emerging trends and global disruptions with technical expertise and operational confidence, transforming challenges into competitive advantage. For more information, please visit manh.com

About Kesko

Kesko Corporation is a Finnish trading sector forerunner operating across three core divisions: grocery trade, building and technical trade, and car trade. These are business areas where Kesko maintains strong market positions and expertise, driving long-term profitable growth.

Together with independent K-retailers, Kesko forms K Group, which stands as the largest trading sector operator in Finland and one of the largest in Northern Europe. K Group operates approximately 1,700 stores across Finland, Sweden, Norway, Denmark, Poland, Estonia, Latvia, and Lithuania. By integrating extensive store networks with seamless online sales and digital services, Kesko delivers a multichannel customer experience. K Group’s annual retail sales total approximately €15–16 billion, and the group employs around 39,000 to 45,000 people.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261013706325/en/

Disclosures
I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

Click for the complete disclosure

Global retail sales growth (excluding foreign currency impact) of 3.2%

U.S. same store sales growth of 0.3%

 International same store sales growth (excluding foreign currency impact) of 0.2%

Global net store growth of 175 stores, including 26 net store openings in the U.S. and 149 net store openings internationally

Income from operations increased 8.3%; excluding the $0.2 million negative impact of foreign currency exchange rates on international franchise royalty revenues, income from operations increased 8.4%

, /PRNewswire/ -- Domino's Pizza, Inc. (Nasdaq: DPZ), the largest pizza company in the world, announced results for the third quarter of 2026.

"As I step into the CEO role, I am honored to lead Domino's and build on the competitive advantages that have long set us apart: our iconic brand, best-in-class franchise system, global scale and proven operating capabilities," said Joe Jordan, Domino's Chief Executive Officer. "Our opportunity now is to capitalize on those strengths by getting even closer to our customers, helping our franchisees grow their profitability and turning our best performance into our everyday performance. By advancing winning ideas faster and executing them with greater clarity, speed and consistency, we can earn more occasions, continue gaining market share and create meaningful long-term value for shareholders. Domino's has always been at its best when we are a step ahead. That mindset has helped us set the pace for the industry before, and it's how we'll push ourselves to do it again. I believe our next chapter will be our strongest yet."

Third Quarter of 2026 Operational and Financial Highlights (Unaudited):

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

Third Quarter

Three Fiscal Quarters

2026

2025

2026

2025

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

U.S. stores

$

2,368.6

$

2,320.4

$

7,052.3

$

6,896.8

International stores

2,471.8

2,375.8

7,377.8

6,933.5

Total

$

4,840.4

$

4,696.2

$

14,430.1

$

13,830.3

Third Quarter

Three Fiscal Quarters

2026

2025

2026

2025

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

U.S. stores

+ 2.1 %

+ 7.0 %

+ 2.3 %

+ 4.5 %

International stores

+ 4.3 %

+ 5.7 %

+ 4.1 %

+ 6.6 %

Total

+ 3.2 %

+ 6.3 %

+ 3.2 %

+ 5.5 %

Third Quarter

Three Fiscal Quarters

2026

2025

2026

2025

Same store sales growth:
   (versus prior year period)

U.S. Company-owned stores

+ 1.0 %

+ 3.4 %

+ 2.5 %

+ 1.0 %

U.S. franchise stores

+ 0.3 %

+ 5.3 %

+ 0.4 %

+ 2.7 %

U.S. stores

+ 0.3 %

+ 5.2 %

+ 0.4 %

+ 2.7 %

International stores (excluding foreign currency impact)

+ 0.2 %

+ 1.7 %

(0.1) %

+ 2.5 %

U.S. Company-
owned Stores

U.S. Franchise
Stores

Total
U.S. Stores

International
Stores

Total

Third quarter of 2026 store counts:                              

Store count at June 14, 2026

186

7,045

7,231

15,300

22,531

Openings

1

27

28

200

228

Closings

—

(2)

(2)

(51)

(53)

Store count at September 6, 2026

187

7,070

7,257

15,449

22,706

Third quarter 2026 net store growth

1

25

26

149

175

Trailing four quarters net store growth

5

162

167

789

956

Third Quarter

Three Fiscal Quarters

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

2026

2025

Increase/
(Decrease)

2026

2025

Increase/
(Decrease)

Total revenues

$1,185.6

$1,147.1

+ 3.4 %

$3,530.6

$3,404.3

+ 3.7 %

Supply chain gross margin

12.2 %

11.3 %

+ 0.9 pp

12.1 %

11.6 %

+ 0.5 pp

Income from operations

$241.8

$223.2

+ 8.3 %

$704.2

$658.3

+ 7.0 %

Net income

$152.2

$139.3

+ 9.2 %

$427.7

$420.1

+ 1.8 %

Diluted earnings per share

$4.60

$4.08

+ 12.7 %

$12.80

$12.22

+ 4.7 %

Leverage ratio

4.2x

4.5x

(0.3)x

Net cash provided by operating activities

$520.6

$552.3

(5.7) %

Capital expenditures

(60.8)

(56.7)

+ 7.2 %

Free cash flow

$459.8

$495.6

(7.2) %

Revenues increased $38.5 million, or 3.4%, in the third quarter of 2026 as compared to the third quarter of 2025, primarily due to higher supply chain revenues and higher global franchise royalty revenues. The increase in supply chain revenues was primarily attributable to higher order volumes, as well as an increase in the Company's food basket pricing to stores, which increased 2.2% in the third quarter of 2026 as compared to the third quarter of 2025. U.S. and international franchise royalties and fees revenues increased primarily as a result of net store growth during the trailing four quarters. These increases in revenues were partially offset by lower U.S. Company-owned store revenues as a result of the refranchising of certain U.S. Company-owned store markets in the second quarter of 2026. Supply chain gross margin increased 0.9 percentage points in the third quarter of 2026 as compared to the third quarter of 2025, primarily due to procurement productivity. Income from operations increased $18.6 million, or 8.3%, in the third quarter of 2026 as compared to the third quarter of 2025. Excluding the negative impact of foreign currency exchange rates on international franchise royalty revenues of $0.2 million, income from operations increased $18.8 million, or 8.4%, primarily due to the increases in U.S. and international franchise royalties and fees revenues and gross margin dollar growth within supply chain. Net income increased $12.9 million, or 9.2%, in the third quarter of 2026 as compared to the third quarter of 2025, primarily due to higher income from operations. Diluted EPS was $4.60 in the third quarter of 2026 as compared to $4.08 in the third quarter of 2025, representing a $0.52, or 12.7%, increase. The increase in diluted EPS was driven by higher net income, as well as a lower weighted average diluted share count resulting from the Company's share repurchases during the trailing four quarters. Net cash provided by operating activities was $520.6 million in the three fiscal quarters of 2026 as compared to $552.3 million in the three fiscal quarters of 2025. The Company spent $60.8 million on capital expenditures in the three fiscal quarters of 2026 as compared to $56.7 million in the three fiscal quarters of 2025, resulting in free cash flow of $459.8 million in the three fiscal quarters of 2026 as compared to $495.6 million in the three fiscal quarters of 2025. The decrease in free cash flow was a result of the timing and amount of payments for advertising activities and the negative impact of changes in operating assets and liabilities. These decreases were partially offset by the increase in income from operations in the three fiscal quarters of 2026 (excluding the pre-tax realized gain on the sale of the Company's fully depreciated corporate aircraft in the first quarter of 2026). Quarterly Dividend

Subsequent to the end of the third quarter of 2026, on October 6, 2026, the Company's Board of Directors declared a $1.99 per share quarterly dividend on its outstanding common stock for shareholders of record as of December 15, 2026, to be paid on December 30, 2026.

Share Repurchases

During the third quarter of 2026, the Company repurchased and retired 216,282 shares of common stock for a total of $73.6 million. During the three fiscal quarters of 2026, the Company repurchased and retired 848,503 shares of common stock for a total of $304.9 million. As of September 6, 2026, the Company had a total remaining authorized amount for share repurchases of $1.15 billion.

Comments on Regulation G

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

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

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

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

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

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

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

The Company uses "Consolidated Adjusted EBITDA," which is calculated as income from operations as reported under GAAP, excluding depreciation and amortization, non-cash equity-based compensation expense, gains and losses from the sale and disposal of assets and refranchising gains and losses, each as reported under GAAP. Consolidated Adjusted EBITDA is defined in the base indenture governing the Company's securitized debt and is used by the Company and investors to calculate the leverage ratio (defined below), and other ratios defined in the indenture governing the Company's securitized debt. As such, Consolidated Adjusted EBITDA is important to investors and other interested persons to understand the financial performance of the Company, and to assess the ability of the Company to meet its financial obligations.

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

The reconciliation of the leverage ratio for the third quarters of 2026 and 2025 is as follows below.

September 6,
2026

September 7,
2025

2017 Ten-Year Notes

$

940,000

$

940,000

2018 9.25-Year Notes

379,000

379,000

2019 Ten-Year Notes

648,000

648,000

2021 7.5-Year Notes

826,625

826,625

2021 Ten-Year Notes

972,500

972,500

2025 Five-Year Notes

500,000

500,000

2025 Seven-Year Notes

500,000

500,000

Total fixed-rate notes

$

4,766,125

$

4,766,125

Income from operations – third quarter of 2026 and 2025

$

241,773

$

223,168

Income from operations – second quarter of 2026 and 2025

232,039

225,044

Income from operations – first quarter of 2026 and 2025

230,357

210,095

Income from operations – fourth quarter of 2025 and 2024

295,667

273,652

Income from operations – trailing four quarters

$

999,836

$

931,959

Depreciation and amortization – trailing four quarters

$

89,200

$

87,886

Non-cash equity-based compensation expense – trailing four quarters               

43,803

43,395

Refranchising gain – trailing four quarters

(4,025)

(3,883)

Gain on sale of assets – trailing four quarters

(7,780)

—

Loss on disposal of assets – trailing four quarters

2,331

1,730

Reconciliation of income from operations to
Consolidated Adjusted EBITDA – trailing four quarters

$

123,529

$

129,128

Consolidated Adjusted EBITDA – trailing four quarters

$

1,123,365

$

1,061,087

Leverage ratio

4.2

x

4.5

x

(1)

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

Conference Call Information

The Company will file its Quarterly Report on Form 10-Q today. As previously announced, Domino's Pizza, Inc. will hold a conference call today at 8:30 a.m. (Eastern) to review its third quarter 2026 financial results. The webcast is available at ir.dominos.com and will be archived for one year.

About Domino's Pizza®

Founded in 1960, Domino's Pizza is the largest pizza company in the world, with a significant business in both delivery and carryout. It ranks among the world's top public restaurant brands with a global enterprise of more than 22,700 stores in over 90 markets. Domino's had global retail sales of over $20.7 billion in the trailing four quarters ended September 6, 2026. Its system is comprised of independent franchise owners who accounted for 99% of Domino's stores as of the end of the third quarter of 2026. In the U.S., Domino's generated more than 85% of U.S. retail sales in 2025 via digital channels and has developed many innovative ordering platforms.

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

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

This press release contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") that are based on current management expectations that involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. The following cautionary statements are being made pursuant to the provisions of the Act and with the intention of obtaining the benefits of the "safe harbor" provisions of the Act. You can identify forward-looking statements by the use of words such as "anticipates," "believes," "could," "should," "estimates," "expects," "intends," "may," "will," "plans," "predicts," "projects," "seeks," "approximately," "potential," "outlook" and similar terms and phrases that concern our strategy, plans or intentions, including references to assumptions. These forward-looking statements address various matters including information concerning future results of operations and business strategy, our anticipated profitability, estimates in same store sales growth, store growth and the growth of our U.S. and international business in general, our ability to service our indebtedness, our future cash flows, our operating performance, trends in our business and other descriptions of future events that reflect the Company's expectations based upon currently available information and data. While we believe these expectations and projections are based on reasonable assumptions, such forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from our expectations are more fully described in our filings with the Securities and Exchange Commission, including under the section headed "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 28, 2025. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors, including but not limited to: our substantial indebtedness and our ability to incur additional indebtedness or refinance or renegotiate key terms of that indebtedness in the future; the impact a downgrade in our credit rating may have on our business, financial condition and results of operations; our future financial performance and our ability to pay principal and interest on our indebtedness; the strength of our brand, including our ability to compete in the U.S. and internationally in our intensely competitive industry, including the food service and food delivery markets; our ability to successfully implement our growth strategy, including through our participation in the third-party order aggregation marketplace; labor shortages or changes in operating expenses resulting from increases in prices of food (particularly cheese), fuel and other commodity costs, labor, utilities, insurance, employee benefits and other operating costs or negative economic conditions; the effectiveness of our advertising, operations and promotional initiatives; shortages, interruptions or disruptions in the supply or delivery of fresh food products and store equipment; the additional risks our international operations subject us to, which may differ in each country in which we and our franchisees do business; the dependence of our earnings and business growth strategy on the success of our franchisees; our ability and that of our franchisees to successfully operate in the current and future credit environment; the impact of social media, the rise of artificial intelligence–generated content, or a boycott on our business, brand and reputation; the impact of new or improved technologies, including artificial intelligence, and alternative methods of delivery on consumer behavior; new product, digital ordering and concept developments by us, and other food-industry competitors; our ability to maintain good relationships with and attract new franchisees, and franchisees' ability to successfully manage their operations without negatively impacting our royalty payments and fees or our brand's reputation; our ability to successfully implement cost-saving strategies; changes in the level of consumer spending given general economic conditions, including interest rates, energy prices and consumer confidence or negative economic conditions in general; our ability and that of our franchisees to open new restaurants and keep existing restaurants in operation and maintain demand for new stores; the impact that widespread illness, health epidemics or general health concerns, severe weather conditions and natural disasters may have on our business and the economies of the countries where we operate; changes in foreign currency exchange rates; changes in income tax rates; our ability to retain or replace our executive officers and other key members of management and our ability to adequately staff our stores and supply chain centers with qualified personnel; our ability to find and/or retain suitable real estate for our stores and supply chain centers; changes in government legislation or regulation, including changes in laws and regulations regarding information privacy, payment methods, advertising and consumer protection and social media; adverse legal judgments or settlements; food-borne illness or contamination of products or food tampering or other events that may impact our reputation; data breaches, power loss, technological failures, user error or other cyber risks threatening us or our franchisees; the impact that environmental, social and governance matters may have on our business and reputation; the effect of war, terrorism, catastrophic events, geopolitical or reputational considerations or climate change; our ability to pay dividends and repurchase shares; changes in consumer tastes, spending and traffic patterns and demographic trends; changes in accounting policies; and adequacy of our insurance coverage. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur. All forward-looking statements speak only as of the date of this press release and should be evaluated with an understanding of their inherent uncertainty. Except as required under federal securities laws and the rules and regulations of the Securities and Exchange Commission, or other applicable law, we will not undertake, and specifically disclaim, any obligation to publicly update or revise any forward-looking statements to reflect events or circumstances arising after the date of this press release, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by, or on behalf of, us. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

TABLES TO FOLLOW

Domino's Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

Fiscal Quarter Ended

September 6,
2026

% of
Total
Revenues

September 7,
2025

% of
Total
Revenues

(In thousands, except share and per-share data)

Revenues:

U.S. Company-owned stores

$

61,432

$

82,749

U.S. franchise royalties and fees

165,638

157,155

Supply chain

746,154

696,959

International franchise royalties and fees

83,700

78,549

U.S. franchise advertising

128,674

131,642

Total revenues

1,185,598

100.0

%

1,147,054

100.0

%

Cost of sales:

U.S. Company-owned stores

54,090

69,258

Supply chain

655,129

617,894

Total cost of sales

709,219

59.8

%

687,152

59.9

%

Gross margin

476,379

40.2

%

459,902

40.1

%

General and administrative

105,726

8.9

%

105,092

9.1

%

U.S. franchise advertising

128,674

10.9

%

131,642

11.5

%

Refranchising loss

206

0.0

%

—

—

Income from operations

241,773

20.4

%

223,168

19.5

%

Other expense

(2,539)

(0.2)

%

(3,017)

(0.3)

%

Interest expense, net

(44,160)

(3.7)

%

(40,952)

(3.6)

%

Income before provision for income taxes

195,074

16.5

%

179,199

15.6

%

Provision for income taxes

42,895

3.7

%

39,880

3.5

%

Net income

$

152,179

12.8

%

$

139,319

12.1

%

Earnings per share:

Common stock – diluted

$

4.60

$

4.08

Weighted average diluted shares

33,114,893

34,146,418

Domino's Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

Three Fiscal Quarters Ended

September 6,
2026

% of
Total
Revenues

September 7,
2025

% of
Total
Revenues

(In thousands, except share and per-share data)     

Revenues:

U.S. Company-owned stores

$

225,359

$

266,803

U.S. franchise royalties and fees

487,817

464,416

Supply chain

2,176,835

2,053,945

International franchise royalties and fees

246,502

231,272

U.S. franchise advertising

394,106

387,818

Total revenues

3,530,619

100.0

%

3,404,254

100.0

%

Cost of sales:

U.S. Company-owned stores

198,653

224,242

Supply chain

1,912,847

1,815,993

Total cost of sales

2,111,500

59.8

%

2,040,235

59.9

%

Gross margin

1,419,119

40.2

%

1,364,019

40.1

%

General and administrative

332,505

9.4

%

321,777

9.5

%

U.S. franchise advertising

394,106

11.2

%

387,818

11.4

%

Refranchising gain

(3,881)

(0.1)

%

(3,883)

(0.1)

%

Gain on sale of assets

(7,780)

(0.2)

%

—

—

Income from operations

704,169

19.9

%

658,307

19.3

%

Other (expense) income

(20,895)

(0.6)

%

5,036

0.2

%

Interest expense, net

(132,329)

(3.7)

%

(123,411)

(3.6)

%

Income before provision for income taxes

550,945

15.6

%

539,932

15.9

%

Provision for income taxes

123,205

3.5

%

119,871

3.6

%

Net income

$

427,740

12.1

%

$

420,061

12.3

%

Earnings per share:

Common stock – diluted

$

12.80

$

12.22

Weighted average diluted shares

33,416,210

34,366,396

Domino's Pizza, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

September 6,
2026

December 28,
2025

(In thousands)

Assets

Current assets:

Cash and cash equivalents

$

229,035

$

125,675

Restricted cash and cash equivalents          

167,958

216,110

Accounts receivable, net

286,489

315,958

Inventories

89,535

79,189

Prepaid expenses and other

45,775

39,767

Advertising fund assets, restricted

97,983

117,502

Total current assets

916,775

894,201

Property, plant and equipment, net

375,415

324,022

Operating lease right-of-use assets

225,213

219,485

Investment in DPC Dash

15,175

36,070

Other assets

233,795

242,681

Total assets

$

1,766,373

$

1,716,459

Liabilities and stockholders' deficit

Current liabilities:

Current portion of long-term debt

$

1,326,786

$

6,131

Accounts payable

132,253

135,029

Operating lease liabilities

46,150

47,553

Advertising fund liabilities

96,639

115,412

Other accrued liabilities

277,622

237,496

Total current liabilities

1,879,450

541,621

Long-term liabilities:

Long-term debt, less current portion

3,559,118

4,810,683

Operating lease liabilities

189,769

183,917

Other accrued liabilities

93,134

81,380

Total long-term liabilities

3,842,021

5,075,980

Total stockholders' deficit

(3,955,098)

(3,901,142)

Total liabilities and stockholders' deficit

$

1,766,373

$

1,716,459

Domino's Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Three Fiscal Quarters Ended

September 6,
2026

September 7,
2025

(In thousands)

Cash flows from operating activities:

Net income

$

427,740

$

420,061

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

Depreciation and amortization

61,501

61,128

Refranchising gain

(3,881)

(3,883)

Gain on sale of assets

(7,780)

—

Loss on disposal of assets

1,181

703

Amortization of debt issuance costs

4,455

3,768

Provision for deferred income taxes

12,009

9,255

Non-cash equity-based compensation expense

30,843

31,681

Excess tax benefits from equity-based compensation

(1,026)

(2,751)

Provision (benefit) for losses on accounts and notes receivable

418

(49)

Unrealized and realized loss (gain) on investments, net

20,895

(5,036)

Changes in operating assets and liabilities

(5,126)

10,242

Changes in advertising fund assets and liabilities, restricted

(20,628)

27,137

Net cash provided by operating activities

520,601

552,256

Cash flows from investing activities:

Capital expenditures

(60,829)

(56,667)

Proceeds from sale of assets

27,623

8,458

Sale of investments

—

44,085

Other

(961)

(1,939)

Net cash used in investing activities

(34,167)

(6,063)

Cash flows from financing activities:

Proceeds from issuance of long-term debt

—

1,000,000

Repayments of long-term debt and finance lease obligations

(4,097)

(1,147,773)

Proceeds from exercise of stock options

9,205

12,882

Purchases of common stock

(308,239)

(277,698)

Tax payments for restricted stock upon vesting

(14,204)

(10,862)

Payments of common stock dividends and equivalents

(134,331)

(119,503)

Cash paid for financing costs

—

(15,287)

Net cash used in financing activities

(451,666)

(558,241)

Effect of exchange rate changes on cash

(338)

1,487

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

34,430

(10,561)

Cash and cash equivalents, beginning of period

125,675

186,126

Restricted cash and cash equivalents, beginning of period

216,110

195,370

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

92,200

80,928

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

433,985

462,424

Cash and cash equivalents, end of period

229,035

139,728

Restricted cash and cash equivalents, end of period

167,958

202,501

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

71,422

109,634

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

$

468,415

$

451,863

SOURCE Domino's Pizza, Inc.

Goldman Sachs ve třetím čtvrtletí výrazně překonala očekávání trhu díky silnému výkonu obchodování s akciemi a investičního bankovnictví. Přestože výnosy z obchodování s dluhopisy i vyšší náklady zaostaly za odhady, banka vykázala nadprůměrnou ziskovost, výrazný příliv nových aktiv a pokračovala v rozšiřování svého byznysu prostřednictvím akvizic. Akcie v pre-marketu rostou o 3,2 %.

Celkové výnosy banky činily 18,68 miliardy dolarů (meziročně +23 %), přičemž divize Global Banking & Markets vygenerovala 13,46 miliardy dolarů (meziročně +33 %), což výrazně překonalo očekávání trhu ve výši 11,8 miliardy dolarů.

Výnosy z obchodování s pevným výnosem dosáhly 3,47 miliardy dolarů (meziročně -0,0 %) a nestačily tak na očekávaných 3,72 miliardy dolarů. Generální ředitel David Solomon přitom již v září upozorňoval, že třetí čtvrtletí bude pro tuto divizi slabší, když banka, podobně jako její konkurenti, čelí tlaku rostoucích výnosů státních dluhopisů, které zhoršují podmínky pro financování a kapitálové trhy.

Naopak výnosy z obchodování s akciemi vyskočily na 6,44 miliardy dolarů (meziročně +72 %), výrazně nad konsensem 5,09 miliardy dolarů, přesto ale zůstaly pod rekordními 7,42 miliardami dolarů z předchozího čtvrtletí.

Dařilo se také investičnímu bankovnictví. Tržby z této oblasti dosáhly 3,23 miliardy dolarů (meziročně +21,6 %)oproti očekávaným 2,86 miliardy dolarů. Výnosy z poradenství při fúzích a akvizicích vzrostly na 1,65 miliardy dolarů, zatímco emise akcií přinesly 666 milionů dolarů a emise dluhopisů 904 milionů dolarů, v obou případech nad odhady analytiků.

Zisk na akcii (EPS) dosáhl 17,01 USD (meziročně +38,9 %) a návratnost vlastního kapitálu (ROE) činila 18,7 %, výrazně nad tržním očekáváním okolo 14 %. Pozitivně překvapil i ukazatel efektivity banky, když poměr nákladů k výnosům dosáhl 59,4 % oproti očekávaným 65,5 %. Objem aktiv pod správou dosáhl 4,10 bilionu dolarů, zatímco čisté přílivy do spravovaných fondů činily 83 miliard dolarů. Úvěrové portfolio vzrostlo na 276 miliard dolarů.

Generální ředitel David Solomon uvedl, že navzdory současné nejistotě a složité geopolitické situaci zůstává banka ve velmi dobré pozici k dalšímu růstu a obsluze klientů.

Na druhou stranu provozní náklady vzrostly na 11,31 miliardy dolarů a překonaly odhady trhu. Banka uvedla, že za tím stojí především vyšší transakční náklady a růst odměn zaměstnanců související se silnějším obchodním výkonem. Podle Bloombergu by si vrcholoví manažeři banky mohli již tento měsíc rozdělit speciální odměny přesahující 500 milionů dolarů, pokud se akcie udrží na současných úrovních.

Zajímavostí je také prudký nárůst takzvaných incentivních poplatků, které meziročně vzrostly téměř osmkrát na 587 milionů dolarů. Podle Bloomberg News za tím stojí mimo jiné zprostředkování investic pro bohaté klienty do společnosti SpaceX v jejích dřívějších kolech financování. Výnosy z těchto transakcí údajně překonaly i odměnu, kterou banka získala za poradenství při rekordním vstupu jiné firmy na burzu.

Goldman Sachs zároveň pokračuje v rozšiřování své divize správy aktiv. Ve třetím čtvrtletí koupila poskytovatele burzovně obchodovaných fondů NEOS Investments za 2,25 miliardy dolarů a společnost LCN Capital Partners, investora do komerčních nemovitostí, za částku až 410 milionů dolarů.