Market Signal Briefing

Elisa Oyj (OTCPK:ELMUY) Q3 2025 Earnings Call October 23, 2025 5:00 AM EDT

Company Participants

Vesa Sahivirta - Director of Investor Relations
Topi Manner - CEO & Member of Management Board
Jari Kinnunen - CFO & Member of Executive Board

Conference Call Participants

Andrew Lee - Goldman Sachs Group, Inc., Research Division
Owen McGiveron - BofA Securities, Research Division
Andreas Joelsson - DNB Carnegie, Research Division
Paul Sidney - Joh. Berenberg, Gossler & Co. KG, Research Division
Ajay Soni - JPMorgan Chase & Co, Research Division
Abhilash Mohapatra - BNP Paribas Exane, Research Division
Artem Beletski - SEB, Research Division
Siyi He - Citigroup Inc., Research Division
Terence Tsui - Morgan Stanley, Research Division

Presentation

Vesa Sahivirta
Director of Investor Relations

Good morning, everyone, and welcome to Elisa's Third Quarter 2025 Analyst Meeting and Conference Call. I'm Vesa Sahivirta, Head of Investor Relations. And here together with me is a very familiar team, CEO, Topi Manner; and now for the last time, CFO, Jari Kinnunen, who will leave us in the end of the year. We have also our incoming CFO, Kristian Pullola here, but now he is in the audience still. Next week, by the way, we are in a roadshow together with Kristian and Jari.

But now going through the agenda of the day and following the normal practice, we start the presentation followed by Q&A. And now I give word to Topi. Please go ahead.

Topi Manner
CEO & Member of Management Board

Thank you, Vesa, and good day, everybody here in the room. And those of you who are joining remotely. Welcome to this earnings call also on my behalf. I understand that there are quite many quarterly reports today in the Nordics as well as throughout Europe. So let's jump right into business and try to be relatively condensed with the presentation so that there will be time for Q&A.

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SAN JOSE, Calif., Oct. 23, 2025 (GLOBE NEWSWIRE) -- For its ongoing commitment to enhancing sustainability of its operations, California Water Service Group (Group) (NYSE: CWT) has been named one of “America’s Greenest Companies” by Newsweek for the second year in a row. California Water Service Group was one of three companies recognized in the utilities category, and one of only two water utilities honored in the United States.

Across all categories, Newsweek recognized the top 500 U.S. public and private companies for their environmental sustainability efforts. The magazine partnered with Plant-A Insights Group and GIST Impact to conduct the analysis, which was based on publicly disclosed sustainability data in 25 key areas and relevant media mentions.

“Our work each day is guided by our mission to being the leading provider of sustainable water and wastewater services,” said Marty Kropelnicki, Group Chairman & CEO. “In the process of delivering safe, clean, reliable water to our customers, we work hard to operate responsibly and protect the environment. We appreciate Newsweek for once again recognizing our ongoing efforts to be a responsible corporate citizen.”

The full listing and more information about the award are published online at www.newsweek.com/rankings/americas-greenest-companies-2026.

About California Water Service Group

California Water Service Group (NYSE: CWT) is the largest regulated water utility in the western United States. It provides high-quality, reliable water and/or wastewater services to more than 2.1 million people in California, Hawaii, New Mexico, Washington, and Texas through its regulated subsidiaries, California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, and regulated operating utilities indirectly held by Texas Water Service through a 96-percent-owned joint venture. 

Group’s purpose is to enhance the quality of life for customers, communities, employees, and stockholders. To do so, it invests responsibly in water and wastewater infrastructure, sustainability initiatives, and community well-being. The company’s 1,200+ employees live by a set of strong core values and share a commitment to protecting the planet, caring for people, and operating with the utmost integrity. The company has been named one of “America’s Most Responsible Companies” and the “World’s Most Trustworthy Companies” by Newsweek, a USA Top Workplace, and a Great Place to Work®.  More information is available at www.calwatergroup.com.

Media Contact
Yvonne Kingman
[email protected]
310-257-1434

CINCINNATI, Oct. 23, 2025 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation's largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, will host a virtual Business Update on Wednesday, December 17, 2025, at 12:00 p.m. Eastern Time. The event will be webcast only.

NEW YORK, Oct. 23, 2025 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, continues to investigate potential breaches of fiduciary duties by the directors and officers of Danaher Corporation (NYSE: DHR).

If you currently own shares of Danaher stock, please visit the firm’s website at https://rosenlegal.com/submit-form/?case_id=17717 for more information. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected].

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

Contact Information:        

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        [email protected]
        www.rosenlegal.com

Ford's Q3 revenue of $50.53B and EPS of $0.45 both topped estimates, driving a 4% post-earnings rally as investors rewarded solid execution despite EV losses.

TORONTO, Oct. 23, 2025 (GLOBE NEWSWIRE) -- Aecon Group Inc. (TSX: ARE) (“Aecon”) announced today that Cascade Nuclear Partners, an equal joint venture comprised of Aecon, Kiewit, and Black & Veatch, is finalizing negotiations with Energy Northwest to collaboratively complete the design, planning and construction of the first four of 12 Xe-100 small modular reactors (SMR) under a progressive design-build model.

Developed by X-energy, each Xe-100 SMR is a high-temperature gas-cooled reactor that provides 80 megawatts of electricity. This first phase of the Cascade Advanced Energy Facility will generate up to 320 megawatts through the delivery of four reactor modules and will be located adjacent to Energy Northwest’s Columbia Generating Station near Richland, WA.

“The Energy Northwest SMR project is an exciting undertaking, and we are pleased to expand our role in delivering the next generation of nuclear energy plants through one of the first SMR projects in the United States,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. “This project underscores Aecon’s strategic focus on executing and pursuing a growing set of nuclear opportunities in the U.S. and globally.”

In October 2024, Energy Northwest announced a multi-year agreement with Amazon focused on comprehensive environmental, safety, permitting, licensing and risk analyses for the first-ever SMR project in eastern Washington. At the completion of this robust analyses, Energy Northwest is expected to submit a construction permit application to the Nuclear Regulatory Commission. Construction is anticipated to begin by the end of the decade, with operations targeted for the 2030s.

“Bringing our full spectrum of nuclear construction expertise and multidisciplinary capabilities across our diverse operating sectors, Aecon is well positioned to harness its SMR construction experience, along with five decades of comprehensive nuclear expertise to help meet the energy needs of future generations,” said Aaron Johnson, Senior Vice President, Nuclear, Aecon Group Inc.

“Our high caliber team brings solutions to deliver some of the most formidable projects in the nuclear industry, and we look forward to safely and successfully carrying out this project working collaboratively with Energy Northwest and our partners,” said Brad Smalldridge, Vice President, U.S. Nuclear Operations, Aecon Group Inc.

“Selecting Cascade Nuclear Partners is a strategic milestone for this project, one that reflects our continued momentum for this project,” said Bob Schuetz, Energy Northwest CEO. “Their specialized knowledge in nuclear construction, collaborative approach, and strong alignment with Energy Northwest’s values gives us confidence in their ability to help deliver this critical project successfully.”

An Aecon-led construction partnership with Kiewit is currently delivering North America’s first grid-scale SMR through the Darlington New Nuclear Project. Aecon is also executing the three largest nuclear refurbishments in North America, with a growing roster of projects in the U.S. Aecon is working with Energy Northwest on the Moisture Separator Reheater Replacement at the Columbia Generating Station, completing major component replacements at the South Texas Project Generating Station and Dominion Energy’s North Anna Power Station, and recently completed the Savannah River Nuclear Solutions Dismantlement and Removal Project.     

Additional Attributable Quotes

“Kiewit is very pleased to be part of Cascade Nuclear Partners and to support Energy Northwest in advancing this first-of-a-kind small modular reactor project,” said Mike Rinehart, President of Kiewit Nuclear Solutions Co. “We’re excited to bring our proven engineering design, construction, and procurement expertise in safely delivering major energy projects across North America to this critical initiative. By combining proven construction expertise with strong collaboration, our team is focused on delivering a project that sets a new standard for nuclear energy infrastructure. Together with our partners, we’re committed to helping provide reliable, carbon-free power that will benefit the Pacific Northwest for decades to come.”

“We’re excited to be part of this transformative joint venture enabling Energy Northwest to deliver the first Xe-100 small modular nuclear reactor in the Pacific Northwest,” said Todd Edsall, President of Black & Veatch Power Providers. “We have more than 60 years of experience in nuclear engineering and a heritage of innovation in delivering complex projects. We are proud to bring our deep technical expertise and collaborative spirit to a project that will help shape the future of clean, reliable energy in Washington State. This milestone reflects our continued commitment to advancing resilient infrastructure and supporting the next generation of carbon-free power solutions.”

About Aecon

Aecon Group Inc. (TSX: ARE) is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its Concessions segment. Join our online community on X, LinkedIn, Facebook, and Instagram @AeconGroupInc.

Statement on Forward-Looking Information

The information in this press release includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, strategies and outlook for Aecon, including statements regarding the role of nuclear technology in advancing the carbon-free energy transition, the development and deployment of advanced nuclear technologies, the anticipated growth of the nuclear-power industry and Aecon’s position therein, the role of nuclear power in meeting future energy needs, and the anticipated timeline for the successful execution and completion of the project. Forward-looking statements may in some cases be identified by words such as "may," "will," "expects," "target," "future," "plans," "believes," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions.

In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including but not limited to: the risk of not being able to meet contractual schedules and other performance requirements, the risks associated with a third party’s failure to perform, the risk nuclear industry growth does not continue as expected, the risk of not being able to capitalize on opportunities linked to the energy transition, the risk of not being able to meet required energy needs, the risk of not being able to develop and deploy the necessary technologies, and the risk of not being able to meet its labour needs. These forward-looking statements are based on a variety of factors and assumptions including, but not limited to that: none of the risks identified above materialize, there are no unforeseen changes to economic and market conditions, and no significant events occur outside the ordinary course of business. These assumptions are based on information currently available to Aecon, including information obtained from third-party sources. While Aecon believes that such third-party sources are reliable sources of information, Aecon has not independently verified the information. Aecon has not ascertained the validity or accuracy of the underlying economic assumptions contained in such information from third-party sources and hereby disclaims any responsibility or liability whatsoever in respect of any information obtained from third-party sources.

Risk factors are discussed in greater detail in Section 13 - "Risk Factors" in Aecon’s 2024 Management’s Discussion and Analysis for the fiscal year ended December 31, 2024 and Aecon’s Management’s Discussion and Analysis for the fiscal quarter ended June 30, 2025, each filed on SEDAR+ (www.sedarplus.ca). Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

For further information:

Adam Borgatti
SVP, Corporate Development and Investor Relations
416-297-2600
[email protected] 

Nicole Court
Vice President, Corporate Affairs & Communications
416-297-2600
[email protected] 

Support Levels
The 20-day average emerged as key support after Tuesday’s sharp drop breached the 10-day line. Since late August, gold has leaned on the 10-day average for dynamic support, but the top rising channel line, tested at $4,066 today, now joins the 20-day as a critical floor. Holding here keeps the bullish structure intact.

Trade Setup
The pullback remains mild, and Wednesday’s hammer at the 20-day line hints at a potential reversal. A breakout above $4,161—Wednesday’s high—would trigger the hammer, likely reclaim the 10-day average and target Tuesday’s wide $4,080-$4,375 range. Such a move signals shifting momentum, with recent highs back in play.

Weekly Context
With one session left, the weekly chart shows limited damage—a higher weekly low and slightly higher high suggest resilience. Tuesday’s aggressive selloff, however, implies consolidation within its $4,080-$4,375 range may precede a clear advance. The 20-day support test flags a possible bottom, but time may be needed to solidify gains.

Outlook
Gold’s pause at $4,039 support sets up either sideways consolidation or a bounce-and-reverse. A close above $4,161 fuels bullish hopes toward $4,375, while sub-$4,039 risks deeper tests. The weekly pattern leans slightly bullish if $4,066 holds. Watch today’s close—breakout signals strength, but Tuesday’s range could cap near-term moves.

For a look at all of today’s economic events, check out our economic calendar.

Key Takeaways
A casino stock surged on Thursday, Oct. 23, 2025, as its recent investments began to pay off, while a health insurer came under pressure amid rising medical costs.Las Vegas Sands stock gained ground after the casino operator beat quarterly estimates and raised its dividend.Shares of Molina Healthcare tumbled as the insurer's medical cost ratio climbed, reflecting increased expenses from its government-sponsored plans.

A casino, hotel, and resort operator touted benefits from recent projects in Asia as factors behind its strong quarterly performance, and its shares powered higher. Meanwhile, a health insurer's stock plunged after the company reported increasing medical costs, especially in its government-sponsored plans.

Major U.S. equities indexes advanced Thursday as more earnings results rolled in ahead of key inflation data set for release on Friday morning. Surging oil prices helped boost the energy sector, and tech stocks bounced back from Wednesday's negative session. The S&P 500 gained 0.6%, while the Dow was up 0.3%. The Nasdaq jumped 0.9%. Read more reporting from Investopedia on the day's major market stories.

Although Dow (DOW) fell short of analysts' estimates with its third-quarter net sales, the chemical giant reported a narrower-than-expected loss for the period, and its shares climbed 13% Thursday. The company acknowledged pricing and demand challenges but pointed to cost-cutting measures and positive contributions from new assets on the U.S. Gulf Coast as reasons for optimism.

Las Vegas Sands (LVS) shares soared 12.4% after the casino operator posted better-than-expected revenue and adjusted earnings per share for the third quarter. CEO Robert Goldstein highlighted benefits from recently completed investments in its Macau and Singapore properties. The company also increased its existing stock buyback authorization and boosted its annual dividend.

Shares of West Pharmaceutical Services (WST) jumped 10.9% in the wake of a strong third-quarter earnings report. The provider of pharmaceutical packaging and delivery systems surpassed top- and bottom-line estimates for the period and boosted its full-year sales and profit outlook, citing strong demand for components used in injectable GLP-1 weight loss and diabetes treatments.

Oil prices surged after the U.S. imposed sanctions on Russia's two largest oil companies. Shares of exploration and production firm APA Corp. (APA) jumped 7.6%, leading oil and gas stocks higher.

Molina Healthcare (MOH) shares plunged 17.5%, the most of any stock in the S&P 500, after the health insurer missed quarterly earnings per share forecasts. Molina's medical cost ratio—a key metric that reflects the share of premiums that insurers pay out in medical claims—was higher than a year ago, leading the company to lower its annual profit forecast for the third time this year. Cost pressures were especially acute for plans offered through the Affordable Care Act marketplace.

Shares of Super Micro Computer (SMCI) dropped 8.7% after the AI server specialist cut its sales forecast for its fiscal first quarter of 2026. The company cited a shift in delivery schedules that pushed back some revenue from major AI customers into the following quarter.

Equipment rental company United Rentals (URI) posted mixed third-quarter results, topping revenue forecasts but missing profit estimates. Inflationary pressure, increased delivery costs, and soft pricing in the market for used equipment weighed on the company's results. Shares slid 7.8%.

Do you have a news tip for Investopedia reporters? Please email us at

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, /PRNewswire/ -- The Greenbrier Companies (NYSE: GBX) announced today a quarterly cash dividend of $0.32 per share, payable on December 3, 2025, to stockholders of record as of November 12, 2025. This represents Greenbrier's 46th consecutive quarterly dividend.

About Greenbrier

Greenbrier, headquartered in Lake Oswego, Oregon, is a leading international supplier of equipment and services to global freight transportation markets. Through its wholly-owned subsidiaries and joint ventures, Greenbrier designs, builds and markets freight railcars in North America, Europe and Brazil. We are a leading provider of freight railcar wheel services, parts, maintenance and retrofitting services in North America. Greenbrier owns a lease fleet of approximately 16,800 railcars that originate primarily from Greenbrier's manufacturing operations. Greenbrier offers railcar management, regulatory compliance services and leasing services to railroads and other railcar owners in North America. Learn more about Greenbrier at www.gbrx.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements that are not purely statements of historical fact. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and important factors that could cause actual results to differ materially from the results contemplated by the forward-looking statements. Factors that might cause such a difference include, but are not limited to, the following: an economic downturn and economic uncertainty; changes to tariffs or import duties, including retaliatory tariffs; changes in macroeconomic policies; inflation (including rising energy prices, interest rates, wages and other escalators) and policy reactions thereto (including actions by central banks); disruptions in the supply of materials and components used in the production of our products; labor disputes; loss of market share to other modes of freight shipment; and geopolitical unrest including the war in Ukraine and conflict in the Middle East. More information on potential factors that may cause our actual results to differ materially from the forward-looking statements include the risks, uncertainties and factors described in more detail in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed Annual Report on Form 10-K. Except as otherwise required by law, the Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

SOURCE The Greenbrier Companies, Inc.

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Q3: 2025-10-22 Earnings SummaryEPS of $0.15 misses by $0.02

 |

Revenue of

$376.96M

(10.09% Y/Y)

beats by $19.66M

Helix Energy Solutions Group, Inc. (NYSE:HLX) Q3 2025 Earnings Call October 23, 2025 10:00 AM EDT

Company Participants

Brent Arriaga - Chief Accounting Officer and VP of Finance & Accounting
Kenneth Neikirk - Executive VP, General Counsel & Corporate Secretary
Scott Sparks - Executive VP & COO
Erik Staffeldt - Executive VP & CFO
Owen Kratz - President, CEO & Director

Conference Call Participants

Gregory Lewis - BTIG, LLC, Research Division
James Schumm - TD Cowen, Research Division
Connor Jensen
Joshua Jayne - Daniel Energy Partners, LLC

Presentation

Brent Arriaga
Chief Accounting Officer and VP of Finance & Accounting

"

Kenneth Neikirk
Executive VP, General Counsel & Corporate Secretary

"

Scott Sparks
Executive VP & COO

"

Brent Arriaga
Chief Accounting Officer and VP of Finance & Accounting

"

Erik Staffeldt
Executive VP & CFO

"

Owen Kratz
President, CEO & Director

"

Gregory Lewis
BTIG, LLC, Research Division

" BTIG, LLC, Research Division

James Schumm
TD Cowen, Research Division

" TD Cowen, Research Division

Connor Jensen

" Raymond James & Associates, Inc., Research Division

Joshua Jayne
Daniel Energy Partners, LLC

" Daniel Energy Partners, LLC[ id="-1" name="Operator" /> Ladies and gentlemen, thank you for standing by. Hello. My name is Dustin, and I will be your conference operator today. At this time, I would like to welcome you to the Third Quarter 2025 Helix Energy Solutions Group Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to Brent Ariaga.

Brent Arriaga
Chief Accounting Officer and VP of Finance & Accounting

Please go ahead. Good morning, everyone, and thanks for joining us today on our conference call, where we will be reviewing our third quarter 2025 earnings release. Participating on this call for Helix today are Owen Kratz, our CEO; Scotty Sparks, our COO; Erik Staffeldt, our CFO; Ken Neikirk, our General Counsel; Daniel Stewart, our Vice President, Commercial; and myself.

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Third-quarter highlights

Orders of $8.2 billion, including $4.1 billion of IET orders.RPO of $35.3 billion, including record IET RPO of $32.1 billion.Revenue of $7.0 billion, up 1% year-over-year.Attributable net income of $609 million.GAAP diluted EPS of $0.61 and adjusted diluted EPS* of $0.68.Adjusted EBITDA* of $1,238 million, up 2% year-over-year.Cash flows from operating activities of $929 million and free cash flow* of $699 million.
HOUSTON and LONDON, Oct. 23, 2025 (GLOBE NEWSWIRE) -- Baker Hughes Company (Nasdaq: BKR) ("Baker Hughes" or the "Company") announced results today for the third quarter of 2025.

"Our strong third quarter performance represents clear evidence of the consistent execution and operational discipline embedded across the organization. This performance reflects continued momentum from our Business System deployment, positive trends in Gas Technology, and strong outperformance in U.S. land, where our leverage to production-related activity gives us a clear advantage," said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

"While OFSE margins softened, reflecting the broader macro backdrop, IET delivered another quarter of strong performance, driving consolidated Adjusted EBITDA margins higher year-over-year. This positive margin progression highlights the resilience of our portfolio and the foundation we've built through disciplined execution."

"We also continue to benefit from strong market tailwinds in LNG, power generation, and offshore, securing over $4 billion of IET orders for only the third time in our history, along with record SSPS orders in the quarter. IET backlog grew 3% sequentially, reaching a new record of $32.1 billion – further reinforcing the durability and visibility of our growth outlook in IET. After securing almost $11 billion in orders during the first three quarters, and with strong visibility on expected awards in the fourth quarter, we now expect full-year orders to exceed our prior midpoint."

"As we close Horizon One and turn to our new Horizon Two targets, we have fundamentally changed the way we operate, and today Baker Hughes is in the strongest position since the merger nearly a decade ago," concluded Simonelli.

* Non-GAAP measure. See reconciliations in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."

 Three Months Ended Variance(in millions except per share amounts)September 30, 2025June 30, 2025September 30, 2024 SequentialYear-over-yearOrders$8,207$7,032$6,676 17%23%Revenue 7,010 6,910 6,908 1%1%Net income attributable to Baker Hughes 609 701 766 (13%)(20%)Adjusted net income attributable to Baker Hughes* 678 623 666 9%2%Adjusted EBITDA* 1,238 1,212 1,208 2%2%Diluted earnings per share (EPS) 0.61 0.71 0.77 (13%)(20%)Adjusted diluted EPS* 0.68 0.63 0.67 9%3%Cash flow from operating activities 929 510 1,010 82%(8%)Free cash flow* 699 239 754 F(7%) * Non-GAAP measure. See reconciliations in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."

Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

"F" is used in most instances when variance is above 100%. Additionally, "U" is used when variance is below (100)%.

Quarter Highlights

Executing our portfolio management strategy
In the third quarter, Baker Hughes continued to advance its portfolio management strategy with the announcement of its intent to acquire Chart Industries, Inc. ("Chart") for approximately $13.6 billion, which is a significant step to further enrich the Company's portfolio and enhance the value delivered to customers across critical, high-growth markets.

Baker Hughes also completed its acquisition of Continental Disc Corporation, adding a highly complementary, margin-accretive portfolio of products that is expected to expand the Company's position in the flow and pressure control markets while enhancing recurring, lifecycle-driven revenues.

Key awards and technology achievements

Industrial & Energy Technology ("IET") secured important awards to support additional global capacity and delivery of natural gas and LNG. In the U.S., Gas Technology Equipment ("GTE") received orders for gas turbine and refrigerant compressor technology for Train 4 of NextDecade's Rio Grande LNG Facility in the Port of Brownsville, Texas, and for Train 3 and 4 of Sempra Infrastructure's Port Arthur Phase 2 project in Jefferson County, Texas. Baker Hughes is also providing digital solutions for Trains 1-3 of the Rio Grande project by deploying Cordant™ Asset Health. This award expands Baker Hughes' coverage from critical LNG train equipment supported by iCenter and powered by Cordant™ to plant wide monitoring, providing real-time insights into critical rotating machinery and process equipment enhancing availability, throughput and reducing unplanned downtime.

For a gas processing facility in the Middle East, Baker Hughes will provide two electric motor driven centrifugal compressors for propane refrigerant service for the facility's natural gas liquids ("NGL") fractionation plant. Baker Hughes' advanced compressor technology will contribute to the customer's strategic goal to process incremental NGL, ensuring critical energy supply.

In the offshore segment, Baker Hughes secured important topside equipment contracts to provide its highly efficient, field proven power generation and compression solutions for a FPSO project in South America, supporting key infrastructure that will provide critical energy supply both locally and globally.

Baker Hughes received an award from Dynamis Power Solutions to supply 25 aeroderivative gas turbines for mobile power generation for oil & gas applications in North America, demonstrating broadening demand for power generation solutions. The turbines will provide customers with reliable, lower-emissions power across a wide range of oil and gas applications, including upstream, refining and petrochemical.

Further demonstrating the durability of IET's lifecycle model, the segment was awarded several aftermarket services contracts. bp selected the Company for a long-term service agreement for its Tangguh LNG plant in Papua Barat, Indonesia. This comprehensive multi-year agreement covers spare parts, repair services, and field service engineering support for critical turbomachinery at the facility. In North America, the Company extended and strengthened its long-term partnership with Pembina Pipeline to support the rejuvenation and enhancement of the Alliance transmission pipeline system, inclusive of additional engines to drive asset lifecycle extension within this critical gas infrastructure.

Baker Hughes continues to experience strong demand for its New Energy solutions, leveraging the Company's technology portfolio across both segments. IET will design and deliver equipment for five Organic Rankine Cycle ("ORC") power plants at Fervo Energy Company's Cape Station geothermal power generation project near Milford, Utah. This award follows previous awards from Fervo for OFSE subsurface drilling and production technologies. Once operational, the five Cape Phase II ORC plants will generate approximately 300 megawatts of clean, reliable, and affordable power to the grid – enough power to supply approximately 180,000 homes.

Also in the quarter, the Company secured an award from Technip Energies to supply critical turbomachinery equipment for the Blue Point Number One Ammonia Project in Modeste, Louisiana. The facility will be the world’s largest low-carbon ammonia plant, with annual nameplate capacity of approximately 1.4 million metric tons. Baker Hughes will provide a steam turbine, BRUSH™ Power Generation generator, and a suite of compressors – including ammonia, syngas and recycle compressors – along with a CO2 compressor to transport the captured CO2 to geological storage via pipelines.

Oilfield Services & Equipment ("OFSE") secured a significant third-quarter award from Turkish Petroleum and Turkish Petroleum Offshore Technology Center to supply integrated subsea production and intelligent completion systems for Sakarya Gas Field Phase 3, supporting Turkiye's gas development and energy security. As part of the award, Baker Hughes will provide deepwater horizontal tree systems to support production at depths from 6,500 to 7,200 feet.

OFSE also deepened the Company's long-standing relationship with Petrobras, receiving several significant awards during the quarter, following open tenders. Baker Hughes will provide up to 50 subsea trees and associated services to support offshore oil and gas production across several fields. OFSE will also deliver 66 km of flexible pipe systems – inclusive of risers and flowlines for hydrocarbon production, CO2 injection and gas lift – across the Marlim Sul, Roncador, Iracema, Atapu, Mero and Buzios fields. Additionally, the Company will provide all-electric integrated completions systems for the Buzios field, enabling more precise subsurface control, increased operational efficiency and enhanced reliability. The simplified installation process and reduced maintenance will also reduce the operational carbon footprint when compared to traditional hydraulic solutions.

Baker Hughes received a significant, multi-year award from Aramco to expand integrated underbalanced coiled tubing drilling operations in Saudi Arabia. The contract includes six new units and extensions of four existing units to support re-entry and greenfield drilling projects across the country.

Within OFSE's Production Solutions offering, Baker Hughes executed a significant five-year contract extension to provide hydrocarbon and water treatment products and services across Valero's North America and UK refineries. The agreement underscores Baker Hughes' ability to reduce customers' operating costs, enhance asset reliability, and demonstrate leading expertise in production and refining services.

In South America, Ecopetrol awarded Baker Hughes a multi-year contract to provide ESP and electro-driven PCP systems to support Colombia's strategy to enhance oil production while reducing lifting costs per barrel.

Consolidated Financial Results

Revenue for the quarter was $7,010 million, an increase of $100 million, or 1% sequentially, and up $102 million, or 1% year-over-year. The increase in revenue year-over-year was driven by an increase in IET, partially offset by a decrease in OFSE.

The Company's total book-to-bill ratio in the third quarter of 2025 was 1.2; the IET book-to-bill ratio was 1.2.

Net income as determined in accordance with accounting principles generally accepted in the United States of America ("GAAP") for the third quarter of 2025 was $609 million. Net income decreased $91 million, or 13% sequentially, and decreased $157 million, or 20% year-over-year.

Adjusted net income (a non-GAAP financial measure) for the third quarter of 2025 was $678 million, which excludes adjustments totaling $69 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." Adjusted net income for the third quarter of 2025 was up $55 million, or 9% sequentially, and up $12 million, or 2% year-over-year.

Depreciation and amortization for the third quarter of 2025 was $282 million.

Adjusted EBITDA (a non-GAAP financial measure) for the third quarter of 2025 was $1,238 million, which excludes adjustments totaling $79 million. See Table 1a in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." Adjusted EBITDA for the third quarter was up $26 million, or 2% sequentially, and up $30 million, or 2% year-over-year.

The sequential increase in adjusted net income and Adjusted EBITDA was primarily driven by favorable mix, favorable foreign exchange rates ("FX"), and structural cost-out initiatives, partially offset by lower cost productivity. The year-over-year increase in adjusted net income and Adjusted EBITDA was driven by structural cost-out initiatives, and favorable FX, partially offset by lower volume and cost inflation.

Other Financial Items

Remaining Performance Obligations ("RPO") in the third quarter of 2025 ended at $35.3 billion, an increase of $1.3 billion from the second quarter of 2025. OFSE RPO was $3.2 billion, up $0.5 billion sequentially, while IET RPO was $32.1 billion, up $0.8 billion sequentially. Within IET RPO, Gas Technology Equipment and Gas Technology Services was $11.8 billion and $15.7 billion, respectively.

Income tax expense in the third quarter of 2025 was $204 million.

Other (income) expense, net in the third quarter of 2025 was $71 million, primarily related to transaction related costs of $47 million incurred in connection with business disposals and acquisitions.

GAAP diluted earnings per share was $0.61. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.68. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."

Cash flow from operating activities was $929 million for the third quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $699 million. A reconciliation from GAAP has been provided in Table 1c in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."

Capital expenditures, net of proceeds from disposal of assets, were $230 million for the third quarter of 2025, of which $148 million was for OFSE and $67 million was for IET.

Results by Reporting Segment

The following segment discussions and variance explanations are intended to reflect management's view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

Oilfield Services & Equipment

(in millions)Three Months Ended VarianceSegment resultsSeptember 30, 2025June 30, 2025September 30, 2024 SequentialYear-over-yearOrders$4,068 $3,503 $3,807  16%7%Revenue$3,636 $3,617 $3,963  1%(8%)EBITDA$671 $677 $765  (1%)(12%)EBITDA margin 18.5% 18.7% 19.3% -0.3pts-0.8pts              (in millions)Three Months Ended VarianceRevenue by Product LineSeptember 30, 2025June 30, 2025September 30, 2024 SequentialYear-over-yearWell Construction$954$921$1,050 4%(9%)Completions, Intervention, and Measurements 945 935 1,009 1%(6%)Production Solutions 966 968 983 —%(2%)Subsea & Surface Pressure Systems 771 793 921 (3%)(16%)Total Revenue$3,636$3,617$3,963 1%(8%) (in millions)Three Months Ended VarianceRevenue by Geographic RegionSeptember 30, 2025June 30, 2025September 30, 2024 SequentialYear-over-yearNorth America$980$928$971 6%1%Latin America 603 639 648 (6%)(7%)Europe/CIS/Sub-Saharan Africa 599 653 933 (8%)(36%)Middle East/Asia 1,454 1,398 1,411 4%3%Total Revenue$3,636$3,617$3,963 1%(8%)       North America$980$928$971 6%1%International$2,656$2,689$2,992 (1%)(11%)             EBITDA excludes depreciation and amortization of $221 million, $233 million, and $218 million for the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

OFSE orders of $4,068 million for the third quarter of 2025 increased by $565 million, or 16% sequentially. Subsea and Surface Pressure Systems orders were $1,190 million, up $492 million, or 70% sequentially, and up $414 million, or 53% year-over-year.

OFSE revenue of $3,636 million for the third quarter of 2025 was up $18 million, or 1% sequentially, and down $327 million, or 8% year-over-year.

North America revenue was $980 million, up $52 million, or 6% sequentially. International revenue was $2,656 million, down $34 million, or 1% sequentially, with a decrease in Latin America and Europe/Sub-Saharan Africa, partially offset by an increase in Middle East/Asia.

Segment EBITDA for the third quarter of 2025 was $671 million, a decrease of $6 million, or 1% sequentially. The sequential decrease in EBITDA was a result of overall lower volume, inflation, and changes in business mix, partially offset by cost out initiatives, price and overall productivity improvements.

Industrial & Energy Technology

(in millions)Three Months Ended VarianceSegment resultsSeptember 30, 2025June 30, 2025September 30, 2024 SequentialYear-over-yearOrders$4,139 $3,530 $2,868  17%44%Revenue$3,374 $3,293 $2,945  2%15%EBITDA$635 $585 $528  9%20%EBITDA margin 18.8% 17.8% 17.9% 1pts0.9pts              (in millions)Three Months Ended VarianceOrders by Product LineSeptember 30, 2025June 30, 2025September 30, 2024 SequentialYear-over-yearGas Technology Equipment$2,174$781$1,088 F100%Gas Technology Services 896 986 778 (9%)15%Total Gas Technology 3,070 1,767 1,866 74%64%Industrial Products 481 513 494 (6%)(3%)Industrial Solutions 336 327 293 3%15%Total Industrial Technology 817 839 787 (3%)4%Climate Technology Solutions 253 923 215 (73%)18%Total Orders$4,139$3,530$2,868 17%44% (in millions)Three Months Ended VarianceRevenue by Product LineSeptember 30, 2025June 30, 2025September 30, 2024 SequentialYear-over-yearGas Technology Equipment$1,687$1,624$1,281 4%32%Gas Technology Services 803 752 697 7%15%Total Gas Technology 2,490 2,377 1,978 5%26%Industrial Products 511 488 520 5%(2%)Industrial Solutions 288 273 257 6%12%Total Industrial Technology 799 761 777 5%3%Climate Technology Solutions 84 156 191 (46%)(56%)Total Revenue$3,374$3,293$2,945 2%15% EBITDA excludes depreciation and amortization of $55 million, $56 million, and $54 million for the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

"F" is used in most instances when variance is above 100%. Additionally, "U" is used when variance is below (100)%.

IET orders of $4,139 million for the third quarter of 2025 increased by $1,271 million, or 44% year-over-year. The increase was driven by continued strength in Gas Technology Equipment and Climate Technology Solutions.

IET revenue of $3,374 million for the third quarter of 2025 increased $429 million, or 15% year-over-year. The increase was driven by Gas Technology Equipment, up $407 million, or 32% year-over-year, Gas Technology Services, up $106 million, or 15% year-over-year, partially offset by Climate Technology Solutions, down $106 million, or 56% year-over-year.

Segment EBITDA for the quarter was $635 million, an increase of $108 million, or 20% year-over-year. The year-over-year increase in segment EBITDA was driven by volume, pricing and favorable FX, partially offset by lower cost productivity and cost inflation.

Reconciliation of GAAP to non-GAAP Financial Measures

Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA

 Three Months Ended(in millions)September 30, 2025June 30, 2025September 30, 2024Net income attributable to Baker Hughes (GAAP)$609 $701 $766 Net income attributable to noncontrolling interests 8  10  8 Provision for income taxes 204  256  235 Interest expense, net 56  54  55 Depreciation & amortization 282  293  278 Change in fair value of equity securities (1) 8  (119) (99)Transaction related costs (1) 47  11  — Other charges and credits (1) 24  6  (35)Adjusted EBITDA (non-GAAP) 1,238  1,212  1,208 Corporate costs 76  78  85 Other (income) / expense not allocated to segments (8) (28) — Total Segment EBITDA (non-GAAP)$1,306 $1,262 $1,293 OFSE 671  677  765 IET 635  585  528  (1) Change in fair value of equity securities, transaction related costs, and other charges and credits are reported in "Other (income) expense, net" on the condensed consolidated statements of income (loss).

Table 1a reconciles net income attributable to Baker Hughes, which is the most directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.

Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

 Three Months Ended(in millions, except per share amounts)September 30, 2025June 30, 2025September 30, 2024Net income attributable to Baker Hughes (GAAP)$609 $701 $766 Change in fair value of equity securities 8  (119) (99)Transaction related costs (1) 54  11  — Other adjustments 24  6  — Tax adjustments (2) (17) 24  (1)Total adjustments, net of income tax 69  (78) (100)Less: adjustments attributable to noncontrolling interests —  —  — Adjustments attributable to Baker Hughes 69  (78) (100)Adjusted net income attributable to Baker Hughes (non-GAAP)$678 $623 $666     Denominator:   Weighted-average shares of Class A common stock outstanding diluted 992  991  999 Adjusted earnings per share - diluted (non-GAAP)$0.68 $0.63 $0.67  (1) Transaction related costs include $7 million of interest expense fees related to the Bridge Facility.

(2) All periods reflect the tax associated with the other (income) loss adjustments.

Table 1b reconciles net income attributable to Baker Hughes, which is the most directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow

 Three Months Ended(in millions)September 30, 2025June 30, 2025September 30, 2024Net cash flows from operating activities (GAAP)$929 $510 $1,010 Add: cash used for capital expenditures, net of proceeds from disposal of assets (230) (271) (256)Free cash flow (non-GAAP)$699 $239 $754  Table 1c reconciles net cash flows from operating activities, which is the most directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.

Financial Tables (GAAP)

Condensed Consolidated Statements of Income (Loss) 
(Unaudited)

 Three Months Ended September 30,Nine Months Ended September 30,(In millions, except per share amounts) 2025  2024  2025  2024 Revenue$7,010 $6,908 $20,347 $20,465 Costs and expenses:    Cost of revenue 5,309  5,208  15,556  15,678 Selling, general and administrative 607  612  1,751  1,873 Research and development costs 146  158  453  480 Other (income) expense, net 71  (134) 77  (182)Interest expense, net 56  55  161  143 Income before income taxes 821  1,009  2,349  2,473 Provision for income taxes (204) (235) (612) (656)Net income 617  774  1,737  1,817 Less: Net income attributable to noncontrolling interests 8  8  25  17 Net income attributable to Baker Hughes Company$609 $766 $1,712 $1,800      Per share amounts:   Basic income per Class A common stock$0.62 $0.77 $1.73 $1.81 Diluted income per Class A common stock$0.61 $0.77 $1.72 $1.80      Weighted average shares:    Class A basic 986  993  988  996 Class A diluted 992  999  994  1,001      Cash dividend per Class A common stock$0.23 $0.21 $0.69 $0.63       Condensed Consolidated Statements of Financial Position
(Unaudited)

(In millions)September 30, 2025December 31, 2024ASSETSCurrent Assets:  Cash and cash equivalents$2,693$3,364Current receivables, net 6,555 7,122Inventories, net 5,036 4,954All other current assets 3,245 1,771Total current assets 17,529 17,211Property, plant and equipment, less accumulated depreciation 5,264 5,127Goodwill 6,051 6,078Other intangible assets, net 4,180 3,951Contract and other deferred assets 1,712 1,730All other assets 4,497 4,266Total assets$39,233$38,363LIABILITIES AND EQUITYCurrent Liabilities:  Accounts payable$4,196$4,542Short-term debt 68 53Progress collections and deferred income 5,511 5,672All other current liabilities 2,663 2,724Total current liabilities 12,438 12,991Long-term debt 5,988 5,970Liabilities for pensions and other postretirement benefits 1,024 988All other liabilities 1,455 1,359Equity 18,328 17,055Total liabilities and equity$39,233$38,363   Outstanding Baker Hughes Company shares:  Class A common stock 986 990      Condensed Consolidated Statements of Cash Flows
(Unaudited)

 Three Months Ended September 30,Nine Months Ended September 30,(In millions) 2025  2025  2024 Cash flows from operating activities:   Net income$617 $1,737 $1,817 Adjustments to reconcile net income to net cash flows from operating activities:   Depreciation and amortization 282  861  844 Stock-based compensation cost 51  153  154 Change in fair value of equity securities 8  29  (171)(Benefit) provision for deferred income taxes (27) (44) 35 Working capital (132) (34) (57)Other operating items, net 130  (554) (480)Net cash flows provided by operating activities 929  2,148  2,142 Cash flows from investing activities:   Expenditures for capital assets (295) (896) (925)Proceeds from disposal of assets 65  139  145 Net cash paid for acquisitions (800) (800) — Proceeds from sale of equity securities —  —  21 Other investing items, net (25) (94) (40)Net cash flows used in investing activities (1,055) (1,651) (799)Cash flows from financing activities:   Dividends paid (227) (683) (628)Repurchase of Class A common stock —  (384) (476)Repayment of long-term debt —  —  (134)Other financing items, net (52) (157) (55)Net cash flows used in financing activities (279) (1,224) (1,293)Effect of currency exchange rate changes on cash and cash equivalents 11  56  (32)(Decrease) increase in cash and cash equivalents (394) (671) 18 Cash and cash equivalents, beginning of period 3,087  3,364  2,646 Cash and cash equivalents, end of period$2,693 $2,693 $2,664 Supplemental cash flows disclosures:   Income taxes paid, net of refunds$336 $754 $733 Interest paid$49 $197 $199  Supplemental Financial Information

Supplemental financial information can be found on the Company's website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

Conference Call and Webcast

The Company has scheduled an investor conference call to discuss management's outlook and the results reported in today's earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Friday, October 24, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company's website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

Forward-Looking Statements

This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a "forward-looking statement"). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words "may," "will," "should," "potential," "intend," "expect," "would," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "could," "project," "predict," "continue," "target," "goal" or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company's annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission ("SEC"). The documents are available through the Company's website at: www.investors.bakerhughes.com or through the SEC's Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

Economic and political conditions - the impact of worldwide economic conditions and rising inflation; the impact of tariffs and the potential for significant increases thereto; the impact of global trade policy and the potential for significant changes thereto; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.Orders and RPO - our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.Oil and gas market conditions - the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; LNG supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries ("OPEC") policy and the adherence by OPEC nations to their OPEC production quotas.Terrorism and geopolitical risks - war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation; expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks. About Baker Hughes:

Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward - making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Investor Relations

Chase Mulvehill
+1 346-297-2561
[email protected] 

Media Relations

Adrienne M. Lynch
+1 713-906-8407
[email protected] 

, /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that investors with losses related to Fly-E Group, Inc. ("Fly-E" or the "Company") (NASDAQ: FLYE)have opportunity to lead the securities fraud class action lawsuit.

IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN FLY-E (FLYE), CLICK HERE BEFORE NOVEMBER 7, 2025 (THE LEAD PLAINTIFF DEADLINE) TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT.

What Is The Lawsuit About?
The complaint filed alleges that, between July 15, 2025 and August 14, 2025, Defendants failed to disclose to investors that: (1) the Defendants continually praised Fly-E's brand reputation in the industry, cost reductions and favorable pricing from suppliers as a key component for Fly-E's ability to grow its sales network, while simultaneously minimizing risks associated with its lithium battery, supply chain changes and the regulatory environment and possible demand fluctuations for its E-Bikes and E-Scooters; and (2) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us.
The Law Offices of Frank R. Cruz,
Email us at: [email protected]
Call us at: 310-914-5007
Visit our website at: www.frankcruzlaw.com
Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

SOURCE The Law Offices of Frank R. Cruz, Los Angeles

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Q3: 2025-10-22 Earnings SummaryEPS of $0.38 beats by $0.01

 |

Revenue of

$129.10M

(1.66% Y/Y)

misses by $2.15M

CVB Financial Corp. (NASDAQ:CVBF) Q3 2025 Earnings Call October 23, 2025 10:30 AM EDT

Company Participants

E. Nicholson - Executive VP & CFO
David Brager - President, CEO & Director

Conference Call Participants

Matthew Clark - Piper Sandler & Co., Research Division
Andrew Terrell - Stephens Inc., Research Division
Gary Tenner - D.A. Davidson & Co., Research Division
Liam Coohill - Raymond James & Associates, Inc., Research Division
Charles Driscoll - Keefe, Bruyette, & Woods, Inc., Research Division

Presentation

Operator

Good morning, ladies and gentlemen, and welcome to the Third Quarter of 2025. CVB Financial Corporation and its Subsidiary Citizens Business Bank Earnings Conference Call. My name is Sherry, and I am your operator for today. [Operator Instructions] Please note this call is being recorded.

I would now like to turn the presentation over to your host for today's call, Allen Nicholson, Executive Vice President and Chief Financial Officer. You may proceed.

E. Nicholson
Executive VP & CFO

Thank you, Sherry, and good morning, everyone. Thank you for joining us today to review our financial results for the third quarter of 2025. Joining me this morning is Dave Brager, President and Chief Executive Officer. Our comments today will refer to the financial information that was included in the earnings announcement released yesterday. To obtain a copy, please visit our website at www.cbbank.com and click on the Investors tab.

The speakers on this call claim the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. For a more complete discussion of the risks and uncertainties that may cause actual results to differ materially from our forward-looking statements, please see the company's annual report on Form 10-K for the year ended December 31, 2024, and in particular the information set forth in Item 1A, Risk Factors, therein. For a more complete version of the company's

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Q3: 2025-10-22 Earnings SummaryEPS of $1.86 beats by $0.97

 |

Revenue of

$843.50M

(12.81% Y/Y)

misses by $6.50M

Kaiser Aluminum Corporation (NASDAQ:KALU) Q3 2025 Earnings Call October 23, 2025 10:00 AM EDT

Company Participants

Keith Harvey - CEO, President & Chairman
Neal West - Executive VP & CFO

Conference Call Participants

Kimberly Orlando - ADDO Investor Relations
William Peterson - JPMorgan Chase & Co, Research Division
Timna Tanners - Wells Fargo Securities, LLC, Research Division

Presentation

Operator

Greetings, and welcome to the Kaiser Aluminum Corporation Third Quarter 2025 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Kim Orlando with ADDO Investor Relations. Thank you. You may begin.

Kimberly Orlando
ADDO Investor Relations

Thank you. Hello, everyone, and welcome to Kaiser Aluminum's Third Quarter 2025 Earnings Conference Call. If you have not seen a copy of our earnings release, please visit the Investor Relations page on our website at kaiseraluminum.com. We have also posted a PDF version of the slide presentation for this call.

Joining me on the call today are Chairman, President and Chief Executive Officer, Keith Harvey; and Executive Vice President and Chief Financial Officer, Neal West.

Before we begin, I'd like to refer you to the first 4 slides of our presentation and remind you that the statements made by management and the information contained in this presentation that constitute forward-looking statements are based on management's current expectations. For a summary of specific risk factors that could cause results to differ materially from the forward-looking statements, please refer to the company's earnings release and reports filed with the Securities and Exchange Commission, including the company's annual report on Form 10-K for the full year ended December 31, 2024. The company undertakes no duty to update any forward-looking statements to conform the statement to actual results or changes in the company's expectations. In addition, we have included non-GAAP financial information in our

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Shares of BV Financial, Inc. (BVFL - Free Report) have gained 13.9% since the company reported its earnings for the quarter ended Sept. 30, 2025. This compares to the S&P 500 index’s 1.4% growth over the same time frame. Over the past month, the stock has gained 0.4% compared with the S&P 500’s 1.4% growth.

BV Financial reported net income of 41 cents per share for the third quarter of 2025, up from 35 cents per share earned a year earlier. 

Net interest income showed a modest gain, reaching $9.4 million, up from $9.3 million. 

The company reported net income of $3.7 million for the third quarter of 2025, slightly below the $3.8 million in the prior-year quarter. While GAAP net income declined, non-GAAP adjusted net income rose 7.3% to $4.4 million from $4.1 million in the prior-year period, driven largely by the normalization of equity plan expenses.

Key Business Metrics Show Mixed ResultsBV Financial posted a slight increase in net loans, which rose by $8.6 million, or 1.2%, to $737.9 million as of Sept. 30, 2025. Deposits followed suit, climbing 1.9% to $663.8 million during the same period. Total assets stood at $909.4 million, down marginally from $911.8 million at year-end 2024.

Return on average assets (ROAA) slipped slightly to 1.65% from 1.7% in the third quarter of 2024, while return on average equity (ROAE) improved to 7.8% from 7.3%. The company’s net interest margin narrowed modestly to 4.4%, down from 4.5%, due to rising deposit costs and a shift in the deposit mix, although higher yields on interest-earning assets partially offset these pressures.

Noninterest income remained relatively stable at $0.68 million compared to $0.7 million a year ago. However, non-interest expenses rose to $5.9 million from $5.5 million, largely due to increased compensation costs associated with the full implementation of the 2024 equity incentive plan. These costs were applicable for the entire quarter this year, versus only one month last year.

Management Commentary and Strategic ContextThe firm’s decision to continue tightening expenses outside compensation, along with disciplined credit provisioning, helped maintain asset quality metrics despite elevated costs from stock compensation.

Credit quality remained strong, with non-performing assets decreasing to $3.5 million from $4.2 million at year-end 2024. The company recorded a $1 million recovery in its provision for credit losses, further supporting the bottom line. The allowance for credit losses now covers 233.5% of non-performing loans, up from 212.5% at year-end 2024, signaling enhanced credit reserves despite benign charge-off activity.

Factors Influencing ResultsSeveral factors contributed to the company’s mixed results. While net interest income edged higher due to rising loan balances and stronger yields, the benefits were partially offset by increased deposit costs and the aforementioned compensation-related expense uptick. The yield on loans climbed to 6.2% from 6.1%, and overall yields on interest-earning assets increased to 5.9% from 5.86%, reflecting the impact of elevated interest rates across the financial landscape.

Operating efficiency metrics deteriorated somewhat, as the efficiency ratio rose to 58.6% from 54.7% in the prior year’s quarter, reflecting the higher expense base. Non-interest expenses as a percent of average assets also increased to 2.6% from 2.5%.

Other DevelopmentsBV Financial announced it received a non-objection from the Federal Reserve Bank of Richmond to initiate a new stock repurchase program. This marks the company’s third such program since its mutual-to-stock conversion in July 2023. The program authorizes the repurchase of up to 10% of outstanding shares and follows the recent completion of its second repurchase initiative in September 2025. During the third quarter, BV Financial had already repurchased 782,324 shares at an average price of $16.14, totaling approximately $12.6 million.

This capital return initiative reflects management’s confidence in the company’s financial health and its ability to generate shareholder value, even amid rising cost pressures and a competitive deposit environment.

PHOENIX, Oct. 23, 2025 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) will release earnings for the second quarter ended September 27, 2025 on Thursday, October 30, 2025 after the close of market. Senior management will discuss the results in a live webcast the following day, Friday, October 31, 2025 at 1:00 p.m. Eastern Time.

Date:   October 31, 2025

Listen via Telephone: To participate in the call, please register here to receive the dial-in number and your unique PIN.

If you are unable to participate during the live webcast, the call will be available for 90 days on https://investor.cavco.com/.

Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco's finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.

In trading on Thursday, shares of Robert Half were yielding above the 8% mark based on its quarterly dividend (annualized to $2.36), with the stock changing hands as low as $26.99 on the day. Dividends are particularly important for investors to consider, because historically speaking dividends have provided a considerable share of the stock market's total return. To illustrate, suppose for example you purchased shares of the iShares Russell 3000 ETF (IWV) back on 5/31/2000 — you would have paid $78.27 per share. Fast forward to 5/31/2012 and each share was worth $77.79 on that date, a loss of $0.48 or 0.6% decrease over twelve years. But now consider that you collected a whopping $10.77 per share in dividends over the same period, increasing your return to 13.15%. Even with dividends reinvested, that only amounts to an average annual total return of about 1.0%; so by comparison collecting a yield above 8% would appear considerably attractive if that yield is sustainable. Robert Half Inc (NYSE:RHI) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets.

10 Stocks Where Yields Got More Juicy »

In general, dividend amounts are not always predictable and tend to follow the ups and downs of profitability at each company. In the case of Robert Half Inc, looking at the history chart for RHI below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 8% annual yield.

RHI

tickertech

Special Offer: Join the income investing conversation on ValueForum.com with a special Seven Days for Seven Dollars invitation.

Key Takeaways Rubrik's cloud ARR surged 57% to $1.1B, driven by strong adoption of its Security Cloud platform.
The launch of Rubrik Agent Cloud supports secure AI agent adoption with full lifecycle management.
The Predibase acquisition enhances Rubrik's AI capabilities, improving accuracy and data governance.

Rubrik (RBRK - Free Report) is benefiting from the rapid expansion of its cloud security platform, which has become a key driver of its growth and market leadership in cyber resilience. In the second quarter of fiscal 2026, Rubrik’s cloud ARR grew 57% year over year, reaching $1.1 billion, driven by the adoption of its Rubrik Security Cloud platform.

Rubrik’s expanding portfolio has been a major growth driver of its success. The company recently launched “Rubrik Agent Cloud”, a new solution aimed at speeding up the adoption of AI agents in enterprises while addressing security and compliance risks. Built on the Rubrik Platform, it offers full lifecycle management for AI agents. This includes real-time monitoring, policy enforcement, and rollback features to ensure secure, accurate, and resilient AI operations.

Rubrik’s focus on innovation further strengthens its cloud security platform. In the second quarter of fiscal 2026, Rubrik acquired Predibase to speed up the use of agentic AI. This gives organizations a platform to easily customize models based on their data and run them on an optimized inference stack. This approach improves accuracy, lowers costs and automates data governance.

Rubrik’s strong demand for its data security solutions and growing client base are expected to benefit the company’s top-line growth. For the third quarter of fiscal 2026, RBRK’s revenues are expected to be between $319 million and $321 million, reflecting a year-over-year growth rate of 35% to 36%.

Rubrik Faces Stiff CompetitionRubrik faces stiff competition in the cybersecurity market from the likes of Fortinet (FTNT - Free Report) and Datadog (DDOG - Free Report) .

Fortinet is constantly enhancing its cybersecurity ecosystem to provide more comprehensive and integrated solutions. In the second quarter of 2025, Fortinet expanded FortiCloud with three new natively integrated services, which include FortiIdentity, FortiDrive, and FortiConnect. These services improve secure identity management, cloud storage and connectivity.

Datadog’s expanding portfolio has been noteworthy. Datadog recently introduced new integrations on Oracle Cloud Infrastructure, including GPU Monitoring, Cloud Cost Management, and Cloud SIEM. These tools help customers optimize AI workloads, manage cloud expenses, and improve security in their cloud environments.

RBRK’s Share Price Performance, Valuation, and EstimatesRBRK’s shares have gained 17.5% year to date, underperforming the broader Zacks Computer & Technology sector’s return of 22.9% and the Internet - Software industry’s appreciation of 17.9%.

RBRK Stock's Performance
Image Source: Zacks Investment Research

RBRK shares are overvalued, with a forward 12-month Price/Sales of 10.42X compared with the Computer & Technology sector’s 6.88X. RBRK has a Value Score of F.

Price/Sales (F12M)
Image Source: Zacks Investment Research

For fiscal 2026, the Zacks Consensus Estimate for loss is pegged at 49 cents per share, unchanged over the past 30 days. Rubrik reported earnings of $1.57 per share in the year-ago quarter.

Rubrik currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Q3: 2025-10-22 Earnings SummaryEPS of $0.11 beats by $0.15

 |

Revenue of

$6.95B

(1.15% Y/Y)

beats by $15.46M

Southwest Airlines Co. (NYSE:LUV) Q3 2025 Earnings Call October 23, 2025 10:00 AM EDT

Company Participants

Lauren Yett - Advisor of Investor Relations
Robert Jordan - President, CEO & Vice Chairman of the Board
Andrew Watterson - Chief Operating Officer
Tom Doxey - Executive VP & CFO
Lauren Woods - Senior VP of Technology & Chief Information Officer
Julia Landrum - Vice President of Investor Relations
Whitney Eichinger - Senior VP & Chief Communications Officer

Conference Call Participants

Conor Cunningham - Melius Research LLC
Michael Linenberg - Deutsche Bank AG, Research Division
Savanthi Syth - Raymond James & Associates, Inc., Research Division
Sheila Kahyaoglu - Jefferies LLC, Research Division
Jamie Baker - JPMorgan Chase & Co, Research Division
Catherine O'Brien - Goldman Sachs Group, Inc., Research Division
Brandon Oglenski - Barclays Bank PLC, Research Division
Duane Pfennigwerth - Evercore ISI Institutional Equities, Research Division
Christopher Stathoulopoulos - Susquehanna Financial Group, LLLP, Research Division
Scott Group - Wolfe Research, LLC
David Vernon - Sanford C. Bernstein & Co., LLC., Research Division
Andrew Didora - BofA Securities, Research Division
Robert Silk

Presentation

Operator

Hello, everyone, and welcome to the Southwest Airlines Third Quarter 2025 Conference Call. I'm Gary, and I'll be moderating today's call, which is being recorded. A replay will be available on southwest.com in the Investor Relations section. [Operator Instructions]

Now Lauren Yett from Investor Relations, will begin the discussion. Please go ahead, Lauren.

Lauren Yett
Advisor of Investor Relations

Thank you. Hello, everyone, and welcome to Southwest Airlines Third Quarter 2025 Earnings Call. In just a moment, we will share our prepared remarks, after which we will move into Q&A. I am joined today by our President, CEO and Vice Chairman of the Board, Bob Jordan; Chief Operating Officer, Andrew Watterson; and Chief Financial Officer, Tom Doxey.

A quick reminder that we will make forward-looking statements, which are based on our current expectations of future performance, and

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North American miners start handing down their third quarter earnings results this week, with investor focus set to be on supply disruptions, capital allocation decisions and the growing role of government in strategic minerals, according to Bank of America analysts.

Among standouts for the quarter, Bank of America highlighted Agnico Eagle Mines Ltd (TSX:AEM), Cameco Corporation (TSX:CCO), and MP Materials.

Agnico Eagle “is trending to the higher-end of 2025 gold production guidance,” the analysts wrote.

Cameco’s 49% interests in Westinghouse Electric Company and Global Laser Enrichment “position it well to help deliver new nuclear capacity in the West.”

MP Materials, meanwhile, “operates the only mine-to-magnet rare earths business in the Western Hemisphere,” according to Bank of America.

Turning to steel, the analysts highlighted that companies have reported customer ordering hesitancy in flat-rolled products, even as equities appear to price in a rebound in steel prices.

“The modest uptick in domestic lead times appears to be more supply than demand driven,” the analysts wrote, while fundamentals for long products remain supportive. They see Nucor Corp (NYSE:NUE) among key names to watch it reports Monday.

Copper prices have strengthened amid ongoing supply disruptions at major mines. “Supply disruptions at key mines have driven prices of the metal and the equities higher,” Bank of America wrote.

Investors are expected to follow closely updates on production challenges at Freeport-McMoRan Inc (NYSE:FCX, ETR:FPMB)'s Grasberg mine and Ivanhoe Mines Ltd. (TSX:IVN, OTCQX:IVPAF)' Kamoa-Kakula project.

Meanwhile, Bank of America noted that gold producers are benefiting from record free cash flow, placing capital allocation decisions at the forefront.

Bank of America expects its North American Precious Metals coverage to generate $5.9 billion in free cash flow in Q3 and $23.8 billion for full-year 2025, assuming a gold price of $3,352 per ounce.

Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) will also be in focus following its CEO's departure, the bank’s analysts believe.

In nuclear fuel, they are watching “new reactor builds and the Department of Energy (DoE) funding awards for new enrichment capacity.”

For rare earths, project development is expected to dominate attention following MP’s Department of Defense (DoD) partnership, with investors looking for “hints of new projects and partnerships” amid rising government involvement.

Bank of America also highlighted ongoing themes in base metals, including supply disruptions, merger and acquisition activity, and China’s grid investment.

The bank raised its price objectives on Freeport-McMoRan to $50 from $42, Lundin Mining Corporation (TSX:LUN) to $17.50 from $16, Nexa Resources S.A. to $5 from $4.50, and Alcoa (NYSE:AA) to $28 from $27.

Key Takeaways Viking Therapeutics reported a Q3 loss of $0.81 per share, missing the consensus estimate.R&D expenses rose sharply to $90M, driven by clinical and manufacturing costs.The company advanced VK2735 obesity studies and delayed an IND filing to early 2026.
Viking Therapeutics (VKTX - Free Report) reported a third-quarter 2025 loss of 81 cents per share, wider than the Zacks Consensus Estimate of a loss of 70 cents. The company had incurred a loss of 22 cents per share in the year-ago quarter.

Currently, Viking Therapeutics does not have any approved products in its portfolio. Hence, it has yet to generate revenues.

More on VKTX’s Q3 EarningsResearch and development (R&D) expenses amounted to $90.0 million compared with $22.8 million incurred in the year-ago period. This significant increase was primarily driven by higher costs associated with clinical studies and manufacturing for the company’s drug candidates, as well as increased employee-related expenses.

General and administrative expenses amounted to $8.6 million, down nearly 38% year over year, mainly due to lower costs on legal and patent services as well as stock-related compensation expenses.

Shares of VKTX were down in after-market trading yesterday, likely due to a wider-than-expected loss on higher operating expenses incurred in the quarter.

Year to date, the stock has lost 22% against the industry’s nearly 11% growth.

Image Source: Zacks Investment Research

As of Sept. 30, 2025, Viking Therapeutics had cash, cash equivalents and short-term investments worth $715 million compared with $808 million as of June 30, 2025.

VKTX’s Pipeline UpdatesViking Therapeutics is one of the few biotech stocks that has shown immense potential in the obesity space. It is developing VK2735, an investigational novel dual GLP-1 and GIP receptor agonist, in different clinical studies as oral and subcutaneous (SC) versions for treating obesity.

In June, Viking Therapeutics started a late-stage program evaluating the SC formulation of VK2735 for adults with obesity. This program consists of two phase III studies — VANQUISH-1 and VANQUISH-2. While the VANQUISH-1 study is enrolling obese adults with at least one weight-related co-morbid condition and without type II diabetes (T2D), the VANQUISH-2 study will enroll obese or overweight adults with T2D. Viking Therapeutics targets completing enrolment in the VANQUISH-1 study before year-end, while the same for VANQUISH-2 is expected in the first quarter of 2026.

Viking Therapeutics also recently reported top-line results from a mid-stage study evaluating the oral version of VK2735. Though patients on the highest drug dose lost up to 12.2% of their body weight after 13 weeks of daily dosing compared with 1.3% in the placebo group, a significant number of patients dropped out of the study due to adverse effects. Despite the mixed results, Viking Therapeutics still maintains the drug’s safety and tolerability profile. The company plans to meet with the FDA before this year’s end to discuss the next steps for oral VK2735.

Earlier this week, Viking Therapeutics started a new maintenance dosing study on VK2735. This study will explore multiple regimens — monthly SC, weekly oral and daily oral dosing — to check whether the initial weight loss achieved following weekly SC dosing can be sustained. Results from this study are expected in mid-2026.

The company now plans to file an investigational new drug (IND) application with the FDA in the first quarter of 2026 to advance an internally developed amylin agonist program to clinical development for treating obesity. This marks a delay from the previously announced target of submitting the IND before the end of 2025.

VKTX’s Zacks RankViking Therapeutics currently has a Zacks Rank #4 (Sell).

Our Key Picks Among Biotech StocksSome better-ranked stocks from the sector are Alkermes (ALKS - Free Report) , Werewolf Therapeutics (HOWL - Free Report) and Alnylam Pharmaceuticals (ALNY - Free Report) . While ALKS and HOWL each sport a Zacks Rank #1 (Strong Buy) at present, ALNY carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

EPS estimates for Alkermes’ 2025 have increased from $1.81 to $1.84, while those for 2026 have risen from $1.69 to $1.70 in the past 60 days. ALKS stock has gained 8% year to date.

Alkermes’ earnings beat estimates in two of the trailing four quarters and missed the mark on the other two occasions, delivering an average negative surprise of 1.19%.

In the past 60 days, loss per share estimates for Werewolf Therapeutics’ 2025 have improved from $1.90 to $1.61. Loss per share estimates for 2026 have narrowed from $1.63 to $1.36 during the same period. HOWL stock has gained over 7% year to date.

Werewolf earnings beat estimates in three of the trailing four quarters but missed the mark once, delivering an average surprise of 7.36%.

In the past 60 days, Alnylam’s EPS estimates for 2025 have risen from $3.62 to $4.23. During the same timeframe, estimates for 2026 EPS have increased from $9.23 to $10.28. ALNY stock has soared nearly 98% so far this year.

Alnylam’s earnings beat estimates in three of the trailing four quarters and met the mark once, delivering an average surprise of 348.36%.

FRP Holdings, Inc. (NASDAQ:FRPH) M&A Call October 23, 2025 1:00 PM EDT

Company Participants

Matthew McNulty - CFO & Treasurer
John Baker - CEO & Director
David deVilliers - COO & President

Conference Call Participants

David Foley - Estabrook Capital Management, LLC
Stephen Farrell
Bill Chen

Presentation

Operator

Good day, everyone, and welcome to today's FRP Holdings call regarding acquisition of Altman Logistics [Operator Instructions] Please note, today's call will be recorded. [Operator Instructions]

It is now my pleasure to turn the conference over to Chief Financial Officer, Matt McNulty. Please go ahead.

Matthew McNulty
CFO & Treasurer

Thank you, and good afternoon, everyone. Thank you for joining the FRP Holdings, Inc. conference call today to review the company's recent announcement of the strategic acquisition of Altman Logistics.

With me on the call is John Baker III, Chief Executive Officer; David deVilliers, III, our Chief Operating Officer; John D. Baker II, our Chairman; David deVilliers, Jr., our Vice Chairman; and John Klopfenstein, our Chief Accounting Officer.

First, let me run through a brief disclosure regarding forward-looking statements and non-GAAP measures used by the company. As a reminder, any statements on this call, which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These risks and uncertainties are listed in our SEC filings. We have no obligation to revise or update any forward-looking statements except as imposed by law as a result of future events or new information.

To supplement the financial results presented in accordance with generally accepted accounting principles. FRP presents certain non-GAAP financial measures within the meaning of Regulation G. The non-GAAP financial measures referenced in this call are net operating income or NOI and pro rata NOI. FRP uses these non-GAAP

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Biomea Fusion, Inc. (NASDAQ:BMEA) Citi's 2025 SMID Cap Biopharma Call Series October 23, 2025 11:00 AM EDT

Company Participants

Ramses Erdtmann - Co-Founder, President, COO & Director
Thorsten Kirschberg - Executive Vice President of Chemistry

Conference Call Participants

Yigal Nochomovitz - Citigroup Inc., Research Division

Presentation

Yigal Nochomovitz
Citigroup Inc., Research Division

All right. Hi, everyone. I'm Yigal Nochomovitz, biotech analyst at Citi here in Tribeca in Downtown Manhattan. So we do this virtual C-suite fireside chat periodically. We've had many over the summer. We have many on the schedule. You can check your e-mail if you want the full lineup. Today, we have the pleasure of having the senior leadership from Biomea here with me. And I have Ramses Erdtmann, who is the Chief Operating Officer and President; and I have Thorsten Kirschberg, who is the Head of Research at Biomea.

If you are listening and you want to ask questions, then you got to e-mail me please, [email protected] and I will line up. I will [ pass it ] over to Ramses and Thorsten.

Question-and-Answer Session

Yigal Nochomovitz
Citigroup Inc., Research Division

So with that being said, Ramses, I think it would be good if you could start with an overview, please, of the company's pipeline. What is the key objective in the short term and maybe highlight just some of the upcoming catalysts?

Ramses Erdtmann
Co-Founder, President, COO & Director

Okay. You go straight to the heart of it, okay. So -- and Yigal, we know each other since a long time. The company was started in 2017. It went public in 2021. We're about 40 people here in California. We have a focus on 2 key areas, and these are very, very relevant areas. It's diabetes and obesity. There is a program in each area that we're pursuing. The size of this problem is of magnitude because what you're thinking of

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Key Takeaways These four low-PEG GARP stocks balance undervaluation with solid, sustainable growth prospects.Carnival and Micron feature discounted valuations and impressive long-term growth near 28.5%.Synchrony and Ericsson combine strong Value Scores with double-digit or steady growth potential.
Over the past few months, the market cacophony has made hybrid investment particularly relevant. While volatility remains elevated amid global policy uncertainty and uneven sectoral growth, the broader earnings picture has strengthened. For example, the blended earnings growth rate for the S&P 500 in the third quarter of 2025 is 13.7%, with 86.9% of companies beating EPS estimates (Zacks Earnings Analysis).

Meanwhile, expectations of a gradual shift in Federal Reserve policy toward rate easing have begun to stabilize discount-rate pressure, improving the risk-reward balance for fundamentally strong companies.

In this environment, investments need to be prudently hedged to overcome uncertainties and limit losses related to external shocks. A question that often arises is whether one should resort to a value strategy that seeks discounted stocks or opt for growth investing in times of extreme market instability.

The investing track of the Oracle of Omaha over the past few decades and his gradual shift from being a pure-play value investor to a GARP (growth at a reasonable price) investor might give us all the answers.

Per the GARP theory, the strategic mingling of growth and value-investing principles gives us a hybrid strategy, offering an ideal investment by utilizing the best features of both. What GARPers look for is whether or not the stocks are somewhat undervalued and have solid, sustainable growth potential (Investopedia).

Several stocks that have surged significantly in recent years have demonstrated the overwhelming success of this hybrid investing strategy over pure-play value and growth investments. Here, we will discuss the success of four such stocks. These are Carnival Corporation (CCL - Free Report) , Micron Technology (MU - Free Report) , Synchrony Financial (SYF - Free Report) and Ericsson (ERIC - Free Report) .

A Few More Words on GARPGARP investing gives priority to one of the popular value metrics — the price/earnings growth (PEG) ratio. Although it is categorized under value investing, this strategy follows the principles of both growth and value investing.

The PEG ratio is defined as (Price/ Earnings)/Earnings Growth Rate

It relates the stocks’ P/E ratios to the future earnings growth rates.

While P/E alone gives an idea of stocks that are trading at a discount, PEG, while adding the growth element to it, helps identify stocks with solid future potential.

A lower PEG ratio, preferably less than 1, is always better for GARP investors.

Say, for example, if a stock's P/E ratio is 10 and the expected long-term growth rate is 15%, the company's PEG will come down to 0.66, a ratio indicating both undervaluation and future growth potential.

Unfortunately, this ratio is often neglected due to investors' limitations in calculating the future earnings growth rate of a stock.

There are some drawbacks to using the PEG ratio though. It does not consider the very common situation of changing growth rates, such as the forecast of the first three years at a very high growth rate, followed by a sustainable but lower growth rate over the long term.

Hence, PEG-based investing can be even more rewarding if some other relevant parameters are also taken into consideration.

Here are the screening criteria for a winning strategy:

PEG Ratio less than X Industry Median

P/E Ratio (using F1) less than X Industry Median (For more accurate valuation purpose)

Zacks Rank of 1 (Strong Buy) or 2 (Buy) (Whether good market conditions or bad, stocks with a Zacks Rank #1 or #2 have a proven history of success.)

Market Capitalization greater than $1 Billion (This helps us to focus on companies that have strong liquidity.)

Average 20-Day Volume greater than 50,000: A substantial trading volume ensures that the stock is easily tradable.

Percentage Change F1 Earnings Estimate Revisions (4 Weeks) greater than 5%: Upward estimate revisions add to the optimism, suggesting further bullishness.

Value Score of less than or equal to B: Our research shows that stocks with a Value Style Score of A or B, when combined with a Zacks Rank #1, 2 or 3 (Hold), offer the best upside potential.

Our PEG-Driven PicksHere are four stocks that qualified the screening:

Carnival: Headquartered in Miami, FL, the company operates as a cruise and vacation company. As a single economic entity, Carnival Corporation & Carnival plc forms the largest cruise operator in the world. Carnival is the world’s leading leisure travel firm and carries nearly half of the global cruise guests. The company operates in North America, Australia, Europe and Asia.

CCL stock can be an impressive value investment pick with its Zacks Rank #1 and a Value Score of A. Apart from a discounted PEG and P/E, Carnival also has an impressive long-term historical growth rate of 28.5%.

Micron: Idaho-based Micron Technology has established itself as one of the leading worldwide providers of semiconductor memory solutions. Micron’s latest quarterly performance underscores its strategic positioning in the rapidly expanding AI-driven memory and storage markets. The positive impact of inventory improvement across multiple end markets is adding to top-line growth.

Micron can be an impressive GARP investment pick with its Zacks Rank #1 and a Value Score of B. Apart from a discounted PEG and P/E, the stock has an impressive long-term expected growth rate of 28.5%.

You can see the complete list of today’s Zacks #1 Rank stocks here.

Synchrony Financial: As one of the nation’s premier consumer financial services companies, Synchrony Financial offers a wide range of credit products through a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and health and wellness providers. Synchrony Financial focuses on generating financial flexibility for its customers through offerings like private label credit cards, Dual Card and many more.

SYF stock can also be an impressive GARP investment pick with its Zacks Rank #2 and a Value Score of A. Apart from a discounted PEG and P/E, Synchrony Financial has a solid long-term historical growth rate of 13.1%.

Ericsson: Headquartered in Stockholm, Sweden, Ericsson is a leading provider of communication networks, telecom services and support solutions. The company is a leader in telecommunications and is now expanding its role into an ICT (Information and Communications Technology) solutions provider.

ERIC stock can be an impressive value investment pick with its Zacks Rank #2 and a Value Score of B. Apart from a discounted PEG and P/E, Ericsson also has an impressive long-term expected growth rate of 8.4%.

The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.

Click here to sign up for a free trial to the Research Wizard today.

Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.

Disclosure: Performance information for Zacks’ portfolios and strategies are available at: https://www.zacks.com/performance.

For decades, physicists have promised that quantum computing would one day outrun classical machines. That day may have arrived.

On Oct. 22, Google’s Willow quantum processor completed a task that supercomputers would need 150 years to finish by compressing centuries of calculation into two hours.

Industry experts say the result, verified by Nature, isn’t only a triumph for science. It’s a tremor through the foundations of digital security, sparking a renewed question in financial circles: how close are we to a future where quantum power can break Bitcoin’s cryptography?

The breakthroughThe breakthrough centers on the Out-of-Time-Order Correlator (OTOC), or “Quantum Echoes,” algorithm.

By running it on 105 physical qubits at 99.9% fidelity, Willow became the first processor to achieve verifiable quantum advantage, proving that a quantum computer can solve a complex physical model faster and more precisely than any classical supercomputer.

In simple terms, Willow didn’t just calculate; it perceived. Its output revealed molecular structures and magnetic interactions that were mathematically invisible to traditional systems. The processor outperformed classical machines by a factor of 13,000, completing the computation in hours instead of years.

This milestone follows years of incremental progress. In 2019, Google’s Sycamore chip first demonstrated “quantum supremacy.”

By 2024, Willow had corrected its own quantum errors in real time. The 2025 achievement goes further, offering the first fully verifiable, independently confirmed result that transforms quantum computing from theory to proof.

Speaking on the milestone, Sundar Pichai, Google’s CEO, said:

“This breakthrough is a significant step toward the first real-world application of quantum computing, and we’re excited to see where it leads.”

The Bitcoin concernsBitcoin’s architecture rests on elliptic curve and hash-based cryptography, specifically the SHA-256 algorithm.

Its security depends on how long it would take even the fastest computer to reverse a private key from its corresponding public key.

This is a feat that would take classical machines billions of years. However, a quantum computer capable of running Shor’s algorithm could, in theory, crack those cryptographic primitives exponentially faster.

In practice, Bitcoin remains secure for now. Google’s Willow uses just 105 qubits, far below the millions of error-corrected, logical qubits needed to threaten real-world cryptography.

Yet, that doesn’t fully comfort analysts like Jameson Lopp, who estimates that around 25% of all Bitcoin (roughly 4.9 million BTC) sits in addresses whose public keys are already exposed.

These coins, belonging mostly to early users and dormant wallets, would be the first to face risk if a cryptographically capable quantum system emerged.

Moreover, institutional concerns have also begun to surface.

Earlier in the year, BlackRock, issuer of the world’s largest Bitcoin ETF, flagged quantum risk, warning that advances in computing could “undermine the cryptographic framework underpinning Bitcoin.”

While the firm noted that such threats remain “theoretical at this stage,” it stressed that disclosure was necessary to inform investors about technology that “could alter [BTC’s] fundamental security assumptions.”

The pushbackDespite the headlines, most industry experts caution against panic.

Bitcoin expert Timothy Peterson also argued that Willow’s impressive results are far from posing a practical threat.

According to him:

“Even under wildly optimistic and incorrectly extrapolated assumptions (that the quantum device can do SHA-256 at that rate and sustain it), it would still take ~10 hours on average to find one block. And Bitcoin’s entire global network produces one every 10 minutes.”

Bitcoin entrepreneur Ben Sigman agrees with this view, while pointing out that:

“[Google] still need millions of stable, error-corrected qubits before quantum computers can reach a ‘useful’ scale – the kind that could threaten encryption or Bitcoin.”

In fact, Anis Chohan, the CTO of Inflectiv.ai, told CryptoSlate that “we’re looking at least a decade, possibly two, before it becomes a real concern.”

Still, not everyone is reassured. Charles Edwards, founder of Capriole, warned that ignoring quantum risk could result in the “biggest bear market ever” by next year.

Meanwhile, Jeff Park, CIO at ProCap BTC, offered a more philosophical view by framing quantum computing as the “climate change” of Bitcoin. He said:

“Quantum computing is basically the climate change of Bitcoin. Plenty of idiots who deny it because they can’t possibly grasp the amorphous or the astronomical, and plenty of scientists that understand it yet have no socially compelling solutions to offer.”

What next?Beyond speculation, developers are already exploring post-quantum cryptography that involves new systems based on lattice problems, multivariate equations, and hash-based signatures that can resist quantum attacks. The US National Institute of Standards and Technology (NIST) has shortlisted several such algorithms for standardization.

At the same time, Bitcoin Core contributors have floated proposals for gradual migration toward quantum-resistant address formats.

However, implementing them requires broad consensus across miners, exchanges, and wallet providers, which is a governance feat nearly as complex as the technology itself.

Still, Chohan concluded:

“We’ve seen similar fears before. People once thought RSA encryption was unbreakable, then feared it could be broken overnight.

Each time, we adapted. Quantum computing presents a genuine challenge, but we’re already working on post-quantum cryptography.

Since governments, banks, and crypto networks all rely on similar encryption standards, everyone has a shared stake in protecting them.

It’s not a question of if we’ll solve this—it’s about managing the transition responsibly and smoothly.”

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