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, /PRNewswire/ -- Viking Therapeutics, Inc. ("Viking") (NASDAQ: VKTX), a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, today announced that it will participate at the Stifel 2026 Healthcare Conference, Truist 2026 BioPharma Symposium, UBS Global Biopharma Conference, Jefferies Global Healthcare Conference, and the Piper Sandler 38th Annual Healthcare Conference in November and December.

Details of the company's participation are as follows:

Stifel 2026 Healthcare Conference
Details: Viking management will participate in a fireside chat and investor meetings.
Conference Dates: November 10-12, 2026
Fireside Chat Date/Time: Wednesday, November 11th, 10:40 am – 11:10 am ET
Location: New York, NYTruist 2026 BioPharma Symposium
Details: Viking management will participate in investor meetings.
Conference Date: November 12, 2026
Location: New York, NYUBS Global Biopharma Conference
Details: Viking management will participate in a fireside chat and investor meetings.
Conference Dates: November 16-17, 2026
Fireside Chat Date/Time: Tuesday, November 17th, 10:40 am - 11:10 am ET
Location: London, UKJefferies Global Healthcare Conference
Details: Viking management will participate in a fireside chat and investor meetings.
Conference Dates: November 16-19, 2026
Fireside Chat Date/Time: Wednesday, November 18th, 2:00 pm – 2:25 pm GMT
Location: London, UK
Webcast availablePiper Sandler 38th Annual Healthcare Conference
Details: Viking management will participate in a fireside chat and investor meetings.
Conference Dates: December 1-3, 2026
Fireside Chat Date/Time: Wednesday, December 2nd, 2:00 pm - 2:25 pm ET
Location: New York, NY
Webcast availableA live webcast of the Jefferies and Piper Sandler fireside chats may be accessed via a link on the Viking Therapeutics website in the Investors & Media section under Webcasts. Additionally, a replay of the webcast will be available on the Viking website following the conference. 

About Viking Therapeutics, Inc.

Viking Therapeutics, Inc. is a clinical-stage biopharmaceutical company advancing a next-generation portfolio of therapies for obesity and metabolic disease.  Guided by deep expertise in metabolic biology and rigorous science, Viking is developing innovative treatments to help people achieve meaningful, lasting health improvements by treating obesity first. The company's lead program, VK2735, is a dual glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptor agonist in development in both subcutaneous and oral formulations for obesity. VK2735 is currently being evaluated in Phase 3 clinical studies for obesity, along with maintenance dosing strategies designed to support long-term weight management. Viking is also advancing additional obesity programs, including VK3019, an amylin receptor agonist, VK2809, an orally available thyroid hormone receptor beta agonist for metabolic and liver disease, and VK0214 for the rare genetic disorder X-linked adrenoleukodystrophy (X-ALD).

For more information about Viking Therapeutics, please visit www.vikingtherapeutics.com.

SOURCE Viking Therapeutics, Inc.

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, /PRNewswire/ -- The following is a report of earnings for Seaboard Corporation (NYSE American: SEB), with offices at 9000 West 67th Street, Merriam, Kansas, for the three and nine months ended October 3, 2026 and September 27, 2025, in millions of dollars except share and per share amounts.

(UNAUDITED)

Three Months Ended

Nine Months Ended

October 3,

September 27,

October 3,

September 27,

2026

2025

2026

2025

Net sales

$

2,771

$

2,540

$

8,093

$

7,336

Operating income

$

13

$

84

$

209

$

174

Net earnings attributable to Seaboard

$

28

$

109

$

300

$

243

Earnings per common share

$

29.23

$

113.71

$

313.22

$

251.47

Average number of shares outstanding

957,794

958,618

957,794

966,315

Dividends declared per common share

$

2.25

$

2.25

$

6.75

$

6.75

Seaboard Corporation today filed its Quarterly Report on Form 10-Q with the United States Securities and Exchange Commission. Seaboard Corporation has provided access to the Quarterly Report on Form 10-Q on its website at https://www.seaboardcorp.com/investors.

Also, Seaboard Corporation announced today that its Board of Directors has authorized and declared a quarterly cash dividend of $2.25 per share of its common stock. The dividend is payable on November 23, 2026 to stockholders of record at the close of business on November 13, 2026.

SOURCE Seaboard Corporation

Atlas Energy Solutions Inc. (AESI) Q3 2026 Earnings Call November 3, 2026 10:00 AM EST

Company Participants

Kyle Turlington - Vice President of Investor Relations
John Turner - President, CEO & Director
Blake McCarthy - Chief Financial Officer
Ben Brigham - Founder & Executive Chairman
Tim Ondrak - Senior VP & President of Power Business Unit
Brian Leveille

Conference Call Participants

Stephen Gengaro - Stifel, Nicolaus & Company, Incorporated, Research Division
Patrick Coleman
James Rollyson - Raymond James & Associates, Inc., Research Division
Alexa Breno
Derek Podhaizer - Piper Sandler & Co., Research Division
Edward Kim - Barclays Bank PLC, Research Division
Keith MacKey - RBC Capital Markets, Research Division
Joshua Jayne - Daniel Energy Partners, LLC

Presentation

Operator

Greetings. Welcome to the Atlas Energy Solutions Third Quarter 2026 Earnings Call. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to Kyle Turlington, VP of Investor Relations. Thank you, Kyle. You may begin.

Kyle Turlington
Vice President of Investor Relations

Hello, and welcome to the Atlas Energy Solutions conference call and webcast for the third quarter of 2026. With us today are John Turner, President and CEO; Blake McCarthy, CFO; Tim Ondrak, President of Power; and Bud Brigham, Executive Chairman. John, Blake and Bud will be sharing their comments on the company's operational and financial performance for the third quarter 2026, after which we will open the call for Q&A.

Before we begin our prepared remarks, I would like to remind everyone that this call will include forward-looking statements as defined under the U.S. securities laws. Such statements are based on the current information and management's expectations as of this statement and are not guarantees of future performance. Forward-looking statements involve certain risks, uncertainties and assumptions that are difficult to predict. As such, our actual outcomes and results could differ materially. You can learn more about these risks in the annual

Nebius (NBIS +7.25%) is racing to expand its AI cloud business, backed by major agreements with Microsoft and Meta. But reaching its ambitious revenue targets requires enormous investment, reliable capacity delivery, and continued access to financing. Its next earnings report could reveal whether the company's growth is accelerating fast enough to justify the spending.

Stock prices used were the market prices of Oct. 26, 2026. The video was published on Nov. 3, 2026.

Rick Orford has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Rick Orford is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.

XRP Bollinger Bands have narrowed to their lowest levels since mid-August 2026, before the crypto asset recorded its last major rally toward $1.70.

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This comes as XRP continues to trade sideways following the recent market-wide selloff. However, the drop in volatility has led to expectations that the token could be approaching another major price movement.

XRP Struggling to Recover After Binance Hack
XRP remains under pressure following the market-wide selloff triggered by the Binance hack, which reportedly resulted in losses of $6.3 billion from the exchange. During the incident, hackers moved nearly $300 million worth of XRP from Binance.

The exploit had an immediate effect on XRP, sending its price down 6.64% on the day. Since then, XRP has struggled to recover alongside the broader market. 

Buyers have managed to defend the $1.24 support area, but XRP has repeatedly failed to break above $1.27. A move past this resistance could give the price room to stage a stronger recovery.

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After climbing back above $1.24, XRP has spent the past three days trading within a narrow range. This sideways movement has caused its Bollinger Bands to tighten considerably. Notably, such periods of low volatility often come before sharp price movements.

XRP Bollinger Bands Reach Their Tightest Levels Since August
The 4-hour chart shows that XRP Bollinger Bands have narrowed to their tightest levels since mid-August 2026. This is important because a similar setup appeared shortly before XRP staged its last major rally, which pushed the price close to $1.70 within a few days.

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At press time, XRP trades at $1.2481. The upper Bollinger Band currently sits at $1.2556, while the lower band stands at $1.2433. This leaves only $0.0123 between the two bands, and this shows just how much volatility has dropped.

XRP Bollinger Bands reach their tightest level since before the August rally
The difference is much smaller than the $0.1987 recorded between the upper and lower bands in early to mid-October. This decline shows that XRP has experienced a massive drop in price volatility over the past few weeks.

For context, Bollinger Bands measure price volatility by tracking the distance between an asset’s upper and lower price ranges. When volatility falls, the bands move closer together, and this creates what traders call a Bollinger Band squeeze.

This pattern often appears before a major price movement. When volatility returns, the price could break suddenly in either direction. However, a squeeze does not reveal whether the next move will be upward or downward.

XRP Bollinger Bands Before August Rally
Despite the neutral nature of the current structure, XRP bulls believe the next increase in volatility could push the price higher. Much of this optimism comes from the similarities between the current market conditions and those that appeared before the August rally.

On Aug. 18, XRP dropped to $0.9882 during a market-wide decline. The price later recovered slightly above $1 but failed to make further gains. This led to a three-day period of consolidation, during which the Bollinger Bands became extremely narrow.

By Aug. 19, the difference between the upper and lower bands had fallen to just $0.0073. This showed that XRP had entered a period of very low volatility, similar to what the four-hour chart is showing now.

The market eventually experienced a sudden return of volatility, which came with a strong upward move. XRP climbed to $1.6977 by Aug. 22, gaining approximately 71% from its Aug. 18 low of $0.9882.

These similarities have given XRP bulls reasons to expect another rally. Specifically, XRP has recently suffered a sharp decline, recovered above $1.24, and spent three days consolidating. This closely resembles the price action that preceded its August surge.

XRP MACD Also Shows Similarities to August
The Moving Average Convergence Divergence (MACD) indicator on XRP’s four-hour chart is also showing a pattern similar to the one recorded in mid-August.

During that period, the MACD turned positive after XRP recovered from its decline. However, it remained within a very low positive range throughout the consolidation period. The indicator then strengthened as the rally began.

A similar pattern appears to be developing now. Following its recent recovery above $1.24, XRP MACD has continued to follow the same general structure seen in mid-August. 

However, these similarities do not guarantee that XRP will repeat its August rally. Although the indicators suggest that a major price movement could be approaching, the next move could still be downward. A further decline across the broader crypto market could also put additional pressure on XRP.

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MILL VALLEY, Calif.--(BUSINESS WIRE)--Redwood Trust, Inc. (NYSE: RWT; “Redwood”, “we”, “us” or the “Company”), a leader in expanding access to housing for homebuyers and renters, today announced that its Board of Directors (the “Board”) has unanimously approved a plan to discontinue the Company's election to be treated as a real estate investment trust for U.S. federal income tax purposes (“REIT”) and convert to a taxable C-corporation, effective for the calendar year ending December 31, 2027 (.

The SEC just said governance voters are not automatically in control of a crypto network, yet Uniswap and Aave barely budged while Coinbase and Circle surged. The reason why reveals a gap between regulatory clarity and what markets actually care…

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Staff from the SEC’s Division of Corporation Finance stated in the updated SEC crypto FAQ on November 2nd that token holders participating in broad-based governance systems are generally not considered a “central party.” Despite this clarification, the governance tokens for Uniswap (CRYPTO:UNI) and Aave (CRYPTO:AAVE) have seen little market movement. Currently, UNI trades at $7.30, up 1.4% over 24 hours, while AAVE trades at $128, down 1.1%.

In contrast, listed cryptocurrency stocks have experienced more significant fluctuations. Coinbase Global (NASDAQ:COIN | COIN Price Prediction) has surged by 8% to $149 during midday trading, while Circle Internet Group (NYSE:CRCL) has risen by 4.7% to $75. However, neither Coinbase nor Circle has issued a statement on the SEC FAQ, making it difficult to attribute their gains directly to this development.

What the SEC Crypto FAQ Says About Token Votes and Control

In SEC terms, a “central party” refers to any person, entity, or group with operational, economic, or voting control over a cryptocurrency network. When buyers depend on a central party for profits, a token may be classified more like a security. Conversely, a network devoid of a central party resembles a digital commodity.

According to SEC staff, governance participants are typically not categorized as a “group of persons or entities” if they lack affiliations or agreements to act together outside the governance framework. Even if a voting group was formed, they would still need to exercise control over the network to be considered a central party.

The FAQ also outlines warning signs that could indicate central control. These include instances where a single party can independently grant or limit access, alter voting processes, modify code, or reverse transactions.

These latest clarifications build on updates from September, including new FAQs released on September 25 and a revision of the buyback answer, FAQ 2.5, on September 28, detailing functional systems without a central party. Thus, any comfort regarding buybacks hinges on meeting the no-central-party criteria specified in the latest answers. However, these guidelines reflect staff views and carry no legal authority; the SEC has neither endorsed nor rejected them, and the FAQ does not identify any specific projects.

Uniswap and Aave Fit the SEC Framework, but Their Labs Companies Complicate It

UNI token holders vote on protocol changes, and Uniswap’s governance documentation states that protocol fees are used exclusively to permanently burn UNI tokens, effectively removing them from circulation. The decision by spread-out voters to activate those fees aligns well with the SEC staff’s framework. However, Uniswap Labs, a private company that builds on the protocol, raises questions about whether one entity might wield control.

Similarly, the Aave DAO, which is the group of token holders managing the Aave protocol, approved a buyback program funded by protocol revenue. However, a subsequent governance proposal paused buybacks as of April 19. The DAO also declined a proposal asking Aave Labs to relinquish certain brand assets, suggesting a private company still retains influence within the ecosystem.

Coinbase and Circle Stocks Rallied for Reasons Beyond the SEC FAQ

Coinbase earns trading fees on governance tokens, but its third-quarter earnings report showed revenue dropping to $1.2 billion, down 35% from the previous year, and token listings move that revenue only at the edges.

In a statement from October 29, Coinbase’s CEO Brian Armstrong described the SEC and the Commodity Futures Trading Commission (CFTC) as “very forward-thinking and collaborative.” However, Coinbase’s recent stock surge appears largely a bounce-back, as the stock had previously fallen 18.7% over the month, with Morgan Stanley advising investors to avoid the stock on November 2.

Circle, on the other hand, reported an average of $76.5 billion in circulation for its USDC stablecoin during the second quarter. USDC is a key settlement instrument for transactions on Uniswap and Aave, and an overall healthier DeFi market indirectly benefits Circle. However, because Circle has no governance token, the SEC FAQ’s impact on its business is minimal.

Does the SEC Crypto FAQ Make UNI and AAVE Safer Investments? The new guidance slightly alters the legal landscape, but its impact on prices is less clear. Both DAOs now have a better understanding of the expectations set forth by the SEC, although the FAQ does not officially endorse either token. Furthermore, staff could revise the FAQ without a Commission vote, maintaining an element of uncertainty.

The muted market reaction suggests that the FAQ is being interpreted more as administrative clarification than a significant policy shift, particularly since it elaborates on the SEC’s March 17 release without establishing voting thresholds. Both protocols also incorporate delegated voting, meaning that large delegates coordinating outside of the governance framework could still be treated as a unified group.

Ultimately, token prices provide the clearest indicator of investor sentiment. If UNI surpasses its 50-day moving average of $7.91—about 8% higher—and AAVE exceeds its 50-day average of $150—about 18% higher—by November 30, it would imply investors view the FAQ as a meaningful change. Conversely, if both tokens remain below these levels, it likely indicates the market sees this as bureaucratic formality.

Contact [email protected] for any questions or corrections.

Total revenue grew 33% sequentially and 38% year-over-year, driven by high-power markets and contributing to continued gross margin expansionAnticipate another quarter of double-digit sequential growth in the fourth quarter to represent the highest quarterly revenue in the past 7 quarters, while having simultaneously substantially exited the mobile and low-end consumer marketMid-point of fourth quarter guidance represents full-year growth of 7%, with 125% revenue growth from high-power markets, more than offsetting the exit from mobile and low-end consumer businessGrowth and record backlog increasingly driven by AI Infrastructure markets, including AI Data Centers and Grid and Energy Infrastructure, which are expected to represent more than 40% of total sales by year-end and contribute to sustained momentum in 2027 TORRANCE, Calif., Nov. 03, 2026 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS), a leader in next-generation power semiconductors and power delivery solutions, pioneering GaN, high-voltage and ultra-high-voltage SiC, and IVR technologies, today announced unaudited financial results for its third quarter 2026 ended September 30, 2026.

“Our strong third quarter results and the continued acceleration in high-power markets reflect the successful execution of our Navitas 2.0 transformation,” stated Chris Allexandre, President and CEO of Navitas. “By year-end, we expect mobile and low-end consumer revenue to be essentially eliminated from our mix, further positioning the Company as a high-power business with AI Infrastructure, composed of AI Data Centers and energy grid infrastructures that power them, expected to account for more than 40% of total revenue.

“The timing of our transformation coincides with AI infrastructure undergoing a fundamental re-architecture. Power is rapidly becoming the single largest constraint to the growth of AI compute, making efficiency the critical enabler of increased capacity – every watt saved in power conversion and delivery is another watt available for AI compute. Realizing this increased capacity requires breaking the power wall with new technologies, including 800 V architectures as well as integrated voltage regulation (IVR), which are fundamental to scaling the higher-density power demands of next-generation AI platforms. The recent acquisition of Claros completes our strategic portfolio for powering AI infrastructure from grid-to-xPU by combining high- and ultra-high-voltage SiC, GaN, and IVR technology stack serving both Vertical Power Delivery (VPD) and Embedded Power Delivery (EPD) architectures, aimed at unlocking the last step of power delivery to meet the rising current demands of xPUs. We believe this uniquely positions Navitas at the forefront of a multi-year secular growth opportunity as customers seek to convert more of every available megawatt into useful AI compute.”

Commenting on the results, Tonya Stevens, CFO of Navitas, stated, “Our third quarter results demonstrate the sustained momentum from our Navitas 2.0 transformation, with revenue of $14 million representing 33% sequential growth and 38% year-over-year growth—the first quarter of year-over-year growth since 2024. Revenue contribution from high-power markets grew more than 50% sequentially, driving GAAP gross margin to 21.5% and non-GAAP gross margin to 40%, which was above the midpoint of guidance and marked another quarter of gross margin expansion. At the midpoint of our fourth quarter guidance, we expect to deliver the fourth consecutive quarter of double-digit sequential revenue growth and exit 2026 as a high-power company with a strong book-to-bill ratio well above one and backlog that extends into mid-2027. Also based on our guidance, we anticipate achieving revenue growth of 7% for the full year 2026 with our core high-power business continuing to deliver triple-digit growth, even with our mobile and low-end consumer business dropping to effectively zero after representing a large majority of total revenue last year.”

Third Quarter 2026 Financial Highlights

Revenue: Total revenue was $14.0 million in the third quarter of 2026, compared to $10.5 million in the second quarter of 2026 and $10.1 million in the third quarter of 2025.Gross Margin: GAAP gross margin for the quarter was 21.5%, compared to 0.4% in the second quarter of 2026 and (2.0%) in the third quarter of 2025. GAAP gross margin includes approximately $2.5 million of cost associated with amortization of intangibles for the current quarter and $4.0 million for each of the prior periods. The increase in GAAP gross margin primarily reflects lower amortization of intangible assets included in cost of revenues, as certain developed technology intangible assets became fully amortized during the third quarter, and higher revenue. On a non-GAAP basis, gross margin for the quarter was 40.0% compared to 39.5% in the prior quarter and 38.7% in the third quarter of 2025.Results from Operations: GAAP loss from operations for the quarter was $34.4 million, compared to a loss of $27.2 million for the second quarter of 2026 and an operating loss of $19.4 million for the third quarter of 2025. On a non-GAAP basis, loss from operations for the quarter was $10.9 million compared to a loss of $11.4 million for the prior quarter and a loss of $11.5 million in the third quarter of 2025.Net Results: GAAP net loss was $37.1 million in the third quarter of 2026, compared to a net loss of $228.2 million in the second quarter of 2026, which included a non-cash charge of $203.1 million from the final remeasurement of earnout liabilities, and a net loss of $19.2 million in the third quarter of 2025. On a non-GAAP basis, net loss for the quarter was $6.9 million, compared to a net loss of $9.3 million for the prior quarter and a net loss of $10.2 million in the third quarter of 2025.Cash: Cash and cash equivalents were $531.5 million as of September 30, 2026, compared to $236.9 million as of December 31, 2025. Recent Business, Customer and Technology Highlights:

Closed the acquisition of Claros, advancing the Company’s grid-to-xPU strategy by adding an IVR technology stack serving both Vertical Power Delivery (VPD) and Embedded Power Delivery (EPD) architectures to existing GaN and high-voltage and ultra-high-voltage SiC portfolio.Collaborated with NVIDIA on an 800 V-to-12 V power delivery board to support next-generation AI infrastructure architectures requiring higher power density and efficiency, complementing the Company’s previously announced 800 V-to-6 V and 800 V-to-50 V solutions.Partnered with Microchip to deliver an 800 V reference design for next-generation AI data centers, enabling higher-power rack architectures.Selected by the U.S. government to develop next-generation 10 kV SiC power semiconductors, reinforcing technology leadership and resilient domestic supply-chain capabilities.Announced first shipments of the latest Gen 5 GaNFast devices manufactured in the United States through GlobalFoundries to accelerate AI infrastructure deployments.Announced a strategic partnership with Magnachip to accelerate adoption of high-voltage and ultra-high-voltage SiC, including licensing of GeneSiC technology and longer-term foundry support. Fourth Quarter 2026 Business Outlook

Fourth quarter 2026 net revenues are expected to increase to $16.0 million, plus or minus $0.5 million, which at the midpoint represents 14% sequential growth and 119% year-over-year growth. Non-GAAP gross margin is expected to be 40.5%, plus or minus 100 basis points, which at the midpoint represents a 50-basis point increase. Non-GAAP operating expenses are expected to be $25.0 million, plus or minus $1.0 million, which includes the operational expenses associated with the acquired Claros business. A reconciliation of our forward-looking non-GAAP gross margin and non-GAAP operating expenses to the most directly comparable GAAP measures is not provided because such items cannot be reasonably calculated without unreasonable efforts due to the unpredictability of the amounts and timing of events affecting the items we exclude, including stock-based compensation expense, restructuring charges, and acquisition-related costs. These items could have a significant impact on our GAAP results.

Third Quarter 2026 Financial Results Conference Call and Webcast Information:

When: Tuesday, November 3, 2026
Time: 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time)
Toll-Free Dial-in: 1-800-715-9871 or 1-646-307-1963
Conference ID: 5069224

Webcast: Click Here

Additionally, a live and archived audio webcast of the conference call as well as supporting presentation materials will be accessible from the Investor Relations section of the Company’s website at ir.navitassemi.com.

Non-GAAP Financial Measures

This press release and statements in our public webcast include financial measures that are not calculated in accordance with generally accepted accounting principles (“GAAP”), which we refer to as “non-GAAP financial measures,” including (i) non-GAAP gross profit, (ii) non-GAAP gross margin, (iii) non-GAAP operating expense, (iv) non-GAAP research and development expense, (v) non-GAAP selling, general and administrative expense, (vi) non-GAAP loss from operations, (vii) non-GAAP operating margin, and (viii) non-GAAP net loss and net loss per share. Each of these non-GAAP financial measures is adjusted from GAAP results to exclude certain items, which for the periods presented include stock-based compensation and associated employer payroll taxes; amortization of acquisition-related intangible assets; changes in the fair value of earnout liabilities; restructuring and impairment charges; acquisition-related transaction costs; legal and related professional fees associated with matters that are extraordinary, non-recurring, or outside the ordinary course of business; losses or gains on equity investments, including impairments; and certain other items identified in the “Reconciliation of GAAP Results to Non-GAAP Financial Measures” tables below. These items are generally non-cash in nature, relate to discrete events or activities, or vary in amount and frequency for reasons independent of our underlying operating performance. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance and enable comparison of financial trends and results between periods where certain items may vary independently of business performance. We believe these non-GAAP financial measures offer an additional view of our operations that, when coupled with the GAAP results and the reconciliations from corresponding GAAP financial measures, provide a more complete understanding of the results of operations. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Cautionary Statement Regarding Forward-Looking Statements

This press release, including the paragraph headed “Fourth Quarter 2026 Business Outlook,” includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are attempts to predict or indicate future events or trends or similar statements that are not a reflection of historical fact. Forward-looking statements may be identified by the use of words such as “we expect” or “are expected to be,” “estimate,” “plan,” “project,” “forecast,” “intend,” “anticipate,” “believe,” “seek,” or other similar expressions. Forward-looking statements are made based on estimates and forecasts of financial and performance metrics, projections of market opportunity and market share, and current indications of customer interest, all of which are based on various assumptions, whether or not identified in this press release. All such statements are based on current expectations of the management of Navitas and are not predictions of actual future performance. Forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions and expectations. Many actual events and circumstances that affect performance are beyond the control of Navitas, and forward-looking statements are subject to a number of uncertainties.

Our business is subject to certain risks that could materially and adversely affect our business, financial condition, results of operations, or the value of our securities. These and other risk factors are discussed in the Risk Factors section of our most recent annual report on Form 10-K, as updated in the Risk Factors section of our most recent quarterly report on Form 10-Q, and in other documents we file with the SEC. If any of these risks, as discussed in more detail in our SEC reports, materialize or if our assumptions underlying forward-looking statements prove to be incorrect, actual results could differ materially from the results implied by these forward-looking statements. Examples of some of these risk factors include:

Risks Related to High-Power Markets: Last year, we announced an enhanced focus on AI data centers, energy and grid infrastructure, performance computing and industrial electrification, and a de-emphasis on mobile and consumer products. We recently acquired Claros, which focuses on the IVR market. We may not successfully execute our strategic transition to these new markets and customer applications, which could adversely affect our business, results of operations, and financial condition. This strategic realignment entails significant operational, technical, and market risks. Our success in these markets depends on factors including our ability to (i) develop and scale semiconductor solutions that meet demanding power, efficiency, and performance requirements of our customers; (ii) compete against established incumbents with substantial R&D and manufacturing resources; (iii) anticipate rapidly evolving customer needs and technological standards in these high-power and high-performance segments; and (iv) secure design wins and long-term supply agreements in new and unfamiliar market segments.Acquisition and Integration of Claros: On October 6, 2026, we closed our acquisition of Claros, Inc. The successful integration of acquired businesses like Claros may involve significant challenges, including integrating personnel, operations, technologies, products, information technology systems, financial reporting processes, internal controls, and sales and distribution channels. We may also face challenges retaining customers, suppliers, and strategic partners or meeting revenue and other operational milestones. For example, Claros' IVR business represents a new market and technology for us, and we may have difficulty integrating it into our overall operations. The integration process may be complex, costly, and time-consuming and could result in unanticipated expenses, operational disruptions, delays in product development or commercialization, difficulties coordinating manufacturing and supply chain activities, the loss of key employees, customers or strategic partners, or the diversion of management’s attention from our existing business. In addition, we may discover liabilities, contractual obligations, operational deficiencies or other issues that were not identified or fully evaluated prior to completing an acquisition. We cannot assure you that we will successfully integrate Claros, and any failure to successfully integrate Claros, or any delay or unexpected difficulty in doing so, could disrupt our operations, impair our ability to execute our business strategy and have a material adverse effect on our business, financial condition and results of operations. Market Acceptance and Addressable Market Uncertainty: The demand for our products, and our customers’ products, in new or emerging markets is difficult to forecast, as customer preferences may not be fully known and can evolve rapidly. Further, demand for our products depends on the acceptance of underlying new and developing system architectures. For example, our predictions for the use of GaN- and SiC-based products in 800 V AI data center power applications depend on assumptions regarding the acceptance and growth of 800 V systems themselves. Our acquisition of Claros was similarly based on assumptions about the market for IVR products. Our forecasts are based on market opportunities across a “Serviceable Addressable Market” or “SAM”, which is based on a number of assumptions and predictions. We could be wrong about the size or timing of our SAM, which could in turn diminish the market opportunities available to us.Unpredictable Historical Data and Competitive Dynamics: In established markets, revenue projections can be supported by trends from prior periods. In contrast, there is little or no precedent for products aimed at new use cases, rendering traditional forecasting methods less reliable. To the extent our products reshape or create new market landscapes, the competitive environment may evolve in unexpected ways. For example, new competitors may emerge, or traditional competitors with established R&D and manufacturing resources, and long-standing customer relationships, may choose to offer competitive GaN, high-voltage/ultra-high voltage SiC or IVR solutions. Other Risk Factors: Other risk factors related to our business include our ability to achieve design wins and to convince our current and prospective end customers to design our products into their product offerings, the risk that revenues from design wins may not materialize, the possibility that we may fail to accurately anticipate and respond to rapid technological change in the industries in which we operate or adapt to emerging industry standards, our dependence on a few key customers and distributors for a significant portion of our revenue, and the fact our business is subject to volatile demand and seasonal fluctuations. In addition, our supply chain is also subject to risks, including our reliance on single sources of supply for certain essential services, the risk that our suppliers may have quality, yield or capacity issues, the fact that we are exposed to fluctuations in prices for raw materials and components, and the risk that our products will not meet the reliability standards expected of high-power semiconductor devices. This is not a summary of all of the risks that could affect our business, and you are encouraged to review the full list of risk factors in our SEC filings.

Note Regarding Customer Pipeline and Design Wins

In our investor and other communications, we may refer to the terms “customer pipeline” and “design wins” in discussions of potential future business opportunities. Each of these terms, together with information we may disclose about anticipated future business in relation to these terms, constitutes “forward-looking statements” as described above and, accordingly, should be interpreted in light of related risks which, if materialized, could cause actual results to differ materially from those indicated from our view of customer pipeline and design wins today. More specifically, “customer pipeline” reflects estimated potential future business based on interest expressed by potential customers for qualified programs, stated in terms of estimated revenue that may be realized over the life of the customer’s end product. A “design win” reflects an end customer’s selection of a Navitas product for a specific production program, stated in terms of revenues that may be realized over the life of the customer’s end product. However, customer pipeline figures and design wins do not represent customer orders or forecasts, are not proxies for backlog or estimates of future revenue and should not be considered as any other measure or indicator of financial performance. Rather, Navitas uses these terms to indicate the company’s current view of future potential business and related changes across various end markets. Time horizons vary based on product type and application. As a result, actual business realized will depend on several factors, including (i) whether potential customers ultimately choose the Navitas solution, (ii) the portion of the customer program awarded to the Navitas solution as compared to other sources in dual- or multiple-source cases, (iii) successful customer qualification of the selected solution, (iv) the time needed for customers to begin mass production, (v) the duration and pace of the customer’s ramp to full production, and (vi) strategic decisions of Navitas throughout the process based on expected revenues, margins and other factors relating to pipeline opportunities and design wins.

About Navitas

Navitas Semiconductor (Nasdaq: NVTS) is a leader in next-generation power semiconductors and power delivery solutions, pioneering GaN, high-voltage and ultra-high-voltage SiC, and IVR technologies for AI infrastructure, including data centers and energy and grid systems, as well as additional markets such as high-performance computing and industrial electrification. Collectively, these technologies address the complete grid-to-xPU power architecture, breaking the AI infrastructure power wall and enabling higher efficiency, greater power density, and increased performance across the entire power chain. Navitas’ GaNFast™ FETs deliver industry-leading power density, efficiency, and high-speed performance, while GaNFast™ power ICs integrate GaN power, drive, control, sensing, and protection to enable faster, more efficient power conversion, leading to smaller and more reliable systems. The GeneSiC™ portfolio combines proprietary trench-assisted planar (TAP) SiC technology with leading-edge discrete packaging and SiCPAK™ power modules to deliver industry-leading efficiency, ruggedness and performance. Claros™ IVR technologies extend power delivery directly to the xPU, enabling customers to implement vertical power delivery (VPD) and embedded power delivery (EPD) architectures with high-density power conversion beneath or within millimeters of the processor, minimizing power-delivery losses and impedance while enabling ultra-fast transient response, higher efficiency and maximum power density. Navitas has over 450 patents issued or pending and is a leader in 800 VDC and the advanced AI power infrastructure ecosystem.

Navitas™, GaNFast™, GeneSiC™, Claros™, SiCPAK™, GaNSafe™, DrGaN™, and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited or affiliates. All other brands, product names, and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

Investor Relations Contacts:
Shelton Group
Leanne Sievers | Brett Perry
[email protected]

 NAVITAS SEMICONDUCTOR CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) - UNAUDITED(dollars in thousands, except per share amounts)           Three Months Ended
September 30, Nine Months Ended
September 30,   2026   2025   2026   2025 Net revenues $13,991  $10,112  $33,118  $38,620 Cost of revenues (exclusive of amortization of intangible assets included below)  8,486   6,281   20,299   27,154 Operating expenses:        Research and development  15,090   13,280   42,809   37,444 Selling, general and administrative  18,390   5,230   42,680   24,721 Amortization of intangible assets  3,203   4,735   12,671   14,203 Restructuring expense  3,200   —   3,994   1,469 Total operating expenses  39,883   23,245   102,154   77,837 Loss from operations  (34,378)  (19,414)  (89,335)  (66,371)Other income (expense), net:        Interest income (expense), net  427   401   965   494 Dividend income  3,985   985   7,500   2,376 Loss from change in fair value of earnout liabilities  —   (844)  (210,981)  (20,695)Other (expense)  (7,163)  (59)  (7,143)  (4)Total other income (expense), net  (2,751)  483   (209,659)  (17,829)Loss before income taxes  (37,129)  (18,931)  (298,994)  (84,200)Income tax provision (benefit)  (21)  (19)  117   111 Equity method investment loss  —   (322)  —   (827)Net loss $(37,108) $(19,234) $(299,111) $(85,138)Net loss per common share        Basic $(0.14) $(0.09) $(1.23) $(0.43)Diluted $(0.14) $(0.09) $(1.23) $(0.43)Shares used in per share calculation:        Basic  261,529   212,681   243,865   199,931 Diluted  261,529   212,681   243,865   199,931   NAVITAS SEMICONDUCTOR CORPORATIONRECONCILIATION OF GAAP RESULTS TO NON-GAAP FINANCIAL MEASURES - UNAUDITED(dollars in thousands, except per share amounts)           Three Months Ended September 30, Nine Months Ended September 30,   2026   2025   2026   2025 RECONCILIATION OF GROSS PROFIT MARGIN        GAAP Net revenues $13,991  $10,112  $33,118  $38,620 Cost of revenues (exclusive of amortization of intangibles)  (8,486)  (6,281)  (20,299)  (27,154)Cost of revenues (amortization of intangibles)  (2,501)  (4,038)  (10,574)  (12,105)GAAP Gross profit  3,004   (207)  2,245   (639)GAAP Gross margin   21.5% (2.0)%  6.8% (1.7)%Cost of revenues (amortization of intangibles)  2,501   4,038   10,574   12,105 China SiC inventory reserve  —   —   —   3,174 Stock-based compensation expense  89   81   289   188 Non-GAAP Gross profit $5,594  $3,912  $13,108  $14,828 Non-GAAP Gross margin  40.0%  38.7%  39.6%  38.4%RECONCILIATION OF OPERATING EXPENSES        GAAP Research and development $15,090  $13,280  $42,809  $37,444 Advanced R&D NRE Impairment  —   —   —   (2,238)Organization transformation costs and other  (293)  —   (293)  (395)Stock-based compensation expense 3  (4,408)  (4,991)  (13,537)  (8,465)Non-GAAP Research and development  10,389   8,289   28,979   26,346 GAAP Selling, general and administrative  18,390   5,230   42,680   24,721 CEO Transition Costs  —   (2,462)  —   (2,462)Governance costs  —   —   —   (1,556)Stock-based compensation expense 3  (4,547)  4,605   (13,942)  2,127 Other income (expense) 1  (7,715)  (221)  (10,677)  (434)Non-GAAP Selling, general and administrative  6,128   7,152   18,061   22,396 Total Non-GAAP Operating expenses $16,517  $15,441  $47,040  $48,742 RECONCILIATION OF LOSS FROM OPERATIONS        GAAP Loss from operations $(34,378) $(19,414) $(89,335) $(66,371)GAAP Operating margin (245.7)% (192.0)% (269.7)% (171.9)%Add: Stock-based compensation expense 3 included in:        Research and development  4,408   4,991   13,537   8,465 Selling, general and administrative  4,547   (4,605)  13,942   (2,127)Cost of goods sold  89   81   289   188 Total  9,044   467   27,768   6,526 Amortization of acquisition-related intangible assets  3,203   4,735   12,671   14,203 China SiC inventory reserve  —   —   —   3,174 CEO Transition Costs  —   2,462   —   2,462 Advanced R&D NRE Impairment  —   —   —   2,238 Governance costs  —   —   —   1,556 Organization transformation costs and other  293   —   293   395 Restructuring, impairment and other expense 2  10,915   221   14,671   1,903 Non-GAAP Loss from operations $(10,923) $(11,529) $(33,932) $(33,914)Non-GAAP Operating margin (78.1)% (114.0)% (102.5)% (87.8)%RECONCILIATION OF NET LOSS PER SHARE        GAAP Net loss $(37,108) $(19,234) $(299,111) $(85,138)Adjustments to GAAP Net loss        Total stock-based compensation expense 3  9,044   467   27,768   6,526 Loss from change in fair value of earnout liabilities  —   844   210,981   20,695 Amortization of acquisition-related intangible assets  3,203   4,735   12,671   14,203 Restructuring, impairment and other expense 2  17,667   221   21,423   1,903 CEO Transition Costs  —   2,462   —   2,462 Equity method investment loss  —   322   —   827 China SiC inventory reserve  —   —   —   3,174 Advanced R&D NRE Impairment  —   —   —   2,238 Governance costs  —   —   —   1,556 Organization transformation costs and other  293   —   293   395 Non-GAAP Net loss $(6,901) $(10,183) $(25,975) $(31,159)Average shares outstanding for calculation of non-GAAP Net loss per share (basic and diluted)  261,529   212,681   243,865   199,931 Non-GAAP Net loss per share (basic and diluted) $(0.03) $(0.05) $(0.11) $(0.16) (1) Includes employer payroll taxes on stock-based compensation, acquisition-related transaction costs, and legal and related professional fees associated with matters that are extraordinary, non-recurring, or outside the ordinary course of business.

(2) Includes restructuring and impairment charges and the other expense described in note (1).

(3) The 2025 periods include the reversal of stock-based compensation expense due to award forfeitures following an employee termination.

 NAVITAS SEMICONDUCTOR CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED(dollars in thousands)  September 30, 2026 December 31, 2025ASSETS    Current assets    Cash and cash equivalents $531,479 $236,857Accounts receivable, net  5,717  3,621Inventories  21,151  13,283Prepaid expenses and other current assets  16,600  4,399Restricted cash  363  1,745Total current assets  575,310  259,905Property and equipment, net  5,563  9,779Operating lease right of use assets  5,549  5,166Finance lease right of use assets  520  766Inventories, noncurrent  11,237  —Intangible assets, net  40,587  53,258Goodwill  163,215  163,215Other assets  8,078  8,380Total assets $810,059 $500,469LIABILITIES AND STOCKHOLDERS’ EQUITY    Current liabilities    Accounts payable and other accrued expenses $24,260 $22,350Accrued compensation expenses  7,298  4,949Operating lease liabilities, current  2,179  1,866Finance lease liabilities, current  335  323Earnout liability, current  —  22,632Total current liabilities  34,072  52,120Operating lease liabilities noncurrent  3,886  3,827Finance lease liabilities noncurrent  203  456Deferred tax liabilities  274  405Total liabilities  38,435  56,808Stockholders' equity  771,624  443,661Total liabilities and stockholders’ equity $810,059 $500,469        A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2a6eedb4-f5f4-4c2b-a50c-badcb8294402

MILWAUKEE, Nov. 03, 2026 (GLOBE NEWSWIRE) -- Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology, today published the Fiserv Small Business Index for October 2026, showing encouraging momentum for small businesses as the holiday season gets underway. Sales rose +2.3% year over year, the strongest year-over-year gain since July 2025, and +0.3% month over month.

The Index reached 146 as higher spending per transaction and improving traffic trends supported sales momentum. Average spending per transaction rose +3.5% year over year. Foot traffic declined -1.2%, its 12th consecutive year-over-year decline but the smallest since February 2026. It rose +0.5% month over month.

“Small businesses are entering the holiday season with encouraging momentum on both spending and customer activity,” said Prasanna Dhore, chief data officer, Fiserv. “October’s monthly sales gains come from more purchases, not larger tickets. Sustaining that momentum as holiday shopping accelerates will be the next signal to watch.”

Key Takeaways

Restaurants steadied but continue to lag

Food services and drinking places sales slipped -0.5% year over year but rose +0.2% month over month, driven by +0.8% monthly growth at limited-service restaurants. Transactions fell -2.7% year over year, an improvement from September's -3.9% decline, while average tickets rose +2.2%. Limited-service restaurants remained down -2.2% year over year as transactions fell -4.0%. Full-service restaurants edged up +0.5%, and drinking places rose +3.7%.

Gas station sales climbed and grocery stalled

Gasoline station sales moved up +23.2% year over year, their fastest growth pace in 2026, driven by a +22.3% rise in average tickets. By contrast, grocery sales were flat (0.0% year over year). Transactions grew +1.0% year over year, but average tickets fell -1.1%.

Retail kept its traffic gains, but many big-ticket categories lagged

Total retail sales rose +1.9% year over year on +2.2% transaction growth, while average tickets slipped -0.3%. The biggest contributions to this growth came from gas stations (+23.2%), sporting goods, hobby, music and bookstores (+4.3%) and motor vehicle and parts dealers (+3.0%). Furniture, home furnishings, electronics and appliances sales fell -2.5% year over year.

Essential spending expanded as services regained footing

Essentials grew +2.7% year over year, widening their lead over discretionary spending (+2.0%). Professional services sales grew +4.6%, led by tax preparation services (+18.6%). Services (+2.3% year-over-year growth) edged past goods (+2.2% growth). Services foot traffic fell -2.4%, still an improvement from September, while average tickets rose +4.8%. Goods growth came from foot traffic: transactions rose +2.1% while average tickets were essentially flat (+0.2%).

To access the full Fiserv Small Business Index, visit fiserv.com/FiservSmallBusinessIndex.

About the Fiserv Small Business Index®

Published in the first week of each month, the Fiserv Small Business Index is based on aggregated consumer spending activity across the U.S. small business economy. Unlike surveys or sentiment data, the Index uses point-of-sale data from card, cash and check transactions made in stores and online at approximately 2 million U.S. small businesses, including hundreds of thousands that use the Clover point-of-sale and business management platform.

Benchmarked to 2019, the Fiserv Small Business Index measures consumer spending and includes a transaction index that tracks customer traffic. A simple interface lets users view data by region, state and business type using North American Industry Classification System (NAICS) categories. With detailed industry classifications, the Index covers 56 standardized level-6 national industries across 26 subsectors and 13 sectors, helping users track sales trends and understand the forces shaping the U.S. small business economy. 

About Fiserv
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, is a global leader uniting commerce and finance. The company powers sustained growth and innovation at scale for financial institutions and businesses worldwide across payments, account processing, digital banking, merchant acquiring, network services, e-commerce, and Clover®, the all-in-one business management platform. Fiserv is a member of the S&P 500® Index and one of FORTUNE® America’s Most Innovative Companies. Visit fiserv.com and follow on social media for more information and the latest company news. 

For more information contact:

Media Relations:
Chase Wallace
Director, Communications
+1 470-481-2555
[email protected]

Strong growth in Data Centers and Commercial HVAC segments supports higher full-year revenue outlook for core business following the spin-off of Performance Technologies

, /PRNewswire/ -- Modine (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today reported financial results for the quarter ended September 30, 2026.

Second Quarter Highlights:

Net sales of $994.4 million increased $255.5 million, or 35 percent, from the prior yearNet earnings of $30.3 million decreased $14.5 million, or 32 percent, from the prior year, including $29.5 million of income tax expense related to legal entity restructuring to facilitate the spin-off of the Performance Technologies businessAdjusted EBITDA of $136.2 million increased $32.4 million, or 31 percent, from the prior yearEarnings per share of $0.56 decreased $0.27, or 33 percent, from the prior yearAdjusted earnings per share of $1.35 increased $0.29, or 27 percent, from the prior yearCompleted the spin-off of Performance Technologies on October 1"Data Centers and Commercial HVAC delivered strong quarters, with revenue growth of 95% and 23%, respectively," said Modine President and Chief Executive Officer, Neil D. Brinker. "Demand for our products remains very robust, highlighted by record orders and backlog in our Data Centers segment and expanding opportunities to serve the data center cooling market within Commercial HVAC. We have bolstered our supply chain by entering into long-term agreements with multiple strategic suppliers to secure critical components to meet our existing backlog and future business needs. We are confident in our higher revenue outlook for our core business following the successful spin-off of Performance Technologies and remain well-equipped to drive long-term sustainable growth."

Second Quarter Financial Results

Net sales increased 35 percent to $994.4 million, compared with $738.9 million in the prior year. Sales growth was driven by higher sales in the Data Centers and Commercial HVAC segments.

Gross profit increased 25 percent to $205.4 million and gross margin decreased by 160 basis points to 20.7 percent. Gross profit increased in the Data Centers and Commercial HVAC segments, while Performance Technologies experienced a slight decline in gross profit. The decrease in gross margin resulted from lower gross margins in each of the three business segments, as further discussed in the segment review below.

Selling, general and administrative ("SG&A") expenses increased 24 percent to $104.6 million, but decreased as a percentage of sales. The increase in SG&A expenses was primarily due to higher expenses in the Data Centers segment to support growth and costs related to the spin-off of the Performance Technologies business. 

Operating income increased 33 percent to $97.8 million. The increase was driven by higher gross profit on higher sales volume, as compared to the prior year, partially offset by higher SG&A expenses to support growth and to prepare for the spin-off of the Performance Technologies business. The Company recorded $3.0 million of restructuring expenses during the quarter, primarily severance expenses related to headcount reductions and costs related to equipment transfers. In addition, the Company incurred $14.1 million in costs related to the spin-off of the Performance Technologies business. Adjusted EBITDA, which excludes restructuring expenses, disposition costs, interest expense, the provision for income taxes, and depreciation and amortization expense, was $136.2 million, an increase of $32.4 million, or 31 percent compared to the prior year. 

Earnings per share was $0.56, compared with $0.83 in the prior year, a decrease of $0.27 or 33 percent. This decrease was due to a higher provision for income taxes, driven by the income tax impacts of legal entity restructuring steps completed to facilitate the spin-off of the Performance Technologies business. Adjusted earnings per share was $1.35, compared with adjusted earnings per share of $1.06 in the prior year, an increase of $0.29 or 27 percent.   

Second Quarter Segment Review

Data Centers segment sales were $439.7 million, compared with $225.0 million one year ago, an increase of 95 percent. This increase was primarily driven by higher sales to hyperscale customers in North America. The segment reported gross margin of 19.7 percent, which was 470 basis points lower than the prior year. This decrease was primarily due to higher material, component and tariff costs. SG&A expenses decreased as a percentage of sales due to the significant increase in revenue. The segment reported operating income of $61.2 million, a 70 percent increase from the prior year, and adjusted EBITDA of $67.6 million, a 66 percent increase from the prior year.Commercial HVAC segment sales were $285.5 million, compared with $232.9 million one year ago, an increase of 23 percent. This increase was primarily driven by higher sales of coils, coatings, and heating and ventilation products. The segment reported gross margin of 23.1 percent, which was 140 basis points lower than the prior year, primarily due to unfavorable sales mix and higher material and tariff costs. The segment reported operating income of $34.3 million, a 30 percent increase from the prior year, and adjusted EBITDA of $43.0 million, a 22 percent increase from the prior year.Performance Technologies segment sales were $287.7 million, compared with $286.3 million one year ago, an increase of less than 1 percent. Higher sales to power generation and commercial vehicle customers were largely offset by lower sales to automotive and off highway customers. The segment reported gross margin of 18.6 percent, which was 30 basis points lower than the prior year, primarily due to higher material and tariff costs. The segment reported operating income of $32.1 million, an 8 percent increase from the prior year, and adjusted EBITDA of $40.9 million, a 3 percent decrease from the prior year.Balance Sheet & Liquidity

Net cash used for operating activities for the six months ended September 30, 2026, was $57.1 million, a decrease of $86.2 million compared to the prior year. Free cash flow for the six months ended September 30, 2026, was a use of $145.6 million, a decrease of $115.3 million from the prior year. This decrease was primarily due to higher capital expenditures to increase production capacity in the Data Centers segment, and higher net working capital including increased inventory levels to support growing customer demand for data center cooling products. Cash payments for restructuring activities, disposition costs and certain other items totaled $27.7 million during the six months ended September 30, 2026.

Total debt was $724.3 million as of September 30, 2026. Cash and cash equivalents totaled $150.6 million as of September 30, 2026. Net debt was $573.7 million as of September 30, 2026, an increase of $210.9 million from the end of fiscal 2026. This increase primarily resulted from increases in working capital and purchases of stock in conjunction with our equity compensation plan. Under this plan, participants have the option to sell back shares of their vested equity awards to satisfy individual tax withholding obligations. These repurchased shares are held as treasury stock, which reduces the number of shares outstanding used to calculate earnings per share.   

Outlook

"We are updating our Fiscal 2027 financial outlook to reflect the higher expectations for our core businesses and the successful spin-off of the Performance Technologies business," said Modine President and Chief Executive Officer, Neil D. Brinker. "Starting in the third fiscal quarter, the historical results for Performance Technologies will be reported as discontinued operations, and we have revised our continuing outlook accordingly. We expect revenues to increase 50 to 55 percent from the prior year, excluding Performance Technologies from both periods. Additionally, we expect full-year adjusted EBITDA for our continuing business to be $470 to $500 million, representing a growth rate in excess of 50 percent from the prior year, excluding Performance Technologies from both periods. In addition, I am looking forward to sharing our longer term revenue and earnings targets during our upcoming Analyst and Investor Day on November 18." 

Fiscal 2027

Current Outlook

Net Sales

$3.1 to $3.2 billion

Adjusted EBITDA

$470 to $500 million

Conference Call and Webcast

Modine will conduct a conference call and live webcast, with a slide presentation, on Wednesday, November 4, 2026, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss its second quarter fiscal year 2027 financial results. The webcast and accompanying slides will be available on the Investor Relations section of the Modine website at www.modine.com. Participants are encouraged to log on to the webcast and conference call about ten minutes prior to the start of the event. A replay of the audio and slides will be available on the Investor Relations section of the Modine website at www.modine.com on or after November 4, 2026. A call-in replay will be available through midnight on November 11, 2026, at 877-660-6853, (international replay 201-612-7415); Conference ID# 13762536. The Company will post a transcript of the call on its website on or after November 9, 2026.

About Modine

For more than 100 years, Modine has solved the toughest thermal management challenges for mission-critical applications. Our purpose of Engineering a Cleaner, Healthier World™ means we are always evolving our portfolio of technologies to provide the latest heating, cooling, and ventilation solutions. Through the hard work of more than 9,000 employees worldwide, our businesses advance our purpose with systems that improve air quality, reduce energy and water consumption, and use environmentally friendly refrigerants. Modine is a global company headquartered in Racine, Wisconsin (U.S.), with operations in North America, Europe, and Asia. For more information about Modine, visit www.modine.com.

Forward-Looking Statements

This press release contains statements, including information about future financial performance and market conditions, accompanied by phrases such as "believes," "estimates," "expects," "plans," "anticipates," "intends," "projects," and other similar "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995. Modine's actual results, performance or achievements may differ materially from those expressed or implied in these statements because of certain risks and uncertainties, including, but not limited to those described under "Risk Factors" in Item 1A of Part I of the Company's most recent Annual Report on Form 10-K. Other risks and uncertainties include, but are not limited to, the following: the impact of potential adverse developments or disruptions in the global economy and financial markets, including impacts related to geopolitical tensions and military conflicts, including the conflict between the U.S. and Iran, broadening military conflicts in the Middle East and ongoing conflict between Russia and Ukraine, inflation, energy costs, government incentive or funding programs, supply chain challenges or supplier constraints, logistical disruptions, tariffs, sanctions and other trade issues or cross-border trade restrictions; the impact of other economic, social and political conditions, changes and challenges in the markets where we operate and compete, including foreign currency exchange rate fluctuations, changes in interest rates, tightening of the credit markets, recession or recovery therefrom, restrictions associated with importing and exporting and foreign ownership, public health crises, and the general uncertainties, including the impact on demand for our products and the markets we serve from regulatory and/or policy changes that have been or may be implemented in the U.S. or abroad, including those related to tax and trade, climate change, and public health threats; the overall health and pricing focus of our customers; changes or threats to the market growth prospects for our customers; the potential impacts of opposition to data center development from local communities, environmental or other advocacy groups and/or governmental authorities; the impact of delays by major customers for product or program launches or delays or constraints in construction projects that incorporate our products and services; our ability to realize the sales growth and return on investments anticipated in our Data Centers segment and our ability to execute on other organic growth opportunities and acquisitions; our ability to efficiently manage working capital and the potential adverse effects on cash flows from increases in working capital to support the rapid growth of our Data Centers segment; our ability to realize anticipated benefits from and the various risks associated with our strategic initiatives, including the recently-completed spin-off of the Performance Technologies business on October 1, 2026, and our continued application of 80/20 principles across our businesses; our ability to successfully exit portions of our business that do not align with our strategic plans; our ability to be at the forefront of technological advances and the impacts of any changes in the adoption rate of technologies that we expect to drive sales growth; our ability to effectively and efficiently manage our operations in response to sales volume changes, including maintaining adequate production capacity to meet demand in our growing businesses, particularly in our Data Centers segment, while also completing restructuring activities and realizing benefits thereof; our ability to fund our global liquidity requirements efficiently and comply with the financial covenants in our credit agreements; operational inefficiencies as a result of product or program launches, unexpected volume increases or decreases, product transfers and product warranty and liability claims; the impact on Modine of any significant increases in commodity prices, particularly aluminum, copper, steel and stainless steel (nickel) and other purchased components and related costs, and our ability to adjust product pricing in response to any such increases; our ability to recruit and maintain talent in managerial, leadership, operational and administrative functions and to mitigate increased labor costs; our ability to protect our proprietary information and intellectual property from theft or attack; the impact of any substantial disruption or material breach of our information technology systems; costs and other effects of environmental investigation, remediation or litigation and the increasing emphasis on environmental, social and corporate governance matters; our ability to realize the benefits of deferred tax assets and the impact of changes in tax regulations; and other risks and uncertainties identified in our public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are as of the date of this press release, and we do not assume any obligation to update any forward-looking statements.

Non-GAAP Financial Disclosures

Adjusted EBITDA, adjusted EBITDA margin, adjusted earnings per share, net debt, free cash flow, organic sales and organic sales growth (which are defined below) as used in this press release are not measures that are defined in generally accepted accounting principles (GAAP). These non-GAAP measures are used by management as performance measures to evaluate the Company's overall financial performance and liquidity. These measures are not, and should not be viewed as, substitutes for the applicable GAAP measures, and may be different from similarly titled measures used by other companies.

Definition – Adjusted EBITDA and adjusted EBITDA margin

The Company defines adjusted EBITDA as net earnings excluding interest expense, the provision or benefit for income taxes, depreciation and amortization expenses, other income and expense, restructuring expenses, impairment charges, pension termination charges, acquisition and disposition costs, and certain other gains or charges. Adjusted EBITDA margin represents adjusted EBITDA as a percentage of net sales. The Company believes that adjusted EBITDA and adjusted EBITDA margin provide relevant measures of profitability and earnings power. The Company views these financial metrics as being useful in assessing operating performance from period to period by excluding certain items that it believes are not representative of its core business. Adjusted EBITDA, when calculated for the business segments, is defined as operating income excluding depreciation and amortization expenses, restructuring expenses, impairment charges, and certain other gains or charges.

Definition – Adjusted earnings per share

Diluted earnings per share plus restructuring expenses, impairment charges, pension termination charges, acquisition and disposition costs, and excluding changes in income tax valuation allowances and certain other gains or charges. Adjusted earnings per share is an overall performance measure, not including costs associated with restructuring, acquisitions, and dispositions, and certain other gains or charges.

Definition – Net debt

The sum of debt due within one year and long-term debt, less cash and cash equivalents. Net debt is an indicator of the Company's debt position after considering on-hand cash balances.

Definition – Free cash flow

Free cash flow represents net cash provided by operating activities less expenditures for property, plant and equipment. Free cash flow presents cash generated from operations during the period that is available for strategic capital decisions.

Definition – Organic sales and organic sales growth

Net sales and net sales growth can be impacted by acquisitions, dispositions, and foreign currency exchange rate fluctuations. The Company defines organic sales as external net sales excluding the impact of acquisitions and the effects of foreign currency exchange rate fluctuations. Organic sales growth represents the percentage change of organic sales compared to prior year external net sales, excluding the impact of dispositions. The effect of exchange rate changes is calculated by using the same foreign currency exchange rates as those used to translate financial data for the prior period. The Company adjusts for acquisitions and dispositions by excluding net sales in the current and prior periods, respectively, for which there are no comparable sales in the reported periods. These sales growth measures provide a more consistent indication of our performance, without the effects of foreign currency exchange rate fluctuations or acquisitions and dispositions. 

Forward-looking non-GAAP financial measure

The Company's fiscal 2027 guidance excludes the results of the Performance Technologies business, which will be reported as a discontinued operation starting for the third quarter of fiscal 2027.  Adjusted EBITDA, as defined above, is a non-GAAP financial measure. The fiscal 2027 guidance includes the following estimates for the Company's remaining businesses (excluding Performance Technologies): interest expense of approximately $26 to $30 million; a provision for income taxes of approximately $95 to $105 million; and depreciation and amortization expense of approximately $56 to $61 million. The non-GAAP financial measure also excludes certain cash and non-cash expenses or gains. These expenses and gains may be significant and include items such as restructuring expenses (including severance and equipment transfer costs), impairment charges, acquisition and disposition costs, and certain other items. These expenses for the first six months of fiscal 2027 are presented on page 9.  In connection with the Reverse Morris Trust transaction with Gentherm, the Company expects to incur approximately $20 to $25 million of additional costs during the second half of fiscal 2027, primarily for transaction advisory, legal, accounting, tax and other professional services. Estimates of other expenses and gains for the remainder of fiscal 2027 are not available due to the low visibility and unpredictability of these items.

Modine Manufacturing Company

Consolidated statements of operations (unaudited)

(In millions, except per share amounts)

Three months ended September 30, 

Six months ended September 30, 

2026

2025

2026

2025

Net sales

$

994.4

$

738.9

$

1,868.5

$

1,421.7

Cost of sales

789.0

574.0

1,481.1

1,091.4

Gross profit

205.4

164.9

387.4

330.3

Selling, general & administrative expenses

104.6

84.2

207.9

169.1

Restructuring expenses

3.0

3.1

6.9

7.9

Impairment charge

—

4.1

—

4.1

Operating income

97.8

73.5

172.6

149.2

Interest expense

(8.5)

(8.3)

(14.9)

(14.1)

Other expense – net

(1.3)

(1.5)

(1.1)

(5.7)

Earnings before income taxes

88.0

63.7

156.6

129.4

Provision for income taxes

(57.7)

(18.9)

(52.0)

(32.9)

Net earnings

30.3

44.8

104.6

96.5

Net earnings attributable to noncontrolling interest

(0.3)

(0.4)

(0.7)

(0.9)

Net earnings attributable to Modine

$

30.0

$

44.4

$

103.9

$

95.6

Net earnings per share attributable to Modine shareholders –
diluted

$

0.56

$

0.83

$

1.93

$

1.78

Weighted-average shares outstanding – diluted

53.9

53.8

53.9

53.7

Condensed consolidated balance sheets (unaudited)

(In millions)

September 30, 2026

March 31, 2026

Assets

Cash and cash equivalents

$

150.6

$

73.5

Trade receivables

795.1

731.0

Inventories

697.5

506.1

Other current assets

173.7

105.5

Total current assets

1,816.9

1,416.1

Property, plant and equipment – net

559.6

520.9

Intangible assets – net

184.7

197.0

Goodwill

289.7

292.1

Deferred income taxes

93.0

85.3

Other noncurrent assets

161.8

163.2

Total assets

$

3,105.7

$

2,674.6

Liabilities and shareholders' equity

Debt due within one year

$

46.9

$

51.4

Accounts payable

563.9

464.8

Other current liabilities

224.8

212.7

Total current liabilities

835.6

728.9

Long-term debt

677.4

384.9

Other noncurrent liabilities

354.1

358.0

Total liabilities

1,867.1

1,471.8

Total equity

1,238.6

1,202.8

Total liabilities & equity

$

3,105.7

$

2,674.6

Modine Manufacturing Company

Condensed consolidated statements of cash flows (unaudited)

(In millions)

Six months ended September 30, 

2026

2025

Cash flows from operating activities:

Net earnings

$

104.6

$

96.5

Adjustments to reconcile net earnings to net cash (used for) provided by operating activities:

Depreciation and amortization

42.0

38.7

Impairment charge

—

4.1

Stock-based compensation expense

12.7

7.4

Deferred income taxes

(8.6)

10.4

Other – net

2.0

4.8

Changes in operating assets and liabilities:

Trade accounts receivable

(68.4)

(48.2)

Inventories

(194.5)

(147.1)

Accounts payable

111.9

96.7

Other assets and liabilities

(58.8)

(34.2)

Net cash (used for) provided by operating activities

(57.1)

29.1

Cash flows from investing activities:

Expenditures for property, plant and equipment

(88.5)

(59.4)

Payments for business acquisitions, net of cash acquired

—

(182.1)

Other – net

2.5

3.2

Net cash used for investing activities

(86.0)

(238.3)

Cash flows from financing activities:

Net increase in debt

287.6

224.6

Purchases of treasury stock

(65.7)

(5.7)

Other – net

(1.1)

0.6

Net cash provided by financing activities

220.8

219.5

Effect of exchange rate changes on cash

(0.5)

1.8

Net increase in cash, cash equivalents and restricted cash

77.2

12.1

Cash, cash equivalents and restricted cash – beginning of period

73.7

71.9

Cash, cash equivalents and restricted cash – end of period

$

150.9

$

84.0

Modine Manufacturing Company

Segment operating results (unaudited)

(In millions)

Three months ended September 30, 

Six months ended September 30, 

2026

2025

2026

2025

Net sales:

Data Centers

$

439.7

$

225.0

$

788.3

$

408.7

Commercial HVAC

285.5

232.9

547.1

447.1

Performance Technologies

287.7

286.3

565.5

571.8

Segment total

1,012.9

744.2

1,900.9

1,427.6

Corporate and eliminations

(18.5)

(5.3)

(32.4)

(5.9)

Net sales

$

994.4

$

738.9

$

1,868.5

$

1,421.7

Three months ended September 30, 

Six months ended September 30, 

2026

2025

2026

2025

$'s

% of sales

$'s

% of sales

$'s

% of sales

$'s

% of sales

Gross profit:

Data Centers

$

86.6

19.7

%

$

54.9

24.4

%

$

156.9

19.9

%

$

109.6

26.8

%

Commercial HVAC

66.0

23.1

%

57.1

24.5

%

129.9

23.7

%

115.3

25.8

%

Performance Technologies

53.4

18.6

%

54.1

18.9

%

102.2

18.1

%

106.0

18.5

%

Segment total

206.0

20.3

%

166.1

22.3

%

389.0

20.5

%

330.9

23.2

%

Corporate and eliminations

(0.6)

—

(1.2)

—

(1.6)

—

(0.6)

—

Gross profit

$

205.4

20.7

%

$

164.9

22.3

%

$

387.4

20.7

%

$

330.3

23.2

%

Three months ended September 30, 

Six months ended September 30, 

2026

2025

2026

2025

Operating income:

Data Centers

$

61.2

$

35.9

$

107.5

$

70.6

Commercial HVAC

34.3

26.3

65.7

58.5

Performance Technologies

32.1

29.7

59.7

56.2

Segment total

127.6

91.9

232.9

185.3

Corporate and eliminations

(29.8)

(18.4)

(60.3)

(36.1)

Operating income

$

97.8

$

73.5

$

172.6

$

149.2

Modine Manufacturing Company

Adjusted financial results (unaudited)

(In millions, except per share amounts)

Three months ended September 30, 

Six months ended September 30, 

2026

2025

2026

2025

Net earnings

$

30.3

$

44.8

$

104.6

$

96.5

Interest expense

8.5

8.3

14.9

14.1

Provision for income taxes

57.7

18.9

52.0

32.9

Depreciation and amortization expense

21.3

19.7

42.0

38.7

Other expense – net

1.3

1.5

1.1

5.7

Restructuring expenses (a)

3.0

3.1

6.9

7.9

Impairment charge (b)

—

4.1

—

4.1

Disposition costs (c)

14.1

—

21.2

—

Acquisition and integration costs (d)

—

3.4

—

5.3

Adjusted EBITDA

$

136.2

$

103.8

$

242.7

$

205.2

Net earnings per share attributable to Modine shareholders – diluted

$

0.56

$

0.83

$

1.93

$

1.78

Restructuring expenses (a)

0.04

0.04

0.10

0.12

Impairment charge (b)

—

0.08

—

0.08

Disposition costs (c)

0.20

—

0.29

—

Acquisition and integration costs (d)

—

0.05

—

0.08

Tax impacts of legal entity restructuring (e)

0.55

—

0.55

—

Tax law changes (f) 

—

0.06

—

0.06

Adjusted earnings per share

$

1.35

$

1.06

$

2.87

$

2.12

(a)

Restructuring expenses primarily consist of employee severance expenses and equipment transfer costs. The tax benefit related to restructuring expenses during both the second quarter of fiscal 2027 and fiscal 2026 was $0.8 million. The tax benefit related to restructuring expenses during both the first six months of fiscal 2027 and fiscal 2026 was $1.5 million.  

(b)

During the second quarter of fiscal 2026, the Company recorded a $4.1 million non-cash asset impairment charge related to its technical service center and administrative support facility in Germany. The Company expects the sale transaction to close by the end of calendar 2026. There was no tax impact associated with this impairment charge.

(c)

Disposition costs primarily relate to the Reverse Morris Trust transaction with Gentherm, which was completed on October 1, 2026, and include fees for legal, accounting, tax, and other professional services and other costs directly related to the transaction.  The tax benefit related to the disposition costs during the second quarter and first six months of fiscal 2027 was $3.5 million and $5.2 million, respectively.

(d)

Acquisition and integration costs primarily related to the Company's fiscal 2026 acquisitions, including L.B. White, AbsolutAire, and Climate by Design International. The costs primarily included fees for legal, accounting, and other professional services and costs directly associated with integration activities. In addition, the adjustment for the first six months of fiscal 2026 included $1.3 million for the impact of inventory purchase accounting adjustments. The tax benefit related to the acquisition-related costs and adjustments during the second quarter and first six months of fiscal 2026 was $0.4 million and $0.8 million, respectively.

(e)

During the second quarter of fiscal 2027 and in preparation of the Reverse Morris Trust transaction with Gentherm, the Company completed several legal entity restructuring steps to separate the Performance Technologies business from its other businesses. The income tax impacts of these legal entity restructuring steps increased the Company's income tax expense for the second quarter of fiscal 2027 by $29.5 million.    

(f)

The provisions of the One Big Beautiful Bill Act, which was enacted in July 2025, negatively impacted the Company's income tax expense for the second quarter of fiscal 2026 by $3.1 million. The higher income tax expense was primarily due to impacts related to state deferred taxes and the utilization of foreign tax credits.

Modine Manufacturing Company

Segment adjusted financial results (unaudited)

(In millions)

Three months ended September 30, 2026

Three months ended September 30, 2025

Data

Commercial

Performance 

Corporate and 

Data

Commercial

Performance 

Corporate and 

Centers

HVAC

Technologies

eliminations

Total

Centers

HVAC

Technologies

eliminations

Total

Operating income

$

61.2

$

34.3

$

32.1

$

(29.8)

$

97.8

$

35.9

$

26.3

$

29.7

$

(18.4)

$

73.5

Depreciation and
amortization expense

5.7

8.0

7.2

0.4

21.3

4.4

7.0

7.8

0.5

19.7

Restructuring expenses (a)

0.7

0.7

1.6

—

3.0

0.5

1.9

0.6

0.1

3.1

Impairment charge (a)

—

—

—

—

—

—

—

4.1

—

4.1

Disposition costs (a)

—

—

—

14.1

14.1

—

—

—

—

—

Acquisition and
integration costs (a)

—

—

—

—

—

—

—

—

3.4

3.4

Adjusted EBITDA

$

67.6

$

43.0

$

40.9

$

(15.3)

$

136.2

$

40.8

$

35.2

$

42.2

$

(14.4)

$

103.8

Net sales

$

439.7

$

285.5

$

287.7

$

(18.5)

$

994.4

$

225.0

$

232.9

$

286.3

$

(5.3)

$

738.9

Adjusted EBITDA
margin

15.4

%

15.1

%

14.2

%

13.7

%

18.1

%

15.1

%

14.7

%

14.0

%

Six months ended September 30, 2026

Six months ended September 30, 2025

Data

Commercial

Performance 

Corporate and 

Data

Commercial

Performance 

Corporate and 

Centers

HVAC

Technologies

eliminations

Total

Centers

HVAC

Technologies

eliminations

Total

Operating income

$

107.5

$

65.7

$

59.7

$

(60.3)

$

172.6

$

70.6

$

58.5

$

56.2

$

(36.1)

$

149.2

Depreciation and
amortization expense

11.1

16.0

14.1

0.8

42.0

10.1

12.5

15.3

0.8

38.7

Restructuring expenses (a)

0.7

2.9

3.3

—

6.9

0.7

3.0

4.1

0.1

7.9

Impairment charge (a)

—

—

—

—

—

—

—

4.1

—

4.1

Disposition costs (a)

—

—

—

21.2

21.2

—

—

—

—

—

Acquisition and
integration costs (a)

—

—

—

—

—

—

—

—

5.3

5.3

Adjusted EBITDA

$

119.3

$

84.6

$

77.1

$

(38.3)

$

242.7

$

81.4

$

74.0

$

79.7

$

(29.9)

$

205.2

Net sales

$

788.3

$

547.1

$

565.5

$

(32.4)

$

1,868.5

$

408.7

$

447.1

$

571.8

$

(5.9)

$

1,421.7

Adjusted EBITDA
margin

15.1

%

15.5

%

13.6

%

13.0

%

19.9

%

16.6

%

13.9

%

14.4

%

(a)

See the Adjusted EBITDA reconciliations on the previous page for information on restructuring expenses and other adjustments.

Modine Manufacturing Company

Net debt (unaudited)

(In millions)

September 30, 2026

March 31, 2026

Debt due within one year

$

46.9

$

51.4

Long-term debt

677.4

384.9

Total debt

724.3

436.3

Less: cash and cash equivalents

150.6

73.5

Net debt

$

573.7

$

362.8

Free cash flow (unaudited)

(In millions)

Three months ended September 30, 

Six months ended September 30, 

2026

2025

2026

2025

Net cash (used for) provided by operating activities

$

(98.5)

$

1.4

$

(57.1)

$

29.1

Expenditures for property, plant and equipment

(42.1)

(31.9)

(88.5)

(59.4)

Free cash flow

$

(140.6)

$

(30.5)

$

(145.6)

$

(30.3)

Organic sales and organic sales growth (unaudited)

(In millions)

Three months ended September 30, 2026

Three months ended September 30, 2025

Effect of

Sales

Organic

External

Exchange Rate

Effect of

Organic

External

Effect of

Excluding

 Sales

Sales

Changes

 Acquisitions

Sales

Sales

Dispositions

Dispositions

Growth

Net sales:

Data Centers

$

437.3

$

2.1

$

—

$

439.4

$

224.0

$

—

$

224.0

96

%

Commercial HVAC

269.4

1.1

—

270.5

230.1

—

230.1

18

%

Performance Technologies

287.7

(0.2)

—

287.5

284.8

—

284.8

1

%

Net Sales

$

994.4

$

3.0

$

—

$

997.4

$

738.9

$

—

$

738.9

35

%

Six months ended September 30, 2026

Six months ended September 30, 2025

Effect of

Sales

Organic

External

Exchange Rate

Effect of

Organic

External

Effect of

Excluding

Sales

Sales

Changes

 Acquisitions

Sales

Sales

Dispositions

Dispositions

Growth

Net sales:

Data Centers

$

785.7

$

2.1

$

—

$

787.8

$

407.6

$

—

$

407.6

93

%

Commercial HVAC

517.3

(0.9)

(19.7)

496.7

443.8

—

443.8

12

%

Performance Technologies

565.5

(4.3)

—

561.2

570.3

—

570.3

(2)

%

Net Sales

$

1,868.5

$

(3.1)

$

(19.7)

$

1,845.7

$

1,421.7

$

—

$

1,421.7

30

%

Kathleen Powers
(262) 636-1687
[email protected] 

SOURCE Modine

Willis Lease Finance Corporation (WLFC) Q3 2026 Earnings Call November 3, 2026 10:00 AM EST

Company Participants

Austin Willis - CEO, President & Director
Scott Flaherty - Executive VP & CFO

Conference Call Participants

Yongqi Zhao - Deutsche Bank AG, Research Division
William Waller - M3F, Inc.

Presentation

Operator

We would like to remind you that during this conference call, management will be making forward-looking statements, including statements regarding our expectations related to financial guidance, outlook for the company and our expected investment and growth initiatives.

Please note these forward-looking statements are based on current expectations and assumptions with respect to risks and uncertainties.

These statements reflect WLFC's views only as of today. They should not be relied upon as representative of views as of any subsequent date, and WLFC undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements in the light of new information or future events.

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion of the material risks and other important factors that could affect WLFC's financial results, please refer to its filings with the SEC, including, without limitation, WLFC's most recent quarterly reports on Form 10-Q, annual report on Form 10-K and other periodic reports, which are available on the Investor Relations section of WLFC's website at https://www.wlfc.global/investor-relations.

Austin Willis
CEO, President & Director

Thank you, operator, and thank you all for joining us today to discuss Willis Lease Finance Corporation's Third Quarter 2026 Financial results.

On our call today, I'm joined by Scott Flaherty, our Chief Financial Officer. I'm pleased to announce another great quarter. We continue to deliver on our strategy to expand our platform with services, managed capital and balance sheet investment.

 | Source: Powell Industries, Inc.

HOUSTON, Nov. 03, 2026 (GLOBE NEWSWIRE) -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom engineered solutions for the management, control and distribution of electrical energy, today announced that it will release results for the fiscal fourth quarter and year ended September 30, 2026 on Monday, November 16, 2026 after the market closes. In conjunction with the release, Powell Industries has scheduled a conference call, which will be broadcast live within the Investor Relations section of the Company’s website, on Tuesday, November 17, 2026 at 11:00 a.m. eastern time.

What: Powell Industries Fiscal 2026 Q4 Earnings Conference Call
When: Tuesday, November 17, 2026 – 11:00 a.m. eastern / 10:00 a.m. central
How: Live via phone by dialing 1-833-953-2431 (domestic) or 1-412-317-5760 (international) and asking for the Powell Industries call at least 10 minutes prior to the start time, or live over the Internet by logging on to the web at the address below
Where: powellind.com

A telephonic replay of the conference call will be available through November 24, 2026 and may be accessed by calling 1-855-669-9658 (domestic) or 1-412-317-0088 (international) and using passcode 1174525#. A webcast archive will also be available at powellind.com shortly after the call and will be accessible for approximately 90 days. For more information, please contact Robert Winters at Alpha IR Group at 312-445-2870 or email [email protected].

Powell Industries, Inc., headquartered in Houston, designs, manufactures and services custom-engineered equipment and systems for the distribution, control and monitoring of electrical energy. Powell markets include large industrial customers such as utilities, oil and gas producers, refineries, petrochemical plants, pulp and paper producers, mining operations and commuter railways. For more information, please visit powellind.com.

Contacts: 
Michael W. Metcalf, CFO
Powell Industries, Inc.
713-947-4422

Robert Winters
Alpha IR Group
[email protected]
312-445-2870

On its second-quarter fiscal 2027 earnings call, held on Oct. 26, 2026, MakeMyTrip (MMYT -0.22%) reported 20.9% year-over-year constant-currency gross booking growth to $2.7 billion. Travel headwinds from high jet fuel prices and currency depreciation slowed air travel, making alternative segments critical for long-term shareholders.

Three takeaways from management's comments highlight how the business is adapting.

1. Ground Transport and Accommodations Drive Growth Outside Air TravelHigh prices for aviation turbine fuel, or jet fuel, and Indian rupee depreciation slowed domestic and international flight demand. MakeMyTrip compensated by expanding ground transportation and domestic hotel listings, raising its business mix outside air travel.

Our non-air business mix has now reached 63.2% compared to 61.5% during the same quarter last year. We believe our resilience is best reflected in our ability to sustain customer engagement, serve evolving travel needs across categories, and deliver profitable growth.
-- Rajesh Magow, Group Chief Executive Officer2. Artificial Intelligence Assistant Myra Boosts User Conversion RatesThe company integrated Myra, its artificial intelligence travel assistant, directly into the booking flow to help users search in regional languages and plan complex trips. Conversational assistance improves booking completion rates, particularly among price-sensitive customers in smaller cities.

Customers engaging with Myra convert at around 1.7x the rate of those who don't. In tier 2 and tier 3 cities, which account for around 55% of Myra conversations, this rises to over 2.1x.
-- Rajesh Magow, Group Chief Executive Officer3. Corporate Travel Accounts Provide Steady Demand BufferBusiness travel within India held steady despite seasonal lulls in leisure travel. MakeMyTrip expanded its corporate accounts through myBiz, its platform for small and medium enterprises, and Quest2Travel, its platform for large enterprises, complementing its business-to-consumer, or B2C, segment.

Our corporate travel business continues to perform strongly, tapping into a demand pool that complements B2C travel. This mix adds resilience and helps navigate short-term headwinds more effectively.
-- Mohit Kabra, Group Chief Financial OfficerLooking AheadTravel demand is shifting toward ground transport and domestic stays while airfares remain elevated. MakeMyTrip relies on its network of over 105,000 domestic accommodation options and proprietary travel data, while keeping a close eye on airline fare normalization and customer acquisition expenses.

Our investment approach is to balance current performance with the capabilities needed for future growth. Priorities include accommodation, ground transport, emerging categories like tours and activity, customer experience and AI.
-- Dipak Bohra, Chief Financial OfficerBy expanding direct supply relationships and deepening artificial intelligence integration, the platform aims to capture broader travel demand across price points.

We believe this approach positions MakeMyTrip well to capture India's long-term travel opportunity and deliver sustainable, profitable growth.
-- Rajesh Magow, Group Chief Executive OfficerThe Motley Fool has positions in and recommends MakeMyTrip. The Motley Fool has a disclosure policy.

RELX PLC (RELX) STM Investor Seminar: Primary Research and Decision Support Strategy November 3, 2026 11:00 AM EST

Company Participants

Paul Daniel Sullivan - Head of Investor Relations
Kumsal Besson - CEO and Co-Chair of Inclusion & Diversity Advisory Board
Gemma Hersh
Maxim Khan
Paul Crockett
Jill Luber

Conference Call Participants

Joseph Barnet-Lamb - UBS Investment Bank, Research Division
Ciaran Donnelly - Citigroup Inc., Research Division
Nick Dempsey - Barclays Bank PLC, Research Division
William Packer - BNP Paribas, Research Division
Steven Craig Liechti - Deutsche Bank AG, Research Division
Henry Hayden - Rothschild & Co Redburn, Research Division
George Webb - Morgan Stanley, Research Division

Presentation

Paul Daniel Sullivan
Head of Investor Relations

Great. Thank you, everybody. Good afternoon and for some, good morning. Welcome. I'm Paul Sullivan, Head of Investor Relations at RELX, and it's a pleasure to welcome you to our STM Investor Seminar today and also introduce the CEO of Elsevier, Kumsal Bayazit. Kumsal?

Kumsal Besson
CEO and Co-Chair of Inclusion & Diversity Advisory Board

Thank you, Paul. Good afternoon, and good morning to those joining us from the U.S. Welcome to the STM Investor Seminar. Thank you very much for joining us today. I'm Kumsal Bayazit, CEO of Elsevier, the STM division of RELX. I joined RELX in 2004 and have been the CEO of Elsevier for the last 8 years. Before that, I held operational and strategic roles in all parts of RELX in risk, in legal, in exhibitions as well as at RELX Corporate as Chief Strategy Officer and Chair of RELX Technology Forum.

It has been 4 years since we last did a deep dive on Elsevier. My team and I are really looking forward to sharing with you the progress we have made since then as well as the significant opportunity that we see ahead.

I will start with an overview

Apple predicted revenue growth of 7% to 10% during the holiday season, but a warning that gross margins would be smaller due to higher memory costs and expenses related to the new Siri AI digital assistant, weighed on the stock. Bloomberg's Mark Gurman discusses how demand for the company's new iPhone Duo and sales of other phones could impact Apple.

Yesterday, Apple (Nasdaq: AAPL) reported its fourth-quarter results, which closed out its fiscal 2026 financial year.

8K Followers

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Plus, Apollo swings to a loss and investors eye midterm election races

ChatGPT's search volume is now roughly 20% of Google's. Wow, people were really sick of Google, huh?

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Senior Correspondent covering technology and culture

People were getting fed up with Google search, which made it easy for ChatGPT to step in.

Robert Michael/picture alliance via Getty Images

OpenAI is coming for Google Search, and it's working.

"ChatGPT's volume of search-like queries is now roughly one-fifth the volume of queries of Google," Adam Fry, ChatGPT's consumer product lead, told Alex Kantrowitz of the Big Technology newsletter.

It's good news for OpenAI. For Google? Not so great. It not only shows that people are willing to use AI, but that people were really, really, fed up with Google search results.

We already knew that basic information searching is currently the top use of LLMs like ChatGPT. Pew Research Center released a report this summer that showed that the top use case was to "search for information," with 42% of American adults surveyed saying they have used AI for that.

("For tasks at work" was the second most common use, with 38% of employed adults reporting that. Lesser uses include entertainment, getting news, and medical advice.)

Searching for information is the #1 use for chatbots like ChatGPT, according to a Pew report. 

Pew Research Center

This survey wasn't specifically about ChatGPT, but it's by far the most popular AI chatbot (44% of American adults surveyed told Pew they've used ChatGPT, and only 24% have used Gemini, the next most common).

ChatGPT now has 1.2 billion weekly users. We don't know how many of those users are doing informational searches as opposed to other things like coding or generating images, but it seems likely that someone who uses it to make images or chat would also ask it for information.

Google did not immediately respond to a request for comment on the competition from ChatGPT, but last year Alphabet CEO Sundar Pichai addressed the issue during an interview with Bloomberg's Emily Chang.

"You've had these chatbots scale up to hundreds of millions of users. We've grown in queries," Pichai said at the time. "So I think it feels very far from a zero-sum game to me. To use another parallel, TikTok came in, everybody started using TikTok. YouTube grew and did very, very well in those moments too."

People started to feel like Google search had gotten worseGoogle says that it handles 5 trillion searches per year; it's dominated search for two decades, and very profitably!

But many people were getting really sick of Google search. So often in the last few years, I've heard friends or other people complain how Google search feels broken. Search results were so stuffed with SEO-friendly links that it often felt hard to trust anything or find the results you actually were searching for.

Users had started to add the term "Reddit" at the end of searches in hopes of getting better results — which ended up being a boon in traffic for Reddit (sadly, this didn't last; Reddit just reported a drop in search referral traffic due to Google's AI Overviews that it doesn't expect to get back).

So when ChatGPT came along, suddenly there was a new way to get information and answers without all the SEO fluff — and plenty of people were thrilled. Sure, the information isn't always reliable. Everyone should know better than to blindly trust facts doled out by AI, which is prone to hallucinations or just plain bungling, like telling people to put glue in their pizza.

Despite the issues with trusting AI for information (and to be fair, it has improved since the glue/pizza fiasco of 2024), it's clear that tons of people were very, very happy to switch over to ChatGPT instead of Google for their informational searching needs.

I think what we should consider is that says a lot more about how bad Google had gotten than it does about how good ChatGPT is. There's a compelling case to be made that Google enshittified its flagship product so badly — perhaps from the years and years of having no meaningful competitors — that it was a sitting duck, ready to have its lunch eaten by the first new disruptor to come along and offer people a better way.

Google eventually realized it was in trouble, issuing a "code red" in 2022 over ChatGPT. It might be time to issue another one?

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Katie Notopoulos is a senior correspondent at Business Insider who writes about technology, business, and culture.Previously, Katie was a tech reporter at BuzzFeed News and has written for The Atlantic, The New York Times, Fast Company, and MIT Technology Review.

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Marc Brooker, an AWS VP and distinguished engineer, leads Velocity Labs, a small team inside Amazon’s cloud unit. (Amazon Photo)
Last month, a small team inside Amazon Web Services called Velocity Labs went from concept to the public release of a new open-source AI model in less than a week.

The group, whose existence hasn’t been previously reported, was formed in April. Velocity Labs has about 35 people, most of them in Seattle. The idea is to think beyond Amazon’s normal product-oriented approach, building quick prototypes in areas of AI that the company sees as underexplored and increasingly important to customers.

“We have noticed how the open-source community, and some of our competitors, experiment with new ideas, and deliver initial products fast,” the company says in job listings. “With Velocity Labs we are building an organization that can move faster, explore more, and make sure AWS is at the cutting edge of innovation in agentic AI.”

Inside the group, scientists and engineers work together, and they’re encouraged to cross over: engineers engage in research, and scientists do engineering work.

Velocity Labs is an example of the ways Amazon is trying “to create organizations that we think are going to be better suited to working with this new set of tools,” said Marc Brooker, an AWS vice president and distinguished engineer who leads the team.

For the vast majority of Amazon’s developers, he said, AI agents now write almost all the code that would have previously been written by hand.

Redefining the role: The team is part of Amazon’s larger rethinking of software development for the AI era, laid out in revised guidelines that the company’s engineering leaders sent to its developers earlier this year.

A letter that accompanied the guidelines, published last week under the byline of Michael “Terk” Terkowitz, a VP and distinguished engineer in Amazon’s stores business, advises engineers to learn AI now and to stay close to their customers and products.

The letter acknowledges that as Amazon has grown, some engineers and managers have become “less connected to their customers and business.”

Amazon has never published its underlying role guidelines for software engineers, and it declined to provide a copy of the revised version for this article. Brooker, one of the authors of the accompanying letter, said in an interview that the update emphasizes measuring engineers and teams by outcomes rather than inputs.

“We had seen these anti-patterns in the industry of folks really focusing on how many tokens are you spending, how many lines of code are you committing,” Brooker said, explaining that those kinds of measures don’t equate to customer value.

Asked whether AI use is part of performance reviews or promotions, Brooker said, “Not directly in a metrics sense.” It could factor in, he said, to the extent that it makes someone a stronger performer.

The letter doesn’t dismiss usage metrics entirely. Amazon has found that they “correlate well with the outputs that matter” and expects that to continue “for some time,” it says.

But what’s important, the letter says, is to use them “with care and judgement.”

Amazon engineers have described pressure to use AI tools. Three developers told The New York Times last year that managers were pushing them to use AI, raising output goals and becoming less forgiving about deadlines, with some coders saying their jobs had begun to resemble warehouse work. Amazon has set a goal for more than 80% of its developers to use AI each week, the Financial Times reported.

In May, Amazon shut down an internal leaderboard called KiroRank — which ranked employees by how much they used Kiro, the company’s AI coding tool — after finding that some were using the tool excessively just to climb the rankings, the FT reported.

Asked whether that episode was part of the impetus for the revised guidelines, Brooker said he didn’t recall the leaderboard or the details surrounding it.

How the work has changed: Two years ago, most Amazon developers were still writing their code by hand, Brooker said. Today, “for the vast majority of our developer population, almost all of their implementation code is agent generated rather than human written,” he said.

“That is a massive change in the way of working for software engineers,” he said.

Brooker said he used to spend much of his time in a traditional code editor or the command line, and now spends a lot more of it working with agent tools such as Kiro, Kiro Crew and Anthropic’s Claude Code, calling it “a complete change of tools.”

For the company, the transition hasn’t been seamless. In March, Amazon acknowledged that an engineer who followed inaccurate advice from an AI agent contributed to one of several outages on its retail site, though the company disputed a Financial Times report that junior and mid-level engineers would need senior engineers to sign off on AI-assisted changes.

Amazon also pushed back on an earlier FT report that a 13-hour disruption to an AWS service in December happened after engineers let its Kiro AI coding tool make changes, and the tool decided to “delete and recreate the environment.” Amazon blamed user error — a misconfigured role — and said it has since added safeguards, including mandatory peer review for production access.

Still, the letter acknowledges that today’s AI tools won’t help in every situation, and it says that’s OK as long as engineers can explain why.

“If your work does not benefit from current AI tooling, that is a finding, not a failing,” the letter says. “An engineer who can explain where AI does not yet help their work is demonstrating the judgement we are asking for.”

Inside Velocity Labs: The group is part of the agentic AI division led by Swami Sivasubramanian, which has organized much of its work around small teams of six to eight people, as GeekWire reported in June. Velocity Labs also includes the developers behind Strands, AWS’s open-source toolkit for building AI agents.

The model that Velocity Labs released last month, Strands Decider 2B, is designed to make quick, narrow decisions inside AI agents, such as which tool to use or where to route a request. It’s based on Qwen, an open model from Alibaba, and was released Oct. 1 along with the recipe used to train it.

Brooker built the original version on his own GPU at home after the startup TypeSafe AI unveiled Jev, a similar decision model, on Sept. 15, he wrote on his blog. “Every line of code was written by an agent,” he wrote, though he tried to make sure “the core ideas and insights were mine, or at least I understood them.”

Brooker described the team’s turnaround as less than a week from concept to public release. OpenAI announced a similar hosted service, its Decisions API, the same week, TechCrunch reported.

Brooker credited the team’s speed to its small size and a high level of trust: each person takes ownership of a piece of a project and asks for help when needed. He expects Amazon to create more teams like it, though not across the whole company.

Impact on jobs: Amazon has cut roughly 30,000 corporate jobs since late 2025. CEO Andy Jassy has said he expects AI to shrink the company’s corporate workforce over time.

At the same time, AWS CEO Matt Garman said in April that Amazon is “hiring just as many software developers as we ever had,” Business Insider reported. An Amazon spokesperson told the publication that more than 11,000 interns and early-career software engineers would join the company globally this year.

Asked whether AI will mean fewer engineers at Amazon, Brooker said, “I don’t think it changes the number of engineers.” The company wants engineers who take ownership, are curious and can learn quickly outside their areas of expertise, he said.

AI isn’t the right answer for every problem, Brooker said.

If the right tool is “an AI agent powered by a cutting-edge model, fantastic,” he said. However, he added, if it’s “three lines of Python code, that’s great too.”

Live 13 updates · Last at 4:32pm ET Updates appear automatically.

By Thomas Richmond · Updated Nov 3, 4:32pm ET · Published Nov 3, 2:16pm ET

Live UpdatesNewest first

That wraps up our initial coverage of AMD’s Q3 results. Thank you for stopping by!

AMD management has cleared the EPS line in seven of the last eight quarters, with the only miss a 0.54% shortfall in Q2 2025, so tonight's $1.94 consensus is a bar this team usually clears. The beats have also been getting bigger, topping out at 16% in Q4 2025, which puts the after-hours reaction largely on the Helios commentary alongside the headline number.

EPS

$2.09

est $1.94 +7.9%

Revenue

$13.38B

est $13.08B +2.2%

Data Center revenue nearly doubled to $8.55 billion as the Instinct MI450 ramp kicked in, and management guided Q4 revenue to roughly $17 billion. That acceleration is what moves the stock tonight.

AMD just reported Q3 earnings, with shares initially up 6% following the report. Here are the key numbers:

Revenue: $13.38B vs. $13.09B expected 🟢 Adjusted EPS: $2.09 vs. $1.95 expected 🟢 Gross Margin: 54% Adjusted Operating Margin: 29% vs. 28% expected 🟢 Adjusted Net Income: $3.47B vs. $3.21B expected 🟢 Capex: $648M vs. $647M expected Q4 Guidance:

Revenue: $17B vs. $16.23B expected 🟢 Quick Read:

Strong earnings beat: AMD topped revenue and EPS expectations, with adjusted EPS beating estimates by 7.2%. Bullish outlook: Q4 revenue guidance came in nearly $770 million above expectations, signaling continued growth momentum.

intact$483.90 +3.7% today

“AMD is the credible second source for AI accelerators as hyperscaler capex keeps climbing”

Bull case

Q2 2026 cleared both lines, EPS $1.66 against $1.61 and revenue $11.54B against $11.30Boperating margin up from 10.6% in Q3 2024 to 17.3% in Q2 2026Helios rack shipments were guided to begin this quarterPolymarket traders put a beat at 62%, up six points this week Bear case

stock down roughly 23% over the past month and below its $548.78 50-day averagelow-margin Helios racks could dilute the mix even on a revenue beat1.14 put/call ratio with 153.7% implied volatility at the $470 strikeBroadcom's below-expectations AI forecast showed how fast the second-source narrative can crack The thesis now rides entirely on tonight's Helios commentary, since shipments were supposed to start this quarter. A beat on the $13.08 billion estimate with gross margin holding above 53% strengthens it; a Helios slip or rack-driven margin dilution flips it to weakening in one headline.

53.8%+14.0pp YoY

17.3%+19.0pp YoY

19.9%+8.6pp YoY

Operating margin has climbed from 10.6% in Q3 2024 to 17.3% in Q2 2026, so tonight's number is the real test: low-margin Helios rack shipments starting this quarter could dilute that mix even if revenue clears the $13.08 billion estimate. Gross margin above 53% is the line to watch.

Operating margin by quarter

$11Bacross 22 tracked filers

11 added · 8 trimmed · 5 new · 1 exited

Marshall Wace LLP$2.3B—D. E. Shaw & Co Inc$1.8B-0.2%Two Sigma Investments LLC$880M+0.1%Whale Rock Capital Management LLC$877M+21%ARK Investment Management LLC$823M-0.5%Point72 Asset Management LP$772M-0.1%Maverick Capital Ltd$567M+0.4%SRS Investment Management LLC$504M-0.4% + 15 more tracked holders

As of Jun 30, 2026 quarter end · 13F disclosures lag ~45 days — long positions only, tracked filers only.

Among 22 institutional filers, 11 added to AMD and 8 trimmed as of the June 30 disclosures, with five fresh positions and just one full exit, so institutional money leaned in ahead of tonight. Whale Rock Capital Management was the standout, lifting its stake roughly 21% in a position now worth about $877 million. Those filings are about 45 days stale and predate the 22.65% monthly slide flagged earlier today.

Support & resistance · chart through Tue, Nov 3 R2$579.37+19.2%R1$559.90+15.2%Now$485.93S1$461.71-5.0%S2$438.87-9.7% $548.78-11.5% below

$412.96+17.7% above

$188.22 – $658.52

AMD goes into tonight's report trading below its 50-day average of $548.78, so the $461.71 support shelf is the line that matters most on a disappointing AI outlook. Reclaiming $559.90 resistance would take the stock back above that 50-day line, while the 200-day sits far below at $412.96.

Will AMD (AMD) beat quarterly earnings?

62%Yes+6pp this week

Polymarket · $2k traded · resolves Tue, Nov 3

Polymarket traders have raised the implied probability of an AMD earnings beat into tonight's report, a six-point swing that contrasts with the stock's 23% slide over the past month flagged earlier this afternoon. Volume is thin, so the move reflects sentiment, and participants are positioned for management to meet expectations on AI revenue.

Yes probability

Put/call 1.14Puts dominant

CallsPuts

153.7%

Wed, Nov 4chain as of Mon, Nov 2

Tomorrow's expiry carries a 1.14 put/call ratio with 153.7% implied volatility at the $470 strike, where puts outnumber calls 310 to 26. Read directly, that is traders paying up for downside protection into tonight's report. Read the other way, positioning that lopsided is often where squeezes start when the numbers land clean.

Open interest near the money · puts / calls $462.565 / 28$465123 / 30$467.555 / 21$470310 / 26$472.588 / 38$475204 / 80

$1.66vs $1.61 est +3.1%

$11.54Bvs $11.30B est +2.0%

AMD's June quarter cleared both lines even with data center GPU momentum still ramping, which is why tonight's bar sits on the AI outlook. With the stock down roughly 23% in the past month, management's commentary on Helios rack shipments and Instinct demand carries the weight.

next print Tue, Nov 3

Tue, Nov 3 Earnings call · after close

Analysts have pressed management on the Helios and Instinct GPU roadmap on all four of the last calls, and tonight is the one where shipments were supposed to start. With gross margin and product mix plus memory inflation also raised every quarter, the after-hours move likely hinges on whether the AI ramp arrives without margin damage.

Analyst hot topics · last 4 calls Q3 25Q4 25Q1 26Q2 26

Data Center CPU-GPU mixServer CPU and Agentic AIHelios and Instinct GPU roadmapGross margin and product mixOpenAI and large customer dealsSupply chain and memory inflation

AMD reports earnings tonight following a brutal 22.65% decline over the past month, putting enormous pressure on management to deliver an encouraging outlook for its AI business.

Wall Street expects $13.08 billion in revenue, slightly above the midpoint of AMD’s own guidance. Here are the key catalysts to watch:

Revenue Estimate: $13.08 billion Helios AI Rack Shipments: Expected to begin this quarter 2027 Data Center Outlook: Revenue expected to more than double Long-Term EPS Target: Above $20 AMD trades at roughly 176x trailing earnings, leaving little room for disappointment if its ambitious AI growth targets slip.

The launch of its Helios rack-scale AI systems could be a major catalyst. Investors will be watching closely for shipment timelines, customer demand, and management’s confidence in its 2027 growth trajectory.

Bottom Line: A successful Helios ramp and strong 2027 guidance could help reverse AMD’s recent selloff, while any delays could put additional pressure on shares.

This article is updated throughout the trading day. Check back for more.

Full CoverageThe story so far

AMD (NASDAQ:AMD | AMD Price Prediction) is expected to report third-quarter results at 4:15 PM ET after the bell tonight. The stock is up 128.96% year-to-date, but a sharp 27% one-month slide makes this report a confidence test for the company’s Helios ramp.

Record Profits Meet a Sharp Pullback In the second quarter, AMD’s revenue rose 50.1% to $11.54 billion, beating the $11.31 billion consensus. Non-GAAP EPS of $1.66 exceeded the $1.61 estimate. Data Center sales jumped 107% to $6.72 billion, or 58% of total revenue.

Profitability moved even faster. Non-GAAP operating margin expanded to 27% from 12% a year earlier, while gross margin reached 56%. CEO Lisa Su said AMD will “enter the second half with strong momentum as EPYC demand accelerates, Instinct deployments scale and Helios begins to ramp.”

AMD is up 4% intraday ahead of tonight’s Q3 earnings results.

AMD’s Consensus Estimates Point to Accelerating Growth Metric Q3 2026 Estimate YoY Change FY 2026 Estimate FY 2027 Estimate Revenue $13.08B +41.5% $50.99B $89.36B EPS (Normalized) $1.94 +61.4% $7.62 $15.91 The quarterly EPS estimate has risen from $1.86 90 days ago, with zero downward revisions over the past 30 days. The 2027 revenue estimate means roughly 75% growth, yet 2027 EPS forecasts span $9.60 to $23.66. That spread shows how much rides on Helios execution.

What to Watch Tonight: Helios, EPYC Supply and Margins Here are some of the top factors I’m watching with AMD’s Q3 earnings report tonight:

Helios timing. Su described the rollout clearly: “Q3 is the very beginning of the ramp. Q4 is a step-up, and then Q1 will be a further step up.” I’ll be watching whether customer pull remains “tracking ahead of our initial forecast” across OpenAI, Meta Platforms (NASDAQ:META) and Anthropic. Server CPU conversion. EPYC sales grew by more than 70% last quarter despite tight supply. Key areas to watch include Venice production updates and whether AMD reiterates server growth of more than 80% in the second half. Gross margin mix. AMD guided to about 56%, but data center AI runs slightly below the corporate average during the ramp. I want to hear how Helios yields are trending. Consumer drag. The company guided to a significant double-digit decline in gaming and a softer PC market linked to memory costs. Operating leverage. With opex guided near $3.65 billion, investors will be watching whether expense growth remains below revenue growth. AMD’s Earnings History Shows Volatile Reactions Quarter EPS Surprise 1-Day Move 7-Day Move 30-Day Move Q2 2026 +3.06% +1.5% +0.18% -0.93% Q1 2026 +5.88% -3.07% +5.72% +16.36% Q4 2025 +15.98% -3.84% +6.69% +1.24% Q3 2025 +2.37% -7.27% +1% -13.74% On average, shares moved 3.4% seven days after earnings over the past year.

Contact [email protected] for any questions or corrections.

Thomas Richmond

Thomas Richmond is a financial writer and content strategist with 5+ years of experience covering stocks and financial markets. He has published over 500 articles focused on individual stock analysis, helping investors better understand business fundamentals, stock valuations, and long-term opportunities.

Thomas previously served as a Content Lead at TIKR, a stock research platform, where he helped scale the company’s blog to hundreds of articles per month and contributed to a weekly newsletter reaching more than 100,000 investors.

Outside of work, Thomas enjoys weight lifting and soccer.

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Characteristics and Risks of Standardized Options: https://bit.ly/2v9tH6D. Kevin Hincks expects AMD Inc. (AMD) earnings to be "impressive," though the company needs to show long-lasting demand for AI processors to boost investor confidence as AI sentiment sours.

SANTA CLARA, Calif., Nov. 03, 2026 (GLOBE NEWSWIRE) -- AMD (NASDAQ:AMD) today announced financial results for the third quarter of 2026. Third quarter revenue was $13.4 billion, gross margin was 54%, operating income was $2.8 billion, net income was $2.4 billion and diluted earnings per share was $1.46. On a non-GAAP(*) basis, gross margin was 56%, operating income was $3.9 billion, net income was $3.5 billion and diluted earnings per share was $2.09.

“We delivered a record quarter with revenue exceeding the high end of our guidance as Data Center segment sales nearly doubled year-over-year,” said Dr. Lisa Su, AMD chair and CEO. “Demand for our Instinct and EPYC products continued to strengthen, and we expect growth to accelerate further in the fourth quarter as we scale Helios and ‘Venice’ production. With our leadership product portfolio and deep customer and supply chain relationships, we are confident in our ability to sustain very strong revenue growth and expanding profitability over the coming years.”

“Third quarter revenue grew 45% year-over-year to a record $13.4 billion, while non-GAAP earnings per share grew 74%, demonstrating the significant operating leverage in our business model as our Data Center business drives scale,” said Jean Hu, AMD executive vice president, chief financial officer and treasurer. “Our fourth-quarter outlook reflects accelerating revenue and earnings growth, driven by strong demand across our Data Center portfolio.”

 GAAP Quarterly Financial Results Q3'26Q3'25Y/YQ2'26Q/QRevenue ($M)$13,377$9,246Up 45%$11,536Up 16%Gross profit ($M)$7,210$4,780Up 51%$6,203Up 16%Gross margin54%52%Up 2 ppts54%FlatOperating expenses ($M)$4,378$3,510Up 25%$4,213Up 4%Operating income ($M)$2,832$1,270Up 123%$1,990Up 42%Operating margin21%14%Up 7 ppts17%Up 4 pptsNet income ($M)$2,428$1,243Up 95%$2,297Up 6%Diluted earnings per share$1.46$0.75Up 95%$1.38Up 6%       Non-GAAP(*) Quarterly Financial Results
 Q3'26Q3'25Y/YQ2'26Q/QRevenue ($M)$13,377$9,246Up 45%$11,536Up 16%Gross profit ($M)$7,483$4,992Up 50%$6,488Up 15%Gross margin56%54%Up 2 ppts56%FlatOperating expenses ($M)$3,560$2,754Up 29%$3,394Up 5%Operating income ($M)$3,923$2,238Up 75%$3,094Up 27%Operating margin29%24%Up 5 ppts27%Up 2 pptsNet income ($M)$3,471$1,965Up 77%$2,760Up 26%Diluted earnings per share$2.09$1.20Up 74%$1.66Up 26%       Segment Summary

Data Center segment revenue was a record $8.5 billion, up 97% year-over-year, driven by strong demand for AMD EPYC™ processors and the launch of AMD Instinct™ MI450 Series GPUs. Client and Gaming segment revenue was $3.7 billion, down 8% year-over-year. Client business revenue was $2.9 billion, up 7% year-over-year, driven by sales of AMD Ryzen™ mobile processors. Gaming business revenue was $773 million, down 40% year-over-year, due to lower semi-custom and graphics revenue.Embedded segment revenue was $1.1 billion, up 29% year-over-year, led by growth in aerospace and defense, automotive, communications and industrial end markets. Recent Highlights

AMD solutions and software are powering superintelligence infrastructure at scale: Anthropic, Meta, Microsoft, OpenAI and Oracle Cloud Infrastructure are running models and workloads on the first AMD Helios™ rackscale solutions, powered by AMD Instinct MI450 Series GPUs and 6th Gen AMD EPYC CPUs.HPE announced that Vultr will deploy the first AMD Helios by HPE systems.Oracle Cloud Infrastructure announced its OCI Compute E7 cloud compute instances will be powered by 6th Gen AMD EPYC CPUs, supporting enterprise applications and the CPU services surrounding models.AMD introduced the AMD Helion reference architecture, an open, flexible blueprint for building rack-scale agentic systems that lets customers configure the mix of CPUs and GPUs based on their workloads.AMD ROCm™ 10 was released, bringing AI-native developer experiences to AMD platforms with ROCm.AI, along with performance improvements and updated libraries, compilers, frameworks, tools and model support.The EuroHPC JU selected AMD Instinct MI430X GPUs and 6th Gen AMD EPYC processors to power the LUMI-AI supercomputer.Google Cloud and Microsoft announced general availability of storage-optimized cloud instances powered by 5th Gen AMD EPYC CPUs. AMD is expanding its capabilities across the full superintelligence stack through strategic acquisitions: AMD announced an agreement to acquire World Labs, bringing leading model research expertise to AMD to help shape superintelligence infrastructure and strengthen the open ecosystem.AMD announced an agreement to acquire Taalas, adding specialized inference silicon technology to further differentiate AMD system-level solutions and deliver breakthrough inference performance and efficiency. AMD advanced its adaptive and embedded portfolio and expanded its role in physical AI systems: AMD began sampling the AMD Versal™ AI Core XQRVC1902 space-grade adaptive SoC designed to support missions lasting up to 15 years.Kodiak AI announced that its next generation autonomous truck platform is powered by AMD EPYC processors.AMD introduced AMD Ross™, an agentic tool for embedded system design that helps customers accelerate time to market and improve performance for AMD embedded solutions. AMD expanded its PC offerings for local agentic superintelligence and gaming: The AMD Ryzen™ AI Halo platform powered by Ryzen™ AI Max PRO 400 Series processors is now available, bringing the performance, memory and software ecosystem developers and creators need to build and run models locally.HP, Lenovo, Framework and GMKtec expanded availability of systems powered by AMD Ryzen™ AI Max PRO 400 Series processors.AMD debuted the Threadripper Halo Station, powered by the AMD Threadripper 9955WX CPU and AMD Instinct MI350p GPU, able to run trillion-parameter models locally. Current Outlook
AMD’s outlook statements are based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement” below.

For the fourth quarter of 2026, AMD expects revenue to be approximately $17 billion, plus or minus 3%. The mid-point of the revenue range represents year-over-year growth of approximately 66% and a sequential increase of approximately 27%. Non-GAAP gross margin is expected to be approximately 55%.

AMD Teleconference
AMD will hold a conference call at 2:00 p.m. PT (5:00 p.m. ET) today to discuss its third quarter 2026 financial results. AMD will provide a real-time audio broadcast of the teleconference on the Investor Relations page of its website at www.amd.com.

 RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(in millions, except per share data and percentages) (Unaudited)  Three Months Ended  September 26,
2026 June 27,
2026 September 27,
2025GAAP gross profit $7,210  $6,203  $4,780 GAAP gross margin 54% 54%       52%Stock-based compensation 9  8  7 Amortization of acquisition-related intangibles 257  260  260 Recovery of inventory loss at contract manufacturer (1) —  —  (67)Loss contingency on legal matters 7  17  12 Non-GAAP gross profit $7,483  $6,488  $4,992 Non-GAAP gross margin 56% 56% 54%       GAAP operating expenses $4,378  $4,213  $3,510 GAAP operating expenses/revenue % 33% 37% 38%Stock-based compensation 514  495  412 Amortization of acquisition-related intangibles 277  284  302 Acquisition-related and other costs (2) 27  40  42 Non-GAAP operating expenses $3,560  $3,394  $2,754 Non-GAAP operating expenses/revenue % 27% 29% 30%       GAAP operating income $2,832  $1,990  $1,270 GAAP operating margin 21% 17%     14%Stock-based compensation 523  503  419 Amortization of acquisition-related intangibles 534  544  562 Recovery of inventory loss at contract manufacturer (1) —  —  (67)Acquisition-related and other costs (2) 27  40  42 Loss contingency on legal matters 7  17  12 Non-GAAP operating income $3,923  $3,094  $2,238 Non-GAAP operating margin 29% 27% 24%   Three Months Ended  September 26,
2026 June 27,
2026 September 27,
2025GAAP net income / earnings per share $2,428  $1.46  $2,297  $1.38  $1,243  $0.75 Stock-based compensation 523  0.31  503  0.30  419  0.26 Amortization of acquisition-related intangibles 534  0.32  544  0.33  562  0.34 Recovery of inventory loss at contract manufacturer (1) —  —  —  —  (67) (0.04)Acquisition-related and other costs (2) 27  0.02  41  0.02  43  0.03 Loss contingency on legal matters 7  —  17  0.01  12  0.01 (Gains) loss on long-term investments, net (67) (0.04) (483) (0.29) (26) (0.02)Change in fair value of warrant liability (3) 1,097  0.66  —  —  —  — Equity income in investee (5) —  (6) —  (10) — Income tax provision (1,073) (0.64) (161) (0.10) (140) (0.09)Loss (income) from discontinued operations, net of tax (4) —  —  8  0.01  (71) (0.04)Non-GAAP net income / earnings per share $3,471  $2.09  $2,760  $1.66  $1,965  $1.20  (1) Recovery of inventory loss at contract manufacturer was related to the recovery of losses incurred as a result of an incident at a third-party contract manufacturing facility that occurred in Q1'24.(2) Acquisition-related and other costs primarily included transaction costs, purchase price fair value adjustments for inventory, certain compensation charges, and workforce rebalancing charges.(3) Change in fair value of warrant liability relating to the quarterly remeasurement of warrants issued to certain customers is driven by changes in AMD’s stock price and other valuation assumptions.(4) Loss (income) from discontinued operations pertained to ZT Systems' manufacturing business which was divested in Q4'25 and included the impact from measurement period adjustments in Q1'26.    About AMD
AMD (NASDAQ: AMD) drives innovation in high-performance and AI computing to solve the world’s most important challenges. Today, AMD technology powers billions of experiences across cloud and AI infrastructure, embedded systems, AI PCs and gaming. With a broad portfolio of AI-optimized CPUs, GPUs, networking and software, AMD delivers full-stack AI solutions that provide the performance and scalability needed for a new era of intelligent computing. Learn more at www.amd.com.

Cautionary Statement

This press release contains forward-looking statements concerning Advanced Micro Devices, Inc. (AMD) such as, expectations for revenue and earnings growth to accelerate in the fourth quarter of 2026; AMD’s ability to sustain very strong revenue growth and earnings profitability over the coming years; AMD’s business model and expectations regarding operating leverage and scale in its Data Center business; AMD’s anticipated demand across its Data Center portfolio and scaling production of Helios and “Venice”; the expected plans, benefits and timing of AMD’s strategic collaborations, including with Anthropic, Meta, Microsoft, OpenAI, Oracle Cloud Infrastructure, HPE and Kodiak AI; the expected timing, completion and benefits of AMD’s proposed acquisitions of World Labs and Taalas; the features, functionality, performance, availability, timing and expected benefits of future AMD products; and AMD’s expected fourth quarter 2026 financial outlook, including revenue and non-GAAP gross margin, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as "would," "may," "expects," "believes," "plans," "intends," "projects" and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this press release are based on current beliefs, assumptions and expectations, speak only as of the date of this press release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and are generally beyond AMD’s control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: impact of government actions and regulations such as export regulations, national-security-based regulations, import tariffs, trade protection measures, and licensing requirements; competitive markets in which AMD’s products are sold; the cyclical nature of the semiconductor industry; market conditions of the industries in which AMD products are sold; AMD's ability to introduce products on a timely basis with expected features and performance levels; loss of a significant customer; economic and market uncertainty; quarterly and seasonal sales patterns; AMD's ability to adequately protect its technology or other intellectual property; unfavorable currency exchange rate fluctuations; ability of third party manufacturers to manufacture AMD's products on a timely basis in sufficient quantities and using competitive technologies; availability of essential equipment, materials, components (such as memory supply), substrates or manufacturing processes; ability to achieve expected manufacturing yields for AMD’s products; AMD's ability to generate revenue from its semi-custom SoC products; potential security vulnerabilities; potential security incidents including IT outages, data loss, data breaches and cyberattacks; uncertainties involving the ordering and shipment of AMD’s products; AMD’s reliance on third-party intellectual property to design and introduce new products; AMD's reliance on third-party companies for design, manufacture and supply of motherboards, software, memory and other computer platform components; AMD's reliance on Microsoft and other software vendors' support to design and develop software to run on AMD’s products; AMD’s reliance on third-party distributors and add-in-board partners; impact of modification or interruption of AMD’s internal business processes and information systems; compatibility of AMD’s products with some or all industry-standard software and hardware; costs related to defective products; failure to maintain an efficient supply chain as customer demand changes; AMD's ability to rely on third party supply-chain logistics functions; AMD’s ability to effectively control sales of its products on the gray market; impact of climate change on AMD’s business; AMD’s ability to realize its deferred tax assets; potential tax liabilities; current and future claims and litigation; impact of environmental laws, conflict minerals related provisions and other laws or regulations; evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters; issues related to the responsible use of AI; restrictions imposed by agreements governing AMD’s notes, the guarantees of Xilinx’s notes and the revolving credit agreement; AMD’s ability to satisfy financial obligations under guarantees, leases and other commercial commitments; impact of acquisitions, joint ventures and/or investments on AMD’s business and AMD’s ability to integrate acquired businesses; impact of any impairment of the combined company’s assets; political, legal and economic risks and natural disasters; future impairments of technology license purchases; AMD’s ability to attract and retain key employees; and AMD’s stock price volatility, including the potential impact on the fair value of customer warrants and AMD's GAAP earnings. Investors are urged to review in detail the risks and uncertainties in AMD’s Securities and Exchange Commission filings, including but not limited to AMD’s most recent reports on Forms 10-K and 10-Q.

   (*) In this earnings press release, in addition to GAAP financial results, AMD has provided non-GAAP financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses/revenue percent, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP diluted earnings per share. AMD uses a normalized tax rate in its computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2026, AMD uses a projected non-GAAP tax rate of 13%, which excludes the tax impact of pre-tax non-GAAP adjustments. AMD also provides adjusted EBITDA, free cash flow and free cash flow margin as supplemental non-GAAP measures of its performance. These items are defined in the footnotes to the selected corporate data tables provided at the end of this earnings press release. AMD is providing these financial measures because it believes this non-GAAP presentation makes it easier for investors to compare its operating results for current and historical periods and also because AMD believes it assists investors in comparing AMD’s performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance and for the other reasons described in the footnotes to the selected data tables. The non-GAAP financial measures disclosed in this earnings press release should be viewed in addition to and not as a substitute for or superior to AMD’s reported results prepared in accordance with GAAP and should be read only in conjunction with AMD’s Consolidated Financial Statements prepared in accordance with GAAP. These non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measures in the data tables in this earnings press release. This earnings press release also contains forward-looking non-GAAP gross margin concerning AMD’s financial outlook, which is based on current expectations as of November 3, 2026, and assumptions and beliefs that involve numerous risks and uncertainties. Adjustments to arrive at the GAAP gross margin outlook typically include stock-based compensation, amortization of acquired intangible assets and acquisition-related and other costs. The timing and impact of such adjustments are dependent on future events that are typically uncertain or outside of AMD's control, therefore, a reconciliation to equivalent GAAP measures is not practicable at this time. AMD undertakes no intent or obligation to publicly update or revise its outlook statements as a result of new information, future events or otherwise, except as may be required by law.
  -30-     ©2026 Advanced Micro Devices, Inc. All rights reserved. AMD, the AMD Arrow logo, 3D V-Cache, Alveo, Instinct, EPYC, ROCm, FidelityFX, Helios, Kria, Radeon, Ryzen, Threadripper, Ultrascale+, Versal, Zynq, and combinations thereof, are trademarks of Advanced Micro Devices, Inc.     ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Millions except per share amounts and percentages) (Unaudited)
       Three Months Ended Nine Months Ended  September 26,
2026 June 27,
2026 September 27,
2025 September 26,
2026 September 27,
2025Net revenue $13,377  $11,536  $9,246  $35,166  $24,369 Cost of sales 5,910  5,073  4,206  15,559  12,023 Amortization of acquisition-related intangibles 257  260  260  778  771 Total cost of sales 6,167  5,333  4,466  16,337  12,794 Gross profit 7,210  6,203  4,780  18,829  11,575 Gross margin 54% 54% 52% 54% 47%Research and development 2,803  2,528  2,139  7,728  5,761 Marketing, general and administrative 1,298  1,401  1,069  3,952  2,946 Amortization of acquisition-related intangibles 277  284  302  851  926 Total operating expenses 4,378  4,213  3,510  12,531  9,633 Operating income 2,832  1,990  1,270  6,298  1,942 Interest expense (62) (37) (37) (136) (95)Other income (expense), net (902) 598  82  (139) 219 Income from continuing operations before income taxes and equity income 1,868  2,551  1,315  6,023  2,066 Income tax provision (benefit) (555) 252  153  (65) (558)Equity income in investee 5  6  10  17  25 Income from continuing operations, net of tax 2,428  2,305  1,172  6,105  2,649 Income (loss) from discontinued operations, net of tax —  (8) 71  3  175 Net income $2,428  $2,297  $1,243  $6,108  $2,824            Earnings per share:          Basic earnings from continuing operations $1.48  $1.41  $0.72  $3.74  $1.63 Basic earnings from discontinued operations $—  $(0.01) $0.04  $—  $0.11 Basic earnings per share $1.48  $1.40  $0.76  $3.74  $1.74                 Diluted earnings from continuing operations $1.46  $1.39  $0.71  $3.69  $1.62 Diluted earnings from discontinued operations $—  $(0.01) $0.04  $—  $0.11 Diluted earnings per share $1.46  $1.38  $0.75  $3.69  $1.73                 Shares used in per share calculation               Basic 1,636  1,632  1,626  1,633  1,623 Diluted 1,661  1,659  1,641  1,657  1,632              ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions)       September 26,
2026 December 27,
2025  (Unaudited)  ASSETS    Current assets:    Cash and cash equivalents $7,404  $5,539 Short-term investments 8,372  5,013 Accounts receivable, net 9,209  6,315 Inventories 11,463  7,920 Prepaid expenses and other current assets 3,023  2,160 Total current assets 39,471  26,947 Property and equipment, net 3,929  2,312 Goodwill 25,470  25,126 Acquisition-related intangibles, net 15,101  16,705 Deferred tax assets 821  384 Other non-current assets 10,020  5,452 Total Assets $94,812  $76,926           LIABILITIES AND STOCKHOLDERS' EQUITY    Current liabilities:    Accounts payable $7,756  $2,929 Accrued liabilities 6,231  5,250 Current portion of long-term debt, net —  874 Other current liabilities 499  402 Total current liabilities 14,486  9,455 Long-term debt 7,079  2,348 Long-term operating lease liabilities 1,837  625 Deferred tax liabilities 295  313 Other long-term liabilities 2,726  1,186      Stockholders' equity:    Capital stock:    Common stock, par value $0.01 16  17 Additional paid-in capital 61,769  63,365 Treasury stock, at cost —  (7,079)Retained earnings 6,720  6,699 Accumulated other comprehensive loss (116) (3)Total stockholders' equity 68,389  62,999 Total Liabilities and Stockholders' Equity $94,812  $76,926            ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions) (Unaudited)
       Three Months Ended Nine Months Ended  September 26,
2026 September 27,
2025 September 26,
2026 September 27,
2025Cash flows from operating activities:        Net income $2,428  $1,243  $6,108  $2,824 (Income) loss from discontinued operations, net of tax —  (71) (3) (175)Adjustments to reconcile net income to net cash provided by operating activities:         Depreciation and amortization 239  192  666  556 Amortization of acquisition-related intangibles 534  562  1,629  1,697 Stock-based compensation 523  419  1,513  1,152 Gains from long-term investments, net (67) (25) (616) (61)Non-cash impact of warrants issued to customers, net 1,179  —  1,179  — Deferred income taxes (321) 218  (427) 18 Recovery of inventory loss at contract manufacturer —  (67) —  (67)Other 44  25  105  90 Changes in operating assets and liabilities:        Accounts receivable, net (1,928) (1,085) (2,894) (7)Inventories (2,995) (636) (3,543) (1,579)Prepaid expenses and other assets (1,070) 118  (2,061) (259)Accounts payable 2,313  451  4,483  998 Accrued and other liabilities 323  444  384  (998)Net cash provided by operating activities of continuing operations 1,202  1,788  6,523  4,189 Net cash provided by operating activities of discontinued operations —  371  —  920 Net cash provided by operating activities 1,202  2,159  6,523  5,109 Cash flows from investing activities:        Purchases of property and equipment (648) (258) (1,845) (752)Purchases of short-term investments (2,199) (1,314) (6,754) (2,110)Proceeds from maturity of short-term investments 1,777  299  3,044  982 Proceeds from sale of short-term investments 80  18  366  66 Purchases of long-term investments (238) (74) (1,082) (432)Acquisitions, net of cash acquired —  —  (129) (1,716)Other (15) —  (15) — Net cash used in investing activities of continuing operations (1,243) (1,329) (6,415) (3,962)Purchases of property and equipment —  (8) —  (30)Payment for working capital adjustment on divestiture —  —  (243) — Net cash used in investing activities of discontinued operations —  (8) (243) (30)Net cash used in investing activities (1,243) (1,337) (6,658) (3,992)Cash flows from financing activities:        Proceeds from debt and commercial paper issuance, net of issuance costs 4,726  —  4,726  2,441 Repayment of debt and commercial paper (875) —  (875) (950)Proceeds from sales of common stock through employee equity plans 5  10  210  169 Repurchases of common stock —  (89) (221) (1,316)Stock repurchases for tax withholding on employee equity plans (1,495) (371) (1,836) (447)Other (13) —  (21) — Net cash provided by (used in) financing activities 2,348  (450) 1,983  (103)Net increase in cash, cash equivalents and restricted cash 2,307  372  1,848  1,014 Cash, cash equivalents and restricted cash at beginning of period 5,097  4,453  5,556  3,811 Cash, cash equivalents and restricted cash at end of period $7,404  $4,825  $7,404  $4,825          Reconciliation of cash, cash equivalents and restricted cash        Cash and cash equivalents $7,404  $4,808  $7,404  $4,808 Restricted cash included in Prepaid expenses and other current assets —  17  —  17 Cash, cash equivalents and restricted cash at end of period $7,404  $4,825  $7,404  $4,825            ADVANCED MICRO DEVICES, INC.
SELECTED CORPORATE DATA
(Millions) (Unaudited)       Three Months Ended Nine Months Ended  September 26,
2026 June 27,
2026 September 27,
2025 September 26,
2026 September 27,
2025Segment and Disaggregated Revenue Information (1)          Net Revenue:          Data Center Segment $8,546  $6,718  $4,341  $21,039  $11,255 Client and Gaming Segment               Client 2,949  3,062  2,750  8,896  7,543 Gaming 773  779  1,298  2,272  3,067 Total Client and Gaming 3,722  3,841  4,048  11,168  10,610 Embedded Segment 1,109  977  857  2,959  2,504 Total net revenue $13,377  $11,536  $9,246  $35,166  $24,369            Operating Income (Loss):          Data Center Segment $2,882  $2,103  $1,074  $6,584  $1,851 Client and Gaming Segment 573  582  867  1,730  2,130 Embedded Segment 453  386  283  1,177  886 All other (1,076) (1,081) (954) (3,193) (2,925)Total operating income $2,832  $1,990  $1,270  $6,298  $1,942            Other Data          Capital expenditures $648  $808  $258  $1,845  $752 Adjusted EBITDA (2) $4,162  $3,315  $2,430  $10,223  $5,470 Cash, cash equivalents and short-term investments $15,776  $13,111  $7,243  $15,776  $7,243 Free cash flow (3) $554  $1,558  $1,530  $4,678  $3,437 Total assets $94,812  $84,464  $76,891  $94,812  $76,891 Total debt $7,079  $3,226  $3,220  $7,079  $3,220  (1) The Company operates as three operating segments, Data Center, Client and Gaming, and Embedded segments. The Data Center segment primarily includes Artificial Intelligence (AI) accelerators, microprocessors (CPUs) for servers, graphics processing units (GPUs), accelerated processing units (APUs), data processing units (DPUs), AI Network Interface Cards (AI NICs), Field Programmable Gate Arrays (FPGAs) and adaptive System-on-Chip (SoC) products for data centers.

 The Client and Gaming segment primarily includes CPUs, APUs, chipsets for desktops and notebooks, discrete GPUs, and semi-custom SoC products and development services.

 The Embedded segment primarily includes embedded CPUs, APUs, FPGAs, System on Modules (SOMs), and adaptive SoC products.

 From time to time, the Company may also sell or license portions of its IP portfolio.

 All Other category primarily includes certain expenses and credits that are not allocated to any of the operating segments, such as amortization of acquisition-related intangibles, employee stock-based compensation expense, and acquisition-related and other costs.

(2) Reconciliation of GAAP Net Income to Adjusted EBITDA   Three Months Ended Nine Months Ended(Millions) (Unaudited) September 26,
2026 June 27,
2026 September 27,
2025 September 26,
2026 September 27,
2025GAAP net income $2,428  $2,297  $1,243  $6,108  $2,824 Interest expense 62  37  37  136  95 Other (income) expense, net 902  (598) (82) 139  (219)Income tax provision (benefit) (555) 252  153  (65) (558)Equity income in investee (5) (6) (10) (17) (25)Stock-based compensation 523  503  419  1,513  1,152 Depreciation and amortization 239  221  192  666  556 Amortization of acquisition-related intangibles 534  544  562  1,629  1,697 Acquisition-related and other costs 27  40  42  93  178 Recovery of inventory loss at contract manufacturer —  —  (67) —  (67)Loss contingency on legal matters 7  17  12  24  12 Loss (income) from discontinued operations, net of tax —  8  (71) (3) (175)Adjusted EBITDA $4,162  $3,315  $2,430  $10,223  $5,470  The Company presents “Adjusted EBITDA” as a supplemental measure of its performance. Adjusted EBITDA for the Company is determined by adjusting GAAP net income for interest expense, other (income) expense, net, income tax provision (benefit), equity income in investee, stock-based compensation, depreciation and amortization expense, amortization of acquisition-related intangibles, acquisition-related and other costs, recovery of inventory loss at contract manufacturer, loss contingency on legal matters, and loss (income) from discontinued operations, net of tax. The Company calculates and presents Adjusted EBITDA because management believes it is of importance to investors and lenders in relation to its overall capital structure and its ability to borrow additional funds. In addition, the Company presents Adjusted EBITDA because it believes this measure assists investors in comparing its performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance. The Company’s calculation of Adjusted EBITDA may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view Adjusted EBITDA as an alternative to the GAAP operating measure of net income or GAAP liquidity measures of cash flows from operating, investing and financing activities. In addition, Adjusted EBITDA does not take into account changes in certain assets and liabilities that can affect cash flows.

(3) Reconciliation of GAAP Net Cash Provided by Operating Activities of Continuing Operations to Free Cash Flow   Three Months Ended Nine Months Ended(Millions except percentages) (Unaudited) September 26,
2026 June 27,
2026 September 27,
2025 September 26,
2026 September 27,
2025GAAP net cash provided by operating activities of continuing operations $1,202  $2,366  $1,788  $6,523  $4,189 Operating cash flow margin % from continuing operations  9% 21% 19% 19% 17%Purchases of property and equipment (648) (808) (258) (1,845) (752)Free cash flow $554  $1,558  $1,530  $4,678  $3,437 Free cash flow margin % 4% 14% 17% 13% 14% The Company also presents free cash flow as a supplemental Non-GAAP measure of its performance. Free cash flow is determined by adjusting GAAP net cash provided by operating activities of continuing operations for capital expenditures, and free cash flow margin % is free cash flow expressed as a percentage of the Company's net revenue. The Company calculates and communicates free cash flow in the financial earnings press release because management believes it is of importance to investors to understand the nature of these cash flows. The Company’s calculation of free cash flow may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view free cash flow as an alternative to GAAP liquidity measures of cash flows from operating activities.  Contact
Carolyn Guss
AMD Communications
[email protected]

Liz Stine
AMD Investor Relations
[email protected]

AMD forecasts quarterly revenue above estimates as data-center growth accelerates