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Wall Street's appetite for ETFs shows no signs of slowing.

With less than two months left in 2026, new fund launches have already eclipsed last year's record. According to ETF Tracker, 1,159 ETFs had launched through Oct. 20, surpassing the 1,143 introduced in all of 2025. The U.S. market now has more than 5,270 ETFs.

And while thematic ETFs have dominated much of the narrative, a new breed of funds is blurring the line between traditional stock investing and cryptocurrency exposure.

Get IBIT alerts:

Global asset manager Franklin Templeton is among the firms exploring this new approach. On June 18, the company filed a registration with the U.S. Securities and Exchange Commission (SEC) for two funds designed to reinvest stock dividends into Bitcoin (BTC) exposure. Just over four months later, on Oct. 29, the Franklin U.S. Equity Bitcoin DRIP Index ETF NASDAQ: FBEQ and the Franklin U.S. Innovation Bitcoin DRIP Index ETF NASDAQ: FIBT began trading.

The hybrid structure—known as Bitcoin DRIP ETFs—reflects a broader shift toward investment products that bridge traditional equities and digital assets.

But unlike spot Bitcoin ETFs such as the iShares Bitcoin Trust NASDAQ: IBIT, these funds combine conventional equity portfolios with a strategy that systematically directs stock dividends toward Bitcoin exposure.

That approach comes with a trade-off. Instead of reinvesting dividends into additional equity exposure, investors gain exposure to a potentially higher-return but substantially more volatile asset. Whether the strategy makes sense depends on the underlying stock portfolio, the fund's Bitcoin allocation rules, and an investor's appetite for risk.

FBEQ: Large Cap Exposure With a Side of CryptoFranklin U.S. Equity Bitcoin DRIP Index ETF Today

FBEQ

Franklin U.S. Equity Bitcoin DRIP Index ETF

$24.77 +0.11 (+0.45%)

As of 11:33 AM Eastern

$24.63▼

$25.37$4.93 million

According to the SEC prospectus, the Franklin U.S. Equity Bitcoin DRIP Index ETF seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the rules-based VettaFi U.S. Large-Cap 500 Bitcoin DRIP Index.

With an expense ratio of just 0.09%, the passively managed fund provides exposure to approximately 500 of the largest U.S. companies, as well as Bitcoin.

Reflecting its recent launch, FBEQ has approximately $4.9 million in net assets under management (AUM).

Its equity portfolio resembles those of other market-cap-weighted large-cap funds, such as the SPDR S&P 500 ETF Trust NYSEARCA: SPY and the Vanguard 500 Index Fund ETF NYSEARCA: VOO, but with important differences in its investment strategy and weighting rules.

At inception, the index FBEQ tracks allocated 95% to equities and 5% to Bitcoin. Under normal market conditions, the fund invests at least 80% of its net assets in securities included in the underlying index and qualifying Bitcoin-related investments intended to replicate its exposure.

To limit concentration risk, any equity position is capped at a 20% weighting. Additionally, the combined weighting of holdings exceeding 5% cannot surpass 40% of the index.

The fund's defining feature is how it builds its Bitcoin allocation by systematically reinvesting dividends from its equity holdings into cryptocurrency exposure rather than additional shares of those stocks.

That exposure can come via Bitcoin-related investments, including BTC-backed ETPs, options and futures contracts that reference Bitcoin or Bitcoin ETPs, and depositary receipts representing an ownership interest in Bitcoin. Additionally, the fund may seek to achieve Bitcoin exposure through a wholly-owned subsidiary established in the Cayman Islands.

In order to maintain Bitcoin as a secondary allocation, FBEQ rebalances quarterly. If Bitcoin exposure exceeds 5%, it will be rebalanced to 4.5% for the ensuing quarter. If exposure is 5% or below, the allocation remains the same.

FIBT: Nasdaq Growth Stocks Meet Bitcoin ExposureFranklin US Innovation Bitcoin DRIP Index ETF Today

FIBT

Franklin US Innovation Bitcoin DRIP Index ETF

$23.38 +0.00 (+0.02%)

As of 11/2/2026

$4.68 million

Franklin Templeton's other Bitcoin DRIP ETF, FIBT, is more growth-focused.

It attempts to replicate the results of the VettaFi U.S. Innovation 100 Bitcoin DRIP Index, which is akin to the Invesco QQQ Trust Series 1 NASDAQ: QQQ in that it tracks the 100 largest non-financial companies on the Nasdaq.

Similar to FBEQ, FIBT had 95% exposure to equities and 5% exposure to Bitcoin at the time of its inception.

But given its slant toward innovation, its top holdings are more concentrated than FBEQ. For example, as of Oct. 30, FIBT’s top three holdings are Apple NASDAQ: AAPL at 10.2%, NVIDIA NASDAQ: NVDA at 9.6%, and Microsoft NASDAQ: MSFT at 7.7%.

That concentration gives FIBT a different risk profile. Its performance is more heavily influenced by large-cap technology and growth stocks, which can experience significant swings when earnings expectations, interest rates, or investor sentiment change. Paired with Bitcoin, that exposure could benefit from rallies in both markets but also leave investors vulnerable when both decline.

Like FBEQ, FIBT invests at least 80% of its net assets in underlying index securities and qualifying Bitcoin-related investments. It also follows the same Bitcoin allocation limits and quarterly rebalancing strategy.

FIBT's expense ratio of 0.19% is slightly higher than FBEQ's 0.09%, while its net AUM of approximately $4.7 million are slightly lower.

Are Bitcoin DRIP ETFs Worth the Dividend Trade-Off?For investors, the appeal of Franklin Templeton's new ETFs hinges on a fundamental trade-off: whether the potential upside from Bitcoin outweighs the benefits of traditional dividend reinvestment.

That question is especially relevant given Bitcoin's recent volatility. As of Nov. 2, the cryptocurrency was trading approximately 38.5% below its October 2025 record closing price, as the digital asset market continues to grapple with its fourth crypto winter. Although the funds' allocation limits help contain Bitcoin exposure, they cannot eliminate the risk of losses.

For investors with higher risk tolerances and longer investment horizons, Franklin Templeton's new ETFs offer a way to maintain U.S. equity exposure while systematically accumulating Bitcoin. More cautious investors may prefer to monitor the funds' performance and trading activity as their track records develop.

In either case, investors should weigh the convenience of an automated strategy against the additional volatility and opportunity cost of redirecting dividends away from equities.

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

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Nvidia: Scaling Quarterly Revenue RapidlyNvidia (NVDA +2.29%) primarily generates revenue by designing and selling advanced graphics processing units (GPUs), networking interconnect solutions, and accelerated computational platforms for data centers, personal computer gaming systems, enterprise professional visualization workstations, autonomous automotive applications, and cloud gaming subscription services.

It recently agreed to supply Amazon-owned AWS with additional graphics processing units and expanded its software partnership with Meta Platforms, while simultaneously introducing new hardware reference architectures intended to reduce initial infrastructure deployment time for its commercial enterprise customers.

SK Hynix: Expanding Memory Semiconductor RevenueSK Hynix (SKHY +2.08%) primarily generates revenue by designing, manufacturing, and selling a wide variety of advanced memory semiconductors, including dynamic random-access memory and diverse flash memory products with specialized configurations tailored to meet application-specific customer needs across global technology markets.

It recently showcased its new tenth-generation flash memory technology and officially commenced shipments of its latest high-bandwidth memory products to customers, while separately navigating a suspended initial public offering for its United States memory subsidiary, Solidigm, and defending against an ongoing antitrust class action lawsuit.

Why Revenue Matters for InvestorsRevenue helps investors evaluate the total volume of products and services a company sells before deducting its operating costs, taxes, and other financial expenses. This metric reveals whether an organization is successfully attracting customers and growing its overall business volume over time.

Nvidia vs. SK Hynix Revenue over the last 8 quarters. Figures: SK Hynix shown in U.S. dollars, converted from South Korean won.

Quarterly Revenue for Nvidia and SK HynixCalendar quarterNvidia RevenueSK Hynix RevenueQ4 2024$39.3 billion (quarter ended Jan. 26, 2025)$14.1 billion (quarter ended Dec. 31, 2024)Q1 2025$44.1 billion (quarter ended April 27, 2025)$12.1 billion (quarter ended March 31, 2025)Q2 2025$46.7 billion (quarter ended July 27, 2025)$15.8 billion (quarter ended June 30, 2025)Q3 2025$57.0 billion (quarter ended Oct. 26, 2025)$17.6 billion (quarter ended Sept. 30, 2025)Q4 2025$68.1 billion (quarter ended Jan. 25, 2026)$22.6 billion (quarter ended Dec. 31, 2025)Q1 2026$81.6 billion (quarter ended April 26, 2026)$35.7 billion (quarter ended March 31, 2026)Q2 2026$96.2 billion (quarter ended July 26, 2026)$52.6 billion (quarter ended June 30, 2026)Q3 2026Not yet reported$73.3 billion (quarter ended Sept. 30, 2026)Data source: Financial Modeling Prep. SK Hynix's figures are converted from South Korean won to U.S. dollars. Data as of Nov. 2, 2026.

Foolish TakeBoth Nvidia and SK Hynix operate in key segments of the semiconductor industry, with the former's GPUs underpinning the artificial intelligence boom, while the latter's focus on advanced memory solutions now coming into the limelight.

Nvidia's sales have grown spectacularly every quarter for the last two years, illustrating its central role in enabling AI systems, with businesses and governments around the world buying its GPUs. This trend is expected to continue. Nvidia forecasted sales of about $108 billion in its fiscal third quarter.

As the above chart shows, SK Hynix's revenue took off in a big way just this year. The South Korean company experienced sharp percentage growth acceleration driven by soaring demand and high average selling prices for its high-bandwidth memory (HBM), which is critical for AI processors. SK Hynix is working to produce more HBM to meet customer needs, although that is expected to cause prices to fall eventually. This has made Wall Street cautious in terms of buying SK Hynix stock, with shares having fallen from its 52-week high of $199.87.

Robert Izquierdo has positions in Amazon, Meta Platforms, Nvidia, and SK Hynix. The Motley Fool has positions in and recommends Amazon, Meta Platforms, and Nvidia. The Motley Fool has a disclosure policy.

NEW YORK--(BUSINESS WIRE)--JPMorgan Chase & Co. (NYSE: JPM) (“JPMorganChase” or the “Firm”) has filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 with the SEC. The report is available on the SEC's website at https://www.sec.gov and will be available on the Firm's Investor Relations website at https://www.jpmorganchase.com/ir under SEC Filings & Other Disclosures. JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United.

Irvine, CA, Nov. 03, 2026 (GLOBE NEWSWIRE) -- Meguiar’s – the original car care brand – is excited to announce the star attractions of its Central Hall booth # 22357, which is the primary location for its 125th Anniversary celebrations at the 2026 SEMA Show in Las Vegas from November 3-6. 

If you’re looking for a reason to visit the Meguiar’s booth, how about 7?

Brand-new 2027 Meguiar’s product reveals 11:30AM Press ConferenceUnveiling of Fat Fender Garage Ford F-100 Unveiling of TJ Hunt’s Aston Martin Vantage GT3Limited Edition signed posters available Tuesday & Wednesday125th Anniversary Cookies125th Anniversary Leen Customs Pins In addition to its Central Hall location, Meguiar’s is also hosting cars and activities at its outdoor booth # 80030. Both locations will be revealing the brand new 2027 Meguiar’s car care products, designed for professional body shops and detailers as well as consumer products for every car enthusiast.

We shared 2027 product details yesterday, and visitors to either of the Meguiar’s booths are invited to join the celebrations by enjoying an Anniversary Cookie or grabbing a Leen Customs Pin (while available).

Attendees wishing to grab a Limited Edition Poster are invited to visit booth # 22357 at the designated time listed below to have a chance of receiving one of the individually numbered and signed collectibles:

TJ Hunt Tuesday 2PM Meguiar’s booth # 22357 Dustin Williams Wednesday 10AM Meguiar’s booth # 22357 Fat Fender Garage Wednesday 2PM Meguiar’s booth # 22357 As always, Meguiar’s continues its long-held tradition of unveiling two never-seen project cars in its 2026 SEMA booth. And as always, there will be a traditional “hot rod” build and a modern “import” vehicle. On this occasion, the Meguiar’s team is delighted to be working with two long-term partners to provide mouthwatering attractions for all SEMA visitors to enjoy. Both cars will be unveiled during the Meguiar’s booth Press Conference at 11:30AM on Tuesday morning when the builders will speak about their work .

TJ HUNT'S ASTON MARTIN VANTAGE GT3
Regular SEMA attendees will undoubtedly remember that TJ’s Ferrari 488 GT3 Evo unveiled in the Meguiar’s booth last year was widely acknowledged among the best-in-show. It was born from his fascination with IMSA GT3 racing, and how the million-dollar race cars were all based on production vehicles. He loved the transformation the cars underwent to be competitive, with aggressive aerodynamic components and race-specific engineering.

TJ dreamed of bring his own GT3 concept to life many years ago. Eventually, he fulfilled that ambition with his first conversion, a Ferrari 458 GT3 built in 2020. He successfully transformed the street car exterior into something that resembled a factory-built GT3 race car while maintaining the original interior, comfort and functionality.

During that process, TJ discovered how challenging it could be to create an authentic conversion, since genuine GT3 components aren't typically available, and often require bodywork sourced from damaged or retired competition cars. Each piece then has to be  adapted to fit the street car, but the end result is something truly special.

After the 458 project sparked his passion, TJ has pursued the same dream throughout his incredibly successful YouTube career. The next car would be a 2022 BMW M4 GT3 conversion, which was revealed in the Meguiar's booth at SEMA 2023. And last year, he followed it up with the 2017 Ferrari 488 GT3 Evo, which was again unveiled by Meguiar's.

For 2026, TJ was keen to continue that tradition, and this time he chose a 2013 Aston Martin Vantage GT3. “I've always loved the Vantage styling, and the GT3 race car takes that design to an entirely different level,” TJ said. “We were able to source a modified version of the GT3 body kit, so we decided to accept the challenge of transforming a street car into something inspired by its factory racing counterpart.

“What excites me most about these projects is that there really isn't a blueprint to follow,” he continued. “These aren't conventional aftermarket builds where you simply order parts and bolt everything together. Each GT3 conversion comes with its own challenges. They require custom fabrication and a great deal of problem-solving, which makes the finished product even more rewarding.”

To make the project possible, TJ secured a modified version of the Aston Martin Racing GT3 body kit. It included key components such as the deep front spoiler, vented hood, side skirts, rear diffuser, rear wing and more. 

Having secured and fitted the precious composites, TJ made the totally unexpected decision to paint the sports car in Porsche Macadamia Metallic from the Paint to Sample program. 

“I was tempted to choose British Racing Green for the car but I wanted this project to take a different direction, so I went with Macadamia from Porsche,” he explained. “I was drawn to its elegance and understated sophistication. It has a uniquely timeless, refined character that I felt would allow the build to stand apart from my previous cars while maintaining the same level of craftsmanship and attention to detail.”

We encourage everybody attending SEMA 2026 to visit Meguiar’s and see for themselves the unique paintwork glittering under the specialized booth lighting. We think everybody will agree, the result is stunning.

With its hand-built, naturally aspirated 4.7-liter V8 lurking under the vented hood, TJ opted to fit GT4-spec headers and exhaust system from VelocityAP in British Columbia. The mandrel-bent pipes are manufactured from aerospace-grade 304 austenitic stainless steel and weigh 66 lb less than the stock parts. The same company also provided its clutch package for the six-speed manual transmission.

To complete the GT3 conversion, TJ and his team fitted a set of Nitron R1 coilovers as well as 20” HRE R101 Lightweight wheels and Nitto NT01 tires. And to underscore the racing pedigree, the Vantage GT3 has an AP Racing Air Jack system, allowing the car to be raised in an instant by simply connecting an air line.

“This year's build continues a tradition that's become really special to me: bringing these one-of-a-kind GT3-inspired creations to life. and unveiling them alongside Meguiar's at SEMA,” TJ concluded.

TECH SPEC
2013 Aston Martin Vantage GT3
Modified AMR GT3 body kit painted Porsche PTS Macadamia Metallic, Velocity Automotive Performance GT4 headers, exhaust system and clutch package, Nitron R1 coilovers, AP Racing Air Jack system, 20x10” front, 20x12” rear HRE R101 Lightweight wheels, 285/35 R20 and 315/30 R20 rear Nitto NT01 tires

FAT FENDER GARAGE FORD F-100
The second vehicle to be unveiled in the Meguiar’s booth will be the 1956 Ford F-100 GT/FX owned by Tony Peressini and built by Fat Fender Garage (FFG) in Gilbert, AZ. It’s a true performance truck, five years in the making and costing more than $1 million! 

Tony bought the F-100 to create his dream project, and Jason Noel at FFG began by dropping the cab onto an FF1 Performance Coilover Chassis to ensure the 725hp Whipple supercharged Gen 3 Ford 5.0L V8 Coyote engine with ten-speed auto trans could get the power to the ground. Six-piston Wilwood front brakes, 20” HRE wheels and 315/35 Toyo rear tires put the driver in charge.

The exterior features include a pancaked roof and hood, 2” sectioned cab, wider fenders, custom running boards, Mustang GT350 rear diffuser, unique cargo bed and flush-mounted glass. Somehow FFG kept the stock grille and used Cerakote on the stainless steel bumpers and trim. It’s all wrapped in a champagne paint with racing stripe, while the black leather interior continues the sporty theme.

For full details and tech spec on the FFG Ford F-100 GT/FX, please visit HERE.

MEGUIAR’S OUTDOOR BOOTH #80030
Meguiar’s also has Outdoor Booth # 80030, which will showcase the new 2027 product range, have goodies to giveaway, and a collection of four very special vehicles making their SEMA debuts. They include the following:

Dustin Williams’ Spoon Honda S2000 turboPierre Chan’s Datsun 240Z twin turbo widebodyGary Stell Jr’s multi-award winning 1951 MercuryAR Motorwerkz 992 Porsche GT3 RS  Information about these outdoor vehicles was shared last week and is available on a PDF with relevant information and photo links via the link below.

### ENDS ###

EDITOR’S NOTE
Additional images of the Meghuiar's Indoor Booth ooth display cars, plus previous Meguiar’s SEMA 2026 press releases for the 2027 New Products and the four Outdoor Booth display cars, are available here: dropbox.com/scl/fo/ac05m23wa9yfbxwyj9jxv/AJQlmx04O4NJbHMJ5aTzNz8?rlkey=egyo9t07xs302x8fx7jfpcc04&dl=0

A separate press release and tech spec on the FFG Ford F-100 GT/FX is available here: https://us15.campaign-archive.com/?e=__test_email__&u=2e97dafd9a19140dc9b73b787&id=3671e278f3

TJ Hunt’s Aston Martin Vantage GT3

Fat Fender Garage 1956 Ford F-100 GT/FX

TJ Hunt’s Aston Martin Vantage GT3
Meguiar's unveiled TJ Hunt’s Aston Martin Vantage GT3 in its booth at the 2026 SEMA Show in Las Vega...

Fat Fender Garage 1956 Ford F-100 GT/FX
Meguiar's unveiled a 1956 Ford F-100 built by Fat Fender Garage in its booth at the 2026 SEMA Show i...

Nokia: Seasonal Cycles and Periodic Revenue PeaksNokia Oyj (NOK +2.17%) earns its revenue by supplying extensive network infrastructure, optical routing equipment, and comprehensive cloud services to communications service providers and digital enterprises globally. Between August and October 2026, it completed the planned sale of its fixed wireless access business and entered a separate agreement to develop satellite communications capabilities.

Verizon: High Base Volume and Consistent RevenueVerizon Communications (VZ +0.42%) generates its revenue primarily by delivering wireless connectivity, high-speed internet access, and specialized business networking solutions to diverse consumer and enterprise customers. Between August and October 2026, it launched a joint venture to eliminate mobile coverage dead zones and finalized the sale of a wireless carrier unit.

Why Revenue Matters for InvestorsRevenue represents the total cash brought into a business before any operating expenses are deducted. This metric helps investors measure a company's overall size, market footprint, and long-term trajectory.

Nokia Oyj vs. Verizon Communications Revenue over the last 8 quarters. Figures: Nokia Oyj shown in U.S. dollars, converted from euros.

Quarterly Revenue Data for Nokia and VerizonCalendar quarterNokia Oyj RevenueVerizon Communications RevenueQ4 2024$6.4 billion (quarter ended Dec. 31, 2024)$35.7 billion (quarter ended Dec. 31, 2024)Q1 2025$4.6 billion (quarter ended March 31, 2025)$33.5 billion (quarter ended March 31, 2025)Q2 2025$5.2 billion (quarter ended June 30, 2025)$34.5 billion (quarter ended June 30, 2025)Q3 2025$5.6 billion (quarter ended Sept. 30, 2025)$33.8 billion (quarter ended Sept. 30, 2025)Q4 2025$7.1 billion (quarter ended Dec. 31, 2025)$36.4 billion (quarter ended Dec. 31, 2025)Q1 2026$5.3 billion (quarter ended March 31, 2026)$34.4 billion (quarter ended March 31, 2026)Q2 2026$5.6 billion (quarter ended June 30, 2026)$34.3 billion (quarter ended June 30, 2026)Q3 2026$5.9 billion (quarter ended Sept. 30, 2026)$34.3 billion (quarter ended Sept. 30, 2026)Data source: Financial Modeling Prep. Nokia Oyj's figures are converted from euros to U.S. dollars. Data as of Nov. 2, 2026.

Foolish TakeNokia and Verizon are two giants of the telecommunications industry, although both are looking toward capitalizing on the artificial intelligence boom. This could prove transformative to their revenue growth trajectories in time.

Verizon's AI Connect offering is an integrated suite of network infrastructure, connectivity, and data center solutions launched by Verizon Business to help enterprises deploy and scale artificial intelligence workloads.

Nokia formed a partnership with AI giant Nvidia to support the development of AI radio access network (AI-RAN) technology. AI-RAN differs from today's 5G network in that artificial intelligence transforms it from a passive data pipe into one where AI intelligently manages traffic for improved speed, coverage, and capacity.

How these AI endeavors pan out will reflect in revenue totals eventually, if they prove successful. For now, Verizon's income trajectory reflects the stable sales growth inherent in its cellphone service subscriptions, while Nokia’s represents cyclical technology spending. The revenue spikes in Nokia's fourth quarter reflect the use-it-or-lose-it IT spending by its customers, who have to use up their budgets before the end of each calendar year.

Robert Izquierdo has positions in Nvidia and Verizon Communications. The Motley Fool has positions in and recommends Nvidia. The Motley Fool recommends Verizon Communications. The Motley Fool has a disclosure policy.

McDonald's Corporation (NYSE:MCD) reports third-quarter financial results Wednesday before market open.

Senator Elizabeth Warren and four other lawmakers questioned McDonald’s use of algorithmic pricing tools in a letter to CEO Chris Kempczinski, which the lawmakers shared with Reuters.

The letter, dated Nov. 2, cites a Reuters story from Sept. 29 that found McDonald’s uses machine learning algorithms to generate what the company calls the “optimal price” recommendations for each menu item at each restaurant, based in part on an estimate of how much each store’s typical patrons are willing to pay.

“We are concerned that McDonald’s may be using AI to squeeze consumers into paying higher prices, and that its AI pricing tools may facilitate collusion between franchisees who should be operating as competitors,” reads the letter, which was signed by Warren, a Massachusetts Democrat, along with Democratic Representatives Greg Casar (D-Texas), Becca Balint (D-Vt.), Jesus Garcia (D-Ill.) and Mary Gay Scanlon (D-Pa).

The letter asks CEO Chris Kempczinski whether the pricing tools use individual consumer data from McDonald’s loyalty program. REUTERS The letter asks Kempczinski several questions, including whether the pricing tools use individual consumer data from McDonald’s loyalty program, how franchisees might be encouraged to use the tools, and what antitrust review was done before the tools’ deployment.

The lawmakers requested a response by Nov. 16.

McDonald’s did not respond to a request for comment about the letter. In a statement following the earlier reporting by Reuters, it said its pricing tools do not base recommendations on individual customers.

“AI pricing tools may facilitate collusion between franchisees who should be operating as competitors,” reads the letter, which was signed by Sen. Elizabeth Warren and four other House Democrats. Zuma / SplashNews.com

Three franchisees told Reuters for its September story that the pricing engine’s recommendations have widened price differences between nearby restaurants. Christopher Sadowski for NY Post It also said its franchisees are free to set their own prices and that its pricing tools are “not a mandate.”

The company also described Reuters reporting as “speculative and uninformed” claims that “attempt to recast a standard business practice as something controversial.”

Three franchisees told Reuters for its September story that the pricing engine’s recommendations have widened price differences between nearby restaurants.

Two consumer class action lawsuits have been filed in federal court in recent weeks alleging the company illegally coordinates menu prices across franchisees and company-owned restaurants through a centralized algorithmic pricing system.

“AI does not set the price of a Big Mac or any other menu item,” the company said after the first suit was filed. It said franchisees make their own pricing decisions and that the use of pricing recommendation tools and analytics is widespread.

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

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

, /PRNewswire/ -- Cisco (NASDAQ: CSCO) has scheduled a conference call for Thursday, Nov 12, 2026, at 1:30 PM (PT); 4:30 PM (ET) to announce its first quarter fiscal year 2027 financial results for the period ending Saturday, October 24, 2026.

Financial results will be released over PR Newswire via US National and European Financial distribution, after the close of the market on Thursday, Nov 12, 2026. Cisco's quarterly earnings press release will be posted at https://newsroom.cisco.com.  

Date:                     
Thursday, Nov 12, 2026

Time:                     
1:30 PM (PT); 4:30 PM (ET)

To Listen via Telephone: 
888-848-6507
212-519-0847 (for International Callers)

To Listen via the Internet: 
We are pleased to offer a live and replay audio broadcast of the conference call with corresponding slides at https://investor.cisco.com.

The conference call will also be livestreamed on YouTube, LinkedIn, & X.

Replay:
A telephone playback of the Q1 FY2027 conference call is scheduled to be available beginning at 4:00 PM (PT) on Nov 12, 2026, through 11:59 PM (PT) Nov 18, 2026. The replay will be accessible by calling 800-839-2232 (International callers: 203-369-3662). The call runs 24 hours/day, including weekends. An archived version of the webcast will be available on Cisco's Investor Relations website at https://investor.cisco.com.

About Cisco

Cisco (NASDAQ: CSCO) is the worldwide technology leader that is revolutionizing the way organizations connect and protect in the AI era. For more than 40 years, Cisco has securely connected the world. With its industry leading AI-powered solutions and services, Cisco enables its customers, partners and communities to unlock innovation, enhance productivity and strengthen digital resilience. With purpose at its core, Cisco remains committed to creating a more connected and inclusive future for all. Discover more on The Newsroom and follow us on X at @Cisco.

SOURCE Cisco Systems, Inc.

Merck gets US FDA emergency use nod for treatment of screwworm in dogs

Innovative Industrial Properties, Inc. (IIPR) Q3 2026 Earnings Call November 3, 2026 12:00 PM EST

Company Participants

Eli Kanter
Alan Gold - Executive Chairman
Paul Smithers - President, CEO & Director
Ben Regin - Chief Investment Officer
David Smith - CFO & Treasurer

Conference Call Participants

Aaron Grey - Alliance Global Partners, Research Division
William Kirk - ROTH Capital Partners, LLC, Research Division
William Catherwood - BTIG, LLC, Research Division
Robert Stevenson - Huntington Securities, Inc., Research Division

Presentation

Operator

Hello, everyone. Thank you for joining us, and welcome to the Innovative Industrial Properties, Inc. Q3 2026 Earnings Call. [Operator Instructions]

I will now hand the conference over to Eli Kanter, Director of Finance.

Eli Kanter

Thank you for joining the call. Presenting today are Alan Gold, Executive Chairman; Paul Smithers, President and Chief Executive Officer; David Smith, Chief Financial Officer; and Ben Regin, Chief Investment Officer.

Before we begin, I'd like to remind everyone that some of the statements made during today's conference call, including statements regarding potential lease transactions that are subject of letters of intent, are forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995 and subject to risks and uncertainties. Actual results may differ materially, and we refer you to our SEC filings, specifically our most recent reports on Forms 10-K and 10-Q. For a full discussion of risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, we are not obligated to update or revise any forward-looking statements, whether due to new information, future events or otherwise, except as required by law.

In addition, on today's call, we will discuss certain non-GAAP financial information such as FFO, normalized FFO, AFFO and adjusted EBITDA. You can find this information together with reconciliations to the most directly comparable GAAP financial

, /PRNewswire/ -- Dover Corporation (NYSE: DOV) announced that its President and Chief Executive Officer, Richard J. Tobin, will speak at the Baird 2026 Global Industrial Conference in Chicago, Illinois, on Tuesday, November 10, 2026, at 9:40 am CT.

A link to the live audio webcast of the presentation will be available on dovercorporation.com, and the replay will be archived on the website for 90 days.

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.

SOURCE Dover

Complaint alleges Baidu, Inc. misled investors between November 18, 2025 and August 17, 2026; investors may seek lead plaintiff role by November 13, 2026

, /PRNewswire/ -- Glancy Prongay Wolke & Rotter LLP ("Glancy") announced today that the class action lawsuit covers investors who bought Baidu, Inc. ("Baidu" or the "Company") (NASDAQ: BIDU) securities between November 18, 2025 and August 17, 2026. The Baidu, Inc. case, Rosewood Funeral Home, Inc. v. Baidu, Inc. et al., was filed on September 14, 2026 in the U.S. District Court for the Southern District of New York (Case No. 26-cv-08012).

Investors who suffered losses on Baidu, Inc. investments can submit their Baidu, Inc. loss information here before the November 13, 2026 lead plaintiff deadline.

Key dates in the Baidu, Inc. case

Class period: November 18, 2025 to August 17, 2026Complaint filed: September 14, 2026Lead plaintiff deadline: November 13, 2026What happened?

On February 26, 2026, before the market opened, the Company reported fourth quarter and full year 2025 financial results, revealing that total revenue fell more than 4% year over year for the fourth quarter to RMB32.74 billion (or $4.68 billion) and fell more than 3% year over year for the full year to RMB129.079 billion (or $18.458 billion). However, Baidu management assured investors its "AI-Powered Business" grew 48% year over year to RMB40 billion for fiscal year 2025, mitigating this transition.

On this news, the price of Baidu American Depositary Shares ("ADS") fell $7.50 per share or 5.65%, to close at $125.15 per share on February 26, 2026, on unusually heavy trading volume.

Then on August 18, 2026, before the market opened, the Company reported second quarter 2026 financial results, revealing that Baidu General Business revenue fell 4% year over year to RMB25.2 billion (or $3.71 billion), with Legacy Business revenue falling 23% year over year to RMB10.4 billion and total Online Marketing Services revenue falling 19% year over year to RMB13.1 billion. Critically, the Baidu Core AI-powered business fell 8% quarter over quarter to RMB12.5 billion (or $1.86 billion), its year-over-year growth having decelerated from 49% in the first quarter of 2026 to 25%, and its largest component, AI Cloud Infra, having fallen 17% quarter over quarter from RMB8.8 billion to RMB7.3 billion.

On this news, the price of Baidu ADS fell $13.25 per share, or 12.73%, to close at $90.87 on August 18, 2026, thereby further injuring investors.

What is the Baidu, Inc. lawsuit about?

The Baidu, Inc. securities lawsuit alleges that, between November 18, 2025 and August 17, 2026, defendants made materially false and/or misleading statements and failed to disclose material adverse facts about Baidu, Inc.'s business, operations, and prospects. Specifically, the complaint alleges defendants failed to disclose that: (1) the Company had overstated the ability of its AI business to mitigate rapid declines in its legacy online marketing business; (2) as a result, the Company's revenue was reasonably likely to decline; and (3) as a result, defendants' positive statements about Baidu, Inc.'s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

"The complaint against Baidu, Inc. alleges, among other things, that the Company failed to disclose that the Company had overstated the ability of its AI business to mitigate rapid declines in its legacy online marketing business. For investors who purchased during the class period, the November 13, 2026 lead plaintiff deadline is the first significant deadline to keep in mind," said Charles H. Linehan, Partner at Glancy Prongay Wolke & Rotter LLP.

What's the next step?

Glancy Prongay Wolke & Rotter LLP is a leading national shareholder rights law firm, ready to assist Baidu, Inc. investors in potentially pursuing claims to recover their losses.

If you wish to serve as lead plaintiff in the Baidu, Inc. class action, you must move the Court no later than November 13, 2026. To learn more about your rights, visit the Baidu, Inc. case page, email [email protected], or call 310-201-9150 (toll-free: 888-773-9224).

You may retain counsel of your choice. If you bought Baidu, Inc. securities during the class period, you may take no action and remain an absent class member. No class has been certified yet in the Baidu, Inc. case.

Frequently Asked Questions

Who is eligible? Investors who purchased or otherwise acquired Baidu, Inc. securities between November 18, 2025 and August 17, 2026 and suffered losses may be members of the proposed class in the Baidu, Inc. shareholder lawsuit. Any class member may ask the court to appoint them lead plaintiff by November 13, 2026.

What is a lead plaintiff? In the Baidu, Inc. class action, the lead plaintiff is the investor, or group of investors, that the court appoints to represent all class members and oversee the case. Under the Private Securities Litigation Reform Act, courts generally presume the movant with the largest financial interest is the most adequate lead plaintiff.

Do I have to be lead plaintiff to recover? No. A Baidu, Inc. investor's ability to share in any future recovery does not depend on serving as lead plaintiff. Baidu, Inc. investors may take no action and remain absent class members.

What is the deadline? Motions to serve as lead plaintiff in the Baidu, Inc. class action must be filed by November 13, 2026.

Does it cost anything to contact Glancy or participate in this action? Glancy represents Baidu, Inc. investors on a contingency fee basis, so investors pay no attorneys' fees out of pocket. Any attorneys' fees and litigation expenses are paid only from a recovery, if one is obtained, and are subject to court approval.

Can I choose my own lawyer? Yes. Baidu, Inc. investors may retain counsel of their choice.

Why work with Glancy on the Baidu, Inc. lawsuit? Glancy Prongay Wolke & Rotter LLP is a premier law firm with decades of experience representing investors and consumers in securities litigation and other complex class action litigation. Contact Glancy about the Baidu, Inc. lawsuit. Prior results do not guarantee a similar outcome.

About Glancy Prongay Wolke & Rotter LLP

Glancy was named one of Law360's Securities Groups of the Year and ranked second in total investor recoveries by ISS Securities Class Action Services in 2025.

Glancy's successes have been widely covered by leading news and industry publications, including The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron's, Investor's Business Daily, Forbes, and Money.

Prior results do not guarantee a similar outcome.

Related links

Baidu, Inc. case page, Glancy Prongay Wolke & Rotter LLPComplaint: Rosewood Funeral Home, Inc. v. Baidu, Inc. et al., U.S. District Court for the Southern District of New Yorkpress releaseBaidu, Inc. SEC filings index, EDGARGlancy Prongay Wolke & Rotter LLPContact

Charles H. Linehan

Glancy Prongay Wolke & Rotter LLP

1925 Century Park East, Suite 2100

Los Angeles, CA 90067

Email: [email protected]

Telephone: 310-201-9150 | Toll-free: 888-773-9224

www.glancylaw.com

Follow Glancy on LinkedIn, X, or Facebook.

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

SOURCE Glancy Prongay Wolke & Rotter LLP

NextEra Energy (NEE -0.82%) is leaning into the huge growth in electricity demand it expects over the next 20 years or so. To put a number on that, demand grew by 10% between 2005 and 2025, but is expected to increase by 60% between 2025 and 2045. That's a step change in demand, and the giant U.S. utility is looking to benefit in more than one way. Here's why batteries are an important example of the company's strong execution toward that goal.

NextEra Energy's big move isn't its only move NextEra Energy is one of the world's largest utilities, but it is looking to get even bigger with its proposed acquisition of peer Dominion Energy (D -1.39%). Dominion has a monopoly in one of the world's most important data center markets, and buying the company would push NextEra Energy into the number two spot in nuclear power. It is a very big deal and could position NextEra Energy well on the growth front if it is consummated as expected (it is facing some pushback from regulators and utility customers).

Image source: Getty Images.

But for a long time, NextEra Energy's growth was mostly driven by its clean energy business. This division builds solar and wind power assets and sells the power produced under long-term contracts. It isn't regulated, but the long-term nature of the contracts allows the division to produce reliable cash flows. That said, the clean energy industry is evolving, and batteries are an increasingly important part of the picture.

NEE NextEra Energy$84.33-$0.70 (-0.82%)

NYSE · As of 4:00 PM ET 11/03/26

NextEra Energy doesn't plan on being left behind. And proof of that came in the company's second-quarter earnings. The utility added 3.7 gigawatts of clean energy to its backlog, expanding its overall backlog to 36.7 gigawatts. However, of that 3.7 gigawatts of new power, 2.4 gigawatts were batteries. That's roughly two-thirds of what was added during the quarter, proving that NextEra Energy can pivot as needed to keep growing this business.

NextEra Energy is still a solid dividend growth story For years, NextEra Energy grew its dividend at around 10% a year. It disappointed Wall Street when it announced that future dividend growth would be closer to 6% a year for the foreseeable future. A big part of that change related to lowered expectations for the company's clean energy business. But the battery pivot shows that investors shouldn't be too alarmed: that division's growth may not be as fast, but it hasn't suddenly ended. Indeed, the company's battery success suggests that long-term dividend growth investors should still find NextEra Energy of interest.

Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends NextEra Energy. The Motley Fool recommends Dominion Energy. The Motley Fool has a disclosure policy.

An updated edition of the Sept. 9, 2026 article.

Streaming is evolving into a content-driven battleground as platforms compete to attract viewers through exclusive originals, live sports, movies and niche programming. Growing demand for on-demand entertainment and flexible viewing options continues to reshape content consumption. Nielsen reported that streaming accounted for 49.6% of total U.S. television viewing in August 2026, highlighting its expanding audience reach.

Against this backdrop, Alphabet Inc. (GOOGL - Free Report) , Sony Group Corporation (SONY - Free Report) and Fox Corporation (FOXA - Free Report) deserve investors' attention. Their presence across streaming content, digital distribution and entertainment services positions them to capitalize on evolving consumer preferences and the growing demand for diverse programming.

Live sports, premium originals and free ad-supported streaming television (FAST) are becoming important growth catalysts, helping platforms expand viewership and deepen engagement. Gracenote reported a 37.5% year-over-year rise in individual sports games and events distributed across free ad-supported streaming television services, underscoring expanding content opportunities.

Advertising monetization is also gaining traction. The Interactive Advertising Bureau projects U.S. connected-TV advertising spending to rise 15.6% in 2026, reflecting growing advertiser interest in streaming audiences.

Looking ahead, expanding content libraries, international viewership and AI-powered content discovery should fuel streaming growth. Although rising content costs and competition remain challenges, stronger advertising monetization, diversified revenue streams and improving viewer engagement could support sustained growth and create attractive investment opportunities.

If you’re looking to tap into this fast-growing trend, our Streaming Content Thematic Screen offers a simple way to spot promising stocks in the sector. Designed with advanced analytics, the screen highlights companies driving industry transformation, helping investors stay ahead of emerging opportunities.

Ready to uncover more transformative thematic investment ideas? Explore 40 cutting-edge investment themes with Zacks Thematic Investing Screens and discover your next big opportunity.

Sony Group Corporation entered online video through its 2006 Grouper acquisition and later rebranded the service as Crackle. SonyLIV launched in 2013, while its acquisitions of Funimation and Crunchyroll in 2017 and 2021 sharpened Sony's focus on anime and targeted streaming audiences.

Crunchyroll now anchors that strategy, reaching more than 21 million paid subscribers by March 2026. Its catalog exceeds 50,000 episodes, with subtitles and dubbing across 13 languages. This scale gives Sony room to attract international fans, increase engagement and build recurring subscription income.

Another advantage lies in Sony's anime ecosystem. Aniplex develops and produces popular titles, while Crunchyroll connects them with worldwide viewers. Sony is strengthening ties with creators and publishers, supporting a richer content pipeline that could improve subscriber retention and broaden monetization through fan experiences.

Beyond subscriptions, this Zacks Rank #2 (Buy) company benefits from licensing films and television programs to other streaming platforms. Its expanded Netflix agreement will gradually extend worldwide, with full availability expected in 2029. This balanced approach can grow streaming-related revenue without the high costs of competing as a general-purpose streamer. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Fox Corporation entered subscription streaming with FOX Nation in 2018. Its 2020 purchase of Tubi added a free, advertising-supported service, while the 2025 launch of FOX One brought live news, sports and entertainment to streaming viewers. These services address different viewing needs.

Tubi has 110 million monthly active users, giving Fox an audience for digital advertising. Its catalog and creator-produced series could support longer viewing times. Management expects Tubi's profit margin to reach roughly 20% once the service matures.

FOX One offers live programming without requiring a traditional television subscription. Management said approximately 97% of new subscribers lack cable service, indicating that Fox is reaching households. Bundles with FOX Nation, ESPN and Crunchyroll could improve distribution, although subscription demand may vary with sports seasons.

Fox's proposed Roku acquisition could improve distribution, content discovery and advertising targeting through Roku's connected-TV platform. If completed, the acquisition would give Fox more access to streaming households and opportunities to increase advertising revenue. FOXA holds a Zacks Rank #2.

Alphabet’s streaming roots trace back to YouTube’s 2005 launch and Google’s subsequent 2006 acquisition. What started as a home for uploaded clips now spans long-form video, Shorts, music, live programming and YouTube TV, introduced in 2017. These formats now reach distinct audiences.

Living-room viewing is becoming an advantage. Nielsen reported YouTube accounted for 15.8% of U.S. television viewing in August 2026, leading media distributors. Its base of independent creators keeps programming fresh without relying entirely on expensive studio productions, supporting audience engagement and advertising demand.

Subscriptions provide a second growth engine. YouTube Music and Premium together surpassed 150 million subscribers worldwide, including trials. YouTube TV now offers targeted channel plans, ESPN Unlimited and NFL Sunday Ticket, giving sports fans options beyond cable. The wider selection could support retention and steadier subscription income.

Looking ahead, customizable feeds, episodic Shorts and improved creator tools should make discovery and production easier. As audiences spend more time streaming on televisions, Alphabet can capitalize on longer watch time, growing advertising demand and wider subscription adoption, supporting steady streaming growth. GOOGL carries a Zacks Rank #3 (Hold).

The Block logo in this illustration taken April 24, 2026. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

Nov 3 (Reuters) - Jack Dorsey-led Block (XYZ.N), opens new tab raised its full-year gross profit outlook on Tuesday after posting a rise ​in third-quarter earnings, helped by strength in its Cash App unit and ‌steady consumer spending that offset an uncertain economic backdrop.

Shares of the company were up 9% in extended trading.

Sign up here.

The US economy grew at its fastest pace in a year in the third quarter, ​shrugging off higher oil prices due to the Iran war, as consumers ​maintained robust spending and businesses increased investment in AI.

Gross profit at ⁠Cash App, Block's consumer-focused financial platform, surged 27% in the third quarter from ​a year earlier. Gross profit at its Square merchant business rose 14%.

"Neighborhoods was a ​key driver of Cash App scaling to 60 million monthly transacting actives in September," CEO Jack Dorsey said in a letter to shareholders.

Cash App's growing banking and lending products have helped Block ​diversify its revenue streams beyond transaction fees, but they have also increased the company's ​credit losses. Block's losses on transaction, loan and consumer receivables rose 65.6% to $601.7 million in the third quarter.

"We've ‌seen ⁠continued strong spending on Cash App Card as well as strong repayment rates on Borrow, which for us are the signals that collectively tell us consumers are managing their finances and the strength of their pocketbook," Chief Financial Officer Amrita Ahuja told Reuters in an ​interview.

Block now expects ​gross profit of $12.63 ⁠billion for 2026, representing 22% growth, compared with its prior forecast of $12.51 billion. It forecast gross profit of $3.32 billion for the ​fourth quarter.

Chief Operating Officer Owen Jennings said the company expects the fourth ​quarter to ⁠mark the first time it generates revenue directly from AI tools.

The fintech firm also forecast 2027 gross profit of $14.52 billion, implying 15% growth, as it expects AI investments ⁠to drive ​sustained growth.

Adjusted operating income rose to $923 million, or $1.13 ​per share, for the three months ended September 30, compared with $480 million, or 54 cents per share, a ​year earlier.

Reporting by Rishab Shaju and Prakhar Srivastava in Bengaluru; Editing by Leroy Leo

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

Key Takeaways Airbnb expects Q3 revenues to grow 15-17% year over year.
Strong travel demand, rising bookings and ADR may boost Airbnb.
AI investments and higher spending could pressure Airbnb's margins.

Airbnb (ABNB - Free Report) is set to report its third-quarter 2026 results on Nov. 5.

For the third quarter of 2026, Airbnb expects revenues between $4.69 billion and $4.77 billion, implying growth of 15-17%.

The Zacks Consensus Estimate for third-quarter 2026 revenues is pegged at $4.75 billion, suggesting an increase of 15.98% from the year-ago quarter’s reported figure.

The consensus mark for third-quarter 2026 earnings is pegged at $2.89 per share, which has been unchanged over the past 30 days. This indicates 30.77% year-over-year growth.

The company’s earnings beat the Zacks Consensus Estimate in one of the trailing four quarters while missing on three occasions, with the negative average surprise being 5.15%.

Let’s see how things have shaped up prior to this announcement.

Factors Likely to Have Impacted ABNB’s Q3 PerformanceAirbnb’s third-quarter 2026 performance is expected to have benefited from strong global travel demand, accelerating bookings, improving average daily rates (ADR) and continued momentum across its core and expansion markets. In the to-be-reported quarter, the company expects gross booking value to grow in the mid-teens year over year, driven by low double-digit growth in Nights and Seats Booked and a moderate increase in ADR, supported by favorable business mix and price appreciation.

The company is likely to have benefited from strong demand across North America, Europe, Latin America and Asia Pacific. Expansion markets, particularly India and Brazil, are expected to have supported growth through increasing adoption among first-time bookers. Improving demand across established markets, including the United States, France, the United Kingdom and Australia, is likely to have strengthened booking volumes.

The company’s ongoing investments in artificial intelligence (AI)-powered product enhancements are expected to have improved booking conversion rates in the to-be-reported quarter. Better search and discovery, personalized recommendations, AI-generated listing and review highlights and simplified checkout processes are likely to have enhanced user engagement. The expansion of Reserve Now, Pay Later and simplified service fees is expected to have supported booking growth, improved affordability and strengthened host competitiveness.

Airbnb's expanding hotel inventory is likely to have contributed to growth in the to-be-reported quarter. Hotel nights grew approximately three times faster than home nights in the second quarter, reflecting strong demand. The expansion of Airbnb Services, including car rentals, grocery delivery, airport pickup and luggage storage, alongside growing Experiences offerings, is expected to have supported customer engagement and platform adoption.

However, Airbnb's third-quarter 2026 performance is likely to have been hurt by higher investments in product development, artificial intelligence and sales and marketing initiatives. Increased spending on business expansion and customer incentives, alongside tougher year-over-year comparisons, is expected to have pressured margins. The company anticipates a slight year-over-year decline in adjusted EBITDA margin due to the timing of investment.

What Our Model SaysPer the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. But that’s not the exact case here.

Airbnb currently has an Earnings ESP of -1.79% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Stocks With Favorable CombinationHere are some stocks worth considering, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.

Analog Devices (ADI - Free Report) has an Earnings ESP of +2.23% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Analog Devices is slated to report fourth-quarter fiscal 2026 results on Nov. 24. Analog Devices shares have gained 52.3% year to date.

NVIDIA (NVDA - Free Report) has an Earnings ESP of +3.46% and carries a Zacks Rank #2 at present.

NVIDIA is set to report third-quarter fiscal 2027 results on Nov. 17. NVIDIA shares have gained 8.4% year to date.

Telos (TLS - Free Report) has an Earnings ESP of +5.26% and carries a Zacks Rank #1 at present.

Telos is set to report third-quarter 2026 results on Nov. 9. Telos shares have risen 2.2% year to date.

Palantir just posted its fastest growth ever as a public company, yet investors sold the stock anyway. Now Alex Karp is calling out his critics by name, and the next few quarters will determine who actually gets the last laugh.

Palantir Technologies (NASDAQ:PLTR | PLTR Price Prediction) CEO Alex Karp ended the company’s third-quarter earnings call on November 2, 2026 by speaking directly to the stock’s skeptics. He was thanking early backers who invested their own money, people who “would otherwise be called retail”, when he said: “And part of the delivery here, part of what motivates me is helping to make sure we are fighting for you and, quite frankly, making sure that the people that made fun of you and made fun of us are suffering. And I’m very proud of that, and I’m very proud to have all of you along with us, and thank you for that support.”

Just before that, Karp said those shareholders had “defended us against what obviously now look like ridiculously stupid and malicious, incredibly hard-to-understand attacks,” which he called “something that we will never forget.”

Results That Back Up Karp’s Swagger Revenue came in at $2.313 billion, up 96% year over year. That is the fastest growth Palantir has delivered as a public company. Growth has picked up every quarter this year, from 84.71% in Q1 to 92.83% in Q2. GAAP net income was $1.128 billion, and the adjusted operating margin expanded to 62% from 51% a year ago.

The biggest change was in the business mix. U.S. commercial revenue grew 148% to $984 million, which exceeded U.S. government revenue of $953 million for the first time in the company’s history. Karp put it this way: “A business that was viewed as a nice-to-have part of our business as late as three years ago is now the dominant part of our business.” He also said new deals are starting much bigger: “Instead of being like $250K, it’s like $25 million to start.” Net dollar retention came in at 165%.

Management raised its full-year revenue guidance to between $8.530 billion and $8.534 billion, which works out to about 91% growth. That forecast was at 61% when the year began.

Can the Growth Support the Stock Price? Investors still sold the stock. Shares traded at $173.11 on Tuesday, down 2.94% for the session and 12.94% over the past week. Analysts pointed to slowing total contract value (TCV), the dollar value of new contracts signed in the quarter (per CNBC). TCV grew just 6% to $2.918 billion.

At a market cap of about $396.5 billion, Palantir trades at 86x forward earnings and 159x trailing earnings. A multiple like that only holds up if growth keeps speeding up. If revenue growth stalls in the 90% range while bookings stay flat, the multiple is likely to shrink, even as the business keeps putting up record numbers.

Signals to Track Before the Next Earnings Report Q4 delivery: Guidance calls for revenue of $2.649 billion to $2.653 billion. Bookings: TCV needs to pick back up to support Karp’s claim that “the market for us is insatiable.” Dilution and collections: Stock-based compensation rose to $318.9 million from $172.3 million a year ago. Accounts receivable climbed to $1.883 billion from $1.042 billion at the end of 2025. Karp has given his critics a clear challenge. Over the next few quarters, the bookings numbers will show whether he can back it up.

Contact [email protected] for any questions or corrections.

Key Takeaways Palantir raises its 2026 revenue outlook to $8.53B, reflecting 91% growth on sovereign AI demand.U.S. commercial revenue up 148% to $984M, surpassing government revenues for the first time.Sovereign AI fuels faster customer conversions, expanding defense deployments and AI workflows. Palantir Technologies Inc. (PLTR - Free Report) emphasized accelerating enterprise adoption of sovereign artificial intelligence during its third-quarter 2026 earnings call, highlighting faster customer conversions, expanding commercial deployments and rising demand for AI-driven operational workflows.

Management also raised its annual outlook following substantial growth across commercial and government businesses. Executives outlined how Palantir's AI platform is helping customers retain control over proprietary data while generating measurable operational value.

PLTR Raises 2026 Outlook on Accelerating DemandChief financial officer David Glazer raised Palantir's 2026 revenue guidance to $8.530-$8.534 billion, representing 91% year-over-year growth. The midpoint reflects a nine-percentage-point increase in expected annual growth from the previous guidance.

Management also increased its U.S. commercial revenue forecast to more than $3.55 billion, implying growth of at least 143%.

For the fourth quarter, Palantir expects revenues of $2.65-$2.66 billion and adjusted operating income of $1.64-$1.65 billion. Full-year adjusted free cash flow guidance increased to $4.8-$5 billion.

Palantir Sees Sovereign AI Reshaping Enterprise AdoptionChief revenue officer Ryan Taylor identified sovereign AI as a central driver of enterprise demand. Customers increasingly want AI capabilities that preserve control over proprietary information, models and operational decisions.

Taylor described several rapid pilot conversions, including an industrial materials company expanding from a nearly $3 million engagement to a $29 million annual contract value agreement.

Chief technology officer Shyam Sankar emphasized AI integration into enterprise workflows rather than isolated employee productivity improvements. He highlighted AIP's ability to continuously refine models using operational data, supporting measurable business outcomes.

PLTR's Commercial Expansion Changes Revenue MixGlazer reported U.S. commercial revenue growth of 148% year over year and 29% sequentially to $984 million. The segment surpassed U.S. government revenue for the first time.

U.S. commercial customer count reached 686, increasing 29% annually. Net dollar retention climbed to 165%, reflecting continued expansion among existing customers.

Management also highlighted $6.52 billion in U.S. commercial remaining deal value, up 79% annually. Glazer noted that several large sovereign AI agreements carried shorter durations, with management expecting contract size and duration to expand over time.

Palantir Expands Defense AI CapabilitiesPalantir's government business benefited from continued adoption across defense and civilian agencies. U.S. government revenues increased 96% year over year to $953 million.

Taylor highlighted an Army agreement for eight TITAN systems, while Sankar discussed expanding deployment of Maven, which now exceeds 100,000 users.

Sankar also emphasized disconnected AI operations through Palantir's DORA architecture. The technology enables military personnel to integrate legacy systems and deploy capabilities in environments with limited connectivity.

PLTR Emphasizes Profitability Alongside AI InvestmentGlazer highlighted third-quarter adjusted operating income of $1.43 billion, representing a 62% margin. Adjusted gross margin reached 85%.

Adjusted operating expenses increased 53% annually to $887 million, reflecting continued AI platform development, research spending and technical hiring.

Palantir reported adjusted earnings of $0.44 per share, which exceeded the Zacks Consensus Estimate of $0.41. Revenues of $2.31 billion surpassed the Zacks Consensus Estimate of $2.17 billion. Revenue increased approximately 96% year over year.

Palantir Addresses Customer Conversion and CompetitionDuring the analyst discussion, Dan Ives questioned how sovereign AI bootcamps influence customer adoption. CEO Alex Karp explained that customers are moving faster from initial engagement to production deployments, often beginning with shorter contracts that subsequently expand.

A D.A. Davidson analyst questioned Palantir's positioning relative to AI model developers. Karp emphasized that model providers help expand the overall market, while Palantir concentrates on enterprise implementation rather than directly competing for every customer.

Karp also told a Deutsche Bank analyst that Palantir's defense technology supports deterrence. He linked military capabilities with broader efforts to strengthen industrial production.

PLTR Maintains Focus on Operational AI DeploymentManagement's commentary reflected confidence in sustained demand for enterprise AI applications, particularly solutions combining proprietary data, operational workflows and model customization.

Palantir's priorities remain accelerating commercial adoption, expanding defense capabilities and investing in technical talent while maintaining profitability.

Palantir's Zacks Rank and Style ScoresPalantir currently carries a Zacks Rank #3 (Hold), indicating a neutral near-term earnings-revision outlook. Its Growth Score of A reflects favorable growth characteristics, while its Momentum Score of B indicates relatively attractive price-trend characteristics. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

However, its Value Score of F signals unfavorable valuation characteristics. The VGM Score of B reflects a favorable overall combination of value, growth and momentum factors despite the weaker valuation profile. Investors should note that the Zacks Rank can change as analysts revise earnings estimates following the third-quarter results.

Stephanie Walter believes that Palantir (PLTR) earnings prove the has longevity in the AI race, though not without some concerns. Traction in the company's enterprise reach is something she sees as impressive, though the rate of adoptions remains a key question moving forward.

Palantir delivered such a huge third-quarter earnings report on Monday that its press release even bragged that the numbers were “crushing consensus expectations.”

Yet, retail investors were lukewarm on the company on Tuesday, with the stock trading slightly down. That’s because Palantir’s enterprise sales, its big growth area, showed signs of slowing.

First, the good news for the company’s investors. Revenue grew 96% year over year to $2.31 billion, the first time it has ever surpassed the $2 billion mark. Palantir’s revenue, which also grew 20% from the previous quarter, beat analysts’ expectations of $2.18 billion. Palantir also reported adjusted earnings per share of $0.44 versus analysts’ expectations of $0.41. The company even upped its revenue guidance for the full year. Normally, that alone would send a stock soaring.

The clincher was that Palantir’s U.S. commercial revenue surpassed U.S. government revenue for the first time ever. The company reported $984 million in commercial contracts (up 148% from the year-ago quarter), versus $953 million in U.S. government revenue.

The reason for all this love from enterprises? They are signing up for the company’s AI software that can run frontier models and custom-train open-weight models securely, without sharing any of their data and business processes with outside AI labs. Plus, Palantir has always offered what is today known as “forward-deployed” software engineering, which helps customers customize its wares.

However, Palantir also revealed a less-than-rosy signal: Even as enterprises are moving faster than ever., they are often signing short-term trials.

“What Ryan and I are seeing on the front line and commercial is this much quicker interaction, much quicker to deployment, shorter duration of the contract but then an ability to expand that contract dramatically,” CEO Alex Karp (pictured above) told Wall Street analysts on the quarterly conference call.

Palantir is experiencing one of the unique phenomena of AI in the enterprise right now. Corporations are willing to quickly try AI software without their typical bureaucracy, but they are also more willing to cancel contracts.

Karp used one off-color metaphor after another to describe how unconcerned he was about holding onto his enterprise business.

“We’ve gone from being the most attractive person in the physics department to being the captain of the football team, kind of thing,” he said describing the influx of prospective corporate customers were flowing in. “Conversely, you know, once you go Palantir, you don’t go back, and that’s just that’s how it is, and you see it in our numbers.”

The numbers don’t yet confirm Palantir’s long-term success. While the company closed a hefty $1.46 billion of total contract value from U.S. enterprises in the quarter, that’s actually a decline from its record-setting $2.13 billion of enterprise TCV in the previous quarter. That suggests decelerating sales, at least last quarter.

The next earnings will show if Palantir has solidified its role as a rising U.S. enterprise AI provider. Historically, many enterprises sign their biggest tech purchases in the final quarter of the year. Certainly Karp and team are confident. They increased guidance for U.S. commercial revenue to be “in excess of $3.559 billion, representing a growth rate of at least 143%.”

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Julie Bort is the Startups/Venture Desk editor for TechCrunch.

You can contact or verify outreach from Julie by emailing [email protected] or via @Julie188 on X.

, /PRNewswire/ -- Amgen (NASDAQ: AMGN) today announced financial results for the third quarter of 2026.

"Amgen delivered another strong quarter as our strategy for long-term growth continued to produce results across the enterprise," said Robert A. Bradway, chairman and chief executive officer. "The strength of our commercial portfolio, combined with important clinical advances and a promising late-stage pipeline, reinforces our confidence in Amgen's ability to deliver durable growth well into the next decade."

Key results include:

For the third quarter, total revenues increased 8% to $10.4 billion in comparison to the third quarter of 2025.Product sales grew 8%, driven by volume growth.Seventeen products delivered at least double-digit sales growth in the third quarter.Seventeen products are annualizing at more than $1 billion based on third quarter sales.GAAP earnings per share (EPS) increased 19% from $5.93 to $7.08 for the third quarter, driven by higher revenues.For the third quarter, GAAP operating income increased from $2.5 billion to $3.7 billion, and GAAP operating margin increased 9.9 percentage points to 37.5%.Non-GAAP EPS increased 14% from $5.64 to $6.45 for the third quarter, primarily driven by higher revenues, partially offset by higher operating expenses.For the third quarter, non-GAAP operating income increased from $4.3 billion to $4.7 billion, and non-GAAP operating margin increased 0.2 percentage points to 47.3%.The Company generated $3.7 billion of free cash flow in the third quarter of 2026 versus $4.2 billion in the third quarter of 2025, driven by changes in working capital, with the third quarter of 2025 benefiting from the timing of rebates and collections, partially offset by current period business performance.References in this release to "non-GAAP" measures, measures presented "on a non-GAAP basis," and "free cash flow" (computed by subtracting capital expenditures from operating cash flow) refer to non-GAAP financial measures. Adjustments to the most directly comparable GAAP financial measures and other items are presented on the attached reconciliations. Refer to Non-GAAP Financial Measures below for further discussion.

Product Sales Performance

General Medicine

Repatha® (evolocumab) sales increased 37% year-over-year to $1,085 million in the third quarter, primarily driven by volume growth.EVENITY® (romosozumab-aqqg) sales increased 39% year-over-year to $751 million in the third quarter, driven by volume growth.Prolia® (denosumab) sales decreased 45% year-over-year to $632 million in the third quarter as multiple biosimilars have launched globally. The decrease was driven by 23% lower volume with the remainder driven equally by lower net selling price and changes to estimated sales deductions.Rare Disease

TEPEZZA® (teprotumumab-trbw) sales decreased 6% year-over-year to $526 million in the third quarter, driven by lower inventory levels.KRYSTEXXA® (pegloticase) sales increased 31% year-over-year to $419 million in the third quarter, primarily driven by higher net selling price.UPLIZNA® (inebilizumab-cdon) sales increased 191% year-over-year to $451 million in the third quarter, primarily driven by volume growth.TAVNEOS® (avacopan) sales decreased 2% year-over-year to $105 million in the third quarter, driven by 9% lower volume, 8% unfavorable changes to estimated sales deductions and 5% lower net selling price, partially offset by higher inventory levels. We continue to engage with the U.S. Food and Drug Administration (FDA) and believe that TAVNEOS demonstrates clinical effectiveness and a favorable benefit-risk profile.Inflammation

TEZSPIRE® (tezepelumab-ekko) sales increased 43% year-over-year to $538 million in the third quarter, driven by volume growth.Otezla® (apremilast) sales decreased 18% year-over-year to $481 million in the third quarter, driven by 13% lower volume, 9% unfavorable changes to estimated sales deductions and 4% lower net selling price, partially offset by higher inventory levels.Enbrel® (etanercept) sales increased 5% year-over-year to $611 million in the third quarter, driven by 15% favorable changes to estimated sales deductions and 8% higher inventory levels, partially offset by 14% lower net selling price, reflecting the ongoing impact of U.S. Medicare Part D price setting effective in 2026 under the Inflation Reduction Act, and lower volume.AMJEVITA® (adalimumab-atto)/AMGEVITA™ (adalimumab) sales increased 24% year-over-year to $191 million in the third quarter, primarily driven by 18% volume growth and higher net selling price.PAVBLU® (aflibercept-ayyh) sales increased 41% year-over-year to $300 million in the third quarter, driven by 71% volume growth, partially offset by 18% lower net selling price.Oncology

BLINCYTO® (blinatumomab) sales increased 27% year-over-year to $496 million in the third quarter, primarily driven by volume growth.IMDELLTRA® (tarlatamab-dlle)/IMDYLLTRA™ (tarlatamab) sales increased 128% year-over-year to $406 million in the third quarter, driven by volume growth.Vectibix® (panitumumab) sales increased 18% year-over-year to $335 million in the third quarter, primarily driven by volume growth.KYPROLIS® (carfilzomib) sales decreased 8% year-over-year to $330 million in the third quarter, primarily driven by lower volume.LUMAKRAS®/LUMYKRAS™ (sotorasib) sales increased 6% year-over-year to $102 million in the third quarter, driven by 14% volume growth, partially offset by 5% unfavorable changes to estimated sales deductions and lower inventory levels.Nplate® (romiplostim) sales increased 3% year-over-year to $472 million in the third quarter. U.S. government orders were $65 million in Q3'26 compared to $90 million in Q3'25. Excluding these U.S. government orders, Nplate sales increased 11% year-over-year, primarily driven by volume growth.XGEVA® (denosumab) sales decreased 47% year-over-year to $288 million in the third quarter as multiple biosimilars have launched globally. The decrease was primarily driven by 32% lower volume and 11% lower net selling price.MVASI® (bevacizumab-awwb) sales decreased 21% year-over-year to $168 million in the third quarter, primarily driven by 11% lower net selling price and lower volume.Established Products

Our established products, which consist of Aranesp® (darbepoetin alfa), Neulasta® (pegfilgrastim), and Parsabiv® (etelcalcetide), generated $606 million of sales in the third quarter. Sales increased 14% year-over-year, driven by 19% higher net selling price, partially offset by 3% lower volume.Product Sales Detail by Product and Geographic Region

$Millions, except percentages

Q3 '26

Q3 '25

YOY Δ

U.S

ROW

TOTAL

TOTAL

TOTAL

Repatha®

$          666

$          419

$       1,085

$          794

37 %

EVENITY®

557

194

751

541

39 %

Prolia®

409

223

632

1,139

(45 %)

TEPEZZA®

441

85

526

560

(6 %)

KRYSTEXXA®

419

—

419

320

31 %

UPLIZNA®

352

99

451

155

*

TAVNEOS®

105

—

105

107

(2 %)

Ultra-Rare products(1)

107

3

110

200

(45 %)

TEZSPIRE®

538

—

538

377

43 %

Otezla®

428

53

481

585

(18 %)

Enbrel®

605

6

611

580

5 %

AMJEVITA®/AMGEVITA™

64

127

191

154

24 %

PAVBLU®

294

6

300

213

41 %

WEZLANA®/WEZENLA™

8

52

60

44

36 %

BLINCYTO®

269

227

496

392

27 %

IMDELLTRA®/IMDYLLTRA™

224

182

406

178

*

Vectibix®

182

153

335

284

18 %

KYPROLIS®

209

121

330

359

(8 %)

LUMAKRAS®/LUMYKRAS™

55

47

102

96

6 %

Nplate®

347

125

472

457

3 %

XGEVA®

170

118

288

539

(47 %)

MVASI®

128

40

168

213

(21 %)

Aranesp®

95

234

329

357

(8 %)

Neulasta®

178

17

195

92

*

Parsabiv®

38

44

82

84

(2 %)

Other products(2)

371

49

420

317

32 %

Total product sales

$       7,259

$       2,624

$       9,883

$       9,137

8 %

* Change in excess of 100%

(1) Ultra-Rare products consist of PROCYSBI®, RAVICTI®, ACTIMMUNE®, QUINSAIR®, and BUPHENYL®

(2) Other products consist of KANJINTI®, AVSOLA®, Aimovig®, BKEMV®/BEKEMV™, RIABNI®, EPOGEN®,
IMLYGIC®, NEUPOGEN®, DUEXIS®, RAYOS®, PENNSAID®, Sensipar®/Mimpara™, and Corlanor®. The Biosimilar
products within Other products total $258 million in Q3 '26 and $151 million in Q3 '25. The Rare Disease
products within Other products total $0 million in Q3 '26 and ($10) million in Q3 '25

Operating Expense, Operating Margin and Tax Rate Analysis

On a GAAP basis:

Total Operating Expenses decreased 5% year-over-year for the third quarter. Cost of Sales as a percentage of product sales decreased 5.5 percentage points, driven by lower amortization expense from acquisition-related assets and lower manufacturing costs, partially offset by higher profit share expense and changes in our sales mix. Research & Development (R&D) expenses increased 11% driven by higher spend in Research and Early Pipeline, including business development activity. Selling, General & Administrative (SG&A) expenses decreased 2% driven by lower general and administrative expenses, partially offset by higher commercial product-related expenses. Other operating expenses for the third quarter of 2026 totaled $76 million.Operating Margin as a percentage of product sales increased 9.9 percentage points to 37.5%.Tax Rate decreased 0.5 percentage points for the third quarter primarily driven by the change in earnings mix, including lower net unrealized gains on our equity investments, partially offset by net favorable items in the prior year as compared to the current year.On a non-GAAP basis:

Total Operating Expenses increased 8% year-over-year for the third quarter. Cost of Sales as a percentage of product sales increased 1.1 percentage points driven by higher profit share expense and changes in our sales mix, partially offset by lower manufacturing costs. R&D expenses increased 11% driven by higher spend in Research and Early Pipeline, including business development. SG&A expenses decreased 1% driven by lower general and administrative expenses, partially offset by higher commercial product-related expenses.Operating Margin as a percentage of product sales increased 0.2 percentage points for the third quarter to 47.3%.Tax Rate decreased 2.3 percentage points for the third quarter primarily driven by the change in earnings mix.$Millions, except percentages

GAAP

Non-GAAP

Q3 '26

Q3 '25

YOY Δ

Q3 '26

Q3 '25

YOY Δ

Cost of Sales

$   2,788

$   3,082

(10 %)

$   1,907

$   1,662

15 %

% of product sales

28.2 %

33.7 %

(5.5) pts

19.3 %

18.2 %

1.1 pts

Research & Development

$   2,111

$   1,900

11 %

$   2,105

$   1,890

11 %

% of product sales

21.4 %

20.8 %

0.6 pts

21.3 %

20.7 %

0.6 pts

Selling, General & Administrative

$   1,680

$   1,720

(2 %)

$   1,677

$   1,700

(1 %)

% of product sales

17.0 %

18.8 %

(1.8) pts

17.0 %

18.6 %

(1.6) pts

Other

$        76

$      329

(77 %)

$        —

$        —

N/A

Total Operating Expenses

$   6,655

$   7,031

(5 %)

$   5,689

$   5,252

8 %

Operating Margin

Operating income as % of product sales

37.5 %

27.6 %

9.9 pts

47.3 %

47.1 %

0.2 pts

Tax Rate

17.5 %

18.0 %

(0.5) pts

15.9 %

18.2 %

(2.3) pts

pts: percentage points

N/A = not applicable

Cash Flow and Balance Sheet

The Company generated $3.7 billion of free cash flow in the third quarter of 2026 versus $4.2 billion in the third quarter of 2025, driven by changes in working capital, with the third quarter of 2025 benefiting from the timing of rebates and collections, partially offset by current period business performance.The Company declared a third quarter 2026 dividend on July 30, 2026 of $2.52 per share that was paid on September 11, 2026 to all stockholders of record as of August 21, 2026, representing a 6% increase from the same period in 2025.During the third quarter of 2026, there were no repurchases of shares of common stock under our stock repurchase program.Cash and cash equivalents totaled $13.2 billion and debt outstanding totaled $54.0 billion as of September 30, 2026.$Billions, except shares

Q3 '26

Q3 '25

YOY Δ

Operating Cash Flow

$         4.2

$         4.7

$        (0.4)

Capital Expenditures

$         0.6

$         0.4

$         0.2

Free Cash Flow

$         3.7

$         4.2

$        (0.6)

Dividends Paid

$         1.4

$         1.3

$         0.1

Share Repurchases

$         0.0

$         0.0

$         0.0

Average Diluted Shares (millions)

546

542

4

Note: Numbers may not add due to rounding

$Billions

9/30/26

12/31/25

YTD Δ

Cash and Cash Equivalents

$       13.2

$         9.1

$         4.1

Debt Outstanding

$       54.0

$       54.6

$        (0.6)

Note: Numbers may not add due to rounding

2026 Guidance

For the full year 2026, the Company expects:

Total revenues in the range of $38.9 billion to $39.7 billion.On a GAAP basis, EPS in the range of $18.34 to $19.28, and a tax rate in the range of 14.5% to 16.0%.On a non-GAAP basis, EPS in the range of $22.90 to $23.70, and a tax rate in the range of 15.0% to 16.5%.Capital expenditures to be approximately $2.6 billion.Share repurchases not to exceed $3.0 billion.Third Quarter Product and Pipeline Update

The Company provided the following updates on selected product and pipeline programs:

General Medicine

MariTide™ (maridebart cafraglutide/AMG 133)

MariTide is a differentiated antibody-peptide conjugate that activates the glucagon-like peptide-1 (GLP-1) receptor and antagonizes the glucose-dependent insulinotropic polypeptide receptor (GIPR). MariTide's long-acting design supports starting with monthly dosing, and staying on MariTide with as few as four or six doses per year.MARITIME-1, a Phase 3 study of MariTide for chronic weight management, is ongoing in adults living with obesity or overweight, without Type 2 diabetes (T2D).MARITIME-2, a Phase 3 study of MariTide for chronic weight management, is ongoing in adults living with obesity or overweight, with T2D.MARITIME-CV, a Phase 3 study of MariTide on cardiovascular (CV) outcomes, has completed enrollment of adults living with established atherosclerotic cardiovascular disease and obesity or overweight.MARITIME-HF, a Phase 3 study of MariTide on reduction of heart failure (HF) events and cardiovascular risk, is enrolling adults living with heart failure with preserved or mildly reduced ejection fraction and obesity.MARITIME-OSA-1, a Phase 3 study of MariTide, has completed enrollment of adults living with obstructive sleep apnea (OSA) on positive airway pressure therapy and living with obesity or overweight.MARITIME-OSA-2, a Phase 3 study of MariTide, has completed enrollment of adults living with OSA not on positive airway pressure therapy and living with obesity or overweight.MARITIME-SWITCH, a Phase 3 study of MariTide, is enrolling adults living with obesity or overweight who will be switching from weekly tirzepatide or weekly semaglutide to MariTide on an every eight-week or quarterly dosing schedule.MARITIME-1 EXTENSION, a Phase 3 long-term extension study of MariTide, to evaluate the maintenance of weight loss with monthly, every eight-week or quarterly dosing, is enrolling adults living with obesity or overweight without T2D who completed the MARITIME-1 study.MARITIME-2 EXTENSION, a Phase 3 long-term extension study of MariTide, to evaluate the maintenance of weight loss with monthly and every eight-week dosing, is enrolling adults living with obesity or overweight with T2D who completed the MARITIME-2 study.MARITIME-T2D-3 study, a Phase 3 study of MariTide, to evaluate efficacy compared to semaglutide, was initiated and is enrolling adults living with T2D.Two additional Phase 3 studies of MariTide in people living with T2D will be initiated in Q4 2026.A Phase 2b study of MariTide to assess the effect of MariTide on liver fat reduction and weight loss has completed enrollment of adults living with obesity or overweight with elevated liver fat.Repatha

In August, results from a new pre-specified analysis of the Phase 3 VESALIUS-CV pre-cardiovascular event trial on the protective effects of Repatha on fatal outcomes were presented at the European Society of Cardiology (ESC) Congress.In this study, Repatha was associated with a nominal:20% reduction in all-cause mortality21% reduction in cardiovascular death15% reduction in non-cardiovascular death, largely explained by lower rates of non-fatal myocardial infarction, stroke, and ischemia-driven revascularizationRepatha also demonstrated that the reduction in mortality began around 1.5 years after treatment and continued through a median 4.6 years of follow-up.In August, results from a new pre-specified analysis of the Phase 3 VESALIUS-CV trial on the protective effect of Repatha on total cardiovascular events were also presented at ESC Congress. In this study, Repatha:reduced the total number of MACE (major adverse cardiac events), providing support for the role of intensive low-density lipoprotein cholesterol lowering to prevent first and subsequent MACE in patients at high cardiovascular risk and no prior MI or strokedemonstrated a 27% relative reduction in the risk of a composite of coronary heart disease death, heart attack or ischemic stroke (3-P MACE)demonstrated a 20% reduction in a broader composite that also included ischemia-driven revascularization (4-P MACE)EVOLVE-MI, a Phase 4 study of Repatha initiated within 10 days of an acute myocardial infarction to reduce the risk of cardiovascular events, is ongoing.Olpasiran (AMG 890)

Olpasiran is a potentially best-in-class small interfering ribonucleic acid (siRNA) molecule that reduces lipoprotein(a) (Lp(a)) synthesis in the liver.The OCEAN(a)-Outcomes trial, a Phase 3 secondary prevention CV outcomes study, is ongoing in patients with established atherosclerotic CV disease and elevated Lp(a).The OCEAN(a)-PreEvent trial, a Phase 3 primary prevention CV outcomes study, is enrolling patients with elevated Lp(a) at high risk for a first major CV event.The OCEAN(a)-Coronary Computed Tomography Angiography (CCTA), a Phase 3 coronary artery plaque study, is enrolling patients with atherosclerotic CV disease and elevated Lp(a).Rare Disease

UPLIZNA

MERCURY, a Phase 2/3 study of UPLIZNA, was initiated in patients with autoimmune hepatitis (AIH).MOMENT, a Phase 3 study of UPLIZNA, was initiated in patients with primary membranous nephropathy (PMN).In September, new one-year extension data from the Phase 3 MINT study in patients with generalized myasthenia gravis (gMG) were presented at Annual Neuromuscular Study Group (NMSG) and at the American Association of Neuromuscular & Electrodiagnostic Medicine (AANEM) Annual Meeting. Key findings included:sustained numerical improvements in Myasthenia Gravis Activities of Daily Living (MG-ADL) and Quantitative Myasthenia Gravis (QMG) scores at Year 1 of the open label period (OLP)observed improvements both in participants who continued UPLIZNA from the randomized controlled period (RCP) and in those who initiated UPLIZNA during the OLP, demonstrating similar patterns of improvement regardless of initial treatment assignmentUPLIZNA continued to demonstrate a safety profile consistent with the established safety profile of UPLIZNA across all approved indicationsefficacy and safety outcomes support the longer-term use of UPLIZNA for the treatment of gMGA Phase 3 study of UPLIZNA in patients with chronic inflammatory demyelinating polyneuropathy (CIDP) will be initiated H2 2026 - H1 2027.TEPEZZA

Chronic-J, a Phase 3 study of TEPEZZA in Japanese patients with chronic thyroid eye disease (TED) met both primary endpoints, with a safety profile consistent with the established profile. The results will be shared with the scientific community and regulatory authorities.TAVNEOS

The Company continues to engage the U.S. Food and Drug Administration (FDA) regarding the Center for Drug Evaluation and Research's request to voluntarily withdraw TAVNEOS from the U.S. market. On June 1, 2026, the Company requested a hearing to discuss this topic and submitted supporting materials to the FDA on July 23, 2026. The Company believes that these materials support a favorable benefit-risk profile of TAVNEOS for patients with AAV.A Phase 3, open-label study of TAVNEOS in combination with rituximab or a cyclophosphamide-containing regimen is ongoing in patients from six years to < 18 years of age with active AAV (Granulomatosis with Polyangiitis (GPA)/Microscopic Polyangiitis (MPA)).Dazodalibep

Dazodalibep is a fusion protein that inhibits CD40 ligand (CD40L).In October, the Company announced results from the Phase 3 OASIZ-301 study of dazodalibep in adults with Sjögren's disease and moderate-to-severe systemic disease activity with full results to be presented as a late-breaking oral presentation at the American College of Rheumatology (ACR) Convergence in November. In this study, dazodalibep:achieved statistically significant and clinically meaningful improvements of systemic disease activity at Week 48 with a change from baseline of 5.6 points with every-four-week dosing (1.8 points placebo-adjusted improvement) and 5.2 points with every-12-week dosing (1.4 points placebo-adjusted improvement), as measured by the EULAR Sjögren's Syndrome Disease Activity Index (ESSDAI)observed evidence of clinical benefit as early as Week 4demonstrated statistically significant and clinically meaningful improvements of patient-reported dryness, a key secondary endpoint, at Week 48 with a change from baseline of 2.50 points (1.17 points placebo-adjusted improvement) and 1.98 points (0.93 points placebo-adjusted improvement) with every-four-week dosing, as measured by the EULAR Sjögren's Syndrome Patient Reported Index (ESSPRI) dryness score and the Diary for Assessing Sjögren's Patient Reported Index (DASPRI) dryness score, respectivelydemonstrated a favorable safety profile that was similar across treatment groupsOASIZ 303, the Phase 3 study of dazodalibep in Sjögren's patients with moderate-to-severe symptom burden with low systemic disease activity, is ongoing and is expected to complete in Q4 2026.AMG 732

AMG 732 is an insulin-like growth factor-1 receptor (IGF-1R) targeting monoclonal antibody.A Phase 2 study of AMG 732 is ongoing in patients with moderate-to-severe active TED.Inflammation

Otezla

A Phase 3 study evaluating the safety of Otezla in pediatric patients aged six through 17 years with mild-to-moderate plaque psoriasis has been completed. The safety findings were consistent with the established safety profile of Otezla. The Company plans to submit the results to the FDA.TEZSPIRE

In October, the results from the Phase 3 CROSSING study of TEZSPIRE in eosinophilic esophagitis (EOE) were presented at the American College of Gastroenterology (ACG) and the United European Gastroenterology Week (UEGW). In this study, TEZSPIRE dosed every four weeks:achieved histologic remission at Week 24 in 64.8% and 68.9% of EoE patients receiving the 210 mg and 420 mg doses, respectively, vs 3.5% for placeboreduced the frequency and severity of dysphagia symptoms at Week 24 by 18.8 points and 22.0 points in EoE patients receiving 210 mg and 420 mg doses, respectively, vs 14.7 points for placebo, as measured by the Dysphagia Symptom Questionnaire (DSQ) scoresustained histological remission and continued symptom improvement through Week 52achieved total endoscopic remission at Week 52 in 34.4% and 29.5% of EoE patients receiving the 210 mg and 420 mg doses, respectively, vs 4.1% for placebodemonstrated a safety profile consistent with its approved indicationsTwo Phase 3 studies of TEZSPIRE are enrolling adults with moderate to very severe chronic obstructive pulmonary disease (COPD) and a blood eosinophil count (BEC) ≥ 150 cells/µL.Daxdilimab

Daxdilimab is a first-in-class plasmacytoid dendritic cell depleting monoclonal antibody targeting immunoglobulin-like transcript 7 (ILT7).In September, results from the Phase 2 study of daxdilimab in adult patients with moderate-to-severe primary discoid lupus erythematosus (DLE) were presented at the European Academy of Dermatology and Venereology (EADV). In this study, daxdilimab dosed every four weeks:achieved statistically significant and clinically meaningful improvements in disease activity by 10.2 points with low dose (6.0 points placebo-adjusted improvement) and 9.9 points with high dose (5.7 points placebo-adjusted improvement), as measured by the change from baseline of the Cutaneous Lupus Erythematosus Disease Area and Severity Index - Activity (CLASI-A) score at Week 24showed statistically significant improvement in disease activity as early as Week 4 with the low dose and Week 8 with the high dosedemonstrated a ≥50% reduction in CLASI-A score (CLASI-50) at Week 24 in 61.7% of patients on low dose (38.0% placebo-adjusted improvement) and 62.1% of DLE patients on high dose (38.4% placebo-adjusted improvement)achieved a clear or almost-clear skin at Week 24 in 60.3% of patients on low dose (51.5% placebo-adjusted improvement) and 51.6% of DLE patients on high dose (42.8% placebo-adjusted improvement), as measured by the proportion of patients achieving the Cutaneous Lupus Activity Investigator's Global Assessment (CLA-IGA 0/1)demonstrated a favorable safety profile, with no serious adverse events or deaths reportedThe Company is taking steps to advance daxdilimab to Phase 3 development.Blinatumomab

Blinatumomab is a bispecific T-cell engager (BiTE®) molecule targeting CD19.A Phase 2 study of blinatumomab in autoimmune disease is enrolling adults with refractory rheumatoid arthritis.A Phase 2 study of blinatumomab in autoimmune disease is ongoing in adults with systemic lupus erythematosus (SLE), with and without nephritis.Inebilizumab

Inebilizumab is a B-cell depleting monoclonal antibody targeting CD19.A Phase 2 study of inebilizumab in autoimmune disease has completed enrollment of adults with SLE with nephritis.Sunakiment (AMG 104/AZD8630)

Sunakiment is an inhaled anti-thymic stromal lymphopoietin (TSLP) fragment antigen-binding (Fab) protein.The Company is planning a Phase 3 development program in asthma in collaboration with AstraZeneca.Oncology

BLINCYTO/blinatumomab

Golden Gate, a Phase 3 study of BLINCYTO alternating with low-intensity chemotherapy, is ongoing in older adult patients with newly diagnosed CD19-positive Philadelphia chromosome (Ph) negative B-cell precursor acute lymphoblastic leukemia (B-ALL).A potentially registration-enabling Phase 2 study of subcutaneous blinatumomab in both adults and adolescents with relapsed or refractory CD19-positive Ph-negative B-ALL remains on partial clinical hold by the FDA.A Phase 1b/2 study of subcutaneous blinatumomab in pediatric patients with relapsed or refractory and minimal residual disease positive (MRD+) B-ALL remains on partial clinical hold by the FDA.Discussions are underway with the FDA on a path forward to reopen both subcutaneous blinatumomab studies.IMDELLTRA/tarlatamab

IMDELLTRA is the first and only FDA-approved delta-like ligand 3 (DLL3) targeting BiTE molecule.In September, the FDA approved an update to the IMDELLTRA Prescribing Information, reducing the recommended monitoring time for the first two doses from 22 to 24 hours to 6 to 8 hours from the start of infusion in an appropriate healthcare setting.In September, at the World Conference on Lung Cancer (WCLC), two key IMDELLTRA results were presented:A Phase 2 alternate dosing study, DeLLphi-309, evaluating IMDELLTRA dosed every three weeks or every four weeks, demonstrated durable objective response and maintained overall survival (OS) in both dosing frequencies compared to the established every 2 week dosing. Extended dosing regimens may offer flexibility in treatment combination for small cell lung cancer (SCLC) patients who are often taking other therapiesResults from the Phase 1b DeLLphi-308 subcutaneous administration study showed for the first time that subcutaneous IMDELLTRA can achieve comparable exposures to the intravenous route, to be further characterized in the Phase 3 DeLLphi-315 studyIn October, three key IMDELLTRA results were presented at the European Society for Medical Oncology (ESMO) Congress:The landmark Phase 3 DeLLphi-305 study showed that addition of IMDELLTRA to IMFINZI® (durvalumab) in first-line maintenance therapy significantly improved OS (58% reduction in risk of death) and progression-free survival (66% reduction in risk of disease progression or death) for patients who completed initial chemo-immunotherapy without progression. The DeLLphi-305 results were published simultaneously in the New England Journal of MedicineIMDELLTRA continued to demonstrate a safety profile consistent with the established safety profile of IMDELLTRA in the approved second-line settingA long-term update with a median follow-up of 30.8 months from the Phase 1b DeLLphi-303 first-line maintenance study, showed an estimated median OS of 37.9 months among patients that received IMDELLTRA plus a PD-L1 inhibitor as a first-line maintenance regimen following initial chemo-immunotherapyA long-term update from the Phase 3 DeLLphi-304 study, which established IMDELLTRA as the standard of care for patients who have had progression on or after platinum-based chemotherapy, showed sustained OS benefit with twice as many patients alive at two years with IMDELLTRA (30%) compared to standard chemotherapy (15%). The DeLLphi-304 results were published simultaneously in Annals of OncologyThe Company is advancing a comprehensive, global clinical development program across extensive-stage (ES) and limited-stage (LS) SCLC:DeLLphi-303, a Phase 1b study of IMDELLTRA in combination with a programmed cell death protein ligand-1 (PD-L1) inhibitor, carboplatin and etoposide or separately in combination with a PD-L1 inhibitor alone, is ongoing in patients with first-line ES-SCLCDeLLphi-306, a Phase 3 study of IMDELLTRA following concurrent chemoradiation therapy, is ongoing in patients with LS-SCLCDeLLphi-308, a Phase 1b study evaluating subcutaneous tarlatamab, is enrolling patients with second-line or later ES-SCLCDeLLphi-310, a Phase 1b study of IMDELLTRA in combination with YL201, a B7-H3 targeting antibody-drug conjugate (ADC), with or without a PD-L1 inhibitor, is ongoing in patients with ES-SCLCDeLLphi-311, a Phase 1b study of IMDELLTRA in combination with etakafusp alfa (AB248), a novel CD8+ T-cell selective interleukin-2 (IL-2), is ongoing in patients with second-line or later ES-SCLCDeLLphi-312, a Phase 3 study of IMDELLTRA in combination with carboplatin, etoposide and durvalumab, has completed enrollment of patients with first-line ES-SCLCDeLLphi-313, a Phase 1b study of IMDELLTRA in combination with zocilurtatug pelitecan, a DLL3 targeting ADC, with and without a PD-L1 inhibitor, is enrolling patients with ES-SCLCDeLLphi-315, a Phase 3 study of subcutaneous tarlatamab, is enrolling patients with second-line ES-SCLCXaluritamig (AMG 509)

Xaluritamig is a first-in-class BiTE molecule targeting six-transmembrane epithelial antigen of the prostate 1 (STEAP1).XALute, a Phase 3 study of xaluritamig, is ongoing in patients with metastatic castration-resistant prostate cancer (mCRPC) who have previously been treated with taxane-based chemotherapy.XALience, a Phase 3 study of xaluritamig in combination with abiraterone, is enrolling patients with chemotherapy-naïve mCRPC.A Phase 1 study of xaluritamig monotherapy and xaluritamig in combination with abiraterone is enrolling patients with mCRPC who have not yet received taxane-based chemotherapy. Results from a fully outpatient cohort of patients with mCRPC who have previously received taxane-based chemotherapy were presented at ESMO, demonstrating feasibility for a more convenient administration setting.A Phase 1b study of neoadjuvant xaluritamig therapy prior to radical prostatectomy is enrolling patients with newly diagnosed localized intermediate or high–risk prostate cancer.A Phase 1b study of xaluritamig is ongoing in patients with high-risk biochemically recurrent prostate cancer after definitive therapy.A Phase 1b study of xaluritamig in combination with androgen receptor pathway inhibitors is enrolling patients with metastatic hormone-sensitive prostate cancer.A Phase 1b study of xaluritamig is enrolling adults with mCRPC to evaluate an additional dosing regimen.A Phase 1b study of xaluritamig is enrolling adult, adolescent and pediatric patients with relapsed or refractory Ewing sarcoma.LUMAKRAS/LUMYKRAS

CodeBreaK 301, a Phase 3 study of LUMAKRAS in combination with Vectibix and FOLFIRI vs. FOLFIRI with or without bevacizumab-awwb, is enrolling patients with first-line KRAS G12C–mutated metastatic colorectal cancer.CodeBreaK 202, a Phase 3 study of LUMAKRAS plus platinum doublet chemotherapy vs. pembrolizumab plus chemotherapy, is enrolling patients with first-line KRAS G12C–mutated and PD-L1 negative advanced non-small cell lung cancer (NSCLC).Nplate

PROCLAIM, a Phase 3 study of Nplate for the treatment of chemotherapy-induced thrombocytopenia (CIT) in patients with NSCLC, ovarian cancer, or breast cancer is complete. Full results will be presented at an upcoming medical congress.ROMISTER, a Phase 3 study of Nplate plus predniso(lo)ne compared with predniso(lo)ne alone, is enrolling patients with untreated primary immune thrombocytopenia (ITP).Biosimilars

A randomized, double-blind comparative clinical study of ABP 206 compared with OPDIVO® (nivolumab) is ongoing in patients with treatment-naïve unresectable or metastatic melanoma. The Biologics License Application (BLA) with the FDA has been submitted and accepted for review. The Company expects an FDA action on this BLA by the end of the year.A randomized, double-blind combined pharmacokinetic/comparative clinical study of ABP 234 compared with KEYTRUDA® (pembrolizumab) in patients with advanced or metastatic non-squamous NSCLC has met both primary and secondary endpoints. We have submitted these results and are awaiting file acceptance by the FDA.A randomized, double-blind pharmacokinetic similarity study of ABP 234 compared with KEYTRUDA® in patients with early-stage non-squamous NSCLC as adjuvant treatment has met both primary and secondary endpoints.A randomized, double-blind, pharmacokinetic similarity/comparative clinical study of ABP 692 compared with OCREVUS® (ocrelizumab) is ongoing in patients with relapsing-remitting multiple sclerosis.A randomized, double-blind, comparative clinical study of ABP 938 (8 mg) compared with EYLEA HD® (aflibercept) is enrolling patients with neovascular age-related macular degeneration.TEZSPIRE is being developed in collaboration with AstraZeneca.

Sunakiment (AMG 104/AZD8630) is being developed in collaboration with AstraZeneca.

Xaluritamig, formerly AMG 509, is being developed pursuant to a research collaboration with Xencor, Inc.

YL201 is an investigational B7-H3 targeting antibody-drug conjugate being developed by MediLink.

Zocilurtatug pelitecan is an investigational DLL3 targeting antibody-drug conjugate being developed by Zai Lab Limited.

Etakafusp alfa (AB248) is a novel CD8+ T cell selective IL-2 being developed by Asher Biotherapeutics.

OPDIVO is a registered trademark of Bristol-Myers Squibb Company.

KEYTRUDA is a registered trademark of Merck & Co., Inc.

OCREVUS is a registered trademark of Genentech, Inc.

EYLEA HD is a registered trademark of Regeneron Pharmaceuticals, Inc.

IMFINZI is a registered trademark of AstraZeneca PLC.

Non-GAAP Financial Measures

In this news release, management has presented its operating results for the third quarters of 2026 and 2025, in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and on a non-GAAP basis. In addition, management has presented its full year 2026 EPS and tax guidance in accordance with GAAP and on a non-GAAP basis. These non-GAAP financial measures are computed by excluding certain items related to acquisitions, restructuring and certain other items from the related GAAP financial measures. Management has presented Free Cash Flow (FCF), which is a non-GAAP financial measure, for the third quarters of 2026 and 2025. FCF is computed by subtracting capital expenditures from operating cash flow, each as determined in accordance with GAAP.

The Company believes that its presentation of non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. The Company uses certain non-GAAP financial measures to enhance an investor's overall understanding of the financial performance and prospects for the future of the Company's normal and recurring business activities by facilitating comparisons of results of normal and recurring business operations among current, past and future periods. The Company believes that FCF provides a further measure of the Company's liquidity.

The Company uses the non-GAAP financial measures set forth in the news release in connection with its own budgeting and financial planning internally to evaluate the performance of the business, including to allocate resources and to evaluate results relative to incentive compensation targets. The non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

About Amgen

Amgen discovers, develops, manufactures and delivers innovative medicines to fight some of the world's toughest diseases. Harnessing the best of biology and technology, Amgen reaches millions of patients with its medicines.

More than 45 years ago, Amgen helped establish the biotechnology industry at its U.S. headquarters in Thousand Oaks, California, and it remains at the cutting edge of innovation, using technology and human genetic data to push beyond what is known today. Amgen is advancing a broad and deep pipeline and portfolio of medicines to treat cancer, heart disease, inflammatory conditions, rare diseases and obesity and obesity-related conditions.

Amgen has been consistently recognized for innovation and workplace culture, including honors from Fast Company and Forbes. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average®, and it is also part of the Nasdaq-100 Index®, which includes the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.

For more information, visit Amgen.com and follow Amgen on X, LinkedIn, Instagram, YouTube, Facebook, TikTok and Threads.

Forward-Looking Statements

This news release contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeOne Medicines Ltd.), the performance of Otezla® (apremilast), our acquisitions of ChemoCentryx, Inc., Dark Blue Therapeutics, Ltd. or Horizon Therapeutics plc (including the prospective performance and outlook of Horizon's business, performance and opportunities, and any potential strategic benefits, synergies or opportunities expected as a result of such acquisition), as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems on our business, outcomes, progress, and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission reports filed by Amgen, including our most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions, including those resulting from geopolitical relations and government actions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. We or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors, or we may fail to prevail in present and future intellectual property litigation. We perform a substantial amount of our commercial manufacturing activities at a few key facilities, including in Puerto Rico, and also depend on third parties for a portion of our manufacturing activities, and limits on supply may constrain sales of certain of our current products and product candidate development. An outbreak of disease or similar public health threat, and the public and governmental effort to mitigate against the spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful, and may result in unanticipated costs, delays or failures to realize the benefits of the transactions. A breakdown, cyberattack or information security breach of our information technology systems could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our sustainability objectives. The effects of global climate change and related natural disasters could negatively affect our business and operations. Global economic conditions may magnify certain risks that affect our business. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all.

CONTACT: Amgen, Thousand Oaks
Elissa Adair, 609-251-1407 (media)
Annik Allen, 917-288-9236 (media)
Casey Capparelli, 805-447-1746 (investors)

Amgen Inc.

Consolidated Statements of Income - GAAP

(In millions, except per-share data)

(Unaudited)

Three months ended

September 30,

Nine months ended

September 30,

2026

2025

2026

2025

Revenues:

Product sales

$    9,883

$    9,137

$  27,638

$  25,781

Other revenues

482

420

1,399

1,104

Total revenues

10,365

9,557

29,037

26,885

Operating expenses:

Cost of sales

2,788

3,082

8,343

9,061

Research and development

2,111

1,900

5,698

5,130

Selling, general and administrative

1,680

1,720

5,027

5,098

Other

76

329

79

1,236

Total operating expenses

6,655

7,031

19,147

20,525

Operating income

3,710

2,526

9,890

6,360

Other income (expense):

Interest expense, net

(653)

(685)

(1,983)

(2,102)

Other income, net

1,629

2,080

1,631

3,204

Income before income taxes

4,686

3,921

9,538

7,462

Provision for income taxes

822

705

1,480

1,084

Net income

$    3,864

$    3,216

$    8,058

$    6,378

Earnings per share:

Basic

$      7.14

$      5.98

$    14.92

$    11.86

Diluted

$      7.08

$      5.93

$    14.79

$    11.77

Weighted-average shares used in calculation of earnings per share:

Basic

541

538

540

538

Diluted

546

542

545

542

Amgen Inc.

Consolidated Balance Sheets - GAAP

(In millions)

September 30,

December 31,

2026

2025

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$              13,190

$                9,129

Trade receivables, net

10,353

9,570

Inventories

6,389

6,225

Other current assets

4,431

4,133

Total current assets

34,363

29,057

Property, plant and equipment, net

8,884

7,913

Intangible assets, net

19,536

22,276

Goodwill

18,664

18,680

Other noncurrent assets

14,601

12,660

Total assets

$              96,048

$              90,586

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable and accrued liabilities

$              20,833

$              20,890

Current portion of long-term debt

2,398

4,599

Total current liabilities

23,231

25,489

Long-term debt

51,609

50,005

Long-term deferred tax liabilities

1,278

1,366

Long-term tax liabilities

2,934

2,690

Other noncurrent liabilities

2,644

2,378

Total stockholders' equity

14,352

8,658

Total liabilities and stockholders' equity

$              96,048

$              90,586

Shares outstanding

541

539

Amgen Inc.

Supplemental depreciation and amortization information

(In millions)

(Unaudited)

Three months ended

September 30,

Nine months ended

September 30,

2026

2025

2026

2025

GAAP depreciation expense(1)

$       233

$       232

$       675

$       661

GAAP intangible asset amortization expense

889

1,075

2,675

3,374

Total GAAP depreciation, amortization and other

$    1,122

$    1,307

$    3,350

$    4,035

(1) Includes right-of-use asset amortization.

Amgen Inc.

GAAP to Non-GAAP Reconciliations

(Dollars in millions)

(Unaudited)

Three months ended

September 30,

Nine months ended

September 30,

2026

2025

2026

2025

GAAP cost of sales

$       2,788

$       3,082

$       8,343

$       9,061

Adjustments to cost of sales:

  Acquisition-related expenses (a)

(881)

(1,420)

(2,959)

(4,428)

Non-GAAP cost of sales

$       1,907

$       1,662

$       5,384

$       4,633

GAAP cost of sales as a percentage of product sales

28.2 %

33.7 %

30.2 %

35.1 %

  Acquisition-related expenses (a)

(8.9)

(15.5)

(10.7)

(17.1)

Non-GAAP cost of sales as a percentage of product sales

19.3 %

18.2 %

19.5 %

18.0 %

GAAP research and development expenses

$       2,111

$       1,900

$       5,698

$       5,130

Adjustments to research and development expenses:

  Acquisition-related expenses (b)

(6)

(10)

(31)

(80)

Non-GAAP research and development expenses

$       2,105

$       1,890

$       5,667

$       5,050

GAAP research and development expenses as a percentage of product sales

21.4 %

20.8 %

20.6 %

19.9 %

  Acquisition-related expenses (b)

(0.1)

(0.1)

(0.1)

(0.3)

Non-GAAP research and development expenses as a percentage of product sales

21.3 %

20.7 %

20.5 %

19.6 %

GAAP selling, general and administrative expenses

$       1,680

$       1,720

$       5,027

$       5,098

Adjustments to selling, general and administrative expenses:

  Acquisition-related expenses (b)

(2)

(15)

(14)

(77)

  Certain net charges pursuant to our restructuring and cost-savings initiatives

(1)

(5)

(36)

(16)

  Total adjustments to selling, general and administrative expenses

(3)

(20)

(50)

(93)

Non-GAAP selling, general and administrative expenses

$       1,677

$       1,700

$       4,977

$       5,005

GAAP selling, general and administrative expenses as a percentage of product sales

17.0 %

18.8 %

18.2 %

19.8 %

  Acquisition-related expenses (b)

0.0

(0.1)

(0.1)

(0.3)

  Certain net charges pursuant to our restructuring and cost-savings initiatives

0.0

(0.1)

(0.1)

(0.1)

Non-GAAP selling, general and administrative expenses as a percentage of product sales

17.0 %

18.6 %

18.0 %

19.4 %

GAAP operating expenses

$       6,655

$       7,031

$      19,147

$      20,525

Adjustments to operating expenses:

  Adjustments to cost of sales

(881)

(1,420)

(2,959)

(4,428)

  Adjustments to research and development expenses

(6)

(10)

(31)

(80)

  Adjustments to selling, general and administrative expenses

(3)

(20)

(50)

(93)

  Impairment of intangible assets (c)

(59)

(400)

(59)

(1,200)

  Certain net charges pursuant to our restructuring and cost-savings initiatives

(7)

(57)

(28)

(80)

  Certain other items, net (d)

(10)

128

8

44

  Total adjustments to operating expenses

(966)

(1,779)

(3,119)

(5,837)

Non-GAAP operating expenses

$       5,689

$       5,252

$      16,028

$      14,688

Three months ended

September 30,

Nine months ended

September 30,

2026

2025

2026

2025

GAAP operating income

$       3,710

$       2,526

$       9,890

$       6,360

  Adjustments to operating expenses

966

1,779

3,119

5,837

Non-GAAP operating income

$       4,676

$       4,305

$      13,009

$      12,197

GAAP operating income as a percentage of product sales

37.5 %

27.6 %

35.8 %

24.7 %

  Adjustments to cost of sales

8.9

15.5

10.7

17.1

  Adjustments to research and development expenses

0.1

0.1

0.1

0.3

  Adjustments to selling, general and administrative expenses

0.0

0.2

0.2

0.4

  Impairment of intangible assets (c)

0.6

4.4

0.2

4.7

  Certain net charges pursuant to our restructuring and cost-savings initiatives

0.1

0.6

0.1

0.3

  Certain other items, net (d)

0.1

(1.3)

0.0

(0.2)

Non-GAAP operating income as a percentage of product sales

47.3 %

47.1 %

47.1 %

47.3 %

GAAP other income, net

$       1,629

$       2,080

$       1,631

$       3,204

Adjustments to other income, net:

Net gains from equity investments

(1,465)

(1,963)

(1,174)

(2,663)

Non-GAAP other income, net

$          164

$          117

$          457

$          541

GAAP income before income taxes

$       4,686

$       3,921

$       9,538

$       7,462

Adjustments to income before income taxes:

Adjustments to operating expenses

966

1,779

3,119

5,837

Adjustments to other income, net

(1,465)

(1,963)

(1,174)

(2,663)

Total adjustments to income before income taxes

(499)

(184)

1,945

3,174

Non-GAAP income before income taxes

$       4,187

$       3,737

$      11,483

$      10,636

GAAP provision for income taxes

$          822

$          705

$       1,480

$       1,084

Adjustments to provision for income taxes:

  Income tax effect of the above adjustments (e)

(129)

(81)

254

537

  Other income tax adjustments (f)

(26)

58

7

53

  Total adjustments to provision for income taxes

(155)

(23)

261

590

Non-GAAP provision for income taxes

$          667

$          682

$       1,741

$       1,674

GAAP tax as a percentage of income before taxes

17.5 %

18.0 %

15.5 %

14.5 %

Adjustments to provision for income taxes:

  Income tax effect of the above adjustments (e)

(1.0)

(1.4)

(0.4)

0.7

  Other income tax adjustments (f)

(0.6)

1.6

0.1

0.5

  Total adjustments to provision for income taxes

(1.6)

0.2

(0.3)

1.2

Non-GAAP tax as a percentage of income before taxes

15.9 %

18.2 %

15.2 %

15.7 %

GAAP net income

$       3,864

$       3,216

$       8,058

$       6,378

Adjustments to net income:

  Adjustments to income before income taxes, net of the income tax effect

(370)

(103)

1,691

2,637

  Other income tax adjustments (f)

26

(58)

(7)

(53)

  Total adjustments to net income

(344)

(161)

1,684

2,584

Non-GAAP net income

$       3,520

$       3,055

$       9,742

$       8,962

Note: Numbers may not add due to rounding

Amgen Inc.

GAAP to Non-GAAP Reconciliations

(In millions, except per-share data)

(Unaudited)

The following table presents the computations for GAAP and non-GAAP diluted earnings per share:

Three months ended

September 30, 2026

Three months ended

September 30, 2025

GAAP

Non-GAAP

GAAP

Non-GAAP

Net income

$        3,864

$        3,520

$        3,216

$        3,055

Shares (Denominator):

Weighted-average shares for diluted EPS

546

546

542

542

Diluted EPS

$          7.08

$          6.45

$          5.93

$          5.64

Nine months ended

September 30, 2026

Nine months ended

September 30, 2025

GAAP

Non-GAAP

GAAP

Non-GAAP

Net income

$        8,058

$        9,742

$        6,378

$        8,962

Shares (Denominator):

Weighted-average shares for diluted EPS

545

545

542

542

Diluted EPS

$        14.79

$        17.88

$        11.77

$        16.54

(a)

The adjustments related primarily to noncash amortization of intangible assets acquired in business combinations and, in certain periods, amortization of inventory fair value step-up.

(b)

The adjustments included noncash amortization of intangible assets acquired in business combinations and acquisition-related expenses related to our Horizon acquisition.

(c)

For the three and nine months ended September 30, 2025, the adjustments related to intangible asset impairment charges for Otezla®.

(d)

The adjustments included changes in the fair value of contingent consideration liabilities and certain items associated with legal proceedings.

(e)

The tax effect of the adjustments between our GAAP and non-GAAP results takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s). Generally, the tax impact of adjustments, including the amortization and impairments of intangible assets and acquired inventory, gains and losses on our investments in equity securities and expenses related to restructuring and cost-savings initiatives, depends on whether the amounts are deductible in the respective tax jurisdictions and the applicable tax rate(s) in those jurisdictions. Due to these factors, the effective tax rate for the adjustments to our GAAP income before income taxes for the three and nine months ended September 30, 2026, was 25.9% and 13.1%, respectively, compared to 44.0% and 16.9%, respectively, for the corresponding periods of the prior year.

(f)

The adjustments related to certain acquisition-related, prior-period and other items excluded from GAAP earnings.

Amgen Inc.

Reconciliations of Cash Flows

(In millions)

(Unaudited)

Three months ended

September 30,

Nine months ended

September 30,

2026

2025

2026

2025

Net cash provided by operating activities

$    4,241

$    4,684

$  10,432

$    8,355

Net cash used in investing activities

(649)

(414)

(1,934)

(1,250)

Net cash used in financing activities

(4,391)

(2,853)

(4,437)

(9,633)

(Decrease) increase in cash and cash equivalents

(799)

1,417

4,061

(2,528)

Cash and cash equivalents at beginning of period

13,989

8,028

9,129

11,973

Cash and cash equivalents at end of period

$  13,190

$    9,445

$  13,190

$    9,445

Three months ended

September 30,

Nine months ended

September 30,

2026

2025

2026

2025

Net cash provided by operating activities

$    4,241

$    4,684

$  10,432

$    8,355

Capital expenditures

(587)

(436)

(1,812)

(1,216)

Free cash flow

$    3,654

$    4,248

$    8,620

$    7,139

Amgen Inc.

Reconciliation of GAAP EPS Guidance to Non-GAAP

EPS Guidance for the Year Ending December 31, 2026

(Unaudited)

GAAP diluted EPS guidance

$ 18.34

—

$ 19.28

Known adjustments to arrive at non-GAAP*:

Acquisition-related expenses (a)

5.99

—

6.13

Net gains from equity investments

(1.70)

Other

0.13

Non-GAAP diluted EPS guidance

$ 22.90

—

$ 23.70

* The known adjustments are presented net of their related tax impact, which amounts to approximately $0.70 per share.

(a) The adjustment primarily includes noncash amortization of intangible assets and fair value step-up of inventory acquired in business combinations.

Our GAAP diluted EPS guidance does not include the effect of GAAP adjustments triggered by events that may occur subsequent to this press release such as acquisitions, asset impairments, litigation, changes in fair value of our contingent consideration obligations and changes in fair value of our equity investments.

Reconciliation of GAAP Tax Rate Guidance to Non-GAAP

Tax Rate Guidance for the Year Ending December 31, 2026

(Unaudited)

GAAP tax rate guidance

14.5 %

—

16.0 %

Tax rate of known adjustments discussed above

0.5 %

Non-GAAP tax rate guidance

15.0 %

—

16.5 %

SOURCE Amgen

Both tobacco giants beat earnings estimates, raised their dividends, and surged more than 30% this year, but they pull retirees in opposite directions when it comes to income now versus income later.

The biggest stock market news in November will likely be the initial public offering of Anthropic, which is likely to happen sometime before Thanksgiving.  There will be a lot of fanfare and enthusiasm surrounding Anthropic stock when it goes public, but I expect it will eventually fade, much like what happened after Space Exploration Technologies' IPO earlier this year.

However, two companies that have strong business relationships with Anthropic look like fantastic investments now: Nvidia (NVDA +2.29%) and Broadcom (AVGO +3.07%). Both stocks look highly attractive, and I think investors should pick up shares of them in November rather than waiting for Anthropic to debut.

Image source: Getty Images.

Anthropic is a major customer of Nvidia and Broadcom Nvidia and Broadcom both make AI computing units. Nvidia makes graphics processing units (GPUs), while Broadcom makes custom AI chips. The companies are competing for shares of the same market in data centers, but there is plenty of room for both to succeed, and each chipmaker tackles a different problem.

Nvidia's GPUs are the industry standard in AI computing. They work well in nearly every application where heavy parallel processing power is the key requirement, making them highly flexible and repurposable for an array of computationally intense tasks. However, because they're not optimized for any one task, they're less cost-efficient when placed in servers where they'll be handling just one type of workload for their entire lifespan.

NVDA Nvidia$206.69+$4.63 (+2.29%)

NASDAQ · As of 4:00 PM ET 11/03/26

That's where a custom AI computing unit from Broadcom makes a lot of sense. Instead of offering a flexible, one-size-fits-all chip, it partners directly with hyperscalers to design AI chips that are tailored to their specific workloads. While Anthropic isn't designing its own chips right now, it is using chips co-designed by Alphabet (Google's parent company) and Broadcom. Those Tensor Processing Units (TPUs) can outperform GPUs from a cost perspective on some types of AI workloads, which makes them an attractive choice for Anthropic.

Sometimes, it's better to own the supplier's stock rather than the customer's, and I think that's the case here. Broadcom and Nvidia already have an established business with huge profit margins and high growth. With Anthropic, it's more important to remember that not every promising, fast-growing company manages to make the pivot to long-term profitability. 

AVGO Broadcom$332.13+$9.90 (+3.07%)

NASDAQ · As of 4:00 PM ET 11/03/26

Fortunately, both Broadcom and Nvidia are priced pretty attractively right now, making them excellent buys.

Nvidia and Broadcom have no 2027 growth priced into their stocks Nvidia and Broadcom may be the poster children of the AI processor segment, but the market has shown no respect for their 2027 growth prospects. If we utilize next year's earnings projections to value these stocks, they trade at massive discounts to their current trailing price-to-earnings ratios.

NVDA PE Ratio data by YCharts.

The question is, what is a fair P/E ratio to pay for these two? I think something like 30 times trailing earnings is a fair price to pay. So, if Nvidia hits its earnings projections for next year, the stock could rise by over 100%. For Broadcom to trade at that level a year from now, it would have to almost double.

Those are returns that are staring investors in the face, while there is far less clarity about what Anthropic's future might look like. Broadcom and Nvidia look well positioned to have huge years in 2027, and their shareholders don't face the types of risks that come with investing in a newly public company. As a result, I think Broadcom and Nvidia are the two best stocks to buy in the market in November, and investors shouldn't wait around too long to take advantage of their low prices, as they could start to soar as the market looks ahead to 2027.