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Onchain records show Circle freezing USDC on Polygon and Paxos freezing gold tokens on Ethereum, while exchange withdrawals remain suspended.

Onchain records show Circle freezing USDC on Polygon and Paxos freezing gold tokens on Ethereum, while exchange withdrawals remain suspended.

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An unnamed entity in the European Union reportedly lost over $106 million following an unauthorized withdrawal from multiple accounts on centralized cryptocurrency exchanges. The incident, which occurred on Sunday, involved the theft of USDC and USDT stablecoins and has amplified security concerns in the industry, coming just days after a record-setting hack at Binance.

ZachXBT tracks attackers’ laundering trailOnchain investigator ZachXBT, who is known for uncovering cryptocurrency scams and major hacks, disclosed the breach on Monday through his Telegram channel. ZachXBT identified 11 Ethereum addresses involved in moving the stolen funds and noted that the attacker used a complex series of laundering steps.

According to ZachXBT, the thief first converted the USDC and USDT into Ethereum, then utilized instant exchanges to rapidly swap assets, moving the proceeds into Monero, a cryptocurrency favored for its privacy features. The attacker also bridged funds across multiple blockchain networks, further complicating efforts to track and recover the assets.

Mini dictionary: Instant exchanges are platforms that allow users to swap one cryptocurrency for another quickly, usually requiring minimal identity verification, making them popular for rapid conversions. Monero is a privacy-focused cryptocurrency that obscures transaction details such as senders, receivers, and amounts, which makes it especially attractive to those seeking to launder or hide funds.

This laundering strategy reflects tactics previously seen in other major hacks, but ZachXBT stated that the indicators point away from involvement by North Korea’s Lazarus Group.

ZachXBT expressed with “a high degree of confidence” that the EU theft is not linked to Lazarus Group. He cited unique laundering patterns and multiple technical indicators as the basis for his assessment, distinguishing this attack from previous North Korean-linked incidents.

Comparison with Binance hack and industry responseThe European theft follows closely on the heels of the Binance attack, in which hackers stole approximately $6.4 billion from the world’s largest cryptocurrency exchange last Thursday. The scale of the Binance hack prompted a swift response from stablecoin companies: Tether froze stolen USDT on Ethereum within 37 minutes, and Circle froze $823 million in stolen USDC, ultimately securing around 44% of the hacked funds, according to blockchain analytics firm Elliptic.

IncidentDateAmount StolenVictimFunds FrozenEU Entity HackSunday (Nov. 1)$106 millionUnnamed EU entityUnknownBinance HackThursday$6.4 billionBinance$823 million (Circle USDC), USDT (Tether) frozenZachXBT did not specify whether any of the stolen assets from the EU entity were frozen by stablecoin issuers. Swapping funds out of USDC and USDT is often intended to avoid asset freezes, as these companies have the authority to block certain transactions and seize compromised tokens.

Cascade of exchange attacks and mounting concernsThe EU hack is part of an escalating wave of security incidents affecting cryptocurrency exchanges worldwide. On Tuesday, Brazilian exchange Mercado Bitcoin reported a $40 million loss and temporarily suspended withdrawals. In addition, BTCPay Server, a company providing crypto payment processing solutions, warned merchants to shut down their servers following reports of hot wallet attacks.

These incidents underscore a challenging period for the cryptocurrency industry, highlighting vulnerabilities in both centralized and decentralized systems. As hackers employ increasingly sophisticated tactics and move funds across various platforms and blockchain networks, exchange operators and regulators face mounting pressure to enhance security measures and monitor laundering activity.

Elliptic, a blockchain analysis firm, noted that issuing companies were able to freeze nearly half of the stolen assets in the Binance case within minutes, while much remains unknown regarding the latest EU theft.

Third Quarter 2026 Total Revenues Increased 32% Y/Y to $1.025 billion; Growth Driven by 44% Increase in Metabolic Conditions Y/Y, and 12% Increase in Skeletal Conditions Y/Y

Updates Full-year 2026 Guidance to Reflect Order Timing Uncertainty and Impact of Two Acquired In-process Research and Development (IPR&D) Charges

Recently Announced the Addition of a New Investigational Fabry Asset to Clinical Portfolio

PDUFA Action Date of May 30, 2027 for VOXZOGO® for the Treatment of Hypochondroplasia (HCH)

Conference Call and Webcast Scheduled Today at 4:30 p.m. ET

, /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced financial results for the third quarter ended September 30, 2026.

"BioMarin delivered a strong quarter, with revenue growth of 32%, driven by a more diversified portfolio following the acquisition of Amicus Therapeutics earlier this year and increased demand for our medicines from patients around the world. For the first time, quarterly revenue exceeded $1 billion, a milestone for BioMarin," said Alexander Hardy, President and Chief Executive Officer of BioMarin. "We are building on this achievement by continuing to expand our pipeline through focused business development. We are excited to add our newest asset, an investigational treatment for Fabry disease, which has the potential to become the first subcutaneous enzyme therapy for this condition. With this fourth new asset added to our pipeline in 2026, we are following through on our commitment to build sustainable growth for the future." Mr. Hardy added, "As we approach 2027, we are well positioned for our next chapter of growth, including the potential launch of VOXZOGO in hypochondroplasia and the continued execution of our financial and innovation strategy."

2026 Business and Pipeline Highlights

Innovation

BioMarin is accelerating innovation by expanding its pipeline through business development. Four transactions in 2026 have added development programs from preclinical through Phase 3:BMN 450 (HM15421/GC1134A) is an investigational long-acting enzyme replacement therapy (ERT) that has the potential to be the first subcutaneous ERT for Fabry disease. Now in a global Phase 1/2 clinical study, it could extend BioMarin's reach beyond patients with genetic variants amenable to GALAFOLD®.
 BMN 440 (ALE1) for hypophosphatasia (HPP) is a potential first-in-class oral therapy for HPP. The Phase 1/2a study in healthy volunteers and adults with HPP is ongoing, with data expected in 2027.
 BMN 430 for ReNU syndrome has the potential to be a first-in-disease antisense oligonucleotide (ASO) medicine for ReNU syndrome, a serious, rare neurodevelopmental condition with no approved targeted therapies. Preclinical studies are underway to identify a lead ASO candidate.
 BMN 820 (DMX-200) for focal segmental glomerulosclerosis (FSGS) is a first-in-class oral CCR2 inhibitor for which BioMarin holds exclusive U.S. commercialization rights. The Phase 3 ACTION 3 trial is fully enrolled, with pivotal data expected in 2028.
 Today, BioMarin announced that the U.S. Food and Drug Administration (FDA) has set a PDUFA target action date of May 30, 2027 for its supplemental NDA to expand the use of VOXZOGO for the treatment of HCH, the first potential targeted therapy for the condition. BioMarin also announced today that the European Medicines Agency (EMA) validated its submission for the approval of VOXZOGO to treat HCH.
 BioMarin's application for full approval of VOXZOGO in children with achondroplasia is under review by the FDA, with a PDUFA target action date of February 28, 2027. The application includes long-term safety and efficacy data, such as final adult height and clinical outcomes beyond linear growth.
 The Phase 2/3 study for BMN 333, BioMarin's long-acting C-type natriuretic peptide (CNP) for achondroplasia, continues to enroll on track. Dose-response data from this study is expected in 2027.
 In October, five-year results from the PROPEL open-label extension study with POMBILITI® + OPFOLDA® were presented in a late-breaking presentation at the World Muscle Society Annual Congress. In adults with late-onset Pompe disease, POMBILITI + OPFOLDA demonstrated durable motor function outcomes and relative stabilization of pulmonary function. This included people who had received enzyme replacement therapy for a mean of 7.6 years before enrolling. No new safety signals were identified.
 For BMN 351, BioMarin's Phase 1/2 candidate for Duchenne muscular dystrophy, the company expects to provide a program update by year-end.Growth

In the first full quarter as part of BioMarin, GALAFOLD and POMBILITI + OPFOLDA delivered strong quarterly revenue, contributing $152 million and $49 million, respectively. The number of patients treated with GALAFOLD and POMBILITI + OPFOLDA increased by approximately 13% and 69% Y/Y, respectively. POMBILITI + OPFOLDA uptake benefited from supply constraints for other Pompe therapies.
 Metabolic Conditions revenue grew 44% Y/Y in the third quarter of 2026 and 26% Y/Y year-to-date. Growth was driven by the additions of GALAFOLD and POMBILITI + OPFOLDA and by higher VIMIZIM® revenue. The number of patients on therapy increased across all BioMarin-marketed Metabolic Conditions therapies, Y/Y.
 VOXZOGO revenue grew 12% Y/Y in the third quarter of 2026, and the number of children treated with VOXZOGO globally increased 17% Y/Y. As of the end of the quarter, children with achondroplasia in 58 countries around the world were being treated with VOXZOGO. More than 75% of VOXZOGO revenue was generated outside of the U.S., and a large international order previously expected in the third quarter is now anticipated in the fourth quarter. In the U.S., the majority of new patient starts were in children under the age of two. Value Commitment

BioMarin continued to integrate Amicus in the third quarter, realizing accelerated cost synergies to enable investments in initiatives to drive future growth of GALAFOLD and POMBILITI + OPFOLDA. BioMarin continues to expect approximately $280 million of GAAP cost synergies (approximately $220 million on a Non-GAAP basis) to be fully realized in 2028.
 On August 30, 2026, the company announced the global settlement of all outstanding claims with Ascendis Pharma A/S related to its product Yuviwel. As part of the agreement, Ascendis will pay BioMarin a royalty equal to 20% of net sales of Yuviwel in the U.S., retroactive to the first commercial sale, and 18% of net sales in the European Union, Brazil and South Korea until May 2030.Third Quarter 2026 Financial Highlights

Total Revenues for the third quarter of 2026 were $1,025 million, an increase of 32% compared to the same period in 2025, primarily driven by revenues from GALAFOLD and POMBILITI + OPFOLDA, which were acquired on April 27, 2026, as well as 18% revenue growth in VIMIZIM due to timing of large international orders. In the quarter, VOXZOGO revenue also increased by 12% due to new patients initiating therapy. These increases were partially offset by a decrease in NAGLAZYME®  revenue due to timing of large international orders.
 GAAP Net Loss  increased to $123 million compared to $31 million for the same period in 2025. The increase was primarily driven by the acquisition of Amicus Therapeutics (Amicus), including intangible asset amortization, interest expense from debt issued to finance a portion of the transaction, amortization of inventory fair value step-up, and integration and restructuring costs. The increase was also attributed to acquired in-process research and development (IPR&D) charges recorded in the quarter in connection with the acquisition of Alesta Therapeutics (Alesta). These increases were partially offset by revenue growth as described above.
 Non-GAAP Income for the third quarter of 2026 increased to $45 million compared to $22 million for the same period in 2025. The increase was primarily driven by revenue growth, partially offset by higher acquired IPR&D charges and higher interest expense, as described above. The increases were also partially offset by higher sales and marketing spend related to GALAFOLD and POMBILITI + OPFOLDA. Financial Highlights (in millions of U.S. dollars, except percentages and per share data, unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2026

2025

% Change

2026

2025

% Change

Total Revenues

$1,025

$776

32 %

$2,781

$2,347

18 %

Net Product Revenues by Product:

VOXZOGO

$245

$218

12 %

$717

$654

10 %

Metabolic Conditions:

VIMIZIM

$216

$183

18 %

$620

$587

6 %

NAGLAZYME

108

122

(11) %

373

365

2 %

PALYNZIQ®

111

109

2 %

336

308

9 %

GALAFOLD

152

—

NM

258

—

NM

BRINEURA®

53

48

10 %

151

137

10 %

ALDURAZYME®

57

54

6 %

137

159

(14) %

POMBILITI + OPFOLDA

49

—

NM

79

—

NM

Total Metabolic Conditions Revenue

$744

$516

44 %

$1,954

$1,556

26 %

KUVAN®

$23

$24

(4) %

$71

$76

(7) %

ROCTAVIAN®(1)

$1

$3

(67) %

$15

$23

(35) %

GAAP Net Income (Loss)

$(123)

$(31)

297 %

$27

$395

(93) %

Non-GAAP Income (2)

$45

$22

105 %

$430

$525

(18) %

GAAP Operating Margin % (3)

(8.0) %

(6.0) %

5.7 %

19.4 %

Non-GAAP Operating Margin % (2)

13.4 %

2.8 %

24.6 %

26.3 %

GAAP Diluted EPS

$(0.63)

$(0.16)

294 %

$0.14

$2.04

(93) %

Non-GAAP Diluted EPS (2)

$0.23

$0.12

92 %

$2.18

$2.69

(19) %

NM

Percentage change is not meaningful for products acquired from Amicus on April 27, 2026.

(1)

In 2026, the company announced that it will no longer market ROCTAVIAN.

(2)

Refer to Non-GAAP Information beginning on page 10 of this press release for definitions of Non-GAAP Income, Non-GAAP Operating Margin percentage and Non-GAAP Diluted EPS along with the related reconciliations to the comparable information reported under U.S. GAAP.

(3)

GAAP Operating Margin percentage is defined by the company as GAAP Income (Loss) from Operations divided by Total Revenues.

Forward-Looking Non-GAAP Financial Information

BioMarin does not provide guidance for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking Non-GAAP financial measures to the most directly comparable GAAP reported financial measures because the company is unable to predict with reasonable certainty the financial impact of changes resulting from its strategic portfolio and business operating model reviews; potential future asset impairments; gains and losses on investments; and other unusual gains and losses without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. As such, any reconciliations provided would imply a degree of precision that could be confusing or misleading to investors.

Updated 2026 Full-Year Financial Guidance (in millions, except EPS amounts)

Revenue: Total Revenues, Metabolic Conditions, and VOXZOGO guidance updated to reflect uncertainty in the timing of multiple orders from a single international customer.Non-GAAP Diluted EPS: BioMarin expects the Alesta acquisition and BMN 450 license agreement to result in total pre-tax charges of approximately $320 million and $83 million, respectively, for the full year 2026, consisting of the acquired IPR&D charges and ongoing operating expenses, representing an unfavorable impact of approximately $1.55 and $0.32, respectively, to both GAAP Diluted EPS and Non-GAAP Diluted EPS for the full year 2026.Item

Provided on August 6, 2026

Updated November 2, 2026

Midpoint Growth

(Y/Y)

Total Revenues

$3,875

to

$3,925

$3,800

to

$3,900

20 %

Metabolic Conditions

$2,725

to

$2,775

$2,675

to

$2,750

29 %

VOXZOGO

$1,000

to

$1,050

$975

to

$1,025

8 %

Other Revenues(1)

$100

to

$125

$125

to

$150

Non-GAAP Diluted EPS (2)(3)

$4.90

to

$5.10

$2.80

to

$3.10

(6) %

(1)

Other Revenues includes KUVAN, ROCTAVIAN, and royalties.

(2)

Refer to Non-GAAP Information beginning on page 10 of this press release for definition of Non-GAAP Diluted EPS.

(3)

Non-GAAP Diluted EPS guidance assumes approximately 200 million Weighted-Average Diluted Shares Outstanding.

BioMarin will host a conference call and webcast to discuss third quarter 2026 financial results today, Monday, November 2, 2026, at 4:30 p.m. ET. This event can be accessed through this link or on the investor section of the BioMarin website at www.biomarin.com.

U.S./Canada Dial-in Number:+1 833-461-5787

Replay Dial-in Number: +1 833-309-1852

International Dial-in Number:  +1 626-884-3620

Replay International Dial-in Number: +44 800 007 4044

Conference ID:  324 588 583

Conference ID: 324 588 583

About BioMarin

BioMarin is a leading, global rare disease biotechnology company focused on delivering medicines for people living with genetically defined conditions. Founded in 1997, the San Rafael, California-based company has a proven track record of innovation, with nine commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, BioMarin seeks to unleash the full potential of genetic science by pursuing category-defining medicines that have a profound impact on patients. To learn more, please visit www.biomarin.com.

Forward-Looking Statements

This press release and the associated conference call and webcast contain forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. (BioMarin), including, without limitation, statements about: future financial performance, including the expectations of Revenues and Non-GAAP Diluted EPS for, in certain instances, the full-year 2026 and fourth quarter of 2026, and future periods, and the underlying drivers of those results, such as the expected demand and continued growth of BioMarin's Metabolic Conditions portfolio, including PALYNZIQ, GALAFOLD and POMBILITI + OPFOLDA, and VOXZOGO, and the expected impact of the acquisition of Alesta Therapeutics B.V. (Alesta) and the BMN 450 license agreement; the anticipated benefits of the acquisition of Amicus Therapeutics, Inc., including the expected amount and timing of cost synergies as well as expected revenue from the addition of GALAFOLD and POMBILITI + OPFOLDA; the anticipated benefits of the acquisition of Alesta; the anticipated benefits of the BMN 450 license agreement; the anticipated benefits of the global settlement with Ascendis Pharma A/S, including BioMarin's expected receipt of royalty payments on net sales of Yuviwel in the United States, the European Union, Brazil and South Korea; BioMarin's plans for investment in innovation and future growth; the timing of orders for commercial products; plans and expectations regarding the development, commercialization and commercial prospects of BioMarin's product candidates and commercial products, including the prospects and timing of actions relating to clinical studies and trials and product approvals, such as study initiations, study advancements, data readouts, submissions, filings, approvals, and label expansions; the expected benefits and availability of BioMarin's commercial products and product candidates, including with respect to the potential new indication for VOXZOGO in hypochondroplasia; and potential growth opportunities and trends, including the assumptions and expectations regarding total addressable patient population (TAPP) with respect to the conditions targeted by BioMarin's product candidates and commercial products.

These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: BioMarin's success in the commercialization of its commercial products; BioMarin's ability to successfully integrate and realize the anticipated benefits of any acquisitions and license agreements; BioMarin's ability to accurately estimate future financial performance; impacts of macroeconomic and other external factors on BioMarin's operations, regulatory uncertainty, the impact of new or increased tariffs, other trade protection measures, and escalating trade tensions; geopolitical instability, wars and military conflicts; results and timing of current and planned preclinical studies and clinical trials and the release of data from those trials; BioMarin's ability to successfully manufacture its commercial products and product candidates; the content and timing of decisions by the U.S. Food and Drug Administration, the European Medicines Agency, the European Commission and other regulatory authorities concerning each of the described products and product candidates; the market for each of these products; BioMarin's ability to meet product demand; actual sales of BioMarin's commercial products; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission, including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, as such factors may be updated by any subsequent reports. Investors are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.

BioMarin®, VOXZOGO®, VIMIZIM®, NAGLAZYME®, PALYNZIQ®, BRINEURA®, KUVAN®, ROCTAVIAN®, GALAFOLD®, and POMBILITI® + OPFOLDA® are registered trademarks of BioMarin Pharmaceutical Inc., or its affiliates. ALDURAZYME® is a registered trademark of BioMarin/Genzyme LLC. All other brand names and service marks, trademarks and other trade names appearing in this release are the property of their respective owners.

BIOMARIN PHARMACEUTICAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Three and Nine Months Ended September 30, 2026 and 2025

(In thousands of U.S. dollars, except per share amounts)

(Unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

REVENUES:

Net product revenues

$       1,013,080

$         760,812

$       2,757,551

$       2,308,438

Royalty and other revenues

11,566

15,321

23,011

38,250

Total revenues

1,024,646

776,133

2,780,562

2,346,688

OPERATING EXPENSES:

Cost of sales

205,416

140,085

603,210

441,733

Research and development

180,525

188,515

566,273

508,554

Acquired in-process research and development (IPR&D)

287,685

220,963

287,685

220,963

Selling, general and administrative

333,643

268,415

987,482

706,810

Intangible asset amortization

99,458

4,847

177,433

14,540

Total operating expenses

1,106,727

822,825

2,622,083

1,892,600

INCOME (LOSS) FROM OPERATIONS

(82,081)

(46,692)

158,479

454,088

Interest income

4,630

17,854

37,670

55,694

Interest expense

(55,628)

(2,579)

(133,881)

(8,121)

Other income, net

1,310

5,093

8,550

7,972

INCOME (LOSS) BEFORE INCOME TAXES

(131,769)

(26,324)

70,818

509,633

Provision for (benefit from) income taxes

(8,938)

4,420

43,360

114,159

NET INCOME (LOSS)

$       (122,831)

$         (30,744)

$          27,458

$         395,474

EARNINGS (LOSS) PER SHARE, BASIC

$           (0.63)

$           (0.16)

$            0.14

$            2.06

EARNINGS (LOSS) PER SHARE, DILUTED

$           (0.63)

$           (0.16)

$            0.14

$            2.04

Weighted average common shares outstanding, basic

193,590

192,032

193,171

191,639

Weighted average common shares outstanding, diluted

193,590

192,032

195,214

196,893

BIOMARIN PHARMACEUTICAL INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30, 2026 and December 31, 2025 

(In thousands of U.S. dollars, except per share amounts)

September 30, 2026

December 31, 2025

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$              736,007

$            1,311,679

Short-term investments

—

248,930

Accounts receivable, net

1,076,355

908,214

Inventory

1,796,069

1,298,883

Other current assets

312,205

185,784

Total current assets

3,920,636

3,953,490

Noncurrent assets:

Long-term investments

—

492,242

Property, plant and equipment, net

980,081

952,508

Intangible assets, net

4,777,247

213,837

Goodwill

666,367

196,199

Deferred tax assets

897,787

1,508,697

Other assets

327,113

277,049

Total assets

$           11,569,231

$            7,594,022

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued liabilities

$              946,107

$              759,031

Current portion of long-term debt, net

658,717

—

Total current liabilities

1,604,824

759,031

Noncurrent liabilities:

Long-term debt, net

3,514,974

597,176

Other long-term liabilities

193,401

150,816

Total liabilities

5,313,199

1,507,023

Stockholders' equity:

Common stock, $0.001 par value: 500,000,000 shares authorized; 193,676,831 and

192,300,101 shares issued and outstanding, respectively

194

192

Additional paid-in capital

6,089,036

5,956,582

Company common stock held by the Nonqualified Deferred Compensation Plan

(10,851)

(10,508)

Accumulated other comprehensive loss

(4,011)

(13,473)

Retained earnings

181,664

154,206

Total stockholders' equity

6,256,032

6,086,999

Total liabilities and stockholders' equity

$           11,569,231

$            7,594,022

BIOMARIN PHARMACEUTICAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30, 2026 and 2025 

(In thousands of U.S. dollars)

(Unaudited)

Nine Months Ended September 30,

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$           27,458

$          395,474

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

Depreciation and amortization

244,514

59,119

Non-cash interest expense

30,548

1,969

Stock-based compensation

172,684

134,496

Impairment of assets

15,203

2,967

Acquired IPR&D expense

282,258

220,963

Deferred income taxes

(27,490)

48,125

Unrealized foreign exchange losses (gains)

(8,380)

244

Other

(7,091)

(5,399)

Changes in operating assets and liabilities, net of effects of business acquired:

Accounts receivable, net

(60,435)

(107,378)

Inventory

(1,621)

(98,796)

Other current assets

(54,369)

(32,125)

Other assets

12,859

(32,679)

Accounts payable and accrued liabilities

(52,675)

119,478

Other long-term liabilities

3,511

21,892

Net cash provided by operating activities

576,974

728,350

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property, plant and equipment

(78,032)

(62,316)

Maturities and sales of investments

767,277

294,547

Purchases of investments

(25,792)

(313,262)

Business combination, net of cash acquired

(5,067,630)

—

Purchases of IPR&D, net of cash acquired

(277,881)

(285,193)

Other investing activities, net

(1,191)

(5,569)

Net cash used in investing activities

(4,683,249)

(371,793)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from exercises of awards under equity incentive plans

6,655

7,714

Taxes paid related to net share settlement of equity awards

(43,330)

(53,265)

Proceeds from borrowings

3,650,000

—

Payments of debt issuance costs

(65,605)

—

Repayments of borrowings

(15,000)

—

Net cash provided by (used in) financing activities

3,532,720

(45,551)

Effect of exchange rate changes on cash

(2,117)

(3,740)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(575,672)

307,266

Cash and cash equivalents:

Beginning of period

$        1,311,679

$          942,842

End of period

$          736,007

$        1,250,108

Non-GAAP Information

The results presented in this press release include both GAAP information and Non-GAAP information. Non-GAAP Income is defined by the company as GAAP Net Income (Loss) excluding amortization, stock-based compensation expense and, in certain periods, certain other specified items, as detailed below when applicable. The company also includes a Non-GAAP adjustment for the estimated tax impact of the reconciling items. Non-GAAP Cost of Sales (COS), Non-GAAP R&D expenses and Non-GAAP Selling, General and Administrative (SG&A) expenses are defined by the company as GAAP COS, GAAP R&D expenses and GAAP SG&A expenses, respectively, excluding stock-based compensation expense and, in certain periods, certain other specified items, as detailed below when applicable. Non-GAAP Operating Margin percentage is defined by the company as GAAP Income (Loss) from Operations, excluding amortization of intangible assets, stock-based compensation expense and, in certain periods, certain other specified items, divided by GAAP Total Revenues. Non-GAAP Diluted EPS is defined by the company as Non-GAAP Income divided by Non-GAAP Weighted-Average Diluted Shares Outstanding. Non-GAAP Weighted-Average Diluted Shares Outstanding is defined by the company as GAAP Weighted-Average Diluted Shares Outstanding, adjusted to include any common shares issuable under the company's equity plans or convertible debt in periods when they are dilutive under Non-GAAP. Non-GAAP synergies is defined by the company as Amicus' legacy labor and external spend cost reductions, excluding the impact of stock-based compensation.

BioMarin regularly uses both GAAP and Non-GAAP results and expectations internally to assess its financial operating performance and evaluate key business decisions related to its principal business activities: the discovery, development, manufacture, marketing and sale of innovative biologic therapies. BioMarin also uses Non-GAAP Income internally to understand, manage and evaluate its business and to make operating decisions, and compensation of executives is based in part on this measure. Because these Non-GAAP metrics are important internal measurements for BioMarin, the company believes that providing this information in conjunction with BioMarin's GAAP information enhances investors' and analysts' ability to meaningfully compare the company's results from period to period and to its forward-looking guidance, and to identify operating trends in the company's principal business.

Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for, or superior to comparable GAAP measures and should be read in conjunction with the consolidated financial information prepared in accordance with GAAP. Investors should note that the Non-GAAP information is not prepared under any comprehensive set of accounting rules or principles and does not reflect all of the amounts associated with the company's results of operations as determined in accordance with GAAP. Investors should also note that these Non-GAAP financial measures have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. In addition, from time to time in the future there may be other items that the company may exclude for purposes of its Non-GAAP financial measures; likewise, the company may in the future cease to exclude items that it has historically excluded for purposes of its Non-GAAP financial measures. Because of the non-standardized definitions, the Non-GAAP financial measure as used by BioMarin in this press release and the accompanying tables may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.

The following tables present the reconciliation of GAAP reported to Non-GAAP adjusted financial information:

Reconciliation of GAAP Reported Information to Non-GAAP Information (1)

(In millions, except percentages and per share data)

(unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

GAAP Reported Net Income (Loss)

$       (123)

$        (31)

$         27

$        395

Adjustments

Stock-based compensation expense - COS

4

4

13

11

Stock-based compensation expense - R&D

14

15

41

41

Stock-based compensation expense - SG&A(2)

36

30

119

83

Amortization of intangible assets

99

5

177

15

Amortization of acquired inventory step-up - COS(3)

18

—

29

—

Acquisition and restructuring-related costs - SG&A(4)

47

15

143

15

Loss on investments (5)

—

—

—

3

Income tax effect of adjustments

(50)

(16)

(120)

(38)

Non-GAAP Income

$         45

$         22

$        430

$        525

Three Months Ended

September 30,

2026

2025

COS

R&D

SG&A

COS

R&D

SG&A

GAAP expenses

$     205

$      181

$      334

$      140

$      189

$       268

Adjustments

Stock-based compensation expense(2)

(4)

(14)

(36)

(4)

(15)

(30)

Amortization of acquired inventory step-up(3)

(18)

—

—

—

—

—

Acquisition and restructuring-related costs(4)

—

—

(47)

—

—

(15)

Non-GAAP expenses

$     184

$      167

$      249

$      136

$      174

$       223

Nine Months Ended

September 30,

2026

2025

COS

R&D

SG&A

COS

R&D

SG&A

GAAP expenses

$      603

$      566

$      987

$      442

$      509

$      707

Adjustments

Stock-based compensation expense(2)

(13)

(41)

(119)

(11)

(41)

(83)

Amortization of acquired inventory step-up(3)

(29)

—

—

—

—

—

Acquisition and restructuring-related costs(4)

—

—

(143)

—

—

(15)

Non-GAAP expenses

$      561

$      525

$      724

$      431

$      468

$      609

Three Months Ended

September 30,

Nine Months Ended

September 30,

2026

Percent 

of GAAP
Total
Revenue

2025

Percent

of GAAP
Total
Revenue

2026

Percent

of GAAP
Total
Revenue

2025

Percent

of GAAP
Total
Revenue

GAAP Income (Loss) from Operations

$      (82)

(8.0) %

$     (47)

(6.0) %

$    158

5.7 %

$     454

19.4 %

Adjustments

Stock-based compensation expense(2)

54

5.3

49

6.3

173

6.2

135

5.8

Amortization of intangible assets

99

9.7

5

0.6

177

6.4

15

0.6

Amortization of acquired inventory

step-up(3)

18

1.8

—

—

29

1.0

—

—

Acquisition and restructuring-

related costs(4)

48

4.7

15

1.9

143

5.1

15

0.6

Non-GAAP Income from Operations

$      137

13.4 %

$      22

2.8 %

$    683

24.6 %

$     618

26.3 %

Three Months Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

GAAP Diluted EPS

$      (0.63)

$      (0.16)

$       0.14

$       2.04

Adjustments

Stock-based compensation expense(2)

$       0.28

$       0.25

0.87

0.69

Amortization of intangible assets

$       0.51

$       0.03

0.89

0.08

Amortization of acquired inventory step-up(3)

$       0.09

$          —

0.15

—

Acquisition and restructuring-related costs(4)

$       0.24

$       0.08

0.72

0.08

Loss on investments (5)

$          —

$          —

—

0.02

Income tax effect of adjustments

$      (0.26)

$      (0.08)

(0.60)

(0.19)

Non-GAAP Diluted EPS

$       0.23

$       0.12

$       2.18

$       2.69

Three Months Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

GAAP Weighted-Average Diluted Shares Outstanding

193.6

192.0

195.2

196.9

Adjustments(6)

Common stock issuable under the company's equity plans

2.5

0.8

—

—

Common stock issuable under the company's convertible debt

—

—

4.4

—

Non-GAAP Weighted-Average Diluted Shares Outstanding

196.0

192.8

199.6

196.9

(1)

Certain amounts may not sum or recalculate due to rounding.

(2)

Stock-based compensation expense recorded in SG&A for the nine months ended September 30, 2026, includes approximately $13 million related to the post-combination service period for unvested Amicus stock options.

(3)

Represents amortization of the inventory step-up for the inventory acquired in the Amicus transaction.

(4)

The 2026 amounts represent severance, transaction and integration costs resulting from the Amicus acquisition, as well as restructuring costs incurred in connection with corporate initiatives. The 2025 amounts represent severance costs incurred in connection with the acquisition of Inozyme Pharma, Inc.

(5)

Represents impairment loss on non-marketable equity securities recorded in Other income, net, in the first quarter of 2025.

(6)

Common stock issuable under the company's equity plans and convertible debt were excluded from the computation of GAAP and Non-GAAP Weighted-Average Diluted Shares Outstanding in the periods they were anti-dilutive.

Contact:

  Investors:

Media:

Traci McCarty

Marni Kottle

BioMarin Pharmaceutical Inc.

BioMarin Pharmaceutical Inc.

(415) 455-7558

(650) 374-2803

SOURCE BioMarin Pharmaceutical Inc.

Long-standing blockchain project Lisk has officially ended its blockchain operations after 10 years of existence, moving on to a new financial platform for businesses.

Lisk announced on Nov. 2 the official shutdown of its blockchain after 10 years of existence. This marks the end of one of the longest-lived blockchains in the crypto world.

"Today, the Lisk Chain has officially shut down," the project said in an X post.

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With the blockchain shutdown, Lisk has ended its Portal and Bridge services. The rest of the blockchain's infrastructure is also being powered down.

The blockchain shutdown marks a significant milestone in the evolution of the Lisk project, which was launched in 2016 and has seen several changes over the years.

The Lisk team, however, has noted that the shutdown of the blockchain does not spell the end of the Lisk project.

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The company is transforming into a new financial platform, one that enables businesses to manage both traditional currencies and stablecoins in one place.

"For 10 years, Lisk built onchain with developers, stakers and holders that made Lisk what it is," Lisk said.

Lisk to burn 5.23 million LSK tokensThe Lisk project has made it clear that its native token, LSK, will continue to exist even as the blockchain closes shop.

According to the team, LSK will still exist on Ethereum as the loyalty token for its new business financial platform.

In addition, the project announced plans to burn approximately 5.23 million LSK tokens left in its staking rewards pool.

The total figure includes unallocated rewards to users as well as unclaimed earned rewards.

The LSK tokens are set to be burned, permanently removing them from circulation. This will also lower the overall supply of the cryptocurrency.

This comes after a large burn of LSK tokens in September. At the time, Lisk burned 100 million LSK tokens after making the decision to wind down its decentralized autonomous organization (DAO) through a governance vote.

The burn event reduced the LSK token's supply from 400 million to 300 million LSK.

Lisk intends to introduce new use cases for LSK in 2027. This will allow businesses to earn rewards in the token and use LSK for platform fees.

BBB Foods Inc. (TBBB +0.65%) grew third-quarter revenue 40.3% to about 28.4 billion Mexican pesos, with most of the gain coming from stores open at least a year. Shares rose about 5% in after-hours trading. The Mexican grocery discounter is adding stores faster than a year ago, but its older stores still do most of the work, and their growth is what's widening margins.

Key NumbersRevenue: 28.4 billion pesos, up 40.3% year over year.Same-store sales: up 20.5%, compared with 17.9% growth a year ago.Gross margin: 16.7%, up from 16.2%.Net profit: 23 million pesos, versus a loss of 1.4 billion pesos.What It MeansA hard discounter lives on thin margins, and rent, staff, and trucks cost about the same whether a store sells a little or a lot. When existing stores' sales climb this fast, those fixed costs get spread over far more revenue, which pushed store operating costs down to 9.8% of revenue. The release doesn't say whether more shoppers or bigger baskets drove the gain.

TBBB BBB Foods$56.97+$0.37 (+0.65%)

NYSE · As of 4:00 PM ET 11/02/26

The swing to a profit owes more to shrinking stock pay than to operations, because a large 2025 share grant is expensed most heavily in its early quarters. Profit was also thin: Without a 97 million-peso currency gain, pre-tax profit would have fallen short of the quarter's tax bill.

Cash is the clearer signal. BBB Foods sells its groceries before it pays suppliers, so growth produces cash rather than eating it. Third-quarter operating cash flow was about 2.5 times spending on stores and equipment, a cushion that depends on suppliers keeping today's terms.

What to Watch NextWatch whether same-store sales hold near 20% as openings continue, since that pays for the margin gains. The release gives no outlook, so the fourth-quarter report is the next real check.

David Kretzmann has positions in BBB Foods. The Motley Fool has positions in and recommends BBB Foods. The Motley Fool recommends the following options: short December 2026 $45 puts on BBB Foods. The Motley Fool has a disclosure policy.

Third Quarter 2026 Highlights*:

Produced Record 3Q Consolidated results Net Sales increased 35% to 218.0 millionNet Income increased 166% to $21.2 million, creating EPS of $0.89Adjusted EBITDA increased 89% to $37.9 million Adjusted diluted EPS increased 145% to $0.98 *All comparisons are to third quarter 2025 financials

MILWAUKEE, Nov. 02, 2026 (GLOBE NEWSWIRE) -- Douglas Dynamics, Inc. (NYSE: PLOW), North America’s premier manufacturer and upfitter of work truck attachments and equipment, today announced financial results for the third quarter ended September 30, 2026. Unless otherwise stated, all comparisons made in this document are between the third quarters of 2026 and 2025.

Mark Van Genderen, President & CEO, noted, "The business results our team has delivered through the first nine months of the year is exceptional and demonstrates the earnings power of our business and the effectiveness of the strategic actions we have taken over the past several years. Our operational execution remains strong, and while we wait for winter to begin, we believe we are well positioned to continue advancing our strategic initiatives."

Consolidated Third Quarter 2026 Results

Net Sales increased 35% to a record $218.0 million based on a strong pre-season and execution at Work Truck Attachments.Net Income increased 166% to a record $21.2 million, producing $0.89 of diluted EPS.Adjusted EBITDA increased 89% to a record $37.9 million, which drove record adjusted diluted EPS of $0.98, a 145% increase. $ in millions
(except Margins & EPS)Q3 2026Q3 2025Net Sales$218.0$162.1Gross Profit Margin27.4%23.5%Income from Operations$31.3$14.1Net Income$21.2$8.0Diluted EPS$0.89$0.33Adjusted EBITDA$37.9$20.1Adjusted EBITDA Margin17.4%12.4%Adjusted Net Income$23.3$9.5Adjusted Diluted EPS$0.98$0.40
Work Truck Attachments Segment Third Quarter 2026 Results

Net Sales increased 78% to a record $121.5 million, as robust preseason demand and strong operational execution led to higher throughput, plus the addition of Venco Venturo.Adjusted EBITDA increased 188% to $30.1 million and Adjusted EBITDA margin increased 945 basis points to 24.8%, based on higher throughput, product mix, plus the timing of shipments between the second and third quarters.As predicted, the continued strength of parts and accessories demand led year-to-date P&A shipments to already exceed the previous annual record set in 2025.As expected, the ratio of pre-season shipments was close to a 50% to 50% split between the second and third quarters, compared to a 60% to 40% split in 2025. Van Genderen explained, “We are proud of the operational performance from our Attachments team, which responded to the robust demand for our products with a tremendous effort to produce and ship equipment to our dealers. The subsequent improvements in throughput, plus positive product mix led to significant margin improvement for the quarter and year-to-date. Heading into the winter season with confidence, we are driving results through disciplined execution of our strategic initiatives and remain determined to build upon our recent success.”

$ in millions
(except Adjusted EBITDA Margin)Q3 2026Q3 2025Net Sales$121.5$68.1Adjusted EBITDA$30.2$10.5Adjusted EBITDA Margin24.8%15.4%
Work Truck Solutions Segment Third Quarter 2026 Results

Net Sales increased 3% to a record $96.5 million, with Adjusted EBITDA of $7.8 million, reflecting sustained strong demand across municipal end markets, which helped mitigate the impact of inconsistent commercial demand. Van Genderen noted, “The record top-line performance in Solutions is a significant achievement, given that the prior-year third quarter also produced a record. Although inconsistent commercial demand has impacted profitability, the segment continues to perform well overall, supported by sustained municipal demand and a positive outlook. Investments to expand capacity and support growing municipal demand remain on track, and we expect to begin operations at our new Ohio facility in the coming weeks.”

$ in millions
(except Adjusted EBITDA Margin)Q3 2026Q3 2025Net Sales$96.5$94.0Adjusted EBITDA$7.8$9.6Adjusted EBITDA Margin8.1%10.2%
Dividend & Liquidity

On a year-to-date basis, approximately $27 million of cash was returned to shareholders through the payment of a quarterly cash dividend of $0.295 per diluted share, and the repurchase of company stock.Net cash used in operating activities increased $26.3 million to $47.5 million for the first nine months of 2026. The change was due to increased working capital to support demand across both segments.Year to date capital expenditures increased by $3.1 million to $11.2 million as planned. 2026 Capital Expenditures are expected to fall within the traditional range of 2% to 3% of Net Sales. 2026 Outlook

Sarah Lauber, Executive Vice President and CFO noted, “This year has exceeded our expectations in many respects, and, through the first nine months of the year, we have surpassed our full-year record Adjusted EPS achieved in 2019. Reflecting this momentum and our continued strong execution, we are increasing the lower end of our guidance ranges. While we are pleased with our progress, it is important to remember that the fourth quarter for our Attachments segment is influenced by the timing and severity of winter weather, which can create meaningful variability in year-end results.”

2026 Outlook Ranges* FormerCurrent LowHighLowHighNet Sales$765$805$770$805Adjusted EBITDA$120$135$123$135Adjusted Diluted EPS$2.90$3.40$3.00$3.40Effective tax rate24%25%24%25%*In millions, except per share, and tax rate data
The 2026 outlook assumes that core markets will experience average snowfall in the fourth quarter of 2026.

With respect to the Company’s 2026 financial outlook, the Company is not able to provide a reconciliation of the non-GAAP financial measures to GAAP because it does not provide specific guidance for the various extraordinary, nonrecurring, or unusual charges and other certain items. These items have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted. As a result, reconciliation of the non-GAAP guidance measures to GAAP is not available without unreasonable effort and the Company is unable to address the probable significance of the unavailable information.

Earnings Conference Call Information

The Company will host a conference call on Tuesday, November 3, 2026, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). To join the conference call, please dial 1-833-634-5024 domestically, or 1-412-902-4205 internationally.

The call will also be available via the Investor Relations section of the Company’s website at www.douglasdynamics.com. For those who cannot listen to the live broadcast, replays will be available for one week following the call.

About Douglas Dynamics

Home to the most trusted brands in the industry, Douglas Dynamics is North America’s premier manufacturer and up-fitter of commercial work truck attachments and equipment. For more than 80 years, the Company has been innovating products that not only enable people to perform their jobs more efficiently and effectively, but also enable businesses to increase profitability. Through its proprietary Douglas Dynamics Management System (DDMS), the Company is committed to continuous improvement aimed at consistently producing the highest quality products, at industry-leading levels of service and delivery that ultimately drive shareholder value. The Douglas Dynamics portfolio of products and services is separated into two segments: First, the Work Truck Attachments segment, which includes commercial snow and ice control equipment sold under the FISHER®, SNOWEX® and WESTERN® brands, and truck mounted cranes and dump hoists sold under the VENCO VENTURO brands. Second, the Work Truck Solutions segment, which includes the up-fit of market leading attachments and storage solutions under the HENDERSON® brand, and the DEJANA® brand and its related sub-brands.

Use of Non-GAAP Financial Measures

This press release contains financial information calculated other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). The non-GAAP measures used in this press release are Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share (EPS), and Free Cash Flow. The Company believes that these non-GAAP measures are useful to investors and other external users of its consolidated financial statements in evaluating the Company’s operating performance as compared to that of other companies. Reconciliations of these non-GAAP measures to the nearest comparable GAAP measures can be found immediately following the Consolidated Statements of Cash Flows included in this press release.

Adjusted EBITDA represents net income before interest, taxes, depreciation, and amortization, as further adjusted for certain charges consisting of unrelated legal and consulting fees, stock-based compensation, severance, restructuring charges, acquisition costs, inventory step up related to Venco Venturo, CEO transition costs, debt modification expense, and loss on extinguishment of debt. The Company uses Adjusted EBITDA in evaluating the Company’s operating performance because it provides the Company and its investors with additional tools to compare its operating performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect the Company’s core operations. The Company’s management also uses Adjusted EBITDA for planning purposes, including the preparation of its annual operating budget and financial projections, and to evaluate the Company’s ability to make certain payments, including dividends, in compliance with its senior credit facilities, which is determined based on a calculation of “Consolidated Adjusted EBITDA” that is substantially similar to Adjusted EBITDA.

Adjusted Net Income and Adjusted Earnings Per Share (calculated on a diluted basis) represents net income and earnings per share (as defined by GAAP), excluding the impact of stock based compensation, product liability settlement costs, severance, restructuring charges, acquisition costs, inventory step up related to Venco Venturo, CEO transition costs, debt modification expense, loss on extinguishment of debt, and certain charges related to unrelated legal fees and consulting fees. Management believes that Adjusted Net Income and Adjusted Earnings Per Share are useful in assessing the Company’s financial performance by eliminating expenses and income that are not reflective of the underlying business performance.

Free Cash Flow is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities less the acquisition of property and equipment. Free Cash Flow should be evaluated in addition to, and not considered a substitute for, other financial measures such as Net Income and Net Cash Provided By (Used in) Operating Activities. We believe that free cash flow represents our ability to generate additional cash flow from our business operations.

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation, product demand, the payment of dividends, and availability of financial resources. These statements are often identified by use of words such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will" and similar expressions and include references to assumptions and relate to our future prospects, developments, and business strategies.  Such statements involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, weather conditions, particularly lack of or reduced levels of snowfall and the timing of such snowfall, our ability to manage general economic, business and geopolitical conditions, including the impacts of natural disasters, labor strikes, global political instability, adverse developments affecting the banking and financial services industries, pandemics and outbreaks of contagious diseases and other adverse public health developments, increases in the price of steel or other materials, including as a result of tariffs, necessary for the production of our products that cannot be passed on to our distributors, our inability to maintain good relationships with our distributors, our inability to maintain good relationships with the original equipment manufacturers with whom we currently do significant business, lack of available or favorable financing options for our end-users, distributors or customers, increases in the price of fuel or freight, including as a result of the ongoing conflict in Iran, a significant decline in economic conditions, the inability of our suppliers and original equipment manufacturer partners to meet our volume or quality requirements, inaccuracies in our estimates of future demand for our products, our inability to protect or continue to build our intellectual property portfolio, the effects of laws and regulations and their interpretations on our business and financial condition, including policy or regulatory changes related to climate change, our inability to develop new products or improve upon existing products in response to end-user needs, losses due to lawsuits arising out of personal injuries associated with our products, factors that could impact the future declaration and payment of dividends, or our ability to execute repurchases under our stock repurchase program, our inability to effectively manage the use of artificial intelligence, disruptions at our manufacturing facilities, our inability to compete effectively against competition, our inability to successfully implement our new enterprise resource planning system, the timing, scope and impact of acquisitions, dispositions or other strategic transactions, our inability to achieve the projected financial performance with the assets of Venco Venturo, which we acquired in 2025, and unexpected costs or liabilities related to such acquisition, as well as those discussed in the section entitled “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025 and any subsequent Form 10-Q filings. You should not place undue reliance on these forward-looking statements. In addition, the forward-looking statements in this release speak only as of the date hereof and we undertake no obligation, except as required by law, to update or release any revisions to any forward-looking statement, even if new information becomes available in the future.

For further information contact:
Douglas Dynamics, Inc.
Nathan Elwell
Vice President of Investor Relations
847-530-0249
[email protected] 

Financial Statements 

Douglas Dynamics, Inc. Consolidated Balance Sheets (In thousands)      September 30,December 31,  2026
2025
  (unaudited)(unaudited)     Assets   Current assets:   Cash and cash equivalents$5,482$8,297 Accounts receivable, net 217,841 97,561 Inventories 167,926 149,656 Inventories - truck chassis floor plan 5,001 4,184 Refundable income taxes paid - 920 Prepaid and other current assets 9,367 5,415 Total current assets 405,617 266,033     Property, plant, and equipment, net 48,351 44,764 Goodwill 116,779 116,779 Other intangible assets, net 111,717 116,269 Operating lease - right of use asset 94,154 68,972 Non-qualified benefit plan assets 12,791 12,038 Other long-term assets 4,605 1,846 Total assets$794,014$626,701     Liabilities and stockholders' equity   Current liabilities:   Accounts payable$42,519$38,687 Accrued expenses and other current liabilities 43,219 33,406 Floor plan obligations 5,001 4,184 Operating lease liability - current 10,321 7,154 Income taxes payable 1,772 - Short term borrowings 96,000 5,000 Current portion of long-term debt 7,416 7,416 Total current liabilities 206,248 95,847     Retiree benefits and deferred compensation 15,787 14,947 Deferred income taxes 35,041 33,104 Long-term debt, less current portion 129,854 135,162 Operating lease liability - noncurrent 83,764 60,134 Other long-term liabilities 6,515 6,061     Total stockholders' equity 316,805 281,446 Total liabilities and stockholders' equity$794,014$626,701  Douglas Dynamics, Inc. Consolidated Statements of Income  (In thousands, except share and per share data)         Three Month Period Ended Nine Month Period Ended  September 30, 2026September 30, 2025 September 30, 2026September 30, 2025  (unaudited) (unaudited)               Net sales$218,014 $162,121  $570,459 $471,515  Cost of sales 158,185  124,014   406,063  344,973  Gross profit 59,829  38,107   164,396  126,542         Selling, general, and administrative expense 27,035  22,473   83,207  67,611  Intangibles amortization 1,517  1,550   4,552  4,650         Income from operations 31,277  14,084   76,637  54,281         Interest expense, net (2,934) (3,762)  (7,320) (9,119) Debt modification expense -  -   -  (176) Loss on extinguishment of debt -  -   -  (156) Other income, net 14  90   652  217  Income before taxes 28,357  10,412   69,969  45,047         Income tax expense 7,199  2,452   17,056  10,985         Net income$21,158 $7,960  $52,913 $34,062         Weighted average number of common shares outstanding:     Basic 23,077,046  23,040,878   23,097,141  23,097,566  Diluted 23,532,796  23,570,707   23,569,913  23,635,539         Earnings per share:      Basic earnings per common share attributable to common shareholders$0.90 $0.34  $2.25 $1.44  Earnings per common share assuming dilution attributable to common shareholders$0.89 $0.33  $2.23 $1.42  Cash dividends declared and paid per share$0.30 $0.30  $0.89 $0.89   Douglas Dynamics, Inc. Consolidated Statements of Cash Flows (In thousands)      Nine Month Period Ended  September 30, 2026September 30, 2025  (unaudited)     Operating activities   Net income$52,913 $34,062  Adjustments to reconcile net income to net cash used in operating activities:   Depreciation and amortization 11,466  11,474  Loss on disposal of fixed asset 660  --  Amortization of deferred financing costs and debt discount 317  382  Debt modification expense --  176  Loss on extinguishment of debt --  156  Stock-based compensation 8,807  5,223  Provision for losses on accounts receivable 472  122  Deferred income taxes 1,937  5,657  Non-cash lease expense 8,110  6,228  Changes in operating assets and liabilities, net of acquisitions:   Accounts receivable (120,752) (86,177) Inventories (18,270) (1,709) Prepaid assets, refundable income taxes paid and other assets (3,793) (1,007) Accounts payable 3,871  7,788  Accrued expenses and other current liabilities 12,511  6,541  Benefit obligations, long-term liabilities and other (5,778) (10,153) Net cash used in operating activities (47,529) (21,237)     Investing activities   Capital expenditures (11,201) (8,055) Acquisition of business (927) --  Net cash used in investing activities (12,128) (8,055)     Financing activities   Repurchase of common stock (6,000) (6,000) Shares withheld on restricted stock vesting paid for employees’ taxes (1,263) (161) Payments of financing costs --  (293) Borrowings on long-term debt --  148,770  Payments on life insurance policy loans (122) (119) Dividends paid (21,148) (20,941) Net revolver borrowings 91,000  65,000  Repayment of long-term debt (5,625) (151,438) Net cash provided by financing activities 56,842  34,818  Change in cash and cash equivalents (2,815) 5,526  Cash and cash equivalents at beginning of period 8,297  5,119  Cash and cash equivalents at end of period$5,482 $10,645      Non-cash operating and financing activities   Truck chassis inventory acquired through floorplan obligations$1,488 $19,249   Douglas Dynamics, Inc. Segment Disclosures (unaudited) (In thousands)               Three Months Ended
September 30, 2026 Three Months Ended
September 30, 2025 Nine Months Ended
September 30, 2026 Nine Months Ended
September 30, 2025              Work Truck Attachments            Net Sales$121,489  $68,097  $311,730  $212,668  Adjusted EBITDA$30,145  $10,461  $73,609  $42,358  Adjusted EBITDA Margin 24.8%   15.4%   23.6%   19.9%               Work Truck Solutions            Net Sales$96,525  $94,024  $258,729  $258,847  Adjusted EBITDA$7,793  $9,624  $25,718  $29,775  Adjusted EBITDA Margin 8.1%   10.2%   9.9%   11.5%   Douglas Dynamics, Inc. Free Cash Flow reconciliation (unaudited) (In thousands)     Three month period ended September 30, Nine month period ended September 30,   2026 2025 2026 2025           Net cash used in operating activities$(22,334) $(8,516) $(47,529) $(21,237) Acquisition of property and equipment (3,900)  (2,929)  (11,201)  (8,055) Free cash flow $(26,234) $(11,445) $(58,730) $(29,292)              Douglas Dynamics, Inc. Net Income to Adjusted EBITDA reconciliation (unaudited) (In thousands)     Three month period ended
September 30, Nine month period ended
September 30,   2026
 2025
 2026
 2025
           Net income  $21,158 $7,960 $52,913 $34,062           Interest expense - net  2,934  3,762  7,320  9,119 Income tax expense  7,199  2,452  17,056  10,985 Depreciation expense  2,271  2,275  6,914  6,824 Intangibles amortization  1,517  1,550  4,552  4,650 EBITDA  35,079  17,999  88,755  65,640           Stock-based compensation  1,820  1,519  8,807  5,223 Debt modification expense  -  -  -  176 Loss on extinguishment of debt  -  -  -  156 Other charges (1)  1,039  567  1,765  938 Adjusted EBITDA $37,938 $20,085 $99,327 $72,133           (1) Reflects unrelated legal, severance, restructuring and consulting fees for the periods presented. Reflects $58 in inventory step up related to Venco Venturo included in cost of sales in the nine months ended September 30, 2026.  Douglas Dynamics, Inc. Reconciliation of Net Income to Adjusted Net Income (unaudited) (In thousands, except share and per share data)     Three month period ended September 30,  Nine month period ended September 30,   2026
 2025
  2026
 2025
            Net income  $21,158  $7,960   $52,913  $34,062  Adjustments:          Stock based compensation  1,820   1,519    8,807   5,223  Debt modification expense  -   -    -   176  Loss on extinguishment of debt  -   -    -   156  Other charges (1)  1,039   567    1,765   938  Tax effect on adjustments  (715)  (522)   (2,642)  (1,623) Adjusted net income  $23,302  $9,524   $60,843  $38,932             Weighted average basic common shares outstanding 23,077,046   23,040,878    23,097,141   23,097,566  Weighted average common shares outstanding assuming dilution 23,532,796   23,570,707    23,569,913   23,635,539             Adjusted earnings per common share - dilutive$0.98  $0.40   $2.56  $1.63             GAAP diluted earnings per share $0.89  $0.33   $2.23  $1.42  Adjustments net of income taxes:                     Stock based compensation  0.06   0.05    0.28   0.16  Debt modification expense  -   -    -   0.01  Loss on extinguishment of debt  -   -    -   0.01  Other charges (1)  0.03   0.02    0.05   0.03             Adjusted diluted earnings per share $0.98  $0.40   $2.56  $1.63             (1) Reflects unrelated legal, severance, restructuring and consulting fees for the periods presented. Reflects $58 in inventory step up related to Venco Venturo included in cost of sales in the nine months ended September 30, 2026.
           

$106 Million Crypto Theft Hits EU Entity With Multiple Exchange Accounts

CUPERTINO, Calif.--(BUSINESS WIRE)--Apple® today announced financial results for its fiscal 2026 fourth quarter ended September 26, 2026. The Company posted quarterly revenue of $114.5 billion, up 12 percent year over year. Company gross margin was 47.9 percent, including a favorable impact of approximately 1 percentage point from tariff refunds. Diluted earnings per share was $2.10, up 14 percent year over year, and included a favorable impact of $0.05 from tariff refunds. “Today, Apple is pro.

Over $106M in Crypto Stolen From EU Entity? ZachXBT Tracks Attacker’s Laundering Trail

2 min read

ZachXBT reported yet another crypto theft on Monday worth upward of $106 million. (Kevin Horvat/Unsplash)Summary

An unidentified European Union entity may have lost more than $106 million from accounts at multiple cryptocurrency exchanges on Sunday, according to blockchain investigator ZachXBT, though the losses have not been independently confirmed.The suspected attacker withdrew dollar-pegged stablecoins and moved funds through several cryptocurrencies and blockchains, including Monero, which obscures transaction details and makes funds harder to trace.ZachXBT said he was highly confident that North Korea’s Lazarus Group was not responsible, but the attacker, affected exchanges and method of access remain unidentified.An unidentified entity in the European Union (EU) may have lost more than $106 million in crypto from accounts held at multiple cryptocurrency exchanges on Sunday, according to a report from blockchain investigator ZachXBT.

The term “entity” can cover a range of organizations, such as a company, trading firm or investment fund. ZachXBT did not specify which.

In a Monday Telegram alert, ZachXBT said the suspected attacker withdrew funds in USDC and USDT, two U.S. dollar-pegged stablecoins, before moving them through several cryptocurrencies and blockchains.

Over the following 24 hours, the attacker exchanged USDC for ether ETH$2,248.70, transferred funds through instant-exchange services including WellWallet and Kyrrez, and converted some into the privacy-focused cryptocurrency Monero (XMR), using Wagyu, ZachXBT said.

Monero obscures transaction details, making it harder to follow stolen funds. Unlike USDC and USDT, which their issuers can freeze, ether and Monero cannot be frozen by a central issuer.

ZachXBT published 11 wallet addresses linked to the suspected theft but did not identify the victim or affected exchanges. He also did not explain how the attacker accessed the accounts. The reported losses have not been independently confirmed.

The investigator also ruled out one prominent suspect.

“While the illicit actor remains unidentified, I can say with a high degree of confidence it is NOT Lazarus Group based on multiple laundering indicators,” ZachXBT wrote.

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Apple late Monday beat Wall Street's targets for its fiscal fourth quarter. But Apple stock fell in extended trading.

The company said iPhone sales remained strong, but warned that the cost of memory chips for its devices were going up.

Apple (AAPL) beat on both the top and bottom lines after making an eyewatering $114.5 billion in sales during the previous quarter. iPhone and services revenue bolstered multi-billion-dollar beats, though iPad and wearables, home & accessories revenue missed.

Apple says sales slowed down in the fiscal fourth quarter, but still beat estimates. Revenue out of China missed estimates.

Apple (AAPL -1.83%), the technology giant behind the iPhone and its expanding digital services business, closed Monday at $338.32, down 1.83% amid a broader technology sell-off. Following the closing bell, Apple reported better-than-expected quarterly earnings, supported by strong iPhone demand, providing investors with a more encouraging outlook after a difficult trading session.

Trading volume reached 55.4 million shares, approximately 32% above its three-month average of 42.1 million, as investors anticipated the company's earnings announcement.

AAPL Apple$338.32-$6.31 (-1.83%)

NASDAQ · As of 4:00 PM ET 11/02/26

How the markets moved todayThe S&P 500 (^GSPC -0.51%) fell 0.50% to 7,542, and the Nasdaq Composite (^IXIC -1.07%) lost 1.07% to 25,164. Among consumer electronics, personal computers, smartphones and digital services peers, Microsoft (MSFT -2.83%) closed at $507.12, -2.83%, while Alphabet (GOOGL -0.30%) (GOOG -0.07%) closed at $278.99, -0.30%.

What this means for investorsApple's latest earnings offered investors some reassurance following a difficult session for technology stocks. The company reported fiscal fourth-quarter revenue of $114.5 billion, exceeding Wall Street expectations, while earnings of $2.10 per share also topped forecasts. Strong demand for its latest iPhone 18 helped drive the results, with iPhone revenue increasing approximately 17% year over year to $57.6 billion.

However, the report wasn't without concerns. Apple's gross margin declined to 47.9% from 50.1% in the previous quarter, reflecting rising component costs and a smaller benefit from tariff refunds. Sales in China and the iPad business also fell short of expectations, highlighting challenges beyond its core iPhone franchise.

For investors, the results reinforce Apple's ability to generate revenue growth even amid broader economic uncertainty. With technology valuations under scrutiny, the focus now shifts to whether Apple can sustain strong iPhone demand through the holiday season while protecting profitability.

RJ Fulton has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Apple, and Microsoft. The Motley Fool has a disclosure policy.

Apple posted September quarter revenue that narrowly topped analysts' estimates, even as sales in the key Chinese market fell short of projections. Revenue rose 12% to $114.5 billion during the fiscal fourth quarter, which ended Sept.

Apple’s stockpiling of inventory, particularly computer memory, continued in its fiscal fourth-quarter, according to earnings reported Monday. The company reported that its inventory increased significantly in the quarter, growing from $11.09 billion in Q3 to $14.54 billion in Q4, a jump of 31.1%. Year-over-year, inventory grew 154.3% from $5.72 billion in the fourth quarter of 2025.

Apple’s forecast of a 45% to 46% gross margin in the December quarter was largely attributed to the impact of higher memory costs. The company reported a gross margin of 47.9% for the September quarter.

“What we’re seeing with memory pricing right now is unprecedented,” said Apple CEO John Ternus, speaking to analysts on the call. “As we said earlier in the September quarter, we did see higher memory costs as compared to the June quarter, which were partly offset by the benefit of carrying inventory and lower costs on certain non-memory components.”

He said that the company expected “even higher memory costs” in the December quarter, which would be partially offset by price increases implemented earlier this year on some devices, including Mac and iPad at the end of June and iPhones in September.

Ternus also said that beyond December, Apple expects memory costs “continuing to increase.”

“As we said before, we do believe we’ll see a decreasing benefit from the carry-in inventory on memory over time,” he noted, adding that the company was increasing its purchases of this key component. “As we work to improve supply, our manufacturing purchase obligations have increased by 33 billion dollars from June to the September quarter, which you’ll see in our annual filing when it comes out tomorrow.”

Apple also brought COO Sabih Khan, who oversees the company’s supply chain and manufacturing, onto the call to address questions about memory. He reiterated the increased purchase obligations but did not rule out future price increases on Apple devices.

The company also blamed supply constraints for weak iPad sales in the quarter. The iPad was one of the only product segments that didn’t grow, even as iPhone and Mac sales beat estimates. iPad revenue was $6.2 billion, below analysts’ expectations of $6.7 billion. The figure was also down 10% from the prior year.

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Sarah has worked as a reporter for TechCrunch since August 2011. She joined the company after having previously spent over three years at ReadWriteWeb. Prior to her work as a reporter, Sarah worked in I.T. across a number of industries, including banking, retail and software.

You can contact or verify outreach from Sarah by emailing [email protected] or via encrypted message at sarahperez.01 on Signal.

Meta Platforms has faced intense scrutiny after announcing upcoming changes to its terms that, essentially, allow AI crawlers to run wild across business accounts.

A few weeks ago, a Tesla (TSLA +1.00%) Roadster drove up a nearly vertical ramp, turned upside down, then fell -- I mean, launched itself -- into the air before its side thrusters kicked in, flipping the car upright and landing it on the road below. It was by far the most incredible maneuver I've ever seen a car pull off. The Tesla then drove out of a cloud of vapor as if nothing had happened.

If you haven't seen Tesla's new flying car, it's worth watching the video (in another stunt, the car launches itself upside down and literally barrel-rolls over five vehicles before landing upright). It's an extraordinary demonstration of engineering, and one of those rare glimpses of a future that, until recently, seemed firmly in the realm of science fiction.

But now, what does this mean for Archer Aviation (ACHR -0.71%)? After all, Archer has also spent years developing its own flying vehicle -- an electric air taxi. If Tesla can make a flying car, will there still be a market for Archer's flying taxi, assuming it can get it certified? Let's take a look.

Image source: Archer Aviation.

Tesla's flying car is stunning, but it's not a threat to Archer I'll just come out and say it: I don't think Tesla's flying Roadster will have an impact on Archer.

For starters, Tesla isn't really competing with Archer. Look at what Tesla is making: A sports car -- a really sleek and aesthetically striking sports car -- that can burst briefly into flight. In contrast, Archer is building an eVTOL (electric vertical takeoff and landing) vehicle that can take off and land vertically like a helicopter and transition into forward flight like a traditional airplane. It's also an engineering feat, and unlike Tesla's Roadster, it doesn't need thrusters to launch into the air.

These are obviously different vehicles, built for different purposes. And between the two, Archer's is more practical. It's designed to carry four passengers and a pilot. The Roadster, on the other hand, can only carry one person.

ACHR Archer Aviation$4.17-$0.03 (-0.71%)

NYSE · As of 4:00 PM ET 11/02/26

Archer's aircraft is also likely closer to real-world use than Tesla's. The flying Roadster might be functional, but it's not approved for road use. There's some question as to whether Tesla could ever get regulatory approval to mass-produce a flying Roadster, but even if it did, it would likely not beat Archer to the punch. Archer has already completed three of the FAA's four type-certification phases and is now working through the final one.

Don't get me wrong, though: Tesla's recent demonstration was very impressive. But it was only impressive as a spectacle, not something that could solve transportation problems, like congested metropolitan roads. Archer's eVTOL, on the other hand, could alleviate traffic in some areas.

In sum, I don't believe Tesla's flying car changes much for Archer Aviation's future. If anything, it could even increase publicity around flying cars, helping Archer's air taxi services when it does get its eVTOL certified.

Alphabet (GOOG -0.07%) (GOOGL -0.30%) investors had reason to frown last week as the stock posted its worst trading day ever. The shares fell 13% in one session after certain key elements in the tech giant's earnings report disappointed investors.

What happened? It all starts with artificial intelligence (AI). Alphabet is at the forefront of the AI movement, something that has led to soaring revenue quarter after quarter. But to make this happen, Alphabet had to greatly invest in an infrastructure build-out, and this spending isn't over. Alphabet isn't the only company in this situation; others operating in the cloud space also are investing hundreds of billions of dollars annually to get the job done. In fact, Alphabet, Amazon, Microsoft, and Meta Platforms aim to spend more than $700 billion this year alone on infrastructure expansion. Though these companies are generating growth from AI, investors worry it may not be enough given their spending levels.

Considering the full picture, following Alphabet's loss of $500 billion in market value in one trading session, you might approach AI stocks with a bit of hesitance. Should you really buy AI stocks now? Let's find out.

Image source: Getty Images.

Alphabet's biggest revenue driverWe'll start by talking about the negative impact of this spending on Alphabet. You probably know this company best for Google Search, as it's something many of us use daily. The Google platform is indeed the company's biggest revenue driver -- advertisers pay to promote across it, and that generates billions of dollars for Alphabet. In the recent quarter, Google ads accounted for 64% of the company's total revenue.

But Alphabet also has a cloud computing business that's growing in leaps and bounds, supercharged by demand for AI infrastructure and enterprise solutions. That business delivered a record 103% gain in revenue in the quarter to more than $30 billion. This is positive and offers investors reason to be optimistic, but as mentioned, to reach this level of growth, Alphabet poured investment into an infrastructure build-out.

As a result, capital spending has exploded higher, and this has hurt free cash flow -- these two elements were the points of concern in the company's earnings report. Alphabet kept its capex forecast for the year unchanged at $195 billion to $205 billion. As for free cash flow, it came in at negative $9 billion, missing analysts' estimates of $2.7 billion.

All of this reawakened investors' concerns that, though AI investment is driving growth, this growth still may not justify the spending levels of Alphabet and other tech players in this AI revolution.

GOOGL Alphabet$278.99-$0.85 (-0.30%)

NASDAQ · As of 4:00 PM ET 11/02/26

AI companies are in a period of transitionNow, let's return to our question: Should you really buy AI stocks right now? AI companies today may indeed be in a period of transition. Over the past couple of years, investors have been excited about the initial AI opportunity as hardware and services companies have offered chips and related products to customers. This resulted in enormous revenue growth and double- and triple-digit gains in stock prices. And this, prior to the major infrastructure ramp-up, didn't involve today's capex levels.

Today, we're at a point where, to move forward along the AI path to fulfill demand and potentially generate more growth, tech giants must heavily invest. While this investment is unfolding, they will experience pressure. Amazon chief Andy Jassy told analysts during the company's second-quarter call in July that this spending would continue to be a headwind for free cash flow as the build-out unfolds.

With some investors frowning on this spending, we could see more turbulence in terms of stock performance in the months to come. If you're a very cautious investor, you might wait on the sidelines for this moment to at least partially pass. But for most investors, right now, as these stocks decline, it's the perfect time to buy at a bargain price. The long-term AI story remains bright, with the technology's ability to transform the way businesses operate in a positive way. And this means investors who include AI stocks in a well-diversified portfolio could score a major win over the long run.

Amazon (AMZN +2.20%), the world's largest e-commerce and cloud infrastructure company, has delivered an impressive 534% gain over the past ten years. But does its stock still have more upside potential over the next decade?

What are Amazon's biggest catalysts?
Amazon generates most of its revenue from its e-commerce business, but its cloud platform, Amazon Web Services (AWS), brings in most of its operating profits.

Image source: Getty Images.

Over the past ten years, AWS' annual revenue jumped from $7.9 billion to $128.8 billion, while its operating margin expanded from 19.2% to 35.4%. AWS' surging profits enabled Amazon to expand its Prime ecosystem with more discounts, hardware devices, streaming media services, and other loss-leading strategies. It's already locked in more than 200 million Prime subscribers worldwide, which gives it a wide moat against other online and brick-and-mortar retailers.

AWS already hosts tens of millions of websites and apps, and it's helping its developers build and train new generative AI apps on platforms like Bedrock and SageMaker. Amazon has also been producing its own first-party AI accelerators, and it owns nearly a fifth of Anthropic -- the rapidly growing AI company that plans to go public by the end of 2026.

All of those AI catalysts for AWS -- along with the expansion of its e-commerce business into higher-growth overseas markets and the growth of its higher-margin advertising business -- could drive its earnings growth over the next decade.

AMZN Amazon$245.63+$5.28 (+2.20%)

NASDAQ · As of 4:00 PM ET 11/02/26

What are Amazon's biggest challenges?
Amazon's growth rates are impressive, but its expansion will be costly. It expects its capex to reach $220 billion in 2026 (up from $131.8 billion in 2025) and to rise further in 2027. That increased spending -- and competition from other hyperscalers -- could compress AWS' margins. That pressure could also make it tougher for Amazon to expand its lower-margin retail business.

Rising interest rates will make it more expensive for Amazon to expand its AI infrastructure, reduce the market's demand for its cloud services, and compress its valuation. Inflation, which has been exacerbated by the Iran war and the Trump Administration's unpredictable tariffs, could also throttle the growth of its retail business (including Whole Foods).

Is Amazon a stock to buy, hold, or avoid?
I initially invested in Amazon in early 2016, and I only sold a quarter of my position after the stock quadrupled from my average purchase price. I've been holding the rest since then, and I don't plan to sell my shares because it's still one of the easiest ways to stay invested in the booming e-commerce, cloud, AI, and digital advertising markets.

If Amazon matches analysts' estimates through 2028, grows its EPS at a 15% CAGR through 2036, and trades at 25 times its current year's earnings, its stock would more than quadruple to nearly $1,120 over the next decade. That ride could be bumpy, but I plan to stick with Amazon -- even though it's already my top position and accounts for nearly 10% of my portfolio -- for the foreseeable future.

SummaryAmazon.com, Inc.'s AWS is projected to grow north of 40% annually through 2028, targeting a $1 trillion run rate in 5–10 years, underpinned by custom AI silicon and cloud leadership.Retail growth has slowed, but AWS and significant AI investments (Anthropic, OpenAI) provide strategic and financial upside, despite rising capex and debt.Key AMZN risks include heavy capital requirements, AI demand cyclicality, and agentic AI potentially eroding high-margin advertising revenue. krblokhin/iStock Editorial via Getty Images

Introduction Per my August article, Amazon.com, Inc. (AMZN) has a history of making great capital allocation decisions. We now have the Q3 '26 numbers and retail growth has slowed. AWS, however, is growing nicely

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of AMZN, AAPL, ALAB, ASML, BABA, GOOG, GOOGL, META, MSFT, NFLX, NVDA, SHOP, TCEHY, TSLA, TSM, VOO either through stock ownership, options, or other derivatives. 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.

Disclaimer: Any material in this article should not be relied on as a formal investment recommendation. Never buy a stock without doing your own thorough research.

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.

Jed Ellerbroek expects to see decelerating earnings growth for the AI trade as stocks across the board get pummeled. However, that's not to say Jed doesn't see strengths in tech.

AMD guided for about $13 billion of third-quarter revenue, and Wall Street expects almost exactly that. Its new Helios AI systems began shipping in September, so the fourth-quarter outlook will show how fast the ramp is going.

While Walmart launches its holiday giving campaign with a $1 million match for military families, a separate federal action is putting far more money back into shoppers' pockets, and the math between the two tells a complicated story about the…

Walmart (NASDAQ:WMT | WMT Price Prediction) launched its holiday giving drive this morning. From November 2 to November 30, shoppers on Walmart.com and the Walmart app can round up their checkout totals for Operation Homefront, which supports military and veteran families. Walmart will match those donations 2:1, up to $1 million.

“Giving back is one of the greatest holiday traditions, and that’s what A Season to Spark Good is all about,” said Erin Hogue, Senior Director at Walmart.

This is the fourth consecutive year of the partnership. Walmart says the round-up program has raised more than $7.9 million for the nonprofit since 2023. Operation Homefront CEO Alan Reyes said, “We are deeply grateful for four years of continued support through Spark Good.”

Refund Checks Tied to Walmart Money Counters Are Arriving Now On October 15, the FTC announced it is mailing more than $9.8 million to consumers harmed by Walmart’s alleged failure to stop scammers who took hundreds of millions of dollars from U.S. consumers through its wire transfer services. Walmart settled the charges in June 2025, agreeing to pay $10 million, Fox6 News reported. The FTC’s case centers on whether Walmart properly warned customers, trained employees and secured its in-store transfer services against outside fraudsters.

USA Today reported that consumers who completed an eligible transfer between January 2015 and December 2024 could receive a check and should cash it within 90 days of receipt. Anyone who wired money at a Walmart counter in that window should check their mail.

The refund pool is 9.8 times the match Walmart is advertising, and it tops everything the round-up program has raised for Operation Homefront since 2023.

Tariff Refunds Show Who Collects the Big Government Checks Walmart is also receiving money from Washington. On the August earnings call, CFO John David Rainey said the company was eligible for “approximately $2.9 billion of tariff refunds” and added:

“We’ve taken a disciplined approach to investing these funds back into customer experience and price leadership.”

Peers recorded similar gains. Target (NYSE:TGT) recognized a $994 million pretax tariff refund worth $1.65 per share. Costco (NASDAQ:COST) reported a $0.15 per diluted share benefit, partly reinvested in member values. Target CEO Michael Fiddelke pointed to price cuts:

“Over the past year, we’ve reduced prices on more than 10,000 frequently purchased items as part of our commitment to delivering outstanding value every day.”

Walmart CEO John Furner framed price as a trust issue: “Having the best prices across a basket of goods helps us continue to build trust with our customers and members.”

Walmart’s Scale Shrinks the $1 Million Match Walmart posted fiscal 2026 revenue of $713 billion and serves roughly 280 million customers weekly. The match cap equals about 0.00014% of that revenue. Its market cap of roughly $1.013 trillion exceeds Costco’s $460.6 billion and Target’s $71.7 billion.

Investors are paying up. Shares trade at $127.30, up 22.5% in the past month and 25.57% over a year, at roughly 45 times earnings. The next test is third-quarter guidance for adjusted EPS of $0.62-$0.64, along with whether this year’s round-up total moves past prior efforts.

Data Sources Walmart and Operation Homefront release: campaign dates, match terms, fundraising history, executive quotes and company scale. Contact [email protected] for any questions or corrections.