Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. However, it isn't easy to find a great growth stock.
In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.
However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.
Our proprietary system currently recommends Vertiv Holdings Co. (VRT - Free Report) as one such stock. This company not only has a favorable Growth Score, but also carries a top Zacks Rank.
Research shows that stocks carrying the best growth features consistently beat the market. And returns are even better for stocks that possess the combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy).
While there are numerous reasons why the stock of this company is a great growth pick right now, we have highlighted three of the most important factors below:
Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. And for growth investors, double-digit earnings growth is definitely preferable, and often an indication of strong prospects (and stock price gains) for the company under consideration.
While the historical EPS growth rate for Vertiv is 74.6%, investors should actually focus on the projected growth. The company's EPS is expected to grow 61.3% this year, crushing the industry average, which calls for EPS growth of 9.5%.
Cash Flow GrowthWhile cash is the lifeblood of any business, higher-than-average cash flow growth is more important and beneficial for growth-oriented companies than for mature companies. That's because, growth in cash flow enables these companies to expand their businesses without depending on expensive outside funds.
Right now, year-over-year cash flow growth for Vertiv is 41%, which is higher than many of its peers. In fact, the rate compares to the industry average of 11.5%.
While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 31.5% over the past 3-5 years versus the industry average of 8%.
Promising Earnings Estimate RevisionsSuperiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
There have been upward revisions in current-year earnings estimates for Vertiv. The Zacks Consensus Estimate for the current year has surged 7.7% over the past month.
Bottom LineWhile the overall earnings estimate revisions have made Vertiv a Zacks Rank #2 stock, it has earned itself a Growth Score of A based on a number of factors, including the ones discussed above.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
This combination indicates that Vertiv is a potential outperformer and a solid choice for growth investors.
Key Takeaways Vertiv's Q3 earnings jumped 78% to $2.21 per share, while revenues surged 61.2% to $4.31 billion.
VRT's organic orders more than doubled as AI infrastructure demand fueled robust power and cooling sales.
Vertiv raised its 2026 sales outlook to $14.45B-$14.85B and adjusted EPS guidance to $7.10-$7.20.
Vertiv (VRT - Free Report) reported third-quarter 2026 adjusted earnings of $2.21 per share, up 78% year over year. The figure beat the Zacks Consensus Estimate by 21.43%.
Net sales surged 61.2% year over year to $4.31 billion, surpassing the consensus estimate by 14.61%. Organic sales increased 55%, while acquisitions contributed approximately 6%. Strong data center infrastructure demand supported broad-based growth, with organic orders increasing more than 100% year over year.
VRT’s Regional Sales Reflect Broad-Based StrengthAmericas net sales surged 74.5% year over year to $2.99 billion, including organic growth of 66.2%. Capacity expansion and disciplined backlog execution supported revenue growth across the portfolio. Management highlighted accelerating pipeline activity and strong demand across customer categories.
Asia Pacific revenues increased 49.9% year over year to $779.3 million, with organic growth of 48.3%. Demand remained particularly strong in India and Australia, while China showed encouraging signs of improvement.
Europe, the Middle East and Africa (EMEA) sales climbed 22.8% year over year to $544.7 million, including 19.3% organic growth. Management highlighted improving pipeline conversion, with the region’s pipeline approximately doubling year over year.
Vertiv’s Revenue Mix Highlights Product DemandProduct revenues surged 64.2% year over year to $3.64 billion, accounting for approximately 84% of total sales. Growth reflected increasing demand for power, cooling and integrated infrastructure solutions supporting high-density data centers.
For the third quarter of 2026, Service revenues increased 46.4% year over year to $675.7 million.
VRT’s Profitability Expands on Operational EfficiencySelling, general and administrative expenses increased 34.4% year over year to $556.9 million.
Operating profit surged 90.4% to $983.8 million, while GAAP operating margin expanded 350 basis points to 22.8%.
Adjusted operating profit climbed 82.5% year over year to $1.09 billion, exceeding the midpoint of guidance by $169 million. Adjusted operating margin expanded 290 basis points to 25.2%.
Americas adjusted operating profit rose 74.8% to $877.3 million, with a margin of 29.4%. APAC adjusted operating profit surged 93.3% to $132.4 million, while EMEA’s increased 82.4% to $152.3 million.
Vertiv’s Cash Flow Supports Financial FlexibilityAs of Sept. 30, 2026, cash and cash equivalents totaled $3.51 billion, with short-term investments of $198.8 million and long-term debt of $2.93 billion.
Net cash provided by operating activities increased 64.5% year over year to $794 million. Adjusted free cash flow rose 49.6% to $652.2 million.
VRT’s Capacity Expansion Targets AI InfrastructureVertiv continues expanding its global manufacturing footprint to support accelerating demand. Investments include power and thermal management facilities across the Americas, Europe and Asia Pacific. Management expects to double chiller production capacity by year-end.
The company is also advancing AI infrastructure deployment through collaborations with NVIDIA, Dassault Systemes and Polar Data Centers. Its integrated design and modular deployment approach targets up to 30% higher cumulative AI token output during the first 12 months, compared with conventional deployment methods, based on modeled assumptions.
Management expects capital expenditures to represent approximately 4% of 2026 sales, supporting manufacturing expansion, engineering development and next-generation infrastructure technologies.
Vertiv Raises Fourth-Quarter and Full-Year OutlookFor the fourth quarter of 2026, Vertiv expects net sales between $4.31 billion and $4.51 billion, with adjusted earnings of $2.22-$2.28 per share. Adjusted operating profit is projected to be between $1.12 billion and $1.16 billion, with an adjusted operating margin of 25.3%-26.3%.
For 2026, net sales are now forecasted to be between $14.45 billion and $14.85 billion, reflecting a $650 million increase at the midpoint from the prior guidance. Adjusted earnings are projected to be in the range of $7.10-$7.20 per share.
Adjusted operating profit is expected to be between $3.48 billion and $3.56 billion, with an adjusted operating margin of 23.5%-24.5%. Adjusted free cash flow guidance was raised to the range of $2.6 billion-$2.8 billion.
VRT’s Zacks Rank & Other Stocks to ConsiderVertiv currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader Zacks Computer and Technology sector include ACI Worldwide (ACIW - Free Report) , Affirm (AFRM - Free Report) and AMETEK (AME - Free Report) . While AFRM and AME sport a Zacks Rank #1 (Strong Buy), ACI Worldwide carries a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
ACI Worldwide shares have gained 15.4% in the year-to-date period. ACI Worldwide is set to report third-quarter 2026 results on Nov. 5.
Shares of Affirm have plunged 1.5% year to date. Affirm is set to report first-quarter fiscal 2027 results on Nov. 5.
Shares of AMETEK have rallied 20.8% year to date. AMETEK is slated to report third-quarter 2026 results on Nov. 3.
Key Takeaways IDACORP's Q3 earnings rose 20.8% to $2.73 per share, while revenues climbed 15.9% to $608 million.Higher Idaho base rates, customer growth and large contract revenues drove IDACORP's earnings growth.IDACORP raises its 2026 EPS guidance to $6.40-$6.50 and maintains its $1.3-$1.5 billion capex forecast.
IDACORP, Inc. (IDA - Free Report) reported third-quarter 2026 earnings of $2.73 per share, which surpassed the Zacks Consensus Estimate of $2.51 by 8.8%. The bottom line also increased 20.8% from $2.26 in the year-ago quarter.
The year-over-year improvement was primarily driven by higher Idaho base rates, continued customer growth and increased revenues from large contract customers.
IDA’s Total RevenuesTotal revenues in the third quarter of 2026 were $608 million, outpacing the Zacks Consensus Estimate of $561 million by 8.4%. The top line also rose 15.9% from $524.4 million in the year-ago quarter.
IDACORP Gains From Large Contract CustomersRetail revenues from large contract customers, net of associated power supply costs and the Idaho Power cost adjustment mechanism, increased operating income by $11.8 million compared with the year-ago quarter.
The improvement was primarily due to the commencement of revenues under a large customer contract on June 1, 2026, higher Idaho base rates and increased electricity usage per large contract customer.
Highlights of IDA’s Q3 ReleaseIDACORP's total operating expenses increased 13.1% year over year to $429.3 million from $379.6 million in the prior-year quarter.
Other operations and maintenance (O&M) expenses rose $22.5 million year over year, primarily due to amortization of previously deferred costs associated with converting generating units at the Jim Bridger and North Valmy plants from coal to natural gas.
IDACORP's net income increased $35.8 million from the prior-year level due to higher net income at Idaho Power.
IDA’s Financial HighlightsAs of Sept. 30, 2026, IDACORP's cash and cash equivalents were $187.8 million compared with $215.7 million as of Dec. 31, 2025.
Long-term debt totaled $3.86 billion at the end of the reported quarter compared with $3.33 billion at 2025-end.
In the first nine months of 2026, net cash provided by operating activities was $378.5 million compared with $464.1 million in the prior-year period.
IDA’s 2026 GuidanceIDACORP raised its 2026 earnings guidance to $6.40-$6.50 per share from the previous range of $6.30-$6.45 per share. The Zacks Consensus Estimate for earnings is pegged at $6.39, which is lower than the company’s guided range.
Management maintained its capital expenditure forecast of $1.3-$1.5 billion for 2026.
IDACORP raised its O&M expense forecast to $535-$545 million from the earlier range of $525-$535 million.
IDACORP narrowed its hydropower generation outlook to 5.5-6 million megawatt-hours from the previous range of 5.5-6.5 million megawatt-hours.
IDA’s Zacks RankIDACORP currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent ReleasesCenterPoint Energy, Inc. (CNP - Free Report) reported third-quarter 2026 adjusted earnings of 53 cents per share, which surpassed the Zacks Consensus Estimate of 50 cents by 6%. The bottom line also increased 6% from the year-ago quarter’s figure of 50 cents.
CNP generated revenues of $2.19 billion, which beat the Zacks Consensus Estimate by 1.9%. The top line also came in 10.2% higher than the year-ago quarter’s reported figure of $1.99 billion.
PG&E Corporation (PCG - Free Report) reported third-quarter 2026 adjusted earnings per share (EPS) of 41 cents, which missed the Zacks Consensus Estimate of 42 cents by 2.4%. The bottom line also declined 18% from the year-ago quarter’s figure of 50 cents.
PCG reported third-quarter total revenues of $6.19 billion, down 1% from $6.25 billion registered in the year-ago period. The top line also missed the Zacks Consensus Estimate of $6.59 billion by 6%.
CMS Energy Corporation (CMS - Free Report) reported third-quarter 2026 adjusted earnings of $1.44 per share, which surpassed the Zacks Consensus Estimate of $1.34 by 7.5%. The bottom line increased 54.8% from 93 cents in the year-ago quarter.
Operating revenues totaled $2.183 billion, which beat the Zacks Consensus Estimate of $2.178 billion by 0.2%. The top line also increased 8% from $2.02 billion in the prior-year quarter.
ATI Inc. (ATI) Q3 2026 Earnings Call October 29, 2026 8:30 AM EDT
Company Participants
Rob Rengel
Kimberly Fields - President, CEO & Chair
James Foster - Senior VP of Finance & CFO
Conference Call Participants
Richard Safran - Seaport Research Partners
Seth Seifman - JPMorgan Chase & Co, Research Division
Gautam Khanna - TD Cowen, Research Division
Myles Walton - Wolfe Research, LLC
David Strauss - Wells Fargo Securities, LLC, Research Division
Peter Skibitski - Alembic Global Advisors
Scott Deuschle - Deutsche Bank AG, Research Division
Samuel McKinney - KeyBanc Capital Markets Inc., Research Division
Andre Madrid - BTIG, LLC, Research Division
Presentation
Operator
Hello, everyone. Thank you for joining us, and welcome to ATI's Third Quarter 2026 Results Conference Call. [Operator Instructions] I will now hand the conference over to Rob Rengel, Vice President of Investor Relations. Please go ahead.
Rob Rengel
Good morning, and welcome to ATI's Third Quarter 2026 Earnings Call. Today's discussion is being webcast at atimaterials.com. Joining me are Kim Fields, Board Chair, President and CEO; and Rob Foster, Senior Vice President and CFO.
Before beginning our prepared remarks, I would like to draw your attention to the supplemental presentation that accompanies this call. Those slides provide additional color and details on our results, capabilities and outlook. They can also be found on our website. As a reminder, all forward-looking statements are subject to various assumptions and caveats. These are noted in the earnings release and presentation. After our prepared remarks, we'll open the line for questions. Now I'll turn the call over to Kim.
Kimberly Fields
President, CEO & Chair
Thank you, Rob. Good morning, everyone, and thank you for joining us. ATI delivered another strong quarter, exceeding the high end of our adjusted EBITDA guidance by $13 million. Today, we are raising our adjusted EBITDA guidance by $35 million for the year, which includes an improved fourth quarter outlook. This is
Key Takeaways Toast's Q3 revenues are projected to rise 20.3% to $1.96 billion, with EPS expected to grow 48% to 37 cents.Growing locations, higher payment volumes and software adoption likely supported Toast's Q3 revenue growth.Toast's enterprise deals and digital ordering may spur growth, but rising AI and sales costs may ail. Toast, Inc. (TOST - Free Report) is set to report its third-quarter 2026 results on Nov. 3, after market close. The company’s quarterly results are likely to reflect year-over-year growth in both revenues and earnings.
In the last reported quarter, Toast reported earnings of 34 cents per share, beating the Zacks Consensus Estimate of 32 cents. Revenues rose 23.1% year over year to $1.91 billion and outpaced the consensus mark by $35.08 million, a 1.9% surprise. Growth was led by subscription and financial technology solutions, supported by a larger location base and continued product adoption.
Over the preceding four quarters, TOST’s earnings per share surpassed the Zacks Consensus Estimate on three occasions and missed in the remaining period, the average beat being 2.46%. The graph below depicts this surprising history:
Let’s see how things have shaped up for TOST before the announcement.
Key Factors to Watch Ahead of TOST’s Q3 ResultsToast is expected to have benefited from a growing customer base during the third quarter of 2026. Following 9,500 net location additions in the second quarter, continued onboarding is likely to have supported subscription revenues and payment activity.
Gross payment volume (GPV) may have increased, supported by new locations and transaction growth. Higher adoption of software and financial technology solutions is likely to have boosted recurring gross profit, although uneven restaurant spending could have tempered growth.
Enterprise adoption was another potential driver. BWH Hotels endorsed Toast as a POS provider in August, while Kung Fu Tea agreed to implement its technology across more than 330 locations. However, gradual installations may have limited quarterly contributions.
Toast's Google Maps ordering integration may have supported digital transactions. Meanwhile, Toast Fuel expanded its convenience-store capabilities in late September, although its contribution to quarterly results was likely minimal.
Higher spending on sales, AI development and new markets is likely to have weighed on margins, partly offsetting operating leverage. Management projected third-quarter non-GAAP subscription services and financial technology solutions gross profit of $615-$625 million, representing 22%-24% annual growth, and adjusted EBITDA of $210-$220 million.
Q3 Projections for TOSTThe Zacks Consensus Estimate for Toast’s subscription services revenues is pegged at $305.6 million, which suggests a 25.2% increase from the year-ago quarter.
The consensus mark for revenues from financial technology solutions is pegged at $1.61 billion for the third quarter, up 19.9% from the year-ago period.
The consensus mark for GPV is pegged at $61.94 billion, which is above the company’s reported figure of $51.50 billion in the year-ago quarter. The consensus mark for the total ARR is pegged at $2.50 billion, up from the year-ago figure of $2.02 billion.
The consensus mark for total locations served stands at 187,891, up from 156,000 reported a year ago.
However, the Zacks Consensus Estimate for hardware and professional services is pegged at $44.51 billion, indicating just a slight increase from $44 million reported a year ago.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $1.96 billion, calling for a jump of 20.3% from the year-ago quarter’s reported figure.
The consensus mark for earnings per share (EPS) stands at 37 cents and has remained unchanged over the past two months. It indicates a rise of 48% from the figure reported in the year-ago quarter.
Here’s What Our Quantitative Model Predicts for TOSTHowever, our proprietary model does not conclusively predict an earnings beat for Toast this time. 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, which is not the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.
Toast currently has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to ConsiderHere are some companies — Block, Inc. (XYZ - Free Report) and StoneCo Ltd. (STNE - Free Report) — worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
Block currently has an Earnings ESP of +1.67% and a Zacks Rank #3. Block is set to report third-quarter 2026 results on Nov. 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
StoneCo currently has an Earnings ESP of +2.74% and a Zacks Rank #3. STNE is slated to report third-quarter 2026 results on Nov. 12.
Key Takeaways BKR's Q3 adjusted EPS rose 2% to 70 cents, beating estimates by 11.1%, while revenues rose 14% to $8.03B.BKR's IET orders increased 42% to $5.89 billion, with record performance obligations reaching $39.4 billion.BKR expects 2026 IET orders to be between $21.5B and $23.5B & targets more than $50B in orders through 2028.
Baker Hughes Company (BKR - Free Report) reported adjusted earnings per share (EPS) of 70 cents in the third quarter of 2026, beating the Zacks Consensus Estimate of 63 cents by 11.1%. The bottom line rose 2% to 68 cents per share from the year-ago figure.
Quarterly revenues of $8.03 billion surpassed the consensus estimate of $7.76 billion by 3.4% and increased 14% year over year.
Strong quarterly results were driven by robust order momentum in Industrial and Energy Technology (IET), a recovery in international oilfield activity and incremental contributions from the Chart acquisition.
Total orders reached $10.76 billion, up 31% from $8.21 billion a year earlier.
BKR's Revenues Benefit From Chart AcquisitionReported revenues totaled $8.03 billion. Acquisitions and divestitures contributed a net 9% to year-over-year revenue growth, with the Chart acquisition being the primary contributor.
The company completed the Chart acquisition on July 16, 2026, expanding its capabilities in cryogenic technologies, thermal management and industrial gases. Chart contributed $888 million in revenues during the quarter, comprising $623 million from original equipment and $265 million from aftermarket operations.
Baker Hughes' IET Segment Sees Strong Order MomentumIET revenues increased 3% year over year to $3.48 billion. Growth in Gas Technology Services and Climate Technology Solutions was partly offset by lower Gas Technology Equipment revenues, Industrial Solutions revenues and the impact of portfolio divestitures.
Segment EBITDA increased 8% year over year to $685 million.
IET orders rose 42% year over year to $5.89 billion, driven by demand across power generation, gas infrastructure and offshore production. The segment's remaining performance obligations reached a record $39.4 billion, increasing 23% year over year. Major awards included 1.1 gigawatts of power generation capacity for a U.S. technology company.
BKR's Oilfield Business Shows Sequential ImprovementOilfield Services & Equipment (OFSE) revenues totaled $3.66 billion, up 1% year over year. The increase was primarily driven by higher activity in Europe/CIS/Sub-Saharan Africa and Latin America, partially offset by lower revenues in the Middle East/Asia region, reflecting the impact of the Surface Pressure Control disposition.
Segment EBITDA declined 2% year over year to $659 million.
OFSE orders totaled $4.05 billion, declining 1% from $4.07 billion recorded in the year-ago quarter.
Baker Hughes' ProfitabilityAdjusted EBITDA increased 14% year over year to $1.42 billion.
GAAP net income attributable to Baker Hughes declined 33% year over year to $411 million. GAAP earnings were 41 cents per share compared with 61 cents in the prior-year quarter. Transaction-related costs and higher interest expenses weighed on reported profitability.
BKR's Balance Sheet Reflects Higher Acquisition DebtAs of Sept. 30, 2026, BKR had cash and cash equivalents of $4.07 billion and long-term debt of $17.48 billion. The company's leverage ratio reached 2.5 times at quarter-end, primarily reflecting debt incurred to finance the Chart acquisition.
Management prioritized debt reduction over share repurchases. Baker Hughes expects to begin repaying debt in the fourth quarter, supported by free cash flow and proceeds from the planned Waygate Technologies divestiture. The company targets net leverage below 1.5 times by the second half of 2028.
Baker Hughes' Cash Flow TrendsOperating cash flow increased 8% to $1.01 billion from the year-ago figure of $929 million. Free cash flow rose 10% to $769 million, despite approximately $200 million in Chart-related integration, restructuring and closing costs.
BKR Raises IET Orders Outlook for 2026For the fourth quarter of 2026, management expects revenues between $7.80 billion and $8.70 billion, with adjusted EBITDA to be in the range of $1.33-$1.60 billion.
Full-year revenues are projected between $29.16 billion and $30.06 billion. Adjusted EBITDA is expected to be in the range of $5.13-$5.40 billion, exceeding prior expectations.
The company raised its full-year IET orders outlook to $21.5-$23.5 billion, reflecting sustained demand across LNG, data centers and gas infrastructure. It increased its cumulative IET orders target for 2026-2028 to more than $50 billion.
BKR’s Zacks Rank & Other Key PicksBaker Hughes currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the energy sector are Range Resources Corporation (RRC - Free Report) , Equinor ASA (EQNR - Free Report) and Eni S.p.A. (E - Free Report) . EQNR and E sport a Zacks Rank #1 (Strong Buy) each, while RRC carries a Zacks Rank #2, at present. You can see the complete list of today’s Zacks Rank #1 stocks here.
Range Resources reported third-quarter 2026 adjusted earnings of 81 cents per share, surpassing the Zacks Consensus Estimate of 70 cents per share.
As of Sept. 30, 2026, RRC had total debt of $980.92 million and cash and cash equivalents of $12,000.
Equinor reported third-quarter 2026 adjusted earnings of $1.20 per share, missing the Zacks Consensus Estimate of $1.38 per share.
As of Sept. 30, 2026, EQNR had cash and cash equivalents of $6.30 billion.
Eni reported third-quarter 2026 adjusted earnings of $2.13 per share, surpassing the Zacks Consensus Estimate of $1.92 per share.
As of Sept. 30, 2026, E had total debt of $34.39 billion and cash and cash equivalents of $11.77 billion.
Big Buybacks: 3 Large Caps Exceed 5% Repurchase PowerCognizant Technology Solutions NASDAQ: CTSH reported third-quarter 2026 revenue of $5.7 billion, up 4.8% from a year earlier in constant currency, as growth in financial services and contributions from recent acquisitions helped offset pressure in healthcare and consumer-facing industries.
Chief Executive Officer Ravi Kumar said revenue was in line with the company’s expectations and adjusted operating margin reached 16.3%, which he described as Cognizant’s highest level in four years. The margin result marked the company’s seventh consecutive quarter of year-over-year expansion, excluding costs tied to its Project Leap restructuring program.
Get CTSH alerts:
AI revolution: 3 stocks set to soar as technology evolvesAdjusted earnings per share rose 7% year over year to $1.49. Third-quarter free cash flow totaled $925 million, bringing year-to-date free cash flow to $1.6 billion. Cognizant repurchased 4.9 million shares during the quarter for more than $250 million, at an average price of about $53 per share.
Financial Services Leads Growth
Financial services revenue grew 12% year over year in constant currency, marking the segment’s third consecutive quarter of double-digit growth. Kumar said clients in the sector are increasingly using artificial intelligence to support modernization and new innovation initiatives.
Communications, media and technology also posted double-digit growth, aided by the Astreya acquisition and spending by technology clients. North America led the company’s geographic growth, while the U.K. benefited from public-sector demand.
However, Cognizant said uncertainty related to regulation and funding continued to limit discretionary spending in healthcare. The products and resources segment also remained under pressure as retail, consumer goods, travel and hospitality clients navigated geopolitical uncertainty, supply-chain disruption and elevated oil prices.
Chief Financial Officer Jatin Dalal said businesses benefiting from AI-related demand—including business process outsourcing, infrastructure, cybersecurity and industry solutions—represented about 40% of Cognizant’s portfolio year to date and were growing at roughly two to three times the rate of the company’s total organic services revenue.
Bookings and AI Strategy
Trailing 12-month bookings increased 4%, producing a book-to-bill ratio of 1.3x. The company signed three large deals valued at more than $100 million each, while the combined trailing 12-month value of large deals rose 9% year over year.
New and expansion business accounted for 60% of bookings, up more than 10 percentage points from a year earlier. Kumar said the growing share of new business should translate into revenue more quickly than renewals.
Cognizant continued to emphasize its “AI Builder” strategy, which is focused on helping clients deploy AI at enterprise scale. Kumar said more than 50% of the company’s software development was AI-assisted at the end of the third quarter, and Cognizant had more than 8,500 AI engagements.
The company said more than 45,000 associates have earned over 95,000 certifications across frontier AI platforms, with another 65,000 certifications in progress. Cognizant also expanded its Google Cloud relationship through a Gemini Frontier Capability Group involving more than 18,000 dedicated associates.
Cognizant identified four strategic growth priorities: modernization, agentifying core business operations, secure AI, and data center and workplace services. Kumar said the company sees these areas as representing a multibillion-dollar opportunity over the coming years.
During the quarter, the company introduced AI-enabled claims workflow processing for its TriZetto healthcare platform and cited work across finance, logistics, insurance and utilities. Cognizant also announced plans to acquire Australia-based DyFlex Solutions, an SAP Platinum Partner, with the transaction expected to close in the first quarter of 2027.
Guidance Reduced on Discretionary Spending Pressure
Cognizant lowered its full-year constant-currency revenue growth outlook to 4% to 4.4%, from a previous range of 4% to 5.5%. The company said the revision reflects greater-than-expected macroeconomic pressure on discretionary spending in healthcare and consumer-facing sectors, a lower expected contribution from third-party product resale activity, and a greater impact from fourth-quarter furloughs.
For the fourth quarter, Cognizant expects constant-currency revenue growth of 3.2% to 4.7%, including roughly 200 basis points from recently completed acquisitions. Full-year guidance continues to include approximately 150 basis points of inorganic growth.
The company narrowed its adjusted operating margin outlook to approximately 16.1%, representing 30 basis points of expansion from the prior year. It also narrowed adjusted EPS guidance to $5.72 to $5.79, implying growth of 8% to 10%.
Project Leap Costs Lowered
Cognizant revised the expected total cost of Project Leap, its restructuring and workforce transformation initiative, to $180 million to $250 million, down from $230 million to $320 million. Dalal said the reduced estimate reflects lower expected severance and personnel costs as the company has been able to reskill and redeploy more employees than originally anticipated.
The company expects about $200 million in 2026 savings from the program, with the initiative now expected to run through the first quarter of 2027. Cognizant incurred approximately $51 million in Project Leap costs during the third quarter.
Dalal also said Cognizant does not expect the U.S. Department of Labor’s suspension of new permanent labor certification applications for certain companies to materially affect its talent strategy or operations. The company had approximately 32,000 U.S. employees at the time of the call.
Regarding a potential primary offering and secondary listing in India, Dalal said Cognizant is awaiting proposed regulatory updates and expects to make a decision after reviewing the final framework.
About Cognizant Technology Solutions (NASDAQ:CTSH)Cognizant Technology Solutions Corporation is a global information technology services and consulting company that helps organizations modernize their technology infrastructure, operations and customer experiences. The company serves businesses across industries including financial services, healthcare, life sciences, manufacturing, retail and communications.
Cognizant's services include consulting, application development and modernization, cloud computing, data and artificial intelligence, digital engineering, cybersecurity and business process services.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Should You Invest $1,000 in Cognizant Technology Solutions Right Now?Before you consider Cognizant Technology Solutions, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Cognizant Technology Solutions wasn't on the list.
While Cognizant Technology Solutions currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Tesla, Nvidia, and Google helped shape the last era of market growth, but the next wave could come from a new group of companies. Inside this report, you’ll find 7 stocks that could play a major role in the next tech-driven market boom.
Get This Free Report
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Cognizant (CTSH -5.98%) grew third-quarter revenue 4.6% to about $5.7 billion, but acquisitions and resold third-party products supplied roughly 4 points of that growth. Shares fell about 6% in midday regular trading. Strip out those two sources and the core consulting and outsourcing business barely grew, while bookings fell and per-share gains came from buybacks rather than higher profit.
Key Numbers
Revenue: about $5.7 billion, up 4.6% year over yearThird-quarter bookings: down 7% year over yearOperating margin: 15.4% GAAP, down 0.6 points; 16.3% adjusted, up 0.3 pointsDiluted EPS: $1.39 GAAP versus $0.56; $1.49 adjusted versus $1.39What It Means
Acquired revenue isn't new demand, and resold hardware and software carries thin margins and doesn't recur the way service contracts do. Underneath, the weakness is broad: Health Sciences and Products and Resources, which together make up more than half of revenue, both shrank. Financial Services, up 12%, is the one segment pulling real weight.
Bookings are the pipeline for next year's revenue, so the quarterly drop matters more than the trailing 12-month total, which still grew. Management's fourth-quarter outlook of 3.2% to 4.7% constant-currency growth points to further slowing, and that range likely still leans on acquired revenue.
The earnings growth is financial, not operational. Adjusted net income slipped slightly, so the adjusted EPS gain came entirely from a share count about 8% smaller. Cognizant is funding buybacks and acquisitions partly with new borrowing, even as free cash flow fell. GAAP EPS more than doubled only because last year's quarter carried a one-time tax charge; pre-tax income actually dipped.
What to Watch Next
Watch whether fourth-quarter bookings rebound and whether growth excluding acquisitions and resale picks up. Also check whether free cash flow recovers as rising receivables turn into cash.
David Kretzmann has no position in any of the stocks mentioned. The Motley Fool recommends Cognizant Technology Solutions. The Motley Fool has a disclosure policy.
NEW YORK, Oct. 29, 2026 (GLOBE NEWSWIRE) -- Moore Law, PLLC, a shareholder litigation law firm located on Wall Street, is investigating potential claims against the officers and directors of CoreWeave, Inc. (CRWV):
BellRing Brands, Inc. (NYSE: BRBR) shareholders should email [email protected] What is the Investigation About?
BellRing develops, markets, and sells “convenient nutrition” products such as ready-to-drink (“RTD”) protein shakes primarily under the brand name Premier Protein. The company, or certain of its officers, has allegedly represented that sales growth reflected increased end-consumer demand, attributing results to "organic growth," "distribution gains," "incremental promotional activity," and "[s]trong macro tailwinds around protein" among other factors. It is alleged that at the same time, the company, or certain of its officers, downplayed the impact of competition on demand, insisting BellRing was not experiencing any significant changes in competition, and that in the RTD category particularly, BellRing possessed a "competitive moat," given that "the ready-to-drink category is just highly complex" and the products are "hard to formulate." As alleged, in truth, BellRing's reported sales were driven by its key customers stockpiling inventory and did not reflect increased end-consumer demand or brand momentum. Following the destocking, BellRing admitted that competitive pressures were materially weakening demand.
On this news, the price of BellRing's shares fell $17.46 per share, or nearly 33%, from $53.64 per share on August 4, 2025, to $36.18 per share on August 5, 2025.
If you own BellRing Brands, Inc. (NYSE: BRBR) please contact Fletcher Moore at [email protected].
You may be able to seek monetary damages, corporate governance reforms, reimbursement to the company, and a court approved incentive award at no cost to you whatsoever. All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
MOORE LAW PLLC
30 Wall Street, 8th Floor
New York, NY 10005 [email protected]
www.fmoorelaw.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ba19a53-2eaa-4ccd-8860-b90650fcc56f
TEAM Anywhere & SAN FRANCISCO--(BUSINESS WIRE)--Atlassian Corporation (NASDAQ: TEAM), a leading provider of AI-powered collaboration and team productivity software, introduced the Context Quality Score™, a single metric that quantifies context quality, alongside recommended actions to improve it.AI outputs are only as good as the context behind it. A coding agent, for example, may write working code but still miss a team's design decisions or security rules if it does not have that information.
APi Group Corporation (APG) Q3 2026 Earnings Call October 29, 2026 8:30 AM EDT
Company Participants
Adam Walters - Senior Director of Investor Relations
Russell Becker - CEO, President & Director
Glenn Jackola - Executive VP & CFO
Conference Call Participants
Jonathan Tanwanteng - CJS Securities, Inc.
Jason Haas - Wells Fargo Securities, LLC, Research Division
Jasper Bibb - Truist Securities, Inc., Research Division
Stephanie Benjamin Moore - Jefferies LLC, Research Division
Tomohiko Sano - JPMorgan Chase & Co, Research Division
Timothy Mulrooney - William Blair & Company L.L.C., Research Division
Curtis Nagle - BofA Securities, Research Division
Kathryn Thompson - Thompson Research Group, LLC
Andrew J. Wittmann - Robert W. Baird & Co. Incorporated, Research Division
Joshua Chan - UBS Investment Bank, Research Division
Ashish Sabadra - RBC Capital Markets, Research Division
Andrew Kaplowitz - Citigroup Inc., Research Division
Presentation
Operator
Good morning, ladies and gentlemen, and welcome to APi Group's Third Quarter 2026 Financial Results Conference Call. [Operator Instructions] Please note, this call is being recorded. [Operator Instructions]
I will now turn the call over to Adam Walters, Senior Director of Investor Relations at APi Group. Adam, please go ahead.
Adam Walters
Senior Director of Investor Relations
Thank you. Good morning, everyone, and thank you for joining our third quarter 2026 earnings conference call. Joining me on the call today is Russ Becker, our President and CEO; and David Jackola, our Executive Vice President and CFO.
Before we begin, I would like to remind you that certain statements in the company's earnings press release and on this call are forward-looking statements, which are based on expectations, intentions and projections regarding the company's future performance, anticipated events or trends and other matters that are not historical facts. These statements are not a guarantee of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially
Crypto trading platform Frontrun.pro has publicly asked to buy Blast, offering $50,000 to start a deal and claiming it has a team and prospective investors ready to support the blockchain.
Summary
Frontrun has approached Blast publicly with a proposal to buy the company behind the blockchain. The $50,000 offer is described as a starting point, without a disclosed final purchase price. Prospective investors are unnamed, and the post makes their participation conditional on a company sale. Blast previously announced a wind-down plan, citing operating costs that exceeded its Layer 2 revenue. Frontrun.pro, in an Oct. 29 X post, asked Blast’s team whether it would consider selling the company, saying it had people ready to work on the network and investors willing to put money into it.
Hey @blast team!
Would you consider selling Blast? We have an entire team ready to make your blockchain 10x better.
We also have several investors ready to put their money into Blast, but you have to sell us the company first.
We’re ready to offer $50,000 to get the deal… pic.twitter.com/08iXpajWaR
— frontrun.pro (@frontrunpro) October 29, 2026 The approach was addressed directly to Blast’s account and included a dedicated acquisition contact address. It did not identify a legal entity making the offer, name the proposed investors or set out a transaction timetable.
Blast proposal opens with $50,000 and conditional investor interest The post presented the prospective investment as dependent on a sale, saying the company would first need to change hands before the investors put money into Blast.
“We’re ready to offer $50,000 to get the deal started,” Frontrun wrote.
Its wording did not specify whether that amount represented an initial payment, a negotiating figure, or the full consideration it would ultimately seek to pay. No ownership percentage, payment structure, or list of assets to be acquired appeared in the message.
Although Frontrun claimed it could make the blockchain ten times better, it supplied no technical plan, performance targets or budget supporting that assertion. The post did not describe changes to validators, infrastructure, applications, or the BLAST token.
Neither an acceptance from Blast nor a signed agreement was included in the announcement. The message asked to begin discussions and provided an email address for contact.
Blast’s announced wind-down included a withdrawal interface deadline Earlier this month, crypto.news reported that Blast had announced its shutdown after its team said maintaining the network cost more than the Layer 2 generated in revenue.
In the Oct. 2 announcement described in that report, Blast said it saw no credible route to economic sustainability and asked users to withdraw assets to Ethereum mainnet. The request covered balances in its progressive web app as well as funds on the network.
The announced plan set Oct. 26 as the deadline for using the normal withdrawal interface. Assets were to remain withdrawable afterward through direct interaction with bridge contracts on Ethereum, with instructions promised before the cutoff.
Before resuming withdrawals with a shorter 24-hour delay, the team planned to withdraw Blast’s Lido assets. It estimated that process would take approximately one week, during which user withdrawals would be temporarily unavailable.
Separately, Blast’s public status page displayed its mainnet, block production, public RPC, and batch submission as operational when checked on Oct. 29. The page listed no incidents for that date.
Blast attracted deposits before launching its mainnet Founded by Blur co-founder Tieshun Roquerre, known as Pacman, Blast initially accepted deposits before its mainnet was available.
By December 2023, its deposits surpassed $720 million, according to historical reporting citing DeFiLlama. Users prefunded accounts through a multisignature contract while earning returns on deposited crypto assets.
At that stage, the project combined a native-yield model with an anticipated token airdrop. Its early deposit arrangement attracted scrutiny over the absence of a live mainnet and the use of a multisignature wallet.
In May 2025, Blast ended its Safe integration, citing third-party risk and usability concerns as it prepared its own multisignature wallet functionality.
Users accessing those wallets through Safe’s interface were directed to BrahmaFi’s hosted interface or given the option of hosting their own. At the time, Blast said it was building multisignature functionality directly into Blast Mobile.
As HYPE’s rally continues to push it above $94, the market net asset value multiple (mNAV) of Hyperliquid Strategies (PURR), the HYPE treasury firm, has returned to above 1. Data from the BIT stock platform shows its current mNAV is approximately 1.078, a 7.8% premium over net asset value. PURR is now trading at around $11.66, with an intraday gain of over 17%. Its net asset value per share is roughly $10.81, corresponding to a HYPE price of about $85.96. Today, Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, plans to partner with Trade.xyz to introduce perpetual contract products into regulated U.S. markets.
Hyperliquid’s HYPE has climbed 17.4% to $93.74 on Oct. 29 as NYSE owner Intercontinental Exchange has announced plans for regulated U.S. perpetual futures markets using the blockchain’s infrastructure.
Summary
HYPE trades at $93.74, approximately 4.3% below CoinGecko’s recorded all-time high of $97.96.
ICE plans to operate regulated perpetual markets with trade[XYZ], subject to regulatory approvals.
Five whales opened HYPE long positions worth $52.7 million, according to Lookonchain’s monitoring.
Michaël van de Poppe targets $110–$120 after identifying a recovery above previous support.
CoinGecko showed the token trading within a 24-hour range of $78.11 to $94.35, with its market capitalization at roughly $22.43 billion. The token’s daily trading volume stood at $1.73 billion.
At $93.74, HYPE was approximately 4.3% below CoinGecko’s recorded all-time high of $97.96. Returning to that peak would require a gain of around 4.5% from the quoted price.
HYPE rally follows ICE’s proposed US market
ICE announced a definitive agreement with trade[XYZ] to develop a dedicated U.S. retail market and clearing structure, subject to regulatory approvals.
Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory… https://t.co/rgwG9KjgYI
— Hyperliquid (@HyperliquidX) October 29, 2026
As previously reported by crypto.news, the companies’ planned perpetual futures offering would cover crypto, equities, commodities and foreign exchange.
The exchange operator is taking a minority stake in trade[XYZ] and would exclusively operate its regulated markets. ICE said the proposed business would sit separately from its existing institutional futures and clearing franchise.
Hyperliquid described the division of responsibilities in its announcement on X. The blockchain would supply the underlying infrastructure through HIP-3*, trade[XYZ] would design and implement the markets, and ICE would handle the regulated market and clearing structure.
“Existing trade[XYZ] HIP-3 markets will remain unchanged,” the project wrote.
In the same post, Hyperliquid said independent deployers would retain control and responsibility for their deployments. The announcement described an infrastructure arrangement covering multiple asset classes, without identifying a specific HYPE futures contract among the proposed U.S. products.
Earlier coverage of the agreement recorded trade[XYZ]’s claim that its existing Hyperliquid markets had processed more than $650 billion in cumulative volume in just over a year. The company said further details about contracts, customer eligibility and launch timing would follow as regulatory approvals progressed.
Whales open $52.7 million in HYPE longs
Lookonchain reported that five whales opened HYPE long positions totaling 597,912 tokens, valued at $52.7 million, over several hours.
The analytics firm identified the activity as long positions. Its published alert did not provide a matching measure of spot purchases or a complete market-wide breakdown of the buying behind the day’s rally.
Michaël van de Poppe linked his bullish outlook to HYPE’s recovery after a sweep of earlier lows. In his X post, the analyst said the token had reclaimed a previous support level and recovered to $85.
“Matter of time until this pushes towards that $110-120 level,” he wrote.
Measured against the $93.74 CoinGecko quote, his target range would imply gains of approximately 17.3% to 28%. The analyst’s post used an earlier price reference and did not establish a deadline for reaching either level.
Altcoin Sherpa described the ICE-related development as a possible catalyst for another HYPE rally. His accompanying chart illustrated a projected upward path after trading around a highlighted support zone.
“This might have been what’s needed to spark its next run,” he wrote, while describing the token as relatively strong during recent choppy trading.
Payward has proposed a separate regulated route
A separate proposal from Kraken parent Payward would use Hyperliquid for U.S. onchain perpetual futures through its own regulated entities.
Payward’s Sept. 16 announcement assigned Bitnomial responsibility for creating and administering the markets and clearing and settling contracts. NinjaTrader Clearing would carry customer accounts, while Hyperliquid’s public blockchain would match and record trades.
Access would be limited to customers onboarded by NinjaTrader and included on both NinjaTrader’s and Bitnomial’s allowlists, according to the company. Payward said the contracts would be listed under Bitnomial Exchange’s rules, subject to regulatory approval.
The Oct. 26 account of Hyperliquid’s permissioned-market proposal described an initial HIP-3* release on testnet, with specifications still preliminary. Support for the optional configuration was planned through a future network upgrade.
The same reporting described market definitions, contract specifications, oracle prices, and leverage limits as responsibilities assigned to deployers in Hyperliquid’s documentation. Separate deployed perpetual exchanges have their own margining, order books, and settings.
Payward named Bitnomial Exchange as a CFTC-regulated designated contract market, Bitnomial Clearinghouse as a registered derivatives clearing organization, and NinjaTrader Clearing as a registered futures commission merchant. Its announcement placed the regulatory obligations with the participating exchange, clearinghouse, and brokerage entities.
Multicoin’s HYPE investment predates the rally
Institutional interest in the token preceded Thursday’s announcement. An Oct. 19 report identified HYPE as Multicoin Capital’s largest hedge-fund position, citing general partner Spencer Applebaum’s interview with Bloomberg. The fund did not disclose its position size.
Multicoin’s own June 25 investment note said it had initiated a large position early in 2026 and continued accumulating. Authors Spencer Applebaum, Shayon Sengupta and Tushar Jain described HYPE as one of the largest positions in the firm’s liquid fund.
Their investment thesis included HIP-3 markets covering commodities, equity indexes and individual stocks, alongside potential expansion into options and prediction markets.
The June note projected a $319 token price by 2028 using assumptions of roughly $8 billion in annual earnings and a 20-times multiple. Multicoin listed regulation, competition, governance, bad debt, and technical integration among the risks addressed in its research.
Elon Musk has shown interest in a social media post by billionaire investor Stanley Druckenmiller regarding his investment in bringing Hyperliquid-native perpetuals to the United States. This move highlights a potential shift in institutional interest in decentralized derivatives, as Hyperliquid and trade[XYZ] aim to establish a U.S. venue for perpetual futures in crypto and other assets. The initiative, backed by Druckenmiller, is contingent upon receiving approval from the Commodity Futures Trading Commission (CFTC). The announcement has coincided with a notable increase in the value of Hyperliquid’s HYPE token, suggesting positive market sentiment.
Key Takeaways Elon Musk’s interest in Druckenmiller’s investment suggests increased attention on decentralized derivatives in the U.S. Hyperliquid’s HYPE token experienced a 9–13% increase, indicating positive reception among market participants. The development of a U.S. venue for perpetual futures by trade[XYZ] is contingent on CFTC approval. What to Watch Markets will be closely monitoring the CFTC’s decision regarding the approval of trade[XYZ]’s proposal. A positive outcome could further align market sentiment with a YES scenario in the ongoing Bitcoin price prediction markets. Additionally, any further statements from influential figures like Elon Musk or Druckenmiller could serve as a catalyst for market movements.
Term Structure
Contract Odds Δ since publish Volume 24h December 31 0.9% 0.0¢ $816 View market → December 31 1.1% +0.1¢ $5 View market → December 31 1.7% +0.1¢ $9K View market → December 31 2.6% 0.0¢ $3K View market → December 31 4.5% 0.0¢ $2K View market → January 1 2027 15.5% 0.0¢ $19K View market → January 1 2027 4% 0.0¢ $24K View market → January 1 2027 1.2% 0.0¢ $2K View market → January 1 2027 0.9% 0.0¢ — View market → January 1 2027 1.1% +0.3¢ $703 View market → January 1 2027 1.5% +0.1¢ — View market → January 1 2027 2.9% 0.0¢ $1K View market → January 1 2027 8% -0.5¢ $12K View market → January 1 2027 9.5% 0.0¢ $47K View market → January 1 2027 2.1% 0.0¢ $6K View market → January 1 2027 0.4% -0.1¢ $460 View market → January 1 2027 0.7% 0.0¢ $58 View market → January 1 2027 7.5% 0.0¢ $30K View market → January 1 2027 3.1% +0.5¢ $2K View market → January 1 2027 1.6% -0.2¢ $227 View market → January 1 2027 0.9% 0.0¢ $32 View market → January 1 2027 0.6% +0.1¢ $50 View market → January 1 2027 0.4% -0.1¢ — View market → January 1 2027 0.3% 0.0¢ $603 View market → January 1 2027 0.1% 0.0¢ $15K View market → January 1 2027 24% -3.5¢ $10K View market → January 1 2027 33% -0.5¢ $6K View market → January 1 2027 20.5% +1¢ $19K View market → Updated 11min ago
In brief Intercontinental Exchange will be the exclusive operator of Trade[XYZ]'s regulated markets and is taking a strategic stake in the company, subject to regulatory approvals and with no launch date. HYPE rose from a daily open of $80.69 to a high of $92.10 on KuCoin, about 7% below its September record near $98. The Fed held rates at 3.75% to 4% in a 10-2 vote, with two officials wanting a hike, while WTI crude traded near $100 and the 10-year Treasury yield sat at about 5%. HYPE, the token behind the Hyperliquid exchange, jumped about 13% on Thursday to roughly $91 after Intercontinental Exchange, the owner of the New York Stock Exchange, announced a deal to bring Hyperliquid-based perpetual futures to the United States.
The token climbed from a daily open of $80.69 to a high of $92.10 on KuCoin, leaving it about 7% below the record near $98 it set in September. Hyperliquid’s token now trades at around a $22.4 billion market capitalization.
Myriad: Will Hyperliquid flip Solana? Click to make your prediction.ICE and Trade[XYZ], a company that runs markets for real-world assets on Hyperliquid, signed a definitive agreement that makes ICE the exclusive operator of Trade[XYZ]'s regulated markets, and ICE is taking a strategic stake in the company.
ICE will build a dedicated retail market and clearing structure for the product, which still needs regulatory approvals and has no launch date.
Perpetual futures are derivatives with no expiry date that let traders take leveraged positions, meaning bets amplified with borrowed money. Trade[XYZ] already offers eligible users outside the U.S. around-the-clock perpetuals on stocks, equity indices, commodities and currencies, while Hyperliquid provides the underlying infrastructure.
Stan Druckenmiller, the macro investor who ran the Duquesne Capital hedge fund for about 30 years and said it never had a losing year, publicly backed the deal as an investor in Trade[XYZ]. “I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States,” Druckenmiller wrote on X. “As a market participant, I am looking forward to using their innovative product to enhance my investment process.
The U.S. markets are meant to comply with know-your-customer and anti-money-laundering rules, which require identity checks, and ICE will seek approvals to support leveraged trading.
Verified customers would connect through futures commission merchants, the brokers that handle customer futures accounts, and ICE plans to distribute the product through its joint venture with OKX, which has its own approvals pending. ICE bought into OKX at a $25 billion valuation in March.
ICE Chair and CEO Jeffrey Sprecher described the perpetuals as “additive to our futures markets, not a replacement for them.” ICE says more than 99% of its participation today is institutional, so retail traders are a new business, and it will run the unit separately from its institutional futures and clearing franchise.
President Donald Trump said in August that the CFTC was working to let Hyperliquid operate legally in the United States, where the exchange is currently geofenced.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Join 72,000+ readers
Create an account to save your articles.
Add on Google
Add Decrypt as your preferred source to see more of our stories on Google.
According to HTX market data, alongside HYPE’s rally, Kinetiq, a liquid staking protocol in the Hyperliquid ecosystem, its token KNTQ has broken above $0.5, rising over 15% in the past six hours, with its market cap hitting a new high of over $156 million.
Relevant content
Canton plans to launch tokenized US stock trading as early as November 2, and is expected to become the first such case under the SEC's new rules.
Nasdaq-listed Canton Strategic Holdings (CNTN) announced an agreement with TSV, a permissioned tokenized securities trading platform on the Canton Network, to offer its common stock for trading in issuer-initiated tokenized form. The target launch date is as early as November 2, and the company expects this to become the first compliant tokenized onshore U.S. equities case under the U.S. Securities and Exchange Commission (SEC)’s Innovation Exemption Framework. The tokenized shares are issued by Fairmint, an SEC-registered on-chain transfer agent that maintains ownership records, with holders entitled to the same rights as Nasdaq stockholders. The trading will run via the Tradecraft protocol as an automated market maker (AMM), enabling nearly 24/7 trading and atomic settlement. Participants must complete identity verification and sanctions screening. The issuer-initiated model avoids the objection and notification processes typical of third-party tokenization schemes.
3 hours ago
HYPE continues its rally, breaking through $97, and is just $1 away from hitting a new all-time high.
According to HTX market data, HYPE has continued its rally, breaking through the $97 mark, surging over 20% in 7 hours, and is only $1 away from hitting a new all-time high. Earlier news, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, plans to partner with Trade.xyz to introduce perpetual contract products into the U.S. regulated market.
3 hours ago
Strategy Perpetual Preferred Stock (STRC) rises to $99.95.
Strategy’s third-quarter financial results are upcoming, and its perpetual preferred stock STRC has climbed to $99.95, its highest level in 165 days. STRC is designed to trade around $100 via a floating dividend mechanism. When STRC nears par value, the company can raise capital through at-the-market (ATM) share issuances to purchase bitcoin — a route the market commonly dubs the "bitcoin money printer". Previously, after STRC fell below par value, such ATM offerings were temporarily halted.
3 hours ago
Axis Robotics Responds to AXIS Token Sell-Off: Suspects Over-the-Counter (OTC) Counterparties Defaulted on Sell Orders, Team and Investor Tokens Remain Untouched
Axis Robotics has issued a statement addressing the massive on-chain sell-off of AXIS tokens that took place between October 28 and 29. The project clarified that a total of 835 million AXIS tokens—accounting for 83.5% of the total supply, held by its core team, investors, and other locked allocations—remain stored in a vesting contract co-managed with Binance, which is verifiable on-chain. No tokens from these locked pools will be unlocked before the 12-month cliff period, and the recent sell-off was not driven by the team or investors exiting positions.
The project added that the sold tokens originated from the initial circulating supply outlined in its publicly released token economics, part of the ecosystem allocation. Given that some ecosystem recipients are not crypto-native users, the allocation was delivered via a single over-the-counter (OTC) counterparty under a written agreement with lock-up clauses. The sales were processed through exchange deposit routes and executed across hundreds of new addresses within hours of delivery. The project suspects the counterparty likely offloaded the tokens on the open market.
Earlier, on-chain detective ZachXBT disclosed that insider addresses linked to Axis Robotics (AXIS) dumped tokens, triggering a roughly 40% plunge in the token’s price.
3 hours ago
The Canadian government and Nvidia have participated in Cohere's financing round, with the latter's valuation exceeding $20 billion.
Canadian AI model startup Cohere is undertaking a large-scale financing round, with a valuation of $20.5 billion — roughly triple its value a year ago. Cohere announced Thursday that it has completed the first tranche of this financing round, with a total expected size of up to $50 billion. It has secured investment commitments from backers including the Canadian government and NVIDIA, and the $6 billion investment from European retail giant Schwarz Group, previously disclosed, is also included. The Canadian government has agreed to invest up to $1.14 billion in Cohere. Canadian Prime Minister Mark Carney stated that Cohere plans to retain its headquarters in Canada and expects to build new computing infrastructure in the country by 2030, with an investment of around $1.2 billion. If the financing round is successfully completed, it will become the largest private financing in Canadian history, far exceeding previous records.
3 hours ago
Alphabet’s quarterly report filings disclose its AI exposure exceeds $1 trillion, with over one-third of the growth in its unfulfilled cloud contracts coming from joint ventures.
According to Bloomberg, Google parent company Alphabet's quarterly filing submitted on Thursday revealed artificial intelligence-related risk exposures not covered in the prior day's earnings call, and showed its AI risk exposure surpassed $1 trillion. Alphabet cited rapid growth in cloud service demand, with the expansion of its unfulfilled cloud contracts as evidence. Bloomberg noted that over a third of the growth in the quarter's unfulfilled cloud contracts came from a joint venture in which Alphabet holds a partial stake.
The BHYP fund, which holds and stakes HYPE tokens, drew heavy early volume on NYSE Arca
The Bitwise Hyperliquid ETF traded more than $40 million in its first three hours of trading.
What BHYP actually holds The fund trades on NYSE Arca under the ticker BHYP. It carries CUSIP 09175T106, for anyone who likes their identifiers precise.
BHYP holds HYPE directly. HYPE is the native token of Hyperliquid, a blockchain built for trading derivatives.
The fund stakes approximately 70% of its holdings, with that share subject to monthly liquidity reviews.
Staking means locking up tokens to help secure a network in exchange for rewards. It works a bit like earning interest on a deposit, except the bank is a blockchain and the interest is paid in more tokens.
The roughly 30% left unstaked serves a practical purpose. ETFs need to handle redemptions, and staked tokens can’t always be pulled out instantly.
In-house staking and a 0% net fee Bitwise handles staking through its own unit, Bitwise Onchain Solutions. According to the research findings, that makes BHYP the first US-based spot ETF to include in-house staking through that arm.
The fund lists a sponsor fee of 0.34%, but a net expense ratio of 0% after waivers.
Why Hyperliquid, and why now Hyperliquid is not a sleepy corner of crypto. The network recorded around $2.9 trillion in onchain derivatives trading volume in 2025.
Hyperliquid also holds a significant share of open interest in onchain derivatives.
The research findings characterize investor interest as strong relative to peer altcoin ETF launches. The first-session volume figure fits that picture.
What this means for investors and issuers The $40 million figure measures trading volume, not net new money. Volume counts every share that changed hands, including market makers seeding liquidity and traders flipping positions within the same session.
The staking structure adds another layer for investors to weigh. The 70% staked figure, and the monthly reviews governing it, will be worth watching. If redemptions surge, Bitwise’s liquidity buffer becomes the fund’s most important feature.
The fee waiver deserves attention too. A 0% net expense ratio is a strong hook, but waivers can expire, and the 0.34% sponsor fee sits underneath.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Elon Musk called the Hyperliquid and TradeXYZ partnership "interesting" Thursday, reposting Stan Druckenmiller’s comments and sending HYPE up as much as 17%.
Why Musk’s Repost Added Fresh Fuel to the RallyMusk posted a single word, "interesting," on X while reposting Druckenmiller’s endorsement of TradeXYZ’s new deal with Intercontinental Exchange to bring regulated perpetual futures on Hyperliquid to US traders.
As Benzinga reported Thursday, Druckenmiller said he’s an investor in TradeXYZ and looks forward to using the product to enhance his own investment process, a comment that initially pushed Hyperliquid Strategies (NASDAQ:PURR) up 10% to 11%.
Following Musk’s repost, HYPE extended those gains further, climbing to roughly 16% to 17% on the day.
Intercontinental Exchange (NYSE:ICE) confirmed the partnership Thursday, announcing it will operate US regulated versions of TradeXYZ’s existing Hyperliquid markets.
The new venue runs separately from ICE’s institutional futures business and targets retail participation specifically, offering 24/7 trading across crypto, equities, commodities and forex once regulatory approvals clear.
Why Trump’s Earlier Support Set the StageAs Benzinga reported earlier, President Donald Trump first put Hyperliquid in the spotlight at an Aug. 20 White House crypto meeting, saying his administration was "working hard" to bring the decentralized exchange to the US market "in a fully compliant and legal fashion."
That comment alone sent Hyperliquid Strategies shares up 33% that day, and the stock gained 94% for the month of August overall, according to Benzinga Pro data.
Trump reiterated his support for a compliant US regulatory structure in the weeks that followed, and the stock surged again after each round of comments.
Former Binance CEO Changpeng Zhao said at the time that the move could set a precedent for how other decentralized platforms pursue U.S. market access, framing it as a broader regulatory signal beyond just Hyperliquid itself.
Hyperion DeFi (NASDAQ:HYPD) CEO Hyunsu Jung told Benzinga in September that Trump’s endorsement was "extremely positive," specifically citing the CFTC’s willingness to clear a regulatory path for Hyperliquid in the US.
What This Means for HYPE’s Momentum NowThursday’s ICE and TradeXYZ announcement builds directly on that regulatory groundwork Trump’s administration helped establish earlier this year.
With Druckenmiller’s investor backing and now Musk’s public nod, Hyperliquid continues drawing attention from high-profile market figures as it pushes toward full US regulatory approval for its perpetual futures products.
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
Hyperliquid’s native token HYPE surged about 20% Thursday after New York Stock Exchange owner Intercontinental Exchange (ICE) announced plans for US perpetual futures with Trade[XYZ], whose investors include billionaire Wall Street investor Stanley Druckenmiller.
HYPE traded above $96 at the time of writing, up by around 20% in the past 24 hours, according to CoinGecko, flirting with September’s all-time record of $97.96.
Perpetual futures allow traders to take positions on asset prices without an expiration date. Hyperliquid is the largest decentralized exchange in the world to trade such instruments, DefiLlama data shows.
HYPE surged about 20% on Thursday. Source: CoinGeckoThe companies said Thursday they would seek regulatory approval for markets covering cryptocurrencies, stocks, indexes, commodities and currencies. The proposed market would target retail traders. ICE said it would operate separately from its institutional futures business, with a dedicated clearing structure.
More than 99% of participation in its markets is institutional, ICE said, with the separate clearing structure intended to shield existing customers from retail counterparty risks.
The proposal would give US retail traders a regulated route to Hyperliquid-based perpetual futures, and ICE a new route into retail trading. President Donald Trump said on Aug. 19 that Commodity Futures Trading Commission (CFTC) Chair Michael Selig was working to bring Hyperliquid into the country in a “fully compliant and legal fashion.”
Druckenmiller investment draws Musk reaction“I am excited to be an investor in trade(xyz),” Druckenmiller wrote on X, adding that he looked forward to using its products.
Elon Musk also drew attention to the agreement, sharing Druckenmiller’s post with the one-word comment “Interesting.”
ICE is taking a minority stake in Trade[XYZ], but disclosed neither the investment amount nor a launch date. Cointelegraph reached out to ICE and Trade[XYZ] for comment but had not received a response by publication.
Customers would undergo identity and Anti-Money-Laundering checks and trade through participating futures brokers.
Distribution is expected through ICE’s joint venture with OKX, pending separate approvals. ICE invested in OKX at a $25 billion valuation in March.
OKX venture faces issuer objectionsMeanwhile, ICE’s separate tokenized stock venture with OKX has disclosed objections from 38 companies, up from 26 reported by Cointelegraph on Oct. 27.
Its Oct. 28 notice adds Walmart, Eli Lilly, Carnival, Arcos Dorados and Cigna. However, those objections concern tokenized shares, while the Trade[XYZ] proposal involves perpetual futures and remains subject to separate regulatory approvals.
The regulatory opening remains conditional. The CFTC approved Kalshi’s Bitcoin perpetual contract in May, but said perpetuals referencing other asset classes should receive case-by-case review.
Magazine: HYPE price could suffer as Binance takes its revenue: Alice Liu
Hyperliquid’s native token HYPE surged about 20% Thursday after New York Stock Exchange owner Intercontinental Exchange (ICE) announced plans for US perpetual futures with Trade[XYZ], whose investors include billionaire Wall Street investor Stanley Druckenmiller.
HYPE traded above $96 at the time of writing, up by around 20% in the past 24 hours, according to CoinGecko, flirting with September’s all-time record of $97.96.
Perpetual futures allow traders to take positions on asset prices without an expiration date. Hyperliquid is the largest decentralized exchange in the world to trade such instruments, DefiLlama data shows.
HYPE surged about 20% on Thursday. Source: CoinGeckoThe companies said Thursday they would seek regulatory approval for markets covering cryptocurrencies, stocks, indexes, commodities and currencies. The proposed market would target retail traders. ICE said it would operate separately from its institutional futures business, with a dedicated clearing structure.
More than 99% of participation in its markets is institutional, ICE said, with the separate clearing structure intended to shield existing customers from retail counterparty risks.
The proposal would give US retail traders a regulated route to Hyperliquid-based perpetual futures, and ICE a new route into retail trading. President Donald Trump said on Aug. 19 that Commodity Futures Trading Commission (CFTC) Chair Michael Selig was working to bring Hyperliquid into the country in a “fully compliant and legal fashion.”
Druckenmiller investment draws Musk reaction“I am excited to be an investor in trade(xyz),” Druckenmiller wrote on X, adding that he looked forward to using its products.
Elon Musk also drew attention to the agreement, sharing Druckenmiller’s post with the one-word comment “Interesting.”
ICE is taking a minority stake in Trade[XYZ], but disclosed neither the investment amount nor a launch date. Cointelegraph reached out to ICE and Trade[XYZ] for comment but had not received a response by publication.
Customers would undergo identity and Anti-Money-Laundering checks and trade through participating futures brokers.
Distribution is expected through ICE’s joint venture with OKX, pending separate approvals. ICE invested in OKX at a $25 billion valuation in March.
OKX venture faces issuer objectionsMeanwhile, ICE’s separate tokenized stock venture with OKX has disclosed objections from 38 companies, up from 26 reported by Cointelegraph on Oct. 27.
Its Oct. 28 notice adds Walmart, Eli Lilly, Carnival, Arcos Dorados and Cigna. However, those objections concern tokenized shares, while the Trade[XYZ] proposal involves perpetual futures and remains subject to separate regulatory approvals.
The regulatory opening remains conditional. The CFTC approved Kalshi’s Bitcoin perpetual contract in May, but said perpetuals referencing other asset classes should receive case-by-case review.
Magazine: HYPE price could suffer as Binance takes its revenue: Alice Liu
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The native token of the DeFi ecosystem Hyperliquid (HYPE) demonstrated a rapid surge, recording a daily gain of 20%. In Thursday trading, the asset's price settled at $95.49, stopping one step away from its all-time high.
The large-scale rally was unexpectedly triggered by Elon Musk, namely his reaction to a tweet by Druckenmiller, which, no less unexpectedly, became the Wall Street legend's first-ever post on the former Twitter, now X, which Musk owns. The platform's owner quoted the post with the laconic word "Interesting."
Why a Wall Street legend needs decentralized financeIn his debut post, Stanley Druckenmiller, who managed billion-dollar funds in the traditional market, announced that he had become an investor in the fintech startup trade[xyz]. The reason for the deal was the project's agreement with Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE).
The partners intend to launch regulated round-the-clock (24/7) trading of perpetual futures contracts (perpetuals) in the U.S. Druckenmiller emphasized that, as an active market participant, he plans to personally use this product in his trading processes to optimize investment decisions.
You Might Also Like
The news instantly brought HYPE's daily trading volume to $796 million, lifting Hyperliquid's capitalization above $24.2 billion (9th place in the global ranking). The project fundamentally stands out with its Zero-VC model (without the participation of classic venture funds), where more than 76% of the supply is distributed to the community.
5-minute HYPE/USD price chart showing a vertical rally following Elon Musk's tweet, Source: TradingViewThe synergy of entering the U.S. market through ICE, Druckenmiller's authority and Musk's attention allowed the asset to test peak price values with an FDV of $90.7 billion.
What Elon Musk's artificial intelligence has to do with itThe founder of trade[xyz], under the pseudonym shadow, publicly responded to Musk's comment, proposing that the head of X combine onchain derivatives infrastructure with the algorithms of his AI company xAI. The developer stated that the emergence of strong AI (AGI) in capital markets is inevitable, and live trading will become its main benchmark.
According to shadow, a transparent distributed ledger in the style of Hyperliquid is the optimal mathematically secure environment for a superintelligent search for the fair price.
Yan, a notable figure in the cryptocurrency sector, has expressed confidence in Hyperliquid’s growth, highlighting Wall Street’s increasing involvement as a catalyst for expansion. This statement aligns with recent trends where institutional investors are reportedly increasing their capital allocation to onchain activities, particularly in decentralized finance (DeFi) protocols like Hyperliquid. The Hyperliquid protocol, known for its decentralized perpetual-futures platform, has seen its native token, HYPE, priced between $79 and $96. This price range is set against a backdrop of a reported market capitalization of $20 billion to $26 billion and significant daily volumes.
Key Takeaways Market activity suggests Yan’s statement is consistent with support for a YES outcome in the Hyperliquid prediction market. The 83.5% YES pricing for Hyperliquid reaching $100 by December 31, 2026, indicates strong market confidence in upcoming growth. Wall Street’s entry into the DeFi space is seen as a major indicator of increased capital flow into Hyperliquid. What to Watch Observers will closely monitor institutional moves and any official announcements regarding increased Wall Street participation in DeFi. Developments such as partnerships or strategic investments in Hyperliquid could further influence market sentiment. Additionally, fluctuations in the HYPE token’s price, particularly any movement towards the $100 mark, will be key indicators of market confidence in Yan’s growth expectations.
What Price Will Hyperliquid Hit Before 2027
Contract Odds Δ since publish Volume 24h December 31 82.5% -2¢ $40K View market → January 1 2027 2.4% 0.0¢ $29 View market → January 1 2027 1.3% 0.0¢ — View market → January 1 2027 2.9% 0.0¢ — View market → January 1 2027 1% 0.0¢ — View market → January 1 2027 5.6% 0.0¢ — View market → January 1 2027 3.4% 0.0¢ $30 View market → January 1 2027 2.5% 0.0¢ $310 View market → January 1 2027 6.5% 0.0¢ $2K View market → January 1 2027 8% 0.0¢ $4K View market → January 1 2027 22.5% 0.0¢ $1K View market → January 1 2027 14.5% +1.5¢ $2K View market → January 1 2027 31% -2.5¢ $4K View market → January 1 2027 49.5% 0.0¢ $2K View market → When Will Bitcoin Hit 150k
Contract Odds Δ since publish Volume 24h December 31, 2026 2.4% 0.0¢ $13 View market → Updated 7min ago
Hyperliquid’s native token HYPE surged 20% within a single day, trading at $95.49 during Thursday’s session. This move brought HYPE to within close reach of its all-time high, fueled by a confluence of high-profile comments on X and major developments in the decentralized finance (DeFi) sector.
Wall Street giant Druckenmiller backs DeFi ventureStanley Druckenmiller, a renowned American investor and former hedge fund manager, made his debut on X by announcing his investment in fintech startup trade[xyz]. Druckenmiller has steered billion-dollar funds throughout his career and is widely regarded for his market expertise. He explained that his investment followed an agreement between trade[xyz] and Intercontinental Exchange (ICE), which owns the New York Stock Exchange.
Through this partnership, trade[xyz] and ICE plan to launch regulated, round-the-clock trading of perpetual futures contracts for the US market. Druckenmiller noted his intention to personally use this new product, underscoring the innovation’s appeal for investment strategy optimization.
In Druckenmiller’s view, the collaboration with ICE allows for regulated 24/7 trading of onchain perpetuals in the US, a move he intends to leverage in his own market operations.
Hyperliquid stands out in the DeFi landscape with a Zero-VC approach, meaning it forgoes traditional venture capital funding. More than 76% of HYPE’s total supply is allocated directly to the community, highlighting its decentralized distribution model.
As news of Druckenmiller’s involvement spread, Hyperliquid’s trading volume rapidly climbed to $796 million, pushing the project’s market capitalization beyond $24.2 billion. This milestone placed Hyperliquid ninth globally among digital assets. The entry into the US through ICE, Druckenmiller’s endorsement, and a boost from Elon Musk on X saw the token’s fully diluted valuation rise to $90.7 billion.
MetricBefore SurgeAfter SurgeDaily Trading VolumeN/A$796 millionMarket CapBelow $24.2 billion$24.2 billionGlobal Crypto RankN/A9thFully Diluted Valuation (FDV)Below $90.7 billion$90.7 billionMini dictionary: Intercontinental Exchange (ICE) is a leading American operator of global exchanges and clearing houses, best known as the parent company of the New York Stock Exchange.
Elon Musk, xAI, and DeFi integrationShortly after Druckenmiller’s post, Elon Musk, owner of X and founder of companies such as SpaceX and Tesla, responded to the announcement with a succinct “Interesting,” drawing immediate attention to the development.
In response, shadow, the pseudonymous founder of trade[xyz], invited Musk to explore merging onchain derivatives infrastructure with technology from Musk’s artificial intelligence company, xAI. Shadow suggested that artificial general intelligence (AGI), or highly autonomous AI, will become essential to capital markets and sees live trading as a prime benchmark for AGI evolution.
According to shadow, a transparent and distributed ledger architecture like Hyperliquid’s offers a mathematically secure setting for AGI-driven price discovery in financial markets.
Shadow argued that with the rise of superintelligent systems, onchain platforms such as Hyperliquid provide the optimal environment for fair and transparent price finding.
Mini dictionary: xAI is an artificial intelligence startup founded by Elon Musk, focused on developing advanced AI models with opportunities for integration across multiple technologies and platforms.
TLDR ICE has partnered with TradeXYZ to introduce regulated Hyperliquid perpetual futures in the United States. The HYPE price surged about 15% to $91.21 following the October 29 announcement. ICE will operate the proposed regulated markets, while TradeXYZ will develop the contracts. Hyperliquid’s HIP-3 technology will support perpetual futures linked to cryptocurrencies and traditional assets. ICE is taking a minority stake in TradeXYZ as part of the agreement. Intercontinental Exchange (ICE), parent of the New York Stock Exchange, has partnered with TradeXYZ to propose regulated U.S. perpetual futures on Hyperliquid. The October 29 announcement lifted the HYPE price, but the market still needs regulatory approval.
ICE Sets Out Plans for U.S. Trading ICE would operate the exchange and its clearing system, which settles trades. TradeXYZ would develop contracts, while Hyperliquid would provide HIP-3 technology. Markets could cover cryptocurrencies, stocks, indices, commodities, and foreign currencies.
ICE will take a minority stake in TradeXYZ. The investment amount remains undisclosed. The company plans to keep retail trading separate from its institutional futures business.
The agreement follows Payward’s proposal for regulated Hyperliquid trading on October 26. Payward, Kraken’s parent, plans to use its Bitnomial exchange and clearinghouse for U.S. markets. That project also awaits approval.
How the Proposed Perpetual Markets Work Perpetual futures have no expiry date, unlike standard futures contracts. Traders can keep positions open while meeting margin rules. Leverage can increase both profits and losses. TradeXYZ already offers around-the-clock contracts on traditional assets outside the United States.
U.S. customers would face identity and anti-money-laundering checks. ICE expects access through registered brokers and its OKX joint venture. The joint venture still needs separate U.S. regulatory approvals.
ICE CEO Jeffrey Sprecher said, “We see these perp markets as additive to our futures markets, not a replacement for them.”
Separately, Hyperliquid co-founder Jeff Yan described the network as shared infrastructure, not a direct exchange rival.
HYPE Price Advances After ICE Announcement The HYPE price rose about 15% to $91.21 following the announcement. The token remained below its September record of $97.96. ICE and TradeXYZ have not announced a launch date for the regulated U.S. service.
TradeXYZ reports more than $650 billion in trading volume across its Hyperliquid markets in just over a year. Those figures cover its existing business, not the proposed U.S. operation. Billionaire investor Stanley Druckenmiller also said he had invested in TradeXYZ and wanted to use its products.
In a recent assessment of HYPE’s competition, BitMEX co-founder Arthur Hayes warned that HYPE could trail Ether and Zcash, even with demand for decentralized perpetual futures. The comments preceded Thursday’s announcement. The Commodity Futures Trading Commission issued guidance and limited relief concerning certain perpetual contracts in May.
Stanley Druckenmiller’s recent investment announcement has catalyzed a significant surge in Hyperliquid Strategies shares, which rose by 19% following the news. The prominent investor’s decision to back Trade[XYZ], a partner with Intercontinental Exchange, has brought attention to Hyperliquid’s Layer-1 blockchain technology. This development underscores a growing institutional interest in crypto-linked stocks, especially those involved with innovative financial products like perpetual futures. The investment move appears to have substantially boosted confidence in Hyperliquid, impacting both its stock and native HYPE token.
Key Takeaways
The announcement of Stanley Druckenmiller’s investment in Trade[XYZ] appears to have driven Hyperliquid Strategies shares up by 19%.
Market pricing suggests that this investment has increased confidence in Hyperliquid, with a significant shift in odds for Hyperliquid reaching $100 by year-end.
Hyperliquid’s HYPE token has also seen a price increase, reflecting the broader impact of Druckenmiller’s endorsement on the market.
What to Watch
Watch for any further developments in the partnership between Trade[XYZ] and Intercontinental Exchange, which could further influence Hyperliquid’s market performance. Regulatory decisions regarding the U.S. launch of perpetual futures could also be a critical factor in determining future price movements. Additionally, any follow-up announcements from prominent investors like Druckenmiller could provide further momentum to Hyperliquid’s competitive position.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of TENB 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.
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.
Shares of Tenable Holdings Inc (NASDAQ:TENB) reversed course Thursday after opening lower following third-quarter financial results released Wednesday after the market close. Tech analyst Dan Ives could be one of the reasons for the reversal.
Key Takeaways Quanta's Q3 adjusted EPS surged 82% to $6.06, beating estimates by 20.5%, while revenues jumped 57.4%.Electric segment revenues soared 58.8% to $9.80 billion, while total backlog hit a record $63.7 billion.PWR raised its 2026 revenue outlook to $41.30-$41.60 billion and adjusted EPS guidance to $17.90-$18.30.
Quanta Services, Inc. (PWR - Free Report) reported impressive third-quarter 2026 results, with adjusted earnings and revenues surpassing the Zacks Consensus Estimate. Performance benefited from robust demand for grid, power generation and technology infrastructure, increased self-performed project scope, efficient resource utilization and strong execution across both segments.
Shares of this leading provider of specialty contracting and infrastructure solutions gained more than 5% following its earnings release.
PWR's Earnings and Revenue DiscussionQuanta reported adjusted earnings of $6.06 per share for the third quarter of 2026, representing an 82% increase from $3.33 in the year-ago period. The figure surpassed the Zacks Consensus Estimate of $5.03 by 20.5%.
Revenues surged 57.4% year over year to $12.01 billion from $7.63 billion, exceeding the consensus estimate of $10.99 billion by 9.4%. Strong demand across infrastructure markets and contributions from acquisitions supported the top-line growth.
Organic revenues increased 37.1% year over year, reflecting robust demand for grid, power generation, technology and load center solutions. Meanwhile, total backlog reached a record $63.7 billion, supported by broad-based customer demand and new project awards.
Adjusted EBITDA advanced 68.8% year over year to $1.45 billion from $858.3 million. GAAP earnings increased 103.1% to $4.55 per share from $2.24. Net income attributable to common stock climbed 104.7% to $694.9 million.
Quanta's Electric Segment Leads GrowthElectric Infrastructure Solutions (81.6% of quarterly revenues) generated revenues of $9.80 billion, up 58.8% year over year. Organic revenues increased approximately 39%, while businesses acquired over the past 12 months contributed approximately $1.20 billion. Growth reflected sustained demand across grid, generation, technology and load center solutions.
Segment operating income increased 75.9% to $1.24 billion from $703.8 million. Operating margin expanded to 12.6% from 11.4%, driven by increased project scope, self-performed solutions, efficient resource utilization and solid execution.
Underground Utility and Infrastructure Solutions (18.4% of quarterly revenues) reported revenues of $2.22 billion, increasing 51.8% year over year. Organic revenue growth was 29%, while acquisitions over the past 12 months contributed approximately $335 million.
Segment operating income rose 70.2% to $208.0 million from $122.2 million. Operating margin improved to 9.4% from 8.4%, primarily reflecting strong performance in industrial and mechanical operations.
Quanta's Operating Margins ExpandConsolidated operating income increased 98.5% year over year to $1.03 billion from $517.2 million. Operating margin widened to 8.5% from 6.8%, benefiting from improved profitability across both operating segments.
Corporate and non-allocated costs increased to $419.5 million from $308.8 million. These included amortization expenses of $188.6 million compared with $133.2 million and non-cash stock-based compensation of $67.9 million compared with $46.9 million a year earlier.
PWR's Record Backlog Strengthens VisibilityElectric segment backlog reached a record $51.9 billion, supported by broad-based customer demand. The quarter included a major power generation and grid infrastructure program with NiSource, although this program did not account for most of the backlog increase.
Underground and Infrastructure backlog reached a record $11.8 billion, including approximately $1.30 billion associated with third-quarter acquisitions. Consolidated 12-month backlog climbed to $38.4 billion, while remaining performance obligations reached $41.8 billion, supporting multi-year revenue visibility.
Quanta Generates Strong Cash Flow and LiquidityCash provided by operating activities increased to $1.45 billion from $563.5 million a year earlier. Free cash flow improved to $1.20 billion from $438.1 million, supported by favorable working-capital dynamics, particularly across technology and load center and power generation projects.
Quanta ended September with $2.32 billion in cash and approximately $5.20 billion of liquidity. Its net debt-to-EBITDA ratio improved to 1.30X from 1.95X at 2025-end. During the quarter, PWR issued $2 billion in senior notes and prepaid its outstanding term loan balance of $618.8 million.
PWR Raises Its 2026 Financial OutlookQuanta raised its full-year 2026 revenue expectations to $41.30-$41.60 billion, representing a $1.95 billion midpoint increase from its previous guidance. Adjusted earnings are now projected to be $17.90-$18.30 per share, while adjusted EBITDA is expected to be between $4.40 billion and $4.49 billion.
Electric segment revenues are projected to be $33.60-$33.80 billion, with operating margins of 10.8%-11.1%. Underground and Infrastructure revenues are expected to be between $7.70 billion and $7.80 billion, with margins of approximately 9%. Free cash flow guidance increased to $2.50-$3.00 billion.
Management also anticipates strong double-digit adjusted earnings growth in 2027, supported by continued backlog expansion and broadening demand across utility, power generation, industrial and technology markets.
PWR’s Zacks RankQuanta currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Some Recent Construction ReleasesMasco Corporation (MAS - Free Report) reported third-quarter 2026 adjusted earnings of $1.19 per share, surpassing the Zacks Consensus Estimate of $1.01 by 17.8%. The bottom line increased 22.7% from 97 cents a year ago. Net sales rose 2.6% year over year to $1.97 billion, beating the consensus mark of $1.93 billion by 1.8%.
Masco raised its 2026 adjusted earnings guidance to $4.65-$4.75 per share from the previous range of $4.40-$4.60, citing strong operational performance year to date. Reported earnings are projected to be between $4.51 and $4.61 per share.
Comfort Systems USA, Inc. (FIX - Free Report) delivered impressive third-quarter 2026 results, with earnings and revenues surpassing the Zacks Consensus Estimate and increasing sharply year over year. The quarterly performance reflected robust demand across technology-related projects, strong execution and continued expansion in construction activity. Backlog reached $17.81 billion, reinforcing management's confidence in sustained growth and profitability.
Comfort Systems also paid dividends of 90 cents per share during the quarter compared with 50 cents a year ago. Share repurchases totaled $340.9 million, reflecting continued shareholder returns alongside investments in business expansion.
United Rentals, Inc. (URI - Free Report) reported third-quarter 2026 results, with adjusted earnings per share and total revenues beating the Zacks Consensus Estimate and increasing year over year. URI’s adjusted earnings of $15.55 per share topped the Zacks Consensus Estimate of $13.83 by 12.4% and grew 32.9% year over year from $11.70 per share. URI’s total revenues rose 15.7% year over year to $4.89 billion and surpassed the consensus estimate of $4.69 billion by 4.3%.
United Rentals management raised its revenue outlook to $18-$18.2 billion from $17.5-$17.8 billion. Adjusted EBITDA is now projected to be $8.3-$8.4 billion compared with $7.98-$8.13 billion previously.
Key Takeaways HII's Q3 earnings surge 48.9% to $5.48 per share, beating estimates, while revenues climb 10.8% to $3.54B.Higher submarine, aircraft carrier and amphibious assault ship volumes drive HII's quarterly revenue growth.HII raises its 2026 shipbuilding revenue outlook to $10.5-$10.7B and reaffirms $500-$600M in free cash flow.
Huntington Ingalls Industries, Inc. (HII - Free Report) reported third-quarter 2026 earnings of $5.48 per share, up 48.9% year over year and 24.3% above the Zacks Consensus Estimate of $4.41.
HII’s RevenuesRevenues rose 10.8% to $3.54 billion and beat the consensus mark of $3.39 billion by 4.5%. Higher submarine and aircraft carrier volumes at Newport News Shipbuilding, along with increased amphibious assault ship volumes at Ingalls Shipbuilding, drove growth.
New contract awards totaled $32.4 billion during the quarter, lifting year-to-date awards to $43.1 billion.
Operational PerformanceHuntington Ingalls reported segmental operating income of $262 million compared with $179 million in the third quarter of 2025. The segmental operating margin expanded 180 basis points from the prior-year figure to 7.4%.
HII Segmental PerformanceNewport News Shipbuilding remained the largest revenue contributor. Revenues increased to $1.91 billion from $1.62 billion, driven by higher submarine and aircraft carrier volumes. Segment operating income rose to $132 million from $80 million, while margin improved to 6.9% from 4.9% on contract adjustments and incentives in the Virginia-class submarine program, along with stronger submarine and aircraft carrier volumes.
Ingalls Shipbuilding revenues advanced to $876 million from $828 million, primarily due to higher amphibious assault ship volumes. Segment operating income declined to $59 million from $65 million, while margin fell to 6.7% from 7.9%, primarily due to lower performance in surface combatants.
Mission Technologies revenues increased slightly to $792 million from $787 million. Higher Unmanned Systems volumes more than offset lower Global Security volumes. Segment operating income improved to $71 million from $34 million, while margin expanded to 9.0% from 4.3%, primarily due to a successful milestone achievement, higher Unmanned Systems volumes and increased equity income from nuclear and environmental joint ventures.
Financial UpdateCash flow improved in the third quarter. Net cash provided by operating activities was $520 million compared with $118 million in the year-ago quarter. Free cash flow was $429 million against $16 million a year earlier. Net capital expenditures, after grant proceeds, totaled $91 million in the quarter.
HII ended September 2026 with $387 million in cash and cash equivalents compared with $774 million as of December 2025. The company paid $163 million in dividends during the first nine months of 2026.
2026 GuidanceManagement raised its full-year shipbuilding revenue outlook while reaffirming its shipbuilding operating margin and free cash flow expectations. For 2026, HII now projects shipbuilding revenues of $10.5-$10.7 billion, up from the previous range of $10.2-$10.4 billion, with a shipbuilding operating margin of 6.0-6.5%.
Mission Technologies revenues are still expected at $3.0-$3.2 billion, with a segment operating margin of approximately 6%, up from the previous expectation of around 5%. The company now expects Mission Technologies EBITDA margin of approximately 9% compared with its earlier range of 8.4-8.6%.
HII reiterated free cash flow guidance of $500-$600 million.
Capital expenditures are now projected at approximately $500 million.
The company also set a cumulative 2026-2027 free cash flow target of $1.2-$1.3 billion.
Zacks RankHuntington Ingalls currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense ReleasesNorthrop Grumman Corporation (NOC - Free Report) reported third-quarter 2026 adjusted earnings of $7.89 per share, which beat the Zacks Consensus Estimate of $7.22 by 9.3%. The bottom line also increased 2.9% from the year-ago quarter’s level of $7.67.
NOC’s total sales of $11.12 billion in the third quarter beat the Zacks Consensus Estimate of $11.06 billion by 0.6%. The top line also improved 6.7% from $10.42 billion reported in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported third-quarter 2026 adjusted earnings of 50 cents per share, which improved 35.1% from the year-ago quarter’s figure of 37 cents. The bottom line also surpassed the Zacks Consensus Estimate of 48 cents by 4.2%.
The company’s net sales totaled $496.4 million, which missed the Zacks Consensus Estimate of $500 million by 0.8%. The top line, however, witnessed an improvement of 8.8% from the year-ago quarter’s figure of $456.2 million.
RTX Corporation’s (RTX - Free Report) third-quarter 2026 adjusted earnings per share of $2.26 beat the Zacks Consensus Estimate of $1.78 by 27%. The bottom line improved 32.9% from the year-ago quarter’s level of $1.70.
Revenues rose 11.1% year over year to $24.97 billion and beat the consensus mark of $24.01 billion by 4%. Growth was supported by higher commercial aftermarket and defense demand.
Huntington Ingalls Industries, Inc. (HII) Q3 2026 Earnings Call October 29, 2026 9:00 AM EDT
Company Participants
Christie Thomas - Vice President of Investor Relations
Christopher Kastner - President, CEO & Director
Andy Green
Thomas Stiehle - Executive VP & CFO
Conference Call Participants
Scott Mikus - Melius Research LLC
John Godyn - Citigroup Inc., Research Division
Noah Poponak - Goldman Sachs Group, Inc., Research Division
Seth Seifman - JPMorgan Chase & Co, Research Division
Benjamin Tomick - Wells Fargo Securities, LLC, Research Division
Gautam Khanna - TD Cowen, Research Division
Ronald Epstein - BofA Securities, Research Division
Emilee Deutchman - Wolfe Research, LLC
Presentation
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Third Quarter 2026 HII Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]
I would now like to hand the call over to Christie Thomas, Vice President of Investor Relations. Mrs. Thomas, you may begin.
Christie Thomas
Vice President of Investor Relations
Thank you, operator, and good morning, everyone. Welcome to the HII Third Quarter 2026 Conference Call. Matters discussed on today's call that constitute forward-looking statements, including our estimates regarding the company's outlook, involve risks and uncertainties and reflect the company's judgment based on information available at the time of this call. These risks and uncertainties may cause our actual results to differ materially. Additional information regarding these factors is contained in today's press release and the company's SEC filings.
We will also refer to certain non-GAAP financial measures. For additional disclosures about these non-GAAP measures, including reconciliations to comparable GAAP measures, please see the slides that accompany this webcast, which are available on the Investor Relations page of our website at ir.hii.com.
On the call today are Chris Kastner, President and Chief Executive Officer; Andy Green, Executive Vice President and President of Mission Technologies; and
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.
Huntington Ingalls (HII - Free Report) reported $3.54 billion in revenue for the quarter ended September 2026, representing a year-over-year increase of 10.8%. EPS of $5.48 for the same period compares to $3.68 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $3.39 billion, representing a surprise of +4.46%. The company delivered an EPS surprise of +24.26%, with the consensus EPS estimate being $4.41.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Huntington Ingalls performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Sales and Service Revenues- Ingalls: $876 million compared to the $852.42 million average estimate based on nine analysts. The reported number represents a change of +5.8% year over year.Sales and Service Revenues- Newport News: $1.91 billion versus $1.79 billion estimated by nine analysts on average. Compared to the year-ago quarter, this number represents a +18.1% change.Sales and Service Revenues- Mission Technologies: $792 million versus the nine-analyst average estimate of $780.92 million. The reported number represents a year-over-year change of +0.6%.Sales and Service Revenues- Intersegment eliminations: $-41 million compared to the $-39.76 million average estimate based on nine analysts. The reported number represents a change of +2.5% year over year.Sales and Service Revenues- Newport News- Other: $145 million versus $155.67 million estimated by three analysts on average.Sales and Service Revenues- Newport News- Aircraft carriers: $970 million versus $910.59 million estimated by three analysts on average.Sales and Service Revenues- Ingalls- Other: $3 million compared to the $4.17 million average estimate based on three analysts.Sales and Service Revenues- Ingalls- Surface combatants and coast guard cutters: $429 million versus $464.98 million estimated by three analysts on average.Sales and Service Revenues- Ingalls- Amphibious assault ships: $444 million compared to the $412.96 million average estimate based on three analysts.Sales and Service Revenues- Newport News- Submarines: $795 million compared to the $685.65 million average estimate based on three analysts.Sales and Service Revenues- Mission Technologies- All-domain operations and warfare systems: $516 million compared to the $672.91 million average estimate based on two analysts.Sales and Service Revenues- Mission Technologies- Global security, unmanned systems, and other: $276 million versus $125.28 million estimated by two analysts on average.View all Key Company Metrics for Huntington Ingalls here>>>
Shares of Huntington Ingalls have returned +4.6% over the past month versus the Zacks S&P 500 composite's +0.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Key Takeaways BOOT's Q2 EPS rose 22.6% to $1.68, beating estimates, while sales climbed 15.1% but missed expectations.Gross margin expanded 80 basis points to 37.2%, aided by lower freight costs and tariff refunds.Boot Barn cut its fiscal 2027 sales and EPS outlook but raised its store-opening target to 75-80 locations.
Boot Barn Holdings, Inc. (BOOT - Free Report) reported second-quarter fiscal 2027 results, wherein net sales fell short of the Zacks Consensus Estimate, while earnings surpassed the same. Both metrics increased year over year. The western and workwear retailer benefited from new-store expansion, positive comparable sales and merchandise margin improvement, aided by lower freight costs and tariff refunds.
Quarterly earnings of $1.68 per share beat the Zacks Consensus Estimate of $1.63 and increased 22.6% year over year, excluding tariff refunds. Reported earnings were $1.73 per share, including a 5-cent benefit from tariff refunds. Net sales rose 15.1% to $581.8 million, missing the consensus estimate of $585 million.
BOOT Benefits From Store Expansion and Positive CompsConsolidated same-store sales increased 1.4% compared with 8.4% growth in the year-ago quarter. Retail store comparable sales rose 1%, supported by a 2% increase in average unit retail, partly offset by lower transactions. E-commerce comparable sales advanced 5.2% compared with 14% growth in the prior-year period.
Boot Barn opened 19 stores during the quarter, bringing its total to 584 locations across 49 states. The company opened 46 stores in the first half of fiscal 2027. Management noted that its 126 newest stores are on track to generate approximately $3.4 million in average first-year sales, exceeding initial projections by $200,000.
Boot Barn Sees Mixed Merchandise Category TrendsMen's and women's apparel continued to perform well, with denim registering positive comparable sales despite challenging year-ago comparisons. Cowboy hats and ball hats also delivered strong growth. Work boots and work apparel maintained momentum, with sales trends improving for the sixth consecutive quarter.
However, men's western boot comparable sales were slightly negative, while women's western boots remained a drag on overall performance. Management attributed the weakness partly to difficult comparisons and pricing pressures. Boot Barn is refreshing its women's boot assortment with new styles and colors ahead of the holiday season.
BOOT Expands Margins on Lower Freight CostsGross profit increased 17.6% year over year to $216.5 million, with the gross margin expanding 80 basis points to 37.2%. Merchandise margin improved 190 basis points, reflecting a 130-basis-point benefit from lower freight expenses, 40 basis points from tariff refunds and 20 basis points of product-margin expansion. These gains were partly offset by 110 basis points of deleverage in buying, occupancy and distribution costs.
Selling, general and administrative expenses rose 14.5% to $146.2 million, representing 25.1% of sales compared with 25.3% a year earlier. Operating income increased 24.5% to $70.2 million, while the operating margin expanded to 12.1% from 11.2%.
Boot Barn Strengthens Capital Allocation FlexibilityBoot Barn ended the quarter with $97.4 million in cash and no outstanding borrowings under its $500-million revolving credit facility. Inventory totaled $975.3 million, increasing approximately 14% year over year, reflecting investments in new stores, exclusive brands and volume purchases.
Operating cash flow for the first six months increased to $123.7 million from $99.6 million a year earlier. Capital expenditures totaled $97.7 million. The company repurchased 240,937 shares for $35 million during the quarter. Its board authorized an additional $400 million for share repurchases, bringing the remaining authorization to approximately $468 million.
BOOT Updates Fiscal 2027 OutlookBoot Barn lowered its fiscal 2027 sales outlook to $2.565-$2.593 billion from the previous projection of $2.580-$2.625 billion. Earnings are now expected between $8.72 and $9.00 per share compared with the earlier guidance of $8.80-$9.23, including an estimated 45-cent benefit from tariff refunds.
Consolidated same-store sales are projected to grow 0.8-2%, with retail store same-store sales growth of 0.5-1.7% and e-commerce same-store sales growth of 3-4%. Merchandise margin is now expected between $1.343 billion and $1.357 billion, or approximately 52.3% of sales, up 140 basis points year over year. The expansion includes 70 basis points from tariff refunds, 50 basis points from product-margin improvement and 20 basis points from lower freight costs.
BOOT forecasts fiscal 2027 gross profit between $985 million and $999 million, or approximately 38.4-38.5% of sales. The company expects operating income between $351 million and $362 million, or approximately 13.7-14% of sales.
Management raised its fiscal 2027 store-opening target to 75-80 locations from 70, supported by strong new-store productivity and an expanding real estate pipeline. The company now expects capital expenditures, net of estimated landlord-tenant allowances of $54.4 million, between $135 million and $140 million for fiscal 2027.
Boot Barn Prepares for Holiday DemandFor the third quarter, Boot Barn expects sales of $785-$802 million, implying year-over-year growth of 11-14%. Consolidated same-store sales are projected to range from a 1% decline to 1% growth, with both retail store same-store sales and e-commerce same-store sales ranging from down 1% to up 1%. The company plans to open approximately 20 new stores during the third quarter. Earnings are anticipated between $3.03 and $3.19 per share, including an estimated 2-cent benefit from tariff refunds.
Boot Barn expects third-quarter merchandise margin between $404 million and $413 million, or approximately 51.5% of sales, up 90 basis points year over year. The expansion includes 10 basis points from tariff refunds, 50 basis points from product margin improvement and 30 basis points from lower freight costs.
Gross profit is projected between $311 million and $319 million, implying approximately 39.6-39.8% of sales. The company envisions operating income between $123 million and $130 million, or approximately 15.7-16.2% of sales.
Management noted that consolidated comparable sales increased just 0.4% during the first four weeks of October, reflecting challenging comparisons and unusually warm weather. Nevertheless, the company remains focused on its expanded national holiday marketing campaign, refreshed merchandise assortments and the relaunch of Boot Barn Workforce. The business-to-business initiative generated approximately $100 million in sales last fiscal year and offers additional opportunities to expand its workwear customer base.
Shares of this Zacks Rank #3 (Hold) company have fallen 17.2% over the past three months compared with the industry’s decline of 9.1%.
Stocks Looking Red HotVince Holding Corp. (VNCE - Free Report) , a leading global luxury apparel and accessories brand, sports a Zacks Rank of 1 (Strong Buy). VNCE delivered a trailing four-quarter earnings surprise of 561.4%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Vince Holding’s current fiscal-year sales and EPS calls for growth of 14% and 175%, respectively, from the year-ago figures.
Designer Brands Inc. (DBI - Free Report) , one of the world's largest designers, producers and retailers of footwear and accessories, currently sports a Zacks Rank #1.
The Zacks Consensus Estimate for Designer Brands’ current fiscal-year sales and earnings calls for growth of 0.6% and 225%, respectively, from the year-ago actuals. DBI delivered a trailing four-quarter average earnings surprise of 108.1%.
Abercrombie & Fitch Co. (ANF - Free Report) , a global, digitally led, omnichannel specialty retailer of apparel and accessories, carries a Zacks Rank #2. ANF delivered a trailing four-quarter earnings surprise of 13.6%, on average.
The Zacks Consensus Estimate for Abercrombie & Fitch’s current fiscal-year sales and EPS implies growth of 4.8% and 15.8%, respectively, from the year-ago figures.
Enterprise Products Partners L.P. Common Units (EPD) Q3 2026 Earnings Call October 29, 2026 10:00 AM EDT
Company Participants
Joseph Theriac - Vice President of Finance & Investor Relations
A. Teague - Co-CEO & Director of Enterprise Products Holdings LLC
W. Fowler - Co-CEO & Director of Enterprise Products Holdings LLC
Corey Johnson - Senior Vice President of Fundamentals & Commodity Risk Assessment
Tyler Cott - Senior Vice President of Hydrocarbon Marketing
Tug Hanley - Executive VP & Chief Commercial Officer
Carrie Weaver - Vice President of Commercial & Evolutionary Technology
Justin Kleiderer - Senior Vice President of Pipelines & Terminals
Zach Strait - Senior Vice President of Unregulated NGLs
James Bany - Senior Vice President of Crude Oil Pipelines & Terminals
F. D'Anna - Senior Vice President of Petrochemical Services
Conference Call Participants
Jean Ann Salisbury - BofA Securities, Research Division
Theresa Chen - Barclays Bank PLC, Research Division
Spiro Dounis - Citigroup Inc., Research Division
Manav Gupta - UBS Investment Bank, Research Division
John Mackay - Goldman Sachs Group, Inc., Research Division
Keith Stanley - Wolfe Research, LLC
Brandon Bingham - Scotiabank Global Banking and Markets, Research Division
Jason Gabelman - TD Cowen, Research Division
Presentation
Operator
Thank you for standing by, and welcome to Enterprise Products Partners L.P.'s Third Quarter 2026 Earnings Conference Call.
[Operator Instructions]
I would now like to hand the call over to Joe Theriac, VP of Finance and Investor Relations. Please go ahead.
Joseph Theriac
Vice President of Finance & Investor Relations
Thanks, Latif. Good morning, and welcome to the Enterprise Products Partners conference call to discuss third quarter 2026 earnings. Our speakers today will be Co-Chief Executive Officers of Enterprise's General Partner, Jim Teague and Randy Fowler. Other members of our senior management team are also in attendance for the call today.
During this call, we will make forward-looking statements within the meaning of Section 21E of the
Key Takeaways CRH's Q3 adjusted EPS fell 7.9% to $2.09, while revenues rose 3% to $11.4 billion but missed estimates.Arcosa strengthens CRH's U.S. aggregates portfolio, with $175 million in expected annual cost synergies.CRH cut 2026 adjusted EBITDA guidance to $7.8-$8 billion amid inflation and weak housing demand.
CRH plc (CRH - Free Report) reported lower-than-expected third-quarter 2026 results, with adjusted earnings and total revenues missing the Zacks Consensus Estimate. Year over year, the bottom line declined while the top line grew.
Positive pricing and acquisitions supported sales despite the softer housing market and rising input costs. CRH completed nine acquisitions for $500 million during the third quarter.
After the quarter ended, it closed the Arcosa acquisition on Oct. 23 at an enterprise value of approximately $8.5 billion. The transaction will strengthen its U.S. aggregates and critical infrastructure portfolio, with expected annual run-rate cost synergies of about $175 million by the third year.
CRH stock declined 5% during today’s pre-market trading session after the financial results release. Lowered 2026 guidance is likely to have muted investors’ optimism regarding the stock.
CRH’s Q3 Earnings & Sales DiscussionCRH’s adjusted earnings of $2.09 per share missed the Zacks Consensus Estimate of $2.14 by 2.3%. The quarterly earnings also declined 7.9% from $2.27 in the year-ago quarter.
Total revenues increased 3% from a year ago to $11.4 billion but missed the consensus mark of $11.72 billion by 2.8%.
Product revenues rose to $8.46 billion from $8.09 billion, while service revenues eased to $2.94 billion from $2.98 billion.
CRH's Materials Business Benefits From PricingAmericas Materials Solutions revenues grew 6% to $5.99 billion from $5.64 billion a year earlier. Essential Materials revenues climbed 19% on stronger aggregates pricing and contributions from the Eco Material Technologies acquisition. Aggregates prices advanced 5%, while cement prices declined 2%.
Road Solutions revenues increased 2%. Asphalt prices climbed 7%, but volumes dipped 2% amid adverse weather and divestitures. Segment adjusted EBITDA grew 1% to $1.58 billion, although the margin narrowed 130 basis points to 26.3% as cost inflation offset some pricing benefits.
CRH's Building Solutions Feel Residential PressureAmericas Building Solutions revenues declined 3% to $1.75 billion from $1.8 billion. Building & Infrastructure Solutions revenues increased 16%, supported by energy and water infrastructure demand and the Axius Water acquisition.
Outdoor Living Solutions revenues dropped 15% due to divestitures and subdued residential demand. Segment adjusted EBITDA fell 18% to $353 million from $432 million, and the margin contracted 390 basis points to 20.1%. The absence of a prior-year gain on land disposals and higher costs weighed on results.
CRH plc's International Business Expands MarginsInternational Solutions revenues increased 1% to $3.66 billion from $3.64 billion as pricing and acquisitions outweighed divestitures. Essential Materials revenues rose 9%. Aggregates and cement volumes increased 9% and 1%, respectively, while prices grew 5% and 6%.
Road Solutions revenues advanced 1%, helped by higher activity in certain markets. Ready-mixed concrete volumes climbed 10%, while asphalt pricing rose 16%, benefiting from geographic mix. Adjusted EBITDA increased 6% to $754 million, and the margin expanded 110 basis points to 20.6%.
CRH's Higher Costs Squeeze Quarterly ProfitabilityGross profit improved to $4.42 billion from $4.31 billion, but gross margin slipped 10 basis points to 38.8%. Energy costs rose 19%, while labor costs advanced 2%. Selling, general and administrative expenses increased 3% to $2.37 billion, reflecting a 14% rise in haulage expenses.
Adjusted EBITDA was nearly flat at $2.68 billion, while the corresponding margin contracted 80 basis points to 23.5%. Net income fell 22% to $1.18 billion, reflecting $178 million in impairments, primarily involving the Philippines, compared with $40 million a year earlier.
CRH's Cash Position & Shareholder ReturnsCash and equivalents totaled $5.11 billion as of Sept. 30, 2026, up from $4.10 billion at 2025-end. Total debt increased to $19.62 billion from $17.65 billion, while net debt advanced to $15.04 billion from $14.15 billion.
Operating cash flow for the first nine months declined to $2.27 billion from $2.71 billion. Capital expenditure was $1.83 billion compared with $1.89 billion a year earlier. CRH repurchased $693 million of shares and paid $781 million in dividends during that period. It also announced a new $6 billion buyback authorization through 2030 and a quarterly dividend of 39 cents per share, up 5%.
CRH Lowers 2026 Outlook on Inflation and HousingCRH cut its full-year net income forecast to $3.1-$3.3 billion from $3.9-$4.1 billion and adjusted EBITDA guidance to $7.8-$8.0 billion from $8.1-$8.5 billion. GAAP earnings guidance fell to $4.63-$4.85 per share from $5.60-$6.05.
Management introduced adjusted earnings guidance of $5.37-$5.59 per share and reduced its capital expenditure forecast to $2.6-$2.8 billion from $2.7-$2.9 billion. The revisions reflect cost inflation, weaker residential demand and Arcosa's earlier-than-expected closing. Looking to 2027, CRH expects infrastructure and reindustrialization activity to support demand despite continued near-term residential weakness.
CRH Stock’s Zacks Rank & Recent Construction ReleasesCRH currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Masco Corporation (MAS - Free Report) reported third-quarter 2026 adjusted earnings of $1.19 per share, surpassing the Zacks Consensus Estimate of $1.01 by 17.8%. The bottom line increased 22.7% from 97 cents a year ago. Net sales rose 2.6% year over year to $1.97 billion, beating the consensus mark of $1.93 billion by 1.8%.
Masco’s results benefited from pricing actions, cost-saving initiatives and lower year-over-year tariff costs, partially offset by higher commodity and employee-related expenses. Masco raised its 2026 adjusted earnings guidance to $4.65-$4.75 per share from the previous range of $4.40-$4.60, citing strong operational performance year to date. Reported earnings are projected to be between $4.51 and $4.61 per share.
Comfort Systems USA, Inc. (FIX - Free Report) delivered impressive third-quarter 2026 results, with earnings and revenues surpassing the Zacks Consensus Estimate and increasing sharply year over year. The quarterly performance reflected robust demand across technology-related projects, strong execution and continued expansion in construction activity. Backlog reached $17.81 billion, reinforcing management's confidence in sustained growth and profitability.
Comfort Systems' management maintained a positive outlook, supported by strong customer demand, an expanding project pipeline and consistent operating execution. During the third quarter, Comfort Systems acquired Boys Electrical Contractors in Florida and a Texas-based modular construction business, strengthening its presence across electrical services and customized building components. FIX expects to sustain organic growth, high profitability and solid cash generation through the remainder of 2026 and into 2027.
United Rentals, Inc. (URI - Free Report) reported third-quarter 2026 results, with adjusted earnings per share and total revenues beating the Zacks Consensus Estimate and increasing year over year. Strong rental demand and operating efficiencies supported the results. Fleet productivity, which combines rental rates, time utilization and mix, improved 6.5% year over year.
United Rentals raised its revenue outlook to $18-$18.2 billion from $17.5-$17.8 billion. Adjusted EBITDA is now projected at $8.3-$8.4 billion compared with $7.98-$8.13 billion previously. Operating cash flow is expected at $6.25-$6.85 billion, up from $5.85-$6.65 billion. Management cited customer confidence, backlogs and large-project momentum as support for the raised outlook.
CRH plc (CRH) Q3 2026 Earnings Call October 29, 2026 8:00 AM EDT
Company Participants
Jim Mintern - CEO & Director
Danilo Juvane - Head of Investor Relations
Randy Lake - Chief Operating Officer
Aylwyn Bryan - Chief Financial Officer
Conference Call Participants
Angel Castillo Malpica - Morgan Stanley, Research Division
Trey Grooms - Stephens Inc., Research Division
Adrian Huerta - JPMorgan Chase & Co, Research Division
Kathryn Thompson - Thompson Research Group, LLC
Colin Sheridan - Davy, Research Division
Joseph Nolan - Longbow Research LLC
Presentation
Operator
Good day, and welcome to the CRH Third Quarter 2026 Results Presentation. My name is Krista, and I will be your operator today. [Operator Instructions] At this time, I'd like to turn the conference over to Jim Mintern, CRH Chief Executive Officer, to begin the conference. Please go ahead, sir.
Jim Mintern
CEO & Director
Hello, everyone. Jim Mintern here, CEO of CRH, and you're all very welcome to our Q3 2026 results presentation and conference call. Joining me on the call is Aylwyn Bryan, our CFO; Randy Lake, our COO; and Danilo Juvane, our Head of Investor Relations. Before we get started, I'll hand over to Danilo for some opening brief remarks.
Danilo Juvane
Head of Investor Relations
Thanks, Jim, and hello, everyone. I'd like to draw your attention to Slide 2 shown here on the screen. During our presentation, we will be making some forward-looking statements relating to our future plans and expectations. These are subject to certain risks and uncertainties, and actual results and outcomes could differ materially due to factors outlined on this slide. For more details, please refer to Slide 2 and to our filings with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q, which are available on our website. We will also refer to certain non-GAAP financial measures. Definitions and reconciliations are included in the appendix to the
DoorDash Inc. agreed to buy rival Instacart in a deal that values the company at about $17 billion. The transaction is expected to close near the end of next year, the deal is still pending.
DoorDash plans to keep Instacart's brand after the $17 billion acquisition wins federal approval.
Michael Nagle/Bloomberg via Getty Images
Gig workers could see changes to how they make deliveries if DoorDash's $17 billion deal for Instacart goes through.
The companies announced the acquisition on Thursday after several years of considering a deal. It would give DoorDash, long one of the dominant names in restaurant delivery, a much stronger position in grocery delivery.
The acquisition would also bring together millions of gig workers who make deliveries for both companies.
Here's what we know so far about how the deal would affect delivery workers:
DoorDash plans to keep the Instacart appIf the deal wins federal approval, DoorDash doesn't plan to fold Instacart's brand into its own.
That means that the apps will continue to function on a stand-alone basis, DoorDash executives said on a call on Thursday to discuss the deal.
"I think Instacart has built a great brand, and it is a very unique brand where their audience is very loyal to that brand," DoorDash CEO Tony Xu said on the call.
Gig workers will be able to take both restaurant and grocery ordersDoorDash plans to cross-list merchants on the two different apps, CFO Ravi Inukonda said.
Restaurants represent one obvious opportunity, he said. "We are going to be able to list our restaurant platform on Instacart, which is going to drive top-line growth," Inukonda said.
Access to more kinds of orders means that gig workers will have "more choice over when and how they earn, whether that's grocery orders on a quiet day, restaurant orders at peak times, or both," the company said in its deal announcement.
DoorDash says the deal could mean 'greater earning opportunities'Many of Instacart's grocery partners are looking to compete with bigger companies, Xu said on the call. Amazon and Walmart are both expanding their delivery networks, especially for same-day delivery and fresh food, and many smaller chains will turn to the combined company to offer delivery.
That could mean "faster delivery times, more affordable prices for everyone, greater earning opportunities for shoppers," Xu said, referring to gig workers who shop and deliver orders.
Whether those opportunities result in more pay for workers remains to be seen.
Instacart workers make about $13 an hour, while those working for DoorDash average about $11 an hour, according to gig worker pay data from analytics company Gridwise published in March. Both rates were lower than rival delivery services, such as Amazon Flex and Uber Eats.
Do you have a story idea about DoorDash and/or Instacart? Contact this reporter at [email protected] or via encrypted messaging app Signal at 808-854-4501. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely.
Read next
Business Insider tells the innovative stories you want to know
Business Insider tells the innovative stories you want to know
Business Insider tells the innovative stories you want to know
Business Insider tells the innovative stories you want to know
Alex Bitter
You're currently following this author!
Click to unsubscribe from email alerts.
Alex Bitter is a senior retail reporter covering Uber, Lyft, DoorDash, Instacart, and related companies. His coverage ranges from the experiences of gig workers to what's happening inside the world's biggest ride-hailing and delivery companies.Alex has also written about the retail and food industries. Convenience store chain Sheetz ended its "smile policy" after his reporting. Alex lives in the Washington, DC, area, where you can find him studying ancient coins or searching for Civil War artifacts with his metal detector in his free time.Got a tip? Reach out at [email protected] or via encrypted messaging app Signal at +1 (808) 854-4501.
Costco Ends Its Fiscal Year on a High Note, Eyes Big ExpansionDoorDash NASDAQ: DASH executives emphasized the company’s proposed acquisition of Instacart, product investments and continued momentum in its core restaurant and new-verticals businesses during its third-quarter 2026 earnings call.
Co-founder, Chair and CEO Tony Xu said the combination with Instacart is intended to help grocers and retailers compete through improved technology, logistics and fulfillment capabilities. DoorDash expects the transaction to add delivery density, broaden product offerings and support investments in faster, more affordable grocery delivery.
Get DoorDash alerts:
Instacart deal centers on grocery capabilities
DoorDash's Drone Certification Could Reshape Its Delivery MarginsXu said grocery delivery remains “just a fraction” of its potential because consumers are often asked to pay a premium for imperfect delivery. He highlighted inventory management as a central challenge, saying DashMart orders are nearly perfect in delivery accuracy while orders fulfilled through third-party stores are in the low 90% range.
DoorDash has sought to address that gap by holding inventory through DashMarts and managing thousands of items for retail partners including Giant Eagle and Albertsons, Xu said. However, managing inventory is a fixed-cost business where scale is important.
The Bank of Mom and Dad Is Booming—3 Stocks to Watch“The added density in the last mile network brings fulfillment efficiencies to offer faster delivery as well as lower cost throughout the system,” Xu said of the planned Instacart combination.
Xu said the combined company would bring together Instacart’s software tools for grocers’ first-party online channels with DoorDash’s first-party logistics capabilities, including DoorDash Drive. The company expects those capabilities to help retailers operate loyalty programs, maintain their own customer relationships and offer faster delivery.
DoorDash expects a positive response from grocery customers, Xu said, arguing that the combination would give retailers more tools to compete with larger companies that have invested heavily in technology, delivery and fulfillment models.
Synergies expected to exceed $500 million by year three
CFO Ravi Inukonda said DoorDash expects a multiyear path to $500 million or more in annual synergies, net of planned investments. The company expects to reinvest more than 100% of total synergies in the first year after the deal closes, make progress in year two, and deliver $500 million in incremental bottom-line synergies by year three.
Inukonda identified several potential sources of growth and efficiency:
Cross-listing merchants and categories across the DoorDash and Instacart platforms, including listing DoorDash restaurants on Instacart.
Expanded advertising opportunities as consumer packaged goods advertisers gain access to more consumers.
Cross-selling Instacart’s first-party software products to DoorDash grocers and DashMart Fulfillment Services across both platforms.
Improved Dasher and shopper density, which DoorDash expects to increase fulfillment-network efficiency.
Potential savings in sales and marketing, customer support and other operating functions.
Inukonda said the company’s goal is to reinvest some of the increased profit dollars into improving products for consumers and grocers, following a playbook DoorDash has used in its core marketplace and acquisitions including Wolt and Deliveroo.
Addressing the consideration mix for Instacart, Inukonda said Instacart wanted stock in the transaction to participate in the combined company’s potential upside. He said DoorDash still values its shares highly and that its approach to buybacks has not changed: the company expects to remain conservative and opportunistic when returns warrant repurchases.
Core marketplace growth and new-verticals progress
Inukonda said DoorDash’s restaurant business accelerated from the second quarter to the third quarter, with its sequential growth rate in the third quarter representing the fastest seen in more than five years. He also said new verticals, Wolt and Deliveroo each accelerated from the second quarter.
DoorDash’s U.S. restaurant growth has been stable for the past four years, he said, supported by product improvements, increased selection and subscription growth. Paid subscribers continue to set all-time records, according to Inukonda.
The CFO said growth is being driven by user growth and subscription growth, while customer order rates, order frequency and basket sizes have improved. He also said that DoorDash’s new-verticals portfolio is nearing gross-profit breakeven and remains on track to become gross-profit positive by the end of the year.
Executives pointed to improving behavior among grocery cohorts, including higher monthly active users, larger basket sizes and growing engagement. Inukonda said the recent addition of Costco to DoorDash’s platform was off to a strong start, while more DashPass subscribers continue to use categories beyond restaurants.
DashMart, technology platform and AI
Xu said DoorDash’s long-term DashMart vision is to build local infrastructure for last-mile delivery across cities, encompassing merchant software, new fulfillment models and logistics. He said existing grocery stores already provide much of the real estate and inventory needed, but stores were generally designed for browsing rather than delivery.
DoorDash intends to use greater network density and scale to reduce costs, expand the range of items it can manage and eventually bring more of a store’s selection to consumers quickly, Xu said. He described that effort as a sequencing process involving technology, operations and people rather than a purely digital change.
The company’s single technology-stack project is on track in both cost and timing, Inukonda said. Several modules are already live, with merchants onboarding faster and customer support beginning to improve in areas using the new system. DoorDash expects the overall re-platforming project to be completed in the first half of 2027.
Xu said the new infrastructure is designed to make future integrations and product development faster, including the potential integration of Instacart after the transaction closes.
On artificial intelligence, Xu said third-party AI agents have generated only several hundred orders in total so far. DoorDash is evaluating features that could create incremental orders through third-party assistants while continuing to build its own tools, including Ask DoorDash and Text DoorDash. He said consumers still predominantly come directly to DoorDash for everyday food ordering, while AI may be more useful for longer-consideration purchases or proactive tasks.
About DoorDash (NASDAQ:DASH)DoorDash, Inc NASDAQ: DASH operates a local commerce platform that connects consumers with restaurants, grocery stores, convenience retailers and other merchants. Through its website and mobile applications, customers can browse products, place orders for delivery or pickup, and access related services.
The company provides merchants with ordering, delivery, logistics, marketing and payment tools. Its offerings include the DoorDash Marketplace, subscription programs such as DashPass, and delivery infrastructure that merchants can use through services including DoorDash Drive.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Should You Invest $1,000 in DoorDash Right Now?Before you consider DoorDash, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and DoorDash wasn't on the list.
While DoorDash currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking for higher dividend income in 2027? Discover seven high-yield dividend stocks with attractive payouts, proven dividend histories and growth potential.
Get This Free Report
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Disclaimer: In compliance with MiCA requirements, unauthorized stablecoins are subject to certain restrictions for EEA users. For more information, please click here. This is a general announcement and marketing communication. Products and services referred to here may not be available in your region.
Fellow Binancians,
From 2026-10-30 00:00 (UTC), Binance will continue the airdrop campaign rewarding all eligible users who hold World Liberty Financial USD (USD1) on our platform. Eligible users will share rewards from a grand prize pool of 120 million World Liberty Financial (WLFI) tokens and up to 2.5 million USD1 tokens.Please note that WLFI rewards and USD1 rewards are stackable and follow different reward schedules:
WLFI rewards: Accrue during the Campaign Period between 2026-10-30 00:00 (UTC) and 2026-11-27 00:00 (UTC), distributed weekly every Friday;USD1 rewards: Eligible users must complete their qualifying deposit during the enrollment window between 2026-10-16 00:00 (UTC) and 2026-11-27 00:00 (UTC) (the enrollment window is extended), while USD1 holdings will continue to be evaluated through the applicable payout dates on 2026-12-11 and 2027-01-08.
WLFI Rewards:
To qualify for the WLFI Rewards, eligible users must hold and maintain at least 0.01 USD1 in balance (net assets), in any of the following account categories on Binance:
Spot Account;Funding Account;Margin Account (USD1 as Collateral in Cross Margin, Isolated Margin, or Portfolio Margin); USDⓈ-M Futures Account (USD1 as Collateral in USDⓈ-M Futures Accounts, Multi-Assets mode is included).
USD1 acquired through borrowing of other stablecoins will receive a haircut of 70%, after accounting for liabilities in Margin Accounts from other stablecoins, including USDT, USDC, U, RLUSD, and FDUSD.
WLFI rewards of sub-accounts will be distributed to the Spot Account of the corresponding sub-accounts.
USD1 Rewards:
In the following scenarios, on top of the WLFI rewards, USD1 holdings will receive additional USD1 rewards,
USD1 rewards are distributed only to the master account. Sub-account balances are aggregated at the master account level for calculation.
Group A: First-Time USD1 User Group B: Incremental USD1 Holding Increase vs. Prior 180 DaysEnrollmentNew USD1 deposits have to be made within the following enrollment window, to be qualified as first-time users:2026-10-16 00:00 (UTC) - 2026-11-27 00:00 (UTC)Baseline = The higher of the daily qualifying balances from the previous 180 days immediately before 2026-10-16 00:00 (UTC).If Baseline < 0.1, users are “Group A: First-Time USD1 User”. Incremental Holding Amount (X) = Average qualifying balance held from 2026-10-16 till the Payout Day minus the baseline. Baseline = The higher of the daily qualifying balances from the previous 180 days immediately before 2026-10-16 00:00 (UTC).Phase 1: 2026-10-16 00:00 (UTC) - 2026-12-11 00:00 (UTC)Payout Day on 2026-12-11 Up to 3%* APRUp to 2%* APRPhase 2: 2026-12-11 00:00 (UTC) - 2027-01-08 00:00 (UTC)Payout Day on 2027-01-08Up to 1.5%* APR(between 2026-12-11 and 2027-01-08)Up to 1%* APR(between 2026-12-11 and 2027-01-08)Individual Balance Cap Only the first 50,000 new USD1 per user will receive the USD1 rewardsAny holdings more than 50,000 USD1 will receive WLFI rewards as usual. Only the first 50,000 incremental USD1 per user will receive the USD1 rewards.Any holdings more than 50,000 USD1 will receive WLFI rewards as usual.Total Rewards Pool1.75 million USD1*750,000 USD1**Notes: The rewards are calculated on the average balance held across that phase, and paid only if the balance at the payout date is at least 50% of that average.Final rewards may be adjusted proportionally if the relevant pool is oversubscribed.
Campaign Details:
Distribution: Rewards will be airdropped directly to eligible users’ Binance Spot Accounts. Distribution Frequency: Weekly airdrops during the Campaign Period.
Reward Distribution:
Rewards start accruing from 2026-10-30 00:00 (UTC). Weekly rewards will be distributed by 18:00 (UTC) every Friday in WLFI tokens. Distribution records can be found in Distribution History.
The Weekly Reward Amount will be roughly calculated as follows:
Qualifying Balance of each day = Lowest USD1 balance captured during those hourly snapshots on each day.Weekly Rewards = (7-day average of the Qualifying Balance * Effective APR on the distribution day * 7) / 365
After each weekly distribution, the effective APR for that period will be updated in this announcement. In determining the effective APR on the distribution day, Binance will take into account a number of factors, including, without limitation:
Minimum recorded amount of Open Interest per day;Lowest balance of the snapshots each day;The daily aggregated amount of Qualifying Balances across all eligible holders of USD1;7-day average across all eligible holders of USD1
For USD1 acquired through borrowing other stablecoins:
Eligible balance in Margin Account = USD1 Balance Before Leverage + Leveraged Amount * (1 - 70%):
USD1 Balance before Leverage = MAX [USD1 Balance in Margin Account - Margin Account Liabilities of the Other Stablecoins, 0] Leveraged Amount = USD1 Balance in Margin Account - MAX [USD1 Balance in Margin Account - Margin Account Liabilities of the Other Stablecoins, 0]
Note: ”Other Stablecoins” include USDT, USDC, U, RLUSD, FDUSD.
Case examples:
User A, throughout the 7 days, holds 10,000 USD1 in Spot and 20,000 USD1 as collateral in Margin, and effective base APR is 20%, effective boosted APR is 24%, User A's rewards due to be received at the end of 7 days will be as follows:
[(10,000 * 20% * 7) / 365] + [(20,000 * 24% * 6) / 365] + [(20,000 * 20% * 1) / 365] = 128.21 USD worth of WLFIUser B borrowed 5,000 USD1 from VIP Loan or Margin (“liabilities”). Among this borrowed 5,000 USD1, 4,000 USD1 was used as collateral in Margin, the remaining 1,000 USD1 was held in their Spot Account in week 1. The effective base APR is 20%, effective boosted APR is 24%, User B’s rewards due to be received at the end of week 1 will be as follows:Qualifying Balance = 0 [(0 * 20% * 7) / 365] + [(0 * 24% * 7) / 365] = 0 USD worth of WLFIUser C had 1,000 USD1 in the Margin Account and used it as collateral to borrow 4,000 USDT through Margin (“Liabilities of the other Stablecoins”), then converted this 4,000 USDT to USD1. The user now holds 5,000 USD1 in Margin (“USD1 Balance”) in week 1. The effective base APR is 20%, effective boosted APR is 24%, User C’s rewards due to be received at the end of week 1 will be as follows:Qualifying Balance = MAX[5,000 - 4,000, 0] + {5,000 - MAX[5,000 - 4,000, 0] } * (1 - 70%) = 1,000 + (5,000 - 1,000) * (1 - 70%) = 2,200[(2,200 * 20% * 7) / 365] = 8.43 USD worth of WLFI
Important Notes:
Users’ USD1 Qualifying Balance will be calculated as net assets (assets minus liabilities). USD1 as liabilities (e.g., borrowed from VIP Loans, Margin loan, etc.) will be excluded from the Qualifying Balance for this campaign. Snapshots of user balances and total qualifying balances will be taken at any point of time each hour to get users’ hourly balances in the above mentioned account categories. The lowest USD1 balance captured during those snapshots on each day will constitute their Qualifying Balance and be used to calculate their rewardsFor example, a user’s lowest USD1 balance captured on 2026-10-31 is zero, then their qualifying balance for that day is zero. At any snapshot time, any one of users’ supported assets must be greater than 0.01 USD1 to be included in the calculation.Users are recommended to maintain their USD1 holding throughout the Campaign Period to maximize their rewards. Rewards distributed are rounded down to 2 decimal places. Please note that the distribution time is not guaranteed and may change from time to time.There is no individual cap on rewards. Users’ rewards depend on their qualifying balance relative to the total qualifying balance of all eligible users and other factors. Stay tuned for weekly reward distributions and updates on the Campaign.
Terms and Conditions:
Users may not be eligible for rewards if there are active restrictions on their accounts.WLFI token value for airdrop distribution will be based on the official Binance market closing price one day before the airdrop distribution day.Snapshots of user balances and total pool balances will be taken multiple times at any point of time each hour to get users’ hourly balances in the aforementioned account categories. The lowest USD1 balance captured during those snapshots on each day will constitute the user’s Qualifying Balance and be used to calculate their rewards.At any snapshot time, any one of users’ supported assets must be greater than 0.01 USD1 to be included in the calculation.Broker accounts are not eligible for this campaign. Binance reserves the right to periodically update the rules to accommodate changes in legal, regulatory, or other factors.Users must complete account verification (KYC) and also be from an eligible jurisdiction to participate in the campaign. Currently, users residing in the following countries or regions will not be able to participate in the USD1 campaign (notwithstanding that they may hold USD1): Åland Islands (Finland), Austria, Belgium, Bulgaria, Canada, Crimea (Ukraine – disputed territory), Croatia, Cyprus, Czech Republic, Denmark, Democratic People’s Republic of Korea, Donetsk People’s Republic, Estonia, Faroe Islands, Finland, France, French Guiana, Germany, Gibraltar, Greece, Guadeloupe, Guernsey, Hungary, Ireland, Isle of Man, Islamic Republic of Iran, Italy, Japan, Latvia, Lithuania, Luhansk People’s Republic, Luxembourg, Malta, Martinique, Mayotte, Netherlands, Poland, Portugal, Republic of Cuba, Réunion, Romania, Russian Federation, Saint Martin (French part), Slovakia, Slovenia, Spain, Sweden, United Kingdom, United States of America and its territories.Please note that the list of excluded countries provided here is not exhaustive and may be subject to changes due to evolving local rules, regulations, or other considerations. This list may be updated periodically to accommodate changes in legal, regulatory, or other factors.For clarity, references to “USD1” in the content above are not direct acronyms of the “United States Dollar” fiat currency unless otherwise specified.Binance reserves the right to disqualify a user’s reward eligibility if the account is involved in any dishonest behavior (e.g., wash trading, illegally bulk account registrations/logins, self dealing, or market manipulation). Binance further reserves the right to disqualify any participants who tamper with Binance program code, or interfere with the operation of Binance program code with other software.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this Promotion, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all Participants shall be bound by these amendments.Binance reserves the right to suspend any user's Margin borrowing at any time, without prior notice, in its sole discretion, if any abnormal or suspicious activity is detected.There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise.
Thank you for your support!
Binance Team
2026-10-30
Trade on-the-go with Binance’s crypto trading app (iOS/Android)
Find us on
TelegramWhatsAppXFacebookInstagramDiscord
Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.
Disclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. The APR is calculated weekly, and is expressed as an annualised percentage yield for illustrative purposes only. Each APR is not indicative of future results. The APR is likely to fluctuate week-to-week and the estimated rewards may differ from the actual rewards generated. APR is an estimate of rewards you will earn in cryptocurrency over the selected timeframe. It does not display the actual or predicted returns/yield in any fiat currency. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. For more information, see our Terms of Use, and our Risk Warning. To learn more about how to protect yourself, visit our Responsible Trading page.
Murphy Oil (MUR - Free Report) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.
Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.
As such, the Zacks rating upgrade for Murphy Oil is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Murphy Oil imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for Murphy OilFor the fiscal year ending December 2026, this oil and gas producer is expected to earn $3.68 per share, which is unchanged compared with the year-ago reported number.
Analysts have been steadily raising their estimates for Murphy Oil. Over the past three months, the Zacks Consensus Estimate for the company has increased 17.2%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Murphy Oil to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Key Takeaways Textron reported Q3 adjusted EPS of $1.76, up 13.5% year over year and 23.1% above estimates.Textron Aviation revenues jumped 14% to $1.7B, driven by higher volume and mix, including Citation jets.Textron raised its 2026 adjusted EPS guidance to $6.55-$6.65, above the consensus estimate of $6.51.
Textron Inc. (TXT - Free Report) reported third-quarter 2026 adjusted earnings of $1.76 per share, which surpassed the Zacks Consensus Estimate of $1.43 by 23.1%. The bottom line also rose 13.5% from $1.55 in the year-ago quarter.
The company reported GAAP earnings of $1.56 per share compared with $1.31 a year ago.
TXT’s RevenuesThe company reported total revenues of $3.75 billion, which missed the Zacks Consensus Estimate of $3.76 billion by 0.2%. However, the top line increased 4.1% from the year-ago quarter’s level of $3.6 billion.
Segmental Performance of TextronTextron Aviation: Revenues from this segment increased 14% year over year to $1.7 billion. This was primarily due to higher volume and mix, largely reflecting higher Citation jet volume, partially offset by lower commercial turboprop volume.
The segment delivered 51 jets, up from 42 in the year-ago quarter. It also delivered 32 commercial turboprops, down from 39 in the third quarter of 2025.
Order backlog at the end of the reported quarter totaled $8 billion.
Bell: Revenues from this segment amounted to $933 million, down 9% from the year-ago quarter’s registered number. This was primarily attributable to a $59 million decline in military revenues, driven by lower volumes on the MV-75 program.
Bell delivered 29 commercial helicopters compared with 30 in the prior-year period.
Its order backlog at the end of the quarter totaled $7.6 billion.
Textron Systems: This segment’s revenues amounted to $360 million, up $50 million from the prior-year level.
Textron Systems’ backlog at the end of the quarter totaled $3.5 billion.
Industrial: Revenues from this segment increased $4 million to $765 million.
Finance: This segment’s revenues amounted to $13 million compared with $26 million in the year-ago quarter. The decline in revenues and segment profit was primarily attributable to $11 million in gains from the sale of non-captive assets recorded in the third quarter of 2025.
Textron’s FinancialsAs of Oct. 3, 2026, cash and cash equivalents totaled $1.61 billion compared with $1.94 billion as of Jan. 3, 2026.
Net cash from operating activities during the first nine months of 2026 amounted to $640 million compared with $629 million in the year-ago period.
Capital expenditures amounted to $102 million in the third quarter compared with $76 million in the year-ago quarter.
The long-term debt totaled $3.11 billion as of Oct. 3, 2026, compared with $3.53 billion as of Jan. 3, 2026.
TXT’s GuidanceThe company raised its 2026 adjusted earnings guidance to $6.55-$6.65 from its previous projection of $6.40-$6.60. The Zacks Consensus Estimate for earnings is pegged at $6.51 per share, which is lower than the company’s newly guided range.
TXT’s Zacks RankTextron currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Release The Boeing Company (BA - Free Report) incurred an adjusted loss of 34 cents per share in the third quarter of 2026, wider than the Zacks Consensus Estimate of a loss of 21 cents. The reported figure improved from the year-ago quarter’s reported loss of $7.47 per share.
BA’s revenues amounted to $24.19 billion, which marginally missed the Zacks Consensus Estimate of $24.28 billion by 0.4%. However, the top line increased 3.9% from the year-ago quarter’s reported figure of $23.27 billion.
Lockheed Martin Corporation (LMT - Free Report) reported third-quarter 2026 adjusted earnings of $7.97 per share, which beat the Zacks Consensus Estimate of $7.49 by 6.4%. The bottom line increased 14.7% from the year-ago quarter's reported figure of $6.95.
LMT’s net sales were $20.71 billion, which beat the Zacks Consensus Estimate of $20.44 billion by 1.4%. The top line inched up 11.3% from $18.61 billion reported in the year-ago quarter.
Northrop Grumman Corporation (NOC - Free Report) reported third-quarter 2026 adjusted earnings of $7.89 per share, which beat the Zacks Consensus Estimate of $7.22 by 9.3%. The bottom line also increased 2.9% from the year-ago quarter’s level of $7.67.
NOC’s total sales of $11.12 billion beat the Zacks Consensus Estimate of $11.06 billion by 0.6%. The top line improved 6.7% from $10.42 billion reported in the year-ago quarter.
Key Takeaways BROS' Q2 2026 revenues rose 32% to $550.9 million, with same-shop sales up 8.3%.BROS raised its 2026 revenue guidance to $2.10-$2.13 billion and expects at least 185 new shops.WEN's U.S. same-restaurant sales fell 7%, pressured by a 12.5% traffic decline.
Competition in the restaurant industry is intensifying as brands seek to attract customers through differentiated offerings, compelling value, menu innovation and convenient experiences. Against this backdrop, Dutch Bros Inc. (BROS - Free Report) and The Wendy’s Company (WEN - Free Report) are taking different approaches to strengthening their market positions. Dutch Bros is expanding its beverage-led business and Wendy’s is working to restore traffic and improve restaurant performance.
BROS is benefiting from strong customer engagement, innovative beverages, expanded food offerings and rapid store expansion. Wendy’s, meanwhile, is focused on reinforcing the quality and value proposition, improving restaurant execution and revitalizing its brand to bring customers back. With one company pursuing an aggressive growth strategy and the other working through a turnaround, which restaurant stock offers greater investment potential?
Let’s dive deep and closely compare the fundamentals of the two stocks to determine which one is a better investment now.
The Case for BROS StockThis Oregon-based drive-thru beverage chain is benefiting from strong customer demand, menu innovation and continued expansion into new markets. In the second quarter of 2026, Dutch Bros reported revenue growth of 32% year over year to $550.9 million, while company-operated same-shop sales increased 8.3%, supported by transaction growth and the continued success of its sales initiatives. The company also delivered its eighth consecutive quarter of transaction growth, reflecting the appeal of the customizable beverages, customer-focused service and distinctive brand experience.
Dutch Bros is creating additional growth opportunities by expanding its menu, strengthening customer engagement and opening new shops. The company completed the rollout of its food program across approximately 750 system shops during the quarter, giving customers more reasons to visit during morning hours. BROS’ new Myst Energy Refreshers platform also performed strongly, prompting management to make it a permanent menu offering alongside Rebel.
Dutch Bros opened 48 shops during the quarter and has approximately 90% of the development pipeline needed to reach its target of 2,029 shops by 2029. Strong performance in newer markets, including Chicago, Atlanta, Charlotte and Tampa, further supports its national expansion strategy.
However, Dutch Bros faces cost pressures from higher coffee prices and expenses associated with its expanding shop base and food program. Management expects these factors to weigh on margins, while tougher transaction comparisons and lower effective pricing could moderate same-shop sales growth in the second half of 2026. Maintaining strong customer demand while managing these costs will be important as the company continues to expand.
Looking ahead, Dutch Bros expects to sustain growth through new shop openings, beverage innovation and initiatives that encourage more frequent customer visits. Management raised the 2026 revenue guidance to $2.10-$2.13 billion from the previous estimate of $2.05-$2.08 billion, reflecting confidence in the company’s growth trajectory. Dutch Bros also expects to open at least 185 system shops during the year. With a growing national footprint, strong customer engagement and further opportunities to expand the food and beverage offerings, the company is positioned to build on its momentum in the competitive restaurant market.
The Case for WEN StockThis Ohio-based quick-service restaurant chain is working to restore growth by strengthening its food quality, value proposition and customer experience. In the second quarter of fiscal 2026, Wendy’s global systemwide sales declined 6.5% year over year, while U.S. same-restaurant sales fell 7%, reflecting persistent traffic weakness. Despite these challenges, the company retains a recognizable brand built around fresh, never-frozen beef, made-to-order hamburgers and a broad franchise network. New leadership is now focused on using these strengths to improve restaurant performance and rebuild customer loyalty.
Wendy’s is prioritizing menu improvements, more effective marketing and a better digital experience to attract customers and strengthen its competitive position. Management plans to simplify and improve its value offerings, reinforce food quality and establish a more consistent brand message.
The company is also looking to improve drive-thru execution through better staffing, training and operating standards, while investing in technology and customer loyalty initiatives to encourage repeat visits. International expansion provides another avenue for growth, with international systemwide sales increasing 3.4% during the fiscal second quarter, supported by new restaurant development.
However, Wendy’s faces significant challenges as declining traffic weighs on sales and restaurant profitability. U.S. same-restaurant sales were pressured by a 12.5% decline in traffic, while higher commodity costs, including beef inflation and labor cost pressures, affected company-operated restaurant margins.
Management expects traffic headwinds and pressure on restaurant margins and adjusted EBITDA to persist in the second half of fiscal 2026. The company has also withdrawn the full-year financial outlook as its new leadership team develops a comprehensive turnaround plan, underscoring the uncertainty surrounding the timing of a recovery.
Looking ahead, Wendy’s is focused on restoring traffic, improving franchisee economics and returning the business to sustainable growth. Its turnaround strategy centers on strengthening menu quality and value, improving marketing, raising operational consistency, enhancing digital engagement and supporting healthier restaurant economics. While these initiatives could help the company make better use of its established brand and franchise network, meaningful improvement will depend on execution and measurable progress in customer traffic and restaurant performance.
Price Performance & Valuation of BROS & WENAs witnessed from the chart below, in the year-to-date ("YTD") period, Dutch Bros’ share price performance has underperformed Wendy’s and the Zacks Retail - Restaurants industry.
BROS vs WEN Price Performance (YTD)
Image Source: Zacks Investment Research
Considering valuation, Dutch Bros has been trading above Wendy’s on a forward 12-month price-to-earnings (P/E) ratio basis.
BROS vs WEN Valuation (P/E F12M)
Image Source: Zacks Investment Research
How Do Estimates Compare for BROS & WEN?Over the past 30 days, the Zacks Consensus Estimates for Dutch Bros 2026 EPS remained unchanged at 98 cents. The projections indicate 30.4% EPS growth on 29% revenue growth in 2026.
Dutch Bros’ EPS Estimate
Image Source: Zacks Investment Research
Conversely, Wendy’s consensus estimate for fiscal 2026 EPS increased from 49 cents to 50 cents over the past 30 days. The company is projected to report a 43.2% decline in earnings, while revenues are expected to increase 1.4%.
Wendy’s EPS Estimate
Image Source: Zacks Investment Research
WEN Emerges as the Better Restaurant Stock to BuyDutch Bros continues to demonstrate strong growth through menu innovation, customer engagement and rapid store expansion. However, Wendy’s offers a potentially attractive turnaround opportunity as management works to restore customer traffic, improve restaurant execution and strengthen its value proposition. While the timing of a recovery remains uncertain, Wendy’s established brand and ongoing turnaround initiatives provide scope for improved performance.
From an earnings perspective, Dutch Bros has stronger growth expectations, but its Zacks Rank #4 (Sell) contrasts with Wendy’s more favorable Zacks Rank #2 (Buy). Considering the relative price performance and valuation of the two stocks, Wendy’s emerges as the more compelling investment at present, provided its turnaround efforts begin to deliver tangible results.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways Cipher Digital will report Q3 results on Nov. 2, with revenues expected to decline 45.5% year over year.Black Pearl's rental income may offset lower mining revenues, while Odessa remains the sole operating mine.Barber Lake's phased delivery and Stingray's construction could keep capital spending in focus for CIFR.
Cipher Digital Inc. (CIFR - Free Report) is scheduled to report third-quarter 2026 earnings on Nov. 2.
The Zacks Consensus Estimate for third-quarter revenues is currently pegged at $40.63 million, indicating a 43.34% year-over-year decline.
The consensus mark for loss is pegged at 31 cents per share, unchanged over the past 30 days. This implies a year-over-year deterioration from a loss of one cent.
Cipher Digital’s earnings beat the Zacks Consensus Estimate in one of the trailing four quarters and missed on the remaining three occasions.
Let’s see how things have shaped up for CIFR before the announcement.
Key Factors to Watch Ahead of CIFR’s Q3 ResultsCipher Digital’s third-quarter 2026 results are likely to reflect its business shifting from bitcoin mining toward leased high-performance computing (HPC) facilities. Results are likely to highlight the first rental contributions from its data centers alongside ongoing construction spending.
Black Pearl is expected to have been a key revenue driver. Initial capacity was delivered in August, two months ahead of the original schedule, and rental payments began. This income could partly offset reduced mining revenues following the site's decommissioning. Odessa remained Cipher’s only operating bitcoin mine, exposing revenues to bitcoin production and prices.
Barber Lake is likely to have generated no rental revenues in the quarter. A September agreement extended the site's contracted occupancy to 20 years but revised delivery to a phased schedule beginning in the fourth quarter. Change orders and an updated cost-sharing arrangement mean investors should watch construction spending closely amid revised tenant requirements.
At Stingray, Cipher expected foundation and steel work to begin during the third quarter. The company also began developing natural-gas lateral pipelines in September to support future on-site power generation. Both initiatives signal construction activity rather than near-term rental income, and capital expenditure and project timelines remain especially important indicators this quarter.
Profitability remains another focus. Cipher reported a $30 million adjusted EBITDA loss in the second quarter. New rent may have improved operating performance, but staffing costs, interest expense and noncash warrant-value changes could weigh on reported results. These factors are likely to have shaped the quarter's bottom line.
What Our Model Says About CIFR StockOur proven model does not conclusively predict an earnings beat for Cipher Digital this time around. Per 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. However, that is not the case here.
Cipher Digital currently has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to ConsiderHere are some companies — IREN Limited (IREN - Free Report) , Riot Platforms, Inc. (RIOT - Free Report) and Hut 8 Corp. (HUT - Free Report) — worth considering, as our model shows that they have the right combination of elements to beat on earnings in their upcoming releases:
IREN Limited currently has an Earnings ESP of +36.96% and a Zacks Rank #3. IREN is set to report first-quarter fiscal 2027 results on Nov. 5. You can see the complete list of today’s Zacks #1 Rank stocks here.
Riot Platforms currently has an Earnings ESP of +106.25% and a Zacks Rank #3. RIOT is slated to report third-quarter 2026 results on Nov. 4.
Hut 8 currently has an Earnings ESP of +11.13% and a Zacks Rank #3. Hut 8 is scheduled to report third-quarter 2026 results on Nov. 4.
