Track market-moving stories before they get noisy

An unidentified entity in the European Union may have lost more than $106 million from accounts at multiple cryptocurrency exchanges on Sunday, according to blockchain investigator ZachXBT.

In a Monday post, ZachXBT said funds suspected to have been stolen were withdrawn in USDC and USDT before being moved through several cryptocurrencies and blockchains.

The suspected attacker swapped USDC for Ether (ETH), used instant exchange services including WellWallet and Kyrrex, and converted funds into Monero (XMR) through the swap service Wagyu.

Source: ZachXBT Telegram post

The suspected attacker remains unidentified, though ZachXBT said the movement of funds pointed away from a link to North Korea’s Lazarus Group. The affected entity and exchanges involved have not been publicly named.

ZachXBT identified 11 wallet addresses associated with the funds.

The reported theft follows the $6.3 billion Binance hack on Oct. 29, which the FBI has attributed to North Korean hackers known as “TraderTraitor,” a group linked to Lazarus. The attack was the largest cryptocurrency theft on record.

Wallet associated with Solana arbitrage bot may have lost $786KA wallet associated with King, an automated trading bot on Solana, may have lost about $786,000 on Monday, according to pseudonymous blockchain monitoring account Onchain Lens.

King is an arbitrage bot, a software that automatically buys cryptocurrency in one market and sells it in another to profit from price differences. Onchain Lens told Cointelegraph the funds moved through several Solana wallets before being transferred to Ethereum using Mayan, a service for moving assets between blockchains. It said the rapid transfers suggested an attempt to conceal the funds’ origin and a possible wallet compromise.

King’s operator has not confirmed a compromise.

“Our report is based on unusual fund movements, rapid transfers and the subsequent cross-chain movement of funds, which we believe indicates an attempt to obscure their origin,” Onchain Lens told Cointelegraph. “This pattern strongly suggests a potential wallet compromise.”

Source: Onchain Lens

Magazine: Binance hackers raced to move billions before it could be frozen

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THORChain, a decentralized cross-chain liquidity protocol, suspended swaps across ten major blockchain networks after an Ethereum block reorganization led to a 10 ETH refund error. This incident caused the native token RUNE to drop approximately 18% as traders reacted to the sudden halt and market uncertainty.

Ethereum Block Reorganization Triggers Swap SuspensionOn October 31, at around 11:34 UTC, Ethereum underwent a one-block reorganization—an uncommon event where a valid block is replaced by an alternative version, altering the transaction history. A 10 ETH deposit intended for a THORChain vault appeared in the block that was ultimately discarded.

THORChain had already recognized the deposit in its records, but the transaction vanished from Ethereum’s accepted blockchain. When the deposit’s corresponding swap failed to achieve its price limit, the protocol issued a refund despite its vault never having received the funds.

THORChain’s automated solvency checker detected this resulting 10 ETH deficit and promptly halted Ethereum swaps. Node operators moved quickly, suspending outgoing Ethereum transactions within two minutes, and paused additional networks as the vulnerability was assessed.

Impacted networks included Bitcoin, Ethereum, Solana, Tron, BNB Smart Chain, Cosmos, Bitcoin Cash, Dogecoin, Litecoin and Zcash. However, swaps on Avalanche, Base and XRP Ledger, as well as on the THORChain network itself, remained available.

THORChain later received the returned 10 ETH from the recipient, correcting the vault balance. Still, the underlying risk persists since similar blockchain reorganizations could trigger further improper refunds on other supported networks.

Mini dictionary: Block reorganization (reorg): A blockchain event where a previously accepted block is replaced by a different block, causing changes in the transaction history. This can result in the disappearance or duplication of transactions, creating vulnerabilities for protocols relying on accurate record-keeping.

NetworkStatus After IncidentEthereum, Bitcoin, Solana, Tron, BNB Smart Chain, Cosmos, Bitcoin Cash, Dogecoin, Litecoin, ZcashSwaps SuspendedAvalanche, Base, XRP Ledger, THORChain NetworkSwaps ActiveSecurity Incident Overlaps with Binance Hack InvestigationThe suspension occurred as blockchain investigators continued to track cryptocurrency stolen during the October 29 Binance security breach. Chainalysis, a blockchain analytics provider, reported that the THORChain shutdown delayed efforts to transfer stolen funds using the protocol’s cross-chain swapping services.

Previous attributions from the FBI linked the Binance attack to the North Korean hacking group known as TraderTraitor. The group is suspected to use decentralized exchanges and cross-chain infrastructure to obscure the movement of stolen digital assets.

Blockchain analytics company Chainalysis noted delays in the movement of stolen crypto assets due to the THORChain suspension, temporarily complicating the efforts of hackers to transfer funds across networks.

THORChain’s ability to process native asset swaps across multiple blockchains typically serves users seeking decentralized trading without relying on centralized platforms. However, this same flexibility can complicate law enforcement’s ability to trace these assets once moved across chains.

Coinpaper previously reported that over 233 million XRP was shifted in the early stages of the Binance incident. Investigators have been monitoring movements related to these assets, especially those involving Ethereum balances.

The protocol’s temporary shutdown was automated by its security systems, not a targeted move to hinder the transfer of assets related to the Binance breach. Nonetheless, the event highlights how technical failures can disrupt both legitimate and illicit crypto transactions alike.

RUNE Declines 18% as Developers Address Protocol VulnerabilityAfter the trading halt, RUNE fell sharply by about 18%, dipping toward $0.52 on November 2. This drop aligned with a broader downturn affecting the wider crypto sector following the Binance security incident.

The technical problem has introduced fresh uncertainties for traders; THORChain’s activity relies on seamless and secure interactions between independent blockchains. Developers are now implementing new safeguards intended to prevent the recognition of deposits from blocks that do not ultimately remain in a network’s accepted transaction history.

Node operators will determine when it is safe to resume swaps on each suspended network. The event reemphasizes broader concerns within the industry about digital asset security—including transaction validation and the considerable challenges associated with recovering funds that move between multiple blockchains.

The incident illustrates how systems designed to ensure security, such as automated solvency checkers, can rapidly intervene in response to blockchain anomalies, but also disrupt normal trading activity across a wide range of networks.

As artificial intelligence reshapes the enterprise landscape, investors are weighing the merits of UiPath (PATH -2.84%) and SentinelOne (S -7.91%) to determine which company offers a more compelling path toward 2027.

UiPath focuses on business orchestration through automation, while SentinelOne secures digital environments with an AI-driven platform. Both companies occupy critical niches within the enterprise software market, yet they offer distinct financial profiles. This comparison explores their different approaches to growth, profitability, and market valuation.

The case for UiPathUiPath provides a business orchestration and automation platform that coordinates agents, robots, and people. It helps organizations streamline complex workflows across various industries, maintaining a strong presence among tech stocks. The company maintains a robust distribution model through strategic alliances with partners like Snowflake (SNOW -5.03%) and BDO USA.

In its latest annual report for FY 2026, revenue reached nearly $1.6 billion, representing growth of approximately 12.7% over the prior year. The company reported net income of roughly $282.3 million and a net margin of close to 17.5%. This performance marks a significant improvement from the previous fiscal year when the company reported a net loss.

As of its January 2026 balance sheet, the debt-to-equity ratio was 0.0x, and the current ratio of 2.5x indicates the company can cover short-term liabilities with short-term assets. Free cash flow reached nearly $352.2 million, which represents cash generated from operations minus capital expenditures. Note that stock-based compensation represented roughly 78.3% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.

The case for SentinelOneSentinelOne provides an AI-powered cybersecurity platform that detects and responds to attacks across endpoints, cloud workloads, and identities. Its platform is used globally by enterprises and government agencies, relying on channel partners like N-able (NABL -2.32%) and Lenovo to reach customers. The company continues to expand its reach with over 1,715 customers generating at least $100,000 in annual recurring revenue.

In its latest annual report for FY 2026, revenue reached nearly $1.0 billion, an increase of roughly 21.9% compared to the previous year. Despite this growth, the company reported a net loss of approximately $450.7 million and a net margin of roughly -45%. The widening net loss highlights the costs associated with scaling its infrastructure and investing in new AI initiatives.

On its January 2026 balance sheet, the debt-to-equity ratio was 0.0x, while the current ratio of 1.4x measures the company's ability to meet short-term obligations with current assets. Free cash flow reached nearly $75.9 million, calculated as cash from operations minus capital expenditures. Note that stock-based compensation represented roughly 388.4% of operating cash flow, meaning reported cash generation is heavily inflated by this non-cash add-back.

Risk profile comparisonUiPath faces significant risks related to its heavy reliance on a single automation platform and intense competition from larger enterprise software vendors. The company also navigates potential regulatory challenges regarding AI ethics and a concentration where its top 10% of customers provide a substantial portion of revenue. Geopolitical factors also play a role, as international operations accounted for close to 54% of its revenue in FY 2026.

SentinelOne operates in a highly competitive cybersecurity market and has a history of net losses that may make forecasting future results difficult. The company relies on the efficacy of its AI initiatives and faces risks related to potential security breaches, including those affecting its cloud provider, Amazon (AMZN +2.20%). Furthermore, evolving data protection laws and the EU AI Act impose significant regulatory compliance obligations on its global operations.

Valuation comparisonUiPath appears significantly cheaper than SentinelOne across both earnings and sales multiples, suggesting a more conservative valuation for the established automation leader.

MetricUiPathSentinelOneForward P/E17.4x78.7xP/S ratio4.2x7.8xValuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy for 2027?I'd go with SentinelOne. What I like is that it is growing much faster than UiPath while becoming more profitable, and its products cover both AI-powered security and protection for AI systems themselves. In Q2 fiscal 2027, SentinelOne's revenue beat its own guidance and management raised its full-year outlook. Management expects revenue to keep climbing when it reports in early December.

To give UiPath its due, it has been GAAP profitable for four straight quarters, a milestone SentinelOne has not reached. The catch is that UiPath's annual recurring revenue is growing at roughly half the pace of SentinelOne's, so it is entering 2027 with less momentum.

For anyone building a portfolio with a long time horizon, owning a security platform that grows alongside AI adoption is a straightforward way to benefit as more companies put AI to work. Each new AI system a customer deploys is one more thing that needs protecting.

Nov 2 (Reuters) - Keysight Technologies

(KEYS.N), opens new tab on Monday named insider ​Jason Kary as its ‌next CFO effective December 18, succeeding Neil Dougherty.

Here ​are some more ​details:

Learn about the latest breakthroughs in AI and tech with the Reuters Artificial Intelligencer newsletter. Sign up here.

Kary is currently senior ⁠vice president and ​president at the company's ​electronic industrial solutions unit which makes products for automotive ​and semiconductor industries

Dougherty, ​who had been with the company ‌for ⁠30 years, served as finance chief for 13 years

The Santa ​Rosa, California-based ​company ⁠also said it would not ​update its previous ​outlook ⁠for quarter ended October 31

The company is ⁠expected ​to report fourth-quarter ​results on November 19

Reporting by ​Anshuman Tripathy in Bengaluru

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

TL;DR

The official bridge cutoff is November 4 at 13:00 UTC.
The published recovery process has asset-specific limits.
Base is set to become the ecosystem’s primary chain.

Horizen users have a near-term operational deadline as the project winds down its layer-three network. Its official migration notice sets November 4 at 13:00 UTC as the bridge cutoff and directs holders to review the instructions for their particular assets.

The migration plan includes a later recovery process for certain remaining balances. That is not a universal guarantee for every token or wallet arrangement, making the difference between an ordinary withdrawal and a delayed recovery especially important.

The deadline concerns access to assets
A chain shutdown is different from a token being removed from an exchange. In the exchange case, the underlying network may continue to function normally. A network wind-down changes the infrastructure through which users can submit instructions and applications can update state.

That makes the location of an asset consequential. A token bearing the same name can exist in more than one environment, and the procedure for moving it depends on where the balance is actually recorded. A holder should not infer their position from a ticker in a portfolio tracker alone.

There is also a timing distinction between initiating an exit and receiving its result. Bridging can involve stages that finish after the first transaction. A successful submission is useful evidence, but the recipient-side balance and the bridge’s own status determine whether the transfer has completed.

The recovery plan has specific boundaries
Horizen says its later DAO return covers ZEN and qualifying ETH balances, while USDC.e is outside that process. The notice also flags special handling for smart-contract wallets and a minimum ETH balance threshold. Readers with affected holdings need the current official instructions rather than a generic assumption that all balances will be returned automatically.

These distinctions reflect an important feature of blockchain accounting: recognizing an address on two networks does not establish that the same kind of account exists on both. A simple wallet and a contract-controlled account can require different treatment when balances are reconstructed elsewhere.

Similarly, a bridged asset may be operated through infrastructure with obligations separate from those of the chain’s own project. A recovery programme can only make reliable promises about assets and processes within its stated scope.

A dependent network meets a parent-chain change
The project attributes the accelerated transition to compatibility issues connected to Base’s Denim upgrade. Base’s published specification introduces a different block cadence and associated data changes, illustrating why infrastructure built on another chain must track its dependencies.

A layered system can borrow useful components and reduce development work. It can also inherit assumptions about how the underlying network behaves. When those assumptions change, the dependent service may need a migration rather than a routine version update.

This is a broader architectural lesson rather than evidence that all layer-three networks face the same outcome. The relevant question is which exact dependencies a system has and whether its operators can adapt them before an upstream change takes effect.

Continuity depends on the transition itself
Moving activity to an established network can simplify the number of places where an ecosystem must maintain infrastructure. For users, however, the immediate benefit depends on successful balance transfers, working applications and clear communication about what happens to existing positions.

A staking interface being unavailable, for example, would not by itself establish that funds have disappeared. Equally, a roadmap promising future staking would not prove that a particular balance has already migrated. Transaction records and official recovery notices answer those different questions.

The November 4 cutoff is therefore the central fact for this week. The broader move to Base can be evaluated over time, but the asset-specific exit and recovery instructions deserve attention before the operating environment changes.

Written by the News Desk and edited by Samuel Rae.

, /PRNewswire/ -- ADC Therapeutics SA (NYSE: ADCT), a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs), today announced that the Company has made a grant of options to purchase an aggregate of 17,000 of the Company's common shares to a new employee on November 2, 2026. ("Grant").

The Grant was offered as material inducement to the employee's employment. The Grant was approved by the Compensation Committee of the Company's Board of Directors pursuant to the Company's Inducement Plan to motivate and reward the recipients to perform at the highest levels and contribute significantly to the success of the Company. The Grant was made in reliance on the employment inducement exemption under the NYSE's Listed Company Manual Rule 303A.08.

The Company is issuing this press release pursuant to Rule 303A.08. The Grant shall vest and become exercisable 25% on the first anniversary of the grant date, and 1/48th of the aggregate number of shares subject to the award on each monthly anniversary of the grant date thereafter, such that the entire award will be vested as of the fourth anniversary of the grant date, subject to continued employment with the Company.

About ADC Therapeutics
ADC Therapeutics (NYSE: ADCT) is a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs), transforming treatment for patients through our focused portfolio with ZYNLONTA® (loncastuximab tesirine-lpyl).

ADC Therapeutics' CD19-directed ADC ZYNLONTA received accelerated approval by the FDA and conditional approval from the European Commission for the treatment of relapsed or refractory diffuse large B-cell lymphoma after two or more lines of systemic therapy. ZYNLONTA is also in development in combination with other agents and in earlier lines of therapy.

Headquartered in Lausanne (Biopôle), Switzerland, with operations in New Jersey, ADC Therapeutics is focused on driving innovation in ADC development with specialized capabilities from clinical to manufacturing and commercialization. Learn more at adctherapeutics.com and follow us on LinkedIn.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "would", "expect", "intend", "plan", "anticipate", "believe", "estimate", "predict", "potential", "seem", "seek", "future", "continue", or "appear" or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: whether Tanabe's marketing authorization application filed with Japan's Ministry of Health for ZYNLONTA will be accepted, the timing and potential approval of the marketing authorization application for ZYNLONTA in Japan, the timing and payment of future regulatory and commercial milestones related to Japan, Nippon Shinyaku ability to successfully commercialize ZYNLONTA in Japan and the amount of future revenue in Japan and related payments to ADCT; the adequacy of the LOTIS-5 clinical trial data to support full regulatory approval and our ability to maintain accelerated approval in the United States and foreign jurisdictions for our product; our ability to identify and execute on potential regulatory and compendia pathways; the timing, content and outcome of meetings with and feedback or other communications provided by regulatory authorities including U.S. FDA including our ability to adequately address the serious concerns related to the LOTIS-5 trial results raised by the FDA at the recent pre-sBLA submission meeting; the timing, submission and outcome of an sBLA related to LOTIS-5 and potential approval; the actual and perceived benefit-risk profile for ZYNLONTA as studied in the LOTIS-5 trial; the assessment of the data from LOTIS-5 study, including additional analyses of outcomes observed for safety, efficacy and within key geographic regions and across certain patient sub-populations; the path for full regulatory approval for ZYNLONTA in the United States and foreign jurisdictions and into earlier lines of therapy; whether future LOTIS-7 results will be consistent with or different from the prior disclosure, the timing, results and publication of the full LOTIS-7 trial data and potential compendia inclusion; future regulatory strategy for a Phase 3 trial for the combination of ZYNLONTA plus glofitamab; our expected revenue growth in 2027 and the Company's ability to sustain or grow ZYNLONTA® revenue in the future; our expected cash runway into 2029; changes in our regulatory and commercial strategy; the ability of our partners to commercialize ZYNLONTA® in foreign markets, the timing and amount of future revenue and payments to us from such partnerships and their ability to obtain or maintain regulatory approval for ZYNLONTA® in foreign jurisdictions; the timing and results of the Company's clinical trials; the timing, publication and results of investigator-initiated trials including those studying FL and MZL and the potential regulatory and/or compendia strategy and the future opportunity; the timing and outcome of regulatory submissions for the Company's products or product candidates; actions by the FDA or foreign regulatory authorities; projected revenue and expenses; the Company's indebtedness, including HealthCare Royalty Management and Blue Owl and Oaktree facilities, and the restrictions imposed on the Company's activities by such indebtedness, the ability to comply with the terms of the various agreements and repay such indebtedness and the significant cash required to service such indebtedness; the Company's ability to obtain financial and other resources for its research, development, clinical, and commercial activities; uncertainties related to a potential change in domicile from Switzerland to Delaware, including the outcome of tax analyses associated with such redomiciliation, the receipt of requisite shareholder approval, and the ability to complete the redomiciliation on the anticipated terms and timeline, if at all; and the uncertainties of international trade policies, including tariffs, sanctions, trade barriers and most favored nation drug pricing and the potential impact they may have on our business, financial condition, and results of operations. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K and in the Company's other periodic and current reports and filings with the U.S. Securities and Exchange Commission. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document.

CONTACTS:
Investors and Media
Nicole Riley
ADC Therapeutics
[email protected]
+1 862-926-9040

SOURCE ADC Therapeutics SA

Cover image via U.Today 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.

Shiba Inu layer 2 blockchain Shibarium saw increased activity near the end of October, but it was not sustainable as the trend reversed.

The number of Shibarium transactions jumped to 6,370 on October 31 from 753 a day earlier, representing a 745% surge, according to Shibarium explorer Shibariumscan.

The sharp increase shows a major spike in network activity near the end of October, but it then encountered a pullback as momentum behind the breakout waned. Shibarium transactions have dropped from 6,370 on October 31 to 1,120 on November 1, close to the baseline it has maintained since October.

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SHIB holders might want to keep an eye on the reversal, especially since Shibarium continues to be a major factor in the broader Shiba Inu ecosystem.

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Shibarium also saw a similar pattern between October 17 and 21, when transaction activity went from 659 on October 17 to 7,300 on October 19. This sharply turned negative to 915 on October 21, 2024.

The 745% breakout and subsequent reversal show why we need to evaluate Shibarium's network growth over the long term. Shibarium's latest readings might give a hint as to whether the recent rally was just a flash in the pan or a more sustainable recovery.

Shiba Inu community watches what's nextShibarium remains in 'rebuild' mode as developers carry out quiet upgrades behind the scenes. A notice on the home page of Shibariumscan indicates ongoing indexing of the chain, with 63% of blocks now indexed.

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In response to an X user who asked: "when exactly will the Shibarium L2 network & Zama update be completed, when will the bridging of the Shibarium L2 network on exchanges be fully completed, and therefore when will the Bone token listings on all exchanges take place?"

Long-time Shiba Inu community member Mazrael responded: "Gate and Mexc have added some others as well. There is also more than one direct Fiat to Shibarium bone route. Find them in ShibWallet. You want more you ask them. Zama has been postponed as said by Rand. No date shared. Will be visible by all when added. Their gits also tracked on ShibWatch for that."

3 Signals That Could Shape Bitcoin’s Next Move After Binance Hack

Retail landscapes are shifting as consumer spending patterns evolve under various economic pressures. Investors choosing between Dick's Sporting Goods (DKS -1.11%) and Home Depot (HD +3.63%) must decide which giant best balances growth with stability.

Dick's Sporting Goods focuses on the athlete lifestyle and recently expanded into the footwear market through a major acquisition. Home Depot serves a massive distribution network of professionals and hobbyists. Both companies represent different segments of the retail sector.

The case for Dick's Sporting GoodsDick's Sporting Goods operates as a leading omnichannel retailer for sports equipment, apparel, and footwear through brands like Golf Galaxy and Public Lands. Following its acquisition of the Foot Locker business, the company now serves a broader demographic including sneaker enthusiasts across North America, Europe, and Asia. Its ScoreCard loyalty program includes approximately 30 million members who account for over 75% of sales.

In FY 2025, revenue reached nearly $17.2 billion, representing growth of 28.1% compared to the prior year. The company reported net income of close to $849.2 million for the period. This resulted in a net margin of approximately 4.9%, though this was a decrease from the 8.7% net margin reported in the previous fiscal year.

As of its January 2026 balance sheet, the debt-to-equity ratio is approximately 1.4x. This ratio measures total debt against shareholder equity, and it shows how much the company relies on borrowing to fund its operations. The current ratio is roughly 1.5x, indicating the company has $1.50 in current assets for every $1.00 in short-term debt, while free cash flow reached nearly $400.2 million during FY 2025.

The case for Home DepotHome Depot is the world's largest specialty retailer for home improvement, offering everything from building materials to décor and professional maintenance products. The company focuses on two main groups: do-it-yourself consumers and professional contractors. Its recent acquisitions, including SRS, further expanded its reach into specialty trades like roofing, landscaping, and pool contracting.

In FY 2025, revenue reached close to $164.7 billion, indicating a growth rate of approximately 3.2% over the previous year. The company reported net income of nearly $14.2 billion for the period. This resulted in a net margin of roughly 8.6%, reflecting a slight decline from the 9.3% net margin achieved in FY 2024.

As of its February 2026 balance sheet, the debt-to-equity ratio is approximately 5.1x. This figure compares total debt to shareholder equity and suggests the company uses a high level of leverage in its capital structure. The current ratio is roughly 1.1x, which measures the ability to cover short-term liabilities, and free cash flow for FY 2025 was close to $12.6 billion.

Risk profile comparisonDick's Sporting Goods faces significant integration risks from its Foot Locker acquisition. Additionally, it relies heavily on Nike (NKE +1.16%) for approximately 31% of its merchandise, creating a vulnerability to any changes in that partner's distribution strategy.

Home Depot deals with macroeconomic uncertainty, particularly high interest rates that can reduce housing turnover and home improvement demand. It faces competition from Lowe's Companies (LOW +4.34%) and potential disruptions from trade policies affecting imports from Canada and Mexico.

Valuation comparisonDick's Sporting Goods offers a significantly lower entry point based on sales and future earnings estimates, while Home Depot commands a premium for its market dominance.

MetricDICK'S Sporting GoodsHome DepotForward P/E12.5x22.0xP/S ratio0.6x1.9xValuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy for 2027?Dick’s Sporting Goods’ Foot Locker acquisition hasn’t gone smoothly. There have been integration issues, and the division has faced tough competition. When the company announced second-quarter results in August, management lowered this year’s expectations for Foot Locker. It now predicts same-store sales (comps) will range from flat to a 2% decline.

Home Depot’s customers have been stressed by economic factors, like high interest rates, which have caused homeowners to put off major projects. Despite this, Home Depot’s fiscal second-quarter comps grew 1.7%. This covered the period that ended on Aug. 2. For the year, it expects comps of flat to up 2%.

Home Depot may have to endure a sluggish home improvement market for a while, which will continue to hurt sales. However, with the company having the number one market position, by far, in the home-improvement retail sector, it’s operating from a position of strength.

That means homeowners will undoubtedly turn to Home Depot for its goods and services when they’re ready to undertake major projects.

Despite Home Depot’s richer valuation, its leading position makes it the better buy for patient investors.

Total Third-Quarter 2026 Revenue Grew 41% Year-Over-Year to $1.1 Billion

INGREZZA® (valbenazine) 2026 Net Sales Guidance Raised to $2.9 to $2.925 Billion

, /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the third quarter ended September 30, 2026.

"Our third quarter performance marks another important milestone in Neurocrine's evolution, with net product sales exceeding $1 billion for the first time, driven by strong underlying demand across our diversified portfolio of first-in-class medicines," said Kyle W. Gano, Ph.D., Chief Executive Officer of Neurocrine Biosciences. "This continued growth reinforces the strength of our strategy and expands our capacity to invest in innovation, advance our pipeline and build an enduring biopharmaceutical company. Looking ahead to 2027, we see meaningful opportunities for continued growth across INGREZZA, CRENESSITY® (crinecerfont) and VYKAT® (diazoxide choline) XR, alongside multiple important clinical milestones, including Phase 3 readouts for osavampator in major depressive disorder and direclidine in schizophrenia."

Total Revenue Highlights

Three Months Ended

September 30,

(unaudited, in millions, except per share data)

2026

2025

YoY Growth

Revenues:

INGREZZA Net Product Sales

$           801

$           687

17 %

CRENESSITY Net Product Sales

211

98

115 %

VYKAT XR Net Product Sales

107

—

NM

Other Revenues

4

10

NM

Total Revenues

$        1,123

$           795

41 %

Total revenues for the third-quarter 2026 were $1.1 billion, compared with $795 million in the prior-year period representing 41% year-over-year growth.INGREZZA third-quarter 2026 net product sales were $801 million, representing 17% growth year-over-year. Results reflected double-digit volume growth, with record TRx and NRx supported by strong demand and high rates of persistency.INGREZZA full year 2026 guidance was increased from a range of $2.825 billion to $2.875 billion up to $2.9 billion to $2.925 billion.CRENESSITY third-quarter 2026 net product sales were $211 million, driven by steady new patient demand and high rates of persistency with approximately 80% reimbursement for dispensed prescriptions.VYKAT XR third-quarter 2026 net product sales were $107 million, driven by steady and consistent patient demand and persistency.Recent Clinical and Corporate Developments

Announced the initiation of a Phase 1 first-in-human clinical study evaluating the safety and tolerability of NBIP-'1968, an investigational GLP-1/GIP/glucagon receptor triple agonist being developed as a therapy for obesity. This follows the Q1 2026 initiation of a Phase 1 first-in-human clinical study of NBIP-'2118, a potential first-in-class CRF2 peptide agonist. Initial clinical data from both programs will inform the development of a novel co-formulated combination therapy, including the optimal ratio of the two agents. NBIP-'2118 will also be evaluated independently as a potential standalone therapy for obesity.Announced the initiation of a Phase 2 clinical study evaluating the efficacy, safety, tolerability and pharmacokinetics of NBI-'567, an investigational M1/M4 (M1-preferring) selective muscarinic agonist being developed as an adjunctive therapy for cognitive impairment in Alzheimer's disease.Announced publication of the KINECT-PRO™ Phase 4 open-label study results demonstrating that treatment with once-daily INGREZZA capsules resulted in substantial and sustained improvements in patient-reported quality of life and functionality, alongside improvements in clinician-rated tardive dyskinesia (TD) movement severity. Improvements were observed regardless of underlying psychiatric diagnosis or baseline TD movement severity, including among participants with clinician-rated mild TD movements. The manuscript appears in CNS Spectrums.Presented research advancing the understanding of Prader-Willi syndrome and real-world experience with VYKAT XR at the Foundation for Prader-Willi Research Symposium & Family Conference.Announced that Eiry W. Roberts, M.D., who previously served as Neurocrine's Chief Medical Officer and most recently as a Strategic Advisor, has rejoined the Company's executive management team as Chief Medical Officer (CMO).Company to host R&D Day in New York on December 15, 2026.Third-Quarter 2026 Financial Results

Three Months Ended

September 30,

(unaudited, in millions, except per share data)

2026

2025

Total Revenues

$          1,123

$             795

GAAP Cost of Revenues

$               27

$               13

Non-GAAP Cost of Revenues

$               20

$               13

GAAP Research and Development (R&D)

$             352

$             250

Non-GAAP R&D

$             317

$             228

GAAP Selling, General, and Administrative (SG&A)

$             366

$             292

Non-GAAP SG&A

$             327

$             259

GAAP Net Income

$             207

$             210

GAAP Earnings Per Share – Diluted

$            1.96

$            2.04

Non-GAAP Net Income

$             347

$             222

Non-GAAP Earnings Per Share – Diluted

$            3.29

$            2.17

(unaudited, in millions)

September 30,

2026

December 31,

2025

Total Cash, Cash Equivalents, and Marketable Securities

$             790

$          2,543

Third-quarter 2026 GAAP net income and earnings per share were $207 million and $1.96, respectively, compared with $210 million and $2.04, respectively, for third-quarter 2025.Third-quarter 2026 Non-GAAP net income and earnings per share were $347 million and $3.29, respectively, compared with $222 million and $2.17, respectively, for third-quarter 2025.A reconciliation of GAAP to Non-GAAP financial results can be found in Table 3 at the end of this press release.Third-quarter 2026 GAAP and Non-GAAP net income compared with third-quarter 2025 were primarily driven by:Higher net product sales of $329 million.Third-quarter 2026 GAAP operating expenses included certain expenses associated with the acquisition of Soleno Therapeutics, Inc. (Soleno), which closed in May 2026, and are excluded from Non-GAAP operating expenses.Increased R&D expense in support of an expanded and advancing pre-clinical and clinical portfolio included investments in the osavampator Phase 3 program in major depressive disorder (MDD) and the muscarinic franchise, including the direclidine Phase 3 program as a potential treatment for adults with schizophrenia. Development milestone expense included in R&D was $10 million and $1 million, respectively, for the third quarter 2026 and 2025.Increased SG&A expense primarily reflected continued investment in our commercial organization, included the expansion of our INGREZZA and CRENESSITY sales teams in the first quarter of 2026 and for support of VYKAT XR following the acquisition of Soleno, which closed in May 2026.Third-quarter 2026 includes $52 million loss from changes in fair values of equity investments, compared with a gain of $31 million for third quarter 2025 (Non-GAAP adjustment)At September 30, 2026, the Company had cash, cash equivalents, and marketable securities totaling approximately $790 million.Full Year 2026 Financial Guidance

(dollars in millions)

Prior

Updated

INGREZZA Net Product Sales 1

$2,825 - $2,875

$2,900 - $2,925

GAAP R&D 2

$1,275 - $1,325

No Change

Non-GAAP R&D 2, 3

$1,140 - $1,190

No Change

IPR&D 4

$23

$34

GAAP SG&A 5

$1,575 - $1,600

$1,540 - $1,560

Non-GAAP SG&A 3, 5

$1,325 - $1,350

$1,290 - $1,310

GAAP Amortization of Acquired Intangible Assets 6

$85 - $90

No Change

INGREZZA sales guidance reflects expected net product sales of INGREZZA in tardive dyskinesia and chorea associated with Huntington's disease.R&D guidance reflects the continued advancement of the Company's pre-clinical and clinical portfolio including the Phase 3 programs for osavampator in major depressive disorder and direclidine in schizophrenia, and includes approximately $33 million of expense for development milestones related to our in-licensed product candidates. Development milestones are included in R&D guidance once achieved or deemed probable to achieve.Non-GAAP guidance has been adjusted to exclude estimated non-cash stock-based compensation expense of approximately $115 million in R&D and $170 million in SG&A, including approximately $58 million related to the acceleration of vesting of equity awards for Soleno employees which vested in full upon the closing of the transaction, and acquisition, integration and divestiture-related expenses of approximately $95 million. Non-cash stock-based compensation expense for performance-based equity awards is included in guidance once the predefined performance-based criteria for vesting is achieved or deemed probable to achieve.IPR&D guidance represents completed collaboration and licensing arrangements.SG&A guidance reflects expense for ongoing commercial initiatives, including the recent expansion of our sales teams in Q1 2026, supporting INGREZZA growth and the launch of CRENESSITY and VYKAT XR.In connection with the acquisition of Soleno, the Company recorded approximately $2.2 billion of intellectual property related to VYKAT XR to the balance sheet, which will be amortized over an expected life of 16 years.Conference Call and Webcast Today at 4:30 PM Eastern Time
Neurocrine Biosciences will hold a live conference call and webcast today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). Participants can access the live conference call by dialing 800-347-6865 (US) or 203-518-9757 (International) using the conference ID: NBIX. The webcast and accompanying slides can also be accessed at approximately 4:30 p.m. Eastern Time on Neurocrine Biosciences' website under Investors at www.neurocrine.com. A replay of the webcast will be available on the website approximately one hour after the conclusion of the event and will be archived for approximately one month.

About Neurocrine Biosciences
Neurocrine Biosciences is a leading biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering, developing and commercializing life-changing treatments for patients with under-addressed neurological, psychiatric, endocrine and immunological disorders. The company's diverse portfolio includes FDA-approved treatments for tardive dyskinesia, chorea associated with Huntington's disease, classic congenital adrenal hyperplasia, hyperphagia in Prader-Willi syndrome, endometriosis* and uterine fibroids*, as well as a robust pipeline including multiple compounds in mid- to late-phase clinical development across our core therapeutic areas. For more than three decades, we have applied our unique insight into neuroscience and the interconnections between brain and body systems to treat complex conditions. We relentlessly pursue medicines to ease the burden of debilitating diseases and disorders, because you deserve brave science. For more information, visit neurocrine.com, and follow the company on LinkedIn, X, Facebook and YouTube. (*in collaboration with AbbVie)

NEUROCRINE, the NEUROCRINE BIOSCIENCES Logo, YOU DESERVE BRAVE SCIENCE, INGREZZA, and CRENESSITY are registered trademarks of Neurocrine Biosciences, Inc. VYKAT is a registered trademark of Soleno Therapeutics, Inc.

Non-GAAP Financial Measures
In addition to the financial results and financial guidance that are provided in accordance with accounting principles generally accepted in the United States (GAAP), this press release also contains the following Non-GAAP financial measures: Non-GAAP cost of revenues, Non-GAAP R&D expense, Non-GAAP SG&A expense, Non-GAAP other income (expense), net, Non-GAAP net income and earnings per share. When preparing the Non-GAAP financial results and guidance, the Company excludes certain GAAP items that management does not consider to be normal, including recurring cash operating expenses that might not meet the definition of unusual or non-recurring items. In particular, these Non-GAAP financial measures exclude: non-cash stock-based compensation expense, amortization expense related to acquired intangible assets, amortization expense related to acquisition-date inventory fair value step-up, stock based compensation expense related to the acceleration of vesting of equity awards for Soleno employees, changes in fair value of equity investments, acquisition-related transaction and integration costs, gains on sales of businesses, net of transaction costs, other divestiture-related transaction costs, changes in foreign currency exchange rates and certain adjustments to income tax expense. These Non-GAAP financial measures are provided as a complement to results provided in accordance with GAAP as management believes these Non-GAAP financial measures are useful to investors because they help indicate underlying trends in the Company's business, are important in comparing current results with prior period results and provide additional information regarding the Company's financial position. Management also uses these Non-GAAP financial measures to establish budgets and operational goals that are communicated internally and externally and to manage the Company's business and evaluate its performance. The Company provides guidance regarding combined R&D and SG&A expenses on both a GAAP and a Non-GAAP basis. A reconciliation of these GAAP financial results to Non-GAAP financial results is included in the attached financial information.

Forward-Looking Statements
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties. These statements include, but are not limited to, statements related to: our business strategy, objectives, and future development plans; the benefits to be derived from our products and product candidates; the value our products and/or our product candidates may bring to patients; the continued success of INGREZZA; successfully commercializing CRENESSITY and VYKAT XR; our financial and operating performance, including our future revenues, expenses, or profits; our full year 2026 financial guidance; our acquisition of Soleno Therapeutics, including the prospective benefits of the acquisition, and our strategy, plans, objectives, expectations (financial or otherwise) and intentions with respect to our future financial results, growth potential and anticipated product portfolio in connection with the acquisition; our collaborative partnerships; clinical and scientific data updates for our products and product candidates, including observations regarding clinical outcomes, safety, and tolerability; expected future clinical and regulatory milestones; and the timing of the initiation and/or completion of our clinical, regulatory, and other development activities and those of our collaboration partners. Factors that could cause actual results to differ materially from those stated or implied in the forward-looking statements, include but are not limited to the following: risks and uncertainties associated with Neurocrine Biosciences' business and finances in general; risks and uncertainties associated with the commercialization of our products; risks related to our ability to realize the anticipated benefits of the acquisition of Soleno Therapeutics, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period and that we will not be able to integrate Soleno Therapeutics' business successfully or that such integration may be more difficult, time-consuming or costly than expected, disruption from the acquisition, making it more difficult to conduct business as usual or maintain relationships with employees, customers, suppliers, other business partners or governmental entities, unknown or inestimable liabilities, the risk of litigation and/or regulatory actions related to the acquisition, and the degree and pace of market uptake of VYKAT XR; risks related to the development of our product candidates; risks associated with our dependence on third parties for development, manufacturing, and commercialization activities for our products and product candidates, and our ability to manage these third parties; risks that the FDA or other regulatory authorities may make adverse decisions regarding our products or product candidates; risks that development activities may not be initiated or completed on time or at all, or may be delayed for regulatory, manufacturing, or other reasons, may not be successful or replicate previous clinical trial results, may fail to demonstrate that our product candidates are safe and effective, or may not be predictive of real-world results or of results in subsequent clinical trials; risks that the potential benefits of the agreements with our collaboration partners may never be realized; risks that our products, and/or our product candidates may be precluded from commercialization by the proprietary or regulatory rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; risks associated with government and third-party regulatory and/or policy efforts which may, among other things, impose sales and pharmaceutical pricing controls on our products or limit coverage and/or reimbursement for our products; risks associated with competition from other therapies or products, including potential generic entrants for our products; risks associated with our ability to manage the growth of our organization; and other risks described in our periodic reports filed with the Securities and Exchange Commission. Neurocrine Biosciences disclaims any obligation to update the statements contained in this press release after the date hereof other than as required by law.

###

TABLE 1

NEUROCRINE BIOSCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited, in millions, except per share data)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2026

2025

2026

2025

Revenues:

Net product sales

$      1,119.0

$         789.9

$      2,884.3

$      2,035.6

Collaboration revenues

3.7

5.0

11.9

19.4

Total revenues

1,122.7

794.9

2,896.2

2,055.0

Operating expenses:

Cost of revenues, excluding amortization of acquired intangible assets

26.6

13.0

63.5

31.5

Research and development

351.8

250.0

974.7

757.5

Acquired in-process research and development

11.7

0.3

34.4

0.4

Selling, general, and administrative

366.3

291.6

1,124.5

854.4

Amortization of acquired intangible assets

35.0

1.0

51.5

3.0

Gain on sale of business, net of transaction costs

—

—

(28.6)

—

Total operating expenses

791.4

555.9

2,220.0

1,646.8

Operating income

331.3

239.0

676.2

408.2

Other (expense) income :

Interest expense

(0.3)

—

(3.2)

—

Unrealized (loss) gain on equity investments

(52.3)

30.6

(25.8)

(6.7)

Investment income and other, net

5.0

22.2

45.5

64.5

Total other (expense) income, net

(47.6)

52.8

16.5

57.8

Income before provision for income taxes

283.7

291.8

692.7

466.0

Provision for income taxes

77.2

82.3

143.9

141.1

Net income

$         206.5

$         209.5

$         548.8

$         324.9

Earnings per share, basic

$           2.03

$           2.11

$           5.43

$           3.27

Earnings per share, diluted

$           1.96

$           2.04

$           5.26

$           3.19

Weighted average common shares outstanding, basic

101.6

99.4

101.0

99.3

Weighted average common shares outstanding, diluted

105.2

102.5

104.3

102.0

TABLE 2

NEUROCRINE BIOSCIENCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in millions)

September 30,

2026

December 31,

2025

Cash, cash equivalents, and marketable securities

$              737.9

$          1,480.4

Accounts receivable

957.3

686.8

Inventory

66.1

69.0

Other current assets

246.9

286.5

Total current assets

2,008.2

2,522.7

Noncurrent inventory

177.7

—

Noncurrent marketable securities

51.8

1,063.0

Right-of-use assets

437.2

455.4

Equity investments

95.0

120.8

Property and equipment, net

92.2

89.8

Intangible assets, net

2,191.0

4.7

Goodwill

500.6

6.1

Deferred tax assets

11.8

320.3

Other noncurrent assets

61.9

48.7

Total assets

$          5,627.4

$          4,631.5

Total current liabilities

984.6

743.4

Deferred tax liabilities

105.0

—

Noncurrent operating lease liabilities

392.3

415.3

Other noncurrent liabilities

266.8

219.7

Stockholders' equity

3,878.7

3,253.1

Total liabilities and stockholders' equity

$          5,627.4

$          4,631.5

TABLE 3

NEUROCRINE BIOSCIENCES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

(unaudited, in millions, except per share data)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2026

2025

2026

2025

GAAP net income 1

$       206.5

$       209.5

$       548.8

$       324.9

Adjustments:

Stock-based compensation expense

54.3

53.7

176.5

159.3

Acceleration of stock-based compensation expense and related taxes 2

—

—

60.1

—

Acquisition-related employee compensation and severance costs

16.7

—

38.6

—

Amortization of inventory fair value step-up 3

6.3

—

9.3

—

Amortization of acquired intangible assets 4

35.0

1.0

51.5

3.0

Acquisition/divestiture-related transaction and integration costs

1.9

—

50.6

—

Gain on sale of business, net of transaction costs 5

—

—

(28.6)

—

Changes in fair values of equity investments 6

52.3

(30.6)

25.8

6.7

Other 7

1.9

0.8

3.2

3.1

Income tax effect related to reconciling items 8

(28.2)

(12.3)

(91.9)

(37.1)

Non-GAAP net income 1

$       346.7

$       222.1

$       843.9

$       459.9

Diluted earnings per share:

GAAP

$         1.96

$         2.04

$         5.26

$         3.19

Non-GAAP

$         3.29

$         2.17

$         8.09

$         4.51

Three Months Ended
September 30,

Nine Months Ended
September 30,

2026

2025

2026

2025

Cost of Revenues:

GAAP cost of revenues

$              26.6

$              13.0

$              63.5

$              31.5

Adjustments:

Acceleration of stock-based compensation expense and related taxes 2

—

—

1.8

—

Acquisition-related employee compensation and severance costs

—

—

0.2

—

Amortization of inventory fair value step-up 3

6.3

—

9.3

—

Non-GAAP cost of revenues

$              20.3

$              13.0

$              52.2

$              31.5

Research and Development:

GAAP R&D

$            351.8

$            250.0

$            974.7

$            757.5

Adjustments:

Stock-based compensation expense

24.7

22.0

76.4

66.6

Acceleration of stock-based compensation expense and related taxes 2

—

—

18.1

—

Acquisition-related employee compensation and severance costs

8.9

—

13.9

—

Other 7

1.2

—

1.2

—

Non-GAAP R&D

$            317.0

$            228.0

$            865.1

$            690.9

Selling, General, and Administrative:

GAAP SG&A

$            366.3

$            291.6

$         1,124.5

$            854.4

Adjustments:

Stock-based compensation expense

29.6

31.7

100.1

92.7

Acceleration of stock-based compensation expense and related taxes 2

—

—

40.2

—

Acquisition-related employee compensation and severance costs

7.8

—

24.5

—

Acquisition/divestiture-related transaction and integration costs

1.9

—

45.5

—

Other 7

0.4

0.5

1.5

2.4

Non-GAAP SG&A

$            326.6

$            259.4

$            912.7

$            759.3

Amortization of Acquired Intangible Assets:

GAAP amortization of acquired intangible assets

$              35.0

$                1.0

$              51.5

$                3.0

Adjustments:

Amortization of acquired intangible assets 4

35.0

1.0

51.5

3.0

Non-GAAP amortization of acquired intangible assets

$                 —

$                 —

$                 —

$                 —

Gain on Sale of Business, Net of Transaction Costs:

GAAP gain on sale of business, net of transaction costs

$                 —

$                 —

$            (28.6)

$                 —

Adjustments:

Gain on sale of business, net of transaction costs 5

—

—

(28.6)

—

Non-GAAP gain on sale of business, net of transaction costs

$                 —

$                 —

$                 —

$                 —

Other Income (Expense):

GAAP other (expense) income, net

$            (47.6)

$              52.8

$              16.5

$              57.8

Adjustments:

Changes in fair values of equity investments 6

52.3

(30.6)

25.8

6.7

Acquisition/divestiture-related transaction and integration costs

—

—

5.1

—

Other 7

0.3

0.3

0.5

0.7

Non-GAAP other income, net

$                5.0

$              22.5

$              47.9

$              65.2

1.

Includes the following expenses:

Three Months Ended
September 30,

Nine Months Ended
September 30,

2026

2025

2026

2025

Milestones (R&D)

$             10.0

$               1.0

$             32.9

$             61.5

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

$             11.7

$               0.3

$             34.4

$               0.4

2.

Relates to the acceleration of vesting of equity awards for Soleno employees which vested in full upon the closing of the transaction.

3.

Relates to amortization expense associated with recording approximately $168 million of VYKAT XR inventory fair value step-up.

4.

Primarily relates to amortization of acquired intangible assets associated with the recording of approximately $2.2 billion of intellectual property related to VYKAT XR, which will be amortized over 16 years.

5.

Reflects a pre-tax gain, net of transaction costs, recognized on the sale of Neurocrine Group Limited in January 2026.

6.

Reflects periodic fluctuations in the fair values of equity investments.

7.

Reflects non-cash interest expense related to the Company's credit facility, legacy campus facility costs, net of sublease income, and other immaterial costs that management does not consider indicative of the Company's ongoing operating performance.

8.

Estimated income tax effect of Non-GAAP reconciling items are calculated using applicable statutory tax rates, taking into consideration any valuation allowance. In addition, Non-GAAP tax expense may also be affected by certain non-recurring, non-operating, or discrete tax items.

SOURCE Neurocrine Biosciences, Inc.

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Updated TUPELO results featured in a Presidential Plenary at CGA-IGC: Lisa Boardman, M.D., Professor of Medicine at Mayo Clinic, presented updated findings from the Phase 1b/2 TUPELO trial in familial adenomatous polyposis (FAP) at the Collaborative Group of the Americas on Inherited Gastrointestinal Cancer (CGA-IGC) Annual Meeting. Deep reductions sustained off treatment: In an expanded adult population aged 18 years and older, after 12 weeks of treatment, patients achieved a 47% median reduction in total polyp burden, with approximately 1 in 3 achieving reductions of ≥65%. Twelve weeks after stopping treatment, 85% of evaluable patients remained below baseline. Activity throughout the upper and lower GI tract, including near-clearance: After 12 weeks of treatment, nearly 1 in 2 patients in the upper GI and more than 1 in 3 in the lower GI achieved polyp burden reductions of ≥65%. Two patients achieved ≥98% reductions in upper GI polyp burden. Substantial reductions in larger, higher-risk polyps: Six of eight patients with polyps >5 mm at baseline had reductions in the number of these polyps after 12 weeks of treatment. Four achieved reductions of ≥80%, including two whose larger-polyp counts fell from more than 90 polyps to one.    No new safety signals observed: Favorable chronic dosing safety profile, consistent with the MEK inhibitor class. The highest-grade treatment-related adverse event (TRAE) was Grade 1 or 2 in 21 of 26 patients (81%) and Grade 3 in four patients (15%); one patient experienced no TRAEs. No Grade 4 or 5 TRAEs were reported. No additional discontinuations were reported since the previous data cutoff. Registrational trial: The Company anticipates initiating a registrational trial in the second half of 2027, pending ongoing FDA discussions, and will provide additional details later this year. Denver, Colorado, Nov. 02, 2026 (GLOBE NEWSWIRE) -- Recursion (Nasdaq: RXRX), a leading clinical-stage company pioneering AI-enabled drug discovery and development, today announced new positive Phase 2 data from the ongoing TUPELO trial of REC-4881, an investigational, oral MEK1/2 inhibitor for familial adenomatous polyposis (FAP). The new analyses show that most patients had reductions in both the number of larger, higher-risk polyps and in lower GI polyp burden, building on the upper GI results announced on October 15, 2026. Together, these findings support the potential of REC-4881 as an oral therapy to address FAP across the GI tract. Lisa Boardman, M.D., a gastroenterologist and Professor of Medicine at Mayo Clinic, presented the results in a Presidential Plenary at the Collaborative Group of the Americas on Inherited Gastrointestinal Cancer (CGA-IGC) Annual Meeting in Denver, Colorado.

“People have been doing research in the chemoprevention space in FAP for decades, and at least in the United States, we still don’t have an agent that is FDA approved. We’re still having to send FAP patients for major surgeries and we’re still doing frequent scopes on these patients. The need for effective chemoprevention in FAP is very large, and it’s only going to increase over time as the number of FAP patients continues to increase,” said Bryson Katona, M.D., Ph.D., Director of the GI Cancer Genetics Program, University of Pennsylvania Perelman School of Medicine, and TUPELO study investigator.

“We recently shared data that showed deep, durable reductions in polyps with REC-4881, particularly in the upper GI, where patients with FAP face the greatest risk and the fewest options. Today's update goes a layer deeper. REC-4881 is reducing the larger polyps that often drive much of the surgery for these patients, across the GI tract from a single oral therapy,” said Najat Khan, Ph.D., President and Chief Executive Officer of Recursion. “This is a lifelong disease with no approved pharmacologic therapies, and REC-4881 is the clearest proof point yet of what we built Recursion to do. Our priority now is to align with the FDA on a registrational path and move with focus and discipline toward a trial in the second half of 2027.”

Latest Data from Phase 2 Trial of REC-4881

Deep reductions in total polyp burden, sustained off treatment

The TUPELO study was designed to study polyp burden reduction after 12 weeks on REC-4881 (4 mg QD) and again after 12 weeks off-treatment. Results show a rapid and durable treatment effect across the GI tract. Trial results have strengthened since the November 2025 data cut, including expanded adult FAP population ages 18 years and older:

87% of patients (13 of 15) had a reduction in total polyp burden after 12 weeks of treatment, with a 47% median reduction. One in three patients achieved reductions of 65% or more. All patients added since the November 2025 data cut (n=4) had a reduction in total polyp burden, including two patients with 89% and 98% reduction, respectively. At Week 25, after 12 weeks off-treatment, 85% of patients (11 of 13) remained below baseline. The persistence of polyp burden reduction below baseline in most patients may allow for dosing flexibility, which could matter in the long-term management of a chronic disease. “The durability of a reduction in polyp burden is an important metric to understand for any type of chemopreventive agent in FAP. The dream chemopreventive agent for FAP is one that a patient doesn’t have to take lifelong and that potentially could be taken for a shorter amount of time or with an intermittent dosing pattern. Seeing durability over a twelve-week course is certainly encouraging. In longer trials we’ll see exactly how long that durability lasts, but I think it is a very encouraging first sign for this drug,” said Dr. Katona.

Activity across the upper and lower GI tract, including near-clearance

For post-colectomy patients, upper GI disease represents the highest unmet need in FAP, due to risks of bleeding and perforation from polyp removal, high complication rates from surgery, and high cancer risk. When endoscopic management is no longer sufficient to control duodenal disease, patients may require major surgery, including removal of the duodenum. Lower GI disease also remains a concern after colectomy, as polyps can continue to develop in the remaining rectum or ileal pouch, posing an ongoing cancer risk and potential need for additional surgery. REC-4881 has now shown polyp burden reductions in both regions.

Upper GI findings:

92% of patients (12 of 13) had reductions in polyp burden after 12 weeks of treatment, with a 55% median reduction. Nearly 1 in 2 patients achieved reductions of ≥65%, and two patients achieved reductions of ≥98%. Half (6 of 12) improved by at least one Spigelman stage at Week 13, a widely used system clinicians use to grade duodenal polyposis and decide how often patients need endoscopy and when surgery is recommended. 92% (11 of 12) remained below baseline at Week 25, after 12 weeks off-treatment, and 6 of 11 had equal or greater reductions during the off-treatment period than during treatment. Lower GI findings:

9 of 11 patients (82%) with measurable polyp burden at baseline had reductions after 12 weeks of treatment, with a 50% median reduction, and 1 in 3 achieved reductions of 65% or more. At Week 25, after 12 weeks off-treatment, 70% of evaluable patients remained below baseline. Substantial reductions in larger, higher-risk polyps

Polyp size is one of the primary risk factors in FAP. The chance that a polyp contains high-grade dysplasia or cancer increases with polyp size, and clinical guidelines use size to decide which polyps to remove and how often patients need endoscopy. In a new analysis, REC-4881 reduced the number of polyps >5 mm in most patients who had them at baseline:

Six of eight patients had fewer polyps >5 mm after 12 weeks of treatment, and in four patients the count fell by ≥80%. In two patients, more than 90 larger polyps were reduced to a single polyp. In both of those patients, all of the larger polyps were in the upper GI. The highest Week 13 responder went from 1,344 mm of total polyp burden to 32 mm, a 98% reduction, and from 96 upper GI polyps >5 mm to one. This is a single patient and is not representative of the overall population. Six of the eight patients assessed at Week 25 were below their baseline count after 12 weeks off-treatment. Most of the larger polyps at baseline were in the upper GI. Note that the study collected polyp counts using >5 mm as the largest size category, which is inclusive of all polyps above this threshold; separate counts for polyps >10 mm were not collected.

No new safety signals observed

MEK1/2 inhibitors are an established class with a well-characterized side-effect profile. Across the 26 safety-evaluable patients dosed at 4 mg (five in Phase 1b and 21 in Phase 2), treatment was well tolerated, with a safety profile consistent with other MEK inhibitors and with previously reported results. No new safety signals were observed as of the data cutoff in the expanded patient population, which includes patients 18 and older.

The majority of treatment-related adverse events (TRAE) were Grade 1 or 2 (21 of 26 patients, 80.8%). The highest-grade TRAE was Grade 3 in four patients (15.4%), and there were no Grade 4 or 5 TRAEs. The most common TRAEs were consistent with MEK1/2 inhibition, including dermatitis acneiform, rash, CPK increase, diarrhea, and asymptomatic LVEF decrease. Adverse events were manageable, and most resolved within 12 weeks off-treatment. Four patients discontinued for Grade 1 or 2 TRAEs, with no discontinuations for a Grade 3 event. No additional discontinuations were reported since the previous data cutoff. Next steps

The Company anticipates initiating a registrational trial in the second half of 2027, pending ongoing FDA discussions, and will provide additional details later this year.

About FAP

FAP is a rare, inherited disease that affects more than 50,000 patients in the US and EU5, with no approved pharmacologic therapies. It is caused by mutations in the APC gene, and without surgery to remove the colon, the lifetime risk of colorectal cancer approaches 100%. Colectomy does not stop the disease, as polyps keep forming in the remaining rectum or ileal pouch and in the upper GI tract, so patients face lifelong endoscopic surveillance, repeated polyp removal and, for some, further major surgery. Based on Company estimates, FAP represents a potential $15 billion opportunity.
Among the approximately 35,000 post-colectomy patients, upper GI disease is the area of greatest unmet need. Nearly all patients develop adenomas in the duodenum, and duodenal or ampullary cancer is a leading cause of cancer-related death after colectomy. The thin duodenal wall raises the risk of bleeding and perforation when these polyps are removed. When endoscopy can no longer control the disease, patients may need major surgery, such as removal of the duodenum or a Whipple procedure, which carries significant morbidity and a long recovery.
Natural History of FAP

To better understand the natural history of FAP and to put the single-arm results of TUPELO in context, the Company collaborated with Amsterdam University Medical Center to analyze a registry of approximately 200 patients with FAP. In 47 patients matched to the original TUPELO eligibility criteria, polyp burden increased over time in both the upper and lower GI. In the 35 patients with upper GI involvement, mean annualized polyp burden increased by 33%. In the 28 patients with lower GI involvement, mean annualized polyp burden increased by 88%. These results help to contextualize the polyp burden reduction observed after 12 weeks of REC-4881 treatment.

REC-4881 Background and Dual Mechanism

REC-4881, a potential first-in-class oral therapy granted FDA Orphan Drug and Fast Track designations, is an allosteric inhibitor of MEK1 and MEK2 designed to address both Wnt/β-catenin initiation and MAPK evolution pathways. The opportunity was identified through unbiased phenotypic screening using Recursion’s AI foundation models, which showed that MEK1/2 inhibition could potentially reverse the cellular effects of APC loss. This dual mechanism differentiates REC-4881 from other single-agent therapies studied in FAP, which have each been directed at a single pathway, and provides the potential to suppress both pathways and reduce polyp burden across the GI tract.

About the TUPELO Trial of REC-4881

REC-4881 is being evaluated in the Phase 1b/2

TUPELO open label study (NCT05552755) assessing its safety, tolerability, pharmacokinetics (PK), and efficacy as a monotherapy in post-colectomy patients aged 18+ years with familial adenomatous polyposis (FAP).

About Recursion

Recursion (NASDAQ: RXRX) is a leading clinical-stage company pioneering AI-enabled drug discovery and development decoding biology to radically improve lives. Recursion is advancing a portfolio of differentiated investigational medicines across its wholly owned and partnered pipeline in oncology, rare disease, neuroscience, immunology, and other therapeutic areas with significant unmet need. Enabling its mission is the Recursion OS, an AI-native, end-to-end drug discovery and development platform integrating biology, chemistry, and clinical development into a unified intelligence system. Powered by proprietary multimodal data, purpose-built AI models, and bilingual teams fluent in both science and AI, the Recursion OS is designed to translate complex science into medicines that matter — faster, better, and at scale — for patients who are waiting.
Recursion's platform infrastructure is anchored in Salt Lake City, Utah and Milton Park, Oxfordshire, where its automated biology and chemistry laboratories generate proprietary data at industrial scale. Recursion also maintains offices in New York, Montréal, and London, three global hubs for talent and leadership at the intersection of AI and scientific innovation.

Forward-Looking Statements
This document contains information that includes or is based upon “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, those regarding the potential efficacy, safety, tolerability, and durability of response of REC-4881; the clinical relevance of the TUPELO trial data and the natural history analysis, and the potential for additional data to confirm such results; the outcome and timing of Recursion's ongoing discussions with the FDA regarding a registrational path for REC-4881; the design, timing of initiation, and outcomes of a registrational trial of REC-4881, including anticipated initiation in the second half of 2027, and the timing of additional details regarding such trial; the potential for REC-4881 to be a first-in-class therapy for FAP and to address unmet need in FAP; the potential benefits of REC-4881’s Orphan Drug and Fast Track designations; the estimated FAP patient population and market opportunity; Recursion OS and other technologies; business and financial plans and performance; and all other statements that are not historical facts. Forward-looking statements may or may not include identifying words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “potential,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar terms, or the negative of these terms. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements, including but not limited to: challenges inherent in pharmaceutical research and development, including the timing and results of preclinical and clinical programs, where the risk of failure is high and failure can occur at any stage prior to or after regulatory approval due to lack of sufficient efficacy, safety considerations, or other factors; the risk that preliminary or interim data from the TUPELO trial, which are based on a limited number of patients, may change as additional data become available or may not be predictive of results in later-stage trials, and that comparisons to natural history data may not be indicative of results in controlled trials; the risk that the FDA may not agree with our proposed registrational path or may require additional data or trials; our ability to leverage and enhance our drug discovery platform; risks related to our development and use of artificial intelligence and machine learning models, including the quality, sufficiency, and integrity of the data on which such models are trained and evolving laws and regulations governing artificial intelligence; our reliance on third parties, including contract research and contract manufacturing organizations, for the conduct of preclinical studies, clinical trials, and manufacturing; competition from other companies pursuing similar technologies or drug candidates; our ability to obtain financing for development activities and other corporate purposes; the success of our collaboration activities; our ability to obtain regulatory approval of, and ultimately commercialize, drug candidates; our ability to obtain, maintain, and enforce intellectual property protections; cyberattacks or other disruptions to our technology systems; our ability to attract, motivate, and retain key employees and manage our growth; inflation and other macroeconomic issues; and other risks and uncertainties such as those described under the heading “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. All forward-looking statements are based on management’s current estimates, projections, and assumptions and speak only as of the date of this document. Recursion undertakes no obligation to correct or update any such statements, whether as a result of new information, future developments, or otherwise, except to the extent required by applicable law.

Media Contact
[email protected]
Investor Contact
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Tinder Daily Active Users Returned to Year-over-Year ("Y/Y") Growth In September After More Than Three Years

Hinge Delivered Double-Digit User, Revenue, and Payer Growth Y/Y

, /PRNewswire/ -- Match Group (NASDAQ: MTCH) today announced financial results for the third quarter ended September 30, 2026.

Match Group "For the past year, we've said better user experiences will drive better business results. While there's still work ahead, Q3 provided more proof points that this strategy is working," said CEO Spencer Rascoff. "Tinder's Sparks1 and Sparks Coverage2 delivered their strongest quarterly Y/Y performance since we began tracking them, and Daily Active Users returned to Y/Y growth in September for the first time in three and a half years. The early results from Events and Group Hangouts show Tinder is building the right features, and we're doubling down on our 'Better with Friends' Roadmap to drive reconsideration. Hinge is a leader in intentional dating, and we see significant opportunities ahead in both its core and expansion markets. There is more to do, but we're delivering on the milestones we set, and our confidence is building as we head into 2027."

"We delivered against our financial expectations this quarter, while the underlying trends at Tinder continued to improve," said CFO Steve Bailey. "Our disciplined approach to capital allocation has reduced diluted shares outstanding3 by 4% Y/Y4, and 10% since the beginning of 2025. Looking ahead, we're focused on translating Tinder's improving user trends into sustainable revenue growth in 2027, while continuing to deliver strong Free Cash Flow and shareholder return to shareholders."

Dividend Declaration

Match Group's Board of Directors has declared a cash dividend of $0.20 per share of the company's common stock. The dividend is payable on January 21, 2027 to shareholders of record as of January 6, 2027.

Webcast and Prepared Remarks

A webcast of our third quarter 2026 results will be available at https://ir.mtch.com, along with our Prepared Remarks and Supplemental Financial Materials. The call will begin with brief remarks followed by a question and answer session. The webcast will begin today, November 2, 2026, at 5:00 PM Eastern Time.

About Match Group

Match Group is leading the next chapter of human connection. Our global portfolio of brands — including Tinder, Hinge, Match, Pairs, BLK, Upward, OurTime, The League, HER, Azar, and more — sparks meaningful real-world connections across cultures, communities, and every stage of life. Learn more at www.mtch.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release and our webcast, which will be held at 5:00 PM Eastern Time on November 2, 2026, may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that are not historical facts are "forward-looking statements." The use of words such as "anticipates," "estimates," "expects," "plans," "believes," "will," and "would," among others, generally identify forward-looking statements. These forward-looking statements include, among others, statements relating to: Match Group's future financial performance, Match Group's business prospects and strategy, anticipated trends, and other similar matters. These forward-looking statements are based on management's current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from those contained in these forward-looking statements for a variety of reasons, including, among others: failure to retain existing users or add new users, or if users do not convert to paying users; competition; risks related to our restructuring and reorganization activities; our ability to attract and retain users through cost-effective marketing efforts; our reliance on a variety of third-party platforms, in particular, mobile app stores; our ability to realize reductions in in-app purchase fees; inappropriate actions by certain of our users could be attributed to us or may not be adequately prevented by us; dependence on our key personnel; volatile global economic conditions; operational and financial risks in connection with acquisitions; impairment charges related to our intangible assets; operations in various international markets, including certain markets in which we have limited experience; foreign currency exchange rate fluctuations; challenges in measuring our user metrics and other estimates; the limited operating history of our newer brands and services makes it difficult to evaluate our current business and future prospects; impacts of climate change; the integrity of our and third parties' systems and infrastructure; cyberattacks on our systems and infrastructure and cyberattacks experienced by third parties; our ability to access, collect, and use personal data about our users; breaches or unauthorized access of personal and confidential or sensitive user information that we maintain and store; challenges with properly managing the use of artificial intelligence; risks related to credit card payments; risks related to our use of "open source" software; complex and evolving U.S., foreign, and international laws and regulations; our ability to protect our intellectual property rights or accusations that we infringe upon the intellectual property rights of others; adverse outcomes in litigation; risks related to our taxation in multiple jurisdictions; risks related to our indebtedness; and risks relating to ownership of our common stock. Certain of these and other risks and uncertainties are discussed in Match Group's filings with the Securities and Exchange Commission. Other unknown or unpredictable factors that could also adversely affect Match Group's business, financial condition and results of operations may arise from time to time. In light of these risks and uncertainties, these forward-looking statements may not prove to be accurate. Accordingly, you should not place undue reliance on these forward-looking statements, which only reflect the views of Match Group management as of the date of this press release. Match Group does not undertake to update these forward-looking statements.

1 Sparks is the number of users engaging in six-way conversations at a brand level in a given week.

2 Sparks Coverage is the percentage of active users at a brand level who experience a Spark in a given period.

3 As defined on page 19 of Match Group's Q3 2026 Prepared Remarks.

4 As of October 31, 2026.

SOURCE Match Group

Fourth Quarter 2026 Diluted earnings per share (“EPS”) of $1.25 and Adjusted EPS of $1.61
Fiscal Year 2026 Diluted EPS of $4.02 and Adjusted EPS of $6.42

BOSTON, Nov. 02, 2026 (GLOBE NEWSWIRE) -- Cabot Corporation (NYSE: CBT) today announced results for its fourth quarter and fiscal year 2026.

Fiscal Year Highlights

Fiscal year Diluted EPS of $4.02 and Adjusted EPS of $6.42Performance Chemicals segment EBIT of $235 million and Reinforcement Materials segment EBIT of $379 millionFiscal year 2026 Cash Flows from Operations of $421 million enabled capital investments of $207 million and the payment of $97 million in dividends and $146 million in share repurchases during the fiscal year
Battery Materials achieved $43 million of EBITDA for the fiscal year, reflecting strong performance and continued growth in the product line Fourth Quarter Highlights

Fourth Quarter Diluted EPS of $1.25 and Adjusted EPS of $1.61Performance Chemicals segment EBIT of $60 million and Reinforcement Materials segment EBIT of $87 million
Signed agreement with the U.S. Department of Energy for a $50 million grant to support expansion of domestic production of advanced conductive additives for batteries at Cabot's facilities in Louisiana and Texas (In millions, except per share amounts)Three Months EndedFiscal Year Ended 9/30/269/30/259/30/269/30/25     Net sales and other operating revenues$1,009 $899 $3,744 $3,713 Net income (loss) attributable to Cabot Corporation$66 $43 $213 $331           Net earnings (loss) per share attributable to Cabot Corporation$1.25 $0.79 $4.02 $6.02 Less: Certain items after tax per share$(0.36) $(0.91) $(2.40) $(1.23) Adjusted EPS$1.61 $1.70 $6.42 $7.25               Erica McLaughlin, Cabot President and Chief Executive Officer commented: “I am pleased by the strong execution of our teams during a fiscal year that was shaped by a difficult macroeconomic backdrop in many of our key end markets. We finished the year with a strong fourth quarter, delivering Adjusted EPS of $1.61, driven by robust performance in our Performance Chemicals segment. The segment delivered EBIT of $60 million in the quarter and $235 million for the fiscal year. Reinforcement Materials delivered segment EBIT of $87 million in the quarter and $379 million for the full year."

McLaughlin continued, "We also achieved an important milestone in our Battery Materials product line, delivering $43 million of EBITDA for fiscal 2026, a new high for the product line. Building on this momentum, we signed an agreement with the U.S. Department of Energy for a $50 million grant to support our expansion of domestic production of advanced conductive additives for batteries at our facilities in Louisiana and Texas. We expect these investments to strengthen our Battery Materials platform in North America and expand our capabilities to support growing demand for battery energy storage systems, electric vehicles, and other specialty battery applications. As I look ahead, I am excited about Cabot's prospects and our ability to build on our strong foundation in Battery Materials to drive long-term growth and shareholder value."

Fourth Quarter Financial Detail
For the fourth quarter of fiscal 2026, net income attributable to Cabot Corporation was $66 million ($1.25 per common share). Net income reflects an after-tax per share charge from certain items of $0.36, primarily related to charges for restructuring actions. Adjusted EPS for the fourth quarter of fiscal 2026 was $1.61 per share.

Segment Results

Reinforcement Materials – Fourth quarter fiscal 2026 EBIT in Reinforcement Materials decreased by $32 million compared to the fourth quarter of fiscal 2025. The decline in EBIT was primarily driven by lower gross profit per ton, which was partially offset by higher volumes. Gross profit per ton declined primarily due to the outcomes of our calendar year 2026 customer agreements and less favorable regional product mix. Volumes increased by 5% in the fourth quarter of fiscal 2026 as compared to the fourth quarter of fiscal 2025 driven by higher volumes in Asia Pacific and the Americas, including higher volumes from our capacity addition in Indonesia and our acquisition in Mexico.

Global and regional volume changes for Reinforcement Materials for the fourth quarter of fiscal 2026 as compared to the same quarter of the prior year are set forth in the table below:

 Fourth Quarter
Year-over-Year ChangeGlobal Reinforcement Materials
Volumes5%Asia Pacific10%Europe, Middle East, Africa(7%)Americas3%   Performance Chemicals – Fourth quarter fiscal 2026 EBIT in Performance Chemicals increased by $18 million compared to the fourth quarter of fiscal 2025 primarily due to higher gross profit per ton and increased volumes. The higher gross profit per ton was driven by favorable product mix and lower costs. Volumes increased in our battery materials and specialty carbons product lines in the fourth quarter of fiscal 2026 as compared to the fourth quarter of fiscal 2025.

Cash Performance – The Company ended the fourth quarter of fiscal 2026 with cash and cash equivalents of $254 million. During the fourth quarter of fiscal 2026, cash flows from operating activities were a source of $143 million. Uses of cash during the quarter included funding $10 million of higher net working capital due to higher raw material costs, $55 million in capital expenditures, $25 million for the payment of dividends and $45 million in share repurchases. We ended the fourth quarter with $1.5 billion in available liquidity and a net debt to EBITDA ratio of 1.4 times as of September 30, 2026. 

Taxes – During the fourth quarter of fiscal 2026, the Company recorded tax expense of $38 million, resulting in an effective tax rate of 34%. The provision for income taxes included non-GAAP adjustments of $3 million which is primarily related to an increase in the valuation allowance on deferred tax assets. Our operating tax rate for the full year fiscal 2026 was 29%.

Outlook
Erica McLaughlin said, “I am honored and excited to take on the role of CEO for Cabot. Having been part of Cabot for many years, I have a deep appreciation for the strength of our businesses, the quality of our people and the differentiated positions we have built across our portfolio. I am energized by the opportunity to lead the company and build on this strong foundation as we enter our next phase of growth.”

Commenting on the outlook, McLaughlin continued, “Looking ahead to fiscal 2027, we expect Adjusted EPS to be in the range of $6.15 to $6.75. We anticipate continuing to increase volumes within our key growth markets, such as battery materials and electronics, as well as with strategic customer accounts. We expect to maintain solid margins as we manage volatile energy input costs and competitive pressures. We remain focused on completing our previously announced restructuring actions, implementing optimization activities and investing in yield technology to improve the competitiveness of our network.”

“While we continue to operate in a dynamic macroeconomic environment, I am confident in the strength of our businesses and our ability to execute. We anticipate continuing to generate strong operating cash flow and maintaining our balanced capital allocation framework that supports growth investments while continuing to return cash to shareholders. In addition, we remain focused on advancing our strategic growth priorities and maintaining commercial and operational discipline to deliver long-term value for our shareholders,” McLaughlin concluded.

Earnings Call
The Company will host a conference call with industry analysts at 8:00 a.m. Eastern time on Tuesday, November 3, 2026. The call can be accessed through Cabot’s investor relations website at http://investor.cabot-corp.com

About Cabot Corporation
Cabot Corporation (NYSE: CBT) is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. The company is a leading provider of reinforcing carbons, specialty carbons, battery materials, engineered elastomer composites, inkjet colorants, masterbatches and conductive compounds, fumed metal oxides and aerogel. For more information on Cabot, please visit the company’s website at cabotcorp.com. The Company regularly posts important information on its website and encourages investors and potential investors to consult the Cabot website regularly.

Forward-Looking Statements – This earnings release contains forward-looking statements. All statements that address expectations or projections about the future, including with respect to our expectations for our performance in fiscal year 2027, including our expectations for Adjusted EPS for fiscal 2027 , our expectations for the benefits from investments we expect to make to increase our battery materials production capacity in the U.S., our expectations for our profit margins, cash flows and capital allocation, and our expectations for future performance, growth and value creation for shareholders and our assumptions underlying those expectations are forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, potentially inaccurate assumptions, and other factors, some of which are beyond our control and difficult to predict. If known or unknown risks materialize, or should underlying assumptions prove inaccurate, our actual results could differ materially from past results and from those expressed or implied by forward-looking statements. Important factors that could cause our results to differ materially from those expressed or implied in the forward-looking statements include, but are not limited to, the inherent uncertainty of management transitions and the ability of the Company to successfully execute its planned leadership transition; industry capacity utilization, shifts in the geographic area of tire production and competition from other specialty chemical companies; safety, health and environmental requirements and related constraints imposed on our business; regulatory and financial risks related to climate change developments; volatility in the price and availability of energy and raw materials, including with respect to the Russian invasion of Ukraine and conflict in the Middle East; a significant adverse change in a customer relationship or the failure of a customer to perform its obligations under agreements with us; failure to achieve growth expectations from capacity additions, new products, applications and technology developments; failure to realize benefits from acquisitions, alliances, or joint ventures or achieve our portfolio management objectives; unanticipated delays in, or increased cost of, site development projects; negative or uncertain worldwide or regional economic conditions and market opportunities, including from trade relations, global health matters or geo-political conflicts; litigation or legal proceedings; interest rates, tax rates, currency exchange controls, tariffs and fluctuations in foreign currency rates; and the accuracy of the assumptions we used in establishing reserves for our share of liability for respirator claims. These factors are discussed more fully in the reports we file with the Securities and Exchange Commission (“SEC”), particularly under the heading “Risk Factors” in our annual report on Form 10-K for our fiscal year ended September 30, 2025, which are filed with the SEC at www.sec.gov. We assume no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

Use of Non-GAAP Financial Measures
To supplement Cabot’s consolidated financial statements presented on a generally accepted accounting principles (“GAAP”) basis, the preceding discussion of our results and the accompanying financial tables report Adjusted EPS, Adjusted EBITDA, our operating tax rate, Free Cash Flow and Discretionary Free Cash Flow, all of which are non-GAAP financial measures. These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP, and the definitions of these measures may not be comparable to those used by other companies. Reconciliations of Adjusted EPS to net income (loss) per share attributable to Cabot Corporation, the most directly comparable GAAP financial measure, Adjusted EBITDA to Income (loss) from operations before income taxes and equity in earnings of affiliated companies, the most directly comparable GAAP financial measure of each such non-GAAP measure, operating tax rate to effective tax rate, the most directly comparable GAAP financial measure and Free Cash Flow and Discretionary Free Cash Flow to Cash flow provided by (used in) operating activities, the most directly comparable GAAP financial measure, are provided in the tables titled “Cabot Corporation Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate” and “Cabot Corporation Reconciliation of Non-GAAP Financial Measures.”

Management believes these non-GAAP measures provide investors with greater transparency to the information used by Cabot management in its financial and operational decision-making, allow investors to see Cabot’s results through the eyes of management, and better enable Cabot’s investors to understand Cabot’s operating performance and financial condition.

Adjusted EPS. In calculating Adjusted EPS, we exclude from our net income (loss) attributable to Cabot Corporation items of expense and income that management does not consider representative of the Company’s business operations. Accordingly, reporting earnings on an adjusted basis supplements the GAAP measure of performance and provides additional information related to the underlying performance of the business. For example, certain of the items we exclude are items that we are required by GAAP to recognize in one period that relate to activities extending over several periods or relate to single events that management considers to be unusual and infrequent, although not necessarily non-recurring. We refer to these items as “certain items.” Management believes excluding these items facilitates operating performance comparisons from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis and evaluates the Company’s operating performance without the impact of these costs or benefits. Management also uses Adjusted EPS as a key measure in evaluating management performance for incentive compensation purposes.

The items of income and expense that we exclude from our calculations of Adjusted EPS but that are included in our GAAP net income (loss) per share, as applicable in a particular reporting period, include, but are not limited to, the following:

Global restructuring activities, which include costs or benefits associated with cost reduction initiatives or plant closures and are primarily related to (i) employee termination costs, (ii) asset impairment charges associated with restructuring actions, (iii) costs to close facilities, including environmental costs and contract termination penalties, and (iv) gains realized on the sale of land or equipment associated with restructured plants or locations.Legal and environmental matters and reserves, which consist of costs or benefits for matters typically related to former businesses or that are otherwise incurred outside of the ordinary course of business.Acquisition and integration-related charges, which include transaction costs, redundant costs incurred during the period of integration, and costs associated with transitioning certain management and business processes to Cabot’s processes.Employee benefit plan settlements, which consist of either charges or benefits associated with the termination of a pension planIndirect tax settlement charges, which include unfavorable charges related to the settlement of indirect taxes Cabot does not provide an expected GAAP EPS range or reconciliation of the Adjusted EPS range with an expected GAAP EPS range because, without unreasonable effort, we are unable to predict with reasonable certainty the matters we would allocate to “certain items,” including unusual gains and losses, costs associated with future restructurings, acquisition-related expenses and litigation outcomes. These items are uncertain, depend on various factors, and could have a material impact on GAAP EPS in future periods.

Adjusted EBITDA. Adjusted EBITDA reflects Income (loss) from operations before income taxes and equity in earnings of affiliated companies adjusted for certain items, interest expense, depreciation and amortization, equity in earnings of affiliated companies, and unallocated corporate costs, which include unallocated corporate overhead expenses such as certain corporate salaries and headquarters expenses, plus costs related to corporate projects and initiatives.

Free Cash Flow. To calculate “Free Cash Flow” we deduct Additions to property, plant and equipment from cash flow provided by (used in) operating activities.

Discretionary Free Cash Flow. To calculate “Discretionary Free Cash Flow” we deduct sustaining and compliance capital expenditures and changes in Net Working Capital from cash flow provided by (used in) operating activities.

Operating Tax Rate. Our “operating tax rate” is calculated based upon management's forecast of the annual operating tax rate for the fiscal year applied to adjusted pre-tax earnings. The operating tax rate excludes income tax (expense) benefit on certain items, discrete tax items and, on a quarterly basis the timing of losses in certain jurisdictions. The income tax (expense) benefit on certain items is determined using the applicable rates in the taxing jurisdictions in which the certain items occurred and includes both current and deferred income tax (expense) benefit based on the nature of the certain items. Discrete tax items include, but are not limited to, changes in valuation allowance, uncertain tax positions, and other tax items, such as the tax impact of legislative changes and tax accruals on historic earnings due to changes in indefinite reinvestment assertions. Management believes that this non-GAAP financial measure is useful supplemental information because it helps our investors compare our tax rate year to year on a consistent basis and to understand what our tax rate on current operations would be without the impact of these items.

Cabot does not provide a forward-looking reconciliation of the operating tax rate range with an effective tax rate range because, without unreasonable effort, we are unable to predict with reasonable certainty the matters we would allocate to “certain items,” including unusual gains and losses, costs associated with future restructurings, acquisition-related expenses and litigation outcomes. These items are uncertain, depend on various factors, and could have a material impact on the effective tax rate in future periods.

Explanation of Terms Used

Product Mix. The term “product mix” refers to the mix of types and grades of products sold or the mix of geographic regions where products are sold, and the positive or negative impact this has on the revenue or profitability of the business or segment.

Net Working Capital. The term “net working capital” includes accounts receivable, inventory and accounts payable and accrued expenses.

        Fourth Quarter Earnings Announcement, Fiscal 2026
                CABOT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
                Periods ended September 30Three MonthsTwelve MonthsDollars in millions, except per share amounts (unaudited)2026
 2025
 2026
 2025
        Net sales and other operating revenues$1,009  $899  $3,744  $3,713 Cost of sales 805   679   2,935   2,773 Gross profit 204   220   809   940 Selling and administrative expenses 69   68   278   260 Research and technical expenses 14   15   54   59 Income (loss) from operations 121   137   477   621 Interest and dividend income 7   7   29   27 Interest expense (21)  (20)  (75)  (76)Other income (expense) 3   (9)  (25)  (7)Income (loss) from operations before income taxes and equity in earnings of affiliated companies
 110   115   406   565 (Provision) benefit for income taxes (38)  (63)  (165)  (196)Equity in earnings of affiliated companies, net of tax 1   2   6   7 Net income (loss) 73   54   247   376 Net income (loss) attributable to noncontrolling interests, net of tax 7   11   34   45 Net income (loss) attributable to Cabot Corporation$66  $43  $213  $331         Weighted-average common shares outstanding       Basic 51.5   53.1   51.9   53.7 Diluted 51.9   53.4   52.2   54.2         Earnings (loss) per common share:       Basic$1.26  $0.79  $4.04  $6.07 Diluted$1.25  $0.79  $4.02  $6.02                  Fourth Quarter Earnings Announcement, Fiscal 2026
                  CABOT CORPORATION SUMMARY RESULTS BY SEGMENT
                  Periods ended September 30Three Months Twelve MonthsDollars in millions, except per share amounts (unaudited)2026
 2025
 2026
 2025
Sales       Reinforcement Materials$634  $563  $2,297  $2,341 Performance Chemicals 340   308   1,319   1,250 Segment sales 974   871   3,616   3,591 Unallocated and other (A) 35   28   128   122 Net sales and other operating revenues$1,009  $899  $3,744  $3,713          Segment Earnings Before Interest and Taxes (B)       Reinforcement Materials$87  $119  $379  $508 Performance Chemicals 60   42   235   194          Unallocated and Other       Interest expense (21)  (20)  (75)  (76)Certain items (C) (15)  (17)  (109)  (30)Unallocated corporate costs (13)  (13)  (54)  (52)General unallocated income (expense) (D) 13   6   36   28 Less: Equity in earnings of affiliated companies, net of tax 1   2   6   7 Income (loss) from operations before income taxes and equity in earnings of affiliated companies 110   115   406   565 (Provision) benefit for income taxes (including tax certain items) (38)  (63)  (165)  (196)Equity in earnings of affiliated companies, net of tax 1   2   6   7 Net income (loss)  73   54   247   376 Net income (loss) attributable to noncontrolling interests, net of tax 7   11   34   45 Net income (loss) attributable to Cabot Corporation$66  $43  $213  $331          Diluted earnings (loss) per share of common stock attributable to Cabot Corporation$1.25  $0.79  $4.02  $6.02          Adjusted earnings (loss) per share (E)$1.61  $1.70  $6.42  $7.25          Diluted weighted average common shares outstanding 51.9   53.4   52.2   54.2          (A)Unallocated and other reflects external shipping and handling fees, the impact of unearned revenue, and discounting charges for certain Notes receivable.  (B)Segment EBIT is a measure used by Cabot's Chief Operating Decision-Maker to assess segment performance and allocate resources. Segment EBIT includes Equity in earnings of affiliated companies, net of tax, Net income attributable to noncontrolling interests, net of tax, and discounting charges for certain Notes receivable.  (C)Details of Certain items are presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.  (D)General unallocated income (expense) consists of gains (losses) arising from foreign currency transactions, net of other foreign currency risk management activities, Interest and dividend income, the profit or loss related to the corporate adjustment for unearned revenue and unrealized holding gains (losses) for investments. This does not include items of income or expense from the items that are separately treated as Certain items.  (E)Adjusted EPS is a non-GAAP measure, and a reconciliation of Adjusted EPS to GAAP EPS is presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.    Fourth Quarter Earnings Announcement, Fiscal 2026           CABOT CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION           September 30, September 30,Dollars in millions (unaudited)2026 2025    Current assets:   Cash and cash equivalents$254  $258 Accounts and notes receivable, net of reserve for doubtful accounts of $5 and $5 801   671 Inventories:   Raw materials 161   134 Finished goods 354   303 Other 69   67 Total inventories 584   504 Prepaid expenses and other current assets 107   106 Total current assets 1,746   1,539     Property, plant and equipment 4,588   4,405 Accumulated Depreciation (2,874)  (2,694)Net property, plant and equipment 1,714   1,711 Goodwill 138   134 Equity affiliates 20   16 Intangible assets, net 50   55 Deferred income taxes 165   180 Other assets 195   180 Total assets$4,028  $3,815      Fourth Quarter Earnings Announcement, Fiscal 2026           CABOT CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION           September 30, September 30,Dollars in millions, except share and per share amounts (unaudited)2026 2025    Current liabilities:   Short-term borrowings$65  $14 Accounts payable and accrued liabilities 716   648 Income taxes payable 21   35 Current portion of long-term debt 7   260 Total current liabilities 809   957     Long-term debt 1,180   856 Deferred income taxes 32   39 Other liabilities 236   258 Stockholders' equity:   Preferred stock:   Authorized: 2,000,000 shares of $1 par value   Issued and Outstanding: None and none —   — Common stock:   Authorized: 200,000,000 shares of $1 par value Issued: 51,445,245 and 52,962,353 shares Outstanding: 51,338,798 and 52,842,481 shares 51   53 Less cost of 106,447 and 119,872 shares of common treasury stock (2)  (3)Additional paid-in capital —   — Retained earnings 1,837   1,835 Accumulated other comprehensive income (loss) (251)  (335)Total Cabot Corporation stockholders' equity 1,635   1,550 Noncontrolling interests 136   155 Total stockholders' equity 1,771   1,705 Total liabilities and stockholders' equity$4,028  $3,815      Fourth Quarter Earnings Announcement, Fiscal 2026                            CABOT CORPORATION QUARTERLY RESULTS BY SEGMENT                       Fiscal 2025 Fiscal 2026Dollars in millions,           except per share amounts (unaudited)Dec. QMar. QJune QSept. QFY Dec. QMar. QJune QSept. QFY              Sales           Reinforcement Materials$611 $594 $573 $563 $2,341  $520 $544 $599 $634 $2,297 Performance Chemicals 311  311  320  308  1,250   300  328  351  340  1,319 Segment sales 922  905  893  871  3,591   820  872  950  974  3,616 Unallocated and other (A) 33  31  30  28  122   29  32  32  35  128 Net sales and other operating revenues$955 $936 $923 $899 $3,713  $849 $904 $982 $1,009 $3,744               Segment Earnings Before Interest and Taxes (B)           Reinforcement Materials$130 $131 $128 $119 $508  $102 $93 $97 $87 $379 Performance Chemicals 45  50  57  42  194   48  59  68  60  235 Unallocated and Other           Interest expense (18) (19) (19) (20) (76)  (18) (18) (18) (21) (75)Certain items (C) (6) (4) (3) (17) (30)  (7) (9) (78) (15) (109)Unallocated corporate costs (13) (13) (13) (13) (52)  (12) (15) (14) (13) (54)General unallocated income (expense) (D) 7  9  6  6  28   6  12  5  13  36 Less: Equity in earnings of affiliated companies, net of tax 1  3  1  2  7   1  2  2  1  6                         Income (loss) from operations before income taxes and equity in earnings of affiliated companies 144  151  155  115  565   118  120  58  110  406 (Provision) benefit for income taxes (including tax certain items) (41) (49) (43) (63) (196)  (37) (44) (46) (38) (165)Equity in earnings of affiliated companies, net of tax 1  3  1  2  7   1  2  2  1  6 Net income (loss) 104  105  113  54  376   82  78  14  73  247 Net income (loss) attributable to noncontrolling interests, net of tax 11  11  12  11  45   9  10  8  7  34 Net income (loss) attributable to Cabot Corporation$93 $94 $101 $43 $331  $73 $68 $6 $66 $213 Diluted earnings (loss) per share of common stock attributable to Cabot Corporation$1.67 $1.69 $1.86 $0.79 $6.02  $1.37 $1.27 $0.12 $1.25 $4.02 Adjusted earnings (loss) per share (E)$1.76 $1.90 $1.90 $1.70 $7.25  $1.53 $1.61 $1.67 $1.61 $6.42 Diluted weighted average common shares outstanding 55.0  54.4  53.8  53.4  54.2   52.9  52.2  52.0  51.9  52.2               (A) Unallocated and other reflects external shipping and handling fees, the impact of unearned revenue, and discounting charges for certain Notes receivable.(B) Segment EBIT is a measure used by Cabot's Chief Operating Decision-Maker to assess segment performance and allocate resources. Segment EBIT includes Equity in earnings of affiliated companies, net of tax, Net income attributable to noncontrolling interests, net of tax, and discounting charges for certain Notes receivable.(C) Details of certain items are presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.(D) General unallocated income (expense) consists of gains (losses) arising from foreign currency transactions, net of other foreign currency risk management activities, Interest and dividend income, the profit or loss related to the corporate adjustment for unearned revenue and unrealized holding gains (losses) for investments. This does not include items of income or expense from the items that are separately treated as Certain items.(E) Adjusted EPS is a non-GAAP measure, and a reconciliation of Adjusted EPS to GAAP EPS is presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.               Fourth Quarter Earnings Announcement, Fiscal 2026                        CABOT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                        Periods ended September 30Three Months   Twelve Months  Dollars in millions (unaudited)2026 2025 2026 2025            Cash Flows from Operating Activities:           Net income (loss)$73  $54  $247  $376 Adjustments to reconcile net income to cash provided by operating activities:           Depreciation and amortization51  40  191  154 Other non-cash charges (gains), net24  35  98  73 Cash dividends received from equity affiliates—  —  2  13 Changes in assets and liabilities:           Changes in net working capital (A)(10) 69  (68) 56 Changes in other assets and liabilities, net5  21  (49) (7)            Cash provided by (used in) operating activities143  219  421  665             Cash Flows from Investing Activities:

           Additions to property, plant and equipment(55) (64) (207) (274)Acquisition of business, net of cash acquired—  —  (66) — Asset acquisition—  —  —  (27)Other investing activities, net(6) 5  (4) 3             Cash provided by (used in) investing activities(61) (59) (277) (298)            Cash Flows from Financing Activities:

           Change in debt, net(21) (88) 111  (23)Cash dividends paid to common stockholders(25) (25) (97) (96)Other financing activities, net(32) (33) (180) (217)            Cash provided by (used in) financing activities(78) (146) (166) (336)Effect of exchange rate changes on cash—  5  19  4 Increase (decrease) in cash, cash equivalents and restricted cash4  19  (3) 35 Cash, cash equivalents and restricted cash at beginning of period251  239  258  223 Cash, cash equivalents and restricted cash at end of period (B)$255  $258  $255  $258  (A)Includes Accounts and notes receivable, Inventories, and Accounts payable and accrued liabilities.(B)Restricted cash was $1 million as of September 30, 2026. There was no restricted cash as of September 30, 2025.    Fourth Quarter Earnings Announcement, Fiscal 2026              CABOT CORPORATION CERTAIN ITEMS AND RECONCILIATION OF ADJUSTED EPS AND OPERATING TAX RATE              TABLE 1: DETAIL OF CERTAIN ITEMSPeriods ended September 30Three MonthsTwelve Months  Dollars in millions, except per share amounts (unaudited)2026202520262025  Certain items before and after income taxes      Global restructuring activities$(15)$(5)$(72)$(11)  Employee benefit plan settlement and other charges —  (3) (30) (3)  Legal and environmental matters and reserves —  (1) (5) (7)  Acquisition and integration-related charges —  (1) (2) (1)  Indirect tax settlement charges —  (7) —  (7)  Other certain items —  —  —  (1)  Total certain items, pre-tax (15) (17) (109) (30)  Non-GAAP adjustments(A) (3) (32) (17) (38)         Total certain items after tax$(18)$(49)$(126)$(68)  Total certain items after tax per share$(0.36)$(0.91)$(2.40)$(1.23)         TABLE 2: CERTAIN ITEMS STATEMENT OF OPERATIONS LINE ITEMPeriods ended September 30Three MonthsTwelve Months  Dollars in millions, Pre-Tax (unaudited)2026202520262025  Statement of Operations Line Item (C)      Cost of sales$(13)$(3)$(72)$(13)  Selling and administrative expenses (2) (3) (7) (4)  Research and technical expenses —  (1) —  (2)  Other income (expense) —  (10) (30) (11)  Total certain items$(15)$(17)$(109)$(30)         TABLE 3: RECONCILIATION OF EFFECTIVE TAX RATE TO OPERATING TAX RATEThree months ended September 3020262025  Dollars in millions (unaudited)(Provision) / Benefit for Income TaxesRate(Provision) / Benefit for Income TaxesRate  Effective Tax Rate$(38) 34%$(63) 55%  Less: Non-GAAP tax adjustments(B) (3)  (30)   Operating tax rate (D) (E)$(35) 28%$(33) 25%         Twelve months ended September 3020262025  Dollars in millions (unaudited)(Provision) / Benefit for Income TaxesRate(Provision) / Benefit for Income TaxesRate         Effective Tax Rate$(165) 41%$(196) 35%  Less: Non-GAAP tax adjustments(B) (17)  (36)   Operating tax rate (D) (E)$(148) 29%$(160) 27%                TABLE 4: RECONCILIATION OF ADJUSTED EPS BY QUARTER FOR FISCAL 2026 and FISCAL 2025     Fiscal 2026 (F)Periods ended (unaudited)Dec. QMar. QJune QSept. Q FY 2026Reconciliation of Adjusted EPS to GAAP EPS      Net income (loss) per share attributable to Cabot Corporation$1.37 $1.27 $0.12 $1.25  $4.02 Less: Certain items after tax per share (0.16) (0.34) (1.55) (0.36) $(2.40)Adjusted earnings (loss) per share$1.53 $1.61 $1.67 $1.61  $6.42         Fiscal 2025 (F)Periods ended (unaudited)Dec. QMar. QJune QSept. Q FY 2025Reconciliation of Adjusted EPS to GAAP EPS      Net income (loss) per share attributable to Cabot Corporation$1.67 $1.69 $1.86 $0.79  $6.02 Less: Certain items after tax per share (0.09) (0.21) (0.04) (0.91)  (1.23)Adjusted earnings (loss) per share$1.76 $1.90 $1.90 $1.70  $7.25  (A)Non-GAAP adjustments includes Non-GAAP tax adjustments, which are described in (B) below, and in fiscal 2025 an adjustment to the historical earnings allocated to a noncontrolling interest partner, which is included in Net income (loss) attributable to noncontrolling interests, net of tax in the Consolidated Statement of Operations.(B)Non-GAAP tax adjustments are made to arrive at the operating tax provision. It includes the income tax (expense) benefit on certain items, discrete tax items, and, on a quarterly basis the timing of losses in certain jurisdictions. The income tax (expense) benefit on certain items is determined using the applicable rates in the taxing jurisdictions in which the certain items occurred and includes both current and deferred income tax (expense) benefit based on the nature of the certain items. Discrete tax items include, but are not limited to, changes in valuation allowance, uncertain tax positions, and other tax items, such as the tax impact of legislative changes and tax accruals on historic earnings due to changes in indefinite reinvestment assertions.(C)This table indicates the line items where certain items are recorded in the Consolidated Statements of Operations.(D)The operating tax rate is calculated based upon management's forecast of the annual operating tax rate for the fiscal year applied to adjusted pre-tax earnings. The operating tax rate excludes income tax (expense) benefit on certain items, discrete tax items and, on a quarterly basis the timing of losses in certain jurisdictions.(E)Our operating tax rate for fiscal 2027 is expected to be in the range of 28% to 30%.(F)Per share amounts are calculated after tax.   Fourth Quarter Earnings Announcement, Fiscal 2026                CABOT CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES                   Fiscal 2026 (A)   Dec. QMar. QJune QSept. QFY 2026Reconciliation of Adjusted EPS to GAAP EPS     Net income (loss) per share attributable to Cabot Corporation$1.37 $1.27 $0.12 $1.25 $4.02 Less: Certain items after tax per share (0.16) (0.34) (1.55) (0.36) (2.40)Adjusted earnings (loss) per share$1.53 $1.61 $1.67 $1.61 $6.42            Fiscal 2025 (A)   Dec. QMar. QJune QSept. QFY 2025Reconciliation of Adjusted EPS to GAAP EPS     Net income (loss) per share attributable to Cabot Corporation$1.67 $1.69 $1.86 $0.79 $6.02 Less: Certain items after tax per share (0.09) (0.21) (0.04) (0.91) (1.23)Adjusted earnings (loss) per share$1.76 $1.90 $1.90 $1.70 $7.25          (A)Per share amounts are calculated after tax.        Dollars in millionsFiscal 2026   Dec. QMar. QJune QSept. QFY 2026Reconciliation of Adjusted EBITDA to Income (loss) from operations before income taxes and equity in earnings of affiliated companies     Income (loss) from operations before income taxes and equity in earnings of affiliated companies$ 118 $ 120 $ 58 $ 110 $ 406 Interest expense 18  18  18  21  75 Certain items 7  9  78  15  109 General unallocated (income) expense (6) (12) (5) (13) (36)Less: Equity in earnings of affiliated companies (1) (2) (2) (1) (6)Depreciation and amortization 41  44  43  47  175 Adjusted EBITDA$ 179 $ 181 $ 194 $ 181 $ 735         Dollars in millionsDec. QMar. QJune QSept. QFY 2026Reinforcement Materials EBIT$ 102 $ 93 $ 97 $ 87 $ 379 Reinforcement Materials Depreciation and amortization 19  21  20  24  84 Reinforcement Materials EBITDA$ 121 $ 114 $ 117 $ 111 $ 463 Reinforcement Materials Sales$520 $544 $599 $634 $2,297 Reinforcement Materials EBITDA Margin 23% 21% 20% 18% 20%        Dollars in millionsDec. QMar. QJune QSept. QFY 2026Performance Chemicals EBIT$ 48 $ 59 $ 68 $ 60 $ 235 Performance Chemicals Depreciation and amortization 22  23  23  23  91 Performance Chemicals EBITDA$ 70 $ 82 $ 91 $ 83 $ 326 Performance Chemicals Sales$300 $328 $351 $340 $1,319 Performance Chemicals EBITDA Margin 23% 25% 26% 24% 25%        Dollars in millionsFiscal 2026Reconciliation of Free Cash Flow and Discretionary Free Cash Flow to Cash provided by (used in) operating activitiesDec. QMar. QJune QSept. QFY 2026Cash provided by (used in) operating activities (B)$ 126 $ 77 $ 75 $ 143 $ 421 Less: Additions to property, plant and equipment 69  45  38  55  207 Free cash flow$ 57 $ 32 $ 37 $ 88 $ 214 Plus: Additions to property, plant and equipment 69  45  38  55  207 Less: Changes in net working capital (C) 5  (19) (44) (10) (68)Less: Sustaining and compliance capital expenditures 50  33  28  36  147 Discretionary free cash flow$ 71 $ 63 $ 91 $ 117 $ 342          (B)As provided in the Condensed Consolidated Statements of Cash Flows. (C)Defined as changes in Accounts and notes receivable, Inventories, and Accounts payable and accrued liabilities as presented on the Condensed Consolidated Statements of Cash Flows.        

Key Takeaways Entergy reported Q3 earnings of $1.98 per share, beating estimates by 15.8% and rising 29.4% year over year.Revenues climbed 14.5% to $4.37B, supported by higher electricity demand and 7.4% growth in retail sales.Entergy narrowed 2026 guidance and maintained its target of over 8% annual earnings growth through 2030.
Entergy Corporation (ETR - Free Report) reported third-quarter 2026 earnings of $1.98 per share, which beat the Zacks Consensus Estimate of $1.71 by 15.8%. The bottom line increased 29.4% from the year-ago quarter's figure of $1.53.

ETR’s Total RevenuesRevenues rose 14.5% year over year to $4.37 billion and surpassed the consensus mark of $4.16 billion by 5.1%. Results benefited from higher electricity demand, favorable weather and regulatory rate actions. Weather-adjusted retail electricity sales increased 4.5%, supported by residential and industrial demand.

Entergy’s Segmental PerformanceThe Utility business generated earnings of $1.08 billion, up from $810 million in the prior-year quarter. Earnings increased to $2.28 per share from $1.79, reflecting higher electricity sales, regulatory recoveries and additional income from utility investments.

The Parent & Other segment reported a loss of $139 million, wider than the $117 million loss recorded a year earlier. The loss per share increased to 29 cents from 26 cents, primarily due to higher interest expenses. Consolidated results also reflected a higher diluted average share count of 474 million compared with 454 million last year.

Entergy's Retail Sales Gain Across Key Customer ClassesTotal retail electricity sales increased 7.4% year over year to 39,864 gigawatt-hours (GWh). Residential sales rose 12.6% to 13,163 GWh, while commercial sales increased 5.6% to 8,973 GWh.

Industrial electricity sales climbed 4.9% to 17,055 GWh, driven by higher demand from data center and primary metals customers. On a weather-adjusted basis, residential and commercial sales improved 6.1% and 1.9%, respectively. Total electricity sales, including wholesale volumes, increased 5.3% to 43,392 GWh.

Entergy Faces Higher Operating and Financing CostsHigher utility operating and maintenance expenses reduced quarterly earnings by 10 cents per share. The increase reflected higher power delivery costs, particularly vegetation maintenance spending, and additional power generation expenses associated with maintenance activities and plant outages.

Utility interest expenses lowered earnings by 13 cents per share due to higher debt balances, increased average interest rates and carrying costs on customer advances. Higher depreciation and amortization expenses also pressured earnings, reflecting additional utility assets placed into service and increased depreciation rates.

Entergy’s Financial HighlightsAs of Sept. 30, 2026, Entergy had cash and cash equivalents of $4.21 billion compared with $1.52 billion a year earlier. Total debt was $34.94 billion compared with $30.56 billion at the end of September 2025.

Third-quarter operating cash flow increased to $2.24 billion from $2.14 billion a year earlier.

Entergy Narrows 2026 Earnings GuidanceEntergy narrowed its 2026 adjusted earnings guidance to $4.35-$4.45 per share from its earlier projection of $4.25-$4.45. The Zacks Consensus Estimate for 2026 earnings is pinned at $4.40 per share, in line with the midpoint of the company’s guided range.

Management reaffirmed its longer-term adjusted earnings outlook, projecting $4.90-$5.20 per share in 2027, $5.55-$5.85 in 2028, $6.25-$6.55 in 2029 and $7.05-$7.35 in 2030. The company continues to target annual adjusted earnings growth exceeding 8% through 2030.

Entergy also outlined a $55 billion capital investment plan for 2027-2030, alongside a $5.2 billion equity financing plan.

ETR's Zacks RankETR currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Recent Utility ReleasesEdison International (EIX - Free Report) reported third-quarter 2026 core earnings of $1.92 per share, beating the Zacks Consensus Estimate of $1.83 by 4.9%. However, the bottom line declined 17.9% from $2.34 in the year-ago quarter.

EIX’s operating revenues totaled $4.89 billion, missing the Zacks Consensus Estimate of $5.53 billion by 11.7%. The top line also declined 15% from the year-ago quarter's figure of $5.75 billion.

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 rose 8% from $2.02 billion in the prior-year quarter.

CenterPoint 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.

On its third quarter of 2026 earnings call, held on Nov. 2, 2026, Entergy (ETR -0.22%) raised the lower bound of its 2026 adjusted earnings guidance by $0.10 per share. Network expansion to supply large technological investments provides long-term growth while protecting utility rates for existing residents. Three key takeaways from management explain how the strategy unfolds.

1. Data Center Expansion Lowers Customer Utility RatesLarge technology contracts require significant infrastructure, but ratepayer protection agreements ensure hyperscalers (large-scale cloud and technology providers) cover system costs and reduce bills for local residents.

Expansion will create incremental bill benefits for our Arkansas customers, increasing Entergy Arkansas's expected fair share plus customer bill savings by at least $500 million and bringing the total to at least $7.5 billion across Entergy's utility companies.
-- Andrew S. Marsh, Chair and Chief Executive Officer2. Standardized Plant Design Cuts Engineering Schedules by HalfDeploying uniform facility blueprints across construction projects limits engineering overhead and protects completion timelines against rising labor costs.

In addition, our standardized design has allowed us to improve efficiency and schedule, through a roughly 50% reduction in the time required for engineering, which helps mitigate exposure to rising labor costs.
-- Andrew S. Marsh, Chair and Chief Executive Officer3. Higher Capital Spending Pushes Earnings Toward Upper Guidance LimitsAdding $1.5 billion in network capital investments through 2030 supports growing power demand from industrial users and positions earnings near the top of long-term forecasts.

In total, we increased capital approximately $1.5 billion from 2026 through 2030, inclusive of the investments to support the Google expansion. ... The expected earnings impact from this increase moves us into the upper end of our outlook ranges.
-- Kimberly A. Fontan, Chief Financial OfficerLooking AheadIndustrial power demand accelerates across the Gulf Coast, driven by data centers and heavy manufacturing. Vertical integration (owning generation, transmission, and distribution assets) plus standardized designs give the utility structural advantages during capacity expansion. Management tracks commercial execution across its pipeline.

We see these projects as having the potential to convert into signed agreements within the next 24 months.
-- Andrew S. Marsh, Chair and Chief Executive OfficerNontraditional financing structures and customer cost-sharing agreements support capital projects without straining the balance sheet.

We have clear line of sight to achieve our outlooks, and we have significant opportunities before us.
-- Kimberly A. Fontan, Chief Financial OfficerThe Motley Fool has positions in and recommends Entergy. The Motley Fool has a disclosure policy.

New York, New York--(Newsfile Corp. - November 2, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of AppLovin Corporation (NASDAQ: APP) between February 12, 2026 and August 5, 2026, inclusive (the "Class Period"), of the important November 16, 2026 lead plaintiff deadline.

SO WHAT: If you purchased AppLovin securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the AppLovin class action, go to https://rosenlegal.com/cases/applovin-corporation-2026/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 16, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) the generative AI video creative feature for AppLovin's AppLovin Ads platform was subject to significant development delays, making its release on AppLovin's timeline unlikely; (2) defendants overstated the constancy with which AppLovin was improving its AI models; (3) for these reasons, among others, AppLovin had significantly overstated the benefits and reliability of the purportedly "virtuous cycle" and "compounding" value proposition that its AI models provided to customers and to AppLovin; and (4) as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the AppLovin class action, go to https://rosenlegal.com/cases/applovin-corporation-2026/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/322153

Source: The Rosen Law Firm PA

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As the energy transition accelerates, choosing the right utility exposure is critical for long-term growth. Constellation Energy (CEG -1.96%) and NextEra Energy (NEE +1.58%) offer two distinct paths into the future of power.

Constellation Energy focuses on clean generation through its massive nuclear fleet, while NextEra Energy combines a regulated Florida utility with a massive renewable energy development business. Both companies are essential players in the shift toward decarbonization, but they carry different risk profiles and growth drivers.

The case for Constellation EnergyConstellation Energy operates as a leader in carbon-free power, managing the largest private-sector nuclear fleet in the United States. The company provides electricity to roughly 2.5 million customers, including approximately three-fourths of the Fortune 100 companies. Notable recent agreements include a 20-year power purchase agreement with Microsoft (MSFT -2.83%) and a deal with Meta to power data centers with emissions-free nuclear energy.

In FY 2025, the company reported revenue of nearly $25.5 billion, representing growth of approximately 8.3% compared to the previous year. Net income reached close to $2.3 billion during the same period, indicating a net margin of roughly 9.1%. This performance followed a year where net margin was higher, showing how fluctuations in energy prices and operational costs can impact bottom-line results.

As of its December 2025 balance sheet, the company maintains a electric utility stocks profile with a debt-to-equity ratio of approximately 0.6x. This metric, which measures total debt against shareholder equity, suggests a conservative approach to leverage. The current ratio stands at nearly 1.5x, showing the company has sufficient short-term assets to cover its liabilities, while free cash flow reached roughly $1.3 billion after subtracting capital expenditures from operating cash.

The case for NextEra EnergyNextEra Energy operates as a dual-threat utility, housing both Florida Power & Light and NextEra Energy Resources. Florida Power & Light serves more than six million customer accounts across Florida, while the Resources segment focuses on wind and solar generation for wholesale markets. This structure allows the company to benefit from a stable regulated customer base while pursuing aggressive growth in the clean energy sector.

During FY 2025, the company generated revenue of approximately $27.5 billion, which was an increase of nearly 11% over the prior year. Net income for the period reached close to $6.8 billion, resulting in a net margin of roughly 24.9%. The company has consistently maintained high net margin levels compared to many peers due to its large-scale operations and efficient generation assets.

As of its December 2025 balance sheet, the company carries a debt-to-equity ratio of nearly 1.8x, reflecting the capital-intensive nature of building massive renewable energy projects. The current ratio is roughly 0.6x, indicating that current liabilities exceed current assets at this point in time.

Risk profile comparisonConstellation Energy faces risks related to commodity price volatility for fuel and unhedged power generation, which can cause significant fluctuations in earnings. Operational risks are also a major factor, as managing a nuclear fleet involves complex outage schedules and strict regulatory requirements for waste storage. Furthermore, the company must successfully integrate the Calpine acquisition without losing key personnel or facing unexpected liabilities.

NextEra Energy is subject to extensive federal and state regulation, particularly from the Florida Public Service Commission and the Federal Energy Regulatory Commission. The company is highly vulnerable to weather-related impacts, such as hurricanes, which can disrupt the Florida grid and increase maintenance costs. Additionally, NextEra Energy faces litigation risks including shareholder derivative actions and challenges related to its reliance on clean energy tax credits.

Valuation comparisonNextEra Energy appears slightly more affordable based on earnings estimates, while Constellation Energy offers a lower entry point based on trailing sales.

MetricConstellation EnergyNextEra EnergyForward P/E21.6x20.8xP/S ratio3.0x6.0xValuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.

In the table above, the Forward P/E compares the stock price to future earnings estimates for the next year. The P/S ratio measures the stock price against sales over the past twelve months.

Which stock would I buy for 2027?I'd go with Constellation Energy, though I'll admit this one is a close call. NextEra is a strong business, but Constellation owns the nuclear fleet that supplies the around-the-clock, carbon-free power data centers want, and customers are signing long-term agreements to get it.

In Q2 2026, Constellation beat earnings estimates and raised its full-year outlook, while locking in more power contracts running 15 to 20 years. Analysts expect double-digit earnings growth when it reports Q3 on Nov. 9.

NextEra has earned its place in more than a few long-term portfolios for good reason. In Q3 2026, adjusted earnings rose nearly 10% and its backlog of new renewable and storage projects kept growing. But challenges remain: Revenue missed estimates again, and growth depends on heavy capital spending.

For investors thinking in years rather than quarters, owning the plants that deliver power around the clock is a direct way to benefit as AI data centers multiply. Demand for reliable electricity keeps climbing, and Constellation already owns plenty of it.

Third Quarter Highlights

Third quarter 2026 net loss attributable to Huntsman of $18 million compared to a net loss of $25 million in the prior year period; third quarter 2026 diluted loss per share of $0.10 compared to diluted loss per share of $0.14 in the prior year period.Third quarter 2026 adjusted net income attributable to Huntsman of $7 million compared to adjusted net loss of $5 million in the prior year period; third quarter 2026 adjusted diluted income per share of $0.04 compared to adjusted diluted loss per share of $0.03 in the prior year period.Third quarter 2026 adjusted EBITDA of $132 million compared to $94 million in the prior year period.Third quarter 2026 net cash provided by operating activities from continuing operations was $115 million. Free cash flow was $82 million for the third quarter 2026 compared to $157 million in the prior year period.On August 25, 2026, Huntsman shareholders approved the merger of equals with Olin Corporation. Once the merger is completed, the combined OlinHuntsman will trade under a new ticker, NYSE: OHN.

Three months ended

Nine months ended

September 30,

September 30,

In millions, except per share amounts

2026

2025

2026

2025

Revenues

$     1,717

$     1,460

$     4,800

$     4,328

Net loss attributable to Huntsman Corporation

$         (18)

$        (25)

$        (77)

$      (188)

Adjusted net income (loss)(1)

$            7

$          (5)

$        (28)

$        (58)

Diluted loss per share

$      (0.10)

$     (0.14)

$     (0.44)

$     (1.09)

Adjusted diluted income (loss) per share(1)

$       0.04

$     (0.03)

$     (0.16)

$     (0.34)

Adjusted EBITDA(1)

$        132

$         94

$        325

$        240

Net cash provided by operating activities from continuing operations

$        115

$        200

$            2

$        221

Free cash flow(2)

$          82

$        157

$        (99)

$        105

See end of press release for footnote explanations and reconciliations of non-GAAP measures.

, /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported third quarter 2026 results with revenues of $1,717 million, net loss attributable to Huntsman of $18 million, adjusted net income attributable to Huntsman of $7 million and adjusted EBITDA of $132 million. 

Peter R. Huntsman, Chairman, President, and CEO, commented:

"Our Company continues to perform solidly despite significant macroeconomic and industry challenges. Year-over-year improvement was driven by higher volumes, stronger margins, and cost savings. Better results and cash flow are expected to reduce net debt leverage to approximately 4 times by year-end, a significant improvement from the beginning of the year. These gains reflect our associates' hard work and disciplined execution to grow volumes, lower costs, and generate cash.

"Our planned merger of equals with Olin Corporation reached several milestones during the quarter, including shareholder approval on August 25, 2026, and regulatory clearance in multiple jurisdictions, including the United States in September. We continue to work with the remaining jurisdictions to secure the approvals needed to complete the merger, which we now expect to close in the first quarter of 2027. We are excited about the benefits the merger will bring to both companies' shareholders."

Segment Analysis for 3Q26 Compared to 3Q25

Polyurethanes

The increase in revenues in our Polyurethanes segment for the three months ended September 30, 2026 compared to the same period of 2025 was primarily due to higher average selling prices and higher sales volumes. MDI average selling prices increased across all three regions due to improved supply and demand dynamics and higher raw materials costs. MDI sales volumes increased in the Americas and Europe regions. The increase in segment adjusted EBITDA was primarily due to higher average selling prices, higher sales volumes, higher equity earnings from our minority-owned joint venture in China and cost savings achieved from our cost optimization program, partially offset by higher raw materials costs.

Performance Products

The increase in revenues in our Performance Products segment for the three months ended September 30, 2026 compared to the same period of 2025 was primarily due to higher average selling prices. Average selling prices increased primarily due to higher raw materials and logistics costs and favorable sales mix. Sales volumes remained relatively unchanged. The increase in segment adjusted EBITDA was primarily due to higher average selling prices and improved margins.

Advanced Materials

The increase in revenues in our Advanced Materials segment for the three months ended September 30, 2026 compared to the same period of 2025 was primarily due to higher sales volumes and higher average selling prices. Sales volumes increased primarily in our aerospace, automotive and power markets. Average selling prices increased primarily due to favorable sales mix. The increase in segment adjusted EBITDA was primarily due to higher sales volumes.

Liquidity and Capital Resources

During the three months ended September 30, 2026, our free cash flow was $82 million as compared to $157 million in the same period of 2025. As of September 30, 2026, we had approximately $0.9 billion of combined cash and unused borrowing capacity.

During the three months ended September 30, 2026, we spent $33 million on capital expenditures as compared to $43 million in the same period of 2025. During 2026, we expect capital expenditures to be approximately $160 million.

Income Taxes

In the third quarter of 2026, our effective tax rate was 108% and our adjusted effective tax rate was 56%.

Earnings Conference Call Information

We will hold a conference call to discuss our third quarter 2026 financial results on Tuesday, November 3, 2026, at 9:00 a.m. ET.

Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=oRyBrBjV

Participant dial-in numbers:
Domestic callers:                    (877) 402-8037
International callers:               (201) 378-4913

The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.

Upcoming Conferences

During the fourth quarter 2026, a member of management is expected to present at:
Morgan Stanley Global Chemicals & Agriculture Conference, November 10, 2026
RBC Global Industrials Conference, November 17, 2026
Citi's Basic Materials Conference, December 1, 2026
Bank of America Leveraged Finance Conference, December 2, 2026

A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors.

Table 1 -- Results of Operations

Three months ended

Nine months ended

September 30,

September 30,

In millions, except per share amounts

2026

2025

2026

2025

Revenues

$     1,717

$     1,460

$     4,800

$     4,328

Cost of goods sold

1,480

1,256

4,135

3,741

Gross profit

237

204

665

587

Operating expenses:

Selling, general and administrative

168

163

514

489

Research and development

27

29

84

94

Restructuring, impairment and plant closing costs

4

12

19

137

Gain on sale of Gomet business, net

-

-

(22)

-

Gain on acquisition of assets, net

-

-

-

(5)

Income associated with litigation matter, net

-

-

-

(33)

Other operating (income) expense, net

(1)

(6)

10

(23)

Total operating expenses

198

198

605

659

Operating income (loss)

39

6

60

(72)

Interest expense, net

(23)

(20)

(67)

(60)

Equity in income of investment in unconsolidated affiliates

7

1

17

-

Other income, net

3

6

13

13

Income (loss) from continuing operations before income taxes

26

(7)

23

(119)

Income tax expense

(28)

(3)

(56)

(25)

Loss from continuing operations

(2)

(10)

(33)

(144)

Loss from discontinued operations, net of tax

(3)

(1)

(6)

(1)

Net loss

(5)

(11)

(39)

(145)

Net income attributable to noncontrolling interests

(13)

(14)

(38)

(43)

Net loss attributable to Huntsman Corporation

$        (18)

$        (25)

$        (77)

$      (188)

Adjusted EBITDA(1)

$        132

$          94

$        325

$        240

Adjusted net income (loss)(1)

$            7

$          (5)

$        (28)

$        (58)

Basic loss per share

$     (0.10)

$     (0.14)

$     (0.44)

$     (1.09)

Diluted loss per share

$     (0.10)

$     (0.14)

$     (0.44)

$     (1.09)

Adjusted diluted income (loss) per share(1)

$       0.04

$     (0.03)

$     (0.16)

$     (0.34)

Common share information:

Basic weighted average shares

173

173

173

173

Diluted weighted average shares

173

173

173

173

Diluted shares for adjusted diluted income (loss) per share

174

173

173

173

See end of press release for footnote explanations.

Table 2 -- Results of Operations by Segment

Three months ended

Nine months ended

September 30,

Better /

September 30,

Better /

In millions

2026

2025

(worse)

2026

2025

(worse)

Segment revenues:

Polyurethanes

$     1,152

$        956

21 %

$     3,154

$     2,800

13 %

Performance Products

260

246

6 %

771

773

(0 %)

Advanced Materials

314

265

18 %

906

778

16 %

Total reportable segments' revenues

1,726

1,467

18 %

4,831

4,351

11 %

Intersegment eliminations

(9)

(7)

N/M

(31)

(23)

N/M

Total revenues

$     1,717

$     1,460

18 %

$     4,800

$     4,328

11 %

Segment adjusted EBITDA(1):

Polyurethanes

$          75

$          48

56 %

$        180

$        121

49 %

Performance Products

31

29

7 %

94

91

3 %

Advanced Materials

62

44

41 %

171

125

37 %

N/M = not meaningful

See end of press release for footnote explanations.

Table 3 -- Factors Impacting Sales Revenue

Three months ended

September 30, 2026 vs. 2025

Average selling price(a)

Local

Exchange

Sales

currency & mix

rate

volume(b)

Total

Polyurethanes

19 %

0 %

2 %

21 %

Performance Products

7 %

0 %

(1 %)

6 %

Advanced Materials

6 %

0 %

12 %

18 %

Combined segments

15 %

0 %

3 %

18 %

Nine months ended

September 30, 2026 vs. 2025

Average selling price(a)

Local

Exchange

Sales

currency & mix

rate

volume(b)

Total

Polyurethanes

8 %

2 %

3 %

13 %

Performance Products

1 %

1 %

(2 %)

0 %

Advanced Materials

6 %

3 %

7 %

16 %

Combined segments

6 %

2 %

3 %

11 %

(a) Excludes sales from tolling arrangements, by-products and raw materials.

(b) Excludes sales from by-products and raw materials.

Table 4 -- Reconciliation of U.S. GAAP to Non-GAAP Measures

 Income tax 

 Net 

 Diluted (loss) income 

 EBITDA 

and other expense

 (loss) income  

 per share 

Three months ended

Three months ended

Three months ended

Three months ended

September 30,

September 30,

September 30,

September 30,

In millions, except per share amounts

2026

2025

2026

2025

2026

2025

2026

2025

Net loss

$          (5)

$        (11)

$          (5)

$        (11)

$      (0.03)

$      (0.06)

Net income attributable to noncontrolling interests

(13)

(14)

(13)

(14)

(0.07)

(0.08)

Net loss attributable to Huntsman Corporation

(18)

(25)

(18)

(25)

(0.10)

(0.14)

Interest expense, net

23

20

Income tax expense from continuing operations

28

3

$        (28)

$          (3)

Depreciation and amortization

77

73

EBITDA / Loss from discontinued operations

3

1

 N/A 

 N/A 

3

1

0.02

0.01

Loss on sale of business/assets, net

-

2

-

-

-

2

-

0.01

Expenses associated with the proposed merger

3

-

-

-

3

-

0.02

-

Certain legal and other settlements and related expenses, net

4

-

-

-

4

-

0.02

-

Amortization of pension and postretirement actuarial losses

7

8

2

(2)

9

6

0.05

0.03

Restructuring, impairment and plant closing and transition costs

5

12

1

(1)

6

11

0.03

0.06

Adjusted(1)

$        132

$          94

$        (25)

$          (6)

7

(5)

$       0.04

$      (0.03)

Adjusted income tax expense(1)

25

6

Net income attributable to noncontrolling interests

13

14

Adjusted pre-tax income(1)

$          45

$          15

Adjusted effective tax rate(3)

56 %

40 %

Effective tax rate

108 %

(43 %)

 Income tax 

 Net 

 Diluted loss 

 EBITDA 

and other expense

 loss 

 per share 

Nine months ended

Nine months ended

Nine months ended

Nine months ended

September 30,

September 30,

September 30,

September 30,

In millions, except per share amounts

2026

2025

2026

2025

2026

2025

2026

2025

Net loss

$        (39)

$       (145)

$        (39)

$       (145)

$      (0.23)

$      (0.84)

Net income attributable to noncontrolling interests

(38)

(43)

(38)

(43)

(0.22)

(0.25)

Net loss attributable to Huntsman Corporation

(77)

(188)

(77)

(188)

(0.44)

(1.09)

Interest expense, net

67

60

Income tax expense from continuing operations

56

25

$        (56)

$        (25)

Income tax expense from discontinued operations(3)

-

1

Depreciation and amortization from continuing operations

227

214

Business acquisition and integration gain and purchase accounting

inventory adjustments, net

-

(5)

-

-

-

(5)

-

(0.03)

EBITDA / Loss from discontinued operations(3)

6

-

N/A

N/A

6

1

0.03

0.01

Establishment of significant deferred tax asset valuation allowances,

net

-

-

-

1

-

1

-

0.01

(Gain) loss on sale of business/assets, net

(22)

2

-

-

(22)

2

(0.13)

0.01

Expenses associated with the proposed merger

8

-

-

-

8

-

0.05

-

Loss on early extinguishment of debt

1

-

-

-

1

-

0.01

-

Certain legal and other settlements and related expenses (income), net

15

(32)

-

7

15

(25)

0.09

(0.14)

Amortization of pension and postretirement actuarial losses

21

22

(1)

(4)

20

18

0.12

0.10

Restructuring, impairment and plant closing and transition costs

23

141

(2)

(3)

21

138

0.12

0.80

Adjusted(1)

$        325

$        240

$        (59)

$        (24)

(28)

(58)

$      (0.16)

$      (0.34)

Adjusted income tax expense(1)

59

24

Net income attributable to noncontrolling interests

38

43

Adjusted pre-tax income(1)

$          69

$            9

Adjusted effective tax rate(4)

86 %

267 %

Effective tax rate

243 %

(21 %)

N/M = not meaningful

N/A = not applicable

See end of press release for footnote explanations.

Table 5 -- Balance Sheets

September 30,

December 31,

In millions

2026

2025

Cash

$               359

$               429

Accounts and notes receivable, net

870

677

Inventories

905

818

Prepaid expenses

72

94

Other current assets

34

46

Property, plant and equipment, net

2,369

2,486

Other noncurrent assets

2,495

2,465

Total assets

$            7,104

$            7,015

Accounts payable(5)

$               862

$               758

Other current liabilities(5)

496

478

Current portion of debt

303

353

Long-term debt

1,740

1,658

Other noncurrent liabilities

795

811

Huntsman Corporation stockholders' equity

2,662

2,750

Noncontrolling interests in subsidiaries

246

207

Total liabilities and equity

$            7,104

$            7,015

See end of press release for footnote explanations.

Table 6 -- Outstanding Debt

September 30,

December 31,

In millions

2026

2025

Debt:

Revolving credit facility

$               300

$               343

Senior notes

1,490

1,488

Amounts outstanding under A/R programs

235

152

Variable interest entities

-

7

Other debt

18

21

Total debt - excluding affiliates

2,043

2,011

Total cash

359

429

Net debt - excluding affiliates(4)

$            1,684

$            1,582

See end of press release for footnote explanations.

Table 7 -- Summarized Statement of Cash Flows

Three months ended

Nine months ended

September 30,

September 30,

In millions

2026

2025

2026

2025

Total cash at beginning of period

$            346

$            399

$            429

$            340

Net cash provided by operating activities from continuing operations

115

200

2

221

Net cash used in operating activities from discontinued operations

(5)

(4)

(5)

(8)

Net cash used in investing activities

(33)

(42)

(48)

(74)

Net cash used in financing activities

(65)

(83)

(22)

(14)

Effect of exchange rate changes on cash

1

(2)

3

3

Total cash at end of period

$            359

$            468

$            359

$            468

Free cash flow(2):

Net cash provided by operating activities from continuing operations

$            115

$            200

$               2

$            221

Capital expenditures

(33)

(43)

(101)

(116)

Free cash flow from continuing operations(2)

$             82

$            157

$            (99)

$            105

Supplemental cash flow information:

Cash paid for interest

$              (8)

$              (5)

$            (51)

$            (49)

Cash paid for income taxes

(14)

(18)

(38)

(79)

Cash paid for restructuring and integration

(12)

(7)

(40)

(18)

Cash paid for pensions

(19)

(9)

(35)

(25)

Depreciation and amortization from continuing operations

77

73

227

214

Change in primary working capital:

Accounts and notes receivable

$               9

$             37

$          (214)

$            (26)

Inventories

28

55

(104)

114

Accounts payable(5)

(25)

(2)

129

(89)

Total change in primary working capital

$             12

$             90

$          (189)

$              (1)

See end of press release for footnote explanations.

Footnotes

(1)

We use adjusted EBITDA to measure the operating performance of our business and for planning and evaluating the performance of our business segments.  We provide adjusted net income (loss) because we feel it provides meaningful insight for the investment community into the performance of our business.  We believe that net income (loss) is the performance measure calculated and presented in accordance with generally accepted accounting principles in the U.S. ("GAAP") that is most directly comparable to adjusted EBITDA and adjusted net income (loss).  Additional information with respect to our use of each of these financial measures follows:

Adjusted EBITDA, adjusted net income (loss) and adjusted diluted income (loss) per share, as used herein, are not necessarily comparable to other similarly titled measures of other companies.

Adjusted EBITDA is computed by eliminating the following from net income (loss): (a) net income attributable to noncontrolling interests; (b) interest expense, net; (c) income taxes; (d) depreciation and amortization; (e) amortization of pension and postretirement actuarial losses; (f) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted EBITDA in Table 4 above. 

Adjusted net income (loss) and adjusted diluted income (loss) per share are computed by eliminating the after tax impact of the following items from net income (loss): (a) net income attributable to noncontrolling interests; (b) amortization of pension and postretirement actuarial losses; (c) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted net income (loss) in Table 4 above.  The income tax impacts, if any, of each adjusting item represent a ratable allocation of the total difference between the unadjusted tax expense and the total adjusted tax expense, computed without consideration of any adjusting items using a with and without approach.

We may disclose forward-looking adjusted EBITDA because we cannot adequately forecast certain items and events that may or may not impact us in the near future, such as business acquisition and integration expenses and purchase accounting inventory adjustments, net, certain legal and other settlements and related expenses, gains on sale of businesses/assets and certain tax only items, including tax law changes not yet enacted. Each of such adjustment has not yet occurred, is out of our control and/or cannot be reasonably predicted. In our view, our forward-looking adjusted EBITDA represents the forecast net income on our underlying business operations but does not reflect any adjustments related to the items noted above that may occur and can cause our adjusted EBITDA to differ.

(2)

We believe free cash flow is an important indicator of our liquidity as it measures the amount of cash we generate. Management internally uses free cash flow measure to: (a) evaluate our liquidity, (b) evaluate strategic investments, (c) plan stock buyback and dividend levels and (d) evaluate our ability to incur and service debt. Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures. Free cash flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures.

(3)

We believe the adjusted effective tax rate provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses' operational profitability and that may obscure underlying business results and trends. In our view, effective tax rate is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted effective tax rate. The reconciliation of historical adjusted effective tax rate and effective tax rate is set forth in Table 4 above. Please see the reconciliation of our net income to adjusted net income in Table 4 for details regarding the tax impacts of our non-GAAP adjustments.

(4)

Net debt is a measure we use to monitor how much debt we have after taking into account our total cash. We use it as an indicator of our overall financial position, and calculate it by taking our total debt, including the current portion, and subtracting total cash.

(5)

Certain prior period amounts have been reclassified in the condensed consolidated financial statements to conform to current period presentation.

About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of diversified chemical products with 2025 revenues of approximately $6 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 55 manufacturing, R&D and operations facilities in approximately 25 countries and employ approximately 6,000 associates within our continuing operations. For more information about Huntsman, please visit the company's website at www.huntsman.com.

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Forward-Looking Statements:
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, divestitures or strategic transactions, including the planned merger of equals with Olin Corporation, statements about the anticipated benefits of the contemplated transaction, including future expected synergies and cost savings related to the contemplated transaction, the plans, objectives, expectations and intentions of Olin, Huntsman or the combined company business trends and any other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "likely," "projects," "outlook," "plans," "intends," "believes," "forecasts," or future or conditional verbs, such as "will," "should," "could" or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, management's examination of historical operating trends and data, are based upon our current expectations and various assumptions and beliefs. In particular, such forward-looking statements are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the Company's operations, markets, products, prices and other factors as discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Significant risks and uncertainties may relate to, but are not limited to, uncertainties as to the timing of the contemplated merger; the possibility that the closing conditions to the contemplated merger may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant a necessary regulatory approval; the effects of disruption caused by the contemplated merger making it more difficult to maintain relationships with employees, customers, vendors and other business partners; the risk that stockholder litigation in connection with the contemplated merger may affect the timing or occurrence of the contemplated merger or result in significant costs of defense, indemnification and liability; ability to refinance existing indebtedness of Huntsman in connection with the contemplated merger; other business effects, including the effects of industry, economic or political conditions outside of the control of the parties to the contemplated merger; transaction costs; high energy costs in Europe, inflation and high capital costs, geopolitical instability, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of the Company's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions and manufacturing optimization improvements in the Company's businesses and to realize anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, which may be supplemented by other risks and uncertainties disclosed in any subsequent reports filed or furnished by the Company from time to time. All forward-looking statements apply only as of the date made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

SOURCE Huntsman Corporation