Společnost Amkor Technology ve třetím čtvrtletí vykázala zisk na akcii (EPS) ve výši 0,76 USD a tržby 1,99 mld. USD, přičemž obě hodnoty zaostaly za očekáváním. Akcie v pondělním obchodování po uzavření trhu vzrostly o 5,98 %.
Amkor Technology Inc. (NASDAQ:AMKR) posted its third-quarter fiscal 2026 results after Monday’s closing bell, missing analyst estimates on the top and bottom lines. Here’s a look at the details inside the report.
AMKR stock is moving. Watch the price action here. Amkor Technology reported quarterly earnings of 76 cents per share, which missed the consensus estimate of 78 cents, per Benzinga Pro data.
Quarterly revenue came in at $1.99 billion, which missed the Street estimate of $2.01 billion.
“Amkor delivered a strong quarter, with record revenue in Computing and Automotive & Industrial end markets and continued margin expansion, despite expected weakness in Communications,” said CEO Kevin Engel.
Looking AheadAmkor is looking for fourth-quarter GAAP EPS of 65 cents to 75 cents, versus the 76 cent analyst estimate, and revenue between $1.9 billion and $2 billion, versus the $2.02 billion estimate.
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AMKR Stock Price: According to data from Benzinga Pro, Amkor stock was up 5.98% to $39.05 in Monday’s extended trading.
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HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”), today announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.7985 per Class A share for the quarter ended September 30, 2026, an increase of $0.0097 per Class A share compared with the second quarter of 2026.
“This distribution increase highlights our continued execution of return of capital to our shareholders,” said Jonathan Stein, Chief Executive Officer of Hess Midstream. “On an annualized basis, the third quarter increase is in line with Hess Midstream’s targeted 5% growth in annual distributions per Class A share through 2026. We continue to target annual distribution per Class A share growth of 5% per share on an annualized basis in the fourth quarter of 2026. Looking forward, we expect to maintain quarterly distributions in 2027 consistent with the expected fourth quarter 2026 distribution amount and intend to maintain at least that distribution level going forward fully funded by Adjusted Free Cash Flow(1).”
The quarterly distribution will be payable on November 13, 2026, to Class A shareholders of record as of the close of business on November 5, 2026.
Earnings Release
Hess Midstream today announced that it will issue an earnings release on October 30, 2026. Hess Midstream does not intend to hold a conference call to discuss its third quarter 2026 earnings release in light of holding the recent October 7, 2026 Investor Update Call. The earnings release will be posted on Hess Midstream’s website at www.hessmidstream.com.
About Hess Midstream
Hess Midstream is a fee-based, growth-oriented midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Chevron, its subsidiaries and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.
As used in this press release, the term “Chevron” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking statements.” Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “drive,” “could,” “may,” “should,” “would,” “enable,” “believe,” “intend,” “focus,” “potential,” “project,” “plan,” “trend,” “predict,” “will,” “target,” “opportunity” and similar expressions, and variations or negatives of these words, are intended to identify forward-looking statements, but not all forward-looking statements include such words.
Forward-looking statements relating to Hess Midstream’s operations, assets, and strategy, are based on management’s current expectations, assessments, estimates, projections and assumptions about the industry. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond Hess Midstream’s control and difficult to predict. Therefore, actual outcomes and results may differ materially from our current projections or expectations of future results expressed or forecasted by these forward-looking statements. Among the important factors that could cause actual results to differ materially from those in our forward-looking statements are: the transaction contemplated by the purchase and sale agreement dated October 6, 2026 (“Transaction”) may not close on the anticipated timeline or at all; our ability to efficiently integrate the DJ Basin assets into our portfolio pursuant to the Transaction; risks and uncertainties associated with Chevron continuing to provide employees and services to us under the amended secondment and employee transition agreement and transition services agreement pursuant to the Transaction; diversion of management time on issues relating to the Transaction; unforeseen expenses associated with the Transaction; the expected tax treatment of the Transaction and the tax implications of the Transaction Hess Midstream and its shareholders; the effects of the Transaction, including on our future financial condition, results of operations, strategy and plans; the ability of Chevron and other parties to satisfy their obligations to us, including Chevron's ability to meet its drilling and development plans on a timely basis or at all, its ability to deliver its nominated volumes to us, and the operation of joint ventures that we may not control; our ability to generate sufficient cash flow to pay current and expected levels of distributions; reductions in the volumes of crude oil, natural gas, natural gas liquids (“NGLs”) and produced water we gather, process, terminal or store; the actual volumes we gather, process, terminal or store for Chevron in excess of our minimum volume commitments and relative to Chevron's nominations; fluctuations in the prices and demand for crude oil, natural gas and NGLs; changes in global economic conditions and the effects of a global economic downturn or inflation on our business and the businesses of our suppliers, customers, business partners and lenders; our ability to comply with government regulations or make capital expenditures required to maintain compliance, including our ability to obtain or maintain permits necessary for capital projects in a timely manner, if at all, or the revocation or modification of existing permits; our ability to successfully identify, evaluate and timely execute our capital projects, investment opportunities and growth strategies, whether through organic growth or acquisitions; costs or liabilities associated with federal, state and local laws, regulations and governmental actions applicable to our business, including legislation and regulatory initiatives relating to environmental protection and health and safety, such as spills, releases, pipeline integrity and measures to limit greenhouse gas emissions and climate change; our ability to comply with the terms of our credit facility, indebtedness and other financing arrangements, which, if accelerated, we may not be able to repay; our ability to refinance our existing indebtedness; reduced demand for our midstream services, including the impact of weather or the availability of competing third-party midstream gathering, processing and transportation operations; potential disruption or interruption of our business due to natural and human causes beyond our control, such as accidents, severe weather events, labor disputes, political crises, information technology failures, constraints or disruptions and cyber-attacks; any limitations on our ability to access debt or capital markets on terms that we deem acceptable, including as a result of changes in credit ratings, weakness in the oil and gas industry or negative outcomes within commodity and financial markets; liability resulting from litigation; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission.
Other unpredictable or unknown factors not discussed in this press release could also cause actual results to differ materially from those in our forward-looking statements. Caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date of this press release. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.
Non‑GAAP Measures
In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (“GAAP”), management utilizes certain additional non‑GAAP measures to facilitate comparisons of past performance and future periods. We define “Adjusted EBITDA” as reported net income (loss) before net interest expense, income tax expense (benefit), and depreciation and amortization, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance, such as transaction costs, other income and other non‑cash and non‑recurring items, if applicable. We define “Adjusted Free Cash Flow” as Adjusted EBITDA less net interest, excluding amortization of deferred financing costs, cash paid for federal and state income taxes, capital expenditures and ongoing contributions to equity investments. Beginning with the closing of the Transaction, we will update the definition of Adjusted Free Cash Flow to also deduct changes in deferred revenue in the period. We made this change to better reflect the impact of the Transaction and the cash flow available to fund distributions. We believe that investors’ understanding of our performance is enhanced by disclosing these measures as they may assist in assessing our operating performance as compared to other publicly traded companies in the midstream energy industry, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods, and assessing the ability of our assets to generate sufficient cash flow to make distributions to our shareholders. These measures are not, and should not be viewed as, a substitute for GAAP net income or cash flow from operating activities and should not be considered in isolation.
Net Income per Diluted Share of $1.00 for the Quarter, inclusive of a Net Loss from Discontinued Operations
Net Income per Diluted Share from Continuing Operations of $1.07 for the Quarter
FFO per Share of $2.27 for the Quarter; Core FFO per Share of $2.35 for the Quarter
Same Property NOI Grew by 3.6% for the Quarter
Same Property Adjusted Blended Occupancy for MH and RV of 98.8%
As Previously Announced, Completed the Sale of the UK Business,
Receiving Net Cash Consideration of Approximately $1.03 billion
Updating Guidance for 2026
Expecting Core FFO per Share of $7.01 at the Midpoint
Expecting North America Same Property NOI Growth of 4.9% - 5.3%
Establishing Preliminary 2027 Full Year Rental Rate Guidance as 5.4% for MH and 4.4% for Annual RV
Southfield, MI, Oct. 26, 2026 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE: SUI) (the “Company” or “SUI”), a real estate investment trust (“REIT”) that owns and operates, or has an interest in, manufactured housing (“MH”) and recreational vehicle (“RV”) communities (collectively, the “properties”), today reported its third quarter results for 2026.
Financial Results for the Quarter and Nine Months Ended September 30, 2026
For the quarter ended September 30, 2026, net income attributable to continuing operations was $137.1 million, or $1.07 per diluted share, compared to a net loss from continuing operations of $53.1 million, or $0.45 per diluted share for the same period in 2025.For the quarter ended September 30, 2026, net income attributable to common shareholders was $120.7 million, or $1.00 per diluted share, compared to net income attributable to common shareholders of $8.5 million, or $0.07 per diluted share for the same period in 2025.For the nine months ended September 30, 2026, net income attributable to continuing operations was $197.8 million, or $1.55 per diluted share, compared to a net loss from continuing operations of $104.8 million, or $1.37 per diluted share for the same period in 2025.For the nine months ended September 30, 2026, net loss attributable to common shareholders was $880.7 million, or $7.14 per diluted share, compared to net income attributable to common shareholders of $1.2 billion, or $9.81 per diluted share for the same period in 2025. Non-GAAP Financial Measures
Funds from Operations (“FFO”) for the quarter and nine months ended September 30, 2026, was $2.27 and $4.98, respectively, per common share and convertible securities (“Share”), as compared to $2.18 and $4.60 for the same periods in 2025.Core Funds from Operations (“Core FFO”) for the quarter and nine months ended September 30, 2026, was $2.35 and $5.59, respectively, per common share and convertible securities (“Share”), as compared to $2.28 and $5.28 for the same periods in 2025.Same Property Net Operating Income (“NOI”) increased by $10.4 million and $38.4 million, or 3.6% and 5.2%, respectively, for the quarter and nine months ended September 30, 2026, as compared to the corresponding periods in 2025. “We delivered another strong quarter of continued progress, with results exceeding our expectations, led by continued strength in manufactured housing,” said Charles Young, Chief Executive Officer. “In September, we completed the sale of our UK business and have been disciplined in putting the proceeds to work primarily repurchasing shares, along with other investment and balance sheet activity. We are ideally positioned around the durable demand for attainable housing and affordable vacationing, and we continue to optimize our platform while investing in our people, technology and communities. With 2027 expected rental rate increases coming in above 2026 levels, we enter next year with a solid foundation in our core business and Sun is a simpler, more focused company with a clearer path to long-term value creation.”
OPERATING HIGHLIGHTS
Portfolio Occupancy
MH and annual RV sites were 98.2% occupied at September 30, 2026, as compared to 98.4% at September 30, 2025.During the quarter ended September 30, 2026, the number of MH and annual RV revenue producing sites increased by approximately 100 sites. Same Property Results
For the properties owned and operated by the Company since at least January 1, 2025, excluding properties classified as discontinued operations, the following table reflects the percentage changes for the quarter and nine months ended September 30, 2026, as compared to the same period in 2025:
Quarter Ended September 30, 2026 Nine Months Ended September 30, 2026 MH RV Total MH RV TotalRevenue 5.8 % 0.5 % 3.4 % 6.2 % 1.1 % 4.3 %Expense 2.8 % 3.2 % 3.0 % 3.1 % 2.1 % 2.6 %NOI 6.9 % (1.3) % 3.6 % 7.3 % 0.4 % 5.2 % As of September 30, 2026 MH RV Total Number of Properties282 152 434 Same Property adjusted blended occupancy for MH and RV declined by 50 basis points to 98.8% at September 30, 2026, from 99.3% at September 30, 2025.
INVESTMENT ACTIVITY
Acquisitions
The Company did not acquire any assets during the quarter ended September 30, 2026. Subsequent to quarter end, the Company acquired two MH properties in the Pacific Northwest for total consideration of $79.5 million, inclusive of the issuance of $28.3 million of Series M preferred operating partnership units.
Dispositions
As previously announced, on September 22, 2026, the Company completed the sale of all of the outstanding equity of the subsidiaries through which the Company operates its business in the United Kingdom (collectively, “Park Holidays Sale” or the “UK business”) for cash consideration of approximately £772.3 million (or approximately $1.05 billion). The net proceeds to the Company were approximately $1.03 billion, net of closing costs. As previously discussed, the results of the former UK business through the closing date of the transaction are presented as discontinued operations for all periods presented herein. Unless otherwise noted, the information disclosed in this Earnings Release and Supplemental Package refer only to continuing operations and do not include discussion of balances or activity related to discontinued operations.
In September, the Company sold a portfolio of three RV properties in Florida for total cash consideration of $127.0 million. These properties had been impacted in 2022 by Hurricane Ian.
Refer to page 11 for additional details related to the Company’s acquisition and disposition activity.
BALANCE SHEET AND CAPITAL MARKETS ACTIVITY
As of September 30, 2026, the Company had $3.8 billion in debt outstanding with a weighted average interest rate of 3.3% and a weighted average maturity of 7.1 years. At September 30, 2026, the Company’s Net Debt to trailing twelve-month Recurring EBITDAre ratio was 3.2 times.
Stock Repurchase Program
During the quarter ended September 30, 2026, the Company repurchased approximately 2.4 million shares of the Company’s common stock at an average price of $119.24 per share for a total of $293.3 million. Subsequent to the quarter ended September 30, 2026, through October 23, 2026, the Company repurchased approximately 0.7 million shares of the Company’s common stock at an average price of $113.24 per share for a total of $79.8 million.
Debt Repayments
During the quarter ended September 30, 2026, the Company repaid three mortgage term loans totaling $266.6 million, which unencumbered 17 properties.
2026 GUIDANCE
The Company is updating full-year and establishing fourth quarter 2026 guidance for Diluted EPS and Core FFO per Share and certain other items as set forth below. For the reasons described below, as well as other factors described elsewhere in this earnings release and in the Company’s public reports, the actual results from the Company’s business and operations in such period may differ materially from the Company’s guidance for that period.
Fourth Quarter Ending December 31, 2026 Full Year Ending December 31, 2026 Low High Low HighDiluted EPS attributable to the Consolidated Portfolio(a) $ 0.36 $ 0.44 $ (6.65) $ (6.57)Adjustments from Continuing Operations Depreciation and amortization 0.97 0.97 3.86 3.86 Asset impairments — — 0.28 0.28 Gain on sale of assets (0.04) (0.04) (0.09) (0.09)Gain on sale of properties — — (0.06) (0.06)Distributions on preferred OP units 0.02 0.02 0.08 0.08 Noncontrolling interest 0.02 0.02 (0.22) (0.22)Transaction costs and other non-recurring G&A expenses 0.03 0.03 0.27 0.27 (Gain) / loss on foreign currency exchanges — — 0.08 0.08 Business interruption insurance income — — 0.08 0.08 Other adjustments 0.02 0.02 (0.01) (0.01)Total Adjustments - Discontinued Operations — — 9.35 9.35 Core FFO per Share attributable to the Consolidated Portfolio(a) $ 1.38 $ 1.46 $ 6.97 $ 7.05 (a) The diluted share counts for both the quarter and year ending December 31, 2026 are estimated to be 123.4 million and 125.8 million, respectively, which assumes full conversion of all equity participating units, including common and preferred OP units, into the Company’s common stock.
Same Property Portfolio (in millions and %)
FY 2025 Actual Results
Expected Change in 2026 October 26, 2026 Update Prior FY RangeNorth America (MH and RV) Revenues from real property $ 1,453.0 4.1%-4.3% 3.9%-4.6%Total property operating expenses 483.7 2.3%-2.5% 2.5%-2.8%Total North America Same Property NOI(a) $ 969.3 4.9 %-5.3% 4.5%-5.3% MH NOI (282 properties) $ 688.3 6.9%-7.2% 6.1%-6.9%RV NOI (152 properties) $ 281.0 0.0%-0.8% 0.2%-1.8% For the fourth quarter ending December 31, 2026, the Company’s guidance range assumes North America Same Property NOI growth of 4.0% - 5.9%.
Consolidated Portfolio Guidance For 2026
(in millions) FY 2025 Actual Results FY 2026 Guidance Update as of October 26, 2026Ancillary NOI $ 27.7 $ 23.5Interest income $ 48.1 $ 25.5Brokerage commissions, income from nonconsolidated affiliates, and other, net(b) $ 39.2 $ 43.0FFO contribution from North American home sales $ 6.6 $ 1.0General and administrative expenses excluding non-recurring expenses $ 165.8 $ 174.5Interest expense $ 210.7 $ 149.0Current tax expense $ 3.3 $ 4.5Contribution from Discontinued Operations(d) $ 77.8 $ 76.1 Contribution 1Q26 2Q26 3Q26 4Q26North America Same Property NOI: MH 25% 25% 25% 25%RV 17% 25% 39% 19%Total 22% 25% 29% 24% Home Sales FFO - North America 0% 16% 69% 15%Consolidated Ancillary NOI (12)% 34% 74% 4%Consolidated EBITDAre 20% 25% 33% 22%Core FFO per Share(c) 20% 26% 33% 21% Preliminary 2027 Rental Rate Increase
The Company expects to realize the following rental rate increases, on average, during 2027:
Average 2027 Rental Rate Increases ExpectedMH 5.4 %Annual RV 4.4 % Footnotes to Supplemental Guidance Tables: (a)Total North America Same Property results net $95.6 million and $102.6 million of utility revenue against the related utility expense in property operating expenses for 2025 results and 2026 guidance, respectively.(b)Brokerage commissions and other, net includes approximately $13.8 million and $10.1 million of business interruption income, and $16.4 million and $23.7 million of income from nonconsolidated affiliates for full year 2025 results and 2026 guidance, respectively. The business interruption income includes the pro rata recognition of the lump sum insurance settlement that was received during the quarter ended December 31, 2025.(c)Assumes full conversion of all equity participating units, including common and preferred OP units, into the Company’s common stock.(d)The Contribution from Discontinued Operations includes the entire net contribution from the UK Business through the closing of the sale on September 22, 2026, inclusive of Real Property NOI, Home Sales FFO, Brokerage and Other, General and Administrative Expenses excluding non-recurring items, Interest Expense, and Current Tax Expense. The estimates and assumptions presented above represent a range of possible outcomes and may differ materially from actual results. These estimates include contributions from all acquisitions, dispositions and capital markets activity completed through October 26, 2026. These estimates exclude all other prospective acquisitions, dispositions and capital markets activity. The estimates and assumptions are forward-looking based on the Company’s current assessment of economic and market conditions and are subject to the other risks outlined below under the caption Cautionary Statement Regarding Forward-Looking Statements.
EARNINGS CONFERENCE CALL
A conference call to discuss third quarter results will be held on Tuesday, October 27, 2026 at 11:00 A.M. (ET). The live audio webcast and replay of the conference call will be available on the Company’s website located at www.suninc.com in the Investors & Media section under Event Calendar.
This press release contains various “forward-looking statements” within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this document that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments, and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements. Words such as “forecasts,” “intend,” “goal,” “estimate,” “expect,” “project,” “projections,” “plans,” “predicts,” “potential,” “seeks,” “anticipates,” “should,” “could,” “may,” “will,” “designed to,” “foreseeable future,” “believe,” “scheduled,” “guidance,” “target,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements reflect the Company’s current views with respect to future events and financial performance, but involve known and unknown risks, uncertainties, and other factors, both general and specific to the matters discussed in this document, some of which are beyond the Company’s control. These risks, uncertainties, and other factors may cause the Company’s actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks described under “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, in Item 8.01 of the Company’s Current Report on Form 8-K filed May 21, 2026, in Part II, Item 1A. in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, and in the Company’s other filings with the Securities and Exchange Commission, from time to time, such risks, uncertainties and other factors include, but are not limited to:
∙The final costs, adjustments, and net proceeds related to the completed sale of Park Holidays;∙The Company’s ability to realize the anticipated benefits of the completed sale of Park Holidays, including with respect to the intended use of proceeds;∙The Company’s ability to deploy the proceeds from the Park Holidays Sale in a timely and value-accretive manner;∙The Company’s liquidity and refinancing demands;∙The Company’s ability to obtain or refinance maturing debt;∙The Company’s ability to maintain compliance with covenants contained in its debt facilities and its unsecured notes;∙Availability of capital;∙General volatility of the capital markets and the market price of shares of the Company’s capital stock;∙The timing, manner, and amount of any repurchases under the Company’s share repurchase program;∙Increases in interest rates and operating costs, including insurance premiums, real estate taxes, and utilities;∙Difficulties in the Company’s ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully;∙Competitive market forces;∙The ability of purchasers of manufactured homes to obtain financing;∙The level of repossessions of manufactured homes;∙The Company’s ability to maintain effective internal control over financial reporting and disclosure controls and procedures;∙Expectations regarding the amount or frequency of impairment losses;∙Changes in general economic conditions, including inflation, deflation, energy costs, the real estate industry, the effects of tariffs or threats of tariffs, wars or other international conflicts, trade wars, immigration issues, supply chain disruptions, and the markets within which the Company operates;∙The Company’s ability to maintain its status as a REIT;∙Changes in real estate and zoning laws and regulations;∙The Company’s ability to maintain rental rates and occupancy levels, and to implement and realize anticipated future rental rate increases, including as a result of rent control, rent stabilization, or similar legislative or regulatory limitations on the amount, frequency, or timing of rent increases;∙Legislative or regulatory changes, including changes to laws governing the taxation of REITs;∙Outbreaks of disease and related restrictions on business operations;∙Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts, and wildfires; and∙Litigation, judgments or settlements, including costs associated with prosecuting or defending claims and any adverse outcomes. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included or incorporated by reference into this document, whether as a result of new information, future events, changes in the Company’s expectations or otherwise, except as required by law.
Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to the Company or persons acting on the Company’s behalf are qualified in their entirety by these cautionary statements.
Company Overview and Investor Information
The Company
Established in 1975, Sun Communities, Inc. became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of September 30, 2026, the Company owned, operated, or had an interest in a portfolio of 452 developed MH and RV properties comprising approximately 153,520 developed sites in the U.S. and Canada.
For more information about the Company, please visit www.suninc.com.
Company Contacts
Investor Relations
Sara Ismail, Senior Vice President
(248) 208-2500 [email protected]
Corporate Debt Ratings Moody’sBaa2 | StableS&PBBB+ | Stable Portfolio Overview as of September 30, 2026
Quarters Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025Financial Information Basic earnings / (loss) per share from continuing operations$ 1.07 $ 0.65 $ 0.13 $ 0.88 $ (0.45 )Basic earnings / (loss) per share from discontinued operations (0.07 ) (8.71 ) (0.20 ) 0.11 0.52 Basic earnings / (loss) per share$ 1.00 $ (8.06 ) $ (0.07 ) $ 0.99 $ 0.07 Diluted earnings / (loss) per share from continuing operations$ 1.07 $ 0.32 $ 0.13 $ 0.88 $ (0.45 )Diluted earnings / (loss) per share from discontinued operations (0.07 ) (8.40 ) (0.20 ) 0.11 0.52 Diluted earnings / (loss) per share$ 1.00 $ (8.08 ) $ (0.07 ) $ 0.99 $ 0.07 Cash distributions declared per common share$ 1.12 $ 1.12 $ 1.12 $ 1.04 $ 1.04 FFO per Share(a)$ 2.27 $ 1.77 $ 0.95 $ 2.15 $ 2.18 Core FFO per Share(a)$ 2.35 $ 1.84 $ 1.40 $ 1.40 $ 2.28 Real Property NOI(a) MH$ 187.0 $ 186.5 $ 185.7 $ 178.8 $ 171.8 RV 115.6 74.1 50.7 53.3 115.5 Total$ 302.6 $ 260.6 $ 236.4 $ 232.1 $ 287.3 Recurring EBITDAre(a)$ 327.6 $ 264.4 $ 195.2 $ 206.2 $ 335.7 TTM Recurring EBITDAre / Interest(a)6.7 x 6.6 x 6.0 x 4.9 x 4.4 xNet Debt / TTM Recurring EBITDAre(a)3.2 x 3.9 x 3.7 x 3.4 x 3.3 x Balance Sheet Total assets$ 9,819.7 $ 10,867.6 $ 12,358.8 $ 12,522.9 $ 12,800.3 Total debt$ 3,776.2 $ 4,052.2 $ 4,246.2 $ 4,258.7 $ 4,271.7 Total liabilities$ 4,342.1 $ 5,090.0 $ 5,299.1 $ 5,194.4 $ 5,438.0 Operating Information Properties MH 295 295 295 294 284 RV 157 160 166 166 164 Total 452 455 461 460 448 Sites MH 100,250 100,860 100,830 100,150 97,070 Annual RV 31,990 32,510 32,730 33,330 32,480 Transient 21,280 22,760 23,820 23,550 23,560 Total sites 153,520 156,130 157,380 157,030 153,110 Occupancy MH 97.6 % 97.3 % 97.1 % 97.2 % 97.9 %Annual RV 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %Blended MH and annual RV 98.2 % 97.9 % 97.8 % 97.9 % 98.4 % MH and RV Revenue Producing Site Net Gains(a) MH leased sites, net 46 157 16 178 152 RV leased sites, net 52 91 (324 ) (37 ) 371 Total leased sites, net 98 248 (308 ) 141 523 (a) Refer to Definition and Notes for additional information.
Condensed Consolidated Balance Sheets
($ in millions)
September 30, 2026 December 31, 2025Assets Land$ 1,787.9 $ 1,810.5 Land improvements and buildings 8,646.7 8,699.2 Rental homes and improvements 1,024.4 940.2 Furniture, fixtures and equipment 690.3 674.3 Investment property 12,149.3 12,124.2 Accumulated depreciation (3,769.3) (3,505.7)Investment property, net 8,380.0 8,618.5 Cash, cash equivalents and restricted cash(a) 699.3 606.7 Inventory of manufactured homes 72.2 84.7 Notes and other receivables, net 289.2 262.9 Collateralized receivables, net(a) 37.6 43.2 Goodwill 9.5 9.5 Other intangible assets, net 32.4 36.7 Other assets, net 299.5 309.2 Assets held for sale and discontinued operations, net(a) — 2,551.5 Total Assets$ 9,819.7 $ 12,522.9 Liabilities Mortgage loans payable$ 1,950.2 $ 2,429.0 Secured borrowings on collateralized receivables(a) 37.6 43.2 Unsecured debt 1,788.4 1,786.5 Distributions payable 137.1 131.1 Advanced reservation deposits and rent 135.9 125.9 Accrued expenses and accounts payable 219.4 178.3 Other liabilities 73.5 73.2 Liabilities held for sale and discontinued operations, net(a) — 427.2 Total Liabilities 4,342.1 5,194.4 Commitments and contingencies Temporary equity 181.3 255.7 Shareholders’ Equity Common stock 1.2 1.2 Additional paid-in capital 9,307.8 9,563.1 Accumulated other comprehensive income 0.1 26.5 Distributions in excess of accumulated earnings (4,086.1) (2,634.7)Total SUI Shareholders’ Equity 5,223.0 6,956.1 Noncontrolling interests 73.3 116.7 Total Shareholders’ Equity 5,296.3 7,072.8 Total Liabilities, Temporary Equity and Shareholders’ Equity$ 9,819.7 $ 12,522.9 (a) Refer to Definitions and Notes for additional information.
Condensed Consolidated Statements of Operations
($ in millions, except for per share amounts)
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 % Change 2026 2025 % ChangeRevenues Real property (excluding transient)(a)$ 375.1 $ 350.8 6.9 % $ 1,087.8 $ 1,008.7 7.8 %Real property - transient 103.5 106.3 (2.6) % 193.0 198.5 (2.8) %Home sales 31.8 37.8 (15.9) % 86.1 108.3 (20.5) %Ancillary 38.2 40.6 (5.9) % 71.3 74.4 (4.2) %Interest 5.6 17.1 (67.3) % 19.0 37.9 (49.9) %Brokerage commissions and other, net 4.0 3.3 21.2 % 9.0 18.2 (50.5) %Total Revenues 558.2 555.9 0.4 % 1,466.2 1,446.0 1.4 %Expenses Property operating and maintenance(a) 148.9 143.3 3.9 % 399.2 383.4 4.1 %Real estate tax 27.1 26.5 2.3 % 82.0 77.8 5.4 %Home costs and selling 28.0 30.8 (9.1) % 77.4 90.3 (14.3) %Ancillary 22.2 21.8 1.8 % 48.5 48.6 (0.2) %General and administrative 48.9 46.2 5.8 % 157.4 143.8 9.5 %Catastrophic event-related charges, net 0.2 0.8 (75.0) % 1.5 1.1 36.4 %Depreciation and amortization 125.7 115.3 9.0 % 371.0 347.3 6.8 %Asset impairments(a) 17.2 165.9 (89.6) % 35.4 223.3 (84.1) %Loss on extinguishment of debt 0.1 1.6 (93.8) % 0.1 104.0 (99.9) %Interest 38.3 39.5 (3.0) % 114.8 172.4 (33.4) %Total Expenses 456.6 591.7 (22.8) % 1,287.3 1,592.0 (19.1) %Income / (Loss) Before Other Items 101.6 (35.8) N/M 178.9 (146.0) N/MGain / (loss) on foreign currency exchanges 0.7 (22.6) N/M (9.9) 25.5 N/MGain / (loss) on disposition of properties 28.9 (1.0) N/M 8.0 (3.1) N/MOther income, net(a) 1.0 0.2 N/M 9.4 12.8 (26.6) %Loss on remeasurement of note receivable (1.7) — N/A (4.5) (1.6) 181.3 %Income from nonconsolidated affiliates 7.4 4.3 72.1 % 19.6 11.1 76.6 %Gain / (loss) on remeasurement of investment in non-consolidated affiliates 0.3 0.4 (25.0) % (1.2) (1.1) 9.1 %Current tax benefit / (expense) (1.6) 0.5 N/M (3.1) (3.3) (6.1) %Deferred tax benefit 0.5 0.9 (44.4) % 0.6 0.9 (33.3) %Net Income / (Loss) from Continuing Operations 137.1 (53.1) N/M 197.8 (104.8) N/MIncome / (loss) from discontinued operations, net(a) (9.3) 64.0 N/M (1,101.2) 1,404.4 N/MNet Income / (Loss) 127.8 10.9 N/M (903.4) 1,299.6 N/MLess: Preferred return to preferred Operating Partnership (“OP”) units / equity interests 2.5 3.2 (21.9) % 7.7 9.5 (18.9) %Less: Income / (loss) attributable to noncontrolling interests 4.6 (0.8) N/M (30.4) 50.8 N/MNet Income / (Loss) Attributable to SUI Common Shareholders$ 120.7 $ 8.5 N/M $ (880.7) $ 1,239.3 N/M Weighted average common shares outstanding - basic(a) 120.8 123.9 (2.5) % 122.0 125.6 (2.9) %Weighted average common shares outstanding - diluted(a) 123.2 124.1 (0.7) % 126.7 125.6 0.9 % Basic earnings / (loss) per share from continuing operations$ 1.07 $ (0.45) N/M $ 1.85 $ (1.37) N/MBasic earnings / (loss) per share from discontinued operations (0.07) 0.52 N/M (9.03) 11.18 N/MBasic earnings / (loss) per share$ 1.00 $ 0.07 N/M $ (7.18) $ 9.81 N/M Diluted earnings / (loss) per share from continuing operations$ 1.07 $ (0.45) N/M $ 1.55 $ (1.37) N/MDiluted earnings / (loss) per share from discontinued operations (0.07) 0.52 N/M (8.69) 11.18 N/MDiluted earnings / (loss) per share$ 1.00 $ 0.07 N/M $ (7.14) $ 9.81 N/M (a) Refer to Definitions and Notes for additional information. N/M = Not meaningful. N/A = Not applicable.
Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO
($ in millions, except for per share data)
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net Income / (Loss) Attributable to SUI Common Shareholders$ 120.7 $ 8.5 $ (880.7) $ 1,239.3 Adjustments Depreciation and amortization - continuing operations 124.1 114.2 366.2 345.6 Depreciation and amortization - discontinued operations — 9.9 17.1 63.5 Depreciation on nonconsolidated affiliates 0.4 0.2 1.0 0.6 Asset impairments - continuing operations(a) 17.2 165.9 35.4 223.3 Asset impairments - discontinued operations — — — 135.0 Loss on classification to held for sale - discontinued operations(a) 50.6 — 1,127.8 — (Gain) / loss on remeasurement of investment in nonconsolidated affiliates (0.3) (0.4) 1.2 1.1 Loss on remeasurement of notes receivable 1.7 — 4.5 1.6 (Gain) / loss on dispositions of properties, including tax effect - continuing operations (28.9) (0.6) (8.0) 3.1 Gain on dispositions of properties, including tax effect - discontinued operations (5.0) (13.5) (3.3) (1,458.2)Add: Returns on preferred OP units / equity interests 2.5 3.1 7.7 9.3 Add: Income / (loss) attributable to noncontrolling interests 4.6 (0.9) (30.4) 50.8 Gain on disposition of assets, net - continuing operations (2.6) (3.3) (7.3) (11.0)Gain on disposition of assets, net - discontinued operations (0.1) (0.6) (0.5) (0.8)FFO(a)(c)(d) 284.9 282.5 630.7 603.2 Adjustments Acquisition and other transaction costs - continuing operations(a) 1.8 2.1 5.2 15.7 Acquisition and other transaction costs - discontinued operations(a) 4.2 0.6 19.6 66.2 Loss on extinguishment of debt 0.1 1.6 0.1 104.0 Catastrophic event-related charges, net 0.2 0.8 1.5 1.1 Loss of earnings - catastrophic event-related charges, net(a) 3.2 4.2 9.6 2.5 (Gain) / loss on foreign currency exchanges - continuing operations (0.7) 22.6 9.9 (25.5)Loss on foreign currency exchanges - discontinued operations — — 0.7 — Deferred tax benefit - continuing operations (0.5) (0.9) (0.6) (0.9)Deferred tax (benefit) / expense - discontinued operations — (1.2) 3.9 (38.5)Other adjustments, net - continuing operations(a) 1.7 1.0 15.2 (5.9)Other adjustments, net - discontinued operations(a) — (18.9) 12.2 (28.6)Core FFO(a)(b)(c)(d)$ 294.9 $ 294.4 $ 708.0 $ 693.3 Weighted Average Common Shares and OP Units Outstanding(a)(b) 125.3 129.3 126.7 131.2 FFO per Share(a)(b)(c)(d)$ 2.27 $ 2.18 $ 4.98 $ 4.60 Core FFO per Share(a)(b)(c)(d)$ 2.35 $ 2.28 $ 5.59 $ 5.28 (a) Refer to Definitions and Notes for additional information.
(b) Assumes full conversion of all equity participating units, including common and preferred OP units, into the Company’s common stock.
(c) FFO and Core FFO include discontinued operations activity of $36.3 million or $0.29 per Share, and $40.5 million or $0.32 per Share, respectively, during the quarter ended September 30, 2026, and $59.9 million or $0.46 per Share, and $40.5 million or $0.31 per Share, respectively, during the quarter ended September 30, 2025.
(d) FFO and Core FFO include discontinued operations activity of $39.9 million or $0.31 per Share, and $76.3 million or $0.60 per Share, respectively, during the nine months ended September 30, 2026, and $143.9 million or $1.10 per Share, and $143.1 million or $1.09 per Share, respectively, during the nine months ended September 30, 2025.
Reconciliation of Net income / (Loss) Attributable to SUI Common Shareholders to NOI
($ in millions)
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net Income / (Loss) Attributable to SUI Common Shareholders$ 120.7 $ 8.5 $ (880.7) $ 1,239.3 Interest income (5.6) (17.1) (19.0) (37.9)Brokerage commissions and other revenues, net (4.0) (3.3) (9.0) (18.2)General and administrative 48.9 46.2 157.4 143.8 Catastrophic event-related charges, net 0.2 0.8 1.5 1.1 Depreciation and amortization 125.7 115.3 371.0 347.3 Asset impairments 17.2 165.9 35.4 223.3 Loss on extinguishment of debt 0.1 1.6 0.1 104.0 Interest expense 38.3 39.5 114.8 172.4 (Gain) / loss on foreign currency exchanges (0.7) 22.6 9.9 (25.5)(Gain) / loss on disposition of properties (28.9) 1.0 (8.0) 3.1 Other income, net(a) (1.0) (0.2) (9.4) (12.8)Loss on remeasurement of notes receivable 1.7 — 4.5 1.6 Income from nonconsolidated affiliates (7.4) (4.3) (19.6) (11.1)(Gain) / loss on remeasurement of investment in nonconsolidated affiliates (0.3) (0.4) 1.2 1.1 Current tax (benefit) / expense 1.6 (0.5) 3.1 3.3 Deferred tax benefit (0.5) (0.9) (0.6) (0.9)Net (income) / loss from discontinued operations, net 9.3 (64.0) 1,101.2 (1,404.4)Add: Preferred return to preferred OP units / equity interests 2.5 3.2 7.7 9.5 Add: Income / (loss) attributable to noncontrolling interests 4.6 (0.8) (30.4) 50.8 NOI(a)$ 322.4 $ 313.1 $ 831.1 $ 789.8 Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025Real property NOI(a)$ 302.6 $ 287.3 $ 799.6 $ 746.0 Home sales NOI(a) 3.8 7.0 8.7 18.0 Ancillary NOI(a) 16.0 18.8 22.8 25.8 NOI(a)$ 322.4 $ 313.1 $ 831.1 $ 789.8 (a) Refer to Definitions and Notes for additional information.
Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Recurring EBITDAre
($ in millions)
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net Income / (Loss) Attributable to SUI Common Shareholders$ 120.7 $ 8.5 $ (880.7) $ 1,239.3 Adjustments Depreciation and amortization - continuing operations 125.7 115.3 371.0 347.3 Depreciation and amortization - discontinued operations — 11.1 18.9 66.3 Asset impairments - continuing operations(a) 17.2 165.9 35.4 223.3 Asset impairments - discontinued operations — — — 135.0 Loss on classification to held for sale - discontinued operations(a) 50.6 — 1,127.8 — Loss on extinguishment of debt 0.1 1.6 0.1 104.0 Interest expense - continuing operations 38.3 39.5 114.8 172.4 Interest expense - discontinued operations 0.1 2.0 0.3 9.4 Current tax (benefit) / expense - continuing operations 1.6 (0.5) 3.1 3.3 Current tax expense - discontinued operations 4.0 6.0 7.3 10.8 Deferred tax benefit - continuing operations (0.5) (0.9) (0.6) (0.9)Deferred tax (benefit) / expense - discontinued operations — (1.2) 3.9 (38.5)Income from nonconsolidated affiliates (7.4) (4.3) (19.6) (11.1)Less: (Gain) / loss on dispositions of properties - continuing operations (28.9) 1.0 (8.0) 3.1 Less: (Gain) / loss on dispositions of properties - discontinued operations (5.0) (15.1) (3.3) (1,459.8)Less: Gain on dispositions of assets, net - continuing operations (2.6) (3.3) (7.3) (11.0)Less: Gain on dispositions of assets, net - discontinued operations (0.1) (0.6) (0.5) (0.8)EBITDAre(a)(b) 313.8 325.0 762.6 792.1 Adjustments Transaction costs - discontinued operations(a)(c) 4.1 0.5 19.0 63.1 Catastrophic event-related charges, net 0.2 0.8 1.5 1.1 (Gain) / loss on foreign currency exchanges - continuing operations (0.7) 22.6 9.9 (25.5)Loss on foreign currency exchanges - discontinued operations(a) — — 0.7 — Other income, net - continuing operations(a) (1.0) (0.2) (9.4) (12.8)Other (income) / expense, net - discontinuing operations(a) — (18.9) 12.1 (29.1)Loss on remeasurement of notes receivable 1.7 — 4.5 1.6 (Gain) / loss on remeasurement of investment in nonconsolidated affiliates (0.3) (0.4) 1.2 1.1 Add: Preferred return to preferred OP units / equity interests 2.5 3.2 7.7 9.5 Add: Income / (loss) attributable to noncontrolling interests 4.6 (0.8) (30.4) 50.8 Add: Gain on dispositions of assets, net - continuing operations 2.6 3.3 7.3 11.0 Add: Gain on dispositions of assets, net - discontinued operations 0.1 0.6 0.5 0.8 Recurring EBITDAre(a)(b)$ 327.6 $ 335.7 $ 787.2 $ 863.7 (a) Refer to Definitions and Notes for additional information.
(b) EBITDAre and Recurring EBITDAre include discontinued operations activity.
(c) Represents non-recurring transaction costs that are directly attributable to the Park Holidays Sale and the Safe Harbor Sale for the applicable periods.
Real Property Operations - Total Portfolio
($ in millions)
Quarter Ended September 30, 2026 Quarter Ended September 30, 2025 MH RV Total MH RV TotalRevenues Real property (excluding transient)(a)$ 274.7 $ 100.4 $ 375.1 $ 254.6 $ 96.2 $ 350.8 Real property - transient 0.1 103.4 103.5 0.1 106.2 106.3 Total operating revenues 274.8 203.8 478.6 254.7 202.4 457.1 Expenses Property operating expenses 87.8 88.2 176.0 82.9 86.9 169.8 Real Property NOI(a)$ 187.0 $ 115.6 $ 302.6 $ 171.8 $ 115.5 $ 287.3 Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 MH RV Total MH RV TotalRevenues Real property (excluding transient)(a)$ 815.2 $ 272.6 $ 1,087.8 $ 753.2 $ 255.5 $ 1,008.7 Real property - transient 0.8 192.2 193.0 0.8 197.7 198.5 Total operating revenues 816.0 464.8 1,280.8 754.0 453.2 1,207.2 Expenses Property operating expenses 256.8 224.4 481.2 241.1 220.1 461.2 Real Property NOI$ 559.2 $ 240.4 $ 799.6 $ 512.9 $ 233.1 $ 746.0 As of September 30, 2026 As of September 30, 2025 MH RV Total MH RV TotalNumber of Properties 295 157 452 284 164 448 Sites Sites(b) 100,250 31,990 132,240 97,070 32,480 129,550 Transient sitesN/A 21,280 21,280 N/A 23,560 23,560 Total 100,250 53,270 153,520 97,070 56,040 153,110 Occupancy(c) 97.6 % 100.0 % 98.2 % 97.9 % 100.0 % 98.4 % N/A = Not applicable.
(a) Refer to Definitions and Notes for additional information.
(b) MH sites included 13,381 and 11,856 rental homes in the Company’s rental program at September 30, 2026 and 2025, respectively. The Company’s gross investment in occupied rental homes at September 30, 2026 was $1.0 billion, an increase of 16.3% from $863.4 million at September 30, 2025.
(c) Occupancy percentages for the RV segment exclude transient RV sites.
Real Property Operations - Same Property Portfolio(a)
($ in millions)
As of September 30, 2026 2025 MH RV MH RVNumber of properties(a) 282 152 282 152 Sites MH and annual RV sites 97,210 30,940 96,750 31,160 Transient RV sites N/A 20,960 N/A 21,000 Total 97,210 51,900 96,750 52,160 MH and Annual RV Occupancy Occupancy(b) 97.8 % 100.0 % 97.9 % 100.0 %Average monthly base rent per site $ 776 $ 700 $ 737 $ 674 % Change of monthly base rent(c) 5.2 % 3.9 % N/A N/ARental Program Statistics included in MH Number of occupied sites, end of period(d) 13,000 N/A 11,830 N/AAverage monthly rent per site – MH rental program $ 1,418 N/A $ 1,387 N/A% Change(c) 2.2 % N/A N/A N/A N/A = Not applicable.
(a) Financial results from properties impacted by dispositions and catastrophic weather events have been removed from Same Property reporting.
(b) Same Property blended occupancy for MH and RV declined by 10 basis points to 98.3% at September 30, 2026, from 98.4% at September 30, 2025. Adjusting for recently delivered and vacant expansion sites, Same Property adjusted blended occupancy for MH and RV declined by 50 basis points to 98.8% at September 30, 2026, from 99.3% at September 30, 2025.
(c) Percentages are calculated based on unrounded numbers.
(d) Occupied rental program sites in Same Property are included in total sites.
Home Sales Summary
($ in millions, except for average selling price)
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 % Change 2026 2025 % ChangeFinancial Information Home sales$ 31.8 $ 37.8 (15.9) % $ 86.1 $ 108.3 (20.5) %Home cost and selling expenses 28.0 30.8 (9.1) % 77.4 90.3 (14.3) %NOI(a)$ 3.8 $ 7.0 (45.7) % $ 8.7 $ 18.0 (51.7) %NOI margin %(a) 11.9 % 18.5 % 10.1 % 16.6 % Other Information Units Sold: 349 404 (13.6) % 967 1,231 (21.4) %Average Selling Price:$ 91,117 $ 93,564 (2.6) % $ 89,038 $ 87,977 1.2 % (a) Refer to Definitions and Notes for additional information.
Operating Statistics for MH and Annual RVs
Resident Move-outs Leased Sites, Net(b)
New Home Sales
Pre-owned Home Sales
Brokered Re-sales
% of Total Sites Number of Move-outs 2026 - YTD as of September 30 5.7%(a) 7,440 38 225 742 1,457 2025 6.2 % 10,179 1,138 354 1,210 1,646 2024 4.3 % 7,050 3,209 447 1,554 1,700 (a) Percentage calculated based on a trailing 12-month basis.
(b) Increase in revenue producing sites, net of new vacancies.
Acquisitions and Dispositions
($ in millions)
Property Name Segment / Property Type Number of Properties Sites State, Province, or Country Total Purchase Price / Sales Proceeds MonthACQUISITIONS First Quarter 2026 Parkhurst Estates MH 1 279 MI $ 17.0 JanuaryFourth Quarter 2026 (through October 26, 2026) Rosewood / Rowan Oak MH 1 169 OR 35.0 OctoberBattle Ground MH 1 189 WA 44.5 OctoberTotal Acquisitions Year to Date 3 637 $ 96.5 DISPOSITIONS Second Quarter 2026 Sun Retreats Amherstberg RV 1 299 ON $ 0.1 AprilJoint Venture RV Portfolio RV 5 945 Various 9.0 JuneThird Quarter 2026 Park Holidays UK 54 22,030 UK 1,050.4 SeptemberFort Myers RV Portfolio RV 3 2,516 FL 127.0 SeptemberTotal Dispositions Year to Date 63 25,790 $ 1,186.5 Capital Expenditures(a)
($ in millions)
Non-Recurring Capital Expenditures Period Recurring Capital Expenditures Lot Modifications Growth Projects Capital Improvements to Recent Acquisitions Expansion and Development Total Non-Recurring Capital Expenditures TotalNine Months Ended September 30, 2026 $ 53.5 $ 29.7 $ 14.3 $ 7.8 $ 23.2 $ 75.0 $ 128.5 Year Ended December 31, 2025 $ 55.8 $ 38.8 $ 12.9 $ 8.3 $ 66.7 $ 126.7 $ 182.5 Year Ended December 31, 2024 $ 54.5 $ 35.5 $ 11.5 $ 22.9 $ 105.2 $ 175.1 $ 229.6 (a) Refer to Definitions and Notes for additional information.
Capitalization Overview
($ in millions, shares and units in thousands, except for share price)
As of September 30, 2026 Common Equivalent Shares Share Price CapitalizationEquity and Enterprise Value Common shares 119,942 $ 110.78 $ 13,287.2 Convertible securities Common OP units 2,352 $ 110.78 260.5 Preferred OP units 1,966 $ 110.78 217.8 Diluted shares outstanding and market capitalization(a) 124,260 13,765.5 Plus: Total debt, per condensed consolidated balance sheet 3,776.2 Total capitalization 17,541.7 Less: Cash and cash equivalents (excluding restricted cash) (658.9)Enterprise Value(a) $ 16,882.8 (a) Refer to Definitions and Notes for additional information related to the Company’s securities outstanding.
(b)
As of September 30, 2026 Debt Outstanding Weighted Average Interest Rate(a) Weighted Average Maturity
(in years) Maturity DateSecured Debt: Mortgage loans payable$ 1,950.2 3.61 % 9.5 VariousSecured borrowings on collateralized receivables(b) 37.6 8.53 % 11.6 VariousTotal Secured Debt 1,987.8 3.70 % Unsecured Debt: Senior Unsecured Notes: 2028 senior unsecured notes 448.6 2.29 % 2.1 November 20282031 senior unsecured notes 745.1 2.70 % 4.8 July 20312032 senior unsecured notes 594.7 3.61 % 5.5 April 2032Total Unsecured Debt 1,788.4 2.90 % 4.4 Total carrying value of debt, per condensed consolidated balance sheets 3,776.2 3.32 % 7.1 Plus: Unamortized deferred financing costs, discounts / premiums on debt, and fair value adjustments(a) 17.3 Total debt$ 3,793.5 (a) Includes the effect of amortizing deferred financing costs, unsecured note discounts, and fair value adjustments on the Secured borrowings on collateralized receivables.
(b) Refer to Definitions and Notes for additional information.
(c)
Debt Maturities(a)
($ in millions)
As of September 30, 2026Year Mortgage Loans Payable(b) Principal Amortization Secured Borrowings on Collateralized Receivables(c)(d) Senior
Unsecured Notes Total2026 $ 55.7 $ 8.4 $ — $ — $ 64.1 2027 — 34.6 0.5 — 35.1 2028 175.6 38.5 2.2 450.0 666.3 2029 310.8 37.9 2.3 — 351.0 2030 — 37.2 2.5 — 39.7 Thereafter 807.9 452.2 27.2 1,350.0 2,637.3 Total $ 1,350.0 $ 608.8 $ 34.7 $ 1,800.0 $ 3,793.5 (a) Debt maturities include the unamortized deferred financing costs, discount / premiums, and fair value adjustments associated with outstanding debt.
(b) For the Mortgage loans payable maturing between 2026 - 2030:
2026 2027 2028 2029 2030 Weighted average interest rate 3.93 % — % 3.97 % 3.16 % — % (c) Balance at September 30, 2026 excludes fair value adjustments of $2.9 million.
(d) Refer to Definitions and Notes for additional information.
Debt Analysis
As of September 30, 2026Select Credit Ratios Net Debt / TTM Recurring EBITDAre(a) 3.2 xNet Debt / Enterprise Value(a) 18.5 %Net Debt / Gross Assets(a) 23.1 %Unencumbered assets / Total assets 80.5 %Floating rate debt / Total debt N/A(c)Coverage Ratios TTM Recurring EBITDAre(a)(b) / Interest 6.7 xTTM Recurring EBITDAre(a)(b) / Interest + Preferred distributions + Preferred stock distribution 6.7 xCredit Facility Covenants(d) Requirement Maximum leverage ratio <65.0 % 14.9 %Minimum fixed charge coverage ratio >1.40 x 5.22 xMaximum secured leverage ratio <40.0 % 8.7 %Senior Unsecured Note Covenants Requirement Total debt / Total assets ≤60.0 % 28.2 %Secured debt / Total assets ≤40.0 % 14.7 %Consolidated income available for debt service / Debt service ≥1.50 x 8.17 xUnencumbered total asset value / Total unsecured debt ≥150.0 % 599.2 % (a) Refer to Definitions and Notes for additional information.
(b) Percentage includes the impact of hedge activities.
(c) As of September 30, 2026, the Company had no floating rate debt.
(d) As of September 30, 2026, the Company did not have any borrowings outstanding under its senior credit facility.
Definitions and Notes
Acquisition and Other Transaction Costs - In the Company’s Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 5, “Acquisition and other transaction costs - continuing operations” represent (a) nonrecurring integration expenses associated with acquisitions during the quarters and nine months ended September 30, 2026 and 2025, (b) costs associated with potential acquisitions that will not close, (c) expenses incurred to bring recently acquired properties up to the Company’s operating standards, including items such as tree trimming and painting costs that do not meet the Company’s capitalization policy, and (d) other non-recurring transaction costs. Within this same reconciliation on page 5, “Acquisition and other transaction costs - discontinued operations” primarily represent non-recurring transaction costs that are directly attributable to the Park Holidays Sale and the Safe Harbor Sale and nonrecurring integration expenses associated with previous UK and marina acquisitions.
Adjusted Blended Occupancy - Occupancy percentage after adjusting for recently delivered and vacant expansion sites.
Asset Impairments - In the Company’s Condensed Consolidated Statements of Operations on page 4, the Company recorded asset impairment charges of $17.2 million for the quarter ended September 30, 2026, primarily consisting of charges to reduce the carrying value of one RV property in Texas, driven by a reduction in projected future cash flows for the impaired property.
Capital Expenditures - The Company classifies its investments in properties into the following categories:
Recurring Capital Expenditures - Property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing items used to operate the communities. Recurring capital expenditures at the Company’s MH and RV properties include major road, driveway and pool improvements; clubhouse renovations; adding or replacing streetlights; playground equipment; signage; maintenance facilities; manager housing and property vehicles. The minimum capitalized amount is one thousand dollars.Non-Recurring Capital Expenditures - The following investment and reinvestment activities are non-recurring in nature: Lot Modifications - consist of expenditures incurred to modify the foundational structures required to set up a new home after a previous home has been removed. These expenditures are necessary to create a revenue stream from a new site renter and often improve the quality of the community. Other lot modification expenditures include land improvements added to annual RV sites to aid in the conversion of transient RV guests to annual contracts. See page 10 for move-out rates.Growth Projects - consist of revenue-generating or expense-reducing activities at the properties. These include, but are not limited to, utility efficiency and renewable energy projects, site, or amenity upgrades, such as the addition of a garage or shed, and other special capital projects that substantiate an incremental rental increase.Capital Improvements to Recent Acquisitions - represents capital improvements identified during due diligence from the acquisition date through the third year of ownership needed to bring acquired properties up to the Company’s operating standards. Capital improvements subsequent to acquisition often require 24 to 36 months to complete after closing. At MH and RV properties, capital improvements include upgrading clubhouses; landscaping; new street lighting systems; new mail delivery systems; pool renovations including larger decks, heaters and furniture; new maintenance facilities; lot modifications; and new signage including main signs and internal road signs.
Expansions and Developments - consist primarily of construction costs such as roads, activities, and amenities, and costs necessary to complete site improvements, such as driveways, sidewalks, and landscaping at the Company’s MH and RV communities. Expenditures also include costs to rebuild after damage has been incurred at MH or RV properties. Cash, Cash Equivalents and Restricted Cash - Includes cash and cash equivalents of $40.4 million as of September 30, 2026, that was held in escrow accounts and restricted from general use.
Discontinued Operations:
Park Holidays Sale - In May 2026, the Company entered into an agreement to sell Park Holidays, which represents a strategic shift in operations that will have a major effect on the Company’s operations and financial results. Accordingly, the results of the UK business and assets and liabilities included in the disposition are presented as discontinued operations for all periods presented herein.
On September 22, 2026, the Company closed the Park Holidays Sale, which generated cash proceeds of $1.03 billion, net of closing and employee separation costs. As a result, as of September 30, 2026, the Company has fully divested its investment in the UK business. As previously reported, during the quarter ended June 30, 2026, the Company recorded a non-cash valuation allowance of $1.1 billion against the assets held for sale to reduce the carrying value of the UK business to the estimated fair value less costs to sell. During the quarter ended September 30, 2026, the Company recorded an increase to the valuation allowance and loss on disposal of $50.6 million. Each respective change to the valuation allowance was recorded within Income / (loss) from discontinued operations, net on the Company’s Condensed Consolidated Statements of Operations.
Safe Harbor Sale - In 2025, the Company entered into the Safe Harbor Sale, which represented a strategic shift in operations. Accordingly, the results of the Safe Harbor business have been reflected as discontinued operations on the Company’s Condensed Consolidated Statements of Operations through the final transaction closing date of August 29, 2025.
The following table sets forth a summary of the operating results included within Income / (loss) from discontinued operations, net on the Company’s Condensed Consolidated Statements of Operations (in millions):
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Income / (loss) from discontinued operations, net - Park Holidays Sale$ (9.3) $ 49.4 $ (1,101.2) $ (14.2)Income from discontinued operations, net - Safe Harbor Sale — 14.6 — 1,418.6 Income / (loss) from discontinued operations, net$ (9.3) $ 64.0 $ (1,101.2) $ 1,404.4 The following table sets forth a summary of the operating results included within Income / (loss) from discontinued operations, net on the Company’s Condensed Consolidated Statements of Operations related to Park Holidays through the final transaction closing date (in millions):
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues Real property$ 60.0 $ 60.6 $ 150.7 $ 145.1 Home sales 50.6 57.8 145.3 154.6 Ancillary 19.9 20.2 41.7 41.0 Interest, brokerage commissions and other, net 2.2 2.7 4.0 4.2 Total Revenues 132.7 141.3 341.7 344.9 Expenses Property operating and maintenance 25.4 25.5 77.0 74.6 Real estate tax 2.0 2.2 6.5 6.3 Home costs and selling 34.9 40.3 103.6 110.2 Ancillary 15.6 16.9 38.1 39.0 General and administrative(a) 14.4 9.6 50.0 30.2 Depreciation and amortization — 10.9 18.9 30.0 Asset impairments — — — 132.7 Interest 0.1 2.0 0.3 9.4 Total Expenses 92.4 107.4 294.4 432.4 Income / (Loss) Before Other Items 40.3 33.9 47.3 (87.5)Gain / (loss) on disposition of properties, net 5.0 (0.3) 3.3 (0.6)Other income / (expense), net — 18.9 (12.1) 43.9 Loss on foreign currency exchanges — — (0.7) — Loss from classification to held for sale and disposal of discontinued operation(b) (50.6) — (1,127.8) — Income / (Loss) from Discontinued Operations, before income taxes (5.3) 52.5 (1,090.0) (44.2)Current tax expense (4.0) (4.3) (7.3) (8.5)Deferred tax benefit / (expense) — 1.2 (3.9) 38.5 Income / (Loss) from Discontinued Operations$ (9.3) $ 49.4 $ (1,101.2) $ (14.2) (a) Includes transaction costs associated with the Park Holidays Sale of $4.1 million and $19.0 million during the quarter and nine months ended September 30, 2026, respectively, primarily consisting of legal and advisory fees.
(b) Includes transaction costs incurred in connection with the closing of the Park Holidays Sale of $1.6 million and $65.4 million during the quarter and nine months ended September 30, 2026, respectively, primarily consisting of employee separation costs, broker fees, and other closing costs.
Enterprise Value - Equals total equity market capitalization, plus total indebtedness reported on the Company’s balance sheet and less unrestricted cash and cash equivalents.
GAAP - U.S. Generally Accepted Accounting Principles.
Interest expense - The following is a summary of the components of the Company’s interest expense (in millions):
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Interest on secured debt, senior unsecured notes, and senior credit facility, net of interest rate swaps$ 35.9 $ 36.5 $ 107.7 $ 163.9 Amortization of deferred financing costs, debt (premium) / discounts, and (gains) / losses on hedges 0.7 0.9 2.3 3.8 Senior credit facility commitment fees and other finance related charges 0.9 1.3 2.6 4.6 Capitalized interest expense — (0.2) (0.3) (2.9)Interest expense before interest on secured borrowings 37.5 38.5 112.3 169.4 Interest expense on secured borrowings on collateralized receivables 0.8 1.0 2.5 3.0 Interest expense, per Condensed Consolidated Statements of Operations$ 38.3 $ 39.5 $ 114.8 $ 172.4 Loss of earnings - catastrophic event-related charges, net - include the following (in millions):
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Hurricane Ian - Estimated loss of earnings in excess of the applicable business interruption deductible$ — $ 4.1 $ — $ 12.0 Hurricane Ian - Insurance recoveries realized for previously estimated loss of earnings — — — (9.9)Hurricane Ian - Recognition of deferred lump sum insurance settlement(1) 3.2 — 9.6 — Hurricane Helene - Estimated loss of earnings in excess of the applicable business interruption deductible, net — 0.1 — 0.4 Loss of earnings - catastrophic event-related charges, net$ 3.2 $ 4.2 $ 9.6 $ 2.5 (1) During the year ended December 31, 2025, the Company received a settlement of $80.2 million from an insurance provider to settle all claims related to property, casualty, flood, and business interruption insurance recoveries from Hurricane Ian. The Company concluded that $36.5 million of the total settlement pertained to business interruption recoveries through 2027, which the Company recorded as a contingent gain in accordance with ASC 450, “Contingencies.” To better reflect the underlying economics of the transaction, the Company has elected to defer the business interruption recovery gain and recognize income ratably through 2027 for the Company’s presentation of Core FFO.
NAREIT - The National Association of Real Estate Investment Trusts is the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate and capital markets. More information is available at www.reit.com.
Net Debt - The carrying value of debt, plus, unamortized premiums, discounts, and deferred financing costs, less unrestricted cash and cash equivalents. The following table sets forth the components of Net Debt (in millions):
September 30, 2026 December 31, 2025Total carrying value of debt, per condensed consolidated balance sheets$ 3,776.2 $ 4,258.7 Plus: Unamortized deferred financing costs, discounts / premiums on debt, and fair value adjustments 17.3 19.3 Less: Cash and cash equivalents (excluding restricted cash) (658.9) (569.6)Net Debt$ 3,134.6 $ 3,708.4 Other adjustments, net - In the Company’s Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 5, Other adjustments, net - continuing operations and Other adjustments, net - discontinued operations consist of the following (in millions):
Quarter Ended September 30, Nine Months Ended September 30, Other adjustments, net - continuing operations 2026 2025 2026 2025 Contingent consideration gains$ — $ — $ — $ (6.0)Gain on insurance recovery (1.4) — (8.1) — Cash flow hedge gains from debt extinguishments — (0.2) (1.7) (7.6)Severance costs 0.7 0.1 5.1 0.2 Accelerated deferred compensation amortization — — 13.8 2.0 ERP implementation expense 0.8 0.8 2.3 2.6 Other 1.6 0.3 3.8 2.9 Other adjustments, net - continuing operations$ 1.7 $ 1.0 $ 15.2 $ (5.9) Quarter Ended September 30, Nine Months Ended September 30,Other adjustments, net - discontinued operations 2026 2025 2026 2025 Long term lease termination (gains) / losses$ — $ (18.9) $ 12.2 $ (44.6)Contingent consideration expense — — — 15.5 Other — — — 0.5 Other adjustments, net - discontinued operations$ — $ (18.9) $ 12.2 $ (28.6) Other income, net - In the Company’s Condensed Consolidated Statements of Operations on page 4, Other income, net consists of the following (in millions):
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Contingent consideration gains$ — $ — $ — $ 6.0 Gain on insurance recovery 1.4 — 8.1 — Cash flow hedge gains from debt extinguishments — 0.2 1.7 7.6 Repair reserve on repossessed homes — 0.3 0.1 (0.3)Gain / (loss) on remeasurement of collateralized receivables (0.3) 0.2 (0.9) (0.3)Gain / (loss) on remeasurement of secured borrowings on collateralized receivables 0.3 (0.2) 0.9 0.3 Other (0.4) (0.3) (0.5) (0.5)Other income, net$ 1.0 $ 0.2 $ 9.4 $ 12.8 Revenue Producing Site - Defined as a site that is occupied by a paying resident or reserved by a customer with annual or seasonal usage rights.
Revenue Producing Site Net Gains - Represents the net increase in Revenue Producing Sites during the period, excluding any occupied sites acquired during the year and excluding disposition activity.
Safe Harbor Sale - The Company’s sale of Safe Harbor Marinas, LLC in 2025.
Same Property - The Company defines Same Properties as those the Company has owned and operated continuously since at least January 1, 2025. Same properties exclude ground-up development properties, acquired properties, properties classified as discontinued operations, properties impacted by catastrophic weather events, and properties sold after December 31, 2024. The Same Property data may change from time-to-time depending on acquisitions, dispositions, management discretion, significant transactions, or other unique situations.
Secured borrowings on collateralized receivables - This is a transferred asset transaction which has been classified as collateralized receivables with the cash received from this transaction recorded as secured borrowings. The interest income and interest expense accrue in equal amounts. The Company has elected to record the collateralized receivables and secured borrowings at fair value under ASC 820, “Fair Value Measurement.” As a result, the balance of collateralized receivables and related secured borrowings are net of fair value adjustments.
Securities - The Company had the following securities outstanding as of September 30, 2026:
Number of Units / Shares Outstanding (in thousands) Conversion Rate(a) If Converted to
Common shares (in thousands)(b) Issuance Price
Per Unit Annual Distribution RateNon-Convertible Securities Common shares 119,942 N/A N/A N/A $4.48(c)Convertible Securities Classified as Equity Common OP units 2,352 1.0000 2,352 N/A $4.48(c)Preferred OP Units Series A-1 137 2.4390 335 $ 100.00 6.00 %Series A-3 40 1.8605 75 $ 100.00 4.50 %Series C 292 1.1100 324 $ 100.00 5.00 %Series D 489 0.8000 391 $ 100.00 4.00 %Series E 80 0.6897 55 $ 100.00 5.50 %Series F 20 0.6250 12 $ 100.00 3.00 %Series G 5 0.6452 3 $ 100.00 3.20 %Series H 47 0.6098 29 $ 100.00 3.00 %Series J 232 0.6061 141 $ 100.00 2.85 %Series K 1,000 0.5882 588 $ 100.00 4.00 %Series L 20 0.6250 13 $ 100.00 3.50 %Total 2,362 1,966 Total Convertible Securities Outstanding 4,714 4,318 (a) Exchange rates are subject to adjustment upon stock splits, recapitalizations, and similar events. The exchange rates of certain series of OP units are approximated to four decimal places.
(b) Calculation may yield minor differences due to fractional shares paid in cash to the shareholder at conversion.
(c) Based on the annualized last quarterly distribution.
Share - In addition to reporting net income on a diluted basis (“EPS”), the Company reports FFO and Core FFO on a per common share and convertible securities basis (per “Share”). For the periods presented below, the Company’s diluted weighted average common shares outstanding for EPS and FFO are as follows:
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025Diluted Weighted Average Common Shares Outstanding - EPS Weighted average common shares outstanding - Basic 120.8 123.9 122.0 125.6 Dilutive restricted stock — 0.2 0.2 — Common and preferred OP units dilutive effect 2.4 — 4.5 — Weighted Average Common Shares Outstanding - Diluted 123.2 124.1 126.7 125.6 Diluted Weighted Average Common Shares Outstanding - FFO Weighted average common shares outstanding - Basic 120.8 123.9 122.0 125.6 Restricted stock 0.2 0.2 0.2 0.4 Common OP units 2.4 2.8 2.4 2.9 Common stock issuable upon conversion of certain preferred OP units 1.9 2.4 2.1 2.3 Weighted Average Common Shares and OP Units Outstanding 125.3 129.3 126.7 131.2 Utility Revenues - In its Condensed Consolidated Statements of Operations and its total portfolio presentation of real property operating results, the Company includes the following utility reimbursement revenues in real property revenues (excluding transient) (in millions):
Quarter Ended September 30, Nine Months Ended September 30, Consolidated Portfolio 2026 2025 2026 2025Utility reimbursement revenues MH$ 21.9 $ 20.1 $ 62.7 $ 57.3 RV 6.8 6.7 17.0 16.4 Total$ 28.7 $ 26.8 $ 79.7 $ 73.7 For its presentation of Same Property results on page 9, the Company nets the following utility revenues (which include utility reimbursement revenues from residents) against related utility expenses in Same Property operating expenses (in millions):
Quarter Ended September 30, Nine Months Ended September 30, Same Property Portfolio 2026 2025 2026 2025Utility revenues netted against related utility expenses MH$ 21.4 $ 20.0 $ 61.3 $ 57.1 RV 6.8 6.7 16.8 16.3 Total$ 28.2 $ 26.7 $ 78.1 $ 73.4 Non-GAAP Supplemental Measures
Investors and analysts following the real estate industry use non-GAAP supplemental performance measures, including net operating income (“NOI”), Net Debt, earnings before interest, tax, depreciation, and amortization for real estate (“EBITDAre”), and funds from operations (“FFO”) to assess REITs. The Company believes that NOI, EBITDAre, Net Debt, and FFO are appropriate measures given their wide use by and relevance to investors and analysts. Additionally, these non-GAAP measures are commonly used in various ratios, pricing multiples, yields and returns and valuation calculations that measure financial position, performance, and value.
NOI provides a measure of rental operations and does not factor in depreciation, amortization and non-property specific expenses such as general and administrative expenses.
EBITDAre provides a further measure to evaluate the Company’s ability to incur and service debt; EBITDAre also provides further measures to evaluate the Company’s ability to fund dividends and other cash needs. FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets.
Net Operating Income (“NOI”) Total Portfolio NOI - NOI is derived from property operating revenues minus property operating expenses and real estate taxes. NOI is a non-GAAP financial measure that the Company believes is helpful to investors as a supplemental measure of operating performance because it is an indicator of the return on property investment and provides a method of comparing property performance over time. The Company uses NOI as a key measure when evaluating performance and growth of particular properties and / or groups of properties. The principal limitation of NOI is that it excludes depreciation, amortization, interest expense, and non-property specific expenses such as general and administrative expenses, all of which are significant costs. Therefore, NOI is a measure of the operating performance of the properties of the Company rather than of the Company overall. The Company believes that NOI provides enhanced comparability for investor evaluation of property performance and growth over time. The Company believes that GAAP net income (loss) is the most directly comparable measure to NOI. NOI should not be considered to be an alternative to GAAP net income (loss) as an indication of the Company’s financial performance or GAAP net cash provided by operating activities as a measure of the Company’s liquidity; nor is it indicative of funds available for the Company’s cash needs, including its ability to make cash distributions. Because of the inclusion of items such as interest, depreciation, and amortization, the use of GAAP net income (loss) as a performance measure is limited as these items may not accurately reflect the actual change in market value of a property, in the case of depreciation and in the case of interest, may not necessarily be linked to the operating performance of a real estate asset, as it is often incurred at a parent company level and not at a property level.
Same Property NOI - This is a key management tool used when evaluating performance and growth of the Company’s Same Property portfolio. Same Property NOI does not include the revenues and expenses related to home sales and ancillary activities at the properties. The Company believes that Same Property NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the Same Property portfolio from one period to the next. Earnings before interest, tax, depreciation and amortization for real estate (“EBITDAre”) EBITDAre - Nareit calculates “EBITDAre” as GAAP net income (loss), plus interest expense, plus income tax expense, plus depreciation and amortization, plus or minus losses or gains on the disposition of depreciated property (including losses or gains on change of control), plus impairment write-downs of depreciated property and of investments in nonconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s share of EBITDAre of nonconsolidated affiliates. EBITDAre is a non-GAAP financial measure that the Company uses to evaluate its ability to incur and service debt, fund dividends and other cash needs, and cover fixed costs. Investors utilize EBITDAre as a supplemental measure to evaluate and compare investment quality and enterprise value of REITs.Recurring EBITDAre - The Company also uses EBITDAre excluding certain gain and loss items that management considers unrelated to measurement of the Company’s performance on a basis that is independent of capital structure (“Recurring EBITDAre”). The Company believes that GAAP net income (loss) is the most directly comparable measure to EBITDAre. EBITDAre is not intended to be used as a measure of the Company’s cash generated by operations or its dividend-paying capacity, and should therefore not replace GAAP net income (loss) as an indication of the Company’s financial performance or GAAP cash flow provided by / used for operating, investing, and financing activities as measures of liquidity. Funds from Operations (“FFO”) FFO - Nareit defines FFO as GAAP net income (loss), excluding gains (or losses) from sales of certain real estate assets, real estate related depreciation and amortization, gains (or losses) from change in control, impairments of certain real estate assets and investments, and adjustments for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of the Company’s operating performance. By excluding gains and losses related to sales of previously depreciated operating real estate assets, real estate related impairment, and real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not readily apparent from GAAP net income (loss). Management believes the use of FFO has been beneficial in improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful.Core FFO - In addition to FFO, the Company uses FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of the Company’s core business (“Core FFO”) to evaluate our performance. These adjustments include acquisition and other transaction costs, gains and losses from the early extinguishment of debt, costs related to catastrophic weather events, net of insurance recoveries, gains and losses on foreign currency exchanges, and other miscellaneous non-comparable items, such as restructuring costs. The Company believes that FFO and Core FFO provide enhanced comparability for investor evaluations of period-over-period results. The Company believes that GAAP net income (loss) is the most directly comparable measure to FFO. The principal limitation of FFO is that it does not replace GAAP net income (loss) as a financial performance measure or GAAP cash flow from operating activities as a measure of the Company’s liquidity. Because FFO excludes significant economic components of GAAP net income (loss) including depreciation and amortization, FFO should be used as a supplement to GAAP net income (loss) and not as an alternative to it. Furthermore, FFO is not intended as a measure of a REIT’s ability to meet debt principal repayments and other cash requirements, nor as a measure of working capital. FFO is calculated in accordance with the Company’s interpretation of standards established by Nareit, which may not be comparable to FFO reported by other REITs that interpret the Nareit definition differently. Certain financial information has been revised to reflect reclassifications in prior periods to conform to current period presentation.
NET MERCHANDISE SALES GREW 13.8%
COMPARABLE NET MERCHANDISE SALES INCREASED 12.2%
$1.21 EARNINGS PER DILUTED SHARE
, /PRNewswire/ -- PriceSmart, Inc. ("PriceSmart", the "Company," "we", or "our") (NASDAQ: PSMT), operator of 59 warehouse clubs in 12 countries and one U.S. territory, today announced results for the fiscal fourth quarter of 2026, which ended on August 31, 2026.
Fourth Quarter Financial Results
Total revenues for the fourth quarter of fiscal year 2026 increased 13.9% to $1.52 billion compared to $1.33 billion in the same period of the prior year. For the fourth quarter of fiscal year 2026, net merchandise sales increased 13.8% to $1.48 billion from $1.30 billion in the fourth quarter of fiscal year 2025. Net merchandise sales - constant currency increased 7.8% over the comparable prior year period. Foreign currency exchange rate fluctuations impacted net merchandise sales positively by $78.5 million, or 6.0%, versus the same period in the prior year.
The Company had 58 warehouse clubs in operation as of August 31, 2026 compared to 56 warehouse clubs in operation as of August 31, 2025.
Comparable net merchandise sales for the 55 warehouse clubs that have been open for greater than 13 ½ calendar months increased 12.2% for the 13-week period ended August 30, 2026 compared to the comparable 13-week period of the prior year. Comparable net merchandise sales - constant currency for the 13 weeks ended August 30, 2026 increased 6.2% compared to the comparable period of the prior year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales positively by 6.0% versus the same period in prior year.
The Company recorded operating income of $57.0 million during the fourth quarter of fiscal year 2026 compared to operating income of $52.8 million in the fourth quarter of fiscal year 2025. Net income increased 19.3% to $37.6 million, or $1.21 per diluted share, in the fourth quarter of fiscal year 2026 compared to $31.5 million, or $1.02 per diluted share, in the fourth quarter of fiscal year 2025.
Adjusted EBITDA for the fourth quarter of fiscal year 2026 was $83.5 million compared to $75.5 million in the same period last year.
Year-to-Date Financial Results
Total revenues for the fiscal year ended August 31, 2026 increased 11.5% to $5.88 billion compared to $5.27 billion in the prior year. For fiscal year 2026, net merchandise sales increased 11.7% to $5.75 billion from $5.15 billion in the prior year. Net merchandise sales - constant currency increased 8.4% over the prior year. Foreign currency exchange rate fluctuations impacted net merchandise sales positively by $170.6 million, or 3.3%, versus the same period in the prior year.
Comparable net merchandise sales for the 55 warehouse clubs that have been open for greater than 13 ½ calendar months increased 9.6% for the 52-week period ended August 30, 2026 compared to the comparable 52-week period of the prior year. Comparable net merchandise sales - constant currency for the 52 weeks ended August 30, 2026 increased 6.4%. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales positively by 3.2% versus the comparable period in the prior year.
The Company recorded operating income during fiscal year 2026 of $261.0 million compared to operating income of $232.5 million in the prior year. Net income increased 12.6% to $166.6 million, or $5.40 per diluted share, in fiscal year 2026 compared to $147.9 million, or $4.82 per diluted share in the prior year.
Adjusted EBITDA for fiscal year 2026 was $360.5 million compared to $320.7 million in fiscal year 2025.
New Club Opening
The Company opened its third warehouse club in Jamaica in October 2026. The new warehouse club occupies a five-acre site in Montego Bay, approximately 100 miles west of the nearest club in the capital of Kingston and has a sales floor of approximately 42,000 square feet. The club features several sustainable design features, including solar panels, energy-efficient LED lighting, a CO2-based cooling system and high-efficiency mechanical equipment designed to reduce energy consumption.
Once the four other previously announced clubs are open, the Company will operate 63 warehouse clubs.
The foregoing discussion of the Company's operating results includes references to adjusted EBITDA, net merchandise sales - constant currency and comparable net merchandise sales - constant currency, which are non-GAAP financial measures. We believe these supplemental measures are useful to investors and analysts because they exclude items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures are defined and reconciled to the most comparable GAAP measures later in this document.
Conference Call Information
PriceSmart management will host a conference call at 12:00 p.m. Eastern time (9:00 a.m. Pacific time) on Tuesday, October 27, 2026, to discuss the financial results. Individuals interested in participating in the conference call may do so by dialing toll free +1 (833) 461-5787 for domestic callers or +1 (626) 884-3620 for international callers. Callers must then enter the passcode 419 902 549 on their keypad and ask to join the PriceSmart earnings call. A digital replay will be available shortly following the conclusion of the call through Tuesday, November 3, 2026 by dialing +1 (833) 309-1852 for domestic callers, or +1 (929) 828-5978 for international callers, and entering replay passcode 419 902 549.
About PriceSmart
PriceSmart, headquartered in San Diego, owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, selling high quality merchandise and services at low prices to PriceSmart Members. PriceSmart operates 59 warehouse clubs in 12 countries and one U.S. territory (ten each in Colombia and Costa Rica; seven each in Panama and Guatemala; six in Dominican Republic; four each in Trinidad and El Salvador; three each in Jamaica and Honduras; two in Nicaragua; and one each in Aruba, Barbados and the United States Virgin Islands). In addition, the Company plans to open one new warehouse club on South Camp Road (Kingston), Jamaica in December of 2026, one warehouse club in Villa Nueva, Guatemala in late winter of 2027, one warehouse club in Santo Tomas de Santo Domingo (Heredia), Costa Rica in the spring of 2027, and one warehouse in Comuna Las Condes, Santiago, Chile in the spring of 2027. Once these four new clubs are open, the Company will operate 63 warehouse clubs. Our operating segments are currently the United States, Central America, the Caribbean and Colombia.
This press release may contain forward-looking statements concerning PriceSmart, Inc.'s ("PriceSmart", the "Company", "our" or "we") anticipated future revenues and earnings, adequacy of future cash flows, future dividends, omni-channel initiatives, proposed warehouse club openings, the Company's performance relative to competitors and related matters. These forward-looking statements include, but are not limited to, statements containing the words "expect," "believe," "will," "may," "should," "project," "estimate," "anticipated," "scheduled," "intend," and like expressions, and the negative thereof. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, but not limited to: various political, economic and compliance risks associated with our international operations, adverse changes in economic conditions in our markets, natural disasters, volatility in currency exchange rates and illiquidity of certain local currencies in our markets, competition, consumer and small business spending patterns, political instability, increased costs associated with the integration of online commerce with our traditional business, whether the Company can successfully execute strategic initiatives, our reliance on third party service providers, including those who support transaction and payment processing, data security and other technology services, cybersecurity breaches that could cause disruptions in our systems or jeopardize the security of Member, employee or business information, cost increases from product and service providers, interruption of supply chains, exposure to product liability claims and product recalls, recoverability of moneys owed to PriceSmart from governments, and other important factors discussed in the Risk Factors section of the Company's most recent Annual Report on Form 10-K, and other factors discussed from time to time in other filings with the SEC, which are accessible on the SEC's website at www.sec.gov, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date that they are made, and the Company does not undertake to update them, except as required by law. In addition, these risks are not the only risks that the Company faces. The Company could also be affected by additional factors that apply to all companies operating globally and in the U.S., as well as other risks that are not presently known to the Company or that the Company considers to be immaterial.
For further information, please contact Investor Relations by sending an email to [email protected].
PRICESMART, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED—AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended
Years Ended
August 31,
2026
August 31,
2025
August 31,
2026
August 31,
2025
Revenues:
Net merchandise sales
$ 1,482,781
$ 1,302,709
$ 5,753,805
$ 5,151,120
Export sales
1,005
640
2,128
15,235
Membership income
27,197
22,602
100,785
85,573
Other revenue and income
5,291
5,024
19,606
18,166
Total revenues
1,516,274
1,330,975
5,876,324
5,270,094
Operating expenses:
Cost of goods sold:
Net merchandise sales
1,248,504
1,098,466
4,835,798
4,341,358
Export sales
958
594
2,037
14,364
Selling, general and administrative:
Warehouse club and other operations
147,411
130,577
562,992
498,409
General and administrative
58,973
47,190
209,428
179,859
Pre-opening expenses
663
510
1,289
1,127
Loss on disposal of assets
2,736
888
3,763
2,467
Total operating expenses
1,459,245
1,278,225
5,615,307
5,037,584
Operating income
57,029
52,750
261,017
232,510
Other income (expense):
Interest income
3,296
2,698
13,136
10,139
Interest expense
(4,538)
(3,520)
(16,767)
(11,515)
Other expense, net
(5,609)
(5,586)
(29,688)
(24,636)
Total other expense
(6,851)
(6,408)
(33,319)
(26,012)
Income before provision for income taxes and income of
unconsolidated affiliates
50,178
46,342
227,698
206,498
Provision for income taxes
(12,540)
(14,820)
(61,112)
(58,617)
Income of unconsolidated affiliates
—
19
—
6
Net income
$ 37,638
$ 31,541
$ 166,586
$ 147,887
Net income per share available for distribution:
Basic
$ 1.21
$ 1.02
$ 5.40
$ 4.82
Diluted
$ 1.21
$ 1.02
$ 5.40
$ 4.82
Shares used in per share computations:
Basic
30,244
30,072
30,221
30,056
Diluted
30,279
30,087
30,244
30,063
PRICESMART, INC.
CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)
August 31,
2026
August 31,
2025
ASSETS
Current Assets:
Cash and cash equivalents
$ 220,788
$ 241,024
Short-term restricted cash
12,911
11,061
Short-term investments
111,413
73,186
Receivables, net
16,633
17,400
Merchandise inventories
617,241
560,730
Prepaid expenses and other current assets (includes $563 and $0 as of August 31, 2026
and August 31, 2025, respectively, for the fair value of derivative instruments)
79,970
71,059
Total current assets
1,058,956
974,460
Long-term restricted cash
31,020
33,206
Property and equipment, net
1,182,656
996,281
Operating lease right-of-use assets, net
128,613
113,479
Goodwill
43,286
43,238
Deferred tax assets
59,847
41,229
Other non-current assets (includes $179 and $701 as of August 31, 2026 and August 31,
2025, respectively, for the fair value of derivative instruments)
98,549
60,375
Investment in unconsolidated affiliates
—
6,889
Total Assets
$ 2,602,927
$ 2,269,157
LIABILITIES AND EQUITY
Current Liabilities:
Short-term borrowings
$ 1,861
$ 12,286
Accounts payable
559,336
506,949
Accrued salaries and benefits
64,082
52,478
Deferred income
52,216
43,061
Income taxes payable
7,854
7,265
Other accrued expenses and other current liabilities (includes $19,425 and $551 as of
August 31, 2026 and August 31, 2025, respectively, for the fair value of derivative
instruments)
97,001
57,627
Operating lease liabilities, current portion
7,851
7,930
Long-term debt, current portion
64,591
38,675
Total current liabilities
854,792
726,271
Long-term income taxes payable, net of current portion
2,965
4,424
Long-term operating lease liabilities
138,816
122,244
Long-term debt, net of current portion
102,954
147,922
Other long-term liabilities (includes $10,074 and $6,196 for the fair value of derivative
instruments and $14,879 and $13,628 for post-employment plans as of August 31, 2026
and August 31, 2025, respectively)
48,050
20,924
Total Liabilities
1,147,577
1,021,785
Stockholders' Equity:
Common stock $0.0001 par value, 45,000,000 shares authorized; 32,814,083 and
32,688,047 shares issued and 30,855,604 and 30,745,833 shares outstanding (net of
treasury shares) as of August 31, 2026 and August 31, 2025, respectively
3
3
Additional paid-in capital
549,314
529,354
Accumulated other comprehensive loss
(91,315)
(161,439)
Retained earnings
1,123,033
999,426
Less: treasury stock at cost, 1,958,479 shares as of August 31, 2026 and 1,942,214
shares as of August 31, 2025
(125,685)
(119,972)
Total Stockholders' Equity
1,455,350
1,247,372
Total Liabilities and Equity
$ 2,602,927
$ 2,269,157
Reconciliation of Non-GAAP Financial Measures
The accompanying Consolidated Financial Statements, including the related notes, are presented in accordance with U.S. GAAP (Generally Accepted Accounting Principles). In addition to relevant GAAP measures, we also provide non-GAAP measures including adjusted EBITDA, net merchandise sales - constant currency and comparable net merchandise sales - constant currency because management believes these metrics are useful to investors and analysts by excluding items that we do not believe are indicative of our core operating performance. These measures are customary for our industry and commonly used by competitors. However, these non-GAAP financial measures should not be reviewed in isolation or considered as an alternative to any other performance measure derived in accordance with GAAP and may not be comparable to similarly titled measures used by other companies in our industry or across different industries.
Adjusted EBITDA
Adjusted EBITDA is defined as net income before interest expense, provision for income taxes and depreciation and amortization, adjusted for the impact of certain other items, including interest income and other income (expense), net. The following is a reconciliation of our Net income to Adjusted EBITDA for the periods presented:
Three Months Ended
Years Ended
(Amounts in thousands)
August 31,
2026
August 31,
2025
August 31,
2026
August 31,
2025
Net income as reported
$ 37,638
$ 31,541
$ 166,586
$ 147,887
Adjustments:
Interest expense
4,538
3,520
16,767
11,515
Provision for income taxes
12,540
14,820
61,112
58,617
Depreciation and amortization
26,475
22,775
99,502
88,161
Interest income
(3,296)
(2,698)
(13,136)
(10,139)
Other expense, net (1)
5,609
5,586
29,688
24,636
Adjusted EBITDA
$ 83,504
$ 75,544
$ 360,519
$ 320,677
(1)
Primarily consists of transaction costs of converting local currencies into available tradable currencies in some of our countries with liquidity issues and foreign currency losses or gains due to the revaluation of monetary assets and liabilities (primarily U.S. dollars) for the three and twelve months ended August 31, 2026 and August 31, 2025.
Net Merchandise Sales - Constant Currency and Comparable Net Merchandise Sales – Constant Currency
As a multinational enterprise, we are exposed to changes in foreign currency exchange rates. The translation of the operations of our foreign-based entities from their local currencies into U.S. dollars is sensitive to changes in foreign currency exchange rates and can have a significant impact on our reported financial results. We believe that constant currency is a useful measure, indicating the actual growth of our operations. When we use the term "net merchandise sales - constant currency," it means that we have translated current year net merchandise sales at prior year monthly average exchanges rates. Net merchandise sales - constant currency results exclude the effects of foreign currency translation. Similarly, when we use the term "comparable net merchandise sales - constant currency," it means that we have translated current year comparable net merchandise sales at prior year monthly average exchanges rates. Comparable net merchandise sales - constant currency results exclude the effects of foreign currency translation.
Net merchandise sales growth rate on a net merchandise sales - constant currency basis is calculated as follows:
August 31, 2026
Three Months Ended
Year Ended
(Amounts in thousands, except % growth)
Net
Merchandise
Sales
% Growth
Net
Merchandise
Sales
% Growth
Net merchandise sales
$ 1,482,781
13.8 %
$ 5,753,805
11.7 %
Favorable impact of foreign currency exchange
78,460
6.0 %
170,557
3.3 %
Net merchandise sales on a constant-currency basis
$ 1,404,321
7.8 %
$ 5,583,248
8.4 %
Comparable net merchandise sales growth rate on a net merchandise sales - constant currency basis is calculated as follows:
August 30, 2026
Thirteen Weeks Ended
Fifty-Two Weeks Ended
% Growth
% Growth
Comparable net merchandise sales
12.2 %
9.6 %
Favorable impact of foreign currency exchange
6.0 %
3.2 %
Comparable net merchandise sales on a constant-currency basis
, /PRNewswire/ -- Encompass Health Corp. (NYSE: EHC) today announced plans to expand inpatient rehabilitation capacity in Fort Bend County through a new project in Richmond, Texas. The hospital will be the Company's second small-format inpatient rehabilitation hospital announced and the second serving the greater Houston area, with another small-format project in Conroe.
The 24-bed inpatient rehabilitation hospital in Richmond will operate as a satellite location of Encompass Health Rehabilitation Hospital of Sugar Land, bringing specialized inpatient rehabilitation care closer to patients in Richmond and surrounding communities. The hospital is expected to open in 2028.
"The greater Houston area continues to experience significant growth, and we are committed to ensuring patients have access to high-quality inpatient rehabilitation care when and where they need it most," said Craig Funk, Encompass Health group president. "With two small-format hospitals now announced in the market, we're creating new opportunities to serve communities closer to home while leveraging the clinical expertise and resources of our established hospitals."
The hospital will serve patients recovering from major illnesses and injuries, including stroke and other neurological conditions, brain and spinal cord injuries, amputations and complex orthopedic conditions. Patients will receive 24-hour nursing care and physical, occupational and speech therapy from an interdisciplinary team of specialized nurses, therapists and physicians to help restore function and improve quality of life.
About Encompass Health
Encompass Health (NYSE: EHC) is the largest owner and operator of inpatient rehabilitation hospitals in the United States. With a national footprint that includes 179 hospitals in 39 states and Puerto Rico, the Company provides high-quality, compassionate rehabilitative care for patients recovering from major injuries or illnesses, using advanced technology and innovative treatments to maximize recovery. Encompass Health is recognized by Newsweek as America's Most Awarded Leader in Inpatient Rehabilitation and is ranked among Fortune's World's Most Admired Companies™ and Forbes' America's Best Companies. It is also recognized by Becker's Healthcare and Modern Healthcare as a top healthcare employer. For more information, visit encompasshealth.com and follow us on our newsroom, X, Instagram and Facebook.
Forward-looking statements
Statements contained in this press release that are not historical facts, such as those relating to the likelihood, timing and effects of the completion of hospital projects, are forward-looking statements. In addition, Encompass Health may from time to time make forward-looking public statements concerning the matters described herein. All such estimates, projections and forward-looking information speak only as of the date hereof, and Encompass Health undertakes no duty to publicly update or revise such forward-looking information, whether as a result of new information, future events or otherwise. Such forward-looking statements are necessarily estimates based upon current information and involve a number of risks and uncertainties. Actual outcomes may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors that could cause actual results or events to differ materially from those anticipated include, but are not limited to, any adverse outcome of various lawsuits, claims and legal or regulatory proceedings that may be brought by or against the Company; the possibility that any project will experience unexpected delays; the ability to successfully complete any project consistent with Encompass Health's growth strategy, including development and maintenance of relationships with referral sources; disease outbreaks, including the speed, depth, geographic reach and duration of the spread; the actions to be taken by Encompass Health in response to disease outbreaks; changes in the regulation of the healthcare industry at either or both of the federal and state levels; competitive pressures in the healthcare industry and Encompass Health's response thereto; any prospective hospital's ability to attain and maintain proper local, state and federal licensing and permitting; potential disruptions, breaches or other incidents affecting the proper operation, availability or security of the information systems of Encompass Health, its vendors or its partners; Encompass Health's ability to attract and retain nurses, therapists and other healthcare professionals in a highly competitive environment with often severe staffing shortages; changes, delays in, or suspension of reimbursement for Encompass Health's services by governmental or private payors; general conditions in the economy and capital markets; and other factors that may be identified from time to time in Encompass Health's SEC filings and other public announcements, including Encompass Health's Form 10-K for the year ended Dec. 31, 2025, and Forms 10-Q for the quarters ended March 31, 2026, and June 30, 2026.
Media contact:
Polly Manuel | 205-970-5912
[email protected]
Investor relations contact:
Mark Miller | 205-970-5860
[email protected]
Simpson Manufacturing schválila nový program zpětného odkupu akcií v objemu 1 miliardy USD, který nahradí předchozí limit 200 milionů USD a nemá stanovené datum vypršení platnosti.
, /PRNewswire/ -- Simpson Manufacturing Co., Inc. (the "Company") (NYSE: SSD), an industry leader in engineered structural connectors and building solutions, today announced that its Board of Directors has approved a new $1.0 billion share repurchase authorization, effective October 22, 2026. The new authorization supersedes the Company's prior $200.0 million share repurchase authorization and has no expiration date. Year-to-date through September 30, 2026, the Company repurchased approximately $165 million of its common stock under the prior authorization.
"We remain focused on a disciplined approach to capital allocation that balances investment in the long-term growth of our business with returning capital to our stockholders," said Mike Olosky, President and Chief Executive Officer of Simpson Manufacturing Co., Inc. "The significant increase in our share repurchase authorization reflects the Board's continued confidence in Simpson's long-term strategy, strong financial position and cash flow generation, while providing us with additional flexibility to opportunistically return capital to stockholders."
Under the authorization, the Company may repurchase shares of its common stock from time to time through open-market purchases, privately negotiated transactions or other transactions in accordance with applicable securities laws and other legal requirements. The timing and amount of any repurchases will depend on a variety of factors, including market conditions, the Company's capital allocation priorities and other considerations. The authorization does not obligate the Company to repurchase any specific number or dollar amount of shares and may be modified, suspended or discontinued at any time.
About Simpson Manufacturing Co., Inc.
Simpson Manufacturing Co., Inc., headquartered in Pleasanton, California, through its subsidiaries, including Simpson Strong-Tie Company Inc., designs, engineers and is a leading manufacturer of wood construction products, including connectors, truss plates, fastening systems, fasteners and shear walls, and concrete construction products, including adhesives, specialty chemicals, mechanical anchors, powder actuated tools and reinforcing fiber materials. The Company primarily supplies its building product solutions to both the residential and commercial markets in North America and Europe. The Company's common stock trades on the New York Stock Exchange under the symbol "SSD."
Forward-Looking Statements
All statements other than statements of historical fact are forward-looking statements, including statements about the share repurchase program, such as the amount, timing, manner, and funding of any repurchases; the expected benefits of the program; and the Company's capital allocation priorities, financial position, and future performance.
Whirlpool ve třetím čtvrtletí vykázal čistou ztrátu 249 milionů USD neboli 3,80 USD na akcii, zatímco tržby meziročně klesly o 8,8 % na 3,677 miliardy USD.
Executed price increases and structural cost actions, delivering sequential operational progress in Q3 against a tough macroeconomic backdropAnnounced Q4 price increases in MDA North America and Latin AmericaQ3 GAAP net earnings (loss) margin of (6.8)%; GAAP earnings (loss) per diluted share of $(3.80)Q3 ongoing (non-GAAP) EBIT margin(2) of 2.6%; ongoing earnings (loss) per diluted share(3) of $(0.21)2026 updated EPS outlook includes full-year GAAP earnings (loss) per diluted share of $(4.95), and ongoing earnings (loss) per diluted share(3)of $(1.30)2026 updated cash flow outlook includes cash provided by operating activities of approximately $700 million and free cash flow(4) of approximately $300 millionMaintained strict working capital management, prioritizing balance sheet strength and positioning us well to deliver our full year free cash flow targetNet debt expectations improved from under $5 billion to under $4.5 billion by year end, /PRNewswire/ -- Whirlpool Corporation (NYSE: WHR) today reported third-quarter financial results.
"Our structural cost take out and pricing realization drove consecutive margin progress through Q3. While the pace of recovery is slower than expected, these actions are setting a clear path for further improvements in 2027."
MARC BITZER, CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Earnings Results
Third-Quarter Results
2026
2025*
Change
Net sales ($M)
$3,677
$4,033
(8.8) %
Organic net sales ($M)(1)
$3,643
$3,852
(5.4) %
GAAP net earnings (loss) available to Whirlpool common shareholders ($M)
$(249)
$73
nm
Ongoing EBIT(2) ($M)
$97
$180
(46.1) %
GAAP net earnings (loss) margin
(6.8) %
1.8 %
(8.6pts)
Ongoing EBIT margin(2)
2.6 %
4.5 %
(1.8pts)
GAAP earnings (loss) per diluted share
$(3.80)
$1.29
nm
Ongoing earnings (loss) per diluted share(3)
$(0.21)
$2.09
nm
*Includes results from our previously-owned India business
Free Cash Flow
2026
2025
Change
Cash provided by (used in) operating activities ($M)
$(826)
$(669)
$(157)
Free cash flow(4) ($M)
$(1,081)
$(907)
$(174)
"Through disciplined working capital management, we are protecting our year end free cash flow and our balance sheet resilience to navigate challenging market conditions. As a result, we now expect net debt below $4.5B at the end of 2026 and have preserved a clear debt maturity ladder until 2028."
ROXANNE WARNER, CHIEF FINANCIAL OFFICER
SEGMENT REVIEW
SEGMENT INFORMATION ($M)
Q3 2026
Q3 2025
YoY Change
MDA North America
Net Sales
$2,495
$2,722
(8.3) %
EBIT
$74
$134
(44.7) %
% of sales
3.0 %
4.9 %
(2.0pts)
MDA Latin America
Net Sales
$858
$802
6.9 %
EBIT
$18
$45
(61.3) %
% of sales
2.0 %
5.7 %
(3.6pts)
SDA Global
Net Sales
$286
$288
(0.7) %
EBIT
$53
$47
11.7 %
% of sales
18.6 %
16.5 %
2.1pts
MDA: Major Domestic Appliances; SDA: Small Domestic Appliances
MDA NORTH AMERICA
Excluding currency, net sales decreased 8.2% year-over-year driven by soft industry demandDelivered sequential EBIT margin(5) expansion driven by price increases and structural cost take-out, partially offset by cost inflation on raw material, fuel and logisticsAnnounced price increase of 7% effective in Q4, supported by product innovationMDA LATIN AMERICA
Excluding currency, net sales increased 2.5% year-over-year due to volumeEBIT margin(5) pressured by mix shifts following Grupo Casas Bahia's bankruptcy reorganizationAnnounced price increases of up to 10% across the regionSDA GLOBAL
Excluding currency, net sales decreased 0.9% year-over-year;Q3 strong sell-out and order timing shifts pushed October orders in the U.S. up ~40% year-over-yearStrong EBIT margin(5) and share gains globally, supported by product innovation and direct-to-consumer salesFULL-YEAR 2026 OUTLOOK
Guidance Summary
2025
Reported
2026
Guidance
Net sales ($B)
$15.5
~$14.5
Cash provided by (used in) operating activities ($M)
$470
~$700
Free cash flow ($M)(4)
$81
~$300
GAAP net earnings margin (loss) (%)
2.2 %
~(2.2)%
Ongoing EBIT margin (%)(2)
4.7 %
2.0 - 2.2%
GAAP earnings (loss) per diluted share
$5.66
~$(4.95)
Ongoing earnings (loss) per diluted share(3)
$6.23
~$(1.30)
GAAP tax rate
27.5 %
~8.0%
Adjusted (non-GAAP) tax rate
3.5 %
~25.0%
On a full year basis in 2026, we expect:
Net sales of approximately $14.5 billion; approximately (1.5)% decline vs. 2025 like-for-like(6) net sales of approximately $14.7 billion GAAP net earnings (loss) margin of (2.2)% and ongoing (non-GAAP) EBIT margin(2) of 2.0 - 2.2%, supported by pricing actionsGAAP earnings (loss) per diluted share of $(4.95) and full-year ongoing earnings (loss) per diluted share(3) of $(1.30)2026 GAAP tax rate of approximately 8% and adjusted (non-GAAP) tax rate of 25%Cash provided by operating activities of approximately $700 million and free cash flow(4) of approximately $300 millionNet debt below $4.5 billion at year end(1)
A reconciliation of organic net sales, a non-GAAP financial measure, to reported net sales and other important information, appears below.
(2)
A reconciliation of earnings before interest and taxes (EBIT) and ongoing EBIT, non-GAAP financial measures, to reported net earnings (loss) available to Whirlpool, and a reconciliation of EBIT margin and ongoing EBIT margin, non-GAAP financial measures, to net earnings (loss) margin and other important information, appears below.
(3)
A reconciliation of ongoing earnings per diluted share, a non-GAAP financial measure, to reported net earnings (loss) per diluted share available to Whirlpool and other important information, appears below.
(4)
A reconciliation of free cash flow, a non-GAAP financial measure, to cash provided by (used in) operating activities and other important information, appears below.
(5)
Segment EBIT represents our consolidated EBIT broken down by the Company's reportable segments and are metrics used by the chief operating decision maker in accordance with ASC 280. Consolidated EBIT also includes corporate "Other" of $(273) million and $(28) million for the third quarters of 2026 and 2025, respectively.
(6)
Like-for-like refers to pro forma results for 2025, which exclude the results of Whirlpool of India from January to November, providing a comparative baseline for 2026 guidance. The like-for-like GAAP net earnings margin and corresponding reconciliation cannot be provided without unreasonable effort or expense. Please see below for a reconciliation of ongoing EBIT for the full year to GAAP net earnings.
ABOUT WHIRLPOOL CORPORATION
Whirlpool Corporation (NYSE: WHR) is a leading home appliance company, in constant pursuit of improving life at home. As the only major U.S.-based manufacturer of kitchen and laundry appliances, the company is driving meaningful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, JennAir, Maytag, Amana, Brastemp, Consul, and InSinkErator. In 2025, the company reported approximately $16 billion in annual net sales - close to 90% of which were in the Americas - 41,000 employees and 35 manufacturing and technology research centers. Additional information about the company can be found at WhirlpoolCorp.com.
WEBSITE DISCLOSURE
We routinely post important information for investors on our website, WhirlpoolCorp.com, in the "Investors" section. We also intend to update the "Hot Topics Q&A" portion of this webpage as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the "Investors" section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our webpage is not incorporated by reference into, and is not a part of, this document.
WHIRLPOOL ADDITIONAL INFORMATION
This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Whirlpool intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with those safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements regarding future financial results, long-term value creation goals, restructuring expectations, productivity, raw material prices and related costs, supply chain, portfolio transformation expectations, asset impairment, new product introduction benefits, trade and tariffs, litigation, ESG efforts, debt repayment and dividend expectations, share position, trade customer inventory expectations, cost take-out, manufacturing investment benefits, and the impact of housing recovery-related benefits on our operations are forward-looking statements and should be evaluated as such. Such statements can be identified by the use of terminology such as "may," "could," "will," "should," "possible," "plan," "predict," "forecast," "potential," "anticipate," "estimate," "expect," "project," "intend," "believe," "may impact," "on track," "margin lift," and similar words or expressions. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Whirlpool disclaims any obligation to update these statements. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Among these factors are: (1) intense competition in the home appliance industry, and the impact of the changing retail environment, including direct-to-consumer sales; (2) Whirlpool's ability to maintain or increase sales to significant trade customers and builders; (3) Whirlpool's ability to maintain its reputation and brand image; (4) Whirlpool's ability to achieve its business objectives and successfully manage its strategic portfolio transformation and outsourced business unit service model; (5) Whirlpool's ability to understand consumer preferences and successfully develop new products; (6) Whirlpool's ability to obtain and protect intellectual property rights; (7) acquisition, divestiture, and investment-related risks, including risks associated with our past transactions; (8) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (9) risks related to Whirlpool's international operations; (10) Whirlpool's ability to respond to unanticipated social, political and/or economic events, including epidemics/pandemics; (11) information technology system and cloud failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; (12) product liability and product recall costs; (13) Whirlpool's ability to attract, develop and retain executives and other qualified employees; (14) the impact of labor relations; (15) fluctuations in the cost of key materials (including steel, resins, and base metals) and components and the ability of Whirlpool to offset cost increases; (16) Whirlpool's ability to manage foreign currency fluctuations; (17) impacts from goodwill, intangible asset and/or inventory impairment charges; (18) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and postretirement benefit plans; (19) impacts from credit rating agency downgrades; (20) litigation, tax, and legal compliance risk and costs; (21) the effects and costs of governmental investigations or related actions by third parties; (22) changes in the legal and regulatory environment including environmental, health and safety regulations, data privacy, taxes and AI; (23) the impacts of changes in foreign trade policies, including tariffs; (24) Whirlpool's ability to respond to the impact of climate change and climate change or other environmental regulation; (25) the uncertain global economy and changes in economic conditions; (26) financing and liquidity uncertainty including payment of dividends on our Mandatory Convertible Preferred Stock; (27) the dilutive effect of conversion and potential dividend payments in common stock for our Mandatory Convertible Preferred Stock; (28) the liquidation preference of our Mandatory Convertible Preferred Stock above our common stock; (29) reduced operational flexibility under our Senior Secured Second Lien Notes due 2031 and 2034; and (30) reduced operational flexibility and liquidity availability under our Asset-Based loan facility.
WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
FOR THE PERIODS ENDED SEPTEMBER 30
(Millions of dollars, except per share data)
Three Months Ended
Nine Months Ended
2026
2025
2026
2025
Net sales
$ 3,677
$ 4,033
$ 10,467
$ 11,426
Expenses
Cost of products sold
3,204
3,439
9,137
9,615
Gross margin
473
594
1,330
1,811
Selling, general and administrative
428
405
1,158
1,209
Intangible amortization
6
7
18
20
Restructuring costs
35
6
108
17
Loss (gain) on sale and disposal of businesses
—
(30)
(139)
(30)
Operating profit
4
206
185
595
Other (income) expense
Interest and sundry (income) expense
15
(5)
11
(41)
Interest expense
102
92
241
256
Earnings (loss) before income taxes
(112)
120
(67)
381
Income tax expense (benefit)
8
33
25
105
Equity method investment loss, net of tax
(118)
(11)
(140)
(46)
Net earnings (loss)
(238)
76
(232)
229
Less: Net earnings (loss) available to noncontrolling interests
(1)
3
(1)
20
Net earnings (loss) available to Whirlpool shareholders
$ (237)
$ 73
$ (231)
$ 210
Less: Mandatory convertible preferred stock dividends accumulated during the period
12
—
29
—
Net earnings (loss) available to Whirlpool common shareholders
$ (249)
$ 73
$ (260)
$ 210
Per share of common stock
Basic net earnings (loss) available to Whirlpool
$ (3.80)
$ 1.30
$ (4.10)
$ 3.76
Diluted net earnings (loss) available to Whirlpool
$ (3.80)
$ 1.29
$ (4.10)
$ 3.74
Dividends declared
$ —
$ 0.90
$ 0.90
$ 4.40
Weighted-average shares outstanding (in millions)
Basic
65.5
56.1
63.4
55.9
Diluted
65.5
56.5
63.4
56.1
WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Millions of dollars, except share data)
(Unaudited)
September 30, 2026
December 31, 2025
Assets
Current assets
Cash and cash equivalents
$ 1,103
$ 669
Accounts receivable, net of allowance of $57 and $56, respectively
1,320
1,276
Inventories
2,275
2,307
Prepaid and other current assets
613
535
Other receivables
389
119
Assets held for sale
17
17
Total current assets
5,717
4,924
Property, net of accumulated depreciation of $5,771 and $5,547, respectively
2,219
2,194
Right of use assets
928
796
Goodwill
3,103
3,103
Investment in affiliated companies
705
827
Other intangibles, net of accumulated amortization of $481 and $464,
respectively
2,546
2,563
Deferred income taxes
1,309
1,327
Other noncurrent assets
436
266
Total assets
$ 16,963
$ 16,001
Liabilities and stockholders' equity
Current liabilities
Accounts payable
$ 3,446
$ 3,704
Accrued expenses
437
448
Accrued advertising and promotions
440
755
Employee compensation
175
208
Notes payable
14
351
Current maturities of long-term debt
—
586
Other current liabilities
481
460
Total current liabilities
4,993
6,513
Noncurrent liabilities
Long-term debt
6,838
5,583
Pension benefits
83
64
Postretirement benefits
91
92
Lease liabilities
863
669
Other noncurrent liabilities
380
365
Total noncurrent liabilities
8,255
6,773
Stockholders' equity
Mandatory convertible preferred stock, 8.50% Series A, $1 par value,
10 million shares authorized; 575 thousand issued and outstanding
as of September 30, 2026; none issued and outstanding as of
December 31, 2025; aggregate liquidation preference $575
1
—
Common stock, $1 par value, 250 million shares authorized, 73
million and 65 million shares issued, respectively, and 66 million and
56 million shares outstanding, respectively
73
65
Additional paid-in capital
4,572
3,485
Retained earnings
1,012
1,330
Accumulated other comprehensive loss
(1,458)
(1,624)
Treasury stock, 7 million and 9 million shares, respectively
(473)
(530)
Total Whirlpool stockholders' equity
3,726
2,726
Noncontrolling interests
(12)
(11)
Total stockholders' equity
3,715
2,715
Total liabilities and stockholders' equity
$ 16,963
$ 16,001
WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE PERIODS ENDED SEPTEMBER 30
(Millions of dollars)
Nine Months Ended
2026
2025
Operating activities
Net earnings (loss)
$ (232)
$ 229
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation and amortization
290
246
Impairment of goodwill, intangibles and other assets
46
2
Loss (gain) from sale of assets and businesses
(187)
(30)
Equity method investment loss, net of tax
140
46
Share based compensation and other
76
113
Changes in assets and liabilities:
Accounts receivable
(104)
(258)
Inventories
50
(523)
Accounts payable
(306)
(59)
Accrued advertising and promotions
(318)
(208)
Accrued expenses and current liabilities
(32)
(52)
Taxes deferred and payable, net
(62)
(18)
Accrued pension and postretirement benefits
18
5
Employee compensation
(38)
(39)
Other
(168)
(123)
Cash provided by (used in) operating activities
(826)
(669)
Investing activities
Capital expenditures
(255)
(239)
Purchase of previously leased assets
(157)
—
Proceeds from sale of assets and businesses
254
—
Other
9
—
Cash provided by (used in) investing activities
(148)
(239)
Financing activities
Net proceeds from borrowings of long-term debt
1,972
1,200
Net repayments of long-term debt
(1,264)
(1,550)
Net proceeds (repayments) from short-term borrowings
(336)
1,114
Dividends paid
(81)
(248)
Common stock issuance, net of issuance costs
524
—
Mandatory convertible preferred stock issuance, net of issuance costs
557
—
Other
8
(12)
Cash provided by (used in) financing activities
1,380
503
Effect of exchange rate changes on cash and cash equivalents
28
64
Increase (decrease) in cash and cash equivalents
434
(341)
Cash and cash equivalents at beginning of year
669
1,275
Cash and cash equivalents at end of period
$ 1,103
$ 934
SUPPLEMENTAL INFORMATION - CONSOLIDATED FINANCIAL STATEMENTS RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES
(Millions of dollars except per share data) (Unaudited)
We supplement the reporting of our financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial measures, some of which we refer to as "ongoing" measures. These measures may include earnings before interest and taxes (EBIT), EBIT margin, ongoing EBIT, ongoing EBIT margin, ongoing earnings per diluted share, ongoing EBITDA, adjusted effective tax rate, organic net sales, net debt leverage (Net Debt/Ongoing EBITDA), return on invested capital (ROIC) and free cash flow.
Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.
Sales excluding foreign currency: Current period net sales translated in functional currency, to U.S. dollars using the applicable prior period's exchange rate compared to the applicable prior period net sales. Management believes that sales excluding foreign currency provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations.
Organic net sales: Sales excluding the impact of certain acquisitions or divestitures, and foreign currency. Management believes that organic net sales provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations and certain acquisitions and/or divestitures.
Ongoing EBIT margin: Ongoing earnings before interest and taxes divided by net sales. Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.
Ongoing earnings per diluted share: Diluted net earnings per share from continuing operations, adjusted to exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations. Ongoing measures provide a better baseline for analyzing trends in our underlying businesses.
Ongoing EBITDA: Ongoing earnings before interest, taxes, depreciation and amortization. Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.
Net debt leverage: Net debt to ongoing earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio is net debt outstanding, including long-term debt, current maturities of long-term debt, and notes payable, less cash and cash equivalents, divided by ongoing EBITDA. Management believes that net debt leverage provides stockholders with a view of our ability to generate earnings sufficient to service our debt.
Return on invested capital: Ongoing EBIT after taxes divided by total invested capital, defined as total assets less non-interest bearing current liabilities (NIBCLS). NIBCLS is defined as current liabilities less current maturities of long-term debt and notes payable. This ROIC definition may differ from other companies' methods and therefore may not be comparable to those used by other companies. Management believes that ROIC provides stockholders with a view of capital efficiency, a key driver of stockholder value creation.
Adjusted effective tax rate: Effective tax rate, excluding pre-tax income and tax effect of certain unique items. Management believes that adjusted tax rate provides stockholders with a meaningful, consistent comparison of the Company's effective tax rate, excluding the pre-tax income and tax effect of certain unique items.
Free cash flow: Cash provided by (used in) operating activities less capital expenditures. Management believes that free cash flow provides stockholders with a relevant measure of liquidity and a useful basis for assessing the Company's ability to fund its activities and obligations.
Whirlpool does not provide a non-GAAP reconciliation for its forward-looking long-term value creation goals, such as EBIT, free cash flow conversion, ROIC and net debt leverage, as these long-term management goals are not annual guidance, and the reconciliation of these long-term measures would rely on market factors and certain other conditions and assumptions that are outside of the Company's control.
We believe that these non-GAAP measures provide meaningful information to assist investors and stockholders in understanding our financial results and assessing our prospects for future performance, and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP financial measures, provide a more complete understanding of our business. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These ongoing non-GAAP financial measures should not be considered in isolation or as a substitute for reported net earnings available to Whirlpool per diluted share, net earnings, net earnings available to Whirlpool, net earnings margin, return on assets, net sales, effective GAAP tax rate and cash provided by (used in) operating activities, the most directly comparable GAAP financial measures.
We also disclose segment EBIT as an important financial metric used by the Company's Chief Operating Decision Maker to evaluate performance and allocate resources in accordance with ASC 280 - Segment Reporting. Consolidated EBIT also includes corporate "Other" of $(273) million and $(28) million for the third quarters of 2026 and 2025, respectively. Management believes segment EBIT provides stockholders with a clearer basis to assess our results over time for each segment.
GAAP net earnings available to Whirlpool per basic or diluted share (as applicable) and ongoing earnings per diluted share are presented net of tax, while individual adjustments in each reconciliation are presented on a pre-tax basis; the income tax impact line item aggregates the tax impact for these adjustments. The tax impact of individual line item adjustments may not foot precisely to the aggregate income tax impact amount, as each line item adjustment may include non-taxable components. Historical quarterly earnings per share amounts are presented based on a normalized tax rate adjustment to reconcile quarterly tax rates to full-year tax rate expectations. We strongly encourage investors and stockholders to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.
THIRD-QUARTER 2026 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool common shareholders and net earnings (loss) per diluted share available to Whirlpool common shareholders, for the three months ended September 30, 2026. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool common shareholders by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our third-quarter GAAP tax rate was (6.8)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our third-quarter adjusted tax rate (non-GAAP) of 25.0%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
September 30, 2026
Net earnings (loss) available to Whirlpool common shareholders
$ (249)
Mandatory convertible preferred stock dividends accumulated during the period
12
Net earnings (loss) available to noncontrolling interests
(1)
Income tax expense (benefit)
8
Interest expense
102
Earnings before interest & taxes
$ (128)
Net sales
$ 3,677
Net earnings (loss) margin
(6.8) %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ (128)
$ (3.80)
Restructuring expense (a)
Restructuring costs
35
0.53
Impairment of equity
method investment (b)
Equity method investment
income (loss), net of tax
SECOND-QUARTER 2026 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool common shareholders and net earnings (loss) per diluted share available to Whirlpool common shareholders, for the three months ended June 30, 2026. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool common shareholders by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our second-quarter GAAP tax rate was 3.5%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our second-quarter adjusted tax rate (non-GAAP) of 25.0%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
June 30, 2026
Net earnings (loss) available to Whirlpool common shareholders
$ 75
Mandatory convertible preferred stock dividends accumulated during the period
13
Net earnings (loss) available to noncontrolling interests
—
Income tax expense (benefit)
3
Interest expense
63
Earnings before interest & taxes
$ 154
Net sales
$ 3,517
Net earnings (loss) margin
2.1 %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 154
$ 1.15
Restructuring expense (a)
Restructuring costs
41
0.63
Impact of M&A
transactions (d)
Selling, general and
administrative &
(Gain) loss on sale and
disposal of business
(133)
(2.04)
Income tax impact
0.35
Normalized tax rate adjustment (h)
(0.30)
Ongoing measure
$ 62
$ (0.21)
Net sales
$ 3,517
Ongoing EBIT margin
1.8 %
Note: Numbers may not reconcile due to rounding.
FIRST-QUARTER 2026 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool common shareholders and net earnings (loss) per diluted share available to Whirlpool common shareholders, for the three months ended March 31, 2026. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool common shareholders by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our first-quarter GAAP tax rate was (26.9)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our first-quarter adjusted tax rate (non-GAAP) of 25.0%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
March 31, 2026
Net earnings (loss) available to Whirlpool common shareholders
$ (85)
Mandatory convertible preferred stock dividends accumulated during the period
4
Net earnings (loss) available to noncontrolling interests
—
Income tax expense (benefit)
14
Interest expense
77
Earnings before interest & taxes
$ 9
Net sales
$ 3,273
Net earnings (loss) margin
(2.6) %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 9
$ (1.43)
Restructuring expense (a)
Restructuring costs
32
0.54
Impact of M&A
transactions (d)
Selling, general and
administrative
2
0.04
Income tax impact
(0.15)
Normalized tax rate adjustment (h)
0.44
Ongoing measure
$ 44
$ (0.56)
Net sales
$ 3,273
Ongoing EBIT margin
1.3 %
Note: Numbers may not reconcile due to rounding.
FOURTH-QUARTER 2025 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the three months ended December 31, 2025. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our fourth-quarter GAAP tax rate was 27.3%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our fourth-quarter adjusted tax rate (non-GAAP) of (29.7)%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
December 31, 2025
Net earnings (loss) available to Whirlpool
$ 108
Net earnings (loss) available to noncontrolling interests
3
Income tax expense (benefit)
37
Interest expense
85
Earnings before interest & taxes
$ 234
Net sales
$ 4,098
Net earnings (loss) margin
2.7 %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 234
$ 1.91
Restructuring expense (a)
Restructuring costs
46
0.80
Impairment of goodwill,
intangibles and other
assets (b)
Impairment of goodwill
and other intangibles
106
1.87
Impact of M&A
transactions (c)
(Gain) loss on sale and
disposal of businesses &
Selling, general, and
administrative
Equity method investment
income (loss), net of tax*
(15)
(0.26)
Income tax impact
(0.52)
Normalized tax rate
adjustment (f)
1.44
Ongoing measure
$ 135
$ 1.10
Net sales
$ 4,098
Ongoing EBIT margin
3.3 %
Note: Numbers may not reconcile due to rounding.
*Equity method investment in the Earnings before interest & taxes column is presented as (income) loss
THIRD-QUARTER 2025 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the three months ended September 30, 2025. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our third-quarter GAAP tax rate was 27.1%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our third-quarter adjusted tax rate (non-GAAP) of (33.5)%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
September 30, 2025
Net earnings (loss) available to Whirlpool
$ 73
Net earnings (loss) available to noncontrolling interests
3
Income tax expense (benefit)
33
Interest expense
92
Earnings before interest & taxes
$ 200
Net sales
$ 4,033
Net earnings (loss) margin
1.8 %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 200
$ 1.29
Restructuring expense (a)
Restructuring costs
6
0.10
Impact of M&A
transactions (d)
(Gain) loss on sale and
disposal of businesses &
Selling, general, and
administrative
(26)
(0.47)
Income tax impact
(0.12)
Normalized tax rate
adjustment (h)
1.29
Ongoing measure
$ 180
$ 2.09
Net sales
$ 4,033
Ongoing EBIT margin
4.5 %
Note: Numbers may not reconcile due to rounding.
SECOND-QUARTER 2025 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the three months ended June 30, 2025. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our second-quarter GAAP tax rate was 23.9%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our second-quarter adjusted tax rate (non-GAAP) of 22.5%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
June 30, 2025
Net earnings (loss) available to Whirlpool
$ 65
Net earnings (loss) available to noncontrolling interests
9
Income tax expense (benefit)
29
Interest expense
86
Earnings before interest & taxes
$ 190
Net sales
$ 3,773
Net earnings (loss) margin
1.7 %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 190
$ 1.17
Restructuring expense (a)
Restructuring costs
2
0.03
Impact of M&A
transactions (c)
Selling, general and
administrative
8
0.15
Income tax impact
(0.04)
Normalized tax rate
adjustment (f)
0.03
Ongoing measure
$ 200
$ 1.34
Net sales
$ 3,773
Ongoing EBIT margin
5.3 %
Note: Numbers may not reconcile due to rounding.
FIRST-QUARTER 2025 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the three months ended March 31, 2025. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our first-quarter GAAP tax rate was 31.1%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our first-quarter adjusted tax rate (non-GAAP) of 22.5%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
March 31, 2025
Net earnings (loss) available to Whirlpool
$ 71
Net earnings (loss) available to noncontrolling interests
7
Income tax expense (benefit)
43
Interest expense
77
Earnings before interest & taxes
$ 199
Net sales
$ 3,621
Net earnings (loss) margin
2.0 %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 199
$ 1.28
Restructuring expense (a)
Restructuring costs
10
0.17
Impact of M&A
transactions (c)
Selling, general and
administrative
5
0.09
Income tax impact
(0.06)
Normalized tax rate
adjustment (f)
0.22
Ongoing measure
$ 214
$ 1.70
Net sales
$ 3,621
Ongoing EBIT margin
5.9 %
Note: Numbers may not reconcile due to rounding.
FULL-YEAR 2025 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the twelve months ended December 31, 2025. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our full-year GAAP tax rate was 27.5%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of 3.5%.
Twelve Months Ended
Earnings Before Interest & Taxes Reconciliation:
December 31, 2025
Net earnings (loss) available to Whirlpool
$ 318
Net earnings (loss) available to noncontrolling interests
23
Income tax expense (benefit)
142
Interest expense
341
Earnings before interest & taxes
$ 824
Net sales
$ 15,524
Net earnings (loss) margin
2.2 %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 824
$ 5.66
Restructuring expense (a)
Restructuring costs
63
1.12
Impairment of goodwill,
intangibles and other
assets (c)
Impairment of goodwill
and other intangibles
106
1.89
Impact of M&A
transactions (d)
(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative
Equity method investment
income (loss), net of tax*
(15)
(0.26)
Total income tax impact
0.06
Normalized tax rate
adjustment (h)
2.19
Ongoing measure
$ 729
$ 6.23
Net Sales
$ 15,524
Ongoing EBIT Margin
4.7 %
Note: Numbers may not reconcile due to rounding.
*Equity method investment in the Earnings before interest & taxes column is presented as (income) loss
FULL-YEAR 2024 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the twelve months ended December 31, 2024. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our full-year GAAP tax rate was (5.5)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of (28.6)%.
Twelve Months Ended
Earnings Before Interest & Taxes Reconciliation:
December 31, 2024
Net earnings (loss) available to Whirlpool
$ (323)
Net earnings (loss) available to noncontrolling interests
18
Income tax expense (benefit)
10
Interest expense
358
Earnings before interest & taxes
$ 63
Net sales
$ 16,607
Net earnings (loss) margin
(1.9) %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 63
$ (5.87)
Restructuring expense (a)
Restructuring costs
79
1.44
Impairment of goodwill,
intangibles and other
assets (c)
Impairment of goodwill
and other intangibles
381
6.92
Impact of M&A
transactions (d)
(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative
Equity method investment
income (loss), net of tax*
74
1.34
Total income tax impact
4.28
Normalized tax rate
adjustment (h)
(1.16)
Ongoing measure
$ 887
$ 12.21
Net Sales
$ 16,607
Ongoing EBIT Margin
5.3 %
Note: Numbers may not reconcile due to rounding.
*Equity method investment in the Earnings before interest & taxes column is presented as (income) loss
FULL-YEAR 2026 OUTLOOK FOR ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings available to Whirlpool common shareholders and net earnings per diluted share available to Whirlpool common shareholders, for the twelve months ending December 31, 2026. Net earnings margin is calculated by dividing net earnings available to Whirlpool common shareholders by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our anticipated full-year GAAP tax rate is approximately 8.0%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our anticipated full-year adjusted tax (non-GAAP) rate of approximately 25.0%.
Twelve Months Ending
Earnings Before Interest & Taxes Reconciliation:
December 31, 2026
Net earnings (loss) available to Whirlpool common shareholders
(~$320)
Mandatory convertible preferred stock dividends accumulated during
the period
~40
Net earnings available to noncontrolling interests
—
Income tax expense (benefit)
(~15)
Interest expense
~350
Earnings before interest & taxes
~$55
Net sales
~$14,500
Net earnings margin
~(2.2) %
Twelve Months Ending
December 31, 2026
Results classification
Earnings before
interest & taxes*
Earnings per
diluted share
Reported measure
~$55
(~$4.95)
Restructuring Expense
Restructuring Costs
~170
~2.65
Impairment of equity
method investment
Equity method
investment income (loss),
net of tax
124
1.90
Impact of M&A transactions
Selling, general and
administrative &
(Gain) loss on sale and
disposal of business
(~110)
(1.75)
Trade customer bankruptcy
reorganization impact
Selling, general and
administrative
54
0.85
Total income tax impact
(0.40)
Normalized tax rate
adjustment (h)
0.40
Ongoing measure
~$293
(~$1.30)
Net Sales
~$14,500
Ongoing EBIT Margin
2.0 - 2.2 %
Note: Numbers may not reconcile due to rounding.
FOURTH-QUARTER 2026 OUTLOOK FOR ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings available to Whirlpool common shareholders and net earnings per diluted share available to Whirlpool common shareholders, for the three months ending December 31, 2026. Net earnings margin is calculated by dividing net earnings available to Whirlpool common shareholders by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our anticipated fourth-quarter GAAP tax rate is approximately 47.5%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our anticipated fourth-quarter adjusted tax (non-GAAP) rate of approximately 25.0%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
December 31, 2026
Net earnings (loss) available to Whirlpool common shareholders
(~$55)
Mandatory convertible preferred stock dividends accumulated during
the period
~12
Net earnings available to noncontrolling interests
—
Income tax expense (benefit)
(~40)
Interest expense
~103
Earnings before interest & taxes
~$21
Net sales
~$4,000
Net earnings margin
~(0.4) %
Three Months Ending
December 31, 2026
Results classification
Earnings before
interest & taxes*
Earnings per
diluted share
Reported measure
~$21
(~$0.83)
Restructuring Expense
Restructuring Costs
~62
~0.94
Impact of M&A transactions
Selling, general and
administrative &
(Gain) loss on sale and
disposal of business
~5
0.08
Total income tax impact
(0.26)
Normalized tax rate adjustment (h)
(0.29)
Ongoing measure
~$89
(~$0.35)
Net Sales
~$4,000
Ongoing EBIT Margin
~2.2 %
Note: Numbers may not reconcile due to rounding.
FOOTNOTES
a.
RESTRUCTURING EXPENSE - On July 1, 2026, the Company announced restructuring actions related to the closure of its Supsa manufacturing facility in Apodaca, Mexico which is expected to cease production by the second quarter of 2027. The Company incurred $33 million and $24 million in related expenses in the second and third quarters of 2026, respectively.
In the third quarter of 2026, the company incurred an additional $11 million in other restructuring for previously approved restructuring actions.
In March 2026, the Company committed to workforce reduction plans and multi-region footprint optimization plans in the United States and globally, in an effort to reduce complexity and simplify our organization. The plan includes severance and impairment charges. Total costs for these actions in the second quarter of 2026 were $3 million.
In the second quarter of 2026, the company incurred an additional $5 million in other restructuring for previously approved restructuring actions.
In the first and third quarters of 2025, restructuring actions were announced related to organizational simplification efforts. In 2025, we incurred $63 million in costs related to multi-region footprint optimization.
In March 2024, the Company committed to workforce reduction plans in the United States and globally, in an effort to reduce complexity and simplify our organizational model after the European major domestic appliance transaction. The workforce reduction plans included involuntary severance actions as of the end of the first quarter of 2024. Total costs for these actions were $21 million, of which we incurred $14 million in employee termination costs and $7 million in other associated costs.
During the second quarter of 2024, the Company evaluated additional restructuring actions as part of the Company's organizational simplification efforts. Total costs for these actions were $58 million, which were primarily employee termination costs.
b.
IMPAIRMENT OF EQUITY METHOD INVESTMENT – During the third quarter of 2026, the Company recorded a non-cash impairment charge of $124 million related to its equity method investment in Whirlpool India. The impairment was driven by a prolonged decline in the market value of Whirlpool India based on its stock price. The charge was recognized within Equity method investment income (loss), net of tax in the Consolidated Condensed Statements of Comprehensive Income (Loss).
c.
IMPAIRMENT OF GOODWILL, INTANGIBLES AND OTHER ASSETS - During the fourth quarter of 2025, we determined the carrying value of the JennAir trademark exceeded its fair value, resulting in an impairment charge of $106 million.
During the fourth quarter of 2024, we determined that the carrying value of the Maytag trademark exceeded its fair value, resulting in an impairment charge of $381 million.
d.
IMPACT OF M&A TRANSACTIONS - In the fourth quarter of 2025, we sold an 11% stake in our India business and deconsolidated, resulting in a gain of $251 million. In the second and third quarters of 2026 we incurred $2 million in related M&A transaction costs per quarter. In addition, in the first through third quarter of 2025, we incurred $15 million in related M&A transaction costs that are recorded in Selling, General and Administrative expenses on our Consolidated Condensed Statements of Comprehensive Income (Loss).
The Company incurred other unique transaction related costs related to portfolio transformation for a total of $11 million for the three months ended September 30, 2026. These transaction costs are recorded in Selling, General and Administrative expenses on our Consolidated Condensed Statements of Comprehensive Income (Loss).
In June 2026, we reached an agreement with Arcelik to sell Whirlpool's remaining 25% stake in Beko to Beko BV (a subsidiary of Arcelik), accelerate and terminate certain deferred rights related to the August 2022 divestiture of our Russian business, and simplify and eliminate certain long-term obligations and liabilities between Whirlpool and Arcelik. Furthermore, Whirlpool received cash consideration and acquired a ~2.9% equity stake in Arcelik under the terms of the agreement. In connection with the transaction, we received net cash proceeds of $84 million and recorded a gain of $139 million for the three months ended June 30, 2026. The total transaction amount includes $82 million from the sale of our Beko stake, $46 million from the termination of the Russia agreement, and $11 million from the release of previously accrued indemnities and other comprehensive income.
Additionally, the Company incurred other unique transaction related costs related to portfolio transformation for $4 million for the three months ended June 30, 2026. These transaction costs are recorded in Selling, General and Administrative expenses on our Consolidated Condensed Statements of Comprehensive Income (Loss).
The Company incurred unique transaction related costs related to portfolio transformation for a total of $4 million for the three months ended September 30, 2025.
Additionally, in the third quarter of 2025, we released a $30 million reserve related to an indemnity that was no longer considered probable. This gain is recorded in Loss (Gain) on Sale and Disposal of Businesses on our Consolidated Condensed Statements of Comprehensive Income (Loss).
On January 16, 2023, the Company signed a contribution agreement to contribute our European major domestic appliance business into a newly formed entity with Arcelik. In connection with the transaction, which closed on April 1, 2024, the Company recorded a loss on disposal of $298 million for the twelve months ended December 31, 2024.
The Company incurred other unique transaction related costs related to portfolio transformation for $28 million for the twelve months ended December 31, 2024. These transaction costs are recorded in Selling, General and Administrative expenses on our Consolidated Condensed Statements of Comprehensive Income (Loss).
In the third quarter of 2024, we recorded a gain of $34 million related to the sale of the Company's Brastemp-branded water filtration subscription business related to our portfolio transformation
e.
TRADE CUSTOMER BANKRUPTCY REORGANIZATION IMPACT - During the third quarter of 2026, the Company recorded a charge of $54 million related to the bankruptcy reorganization of a significant trade customer in Latin America, which is not indicative of ongoing operational performance. This charge includes $46 million of trade customer credit losses, net of expected credit insurance recoveries (reflecting $157 million of gross accounts receivable impairments, net of $112 million of expected credit insurance recoveries), and $8 million of other direct charges resulting from the event.
f.
LEGACY EMEA LEGAL MATTERS - During the second quarter of 2025 and fourth quarter of 2024 we recorded immaterial amounts related to legacy matters of our European major domestic appliance business.
g.
EQUITY METHOD INVESTEE - RESTRUCTURING CHARGES - During the fourth quarter of 2024, we recorded our proportionate share of restructuring charges related to certain previously announced restructuring actions by our European equity method investee. During the fourth quarter of 2025, we reversed $15 million of this provision.
h.
NORMALIZED TAX RATE ADJUSTMENT - During the third quarter of 2026, the Company calculated a GAAP tax rate of (6.8)%. Ongoing earnings per share was calculated using an adjusted tax rate of 25.0%, which excludes the tax impacts related to M&A transaction costs, impairment of equity method investment in Whirlpool India, trade customer bankruptcy reorganization impacts and restructuring actions.
For the full year 2025, the Company calculated a GAAP tax rate of 27.5%. Ongoing earnings per share was calculated using an adjusted tax rate of 3.5%, which excludes the tax impacts related to M&A transactions, the JennAir intangible impairment charge, and restructuring actions.
For the full year 2024, the Company calculated a GAAP tax rate of (5.5)%. Ongoing earnings per share was calculated using an adjusted tax rate of (28.6)%, which excludes the tax impacts related to M&A transactions, the Maytag intangible impairment charge, and certain other tax impacts related to the Europe transaction.
Additionally, in the full-year 2026 outlook, the Company calculated ongoing earnings per share using a full-year adjusted tax (non-GAAP) rate of approximately 25.0%.
NET SALES AND ONGOING EBIT EXCLUDING MDA INDIA 2025
The reconciliation provided below reconciles the impact of removing MDA India from our net sales and ongoing EBIT for the twelve months ended December 31, 2025 for the Whirlpool business. Please see elsewhere in this Supplemental Information section for a reconciliation of Ongoing EBIT to GAAP reported net earnings (loss) available to Whirlpool.
2025 As
Reported
MDA India*
2025
Like-for-Like
Net Sales (in billions)
$15.5
$0.8
~$14.7
Ongoing EBIT (in millions)
$729
$41
~$688
Ongoing EBIT Margin
4.7 %
5.0 %
~4.7 %
Note: Numbers may not reconcile due to rounding.
*2025 India financial data (unaudited).
NET SALES AND ONGOING EBIT EXCLUDING MDA EUROPE 2024 FIRST QUARTER AND MDA INDIA 2024 DECEMBER
The reconciliation provided below reconciles the impact of removing Q1 MDA Europe from our net sales and ongoing EBIT for the twelve months ended December 31, 2024 for the Whirlpool business. Please see elsewhere in this Supplemental Information section for a reconciliation of Ongoing EBIT to GAAP reported net earnings (loss) available to Whirlpool.
2024 As
Reported
Q1 2024
MDA Europe*
2024 MDA
India**
2024
Like-for-Like
Net Sales (in billions)
$16.6
$0.8
$0.9
~$14.9
Ongoing EBIT (in millions)
$887
($9)
$32
~$864
Ongoing EBIT Margin
5.3 %
(1.1) %
3.6 %
~5.8 %
Note: Numbers may not reconcile due to rounding.
*Q1 historical segment financial data (unaudited).
**India financial data (unaudited).
Net Sales Year Over Year Change Walk
The reconciliation provided below reconciles the year over year change in net sales percentage utilizing like-for-like net sales figures.
Net Sales
Twelve Months Ended December 31,
(Approximate impact in
billions of dollars)
2024 Like-for-Like
$14.9
2025 Like-for-Like
$14.7
YoY Change
(1.4) %
2025 Like-for-Like
$14.7
2026 Outlook
$14.5
YoY Change
(1.5) %
Note: Numbers may not reconcile due to rounding.
FREE CASH FLOW
Free cash flow is cash provided by (used in) operating activities after capital expenditures. The reconciliation provided below reconciles nine months ended September 30, 2026 and 2025 and 2026 full-year free cash flow with cash provided by (used in) operating activities, the most directly comparable GAAP financial measure. Free cash flow as a percentage of net sales is calculated by dividing free cash flow by net sales.
Nine Months Ended
September 30,
(millions of dollars)
2026
2025
2026 Outlook
Cash provided by (used in) operating activities
$ (826)
$ (669)
~$700
Capital expenditures
(255)
(239)
(~400)
Free cash flow
$ (1,081)
$ (907)
~$300
Cash provided by (used in) investing activities*
$ (148)
$ (239)
Cash provided by (used in) financing activities*
$ 1,380
$ 503
*Financial guidance on a GAAP basis for cash provided by (used in) financing activities and cash provided by (used in) investing activities has not been provided because in order to prepare any such estimate or projection, the Company would need to rely on market factors and certain other conditions and assumptions that are outside of its control.
EQUITY METHOD INVESTMENT INCOME (LOSS), NET OF TAX
The reconciliation provided below reconciles the non-GAAP financial measure ongoing equity method investment income (loss), net of tax to GAAP reported equity method investment income (loss), net of tax, for the three months ended September 30, 2025 and 2026 for the Whirlpool business.
Three Months Ended
September 30,
2026
2025
Equity method investment income (loss), net of tax
$ (118)
$ (11)
Impairment of Equity Method Investment
124
—
Ongoing Measure
$ 6
$ (11)
Note: Numbers may not reconcile due to rounding.
ORGANIC NET SALES
The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for three months ended September 30, 2025 and 2026 for the Whirlpool business.
, /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today its operating results for the three and nine months ended September 30, 2026. For the three months ended September 30, 2026 and 2025, net income attributable to Brixmor Property Group Inc. was $0.28 per diluted share and $0.31 per diluted share, respectively, and for the nine months ended September 30, 2026 and 2025, net income attributable to Brixmor Property Group Inc. was $0.94 per diluted share and $0.81 per diluted share, respectively.
Key highlights for the three months ended September 30, 2026 include:
Executed 1.6 million square feet of new and renewal leases, with rent spreads on comparable space of 25.3%, including new lease rent spreads on comparable space of 42.6% and renewal lease rent spreads on comparable space of 19.4% Increased total leased occupancy to a record 95.6%, anchor leased occupancy to 97.0%, and small shop leased occupancy to a record 92.8%Commenced $17.7 million of annualized base rentLeased to billed occupancy spread totaled 420 basis pointsSigned but not yet commenced new lease population represented 3.1 million square feet and $68.9 million of annualized base rentReported an increase in same property NOI of 6.6%, including a contribution from base rent of 480 basis pointsReported Nareit FFO of $184.6 million, or $0.60 per diluted shareAdded $36.7 million of new reinvestment projects to the in process pipeline at an expected average incremental NOI yield of 11%, including a Publix redevelopment in Port St. Lucie, FloridaStabilized $54.6 million of reinvestment projects at an average incremental NOI yield of 10%, with the in process reinvestment pipeline totaling $331.8 million at an expected average incremental NOI yield of 10%Completed $49.5 million of acquisitions and $42.8 million of dispositionsOn September 28, 2026, the Company announced that it entered into definitive agreements, together with Everview Partners, to acquire Slate Grocery REIT in a transaction valued at approximately $2.34 billion (the "Slate Transaction"). Under the Slate Transaction, Brixmor will acquire a 23-property grocery-anchored portfolio for approximately $636 million and will hold a 20% common equity interest and an approximately $174 million preferred equity investment in a joint venture with Everview Partners (the "Everview JV") that will acquire an additional 92 properties for approximately $1.71 billion. The transaction is expected to close in the first quarter of 2027, subject to customary closing conditions including approval by Slate Grocery REIT unitholdersSubsequent events:
Increased the quarterly dividend by 7.3% to $0.3300 per common share (equivalent to $1.32 per annum), which represents an annualized yield of approximately 4.7% as of October 23, 2026Completed a $4.8 million acquisitionUpdated previously provided Nareit FFO per diluted share expectations for 2026 to $2.36 - $2.38 from $2.35 - $2.37 and same property NOI growth expectations for 2026 to 5.50% - 5.75% from 5.00% - 5.75%"Our third quarter results were highlighted by continued leasing momentum, strong same property NOI growth, and record occupancy," commented Brian T. Finnegan, Chief Executive Officer and President. "These results reinforce the strength of our operating platform, while the growth embedded in our signed but not yet commenced pipeline and reinvestment program provide exceptional visibility into future earnings and cash flow growth. We are excited to build on this momentum through the Slate Transaction by expanding our opportunity set and creating additional avenues to drive long-term shareholder value."
FINANCIAL HIGHLIGHTS
The following table summarizes the Company's net income attributable to Brixmor Property Group Inc. and Nareit FFO:(Unaudited, dollars in millions, except per share amounts)
Three Months Ended
Nine Months Ended
9/30/2026
9/30/2025
9/30/2026
9/30/2025
Net income attributable to Brixmor Property Group Inc.
$87.8
$94.2
$289.0
$249.1
Net income attributable to Brixmor Property Group Inc. per diluted share
$0.28
$0.31
$0.94
$0.81
Nareit FFO
$184.6
$172.3
$542.7
$514.9
Nareit FFO per diluted share
$0.60
$0.56
$1.76
$1.67
Items that impact FFO comparability
$(0.1)
$0.0
$(0.2)
$(0.3)
Items that impact FFO comparability, net per share
$(0.00)
$0.00
$(0.00)
$(0.00)
Same Property NOI Performance
For the three months ended September 30, 2026, the Company reported an increase in same property NOI of 6.6% versus the comparable 2025 period.For the nine months ended September 30, 2026, the Company reported an increase in same property NOI of 6.2% versus the comparable 2025 period.Dividend
The Company's Board of Directors declared a quarterly cash dividend of $0.3300 per common share (equivalent to $1.32 per annum), which represents a 7.3% increase.The dividend is payable on January 15, 2027 to stockholders of record on January 5, 2027.PORTFOLIO AND INVESTMENT ACTIVITY
Value Enhancing Reinvestment Opportunities
During the three months ended September 30, 2026, the Company stabilized four value enhancing reinvestment projects with a total aggregate net cost of approximately $54.6 million at an average incremental NOI yield of 10% and added six new reinvestment projects to its in process pipeline with a total aggregate net estimated cost of approximately $36.7 million at an expected average incremental NOI yield of 11%.The following table summarizes the Company's in process reinvestment pipeline as of September 30, 2026:(Dollars in millions)
Number of Projects
Net Estimated Costs
Expected NOI Yield
Anchor space repositioning
15
$77.4
7% - 14%
Outparcel development
16
24.7
15 %
Redevelopment
15
229.7
11 %
Total
46
$331.8
10 %
Follow Brixmor on LinkedIn for video updates on reinvestment projects at https://www.linkedin.com/company/brixmor.Acquisitions
During the three months ended September 30, 2026, the Company acquired Village West Shopping Center, a 195,862 square foot grocery-anchored community center located in the growing Inland Empire, California trade area (Riverside-San Bernardino-Ontario, CA), for $49.5 million. Village West Shopping Center is anchored by a market-dominant Stater Bros. grocer and has significant value creation and remerchandising opportunities, including near-term leasing of vacancies, below-market lease expirations, and densification potential. During the nine months ended September 30, 2026, the Company acquired five shopping centers for $213.8 million.Subsequent to September 30, 2026, the Company acquired an outparcel at an existing shopping center for $4.8 million. Dispositions
During the three months ended September 30, 2026, the Company generated approximately $42.8 million of gross proceeds from the disposition of two shopping centers.During the nine months ended September 30, 2026, the Company generated approximately $165.8 million of gross proceeds from the disposition of eight shopping centers.CAPITAL STRUCTURE
At September 30, 2026, the Company had $1.5 billion in liquidity, which does not include a commitment letter for up to $988.0 million of senior unsecured term loan financing available in connection with the Slate Transaction.At September 30, 2026, the Company's net principal debt to adjusted EBITDA, current quarter annualized was 5.2x and net principal debt to adjusted EBITDA, trailing twelve months was 5.3x.GUIDANCE
The Company has updated its previously provided Nareit FFO per diluted share expectations for 2026 to $2.36 - $2.38 from $2.35 - $2.37 and its same property NOI growth expectations for 2026 to 5.50% - 5.75% from 5.00% - 5.75%.Revenues deemed uncollectible are expected to total 60 - 85 basis points of total expected revenues in 2026.2026 expectations do not include any additional items that impact FFO comparability, which include gain or loss on extinguishment of debt, net, and transaction expenses, net, or any other one-time items.The following table provides a reconciliation of the range of the Company's 2026 estimated net income attributable to Brixmor Property Group Inc. to Nareit FFO: (Unaudited, dollars in millions, except per share amounts)
2026E
2026E Per
Diluted Share
Net income attributable to Brixmor Property Group Inc.
$368 - $374
$1.20 - $1.22
Depreciation and amortization related to real estate
423
1.37
Gain on sale of real estate assets
(71)
(0.23)
Impairment of real estate assets
7
0.02
Nareit FFO
$727 - $733
$2.36 - $2.38
CONNECT WITH BRIXMOR
For additional information, please visit https://www.brixmor.com;Follow Brixmor on:LinkedIn at https://www.linkedin.com/company/brixmorFacebook at https://www.facebook.com/BrixmorInstagram at https://www.instagram.com/brixmorpropertygroup; andYouTube at https://www.youtube.com/user/Brixmor.CONFERENCE CALL AND SUPPLEMENTAL INFORMATION
The Company will host a teleconference on Tuesday, October 27, 2026 at 10:00 AM ET. To participate, please dial 877.704.4453 (domestic) or 201.389.0920 (international) within 15 minutes of the scheduled start of the call. The teleconference can also be accessed via a live webcast at https://www.brixmor.com in the Investors section. A replay of the teleconference will be available through November 10, 2026 by dialing 844.512.2921 (domestic) or 412.317.6671 (international) (Passcode: 13762372) or via the web through October 27, 2027 at https://www.brixmor.com in the Investors section.
The Company's Supplemental Disclosure will be posted at https://www.brixmor.com in the Investors section. These materials are also available to all interested parties upon request to the Company at [email protected] or 800.468.7526.
NON-GAAP PERFORMANCE MEASURES
The Company presents the non-GAAP performance measures set forth below. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP. The Company's computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance. A reconciliation of net income to these non-GAAP performance measures is presented in the attached tables.
Nareit FFO
Nareit FFO is a supplemental, non-GAAP performance measure utilized to evaluate the operating and financial performance of real estate companies. Nareit defines FFO as net income (calculated in accordance with GAAP) excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated joint ventures calculated to reflect FFO on the same basis. Considering the nature of its business as a real estate owner and operator, the Company believes that Nareit FFO is useful to investors in measuring its operating and financial performance because the definition excludes items included in net income (calculated in accordance with GAAP) that do not relate to or are not indicative of the Company's operating and financial performance, such as depreciation and amortization related to real estate, and items which can make periodic and peer analyses of operating and financial performance more difficult, such as gains and losses from the sale of certain real estate assets and impairment write-downs of certain real estate assets.
Same Property NOI
Same property NOI is a supplemental, non-GAAP performance measure utilized to evaluate the operating performance of real estate companies. Same property NOI is calculated (using properties owned for the entirety of both periods and excluding properties under development and completed new development properties that have been stabilized for less than one year) as total property revenues (base rent, expense reimbursements, adjustments for revenues deemed uncollectible, ancillary and other rental income, percentage rents, and other revenues) less direct property operating expenses (operating costs and real estate taxes). Same property NOI excludes (i) lease termination fees, (ii) straight-line rental income, net, (iii) accretion of below-market leases, net of amortization of above-market leases and tenant inducements, (iv) straight-line ground rent expense, net, (v) income or expense associated with the Company's captive insurance company, (vi) depreciation and amortization, (vii) impairment of real estate assets, (viii) general and administrative expense, and (ix) other income and expense (including interest expense and gain on sale of real estate assets). Considering the nature of its business as a real estate owner and operator, the Company believes that NOI is useful to investors in measuring the operating performance of its portfolio because the definition excludes various items included in net income that do not relate to, or are not indicative of, the operating performance of the Company's properties, such as lease termination fees, straight-line rental income, net, income or expense associated with the Company's captive insurance company, accretion of below-market leases, net of amortization of above-market leases and tenant inducements, straight-line ground rent expense, net, depreciation and amortization, impairment of real estate assets, general and administrative expense, and other income and expense (including interest expense and gain on sale of real estate assets). The Company believes that same property NOI is also useful to investors because it further eliminates disparities in NOI by only including NOI of properties owned for the entirety of both periods presented and excluding properties under development and completed new development properties that have been stabilized for less than one year and therefore provides a more consistent metric for comparing the operating performance of the Company's real estate between periods.
Net Principal Debt to Adjusted EBITDA, current quarter annualized & Net Principal Debt to Adjusted EBITDA, trailing twelve months
Net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are supplemental non-GAAP measures utilized to evaluate the performance of real estate companies in relation to outstanding debt. Net principal debt is calculated as Debt obligations, net (calculated in accordance with GAAP) excluding net unamortized premium or discount and deferred financing fees less cash, cash equivalents, and restricted cash. Adjusted EBITDA is calculated as the sum of net income (calculated in accordance with GAAP) before non-controlling interests excluding (i) interest expense, (ii) federal and state taxes, (iii) depreciation and amortization, (iv) gains and losses from the sale of certain real estate assets, (v) gains and losses from change in control, (vi) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, (vii) gain (loss) on extinguishment of debt, net, and (viii) other items that the Company believes are not indicative of the Company's operating performance. Net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are calculated as net principal debt divided by quarterly annualized adjusted EBITDA or trailing twelve month adjusted EBITDA, respectively. Considering the nature of its business as a real estate owner and operator, the Company believes that net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are useful to investors in measuring its operating performance because they exclude items included in net income (calculated in accordance with GAAP) that do not relate to or are not indicative of the operating performance of the Company's real estate, are widely known and understood measures of performance, independent of a company's capital structure and items which can make periodic and peer analyses of performance more difficult, and can provide investors with a more consistent basis by which to compare the Company with its peers.
ABOUT BRIXMOR PROPERTY GROUP
Brixmor (NYSE: BRX) owns and operates a high-quality, national portfolio of open-air shopping centers. The Company's 345 retail centers comprise approximately 62 million square feet of prime retail space in established trade areas (the "Portfolio"). Brixmor's properties reflect its vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a valued partner to a broad range of retailers, including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.
Brixmor announces material information to its investors in SEC filings and press releases and on public conference calls, webcasts and the "Investors" page of its website at https://www.brixmor.com. The Company also uses social media to communicate with its investors and the public, and the information Brixmor posts on social media may be deemed material information. Therefore, Brixmor encourages investors and others interested in the Company to review the information that it posts on its website and on its social media channels.
SAFE HARBOR LANGUAGE
This press release may contain 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 statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under the sections entitled "Forward-Looking Statements" and "Risk Factors" in our Form 10-K for the year ended December 31, 2025, and our Form 10-Q for the quarter ended September 30, 2026, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at https://www.sec.gov. These factors include, but are not limited to: (1) changes in national, regional, and local economies, due to global events such as international geopolitical conflicts, international trade disputes, a foreign debt crisis, foreign currency volatility, or due to domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, general economic contractions, ongoing levels of inflation and interest rates, unemployment, or limited growth in consumer income or spending; (2) local real estate market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in our Portfolio; (3) competition from other available properties and e-commerce; (4) disruption and/or consolidation in the retail sector, the financial stability of our tenants, and the overall financial condition of large retailing companies, including their ability to pay rent and/or expense reimbursements that are due to us; (5) in the case of percentage rents, the sales volumes of our tenants; (6) increases in property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, which are relatively inflexible and generally do not decrease if revenue or occupancy decrease; (7) increases in the costs to repair, renovate, and re-lease space; (8) earthquakes, wildfires, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, epidemics and/or pandemics, civil unrest, terrorist acts, or acts of war, any of which may result in uninsured or underinsured losses; (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, privacy, data security, intellectual property rights, and taxes; (10) cybersecurity incidents or other disruptions to information technology systems used by us, our tenants, or our vendors, which could compromise data or impair business operations; and (11) risks relating to the pending Slate Transaction, including the ability of us and the Everview JV to successfully and timely close the Slate Transaction, the risk we do not realize the expected benefits of the Slate Transaction or are subjected to unexpected liabilities and expenses, and the risk we are unable to successfully integrate the operations of the properties we are acquiring in the Slate Transaction or manage the Everview JV. Brixmor disclaims any obligation or undertaking to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
CONSOLIDATED BALANCE SHEETS
Unaudited, dollars in thousands, except share information
As of
As of
9/30/2026
12/31/2025
Assets
Real estate
Land
$ 1,867,480
$ 1,849,779
Buildings and tenant improvements
9,483,171
9,296,849
Construction in progress
71,276
92,129
Lease intangibles
566,163
548,740
11,988,090
11,787,497
Accumulated depreciation and amortization
(3,782,174)
(3,588,646)
Real estate, net
8,205,916
8,198,851
Cash and cash equivalents
164,428
334,422
Restricted cash
19,050
27,108
Marketable securities
21,846
21,283
Receivables, net, including straight-line rent receivables of $256,014 and $237,837, respectively
318,952
315,128
Deferred charges and prepaid expenses, net
178,016
169,326
Real estate assets held for sale
-
4,551
Other assets
114,633
62,468
Total assets
$ 9,022,841
$ 9,133,137
Liabilities
Debt obligations, net
$ 5,322,955
$ 5,494,753
Accounts payable, accrued expenses and other liabilities
649,178
628,328
Total liabilities
5,972,133
6,123,081
Redeemable non-controlling interests
30,821
-
Equity
Common stock, $0.01 par value; authorized 3,000,000,000 shares;
315,999,308 and 315,231,761 shares issued and 306,872,316 and 306,104,769
shares outstanding
3,068
3,061
Additional paid-in capital
3,431,754
3,437,853
Accumulated other comprehensive income
13,012
1,722
Distributions in excess of net income
(428,189)
(432,822)
Total stockholders' equity
3,019,645
3,009,814
Non-controlling interests
242
242
Total equity
3,019,887
3,010,056
Total liabilities and equity
$ 9,022,841
$ 9,133,137
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited, dollars in thousands, except per share amounts
Three Months Ended
Nine Months Ended
9/30/2026
9/30/2025
9/30/2026
9/30/2025
Revenues
Rental income
$ 358,546
$ 340,618
$ 1,066,775
$ 1,017,256
Other revenues
1,052
225
1,841
591
Total revenues
359,598
340,843
1,068,616
1,017,847
Operating expenses
Operating costs
40,921
38,891
127,062
117,979
Real estate taxes
46,290
45,455
135,972
133,907
Depreciation and amortization
106,427
103,234
321,887
312,108
Impairment of real estate assets
683
16,075
6,657
16,075
General and administrative
27,297
26,772
83,347
84,038
Total operating expenses
221,618
230,427
674,925
664,107
Other income (expense)
Dividends and interest
1,364
1,191
8,481
4,087
Interest expense
(59,176)
(56,680)
(179,466)
(165,173)
Gain on sale of real estate assets
8,863
40,018
70,780
58,843
Loss on extinguishment of debt, net
-
-
-
(296)
Other
(889)
(703)
(3,925)
(2,076)
Total other expense
(49,838)
(16,174)
(104,130)
(104,615)
Net income
88,142
94,242
289,561
249,125
Net income attributable to non-controlling interests
(388)
(7)
(546)
(22)
Net income attributable to Brixmor Property Group Inc.
$ 87,754
$ 94,235
$ 289,015
$ 249,103
Net income attributable to Brixmor Property Group Inc. per common share:
Basic
$ 0.29
$ 0.31
$ 0.94
$ 0.81
Diluted
$ 0.28
$ 0.31
$ 0.94
$ 0.81
Weighted average shares:
Basic
307,305
307,193
307,248
307,132
Diluted
308,135
308,084
307,997
307,974
FUNDS FROM OPERATIONS (FFO)
Unaudited, dollars in thousands, except per share amounts
Three Months Ended
Nine Months Ended
9/30/2026
9/30/2025
9/30/2026
9/30/2025
Net income attributable to Brixmor Property Group Inc.
$ 87,754
$ 94,235
$ 289,015
$ 249,103
Depreciation and amortization related to real estate
105,042
101,995
317,851
308,534
Gain on sale of real estate assets
(8,863)
(40,018)
(70,780)
(58,843)
Impairment of real estate assets
683
16,075
6,657
16,075
Nareit FFO
$ 184,616
$ 172,287
$ 542,743
$ 514,869
Nareit FFO per diluted share
$ 0.60
$ 0.56
$ 1.76
$ 1.67
Weighted average diluted shares outstanding
308,135
308,084
307,997
307,974
Items that impact FFO comparability
Transaction expenses, net
$ (115)
$ -
$ (165)
$ (22)
Loss on extinguishment of debt, net
-
-
-
(296)
Total items that impact FFO comparability
$ (115)
$ -
$ (165)
$ (318)
Items that impact FFO comparability, net per share
$ (0.00)
$ -
$ (0.00)
$ (0.00)
Additional Disclosures
Straight-line rental income, net
$ 7,680
$ 9,858
$ 21,473
$ 27,120
Accretion of below-market leases, net of amortization of above-market leases and tenant
inducements
3,363
5,124
11,161
11,813
Straight-line ground rent expense, net (1)
(335)
(158)
(656)
(433)
Dividends declared per share
$ 0.3075
$ 0.2875
$ 0.9225
$ 0.8625
Dividends declared
$ 94,363
$ 88,004
$ 283,078
$ 263,999
Dividend payout ratio (as % of Nareit FFO)
51.1 %
51.1 %
52.2 %
51.3 %
(1) Straight-line ground rent expense, net is included in Operating costs on the Consolidated Statements of Operations.
SAME PROPERTY NOI ANALYSIS
Unaudited, dollars in thousands
Three Months Ended
Nine Months Ended
9/30/2026
9/30/2025
Change
9/30/2026
9/30/2025
Change
Same Property NOI Analysis
Number of properties
338
338
- %
335
335
- %
Percent billed
91.3 %
90.5 %
0.8 %
91.3 %
90.5 %
0.8 %
Percent leased
95.6 %
94.4 %
1.2 %
95.5 %
94.4 %
1.1 %
Revenues
Base rent
$ 245,397
$ 234,122
$ 716,532
$ 685,753
Expense reimbursements
80,372
74,704
235,263
221,544
Revenues deemed uncollectible
(3,710)
(3,015)
(6,669)
(7,514)
Ancillary and other rental income / Other revenues
10,284
8,061
28,644
22,333
Percentage rents
1,873
1,204
9,471
7,880
334,216
315,076
6.1 %
983,241
929,996
5.7 %
Operating expenses
Operating costs
(39,375)
(36,891)
(119,198)
(111,198)
Real estate taxes
(45,004)
(43,711)
(130,068)
(127,948)
(84,379)
(80,602)
4.7 %
(249,266)
(239,146)
4.2 %
Same property NOI
$ 249,837
$ 234,474
6.6 %
$ 733,975
$ 690,850
6.2 %
NOI margin
74.8 %
74.4 %
74.6 %
74.3 %
Expense recovery ratio
95.3 %
92.7 %
94.4 %
92.6 %
Percent Contribution to Same Property NOI Performance:
Change
Percent
Contribution
Change
Percent
Contribution
Base Rent
$ 11,275
4.8 %
$ 30,779
4.5 %
Revenues deemed uncollectible
(695)
(0.3) %
845
0.1 %
Net expense reimbursements
1,891
0.8 %
3,599
0.5 %
Ancillary and other rental income / Other revenues
2,223
1.0 %
6,311
0.9 %
Percentage rents
669
0.3 %
1,591
0.2 %
6.6 %
6.2 %
Reconciliation of Net income attributable to Brixmor Property Group Inc. to Same Property NOI
Net income attributable to Brixmor Property Group Inc.
$ 87,754
$ 94,235
$ 289,015
$ 249,103
Adjustments:
Non-same property NOI
(7,813)
(6,599)
(31,228)
(30,548)
Lease termination fees
(4,029)
(600)
(8,401)
(6,063)
Straight-line rental income, net
(7,680)
(9,858)
(21,473)
(27,120)
Accretion of below-market leases, net of amortization of above-market leases
and tenant inducements
(3,363)
(5,124)
(11,161)
(11,813)
Straight-line ground rent expense, net
335
158
656
433
Depreciation and amortization
106,427
103,234
321,887
312,108
Impairment of real estate assets
683
16,075
6,657
16,075
General and administrative
27,297
26,772
83,347
84,038
Total other expense
49,838
16,174
104,130
104,615
Net income attributable to non-controlling interests
388
7
546
22
Same Property NOI
$ 249,837
$ 234,474
$ 733,975
$ 690,850
EBITDA & RECONCILIATION OF DEBT OBLIGATIONS, NET TO NET PRINCIPAL DEBT
Unaudited, dollars in thousands
Three Months Ended
Nine Months Ended
9/30/2026
9/30/2025
9/30/2026
9/30/2025
Net income
$ 88,142
$ 94,242
$ 289,561
$ 249,125
Interest expense
59,176
56,680
179,466
165,173
Federal and state taxes
714
653
2,397
2,113
Depreciation and amortization
106,427
103,234
321,887
312,108
EBITDA
254,459
254,809
793,311
728,519
Gain on sale of real estate assets
(8,863)
(40,018)
(70,780)
(58,843)
Impairment of real estate assets
683
16,075
6,657
16,075
EBITDAre
$ 246,279
$ 230,866
$ 729,188
$ 685,751
EBITDAre
$ 246,279
$ 230,866
$ 729,188
$ 685,751
Transaction expenses, net
115
-
165
22
Loss on extinguishment of debt, net
-
-
-
296
Total adjustments
115
-
165
318
Adjusted EBITDA
$ 246,394
$ 230,866
$ 729,353
$ 686,069
Adjusted EBITDA
$ 246,394
$ 230,866
$ 729,353
$ 686,069
Straight-line rental income, net
(7,680)
(9,858)
(21,473)
(27,120)
Accretion of below-market leases, net of amortization of above-market leases and tenant
inducements
(3,363)
(5,124)
(11,161)
(11,813)
Straight-line ground rent expense, net (1)
335
158
656
433
Total adjustments
(10,708)
(14,824)
(31,978)
(38,500)
Cash Adjusted EBITDA
$ 235,686
$ 216,042
$ 697,375
$ 647,569
(1) Straight-line ground rent expense, net is included in Operating costs on the Consolidated Statements of Operations.
Reconciliation of Debt Obligations, Net to Net Principal Debt
As of
9/30/2026
Debt obligations, net
$ 5,322,955
Less: Net unamortized premium
(6,725)
Add: Deferred financing fees
32,029
Less: Cash, cash equivalents and restricted cash
(183,478)
Net Principal Debt
$ 5,164,781
Adjusted EBITDA, current quarter annualized
$ 985,576
Net Principal Debt to Adjusted EBITDA, current quarter annualized
5.2x
Adjusted EBITDA, trailing twelve months
$ 969,399
Net Principal Debt to Adjusted EBITDA, trailing twelve months
Landstar (LSTR) má ve 3. čtvrtletí 2026 vykázat tržby ve výši 1,49 mld. USD a zisk 1,62 USD na akcii, což představuje meziroční nárůst o 23,39 %, respektive o 32,79 % na akcii.
Key Takeaways Landstar is set to report Q3 2026 results on Oct. 27, with estimates indicating 32.79% earnings growth.LSTR's revenues are projected to rise 23.39%, driven by strength in truck transportation and rail intermodal.Landstar's earnings ESP of 4.84% signals a potential beat, despite weak freight demand and driver shortages. Landstar System, Inc. (LSTR - Free Report) is scheduled to report third-quarter 2026 results on Oct. 27, after market close.
Landstar has an encouraging earnings surprise history. The company’s earnings have surpassed the Zacks Consensus Estimate in three of the preceding four quarters and missed once, delivering an average beat of 2.13%.
Image Source: Zacks Investment Research
Let’s see how things are likely to have shaped up for Landstarthis earnings season.
Factors to Note Ahead of LSTR’s Q3 Earnings ReleaseThe Zacks Consensus Estimate for LSTR’s third-quarter 2026 earnings has been revised upward by 1.25% over the past 60 days to $1.62 per share. Moreover, the consensus mark for earnings implies a 32.79% rise from the year-ago actuals.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for LSTR’s third-quarter 2026 revenues is pegged at $1.49 billion, indicating 23.39% growth year over year. The top line is likely to have been aided by strength across the majority of its segments. The Zacks Consensus Estimate for truck transportation segment revenues is pegged at $1.36 billion (above our estimate of $1.19 billion), indicating a 25.3% surge from the year-ago reported figure. The Zacks Consensus Estimate for Rail intermodal revenues is pegged at $30.04 million (below our estimate of $31.9 million), indicating a 26.9% uptick from the year-ago reported figure. The Zacks Consensus Estimate for ocean and air-cargo carrier segment revenues is pegged at $57 million (below our estimate of $64.5 million), indicating a 20.8% decline from the year-ago reported figure.
On the flip side, Landstar is being hurt by increase in insurance and claims expense and rising selling, general and administrative expenses. Driver shortage continues to bother the company’s prospects.
What Our Model Says About LSTROur proven model predicts an earnings beat for Landstar this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Landstar has an Earnings ESP of +4.84% and a Zacks Rank #3 at present.
Highlights of LSTR’s Q2 EarningsLandstar reported solid second-quarter 2026 results, wherein its earnings and revenues surpassed the Zacks Consensus Estimate and improved year over year.
Quarterly earnings of $1.44 per share beat the Zacks Consensus Estimate of $1.42 by 1.4%. Earnings rose 20% from $1.20 a year earlier. Revenues of $1.43 billion surpassed the consensus mark of $1.32 billion by 8.3% and increased 18.2% year over year. Higher truck rates and modest load growth drove the top line, with truck revenue per load climbing 17% year over year.
Other Stocks to ConsiderOld Dominion Freight Line (ODFL - Free Report) has an Earnings ESP of +0.25% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
ODFL is scheduled to report third-quarter 2026 earnings on Oct. 28. The Zacks Consensus Estimate for third-quarter 2026 earnings has been revised upward by 0.63% over the past 60 days. ODFL’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, with the average beat being 6.71%.
Kirby Corporation (KEX - Free Report) has an Earnings ESP of +1.87% and a Zacks Rank #3 at present. KEX is scheduled to report third-quarter 2026 earnings on Oct. 28.
The Zacks Consensus Estimate for third-quarter 2026 earnings has been revised upward by 0.51% to $1.96 per share over the past 60 days. KEX’s earnings beat the Zacks Consensus Estimate in three of the preceding four quarters and met the mark on the other occasion. The average beat is 2.86%.
SoFi Technologies (SOFI -1.06%) has taken shareholders on a whirlwind ride. The stock initially soared, then dropped 82%, and then reached new highs only three years later, soaring 650%. Now, it's 54% off that high in just a few months.
Is this a risky stock that's too volatile? Or an investing opportunity? Let's go over performance, risks, and opportunities to see if it can reclaim its previous high and move even higher.
SoFi's performance
For the most part, SoFi has delivered consistent stellar quarterly performance. Revenue, customers, product adoption, and profits are all increasing at sustained double-digit rates. The company, which operates an online financial platform, is still fairly small but has big ambitions. Judging by current results, it can get there.
Image source: SoFi.
In the second quarter, adjusted net revenue increased 40% year over year to $1.2 billion, and earnings per share (EPS) rose from $0.08 to $0.12. It added 1.1 million members, a 35% increase over last year, and 2.2 million products, a 42% increase. That implies the company's "one-stop shop" cross-buy strategy is working, and indeed, 51% of new products came from existing customers.
SoFi's risks
These fantastic results weren't enough to please the market. One of its segments, Tech Platform, continues to report a sales decline following the loss of a major customer. Management also failed to raise net income guidance, even though it raised revenue guidance.
SOFI SoFi Technologies$14.46-$0.16 (-1.06%)
NASDAQ · As of 4:00 PM ET 10/26/26
It's facing competition not just from the established legacy banks but also from other digital banks like Ally, Happen (formerly Lending Club), and even Brazil's Nu Holdings, which just launched in the U.S.
Finally, the stock was expensive. Considering the potential flaws, the market determined that it wasn't worth that price anymore. Right now, it trades at a P/E ratio of 31 and a price-to-book ratio of 1.7.
SoFi's opportunities
SoFi is still a small player compared to the big banks, but it's growing much faster. Consider its size and growth relative to some of the big banks, like JPMorgan Chase and Bank of America, as well as some of its digital competitors.
SOFI Revenue (TTM) data by YCharts
It's launching new products targeting its younger clientele, who are the customers growing with it. It just launched its latest offering, a tokenized deposit account that allows users to make money on their cryptocurrency. Net income is growing faster than adjusted net revenue, indicating efficient growth.
I think SoFi can get back to its previous highs and move higher, but it might take some time. However, at the current price, there's room for the stock to jump when it reports earnings on Tuesday if the market likes the report.
TE Connectivity očekává ve 4. čtvrtletí fiskálního roku 2026 tržby ve výši 5,25 mld. USD a upravený zisk na akcii (EPS) 3,05 USD, podpořené poptávkou po infrastruktuře pro AI.
Key Takeaways TEL is set to report Q4 results on Oct. 28, with consensus estimates of $5.26B in sales and $3.08 EPS.
AI-driven demand, strong DDN orders and grid modernization investments are expected to fuel TEL's Q4 growth.
TEL faces sluggish automotive production and inflationary pressures, while cost controls may support margins.
TE Connectivity (TEL - Free Report) is scheduled to report its fourth-quarter fiscal 2026 results on Oct. 28.
For the fourth quarter of fiscal 2026, TE Connectivity expects sales of approximately $5.25 billion, indicating 11% growth on both a reported and organic basis. The Zacks Consensus Estimate for the to-be-reported quarter’s sales is pegged at $5.26 billion, suggesting 10.78% growth from the figure reported in the year-ago quarter.
Adjusted earnings are projected to be approximately $3.05 per share, representing an 18% year-over-year increase. The Zacks Consensus Estimate for earnings is pegged at $3.08 per share, which has increased by a penny over the past 30 days. This indicates 26.23% growth from the figure reported in the year-ago quarter.
TE Connectivity beat the Zacks Consensus Estimate for earnings in all four trailing quarters, with an average surprise of 4.48%.
Let’s see how things have shaped up for the upcoming announcement:
Factors to NoteTE Connectivity’s fiscal fourth-quarter performance is expected to have benefited from strong demand for artificial intelligence (AI) infrastructure, accelerating investments in data centers and robust order momentum. The Digital Data Networks (DDN) business is expected to remain a key growth driver, supported by increasing adoption of AI computing architectures, high-speed copper connectivity and networking solutions. Management expects DDN revenues to increase sequentially in the fiscal fourth quarter, supported by robust customer demand and ongoing program ramps. DDN orders increased more than 70% year over year in the first nine months of fiscal 2026, reflecting strong AI infrastructure spending.
TEL’s Energy business is expected to have benefited from continued investments in grid modernization, grid hardening and expanding power infrastructure requirements for AI data centers. Increasing utility spending to upgrade aging infrastructure and support rising electricity demand is likely to have driven growth. The Energy business reported 33% organic revenue growth in the fiscal third quarter, reflecting strong demand for power connectivity solutions. Continued investments in data center build-outs and electricity transmission and distribution infrastructure are expected to sustain momentum.
The Automation and Connected Living business is expected to have benefited from improving cyclical demand, increasing automation investments and content gains across regions. TEL anticipates high-single-digit end-market growth in fiscal 2026, with its business expected to outperform the market. Aerospace and Defense revenues are likely to have benefited from strengthening defense spending, accelerating program activity and sustained commercial aerospace demand. Increasing adoption of advanced data and power connectivity solutions across next-generation defense platforms is another positive.
TEL’s Transportation Solutions segment is expected to have benefited from increasing connectivity content in vehicles, electrification and growing adoption of software-defined vehicle architectures. Strong demand in Asia, particularly China, and improving commercial transportation trends are expected to have supported performance despite sluggish global vehicle production. Management anticipates automotive content to outperform by 4-6 percentage points. Strong operational execution, favorable business mix and cost-management initiatives are expected to have supported margin expansion.
However, TEL’s fiscal fourth-quarter 2026 performance is expected to have faced challenges from sluggish global automotive production, particularly in North America, and persistent inflationary pressures. Softer demand in certain traditional connectivity applications, as customers increasingly prioritize AI infrastructure investments, may also remain a concern.
What Our Model SaysPer the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. That’s the exact case here.
TE Connectivity currently has an Earnings ESP of +0.16% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks to ConsiderHere are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
AMETEK (AME - Free Report) has an Earnings ESP of +0.20% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
AMETEK shares have gained 16.9% year-to-date. AMETEK is set to report third-quarter 2026 results on Nov. 3.
Affirm (AFRM - Free Report) has an Earnings ESP of +11.03% and a Zacks Rank #2 at present.
Affirm shares have lost 5.9% year to date. Affirm is scheduled to report first-quarter fiscal 2027 results on Nov. 5.
Cametek (CAMT - Free Report) has an Earnings ESP of +0.85% and a Zacks Rank #2 at present.
Cametek shares have gained 13.9% in the year-to-date period. Cametek is set to report third-quarter 2026 results on Nov. 4.
Truelink Capital se dohodl na akvizici globální divize produktů pro detekci narušení společnosti Johnson Controls. Dokončení transakce se očekává v první polovině roku 2027; cena nebyla zveřejněna.
, /PRNewswire/ -- Truelink Capital ("Truelink"), a Los Angeles-based private equity firm focused on growth and long-term value creation, announced today that it has entered into a definitive agreement to acquire the global intrusion products business of Johnson Controls (NYSE: JCI) ("Global Intrusion Products Business" or the "Business"). Following the close of the transaction, the Business will operate as an independent, standalone company, backed from day one by Truelink's commitment to invest behind its products, its brands, its people, and its existing and new markets. The transaction is expected to close in the first half of calendar year 2027, subject to customary closing conditions and regulatory approvals. Financial terms of the transaction were not disclosed.
The Business is a global leader in the design and production of intrusion detection and alarm communication products, including panels, sensors, and detectors, sold primarily through security dealers. Its portfolio includes some of the most trusted brands in the security industry, such as DSC, Qolsys, PowerG, Visonic, Bentel, and Sur-Gard. The Business serves a broad network of dealers, integrators, distributors, and service providers across North America, Latin America, EMEA, and APAC. With roots dating back to 1973, the Business was built through Tyco's acquisitions of DSC and Visonic and became part of Johnson Controls through its 2016 merger with Tyco.
As a standalone company, the Business will have dedicated leadership, faster decision cycles, and a capital structure built for growth, allowing it to bring new products to market more quickly and pursue opportunities that were previously outside the scope of a diversified corporate portfolio. Truelink intends to invest significantly in next-generation panels, sensors, communicators, and interactive platforms, as well as expand engineering capacity, brand and channel programs, and target expansion into adjacent and international markets. Further investment and organizational announcements are expected in the coming months.
"The Global Intrusion Products Business is a remarkable collection of brands that security professionals and consumers have relied on for decades," said Todd Golditch, Co-Founder and Managing Partner of Truelink Capital. "We see tremendous runway ahead for the Business and plan to invest meaningfully behind the core brands, R&D, and product development to accelerate the pace of new product introductions and deepen the Business's support for the dealer and partner community. We also see significant opportunity to extend into adjacent product categories and new customer segments, both organically and via strategic add-on acquisitions. I want to thank Johnson Controls for being an outstanding transaction partner and for entrusting us with this business."
This transaction reflects Truelink's continued focus on partnering with industry-leading companies in the industrials and business services sectors, and marks the fourth platform investment for Truelink Capital Fund II. The transaction follows Truelink's 2024 acquisition of Air Distribution Technologies, Inc., another Johnson Controls carve-out.
Evercore served as financial advisor to Truelink.
ABOUT TRUELINK CAPITAL
Truelink Capital is a private equity firm based in Los Angeles with over $4.3 billion of assets under management. Truelink pairs deep industry experience in the industrials and business services sectors with a commitment to building partnerships that drive long-term value through an operationally focused strategy. Truelink partners with management, corporate sellers, and founders to accelerate growth through the execution of strategic initiatives and transformative add-on acquisitions. Learn more at: www.truelinkcap.com.
ABOUT JOHNSON CONTROLS
Johnson Controls, a global leader in thermal management, mission-critical building systems, energy efficiency, and decarbonization, helps customers use energy more productively, reduce carbon emissions, and operate with the precision and resilience required in rapidly expanding industries such as data centers, healthcare, pharmaceuticals, advanced manufacturing, and higher education. For more than 140 years, Johnson Controls has delivered performance where it really matters. Backed by advanced technology, lifecycle services and an industry-leading field organization, we elevate customer performance, turn goals into real-world results and help move society forward. Visit johnsoncontrols.com for more information and follow @Johnsoncontrols on social platforms.
Akcie společnosti Surgery Partners během dne vzrostly o 47,62 % poté, co HealthSpan Partners oznámila nabídku na její převzetí v hotovosti v hodnotě 5,7 miliardy USD, tedy 23,50 USD za akcii.
Surgery Partners (SGRY +47.62%), an outpatient surgery center operator and ancillary care services provider, closed at $23.25, up 47.62%. The stock jumped after reports of a $5.7 billion all-cash acquisition by HealthSpan Partners, and investors are watching the deal price and regulatory steps next. Trading volume reached 58.3M shares, coming in about 1,772% above its three-month average of 3.1M shares. Surgery Partners IPO'd in 2015 and has grown 22% since going public.
How the markets moved todayS&P 500 (^GSPC +0.70%) closed at 7,677, up 0.70%, while the Nasdaq Composite (^IXIC +0.82%) closed at 26,169, up 0.82%. Among outpatient surgical facilities and ancillary healthcare services peers, Tenet Healthcare (THC +0.19%) closed at $268.94, up 0.18%, while HCA Healthcare (HCA -0.80%) closed at $464.74, down 0.91%.
What this means for investorsSurgery Partners shares soared 48% after news broke that it was being acquired by HealthSpan Partners, an affiliate of Bon Secours Mercy Health. The all-cash, $5.7 billion deal works out to $23.50 per share for existing SGRY shareholders.
Following today's share price spike, SGRY stock now trades less than 1% below the acquisition price, strongly suggesting the market expects the deal to go through. The acquisition is expected to be finalized in the first quarter of 2027.
While the deal may seem like a windfall for investors, the take-private offering price puts shares at roughly the level they traded at a year ago, so this is a buy-low opportunity for HealthSpan. If I were a SGRY shareholder, I'd probably take the cash and move on, especially since Bain Capital holds roughly 39% of SGRY's stock and is voting to approve the deal.
Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends HCA Healthcare. The Motley Fool has a disclosure policy.
RadNet koupí ONRAD za 350 milionů USD v hotovosti a 5 milionů akcií; součástí transakce je také podmíněná doplatková platba až 210 milionů USD. V prvním roce provozu po uzavření má ONRAD přinést dodatečné tržby ve výši 190 až 200 milionů USD.
Adds a radiology professional services platform offering teleradiology and in-hospital staffing for hospitals and health systems
Enables RadNet to seamlessly combine radiology professional services, AI-powered technology solutions and outpatient imaging operations into an integrated offering, transforming radiology workflows and ultimately improving patient careUniquely positions RadNet with an expanded offering to address the full range of care settings where imaging is performed inside and outside of hospitalsAcquisition adds to RadNet a capital-light, high-margin management services platform supporting more than 225 hospital facilities across 26 states with more than 130 contracted radiologistsONRAD is expected to add $190 million to $200 million of Revenue and $60 million to $65 million of Adjusted EBITDA(1) to RadNet in its first year of operation after closingRadNet and ONRAD management will host a conference call and webcast to discuss the transaction in more detail on Tuesday, October 27
LOS ANGELES, Oct. 26, 2026 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT) (“RadNet” or the “Company”), a national leader in providing high-quality, cost-effective outpatient diagnostic imaging services and a global developer of digital health solutions, today announced that it has entered into a definitive agreement to acquire ONRAD, Inc. (ONRAD). ONRAD, through its more than 130 contracted radiologists, is a provider of teleradiology and in-hospital professional radiology staffing services for hospitals, health systems and other diagnostic imaging sites of care. The transaction is expected to close in early 2027 and is subject to customary regulatory review and closing conditions. Upon closing, ONRAD shareholders will receive a cash payment of $350 million and 5 million shares of RadNet, Inc. common stock, subject to customary adjustments. In addition, an earnout of up to $210 million in value will be payable upon achievement of target EBITDA for 2027. The earnout is payable in cash, RadNet common stock, or a combination thereof, at RadNet’s election.
“This is the next step in building an imaging company with comprehensive solutions that brings technology, radiology professional services and imaging operations together to address some of healthcare’s most pressing challenges and needs,” said Dr. Howard Berger, President and CEO of RadNet. “Connecting RadNet’s established AI-enabled digital health technology and imaging center operational expertise with ONRAD’s teleradiology and professional staffing solutions unites the capabilities needed to address the entire continuum of diagnostic imaging under one company. The acquisition will enhance RadNet’s portfolio of solutions for hospitals and health systems, outpatient freestanding centers, urgent care facilities, freestanding emergency departments and physician offices.”
Dr. Berger continued, “I welcome ONRAD’s executive team, its contracted radiologists and all other ONRAD team members into the RadNet family. This transaction is a significant additional step in leading our industry forward and demonstrating the impact that a transformation to workflow solutions in diagnostic imaging can have in advancing early detection, population health and improved patient outcomes.”
Through its contracted radiologists, ONRAD provides remote teleradiology final-read interpretations across many healthcare settings and in-hospital professional radiology staffing services, including interventional radiology, for hospitals and health systems. Upon closing, ONRAD will become the foundation for RadNet's third reportable operating segment, Radiology Professional Services. With the addition of this third operating segment, RadNet becomes a comprehensive radiology services and solutions provider, addressing the imaging continuum across the full range of care settings, including hospitals, freestanding ambulatory outpatient centers, primary and specialty care physician offices and standalone urgent care and emergency department facilities.
Strategic Rationale
Connects three complementary businesses to provide comprehensive imaging solutions. Combining RadNet outpatient imaging operations and DeepHealth AI-enabled digital health solutions with the ONRAD radiology professional services platform will bring together comprehensive expertise in the diagnostic imaging industry within one company. Integrating these capabilities for customers and partners across all diagnostic imaging settings is expected to create efficiencies, improve patient care and lower costs in an unequaled approach.Expands RadNet into hospital-based radiology. Hospitals and health systems account for more than 50% of U.S. diagnostic imaging volume.(2) ONRAD will provide RadNet with an established platform to support in-hospital and remote professional radiology interpretation services while also expanding the RadNet offerings to its existing joint venture partners.Addresses growing market demand. U.S. imaging demand growth is outpacing the supply of trained radiologists. With ONRAD, RadNet will be positioned to further help address this gap by integrating AI-enabled technology with teleradiology and professional staffing services, creating opportunities to transform workflows, support case prioritization and better match interpretation capacity to demand.Adds a fast-growing, high-margin capital-light business. ONRAD has demonstrated consistent annual revenue growth between 10% and 20% over the last several years with Adjusted EBITDA(1) margins exceeding 30%. RadNet believes ONRAD will require very little capital to maintain and grow organically.
“For 20 years, ONRAD has built long-standing relationships with hospitals and health systems delivering reliable, high-quality radiology coverage,” said Dave Engert, President and CEO of ONRAD. “Joining RadNet not only gives us the scale, resources and technology to meet the growing needs of our current and prospective customers, but it also enables us to offer a unique imaging model that addresses the full continuum of care from outpatient imaging centers to the acute care environment. The potential to further meet the ever-increasing demand for imaging services along with improving patient outcomes is what excites me most about our future together.”
Conference Call and Webcast
RadNet will host a conference call and webcast at 8:00 a.m. Eastern Time on Tuesday, October 27, 2026 to discuss the transaction in further detail. To join by phone, dial 1-844-744-1280 for the U.S. and Canada and 1-412-564-6465 for international callers. A live webcast will be available at https://viavid.webcasts.com/starthere.jsp?ei=1780997&tp_key=417a069370.
Robert W. Baird & Co. is serving as exclusive financial advisor to ONRAD, which is a portfolio company of Housatonic Partners.
About RadNet, Inc.
RadNet, Inc. is a leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of owned and/or operated outpatient imaging centers. RadNet’s imaging center markets include Arizona, California, Delaware, Florida, Idaho, Indiana, Maryland, New Jersey, New York, Texas and Virginia. In addition, RadNet provides radiology information technology and artificial intelligence solutions marketed under the DeepHealth brand, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry globally. Together with contracted radiologists, and inclusive of full-time and per diem employees and technologists, RadNet has over 12,000 team members. Learn more at radnet.com.
About ONRAD, Inc.
ONRAD, Inc. is a leading radiology services company, delivering remote teleradiology final-read impressions and full-service radiology solutions for hospitals, radiology practices, outpatient clinics and imaging centers. Its spectrum of services includes reading remote and onsite diagnostic studies, interventional radiology, medical directorship, analytics, peer review, billing and quality oversight — all on the industry's most advanced, integrated, AI-powered technology platform. ONRAD reads all modalities and has been Joint Commission accredited since its inception.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that RadNet expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding the transaction discussed herein, the expected timing and completion of such transaction, the anticipated benefits of such transaction, the potential earnout amount, the expected financial impact of the transaction on RadNet and other statements that are not historical facts. Forward-looking statements are based on current plans, estimates, expectations and assumptions as of the time they are made, are not guarantees of future performance and should not be relied on as predictions of future events, and there can be no assurance that such estimates, assumptions and expectations will prove to have been correct. These forward-looking statements involve risks and uncertainties, many of which are difficult to predict and are generally outside RadNet’s control, and other factors that could cause RadNet’s actual results or financial condition to differ materially from those expressed or implied by forward-looking statements, including (i) the risk that the conditions to the closing of the transaction, including required regulatory approvals, are not satisfied or waived on a timely basis or at all, and the risk that the transaction may not be completed on the anticipated terms, in the anticipated timeframe or at all, (ii) the occurrence of any event that could give rise to the termination of the definitive agreement for the transaction, (iii) the risks and costs associated with the transaction and integrating ONRAD and achieving the anticipated benefits of the transaction, (iv) potential disruption to the businesses of RadNet and ONRAD, including the ability to retain and hire key personnel and to maintain relationships with customers, suppliers and other business partners, as well as diversion of management’s time and attention from ordinary course business operations to completion of the transaction and integration matters, (v) potential litigation or regulatory action relating to the transaction, (vi) the effect of the transaction on RadNet’s indebtedness and leverage, credit ratings and liquidity, (vii) legislative, regulatory and economic developments, including in the healthcare industry, (viii) the effect of the announcement, pendency or completion of the transaction on the market price of RadNet’s common stock, and (ix) the other risks described under “Risk Factors” in RadNet’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. There may be additional risks, uncertainties and factors that we do not currently view as material or that are not necessarily known. Please read the Company’s filings with the SEC, which are available on the SEC’s website at https://www.sec.gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Except as required by law, RadNet undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
No Offer or Solicitation
This press release is for informational purposes only and shall not constitute or form part of, an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities, in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
References
(1)The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, each from continuing operations and adjusted for losses or gains on the sale of equipment, other income or loss, debt extinguishments and non-cash equity compensation. Adjusted EBITDA includes equity earnings in unconsolidated operations and subtracts allocations of earnings to non-controlling interests in subsidiaries, and is adjusted for non-cash or extraordinary and one-time events taken place during the period.
Adjusted EBITDA is a non-GAAP financial measure used as analytical indicator by RadNet management and the healthcare industry to assess business performance, and is a measure of leverage capacity and ability to service debt. Adjusted EBITDA should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.
The Company’s guidance or target for ONRAD’s addition to Adjusted EBITDA is also a non-GAAP financial measure that excludes or otherwise has been adjusted for non-GAAP adjustment items from the Company’s GAAP financial statements. When the Company provides guidance or its target for ONRAD’s addition to Adjusted EBITDA, it does not provide a reconciliation of the GAAP measure as it is unable to predict with a reasonable degree of certainty the actual impact of the non-GAAP adjustment items. By their very nature, non-GAAP adjustment items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact the Company and its financial results. Therefore, the Company is unable to provide a reconciliation of these measures without unreasonable efforts.
(2)Based on a Signify analysis.
RadNet Media Contacts
Jane Mazur
Senior Vice President, Corporate Communications
+1 585-355-5978 [email protected]
Mark Stolper
Executive Vice President and Chief Financial Officer
+1 310-445-2800
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/05e518ec-4d83-4fcc-a69f-3e80e67f4d30
RadNet, Inc. Announces Agreement to Acquire ONRAD, Inc. RadNet, Inc. Announces Agreement to Acquire ONRAD, Inc.
FTC zažalovala společnost Hims & Hers kvůli údajnému sdílení citlivých zdravotních údajů a klamavému účtování; akcie 29. července 2026 klesly o 14,73 % na 25 USD.
LOS ANGELES, Oct. 26, 2026 (GLOBE NEWSWIRE) -- Investors in Hims & Hers Health, Inc. ("Hims & Hers" or the "Company") (NYSE: HIMS) have until November 2, 2026 to ask the Court to appoint them lead plaintiff in a securities fraud class action lawsuit filed on behalf of investors who purchased or otherwise acquired Hims & Hers Health, Inc. securities between August 4, 2025 and July 29, 2026, inclusive. Glancy Prongay Wolke & Rotter LLP ("Glancy") today reminded investors of the upcoming deadline. The Hims & Hers Health, Inc. case, Velanki v. Hims & Hers Health, Inc., et al., was filed on September 1, 2026 and is pending in the U.S. District Court for the Northern District of California (Case No. 3:26-cv-09313).
Investors who suffered losses on Hims & Hers Health, Inc. investments can contact Glancy about the Hims & Hers Health, Inc. class action to learn about potentially pursuing claims under the federal securities laws before the November 2, 2026 deadline.
Deadline and key dates for Hims & Hers Health, Inc. investors
Lead plaintiff deadline: November 2, 2026Class period: August 4, 2025 to July 29, 2026, inclusiveComplaint filed: September 1, 2026Court: U.S. District Court for the Northern District of California What happened?
On July 29, 2026, the Federal Trade Commission, joined by the State of Utah and Los Angeles County (representing California), filed a federal complaint against Hims & Hers Health in the U.S. District Court for the Northern District of California, alleging deceptive and unlawful privacy practices — including sharing sensitive user health data with third-party advertisers Meta Platforms (Facebook) and Snap via embedded tracking pixels and customer list matching despite marketing emphasizing strict privacy — as well as deceptive billing and subscription-cancellation practices.
On this news, shares of Hims & Hers fell $4.32, or 14.73%, to close at $25.00 per share on July 29, 2026, thereby injuring investors.
What does the Hims & Hers Health, Inc. complaint allege?
The Hims & Hers Health, Inc. securities lawsuit alleges that, throughout the class period, defendants made materially false and/or misleading statements and failed to disclose material adverse facts about Hims & Hers Health, Inc.'s business, operations, and prospects. Specifically, the complaint alleges defendants failed to disclose to investors that: (1) the Company shared consumers’ health information with third-party advertising platforms; (2) the Company charges consumers for prescriptions almost immediately after they submit an intake form, despite telling consumers that they will be able to consult with a medical provider to find a treatment that is “right for them”; (3) the foregoing conduct subjected the Company to regulatory scrutiny; (4) as a result of the foregoing, the Company was reasonably likely to incur fees and penalties; and (5) as a result, defendants' positive statements about Hims & Hers Health, Inc.'s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Investors who purchased or otherwise acquired Hims & Hers Health, Inc. securities during the class period may move the Court no later than November 2, 2026 to request appointment as lead plaintiff in this putative class action lawsuit.
"The complaint against Hims & Hers Health, Inc. alleges, among other things, that the Company failed to disclose that the Company shared consumers’ health information with third-party advertising platforms. The November 2, 2026 deadline to request appointment as lead plaintiff is approaching, and investors considering that role should act promptly," said Charles H. Linehan, Partner at Glancy Prongay Wolke & Rotter LLP.
What's the next step?
Glancy Prongay Wolke & Rotter LLP is a leading national shareholder rights law firm that can help Hims & Hers Health, Inc. investors evaluate potential claims to recover their losses. Investors who wish to serve as lead plaintiff in the Hims & Hers Health, Inc. class action must move the Court by November 2, 2026. To learn more, visit the Hims & Hers Health, Inc. case page, email [email protected], or call 310-201-9150 (toll-free: 888-773-9224).
If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.
To be a member of the Hims & Hers Health, Inc. class, you need not take any action at this time. You may retain counsel of your choice or take no action and remain an absent class member. No class has been certified yet in the Hims & Hers Health, Inc. case.
Frequently Asked Questions
Who is eligible? Investors who purchased or otherwise acquired Hims & Hers Health, Inc. securities between August 4, 2025 and July 29, 2026 and suffered losses may be members of the proposed class in the Hims & Hers Health, Inc. shareholder lawsuit.
When is the Hims & Hers Health, Inc. lead plaintiff deadline? Motions to serve as lead plaintiff in the Hims & Hers Health, Inc. class action must be filed with the U.S. District Court for the Northern District of California by November 2, 2026.
What if I miss the Hims & Hers Health, Inc. deadline? After November 2, 2026, investors generally can no longer ask to be appointed lead plaintiff, but Hims & Hers Health, Inc. investors may still remain class members. Their ability to share in any future recovery does not depend on serving as lead plaintiff.
What is a lead plaintiff? In the Hims & Hers Health, Inc. class action, the lead plaintiff is the investor, or group of investors, that the court appoints to represent all class members and oversee the case. Under the Private Securities Litigation Reform Act, courts generally presume the movant with the largest financial interest is the most adequate lead plaintiff.
Does it cost anything to contact Glancy or participate in this action? Glancy represents Hims & Hers Health, Inc. investors on a contingency fee basis, so investors pay no attorneys' fees out of pocket. Any attorneys' fees and litigation expenses are paid only from a recovery, if one is obtained, and are subject to court approval.
Why work with Glancy on the Hims & Hers Health, Inc. lawsuit? Glancy Prongay Wolke & Rotter LLP is a premier law firm with decades of experience representing investors and consumers in securities litigation and other complex class action litigation. Contact Glancy about the Hims & Hers Health, Inc. class action. Prior results do not guarantee a similar outcome.
About Glancy Prongay Wolke & Rotter LLP
Glancy was named one of Law360's Securities Groups of the Year and ranked second in total investor recoveries by ISS Securities Class Action Services in 2025.
Glancy's successes have been widely covered by leading news and industry publications, including The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron's, Investor's Business Daily, Forbes, and Money.
Prior results do not guarantee a similar outcome.
Related links
Hims & Hers Health, Inc. case page, Glancy Prongay Wolke & Rotter LLPComplaint: Velanki v. Hims & Hers Health, Inc., et al., U.S. District Court for the Northern District of CaliforniaFTC complaintHims & Hers Health, Inc. SEC filings index, EDGARGlancy Prongay Wolke & Rotter LLP
Contact
Charles H. Linehan
Glancy Prongay Wolke & Rotter LLP
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Email: [email protected]
Telephone: 310-201-9150 | Toll-free: 888-773-9224
www.glancylaw.com
Follow Glancy on LinkedIn, X, or Facebook.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Key Takeaways Bausch Health is expected to report Q3 sales of $2.75 billion and earnings of $1.08 per share on Oct. 28.Salix growth hinges on Xifaxan pricing and volume gains.Bausch Lomb revenue is projected at $1.4 billion, driven by Vision Care, Surgical and Pharmaceuticals.
Bausch Health Companies Inc. (BHC - Free Report) is scheduled to report third-quarter 2026 results on Oct. 28, after the market closes.
The Zacks Consensus Estimate for sales and earnings is pegged at $2.75 billion and $1.08 per share, respectively.
BHC’s Earnings Surprise HistoryThe company’s earnings beat estimates in two of the trailing four quarter and missed in the remaining two, delivering an average surprise of 6.31%. In the last reported quarter, BHC beat on earnings by 31.25%.
What Our Model Predicts for BHCPer our proven model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. However, that is not the case here, as you can see below.
Earnings ESP: Earnings ESP for BHC is 0.00% as both the Zacks Consensus Estimate and the Most Accurate Estimate is pinned at $1.08. You can uncover the best stocks before they're reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank of 2.
Factors Likely to Impact Q3 ResultsThe company reports revenues under two segments: Bausch Health and Bausch + Lomb.
Within the Bausch Health segment, revenues are recorded under four divisions — Salix, International, Solta Medical and Diversified Products.
Salix division maintains momentum on the back of higher Xifaxan sales driven by higher realized net pricing, volume growth in existing channels and residual Medicaid volume.
The Zacks Consensus Estimate and our model estimate for Salix sales are pegged at $711 million and $761 million, respectively.
Revenues from the International Division have likely been boosted by sales in Latin America. The Zacks Consensus Estimate and our model estimate for International Division sales are pegged at $286 million and $264 million, respectively.
Solta Medical sales likely contributed to revenue growth, supported by the acquisition of a full-service distributor in China. BHC had earlier acquired Shibo’s full-service aesthetics distribution business in China. The acquisition expands its geographic footprint, provides direct access to a large and growing customer base, and enhances its ability to meet rising demand for aesthetic treatments, boosting the long-term growth potential of its global aesthetics franchise.
The Zacks Consensus Estimate and our model estimate for Solta Medical sales are pegged at $169 million and $163 million, respectively.
The Zacks Consensus Estimate and our model estimate for Diversified segment sales are pegged at $201 million and $180 million, respectively.
Bausch + Lomb revenues likely increased, driven by growth across its Vision Care, Surgical and Pharmaceuticals businesses. Both the Zacks Consensus Estimate and our model estimate for B&L sales are pegged at $1.4 billion.
BHC’s Share Price PerformanceBausch stock has gained 15.4% over the past six months compared with the industry’s 9.9% growth.
Image Source: Zacks Investment Research
Stocks to ConsiderHere are some companies you may consider, as our model shows that these have the right combination of elements to deliver an earnings beat this reporting cycle.
Harmony Biosciences (HRMY - Free Report) has an Earnings ESP of +14.14% and a Zacks Rank of 1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of HRMY have gained 55.4% in the past six months. The company missed on earnings in three of the trailing four quarters and beat in the remaining one, delivering an average negative surprise of 184.65%.
Gilead Sciences (GILD - Free Report) has an Earnings ESP of +4.08% and a Zacks Rank of 3 at present.
GILD beat on earnings in each of the trailing four quarters, delivering an average surprise of 7.12%. GILD is scheduled to report third-quarter results on Oct. 29.
Vertex Pharmaceuticals (VRTX - Free Report) has an Earnings ESP of +4.98% and a Zacks Rank of 3 at present.
VRTX beat on earnings in two of the trailing four quarters and missed in the remaining two, delivering an average surprise of 2.28%. VRTX is scheduled to report third-quarter results on Nov. 2.
3D Systems zveřejní výsledky hospodaření za třetí čtvrtletí 2026 po uzavření amerického trhu 4. listopadu. Konferenční hovor se uskuteční 5. listopadu.
ROCK HILL, S.C., Oct. 26, 2026 (GLOBE NEWSWIRE) -- 3D Systems (NYSE:DDD) announced today it will release its financial results for the third quarter 2026 after the U.S. stock market closes on Wednesday, November 4, 2026. The company will hold a conference call and simultaneous webcast to discuss these financial results on Thursday, November 5, 2026, at 8:30 a.m. Eastern Time.
Third Quarter 2026 Financial Results Conference Call
Date: Thursday, November 5, 2026
Time: 8:30 a.m. Eastern Time
Listen via webcast: www.3dsystems.com/investor
Participate via telephone: 201-689-8345 or 877-407-8291
The webcast replay will be available approximately two hours after the end of the conference call at www.3dsystems.com/investor.
About 3D Systems
For 40 years, Chuck Hull’s curiosity and desire to improve the way products were designed and manufactured gave birth to 3D printing, 3D Systems, and the additive manufacturing industry. Since then, that same spark continues to ignite the 3D Systems team as we work side-by-side with our customers to change the way industries innovate. As a full-service solutions partner, we deliver industry-leading 3D printing technologies, materials, and software to high-value markets such as medical and dental; aerospace, space and defense; transportation and motorsports; data center infrastructure; and durable goods. Each application-specific solution is powered by the expertise and passion of our employees who endeavor to achieve our shared goal of Transforming Manufacturing for a Better Future. More information on the company is available at www.3dsystems.com.
Akcie CoreWeave za méně než tři týdny klesly o 41 %; Nvidia se zavázala do roku 2032 odkoupit nevyužitou cloudovou kapacitu v hodnotě až 6,3 miliardy USD.
CoreWeave (CRWV +1.76%) stock has been battered this month as investor skepticism about the AI infrastructure trade and its steep build-out costs has grown.
After a post showing the neocloud stock's bond yields reaching as high as 15%, investors fled the stock, with some even anticipating its bankruptcy in the not-too-distant future.
Before a modest recovery on Monday in sympathy with Anthropic's IPO filing, CoreWeave stock had fallen 41% in less than three weeks, dragging down other AI infrastructure stocks with it.
However, that sell-off could be an attractive buying opportunity as CoreWeave has long been volatile, and there are a number of catalysts that could fuel its recovery. Here are three reasons why the stock could touch $100 a share by the end of the year, nearly doubling from its current price.
Image source: Getty Images.
1. Cloud capacity remains tightThe indications from AI companies that have already reported earnings this quarter, such as Space Exploration Technologies (Nasdaq: SPCX) and Meta Platforms, suggest that demand for AI compute continues to outstrip supply.
Elon Musk said that demand for SpaceX's AI infrastructure was so strong that the company anticipated a payback period of new deployments in less than a year, and that prices for older chips, like Nvidia (NVDA +2.39%) H100's are even higher than they originally were due to limited supply.
Amazon (Nasdaq: AMZN) CEO Andy Jassy said that his company's cloud capacity is nearly sold out through 2027, and that a good chunk of 2028 is sold out as well. He also said the company is struggling to keep pace with demand for AI compute, which explains why Amazon and its peers are spending so much on cloud infrastructure. Amazon Web Services (AWS) is the largest cloud infrastructure provider in the world, and if Amazon is sold over the next year, that should bode well for other cloud infrastructure companies like CoreWeave.
As long as demand is outrunning supply, CoreWeave is in a strong position.
2. Its partnership with Nvidia gives it a competitive advantageNeocloud stocks are sometimes dismissed as commodity businesses, and that's true to some extent. However, CoreWeave does differentiate itself in one important way from its peers. The company has a close partnership with Nvidia, which benefits it in multiple ways.
Nvidia is a major investor in CoreWeave, taking a $2 billion stake in January following an earlier investment at the time of its IPO. Nvidia has also signed an agreement to backstop CoreWeave's demand, meaning it will buy as much as $6.3 billion in unused cloud computing capacity through 2032, which should alleviate any concern about CoreWeave needing customers. Finally, CoreWeave gets access to Nvidia's newest hardware, which enables it to rent it out to customers before its competitors.
Nvidia CEO Jensen Huang pushed back on the notion that CoreWeave was in trouble, saying that the company's cost of capital is decreasing, contradicting its rising bond yields.
Having Nvidia in its corner is a clear advantage for CoreWeave and should help protect the company from bankruptcy. In a worst-case scenario, Nvidia could even buy it.
CRWV CoreWeave$55.19+$0.96 (+1.76%)
NASDAQ · As of 4:00 PM ET 10/26/26
3. Interest rates could continue to come downNotably, interest rates have come down from their peak over the last three weeks, relieving the pressure on CoreWeave from its rising bond yields.
We don't know where interest rates could go from here, but CoreWeave could surge if they go meaningfully lower, as a big part of the bear case for the stock is that it will be crushed by interest payments and unable to refinance its debt if rates are too high.
Yields could edge lower following the Federal Open Market Committee meeting on Wednesday, during which the Fed will announce its rate decision and give commentary on the economy and where rates are headed.
CoreWeave will also have an opportunity to bounce back in its own third-quarter earnings report, expected on Nov. 11. Analysts see revenue jumping 159.4% to $3.54 billion, showing the company continues to deliver skyrocketing growth.
Investor attention may be focused on the company's debt and interest payments, but strong growth, a favorable outlook, and positive commentary from management can help turn around the narrative on CoreWeave.
If the Q3 results are strong, the stock's October swoon could become a distant memory.
Key Takeaways BigBear.ai's Q3 revenues are forecast to rise 17.5% year over year to $38.9 million.Ask Sage, CargoSeer & ConductorOS could drive growth across defense, border operations and other markets.Higher-margin GenAI products may narrow losses, but rising R&D and costs could pressure profitability.
BigBear.ai Holdings, Inc. (BBAI - Free Report) is scheduled to report its third-quarter 2026 results on Oct. 27, after the closing bell.
In the last reported quarter, the company reported a loss per share that was narrower than the Zacks Consensus Estimate of loss per share by 20% and down from a loss of six cents per share reported a year ago. Revenues topped the consensus mark by 1% and grew 13% from the year-ago quarter.
This Artificial Intelligence (AI) provider surpassed earnings estimates in two of the trailing four quarters, missed on one occasion and met on the other, with an average surprise of 5.8%.
How Are Estimates Placed for BBAI Stock?The Zacks Consensus Estimate for the third-quarter bottom line has broadened to a loss of six cents from five cents over the past 30 days. However, the estimated figure indicates a narrower loss from the year-ago reported loss of seven cents per share by 14.3%.
The consensus mark for revenues is pegged at $38.9 million, suggesting 17.5% year-over-year growth.
Factors Likely to Have Shaped BigBear.ai’s Q3 PerformanceThe top line of BigBear.ai is expected to have increased year over year because of the strong flow of contracts as the demand for specialized AI solutions is growing across the market. BBAI’s portfolio of AI solutions, including Ask Sage, CargoSeer and ConductorOS, is likely to have been expanding AI opportunities across national security, customs and border operations, and autonomous systems. These developments could create opportunities for additional deployments and repeatable software sales, while extending the company’s reach across defense, government and trade-related markets. New wins from existing and new customers in the United States and international markets provide opportunities to convert demand into future revenues.
Moreover, the company’s strategic deployment of product enhancements and capabilities is likely to have increased its ability to drive mission performance across cargo inspection, generative AI and drone swarm orchestration.
Meanwhile, BBAI’s bottom line is expected to reflect a narrower loss year over year in the third quarter because of increased volume from Ask Sage’s higher-margin GenAI platforms and products, alongside increased top-line leverage.
However, rising research and development expenses, along with significant investments in sales, marketing and other initiatives, are expected to have pulled down bottom-line growth in the third quarter. Also, BigBear.ai’s reliance on government customers exposes it to changes in federal budgets, procurement priorities, funding delays and contract timing, thus creating revenue generation risks.
What the Zacks Model Unveils for BigBear.ai StockOur proven model does not conclusively predict an earnings beat for BigBear.ai for the quarter to be reported. This is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) for this to happen, which is not the case here, as you will see below.
Earnings ESP: BBAI has an Earnings ESP of -9.09%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks Poised to Beat EarningsHere are some companies in the Zacks Computer and Technology sector, which according to our model, have the right combination of elements to post an earnings beat.
Shopify Inc. (SHOP - Free Report) has an Earnings ESP of +10.11% and a Zacks Rank of 1 at present.
Shopify’s earnings beat estimates in two of the trailing four quarters, missed on one occasion and met on the other, with an average surprise of 3.1%. The company’s earnings for the third quarter of 2026 are expected to grow 32.4% year over year.
NVIDIA Corporation (NVDA - Free Report) has an Earnings ESP of +3.46% and a Zacks Rank of 1.
NVIDIA’s earnings beat estimates in each of the last four quarters, the average surprise being 5.8%. The company’s earnings for the third quarter of fiscal 2027 are expected to surge 91.5% year over year.
Snowflake Inc. (SNOW - Free Report) currently has an Earnings ESP of +7.84% and a Zacks Rank of 2.
Snowflake’s earnings beat estimates in each of the last four quarters, the average surprise being 22.8%. The company’s earnings for the third quarter of fiscal 2027 are expected to increase 71.4% year over year.
Akcie společnosti Ambev v pondělí klesly o 15,5 % po překvapivém vítězství Luize Inácia Luly da Silvy v brazilských prezidentských volbách, které vyvolalo obavy z regulace a oslabení brazilského realu.
Shares of Ambev S.A. (ABEV -14.24%) fell hard on Monday, down 15.5% as of 1:47 p.m. EDT.
Ambev is the Latin American subsidiary of global beer giant AB Inbev (BUD -2.71%), which owns a slight majority of Ambev S.A.
While the beer industry has been struggling in recent years, today's sell-off has nothing to do with company-specific financials. Rather, the surprise win by far-left candidate Luiz Inácio Lula da Silva in the Brazilian Presidential election yesterday appears to have caught investors in Brazil, who were betting on a win for the more business-friendly Flávio Bolsonaro, off guard.
ABEV Ambev$2.83-$0.47 (-14.24%)
NYSE · As of 4:00 PM ET 10/26/26
Lula's win shakes up Brazil stocksAmbev had rallied in recent weeks, along with most Brazilian stocks, following the first round of the elections on Oct. 4. That's because Bolsonaro was the top vote-getter in that round, with 47% to Lula's 45%. However, Brazil's election operates on a two-round system if no single candidate gets more than 50% of the vote. In the second round held this past weekend, which other candidates did not participate in, Lula da Silva surprisingly pulled out a victory, with 51.8% of the vote against Bolsonaro's 48.2%.
Investors were understandably surprised; after all, the election marked the first time since democracy returned to Brazil in 1988 that the first-round winner didn't go on to win the second round.
Da Silva has promised rather lavish welfare payments through various means, including debt relief for struggling households, shorter working hours, and free public transportation on weekends, among other measures. The increased spending and likely increased regulation of business also spurred a sell-off in Brazil's currency and bonds.
One might wonder what this has to do with the price of beer. First, Lula's reputation as relatively anti-business and anti-free-market capitalism is one aspect. The sell-off in Brazil's currency and bonds also indicates an increased risk of inflation and currency debasement. If the value of the Brazilian Real falls relative to the U.S. dollar, Ambev's Real-denominated sales and earnings would be worth less in U.S. dollar terms, all else being equal.
Image source: Getty Images.
Ambev fares better than other sectors, thoughWhile Ambev's decline is no doubt severe, Brazil's financial and energy sectors appear to be down by much more today. This is because the financial implications of Lula's win would likely be felt more acutely in the financial sector, as well as in the government's increasing control of the country's oil and gas revenues.
While Ambev stock may now look quite cheap, trading at just a 14.7 P/E multiple and with a dividend yield of 4.1%, larger economic factors make it riskier than investing in the company's parent, which sells beer all over the world.
Investors will learn more details on Thursday, Oct. 29, when the company reports third-quarter earnings.
NEW YORK--(BUSINESS WIRE)--Zeta Global (NYSE: ZETA), the intelligent AI infrastructure company, today announced the planned release of its third quarter 2026 financial results after the market close on Monday, November 9, 2026. Co-Founder, Chairman, and CEO David A. Steinberg and CFO Chris Greiner will host a conference call later that day, at 4:30 p.m. Eastern Time.
A live webcast and replay of the conference call will be accessible on Zeta’s Investor Relations website at http://investors.zetaglobal.com where it will remain available for one year.
About Zeta Global
Zeta Global (NYSE: ZETA) is the intelligent AI infrastructure company helping enterprises transform proprietary data into enterprise intelligence. The Zeta Data Cloud and Athena by Zeta™ connect proprietary enterprise knowledge with advanced AI to enable better decisions, more effective customer engagement, and stronger business outcomes. With one of the industry's largest proprietary data assets, Zeta helps organizations accelerate AI transformation and build durable competitive advantage. Founded in 2007 by David A. Steinberg and John Sculley, Zeta is headquartered in New York City with offices worldwide. Learn more at www.zetaglobal.com.
SummaryStarwood Property Trust offers a 15.3% dividend yield, but distributable earnings fall short, resulting in a 132% payout ratio and high risk of a cut.STWD's diversified platform - commercial, residential, infrastructure lending, and property - faces credit headwinds, particularly in multifamily, and underperformance in its net lease segment.Leverage is elevated at 9.5x debt-to-EBITDA and a 71% debt ratio, further constraining financial flexibility compared to peers.I recommend a 'Sell' on STWD, estimating a 60–70% probability of a dividend cut within 12 months due to persistent earnings undercoverage.Looking for a helping hand in the market? Members of iREIT®+HOYA Capital get exclusive ideas and guidance to navigate any climate. Learn More » pzRomashka/iStock via Getty Images
I've written about "sucker yields" for years on Seeking Alpha, and for those unfamiliar with the term, it’s simple:
When a dividend yield becomes unusually high, investors shouldn't automatically assume they've discovered a bargain. Sometimes Mr. Market is offering an extraordinary income opportunity, and
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of LADR, OWL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Elon Musk očekává, že mezi více než 200 AI cloudovými firmami dojde v důsledku dražšího financování k úbytku a konsolidaci; výnos nezajištěných dluhopisů společnosti CoreWeave vzrostl na 15 %.
Elon Musk says he expects "death and consolidation" across the AI cloud industry. That's a pretty dire warning, especially from someone whose own enterprise, Space Exploration Technologies Corp.(SPCX -0.40%), is now as much an AI cloud provider as it is a rocket company.
But Musk says that those very revenues from the rest of SpaceX's numerous businesses are exactly what will protect SpaceX's AI efforts from the capital crunch smaller players are facing. Is he right?
SPCX Space Exploration Technologies$146.90-$0.59 (-0.40%)
NASDAQ · As of 4:00 PM ET 10/26/26
Musk warns of an AI cloud financing crunchIn a Sunday post on X, Musk said: "As of the past few weeks, debt markets have almost entirely shut off access to money for any company that doesn't have substantial revenue independent of AI data centers."
He followed with a dramatic warning of the consequences: "That means the 200+ neoclouds are going to see guppy-level death and consolidation. Some will make it through, but not many."
CoreWeave's debt highlights the risks of expensive financingWhile there hasn't been any reporting that confirms his claim that debt markets have "almost entirely shut off access" for neoclouds," it is plainly true that financing is gettin much more expensive.
Yields on unsecured CoreWeave -- the poster child for neoclouds -- bonds jumped to 15% in recent weeks, firmly in "distressed" territory, and the cost to insure that debt against default has skyrocketed. Credit default swap (CDS) spreads for CoreWeave have spiked above 1,100 basis points, implying the market sees a more than 50% chance the company will default in the next five years.
This alone is a major red flag and a serious threat to CoreWeave's core model. The company essentially borrows money to buy chips, installs them in a data center it leases, and then rents those GPUs out to its customers. If borrowing gets too expensive, the math no longer works out, and shareholders lose hope they'll see a return on investment.
But if funding truly dries up, the model breaks.
SpaceX has other revenue sources to support borrowingThis is why SpaceX has an advantage, according to Musk. The revenue from its other businesses makes it a much more attractive borrower. Lenders like seeing income from other sources that can help the company continue to pay its debts even if its AI cloud business takes longer to pay off than expected.
CoreWeave and other neoclouds don't have that luxury, and many are more or less entirely reliant on borrowed money to survive. Still, Musk's warning may be too sweeping. Nebius, for instance, secured a $3.5 billion credit facility from Citi just last week, showing that lenders haven't stopped financing the industry altogether.
SpaceX's AI spending still needs to pay offBut is SpaceX immune? Not entirely. It certainly is a much more attractive borrower than most neoclouds and has a diversified revenue mix it can draw on to fund its AI ambitions. And beyond that, its own AI division's revenue is skyrocketing with several lucrative contracts, the first of which is beginning to pay out.
Image source: Getty Images.
But I think investors need to be somewhat careful about how much comfort they take from that. Revenue is only part of the picture and can be somewhat misleading. What matters more is cash, and right now, the company is still spending a whole lot more of it than it is bringing in.
So, while I think SpaceX doesn't face the same imminent threat as neoclouds like CoreWeave, I do think its AI bets are still unproven. SpaceX still needs to earn enough from its AI infrastructure to justify the enormous cost of building it, including the interest it owes lenders.
The "overvalued" label has followed Space Exploration Technologies (SPCX -0.40%) around since before it went public. Despite that, the share price hasn't collapsed over the four-plus months since its June IPO. It closed at $145 on Oct. 22, not much lower than its first-day open of $150.
SpaceX's track record so far as a public company raises the question of whether its stock is actually too expensive.
Image source: The Motley Fool.
The numbers indicate that it is. SpaceX has a market cap of $2 trillion, making it one of the 10 largest publicly traded companies. It has the lowest revenue of that group and posted its first profit as a public company in Q3, with net income of $4.4 billion. The space company also trades at 61 times trailing sales. For perspective, Nvidia trades at 17 times trailing sales.
To be fair, SpaceX is richly valued because of its growth potential, and it's growing quickly. Revenue increased 161% year over year to $14.6 billion in Q3 2026. Its AI segment, now called Super Intelligence (SI), was a standout, with revenue increasing 830% year over year to $7.6 billion. SpaceX's financial results have helped bring its valuation down quite a bit -- it was trading at nearly 100 times trailing sales before it reported earnings on Oct. 20.
SPCX Space Exploration Technologies$146.90-$0.59 (-0.40%)
NASDAQ · As of 4:00 PM ET 10/26/26
However, it still has a high valuation, which leaves it little room for error. It needs significant quarterly sales growth to justify the premium investors are paying. A bear market, especially one that leads to a slowdown in AI spending, could also be particularly problematic for SpaceX.
AI now accounts for over half of its revenue, and it's spending heavily on AI infrastructure. Its AI segment accounted for $16.4 billion of its $19.6 billion in Q3 capital expenditures.
SpaceX stock is undoubtedly expensive right now. I'm taking a wait-and-see approach with this company, but if you want to invest, consider starting small because of the risk and volatility.
Lyle Daly has positions in Nvidia. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.
The new OLED tablet adds faster on-device AI at a $699 starting price. Summary
The product strengthens Apple’s edge-device AI story; sell-through will reveal whether buyers accept the premium.
Apple, the consumer-device and services company AAPL, moved lower by approximately 0.72% to $345.24 at 10.35 a.m. ET Monday as it introduced a revamped iPad mini. The launch gives investors a fresh product to watch. The bigger test is whether buyers turn the hardware upgrades into stronger sales.
The new mini pairs an A20 Pro chip with an 8.5-inch OLED screen, Neural Accelerators and water and dust resistance. It also supports the next generation of Apple Intelligence. Apple opens preorders on October 28, with sales starting November 6 and pricing beginning at $699. That puts customer demand for the upgraded tablet in focus heading into the holiday shopping season.
The valuation leaves room for scrutiny: shares trade 19.29% above the $289.42 GF Value™ estimate, suggesting investors already expect more than a routine product refresh. June-quarter revenue of $109.4 billion and a 50.1% gross margin set the broader financial backdrop. Now watch iPad revenue, the mix of models buyers choose and margins. Those figures will show whether the new features translate into financial gains.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Počet aktivních předplatných FSD společnosti Tesla ve 3. čtvrtletí meziročně vzrostl o 67 % na 1,74 milionu; anualizované tržby se blíží 1 miliardě USD.
Tesla's (TSLA +5.21%) difficult year continues. On Oct. 21, the company released its third-quarter earnings, and the market wasn't that impressed. Tesla's shares dropped by about 3% post-earnings, adding to the significant market losses it had already incurred this year.
However, Tesla's latest quarterly update wasn't all bad. There were positive signs for the business, including the company's commercial progress with its Full Self-Driving (FSD) software. Let's look deeper into it.
Image source: The Motley Fool.
The FSD software is growing in popularityTesla's third-quarter deliveries were very strong. Total deliveries came in at 486,532. Although that declined 2% year over year, it was well ahead of the consensus analyst estimates.
However, the deliveries beat was already baked into the share price before Tesla reported its third-quarter results, since the company announces quarterly deliveries weeks before its update.
Why, then, did Tesla's shares fall after its earnings update? Because the company's actual financial performance was mixed. Vehicle sales declined 3% year over year, and total revenue was roughly flat at $28 billion.
Also, Tesla's non-GAAP net earnings per share dropped by 4% year over year to $0.48. Despite the mixed performance, Tesla made progress in some categories. The company's increasingly popular FSD software was one of them. Active FSD subscriptions grew 67% year over year during the period, reaching 1.74 million.
Tesla charges $99 per month in the U.S. for these subscriptions. The 1.74 million total includes people who purchased the subscription upfront (an option Tesla no longer offers). According to management, the FSD subscription now boasts an annual run rate approaching $1 billion.
That's a tiny percentage of the company's total revenue, but there are several reasons this business is particularly important to Tesla. First, FSD subscription sales likely carry higher margins than electric vehicle (EV) sales.
So, as FSD subscription revenue continues to grow, it could help lift the company's profits, even if it doesn't match EV sales. Second, as Tesla notes, the FSD software is actually helping the company deliver more vehicles.
It seems many customers are increasingly buying Tesla vehicles partly because of the benefits of the FSD software.
In the third quarter, Tesla's FSD attach rate -- the percentage of new buyers who also sign up for the FSD subscription -- reached over 75% in North America, growing nearly 20 percentage points sequentially.
Third, an increasing number of FSD subscriptions should help the company improve its software over the medium term. The more Teslas on the road that run the FSD software, the more data the company has from real-world situations to train and improve the software.
This data flywheel will have important implications for Tesla's entire business. Not only could it help the company sell more EVs, but it may also enable it to improve its robotaxi service.
TSLA Tesla$391.62+$19.40 (+5.21%)
NASDAQ · As of 4:00 PM ET 10/26/26
Is there significant upside ahead?Even with unimpressive EV sales over the next five years, Tesla's business may improve, provided the company makes substantial progress with its robotaxi business. Tesla launched the Cybercab, a two-seater with no mirrors, steering wheel, or pedals, in September.
The company will be looking to scale its Cybercab fleet over the next few years, and its FSD software will be a key part of its strategy. Assuming a large robotaxi fleet and significant utilization, this business may start contributing meaningfully to the company's revenue growth.
However, there are several risks to consider. First, despite a strong FSD attach rate, the retention rate will be just as important. Tesla does not disclose this metric, but even if the majority of new Tesla buyers opt for the FSD software, it won't be quite as lucrative a revenue stream if a significant number cancel it later. Second, Tesla still has plenty of work to do to scale its robotaxi fleet, and it will need to overcome various regulatory headwinds.
The company was the subject of a federal safety investigation after launching the Cybercab, underscoring that this poses a meaningful risk to the company. Third, and perhaps most importantly, Tesla's valuation seems to already assume significant success across its various projects.
The company is trading at 149.3x forward earnings, which seems incredibly high. Tesla will have to exceed expectations to deliver competitive returns from current levels over the next five years. That's certainly possible, so the upside potential is there. But there is also enough uncertainty to make me a skeptic. That's why I'd avoid Tesla stock right now.
Anthropic's IPO filing clarifies the scale of Amazon's investment exposure and long-term computing commitments.
Summary
Anthropic can generate cloud demand and investment gains, but those benefits reach different financial lines.
Amazon, the commerce and cloud-computing group AMZN, moved higher to $249.56 on Monday, up 0.63% at 10.10am EST. Anthropic's public IPO filing put fresh attention on Amazon's dual role as investor and computing supplier. Reuters previously reported that Anthropic committed at least $110 billion to Amazon under long-term infrastructure agreements. That creates a substantial demand pipeline, but commitments take time to become revenue.
Amazon's second-quarter results capture the tension. Sales climbed 20% to $200.6 billion, with AWS revenue rising 37% to $42.2 billion. Yet the earnings headline included $53.4 billion in non-operating pretax income, primarily from Anthropic investments. Meanwhile, heavier AI infrastructure spending helped push trailing 12-month free cash flow to negative $7.6 billion. Cloud growth, investment gains and cash generation tell different stories.
The shares sit just 1.12% below the displayed GF Value estimate of $252.39, suggesting little valuation cushion on that measure. The next earnings report needs to show how quickly cloud demand can cover the infrastructure bill. Watch AWS operating income, capital spending and free cash flow together. A higher Anthropic valuation can lift reported earnings; stronger cash generation would give investors firmer evidence that Amazon's AI spending is paying off.
Disclosures
I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Konsensus pro AMD ve 3. čtvrtletí očekává zisk na akcii (EPS) ve výši 1,94 USD a tržby 13,06 mld. USD, což představuje meziroční nárůst o téměř 62 %, respektive 41 %.
As Anthropic rushes to takes its shares public, the AI trade is showing cracks, and they are not confined to fringe players.
We recently wrote about CoreWeave, which fell 15.5% on Oct. 14 as yields on its 2032 notes touched 15%, and its default-swap spreads nearly doubled in October. IREN is down more than 20% this year. Last Thursday, the contagion reached chipmakers, which makes sense since much of CRWV and IREN's spending is going there. AMD dropped 8.1% as Meta's financing plans and a supply warning from Lam Research exacerbated data-center fears about the pace of AI spending.
So why be bullish?
Because when you screen for factors that demonstrably generate outperformance over time, the list narrows quickly. My screen: price above the 200-day moving average; revenue growing at least as fast as the S&P 500 (5%+ per annum); EPS growing at least as fast (7%+); rating upgrades; a PEG below 3; and ROE and ROIC of at least 12%. Of the names reporting in the next two weeks, AMD is effectively the only one that makes the list. Yes, you can (and arguably should, as our staples article described) position your portfolio with slightly less tech exposure than the broad indices provide, but we can't ignore the market's biggest and most transformative sector entirely.
Especially because the growth in this case doesn't just meet my criteria; it blows past them. Consensus for Q3 calls for EPS of $1.94 on revenue of $13.06 billion, versus $1.20 and $9.25 billion a year ago. That's YoY growth of nearly 62% and 41%, respectively. The recent drawdown came from a sector selloff, not anything AMD reported, but it shows that if some names in the space get hit, even the larger players are likely to feel it. On Oct. 6, Lisa Su said AMD would substantially increase supply in 2027 because AI orders keep outrunning capacity.
AMD, YTD
So how do you balance factors we know work for a fast-growing company against a backdrop of cracks in the AI trade? Options.
The tradeOwning the stock outright means absorbing a roughly 9% to 11% implied earnings-related move (day of). Earnings are about a week out, and over the past four quarters the smallest move over a similar window was more than 9%, and the largest move, after the company reported its Q1 26 results, was 38%! Of course, that kind of volatility means options aren't cheap, and that rich premium is also a reason not to simply buy calls.
A call spread risk reversal does both jobs: it reduces risk if the cracks widen, and the short options offset the elevated volatility we would otherwise pay for. The bottom chart shows that, by sacrificing about $1,700 of upside for $5,000 in outperformance during a severe downside move, and given how jittery this trade has been lately, this is a way to stay in it with considerably less risk. $5,000 less, specifically. Of course, selling that out will tie up some cash, but less so than simply buying the stock. And selling both the out and the call reduces long call purchase by 66%
Disclosures: Tidal owns/holds all the securities mentioned in the article.
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Boeing má před zveřejněním výsledků za 3. čtvrtletí rekordní objem nevyřízených zakázek ve výši 715 mld. USD, zahrnující více než 6 200 komerčních letadel.
Boeing Co (NYSE:BA) looks to win investors back over with its third-quarter financial results Tuesday before the market opens. The report comes with shares down 13% year-to-date and down 26% from yearly highs.
Here are the earnings estimates, what analysts are saying and key items to watch.
Boeing Q3 Earnings EstimatesAnalysts expect Boeing to report third-quarter revenue of $23.84 billion, up from $23.27 billion last year, according to data from Benzinga Pro.
The company has beaten analyst revenue estimates in six straight quarters and in seven of its last 10 quarters overall.
Earnings have been less favorable, with the company missing analyst estimates in seven of the last 10 quarters overall.
Analysts expect a loss of 21 cents per share for the third quarter, compared to a loss of $7.47 per share in last year’s third quarter.
Read Next
What Boeing Analysts Are SayingInvestors may be overlooking Boeing’s military contracts, Bank of America Securities analyst Ronald Epstein said in a recent note.
The analyst reiterated a Buy rating with a price target of 4270.
Epstein highlighted the company’s U.S. Air Force’s F-47 and Navy’s F/A-XX fighter programs.
"Boeing now holds the keys to the future of U.S. tactical aircraft," Epstein said.
The analyst said major military wins for peer companies led to stock gains, while Boeing stock has traded lower.
Here are other recent analyst ratings on Boeing stock and their price targets:
Morgan Stanley: Maintained Equal-Weight rating, lowered price target from $250 to $225 RBC Capital: Maintained Outperform rating, lowered price target from $265 to $235 Bernstein: Maintained Outperform rating, lowered price target from $298 to $278 TD Cowen: Maintained Buy rating, lowered price target from $250 to $240 Key Items to WatchRecent military contract wins and Boeing’s backlog could be key areas to watch.
The company reported a record backlog of $715 billion in the second quarter, consisting of more than 6,200 commercial airplanes.
After several items that hurt trust in the company, Boeing looks to be firing on all cylinders and recently received FAA certification for the 737-10 MAX.
Recent quarterly results from aerospace supplier GE Aerospace could point to strength for the sector and companies like Boeing, due to strong commercial orders and defense contract wins.
Boeing Stock Price ActionBoeing stock is nearly flat at $188.28 on Monday versus a 52-week trading range of $176.77 to $254.35. Shares are down 13.3% year-to-date in 2026.
Read Next
Image via Shutterstock
Market News and Data brought to you by Benzinga APIs
Citigroup získala od čínské CSRC souhlas k založení své plně vlastněné společnosti pro obchodování s cennými papíry CSCCL v Šanghaji, která bude nabízet makléřské služby, upisování emisí, výzkum a obchodování na vlastní účet.
Key Takeaways C secures CSRC approval to establish a wholly owned securities company in Shanghai to serve onshore clients.CSCCL will offer equities brokerage, underwriting, research and trading, leveraging C's client relationships.C aims to raise its investment-banking wallet share from 4.7% in 2025 to more than 6% in the near term. Citigroup Inc. (C - Free Report) received approval from the China Securities Regulatory Commission (CSRC) to establish a wholly owned securities company, Citigroup Securities (China) Company Limited (CSCCL). Headquartered in Shanghai, CSCCL will offer brokerage, underwriting, research and principal trading services, strengthening C’s presence in China’s domestic securities market and complementing its global capital markets capabilities.
Why Is Citigroup Expanding Its Securities Business in China?The expansion comes as China steps up efforts to open its financial markets to foreign institutions, with regulators announcing new measures to facilitate cross-border investment and allow overseas financial institutions to participate in yuan trading. These developments provide a supportive backdrop for global financial institutions like Citigroup seeking to strengthen their onshore operations and access China's domestic capital markets.
To capitalize on these opportunities, Citigroup will leverage its established corporate and institutional relationships to offer underwriting, research, investment advisory and trading in onshore equities, bonds and funds through CSCCL. The platform will complement C’s Corporate & Investment Bank, which serves 70% of Fortune 500 companies operating in China, as well as hundreds of large domestic corporate and public sector clients. Its Commercial Bank also serves numerous medium-sized enterprises, creating further opportunities to expand client relationships. The launch of CSCCL further advances C’s strategic shift toward institutional and capital markets businesses, following the 2024 sale of its China consumer wealth business to HSBC Holdings (HSBC - Free Report) .
Beyond expanding its client reach, the new securities business could create additional revenue opportunities by enabling Citigroup to combine its corporate banking, financing and cash management services with its global investment banking expertise. The move also supports C’s broader OneCiti strategy, which focuses on integrating its services to deepen client relationships and capture more business opportunities. At its 2026 Investor Day, the bank outlined its ambition to increase its investment-banking wallet share from 4.7% in 2025 to more than 6% in the near term. By enabling C to participate in a wider range of domestic capital markets activities, CSCCL could provide another avenue to pursue this target.
Citigroup will complete the regulatory requirements to launch CSCCL and build a high-caliber local team to support clients in China’s domestic securities market. While the new entity could strengthen the bank’s institutional franchise and support long-term growth, its contribution to earnings will depend on the pace of the operational launch, client adoption and activity in China’s domestic capital markets.
Other Financial Firms Expansion in ChinaOther global financial firms, including Mizuho Financial Group (MFG - Free Report) and HSBC Holdings, are expanding their presence in China.
Similar to C, Mizuho Financial has cleared the final regulatory hurdles to launch a wholly owned securities business in mainland China in October 2026, according to a Yahoo Finance article, which cited a Bloomberg report. The approval will strengthen Mizuho Financial’s foothold in China’s capital markets by enabling it to serve domestic clients directly through a wholly owned securities platform.
On the other hand, HSBC Holdings is expanding its Asian wealth-management business, including in mainland China. The acquisition of Citigroup’s China consumer wealth business complements its focus on high-net-worth clients, digital upgrades and talent investment. The January 2026 privatization of Hang Seng Bank is also likely to generate revenue and cost synergies, supporting its Greater China growth strategy.
C’s Price Performance & Zacks RankOver the past year, shares of Citigroup have gained 19.4% compared with the industry’s growth of 3.3%.
Image Source: Zacks Investment Research
Citigroup currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Elon Musk a Chamath Palihapitiya varují před otřesy v infrastruktuře pro AI v roce 2027: horší podmínky financování a zpoždění výstavby datových center mohou omezit objednávky GPU společnosti Nvidia.
By now, you're probably well aware that Nvidia (NVDA +2.40%) is one of the biggest winners of the artificial intelligence (AI) revolution. Its graphics processing units (GPUs) are essential infrastructure for companies developing generative AI models. This has fueled an unprecedented spending boom among technology companies and specialized cloud computing providers.
However, two prominent investors are sounding the alarm about the sustainability of this infrastructure spending. Over the weekend, Elon Musk and venture capitalist Chamath Palihapitiya warned that the AI infrastructure build-out could face a major shakeout in 2027.
Their concerns revolve around tightening credit markets, delayed data center construction, and the possibility that expensive computing equipment could sit idle. For Nvidia investors, these issues raise an uncomfortable question: What happens when the biggest buyers of GPUs can no longer afford them?
Image source: Nvidia.
What risks does the AI infrastructure boom face? In a recent post on X (formerly Twitter), Palihapitiya offered his assessment of the AI data center industry. Drawing on his experience investing in energized land assets, he argued that specialized cloud computing providers -- commonly called neoclouds -- are poorly capitalized and struggling to execute their expansion efforts.
The most mainstream neoclouds are CoreWeave and Nebius. Unlike traditional hyperscalers like Microsoft, Amazon, and Alphabet, neoclouds pretty much only focus on providing accelerated compute infrastructure to customers developing and deploying AI applications.
Building a data center requires more than just purchasing GPUs. Operators need to secure land, electricity, cooling systems, networking equipment, and financing. Even after securing these resources, construction or permitting delays can prevent computing equipment from becoming operational.
Palihapitiya warns that these challenges could leave "a lot of partially stranded compute" sitting in inventory next year. If that proves correct, he thinks the hyperscalers facing capacity constraints will prioritize their own AI workloads over third-party customers. In turn, smaller companies will scramble for alternatives.
SpaceX CEO Elon Musk. Image source: The White House.
Musk agreed with this outlook. He explained that lenders have become reluctant to finance companies that do not have "substantial revenue independent of AI data centers." While Musk's Space Exploration Technologies recently secured $40 billion in debt financing for GPUs, Musk emphasized the company was able to raise this money because the company's credit profile is investment-grade and it has other established business through Starlink and rocket launch cadences, providing a financial advantage that most neoclouds lack.
How slowing infrastructure spend affects Nvidia Let's consider how the AI infrastructure supply chain works. Nvidia designs GPUs that are purchased by hyperscalers and neoclouds. These customers install the chips in data centers and provide compute to AI developers. This business model essentially depends on continued access to capital and the timely completion of data center build-outs. If financing becomes unavailable or electricity connections are delayed, a company could be forced to postpone construction. Consequently, it may delay or even cancel planned GPU purchases.
Now imagine these problems ripple through dozens of operators at the same time. Nvidia would almost certainly experience a meaningful slowdown in orders, even if the underlying demand for AI remains strong overall.
The situation becomes amplified when you consider the hyperscalers. Companies such as Microsoft, Amazon, and Alphabet all have stronger balance sheets than most neoclouds. Nevertheless, their spending is not unlimited. If infrastructure bottlenecks prevent them from deploying and monetizing existing GPUs, the economics of purchasing additional equipment are less attractive until those problems are resolved.
NVDA Nvidia$216.02+$5.06 (+2.40%)
NASDAQ · As of 4:00 PM ET 10/26/26
What could happen to Nvidia stock in 2027? It's important to understand that Nvidia's competitive advantages are still substantial. Outside of GPUs, the company's networking technology and CUDA software have helped Nvidia build an ecosystem and establish the company as a dominant supplier of AI infrastructure.
With that said, Musk and Palihapitiya are expressing risks that investors shouldn't dismiss. The AI infrastructure boom depends on enormous outlays of capital expenditures (capex), access to debt markets, and the ability to complete construction projects on schedule. At the end of the day, Musk's comments suggest the AI industry is approaching a more difficult phase where financial discipline is just as important as technological innovation.
The takeaway for Nvidia investors is that AI demand can remain strong while infrastructure spending slows. Both things can be true at the same time. If 2027 brings the consolidation Musk and Palihapitiya anticipate, Nvidia will have to accept that the world's most sought-after chips aren't immune to financial limitations.
For investors, the concern is that Nvidia's valuation already reflects expectations of robust growth. If GPU orders slow, even temporarily, Wall Street will reassess how much it's willing to pay for the company's future earnings.
Third-quarter 2026 net income of $459 million, or $2.96 per share, compared with $1.122 billion, or $7.11 per share, in the third quarter of 2025, after recognizing a less than $1 million third-quarter 2026 after-tax increase in the fair value of equity securities still held.Third-quarter 2026 non-GAAP operating income* of $443 million, or $2.86 per share, compared with $449 million, or $2.85 per share, in the third quarter of last year.$663 million decrease in third-quarter 2026 net income, compared with third-quarter 2025, including the effects of after-tax net decreases of $657 million from net investment gains and $41 million from property casualty underwriting profit, partially offset by an increase of $24 million from investment income.$105.42 book value per share at September 30, 2026, up $3.07 since year-end.5.8% value creation ratio for the first nine months of 2026, compared with 13.8% for the same period of 2025. Financial Highlights
(Dollars in millions, except per share data)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Revenue Data
Earned premiums
$ 2,690
$ 2,567
5
$ 7,929
$ 7,391
7
Investment income, net of expenses
325
295
10
962
860
12
Total revenues
3,047
3,726
(18)
10,184
9,540
7
Income Statement Data
Net income
$ 459
$ 1,122
(59)
$ 1,988
$ 1,717
16
Investment gains and losses, after-tax
16
673
(98)
991
994
0
Non-GAAP operating income*
$ 443
$ 449
(1)
$ 997
$ 723
38
Per Share Data (diluted)
Net income
$ 2.96
$ 7.11
(58)
$ 12.75
$ 10.88
17
Investment gains and losses, after-tax
0.10
4.26
(98)
6.36
6.30
1
Non-GAAP operating income*
$ 2.86
$ 2.85
0
$ 6.39
$ 4.58
40
Book value
$ 105.42
$ 98.76
7
Cash dividend declared
$ 0.94
$ 0.87
8
$ 2.82
$ 2.61
8
Diluted weighted average shares outstanding
155.1
157.8
(2)
155.9
157.8
(1)
*
The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures section defines and reconciles measures presented in this release that are not based on U.S. Generally Accepted Accounting Principles.
Forward-looking statements and related assumptions are subject to the risks outlined in the company's safe harbor statement.
Insurance Operations Highlights
90.9% third-quarter 2026 property casualty combined ratio, increased from 88.2% for the third quarter of 2025.2% growth in third-quarter net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures.$315 million third-quarter 2026 property casualty new business written premiums, down 12%. Agencies appointed since the beginning of 2025 contributed $33 million or 10% of total new business written premiums.$31 million third-quarter 2026 life insurance subsidiary net income, up $3 million compared with the third quarter of 2025, and 2% growth in third-quarter 2026 term life insurance earned premiums.Investment and Balance Sheet Highlights
10% or $30 million increase in third-quarter 2026 pretax investment income, including an 11% increase in bond interest income and a 4% decrease in stock portfolio dividends.Three-month decrease of less than 1% in fair value of total investments at September 30, 2026, including a less than 1% decrease for both the bond portfolio and the stock portfolio.$6.044 billion parent company cash and marketable securities at September 30, 2026, up 9% from year-end 2025.Property Casualty Operations Maintaining Profitability
Stephen M. Spray, president and chief executive officer, commented: "Over the past few months our field claims teams and headquarters claims associates have been busy. I'm proud of their efforts as they brought compassion and expertise to our agents and policyholders, quickly resolving claims and helping affected communities begin to move forward.
"This quarter is a nice example of the impact our many growth, profitability and diversification initiatives are having on our insurance business. While catastrophe losses grew by 7.0 points compared with last year's third quarter – moving closer to historical averages for the third quarter – our overall combined ratio of 90.9% reflects our continued efforts in pricing segmentation across our organization and the purposeful diversification of our growth.
"On a nine-month basis we achieved healthy non-GAAP operating income, increasing that measure 38% to $997 million. Our insurance operations continued to lead the way. With three-quarters of the year behind us, our 95.8% combined ratio is comfortably within our long-term target of 92% to 98%."
Growth Reflecting Underwriting Discipline
"In this competitive market, we are balancing new business opportunities with underwriting discipline. Total property casualty net written premiums grew 4% through the first nine months of 2026, reflecting average renewal price increases for each of our property casualty insurance segments and most of our major lines of business.
"Our growth strategy plays to the strengths of each area where we do business. We consider many factors such as historic loss ratios, current market conditions, weather patterns and our view of future expectations for particular lines of business to create an appropriate plan for targeted profitable growth. That work creates a generally stable underwriting appetite to support our agents and enhance our mutual success.
"We also continue to benefit from the introduction of new specialty products through The Cincinnati Specialty Underwriters Insurance Company and Cincinnati Global Underwriting, along with the ability to grow Cincinnati Re opportunistically as the reinsurance market changes. Through September, these three areas have grown 7%, 13% and 11%, respectively, compared with the first nine months of 2025."
Insurance Profitability Fueling Investments
"Consolidated cash and total investments topped $34 billion. Since December, book value per share has risen to $105.42, driven by the contribution of our insurance operations and the strength of our investment portfolio.
"This ample capital allows us to execute on our long-term strategies and, at the same time, continue to not just pay dividends to shareholders, but increase them, through the normal variability of investment and insurance markets as we've done for 66 years."
Insurance Operations Highlights
Consolidated Property Casualty Insurance Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Earned premiums
$ 2,605
$ 2,484
5
$ 7,672
$ 7,145
7
Fee revenues
4
4
0
11
11
0
Total revenues
2,609
2,488
5
7,683
7,156
7
Loss and loss expenses
1,595
1,464
9
5,070
4,938
3
Underwriting expenses
774
731
6
2,276
2,095
9
Underwriting profit
$ 240
$ 293
(18)
$ 337
$ 123
174
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
61.2 %
58.9 %
2.3
66.1 %
69.1 %
(3.0)
Underwriting expenses
29.7
29.3
0.4
29.7
29.3
0.4
Combined ratio
90.9 %
88.2 %
2.7
95.8 %
98.4 %
(2.6)
% Change
% Change
Agency renewal written premiums
$ 2,095
$ 2,037
3
$ 6,394
$ 6,084
5
Agency new business written premiums
315
356
(12)
1,007
1,143
(12)
Other written premiums
140
100
40
642
494
30
Net written premiums
$ 2,550
$ 2,493
2
$ 8,043
$ 7,721
4
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
54.0 %
55.4 %
(1.4)
56.8 %
57.4 %
(0.6)
Current accident year catastrophe losses
10.8
4.4
6.4
12.2
14.2
(2.0)
Prior accident years before catastrophe losses
(3.5)
(0.2)
(3.3)
(2.7)
(1.6)
(1.1)
Prior accident years catastrophe losses
(0.1)
(0.7)
0.6
(0.2)
(0.9)
0.7
Loss and loss expense ratio
61.2 %
58.9 %
2.3
66.1 %
69.1 %
(3.0)
Current accident year combined ratio before
catastrophe losses
83.7 %
84.7 %
(1.0)
86.5 %
86.7 %
(0.2)
$57 million or 2% growth of third-quarter 2026 property casualty net written premiums, reflecting premium growth initiatives, price increases and a higher level of insured exposures.$41 million decrease in third-quarter 2026 new business premiums written by agencies, primarily due to our personal lines insurance segment, included a $15 million increase in production from agencies appointed since the beginning of 2025.300 new agency appointments in the first nine months of 2026, including 44 that market only our personal lines products.2.7 percentage-point third-quarter 2026 combined ratio increase, including an increase of 7.0 points for losses from catastrophes.2.6 percentage-point nine-month 2026 combined ratio improvement, including a decrease of 1.3 points from lower catastrophe losses.3.6 percentage-point third-quarter 2026 benefit from favorable prior accident year reserve development of $94 million, compared with 0.9 points or $22 million for third-quarter 2025.2.9 percentage-point nine-month 2026 benefit from favorable prior accident year reserve development, compared with 2.5 points for the first nine months of 2025.0.6 percentage-point improvement in the nine-month 2026 ratio for current accident year loss and loss expenses before catastrophes.0.4 percentage-point increase in the underwriting expense ratio for the first nine months of 2026, compared with the same period of 2025, primarily due to timing of recognition of certain expenses.Commercial Lines Insurance Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Earned premiums
$ 1,270
$ 1,229
3
$ 3,762
$ 3,620
4
Fee revenues
2
2
0
4
4
0
Total revenues
1,272
1,231
3
3,766
3,624
4
Loss and loss expenses
782
747
5
2,539
2,249
13
Underwriting expenses
398
373
7
1,166
1,080
8
Underwriting profit
$ 92
$ 111
(17)
$ 61
$ 295
(79)
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
61.5 %
60.8 %
0.7
67.5 %
62.2 %
5.3
Underwriting expenses
31.3
30.3
1.0
31.0
29.8
1.2
Combined ratio
92.8 %
91.1 %
1.7
98.5 %
92.0 %
6.5
% Change
% Change
Agency renewal written premiums
$ 1,050
$ 1,043
1
$ 3,380
$ 3,311
2
Agency new business written premiums
182
185
(2)
595
588
1
Other written premiums
(33)
(30)
(10)
(90)
(86)
(5)
Net written premiums
$ 1,199
$ 1,198
0
$ 3,885
$ 3,813
2
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
58.0 %
59.2 %
(1.2)
61.0 %
60.0 %
1.0
Current accident year catastrophe losses
7.1
3.0
4.1
9.6
5.0
4.6
Prior accident years before catastrophe losses
(3.4)
(1.0)
(2.4)
(3.0)
(2.2)
(0.8)
Prior accident years catastrophe losses
(0.2)
(0.4)
0.2
(0.1)
(0.6)
0.5
Loss and loss expense ratio
61.5 %
60.8 %
0.7
67.5 %
62.2 %
5.3
Current accident year combined ratio before
catastrophe losses
89.3 %
89.5 %
(0.2)
92.0 %
89.8 %
2.2
$1 million or less than 1% growth in third-quarter 2026 commercial lines net written premiums, primarily due to higher agency renewal premiums. Two percent growth in nine-month net written premiums.$7 million or 1% increase in third-quarter renewal written premiums, with commercial lines average renewal pricing increases in the low-single-digit percent range.$3 million or 2% decrease in third-quarter 2026 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.1.7 percentage-point third-quarter 2026 combined ratio increase, including an increase of 4.3 points for losses from catastrophes.6.5 percentage-point nine-month 2026 combined ratio increase, including an increase of 5.1 points from higher catastrophe losses.3.6 percentage-point third-quarter 2026 benefit from favorable prior accident year reserve development of $46 million, compared with 1.4 points or $18 million for third-quarter 2025.3.1 percentage-point nine-month 2026 benefit from favorable prior accident year reserve development, compared with 2.8 points for the first nine months of 2025.Personal Lines Insurance Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Earned premiums
$ 888
$ 838
6
$ 2,641
$ 2,340
13
Fee revenues
1
1
0
4
4
0
Total revenues
889
839
6
2,645
2,344
13
Loss and loss expenses
564
507
11
1,809
1,951
(7)
Underwriting expenses
237
233
2
717
665
8
Underwriting profit (loss)
$ 88
$ 99
(11)
$ 119
$ (272)
nm
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
63.5 %
60.4 %
3.1
68.4 %
83.4 %
(15.0)
Underwriting expenses
26.8
27.8
(1.0)
27.2
28.4
(1.2)
Combined ratio
90.3 %
88.2 %
2.1
95.6 %
111.8 %
(16.2)
% Change
% Change
Agency renewal written premiums
$ 911
$ 864
5
$ 2,580
$ 2,364
9
Agency new business written premiums
76
116
(34)
230
384
(40)
Other written premiums
(30)
(29)
(3)
(88)
(145)
39
Net written premiums
$ 957
$ 951
1
$ 2,722
$ 2,603
5
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
47.9 %
50.7 %
(2.8)
51.1 %
54.7 %
(3.6)
Current accident year catastrophe losses
19.9
8.0
11.9
19.5
29.7
(10.2)
Prior accident years before catastrophe losses
(3.6)
2.6
(6.2)
(2.1)
0.4
(2.5)
Prior accident years catastrophe losses
(0.7)
(0.9)
0.2
(0.1)
(1.4)
1.3
Loss and loss expense ratio
63.5 %
60.4 %
3.1
68.4 %
83.4 %
(15.0)
Current accident year combined ratio before
catastrophe losses
74.7 %
78.5 %
(3.8)
78.3 %
83.1 %
(4.8)
$6 million or 1% growth in third-quarter 2026 personal lines net written premiums, including higher agency renewal written premiums that benefited from rate increases near the low end of the high-single-digit percent range, partially offset by lower new business premiums. Five percent growth in nine-month net written premiums.$40 million or 34% decrease in third-quarter 2026 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.2.1 percentage-point third-quarter 2026 combined ratio increase, including an increase of 12.1 points for losses from catastrophes.16.2 percentage-point nine-month 2026 combined ratio improvement, including a decrease of 8.9 points from lower catastrophe losses.4.3 percentage-point third-quarter 2026 favorable prior accident year reserve development of $38 million, compared with an unfavorable 1.7 points or $14 million for third-quarter 2025.2.2 percentage-point nine-month 2026 benefit from favorable prior accident year reserve development, compared with 1.0 points for the first nine months of 2025.Excess and Surplus Lines Insurance Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Earned premiums
$ 187
$ 174
7
$ 556
$ 510
9
Fee revenues
1
1
0
3
3
0
Total revenues
188
175
7
559
513
9
Loss and loss expenses
114
108
6
342
317
8
Underwriting expenses
53
48
10
156
141
11
Underwriting profit
$ 21
$ 19
11
$ 61
$ 55
11
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
61.5 %
62.1 %
(0.6)
61.7 %
62.2 %
(0.5)
Underwriting expenses
27.9
27.7
0.2
28.0
27.6
0.4
Combined ratio
89.4 %
89.8 %
(0.4)
89.7 %
89.8 %
(0.1)
% Change
% Change
Agency renewal written premiums
$ 134
$ 130
3
$ 434
$ 409
6
Agency new business written premiums
57
55
4
182
171
6
Other written premiums
(7)
(10)
30
(31)
(35)
11
Net written premiums
$ 184
$ 175
5
$ 585
$ 545
7
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
63.8 %
64.1 %
(0.3)
64.3 %
64.8 %
(0.5)
Current accident year catastrophe losses
1.0
0.2
0.8
1.0
0.9
0.1
Prior accident years before catastrophe losses
(3.3)
(2.1)
(1.2)
(3.4)
(3.2)
(0.2)
Prior accident years catastrophe losses
0.0
(0.1)
0.1
(0.2)
(0.3)
0.1
Loss and loss expense ratio
61.5 %
62.1 %
(0.6)
61.7 %
62.2 %
(0.5)
Current accident year combined ratio before
catastrophe losses
91.7 %
91.8 %
(0.1)
92.3 %
92.4 %
(0.1)
$9 million or 5% growth in third-quarter 2026 excess and surplus lines net written premiums, including higher agency renewal written premiums that benefited from price increases averaging in the low-single-digit percent range. Seven percent growth in nine-month net written premiums.$2 million or 4% increase in third-quarter 2026 new business premiums written by agencies.0.4 percentage-point third-quarter 2026 combined ratio improvement, primarily due to favorable reserve development on prior accident year loss and loss expenses that was partially offset by higher current accident year catastrophe losses.0.1 percentage-point nine-month 2026 combined ratio improvement, largely due to a lower ratio for current accident year loss and loss expenses before catastrophe losses that was partially offset by a higher underwriting expense ratio.3.3 percentage-point third-quarter 2026 benefit from favorable prior accident year reserve development of $6 million, compared with 2.2 points or $4 million for third-quarter 2025.3.6 percentage-point nine-month 2026 benefit from favorable prior accident year reserve development, compared with 3.5 points for the first nine months of 2025.Life Insurance Subsidiary Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Term life insurance
$ 62
$ 61
2
$ 187
$ 179
4
Whole life insurance
15
14
7
42
40
5
Universal life and other
8
8
0
28
27
4
Earned premiums
85
83
2
257
246
4
Investment income, net of expenses
53
52
2
161
151
7
Investment gains and losses, net
4
(1)
nm
3
(6)
nm
Fee revenues
2
1
100
5
4
25
Total revenues
144
135
7
426
395
8
Contract holders' benefits incurred
80
76
5
243
230
6
Underwriting expenses incurred
25
23
9
73
70
4
Total benefits and expenses
105
99
6
316
300
5
Net income before income tax
39
36
8
110
95
16
Income tax provision
8
8
0
23
20
15
Net income of the life insurance subsidiary
$ 31
$ 28
11
$ 87
$ 75
16
$2 million increase in third-quarter 2026 earned premiums, including a 2% increase for term life insurance, our largest life insurance product line.$12 million increase in nine-month 2026 life insurance subsidiary net income, primarily due to increased investment income, increased investment gains, increased earned premiums, and more favorable mortality experience, partially offset by less favorable impacts from the unlocking of interest rate and other actuarial assumptions.$1 million or less than 1% nine-month 2026 increase, to $1.468 billion, in GAAP shareholders' equity for the life insurance subsidiary, primarily from net income that was offset by an increase in unrealized investment losses on fixed-maturity securities.Investment and Balance Sheet Highlights
Investments Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Investment income, net of expenses
$ 325
$ 295
10
$ 962
$ 860
12
Investment interest credited to contract holders
(32)
(32)
0
(97)
(95)
(2)
Investment gains and losses, net
20
853
(98)
1,258
1,259
0
Investments profit
$ 313
$ 1,116
(72)
$ 2,123
$ 2,024
5
Investment income:
Interest
$ 252
$ 227
11
$ 731
$ 651
12
Dividends
66
69
(4)
214
206
4
Other
11
4
175
31
16
94
Less investment expenses
4
5
(20)
14
13
8
Investment income, pretax
325
295
10
962
860
12
Less income taxes
57
51
12
167
148
13
Total investment income, after-tax
$ 268
$ 244
10
$ 795
$ 712
12
Investment returns:
Average invested assets plus cash and cash
equivalents
$ 35,549
$ 31,899
$ 34,631
$ 31,345
Average yield pretax
3.66 %
3.70 %
3.70 %
3.66 %
Average yield after-tax
3.02
3.06
3.06
3.03
Effective tax rate
17.6
17.3
17.4
17.2
Fixed-maturity returns:
Average amortized cost
$ 19,989
$ 17,816
$ 19,504
$ 17,515
Average yield pretax
5.04 %
5.10 %
5.00 %
4.96 %
Average yield after-tax
4.10
4.16
4.07
4.04
Effective tax rate
18.6
18.4
18.5
18.4
$30 million or 10% rise in third-quarter 2026 pretax investment income, including an 11% increase in interest income from fixed-maturity securities and a 4% decrease in equity portfolio dividends.$1.142 billion in third-quarter 2026 pretax total investment losses, summarized in the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Investment gains and losses on equity securities sold, net
$ 5
$ (9)
$ 255
$ (5)
Unrealized gains and losses on equity securities still held, net
1
855
980
1,259
Investment gains and losses on fixed-maturity securities, net
(8)
1
(3)
(13)
Other
22
6
26
18
Subtotal - investment gains and losses reported in net income
20
853
1,258
1,259
Change in unrealized investment gains and losses - fixed
maturities and short-term
(1,162)
241
(1,308)
336
Total
$ (1,142)
$ 1,094
$ (50)
$ 1,595
Balance Sheet Highlights
(Dollars in millions, except share data)
At September 30,
At December 31,
2026
2025
Total investments
$ 33,139
$ 31,783
Total assets
42,611
41,002
Short-term debt
17
25
Long-term debt
791
790
Shareholders' equity
16,182
15,911
Book value per share
105.42
102.35
Debt-to-total-capital ratio
4.8 %
4.9 %
$34.378 billion in consolidated cash and total investments at September 30, 2026, an increase of 4% from $33.214 billion at year-end 2025.$18.925 billion bond portfolio at September 30, 2026, with an average rating of A2/A. Fair value decreased $29 million during the third quarter of 2026, including $1.107 billion in net purchases of fixed-maturity securities.$13.145 billion equity portfolio was 39.7% of total investments, including $8.872 billion in appreciated value before taxes at September 30, 2026. Third-quarter 2026 decrease in fair value of $49 million, including $52 million in net sales of equity securities.$3.22 third-quarter 2026 decrease in book value per share, including additions of $2.89 of net income before investment gains and $0.82 for other items that were offset by $5.99 from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities and $0.94 from dividends declared to shareholders.Value creation ratio of 5.8% for the first nine months of 2026, including 6.4% from net income before investment gains, which includes underwriting and investment income, and 6.2% from investment gains for equity securities, partially offset by 6.6% from changes in unrealized gains for fixed-maturity securities and 0.2% for other items.For additional information or to register for our conference call webcast, please visit investors.cinfin.com.
About Cincinnati Financial
Cincinnati Financial Corporation offers primarily business, home and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.
Mailing Address:
Street Address:
P.O. Box 145496
6200 South Gilmore Road
Cincinnati, Ohio 45250-5496
Fairfield, Ohio 45014-5141
Safe Harbor Statement
Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like "seek," "expect," "will," "should," "could," "might," "anticipate," "believe," "estimate," "intend," "likely," "future," or other similar expressions. Forward-looking statements speak only as of the date they were made; we assume no obligation to update such statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to:
Insurance-Related Risks
Risks and uncertainties associated with our loss reserves or actual claim costs exceeding reservesIncreased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuanceUnusually high levels of catastrophe losses due to risk concentrations or changes in weather patterns, environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes; and our ability to manage catastrophe riskRisks associated with analytical models in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risk managementInadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimatesEvents or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growthMergers, acquisitions, and other consolidations of agencies that result in a concentration of a significant amount of premium in one agency or agency group and/or alter our competitive advantagesOur inability to manage business opportunities, growth prospects, and expenses for our ongoing operationsChanging consumer insurance-buying habitsThe inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers; and the potential for nonpayment or delay in payment by reinsurersDomestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S. trade and tariff policy, and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book valueSignificant or prolonged decline in the fair value of securities and impairment of the assetsSignificant decline in investment income due to reduced or eliminated dividend payouts from securitiesSignificant rise in losses from surety or director and officer policies written for financial institutions or other insured entities or in losses from policies written by Cincinnati Re or Cincinnati GlobalAn unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expensesDecreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activityThe inability of our workforce, agencies, or vendors to perform necessary business functionsFinancial, Economic, and Investment Risks
Declines in overall stock market values negatively affecting our equity portfolio and book valueDowngrades in our financial strength ratingsInterest rate fluctuations or other factors that could significantly affect:Our ability to generate growth in investment incomeValues of our fixed-maturity investments and accounts in which we hold bank-owned life insurance contract assetsOur traditional life policy reservesEconomic volatility and illiquidity associated with our alternative investments in private equity, private credit, real property, and limited partnershipsFailure to comply with covenants and other requirements under our credit facilities, senior debt, and other debt obligationsRecession, prolonged elevated inflation, or other economic conditions resulting in lower demand for insurance products or increased payment delinquenciesThe inability of our subsidiaries to pay dividends consistent with current or past levels impacting our ability to pay shareholder dividends or repurchase sharesGeneral Business, Technology, and Operational Risks
Ineffective information technology systems or failing to develop and implement improvements in technologyDifficulties with technology or data security breaches, including cyberattacks, could negatively affect our, or our agents', ability to conduct business; disrupt our relationships with agents, policyholders, and others; cause reputational damage, mitigation expenses, data loss, and expose us to liability Difficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, remote working capabilities, and/or outsourcing relationships and third-party operations and data securityDisruption of the insurance market caused by technology innovations such as driverless cars that could decrease consumer demand for insurance productsDelays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing models and methods, including usage-based insurance methods, automation, artificial intelligence, or technology projects and enhancements expected to increase our efficiency, pricing accuracy, underwriting profit, and competitivenessIntense competition, and the impact of innovation, emerging technologies, artificial intelligence and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitabilityInability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that the segment could not achieve sustainable profitabilityUnforeseen departure of certain executive officers or other key employees that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and othersOur inability, or the inability of our independent agents, to attract and retain personnelEvents, such as a pandemic, an epidemic, natural catastrophe, or terrorism, which could hamper our ability to assemble our workforce, work effectively in a remote environment, or other failures of business continuity or disaster recovery programsRegulatory, Compliance, and Legal Risks
Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimatesPlace the insurance industry under greater regulatory scrutiny or result in new statutes, rules, and regulations Restrict our ability to exit or reduce writings of unprofitable coverages or lines of businessIncrease assessments for guaranty funds, other insurance‑related assessments, or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changesIncrease our provision for federal income taxes due to changes in tax laws, regulations, or interpretationsIncrease other expensesLimit our ability to set fair, adequate, and reasonable ratesRestrict our ability to cancel policiesImpose new underwriting standardsPlace us at a disadvantage in the marketplace Restrict our ability to execute our business model, including the way we compensate agentsAdverse outcomes from litigation, environmental claims, mass torts or administrative proceedings, including effects of social inflation and third-party litigation funding on the size and frequency of litigation awardsEvents or actions, including unauthorized intentional circumvention of controls, which reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002Effects of changing social, global, economic, and regulatory environmentsAdditional measures affecting corporate financial reporting and governance that can affect the market value of our common stockRisks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2025 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.
* * *
Cincinnati Financial Corporation
Condensed Consolidated Balance Sheets and Statements of Income (unaudited)
(Dollars in millions)
September 30,
December 31,
2026
2025
Assets
Investments
$ 33,139
$ 31,783
Cash and cash equivalents
1,239
1,431
Premiums receivable
3,427
3,142
Reinsurance recoverable
624
655
Deferred policy acquisition costs
1,422
1,344
Other assets
2,760
2,647
Total assets
$ 42,611
$ 41,002
Liabilities
Insurance reserves
$ 15,611
$ 14,499
Unearned premiums
5,643
5,254
Deferred income tax
1,616
1,833
Long-term debt and lease obligations
858
861
Other liabilities
2,701
2,644
Total liabilities
26,429
25,091
Shareholders' Equity
Common stock and paid-in capital
1,992
1,958
Retained earnings
18,273
16,719
Accumulated other comprehensive loss
(951)
(34)
Treasury stock
(3,132)
(2,732)
Total shareholders' equity
16,182
15,911
Total liabilities and shareholders' equity
$ 42,611
$ 41,002
(Dollars in millions, except per share data)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Revenues
Earned premiums
$ 2,690
$ 2,567
$ 7,929
$ 7,391
Investment income, net of expenses
325
295
962
860
Investment gains and losses, net
20
853
1,258
1,259
Other revenues
12
11
35
30
Total revenues
3,047
3,726
10,184
9,540
Benefits and Expenses
Insurance losses and contract holders' benefits
1,675
1,540
5,313
5,168
Underwriting, acquisition and insurance expenses
799
754
2,349
2,165
Interest expense
12
13
39
40
Other operating expenses
8
6
28
27
Total benefits and expenses
2,494
2,313
7,729
7,400
Income Before Income Taxes
553
1,413
2,455
2,140
Provision for Income Taxes
94
291
467
423
Net Income
$ 459
$ 1,122
$ 1,988
$ 1,717
Per Common Share:
Net income — basic
$ 2.99
$ 7.19
$ 12.88
$ 10.99
Net income — diluted
2.96
7.11
12.75
10.88
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures
(See attached tables for reconciliations; additional prior-period reconciliations available at investors.cinfin.com.)
Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules for insurance company regulation in the United States of America as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.
Management uses certain non-GAAP financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP results to improve its understanding of trends in the underlying business and to help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management's control; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.
Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company's insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold in any period may be subject to management's discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses are recognized from certain changes in market values of securities without actual realization. Management believes that the level of investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.For these reasons, many investors and shareholders consider non-GAAP operating income to be one of the more meaningful measures for evaluating insurance company performance. Equity analysts who report on the insurance industry and the company generally focus on this metric in their analyses. The company presents non-GAAP operating income so that all investors have what management believes to be a useful supplement to GAAP information.
Consolidated property casualty insurance results: To supplement reporting segment disclosures related to our property casualty insurance operations, we also evaluate results for those operations on a basis that includes results for our property casualty insurance and brokerage services subsidiaries. That is the total of our commercial lines, personal lines and our excess and surplus lines segments plus our reinsurance assumed operations known as Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global.Life insurance subsidiary results: To supplement life insurance reporting segment disclosures related to our life insurance operation, we also evaluate results for that operation on a basis that includes life insurance subsidiary investment income, or investment income plus investment gains and losses, that are also included in our investments reporting segment. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products.Cincinnati Financial Corporation
Net Income Reconciliation
(Dollars in millions, except per share data)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Net income
$ 459
$ 1,122
$ 1,988
$ 1,717
Less:
Investment gains and losses, net
20
853
1,258
1,259
Income tax on investment gains and losses
(4)
(180)
(267)
(265)
Investment gains and losses, after-tax
16
673
991
994
Non-GAAP operating income
$ 443
$ 449
$ 997
$ 723
Diluted per share data:
Net income
$ 2.96
$ 7.11
$ 12.75
$ 10.88
Less:
Investment gains and losses, net
0.13
5.40
8.07
7.98
Income tax on investment gains and losses
(0.03)
(1.14)
(1.71)
(1.68)
Investment gains and losses, after-tax
0.10
4.26
6.36
6.30
Non-GAAP operating income
$ 2.86
$ 2.85
$ 6.39
$ 4.58
Life Insurance Reconciliation
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Net income of the life insurance subsidiary
$ 31
$ 28
$ 87
$ 75
Investment gains and losses, net
4
(1)
3
(6)
Income tax on investment gains and losses
1
—
1
(1)
Non-GAAP operating income
28
29
85
80
Investment income, net of expenses
(53)
(52)
(161)
(151)
Investment interest credited to contract holders
32
32
97
95
Income tax excluding tax on investment gains and losses, net
7
8
22
21
Life insurance segment profit
$ 14
$ 17
$ 43
$ 45
Property Casualty Insurance Reconciliation
(Dollars in millions)
Three months ended September 30, 2026
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 2,550
$ 1,199
$ 957
$ 184
$ 210
Unearned premiums change
55
71
(69)
3
50
Earned premiums
$ 2,605
$ 1,270
$ 888
$ 187
$ 260
Underwriting profit
$ 240
$ 92
$ 88
$ 21
$ 39
(Dollars in millions)
Nine months ended September 30, 2026
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 8,043
$ 3,885
$ 2,722
$ 585
$ 851
Unearned premiums change
(371)
(123)
(81)
(29)
(138)
Earned premiums
$ 7,672
$ 3,762
$ 2,641
$ 556
$ 713
Underwriting profit
$ 337
$ 61
$ 119
$ 61
$ 96
(Dollars in millions)
Three months ended September 30, 2025
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 2,493
$ 1,198
$ 951
$ 175
$ 169
Unearned premiums change
(9)
31
(113)
(1)
74
Earned premiums
$ 2,484
$ 1,229
$ 838
$ 174
$ 243
Underwriting profit
$ 293
$ 111
$ 99
$ 19
$ 64
(Dollars in millions)
Nine months ended September 30, 2025
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 7,721
$ 3,813
$ 2,603
$ 545
$ 760
Unearned premiums change
(576)
(193)
(263)
(35)
(85)
Earned premiums
$ 7,145
$ 3,620
$ 2,340
$ 510
$ 675
Underwriting profit (loss)
$ 123
$ 295
$ (272)
$ 55
$ 45
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*Included in Other are the results of Cincinnati Re and Cincinnati Global.
Cincinnati Financial Corporation
Other Measures
Value creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company's insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this measure is useful, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.Written premium: Under statutory accounting rules in the U.S., property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. The difference between written and earned premium is unearned premium. Value Creation Ratio Calculations
(Dollars are per share)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Value creation ratio:
End of period book value*
$ 105.42
$ 98.76
$ 105.42
$ 98.76
Less beginning of period book value
108.64
91.46
102.35
89.11
Change in book value
(3.22)
7.30
3.07
9.65
Dividend declared to shareholders
0.94
0.87
2.82
2.61
Total value creation
$ (2.28)
$ 8.17
$ 5.89
$ 12.26
Value creation ratio from change in book value**
(3.0) %
8.0 %
3.0 %
10.9 %
Value creation ratio from dividends declared to
shareholders***
0.9
0.9
2.8
2.9
Value creation ratio
(2.1) %
8.9 %
5.8 %
13.8 %
* Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding
** Change in book value divided by the beginning of period book value
*** Dividend declared to shareholders divided by beginning of period book value
Společnost PayPal má ve 3. čtvrtletí vykázat tržby ve výši 8,70 miliardy USD, což představuje meziroční nárůst o 3,36 %, zatímco zisk na akcii (EPS) má klesnout o 2,2 % na 1,31 USD.
Key Takeaways PYPL is set to report Q3 earnings on Oct. 27, with revenues expected to rise 3.36% and EPS to fall 2.2%.PYPL's TPV is projected to rise 6.9%, supported by Braintree and Venmo growth.PYPL faces stiff competition, consumer spending pressures and forex volatility despite improving volumes. PayPal Holdings, Inc. (PYPL - Free Report) is slated to report third-quarter 2026 results on Oct. 27, before the market opens. The company’s quarterly results are likely to display a year-over-year increase in revenues, while earnings per share (EPS) is expected to decline.
In the last reported quarter, this payment company reported EPS of $1.38, outpacing the Zacks Consensus Estimate of $1.28. The quarter benefited from solid growth in total payment volume (TPV), along with continued momentum in Venmo and Braintree.
Over the preceding four quarters, PYPL’s EPS surpassed the Zacks Consensus Estimate thrice and missed in the remaining period, with the average beat being 5.32%. This is depicted in the graph below:
Factors Likely to Shape PayPal’s Q3 ResultsPayPal’s third-quarter results are expected to reflect continued progress in its transformation strategy, with a focus on expanding merchant solutions and deepening customer engagement. Revenue growth is expected to be modest in the quarter, with management guiding to low single-digit currency-neutral revenue growth. It also expects transaction margin dollars to grow slightly.
In the quarter under consideration, PYPL is expected to have benefited from an improving Total Payment Volume (TPV), supported by continued growth momentum in Braintree and Venmo.
Despite these positives, PayPal is likely to have faced intense competition from other digital payment companies. Broader macroeconomic uncertainties and pressure on consumer discretionary spending are also likely to affect its third-quarter results.
PayPal's significant international presence exposes its business to foreign exchange fluctuations. Changes in the value of the U.S. dollar against foreign currencies are likely to influence the company’s to-be-reported results.
PYPL's Q3 ProjectionsThe Zacks Consensus Estimate for PayPal’s transaction revenues is pegged at $7.82 billion, which suggests a 4% increase from the year-ago quarter.
The consensus mark for TPV is pegged at $489.707 billion, indicating 6.9% year-over-year growth. PayPal’s active accounts are likely to have reached 439.9 million, which denotes an increase from the year-ago value of 438 million.
The consensus mark for the number of payment transactions is pinned at 6.584 billion, which is above the company’s reported figure of 6.331 billion in the same quarter last year.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $8.70 billion, indicating an increase of 3.36% from the year-ago quarter’s reported figure.
However, its consensus mark for revenues from other value-added services is pegged at $885.5 million for the third quarter, down 1.1% from the year-ago period.
PYPL’s activities in the to-be-reported quarter were inadequate in garnering analysts’ confidence. The Zacks Consensus Estimate for third-quarter EPS has declined a cent to $1.31 over the past month. It also suggests a 2.2% fall from the year-ago quarter’s tally. Management expects non-GAAP EPS to decline at a low-single-digit rate in the third quarter of 2026.
What Our Quantitative Model Predicts About PYPLOur proven model does not conclusively predict an EPS beat for PYPL for this quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.
PayPal has an Earnings ESP of -3.18% and currently carries a Zacks Rank of 3. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Stocks That Warrant a LookHere are two other stocks from the Zacks Financial Transaction Services sector — Visa (V - Free Report) and Mastercard (MA - Free Report) — you may want to consider, as our model shows that these also have the right combination of elements to report an EPS beat this quarter.
Visa is slated to report quarterly numbers on Oct. 27, 2026. V has an Earnings ESP of +0.66% and a Zacks Rank of #3 at present.
Mastercard is slated to report quarterly numbers on Oct. 29, 2026. MA has an Earnings ESP of +0.11% and a Zacks Rank of #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
SummaryIntel Corporation is rated a Buy at $85-86, as the market underappreciates its improving fundamentals and foundry turnaround.DCAI segment margins soared from 16% to 39.5% YoY, driven by acute CPU shortages and pricing power amid surging agentic AI demand.Foundry losses are shrinking, with 18A yields and cost curves improving; Apple and Tesla pipeline signals validate strategic direction.Key INTC Q3 metrics to watch: DCAI margins near 40%, foundry loss below -$1.8B, and a Q4 guide above $17.06B to support re-rating. ispyfriend/E+ via Getty Images
I bought Intel Corporation (INTC) back in May last year somewhere around $21. And at that time, I did not have an idea or a thesis at the time. Intel was arguably the most hated name in the
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FDA rozšířil schválení kombinace přípravků TALZENNA a XTANDI od společnosti Pfizer pro muže s metastatickým hormonálně citlivým karcinomem prostaty s mutacemi v genech HRR.
Pfizer Inc. (NYSE: PFE) today announced that the U.S. Food and Drug Administration (FDA) has expanded approval of TALZENNA® (talazoparib) in combination with XTANDI® (enzalutamide) to the treatment of men with metastatic androgen pathway modulation-naïve or -sensitive (mAPMN/S) prostate cancer (PC) with homologous recombination repair (HRR) gene mutations, including both BRCA and non-BRCA mutations. mAPMN/S is also known as metastatic hormone-sensitive prostate cancer (mHSPC). This approval makes TALZENNA, an oral poly ADP-ribose polymerase (PARP inhibitor), plus XTANDI, an androgen receptor pathway inhibitor (ARPI), available in an earlier line, providing an opportunity to delay disease progression at a critical stage when more patients may experience greater benefit.
“Today’s approval of TALZENNA plus XTANDI builds on its established role as a standard-of-care option for men with advanced prostate cancer. Moving this targeted therapy into the androgen pathway modulation-naïve or -sensitive setting further reflects our commitment to men with HRR-mutated metastatic prostate cancer, providing a new option at a stage where it may have a greater impact to delay progression.”
“This approval represents a critical advancement for patients with newly diagnosed metastatic prostate cancer with HRR gene mutations, who face a more aggressive disease, worse prognosis, and limited treatment options. In the TALAPRO-3 trial, clinical benefits were consistent for patients with BRCA and non-BRCA HRR gene mutations, addressing a long-standing unmet need – and reinforcing the importance of biomarker testing at the time of diagnosis.”
- Neeraj Agarwal, M.D., FASCO, Co-director of Prostate Cancer Program at Harvard Cancer Consortium, faculty medical oncologist at Dana-Farber Cancer Institute, and global lead investigator for TALAPRO-3
TALZENNA plus XTANDI was first approved in the U.S. in 2023 for men with metastatic androgen pathway modulation resistant (mAPMR) PC with HRR gene mutations, also known as HRRm metastatic castration-resistant prostate cancer (mCRPC). The application to expand the indication was reviewed under FDA Priority Review and was supported by results from the Phase 3 TALAPRO-3 study.
Key Results from the Pivotal Phase 3 TALAPRO-3 Study
Improved Radiographic Progression-Free Survival (rPFS): TALZENNA plus XTANDI reduced the risk of radiographic progression or death by 52% vs. placebo plus XTANDI (Hazard Ratio [HR] of 0.48; 95% Confidence Interval [CI], 0.36–0.65; p ˂ 0.0001) in patients with mAPMN/S PC with HRR gene mutations and an estimated 77% of patients remained progression-free at three years. Consistent benefit was observed across patients with BRCA and non-BRCA HRR gene mutations.Consistent Safety Profile: The safety profile was consistent with the known profiles of each agent, and no new safety signals were identified. The most common treatment-emergent adverse events (TEAEs) in the TALZENNA plus XTANDI group were anemia, fatigue, decreased neutrophil count, and asthenia. The most common grade 3 or higher TEAE was anemia, reported by 51% in the TALZENNA plus XTANDI group and 3% in the control group. Five percent of patients discontinued TALZENNA due to anemia. TEAEs were generally manageable with dose modifications and supportive care as needed.Published Previously: These results were presented at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting and simultaneously published in The New England Journal of Medicine.About the TALAPRO-3 Phase 3 Study
TALAPRO-3 (NCT04821622) is a multicenter, randomized, double-blind, placebo-controlled study that enrolled 599 patients with mAPMN/S PC with ≤3 months of androgen deprivation therapy (ADT) [chemical or surgical] with or without an approved ARPI in the mAPMN/S setting at sites in the U.S., Canada, Europe, South America, and the Asia-Pacific region.Patients were randomized to receive TALZENNA 0.5 mg/day plus XTANDI 160mg/day, or placebo plus XTANDI 160mg/day.The primary endpoint is investigator-assessed rPFS, defined as the time from the date of randomization to radiographic progression in soft tissue per Response Evaluation Criteria in Solid Tumors version 1.1 (RECIST 1.1), or in bone per Prostate Cancer Working Group 3 (PCWG3) criteria by investigator assessment, or death, whichever occurs first.About mAPMN/S PC (mHSPC)
mAPMN/S PC is a form of advanced prostate cancer that has spread beyond the prostate but is still sensitive to androgen deprivation therapy.1Approximately 25% of patients with mAPMN/S PC (mHSPC) harbor HRR gene mutations.2Advancing Pfizer’s Leadership in Genitourinary Cancers
This milestone reflects Pfizer's 20-year commitment to driving advances in genitourinary cancers, and its efforts to advance precision medicines into earlier stages of disease, where they may have even more impact for patients. TALZENNA plus XTANDI is an established standard of care for HRR gene-mutated mAPMR PC and this FDA approval brings the combination to men at an earlier stage of disease, when delaying disease progression may have an even greater impact. An application is also under review by the European Medicines Agency (EMA), with additional global regulatory filings planned or underway. The FDA conducted their review of TALZENNA plus XTANDI under Project Orbis, an Oncology Center of Excellence initiative that provides a framework for concurrent submission and review of oncology drugs among international partners.
Related Content
https://www.pfizer.com/news/press-release/press-release-detail/talzenna-plus-xtandi-improves-radiographic-progression-freehttps://www.pfizer.com/news/press-release/press-release-detail/pfizers-talzennar-combination-xtandir-receives-us-fdahttps://www.nejm.org/doi/full/10.1056/NEJMoa2604126About TALZENNA® (talazoparib)
TALZENNA is an oral inhibitor of poly ADP-ribose polymerase (PARP), which plays a role in DNA damage repair. Preclinical studies have demonstrated that TALZENNA blocks PARP enzyme activity and traps PARP at the site of DNA damage, leading to decreased cancer cell growth and cancer cell death.
TALZENNA was initially approved in the U.S., EU, and multiple other regions as a single agent for the treatment of adult patients with deleterious or suspected deleterious gBRCAm HER2-negative locally advanced or metastatic breast cancer.
TALZENNA in combination with XTANDI was approved by the U.S. Food and Drug Administration (FDA) for the treatment of adult patients with HRR gene-mutated metastatic androgen pathway modulation resistant (mAPMR) PC in June 2023. The combination was also approved by the European Commission in January 2024 for the treatment of adult patients with mCRPC in whom chemotherapy is not clinically indicated. TALZENNA in combination with XTANDI is approved in more than 60 countries; indications vary by country.
About XTANDI® (enzalutamide)
XTANDI (enzalutamide) is an androgen receptor pathway inhibitor. XTANDI is a standard of care and has received regulatory approvals around the world for use in men with metastatic hormone-sensitive prostate cancer (mHSPC), mCRPC, non-metastatic castration-resistant prostate cancer (nmCRPC), and non-metastatic hormone-sensitive prostate cancer (nmHSPC) with high-risk biochemical recurrence (BCR). XTANDI is currently approved for one or more of these indications in more than 80 countries, including in the United States, European Union, and Japan. Over 1.5 million patients have been treated with XTANDI globally.3
XTANDI® is jointly developed and commercialized by Pfizer and Astellas in the United States.
TALZENNA® (talazoparib) Indications in the U.S.
TALZENNA is a poly (ADP-ribose) polymerase (PARP) inhibitor indicated for:
Breast Cancer:
As a single agent, for the treatment of adult patients with deleterious or suspected deleterious germline BRCA-mutated (gBRCAm) HER2‑negative locally advanced or metastatic breast cancer. Select patients for therapy based on an FDA‑authorized companion diagnostic for TALZENNA.
Prostate Cancer:
In combination with enzalutamide for the treatment of adult patients with:
metastatic androgen pathway modulation-resistant (mAPMR) prostate cancer with homologous recombination repair (HRR) gene mutations, as detected by an FDA-authorized test.metastatic androgen pathway modulation-naïve or -sensitive (mAPMN/S) prostate cancer with HRR gene mutations, as detected by an FDA-authorized test.IMPORTANT SAFETY INFORMATION
WARNINGS AND PRECAUTIONS
Myelodysplastic Syndrome/Acute Myeloid Leukemia (MDS/AML), including cases with a fatal outcome, has been reported in patients who received TALZENNA. In clinical studies, among 1,096 patients treated with TALZENNA as a single agent or as part of a combination regimen with enzalutamide, the cumulative incidence of MDS/AML was approximately 1% including 0.6% with fatal outcomes. The incidence of MDS/AML among patients treated with active control or with placebo in combination with enzalutamide was 0.2%. The median duration of therapy with TALZENNA in patients who developed MDS/AML was approximately 2.8 years (range: 1 to 5.8 years).
Do not start TALZENNA until patients have adequately recovered from hematological toxicity caused by previous chemotherapy. Monitor blood counts monthly during treatment with TALZENNA. For prolonged hematological toxicities, interrupt TALZENNA and monitor blood counts weekly until recovery. If counts do not recover within 4 weeks, refer the patient to a hematologist for further investigations including bone marrow analysis and blood sample for cytogenetics. If MDS/AML is confirmed, discontinue TALZENNA.
Myelosuppression consisting of anemia, leukopenia/neutropenia, and/or thrombocytopenia has been reported in patients treated with TALZENNA. Grade ≥ 3 anemia, neutropenia, and thrombocytopenia were reported, respectively, in 49%, 19%, and 9% of patients receiving TALZENNA in combination with enzalutamide. Forty-one percent of patients required a red blood cell transfusion, including 25% who required more than one transfusion. Discontinuation due to anemia, neutropenia, and thrombocytopenia occurred, respectively, in 7%, 4%, and 1% of patients.
Withhold TALZENNA until patients have adequately recovered from hematological toxicity caused by previous therapy. Monitor blood counts monthly during treatment with TALZENNA. If hematological toxicities do not resolve within 28 days, discontinue TALZENNA and refer the patient to a hematologist for further investigations including bone marrow analysis and blood sample for cytogenetics.
Embryo-Fetal Toxicity TALZENNA can cause fetal harm when administered to a pregnant woman. Advise male patients with female partners of reproductive potential or who are pregnant to use effective contraception during treatment and for 4 months following the last dose of TALZENNA.
ADVERSE REACTIONS
In the pooled safety population of 810 patients with prostate cancer, the most common (≥ 20%) adverse reactions including laboratory abnormalities were decreased hemoglobin (86%), decreased neutrophils (68%), decreased lymphocytes (62%), decreased platelets (54%), fatigue (48%), decreased albumin (26%), decreased calcium (26%), back pain (24%), decreased appetite (22%), and nausea (21%).
DRUG INTERACTIONS
Coadministration With P-gp Inhibitors The effect of coadministration of P-gp inhibitors on talazoparib exposure when TALZENNA is taken with enzalutamide has not been studied. Monitor patients for increased adverse reactions and modify the dosage as recommended for adverse reactions when TALZENNA is coadministered with a P-gp inhibitor.
Coadministration With BCRP Inhibitors Monitor patients for increased adverse reactions and modify the dosage as recommended for adverse reactions when TALZENNA is coadministered with a BCRP inhibitor. Coadministration of TALZENNA with BCRP inhibitors may increase talazoparib exposure, which may increase the risk of adverse reactions.
USE IN SPECIFIC POPULATIONS
Males of Reproductive Potential Based on animal studies, TALZENNA may impair fertility.
Renal Impairment Reduce the recommended dosage of TALZENNA in patients with moderate (CLcr 30 - 59 mL/min) and severe (CLcr 15 - 29 mL/min) renal impairment. No dose adjustment is required for patients with mild renal impairment. TALZENNA has not been studied in patients requiring hemodialysis.
INDICATIONS
TALZENNA is indicated in combination with enzalutamide for the treatment of adult patients with:
Metastatic androgen pathway modulation-resistant (mAPMR) prostate cancer with homologous recombination repair gene mutations (HRRm), as detected by an FDA-authorized testMetastatic androgen pathway modulation-naïve or -sensitive (mAPMN/S) prostate cancer with homologous recombination repair gene mutations (HRRm), as detected by an FDA-authorized testPlease see the Full Prescribing Information for TALZENNA. There may be a delay as the document is updated with the latest information. It will be available as soon as possible. Please check back for the updated full information shortly.
XTANDI® (enzalutamide) Indications in the U.S.
XTANDI (enzalutamide) is indicated for the treatment of patients with:
castration-resistant prostate cancer (CRPC)metastatic castration-sensitive prostate cancer (mCSPC)nonmetastatic castration sensitive prostate cancer (nmCSPC) with biochemical recurrence at high risk for metastasis (high-risk BCR)XTANDI® (enzalutamide) U.S. Important Safety Information
Warnings and Precautions
Seizure occurred in 0.6% of patients receiving XTANDI in eight randomized clinical trials. In a study of patients with predisposing factors for seizure, 2.2% of XTANDI-treated patients experienced a seizure. It is unknown whether anti-epileptic medications will prevent seizures with XTANDI. Patients in the study had one or more of the following predisposing factors: use of medications that may lower the seizure threshold, history of traumatic brain or head injury, history of cerebrovascular accident or transient ischemic attack, and Alzheimer’s disease, meningioma, or leptomeningeal disease from prostate cancer, unexplained loss of consciousness within the last 12 months, history of seizure, presence of a space occupying lesion of the brain, history of arteriovenous malformation, or history of brain infection. Advise patients of the risk of developing a seizure while taking XTANDI and of engaging in any activity where sudden loss of consciousness could cause serious harm to themselves or others. Permanently discontinue XTANDI in patients who develop a seizure during treatment.
Posterior Reversible Encephalopathy Syndrome (PRES) There have been reports of PRES in patients receiving XTANDI. PRES is a neurological disorder that can present with rapidly evolving symptoms including seizure, headache, lethargy, confusion, blindness, and other visual and neurological disturbances, with or without associated hypertension. A diagnosis of PRES requires confirmation by brain imaging, preferably MRI. Discontinue XTANDI in patients who develop PRES.
Hypersensitivity reactions, including edema of the face (0.5%), tongue (0.1%), or lip (0.1%) have been observed with XTANDI in eight randomized clinical trials. Pharyngeal edema has been reported in post-marketing cases. Advise patients who experience any symptoms of hypersensitivity to temporarily discontinue XTANDI and promptly seek medical care. Permanently discontinue XTANDI for serious hypersensitivity reactions.
Ischemic Heart Disease In the combined data of five randomized, placebo-controlled clinical studies, ischemic heart disease occurred more commonly in patients on the XTANDI arm compared to patients on the placebo arm (3.5% vs 2%). Grade 3-4 ischemic events occurred in 1.8% of patients on XTANDI versus 1.1% on placebo. Ischemic events led to death in 0.4% of patients on XTANDI compared to 0.1% on placebo. Monitor for signs and symptoms of ischemic heart disease. Optimize management of cardiovascular risk factors, such as hypertension, diabetes, or dyslipidemia. Discontinue XTANDI for Grade 3-4 ischemic heart disease.
Falls and Fractures occurred in patients receiving XTANDI. Evaluate patients for fracture and fall risk. Monitor and manage patients at risk for fractures according to established treatment guidelines and consider use of bone-targeted agents. In the combined data of five randomized, placebo-controlled clinical studies, falls occurred in 12% of patients treated with XTANDI compared to 6% of patients treated with placebo. Fractures occurred in 13% of patients treated with XTANDI and in 6% of patients treated with placebo.
Embryo-Fetal Toxicity The safety and efficacy of XTANDI have not been established in females. XTANDI can cause fetal harm and loss of pregnancy when administered to a pregnant female. Advise males with female partners of reproductive potential to use effective contraception during treatment with XTANDI and for 3 months after the last dose of XTANDI.
Dysphagia or Choking Severe dysphagia or choking, including events that could be life-threatening requiring medical intervention or fatal, can occur due to XTANDI product size. Advise patients to take each capsule or tablet whole with a sufficient amount of water to ensure that all medication is successfully swallowed. Consider use of a smaller tablet size of XTANDI in patients who have difficulty swallowing. Discontinue XTANDI for patients who cannot swallow capsules or tablets.
Interference with Immunoassay Measurement of Digoxin XTANDI can interfere with certain digoxin immunoassays (e.g., Chemiluminescent Microparticle Immunoassays), resulting in falsely elevated digoxin plasma concentration results. Notify the laboratory conducting the digoxin plasma concentration assay to use an appropriate method in patients receiving XTANDI and digoxin.
Adverse Reactions (ARs)
In the data from the five randomized placebo-controlled trials, the most common ARs (≥ 10%) that occurred more frequently (≥ 2% over placebo) in XTANDI-treated patients were musculoskeletal pain, fatigue, hot flush, constipation, decreased appetite, diarrhea, hypertension, hemorrhage, fall, fracture, and headache. In the bicalutamide-controlled study, the most common ARs (≥ 10%) reported in XTANDI-treated patients were asthenia/fatigue, back pain, musculoskeletal pain, hot flush, hypertension, nausea, constipation, diarrhea, upper respiratory tract infection, and weight loss.
In EMBARK, the placebo-controlled study of nonmetastatic CSPC (nmCSPC) with high-risk biochemical recurrence (BCR) patients, Grade 3 or higher adverse reactions during the total duration of treatment were reported in 46% of patients treated with XTANDI plus leuprolide, 50% of patients receiving XTANDI as a single agent, and 43% of patients receiving placebo plus leuprolide. Permanent treatment discontinuation due to adverse reactions during the total duration of treatment as the primary reason was reported in 21% of patients treated with XTANDI plus leuprolide, 18% of patients receiving XTANDI as a single agent, and 10% of patients receiving placebo plus leuprolide.
Lab Abnormalities: Lab abnormalities that occurred in ≥ 5% of patients, and more frequently (> 2%) in the XTANDI arm compared to placebo in the pooled, randomized, placebo-controlled studies are hemoglobin decrease, neutrophil count decreased, white blood cell decreased, hyperglycemia, hypermagnesemia, hyponatremia, hypophosphatemia, and hypercalcemia.
Hypertension: In the combined data from five randomized placebo-controlled clinical trials, hypertension was reported in 14.2% of XTANDI patients and 7.4% of placebo patients. Hypertension led to study discontinuation in
Drug Interactions
Effect of Other Drugs on XTANDI Avoid coadministration with strong CYP2C8 inhibitors. If coadministration cannot be avoided, reduce the dosage of XTANDI. Avoid coadministration with strong CYP3A4 inducers. If coadministration cannot be avoided, increase the dosage of XTANDI.
Effect of XTANDI on Other Drugs Avoid coadministration with certain CYP3A4, CYP2C9, and CYP2C19 substrates for which minimal decrease in concentration may lead to therapeutic failure of the substrate. If coadministration cannot be avoided, increase the dosage of these substrates in accordance with their Prescribing Information. In cases where active metabolites are formed, there may be increased exposure to the active metabolites.
Please access this link for XTANDI’s U.S. Full Prescribing Information for additional safety information.
About Pfizer: Breakthroughs That Change Patients’ Lives
At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 175 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at www.Pfizer.com. In addition, to learn more, please visit us on www.Pfizer.com and follow us on X at @Pfizer and @Pfizer_News, LinkedIn, YouTube and like us on Facebook at www.facebook.com/Pfizer/.
Disclosure Notice
The information contained in this release is as of October 26, 2026. Pfizer assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.
This release contains forward-looking information about Pfizer Oncology, TALZENNA and XTANDI, including their potential benefits, the TALAPRO-3 results, an approval in the U.S. for TALZENNA in combination with XTANDI to expand the use of TALZENNA plus XTANDI to the treatment of men with HRR gene-mutated metastatic androgen pathway modulation-naïve or -sensitive prostate cancer and additional global regulatory filings planned or underway, that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, uncertainties regarding the commercial success of TALZENNA in combination with XTANDI; the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for our clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; whether the TALAPRO-3 trial will meet the key secondary endpoint for overall survival; risks associated with initial, preliminary or interim data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from our clinical studies; whether and when applications for TALZENNA, XTANDI or a combination may be filed in particular jurisdictions for any potential indications; whether and when any such applications for TALZENNA, XTANDI or a combination that may be pending or filed may be approved by regulatory authorities (including the application under review by the EMA for TALZENNA in combination with XTANDI for men with HRR gene-mutated mAPMN/S PC), which will depend on myriad factors, including making a determination as to whether the product’s benefits outweigh its known risks and determination of the product’s efficacy and, if approved, whether TALZENNA, XTANDI or a combination will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of TALZENNA, XTANDI or a combination; risks and uncertainties related to issued or future executive orders or other new, or changes in, laws or regulations; uncertainties regarding the impact of COVID-19 on Pfizer’s business, operations and financial results; and competitive developments.
A further description of risks and uncertainties can be found in Pfizer’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results”, as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.
References
Troy SP, Jakubowski CD, Gartrell BA. Packing the punch: Current and emerging treatment strategies in metastatic castration-sensitive prostate cancer. Curr Urol Rep. 2025;26(1):50. doi:10.1007/s11934-025-01272-6Lee AM, Saidian A, Shaya J, et al. The Prognostic Significance of Homologous Recombination Repair Pathway Alterations in Metastatic Hormone Sensitive Prostate Cancer. Clin Genitourin Cancer. 2022;20(6):515-523. doi:10.1016/j.clgc.2022.06.016Data on file. Northbrook, IL: Astellas Inc
View source version on businesswire.com: https://www.businesswire.com/news/home/20261020160556/en/
Welltower zvýšil celoroční výhled normalizovaného FFO na 6,47–6,53 USD na akcii z 6,36–6,44 USD; ve třetím čtvrtletí dosáhlo normalizované FFO 1,67 USD na akcii, což představuje meziroční nárůst o 24,6 %.
, /PRNewswire/ -- Welltower Inc. (NYSE:WELL) today announced results for the quarter ended September 30, 2026.
Third Quarter and Other Recent Highlights
Reported net income of $415 million and net income attributable to common stockholders of $0.54 per diluted shareReported quarterly normalized funds from operations attributable to common stockholders of $1.67 per diluted share, an increase of 24.6% over the prior yearReported total portfolio year-over-year same store NOI ("SSNOI") growth of 15.8%, driven by SSNOI growth in our Seniors Housing Operating ("SHO") portfolio of 21.0%SHO portfolio organic same store revenue growth increased 9.1% year-over-year in the third quarter, resulting from 320 basis points ("bps") of average occupancy growth and 5.3% growth in Revenue Per Occupied Room ("RevPOR")Year-to-date, closed or under contract to close $21.0 billion of pro rata gross investments, including $13.3 billion completed in the nine months ended September 30, 2026 and $7.7 billion closed or under contract to close subsequent to quarter end, excluding development funding. Expected investments not yet closed are subject to customary closing conditionsDuring the third quarter, we completed $484 million of pro rata dispositions and loan repayments. For the year, we have completed $4.1 billion of pro rata dispositions and loan repayments, including $2.1 billion of OM dispositions and $1.2 billion of loan repaymentsAs of September 30, 2026, reported Net Debt to Adjusted EBITDA of 3.02x and approximately $9.5 billion of available liquidity inclusive of available cash and restricted cash, available capacity under our line of credit and expected proceeds from property sales and loan payoffsIn July, we issued C$1.15 billion of senior unsecured notes with a weighted-average coupon of 3.95%Capital Activity and Liquidity
Liquidity Update Net debt to consolidated enterprise value is 9.2% as of September 30, 2026. During the quarter, we sourced more than $4 billion of capital globally to fund accretive capital deployment opportunities, highlighting our access to multiple sources of funding across capital markets and geographies, allowing us to optimize our cost of capital and remain highly flexible in how we fund growth.
Canadian Note Issuance In July 2026, we completed the issuance of C$1.15 billion aggregate principal amount of Canadian dollar-denominated senior unsecured notes, consisting of C$750 million of 3.850% notes due August 15, 2031 and C$400 million of 4.150% notes due August 15, 2033.
Recent Investment Activity
In the third quarter, we completed $4.1 billion of pro rata gross investments, inclusive of development funding. Additionally, we completed pro rata property dispositions of $284 million and loan repayments of $200 million.
Seniors Housing Acquisitions In the third quarter, we completed $2.7 billion of pro rata gross investments across 43 seniors housing properties.
Dispositions During the third quarter, we disposed of 25 OM properties for a pro rata purchase price of $139 million. Additionally, we disposed of seven seniors housing properties for a pro rata purchase price of $145 million.
Dividend
On October 26, 2026, the Board of Directors declared a cash dividend for the quarter ended September 30, 2026 of $0.85 per share. This dividend, which will be paid on November 19, 2026 to stockholders of record as of November 10, 2026, will be our 222nd consecutive quarterly cash dividend. The declaration and payment of future quarterly dividends remains subject to review and approval by the Board of Directors.
Conference Call Information
We have scheduled a conference call on Tuesday, October 27, 2026 at 9:00 a.m. Eastern Time to discuss our third quarter 2026 results, industry trends and portfolio performance. Telephone access will be available by dialing (888) 340-5024 or (646) 960-0135 (international). For those unable to listen to the call live, a taped rebroadcast will be available beginning two hours after completion of the call through November 3, 2026. To access the rebroadcast, dial (800) 770-2030 or (609) 800-9909 (international). The conference ID number is 8230248. To participate in the webcast, log on to www.welltower.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days.
Outlook for 2026
Net income attributable to common stockholders guidance has been revised to a range of $3.31 to $3.37 per diluted share from the previous range of $3.11 to $3.19. We also increased the guidance range of full year normalized FFO attributable to common stockholders to a range of $6.47 to $6.53 per diluted share from the previous range of $6.36 to $6.44. In preparing our guidance, we have updated or confirmed the following assumptions:
Same Store NOI: We expect average blended SSNOI growth of 15.0% to 16.25%, which is comprised of the following components:Seniors Housing Operating approximately 20.25% to 21.75%Seniors Housing Triple-net approximately 3.5% to 4.5%Outpatient Medical approximately 2.0% to 3.0%Skilled Nursing approximately 2.0% to 3.0%Investments: Our earnings guidance includes only those acquisitions announced or closed to date. Furthermore, no transitions, restructures or capital activity beyond those announced to date are included.General and Administrative Expenses: We anticipate general and administrative expenses to be approximately $267 million to $272 million, inclusive of stock-based compensation expense of approximately $60 million.Dispositions: We expect pro rata disposition proceeds of $1.9 billion at a blended yield of 6.5% in the next twelve months. This includes approximately $1.5 billion of consideration from expected property sales, as well as $328 million of expected proceeds from loan repayments.Our guidance does not include any additional investments, dispositions or capital transactions, nor any other expenses, impairments, unanticipated additions to the loan loss reserve or other additional normalizing items beyond those disclosed. Please see the Supplemental Reporting Measures section for further discussion and our definition of normalized FFO and SSNOI and the Outlook Reconciliation table for a reconciliation of the outlook for net income attributable to common stockholders to normalized FFO attributable to common stockholders. We will provide additional detail regarding our 2026 outlook and assumptions on the third quarter 2026 conference call.
Supplemental Reporting Measures
We believe that revenues, net income and net income attributable to common stockholders ("NICS"), as defined by U.S. generally accepted accounting principles ("U.S. GAAP"), are the most appropriate earnings measurements. However, we consider Funds from Operations ("FFO"), Normalized FFO, net operating income ("NOI"), same store NOI ("SSNOI"), revenue per occupied room ("RevPOR"), same store RevPOR ("SS RevPOR"), EBITDA and Adjusted EBITDA to be useful supplemental measures of our operating performance. Excluding EBITDA and Adjusted EBITDA, these supplemental measures are disclosed on our pro rata ownership basis. Pro rata amounts are derived by reducing consolidated amounts for minority partners' noncontrolling ownership interests and adding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution.
Historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time as evidenced by the provision for depreciation. However, since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient. In response, the National Association of Real Estate Investment Trusts ("NAREIT") created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation from net income. FFO attributable to common stockholders, as defined by NAREIT, means net income attributable to common stockholders, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate and acquisitions of controlling interests, impairments of depreciable assets, plus real estate depreciation and amortization, and after adjustments for unconsolidated entities and noncontrolling interests. Normalized FFO attributable to common stockholders represents FFO attributable to common stockholders adjusted for certain items detailed in the Normalizing Items table below. We believe that normalized FFO attributable to common stockholders is a useful supplemental measure of operating performance because investors and equity analysts may use this measure to compare the operating performance of Welltower between periods or as compared to other REITs or other companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items.
We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to managers, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent general overhead costs that are unrelated to property operations and are unallocable to the properties. These expenses include, but are not limited to, payroll and benefits related to corporate employees, professional services, office expenses and depreciation of corporate fixed assets. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and leased properties, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and U.K. properties using a consistent exchange rate. Normalizers include adjustments that in management's opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our portfolio. No reconciliation of the forecasted range for SSNOI on a combined basis or by property type is included in this release because we are unable to quantify certain amounts that would be required to be included in the comparable GAAP financial measure without unreasonable efforts, and we believe such reconciliation would imply a degree of precision that could be confusing or misleading to investors.
RevPOR represents the average revenues generated per occupied room per month at our Seniors Housing Operating properties. This metric is calculated as our pro rata share of total resident fees and services revenues from the income statement, divided by average monthly occupied room days. SS RevPOR is used to evaluate the RevPOR performance of our properties under a consistent population, which eliminates changes in the composition of our portfolio. It is based on the same pool of properties used for SSNOI and includes any revenue normalizations used for SSNOI. We use RevPOR and SS RevPOR to evaluate the revenue-generating capacity of our Seniors Housing Operating portfolio independent of fluctuating occupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our Seniors Housing Operating portfolio.
We measure our credit strength both in terms of leverage ratios and coverage ratios. The leverage ratios indicate how much of our balance sheet capitalization is related to long-term debt, net of cash and restricted cash. We expect to maintain capitalization ratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. The ratios are based on EBITDA and Adjusted EBITDA. EBITDA is defined as earnings (net income per income statement) before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding unconsolidated entities and including adjustments for stock-based compensation expense, provision for loan losses, gains/losses on extinguishment of debt, gains/losses on disposition of properties and acquisitions of controlling interests, impairment of assets, gains/losses on derivatives and financial instruments, other expenses, other impairment charges and other adjustments deemed appropriate in management's opinion. We believe that EBITDA and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. Our leverage ratios include net debt to Adjusted EBITDA and consolidated enterprise value. Net debt is defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash. Consolidated enterprise value represents the sum of net debt, the fair market value of our common stock and noncontrolling interests.
Our supplemental reporting measures and similarly titled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management performance. None of the supplemental reporting measures represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly titled items reported by other real estate investment trusts or other companies. Please see the following tables for reconciliations of supplemental reporting measures and the Earnings Release and Supplemental Information report for the quarter ended September 30, 2026, which is available on Welltower's website (www.welltower.com), for information and reconciliations of additional supplemental reporting measures.
About Welltower
Welltower Inc. (NYSE: WELL), an S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio of seniors and wellness housing communities is uniquely situated at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe our real estate portfolio is unmatched, located in highly attractive micromarkets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as an operating company in a real estate wrapper, driven by highly-aligned partnerships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end operating and technology platform - we aspire to deliver long-term compounding of per share growth for our existing investors, our North Star.
We routinely post important information on our website at www.welltower.com in the "Investors" section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading "Investors." Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the Securities and Exchange Commission. The information on our website is not incorporated by reference in this press release and our web address is included as an inactive textual reference only.
Forward-Looking Statements and Risk Factors
This document contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "pro forma," "estimate" or similar expressions that do not relate solely to historical matters, Welltower is making forward-looking statements. These statements include, among others, management's expectations regarding the favorable impact of the acquisitions made and additional acquisition pipeline and our statements under the section "Outlook for 2026." Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower's actual results to differ materially from Welltower's expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the impact of macroeconomic and geopolitical developments, including economic downturns, elevated inflation and interest rates, political or social conflict, unrest or violence or similar events; the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the healthcare industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements, public perception of the healthcare industry and operators'/tenants' difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the healthcare and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower's ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters, public health emergencies and extreme weather affecting Welltower's properties; Welltower's ability to re-lease space at similar rates as vacancies occur; Welltower's ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower's properties; changes in rules or practices governing Welltower's financial reporting; the movement of U.S. and foreign currency exchange rates and changes to U.S. and global monetary, fiscal or trade policies; Welltower's approach to artificial intelligence; Welltower's ability to maintain its qualification as a REIT; key management personnel recruitment and retention; geopolitical tensions or conflicts, such as the ongoing conflict between Russia and Ukraine and in the Middle East, and other risks described in Welltower's reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.
Consolidated Balance Sheets (unaudited)
Dollars in thousands
September 30, 2025
September 30, 2026
Assets:
Real estate investments:
Land and land improvements
$ 5,146,696
$ 7,535,251
Buildings and improvements
42,496,555
60,990,495
Acquired lease intangibles
2,189,639
3,298,487
Real property held for sale, net of accumulated depreciation
5,091,216
306,776
Construction in progress
511,574
1,239,412
Less accumulated depreciation and intangible amortization
(10,107,309)
(12,125,154)
Net real property owned
45,328,371
61,245,267
Right of use assets, net
1,250,447
1,922,667
Real estate loans receivable, net of credit allowance
1,773,788
3,047,269
Net real estate investments
48,352,606
66,215,203
Other assets:
Investments in unconsolidated entities
1,835,979
2,049,911
Cash and cash equivalents
6,806,507
2,274,910
Restricted cash
134,066
141,097
Receivables and other assets
2,375,644
3,030,212
Total other assets
11,152,196
7,496,130
Total assets
$ 59,504,802
$ 73,711,333
Liabilities and equity
Liabilities:
Unsecured credit facility and commercial paper
$ —
$ 1,041,054
Senior unsecured notes
14,365,008
14,686,972
Secured debt
2,487,354
3,467,126
Lease liabilities
1,311,600
1,968,069
Accrued expenses and other liabilities
2,028,458
2,684,098
Total liabilities
20,192,420
23,847,319
Redeemable noncontrolling interests
284,364
237,081
Equity:
Common stock
684,229
732,160
Capital in excess of par value
47,054,892
57,547,521
Treasury stock
(14,340)
(26,641)
Cumulative net income
10,937,128
12,603,830
Cumulative dividends
(19,687,645)
(21,859,441)
Accumulated other comprehensive income
(217,446)
(415,436)
Total Welltower Inc. stockholders' equity
38,756,818
48,581,993
Noncontrolling interests
271,200
1,044,940
Total equity
39,028,018
49,626,933
Total liabilities and equity
$ 59,504,802
$ 73,711,333
Consolidated Statements of Income (unaudited)
Dollars in thousands, except per share data
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2026
2025
2026
Revenues:
Resident fees and services
$ 2,061,370
$ 3,121,141
$ 5,896,944
$ 8,886,963
Rental income
499,475
488,641
1,444,082
1,402,223
Interest income
67,216
83,251
191,763
231,549
Other income
57,631
22,744
124,234
91,554
Total revenues
2,685,692
3,715,777
7,657,023
10,612,289
Expenses:
Property operating expenses
1,577,048
2,246,026
4,554,149
6,451,569
Depreciation and amortization
509,812
706,786
1,490,717
2,067,302
Interest expense
162,052
192,655
448,171
567,284
General and administrative expenses
63,124
67,169
191,057
202,129
Loss (gain) on derivatives and financial instruments, net
31,682
—
28,063
—
Loss (gain) on extinguishment of debt, net
—
6,822
6,156
9,533
Provision for loan losses, net
1,088
230
(2,032)
4,045
Impairment of assets
3,081
33,452
75,359
64,052
Other expenses
44,699
124,687
75,357
242,754
Total expenses
2,392,586
3,377,827
6,866,997
9,608,668
Income (loss) from continuing operations before income taxes and
other items
293,106
337,950
790,026
1,003,621
Income tax (expense) benefit
(2,335)
(7,116)
2,131
43,230
Income (loss) from unconsolidated entities
(12,610)
(30,689)
(18,739)
(50,344)
Gain (loss) on real estate dispositions and acquisitions of controlling
interests, net
4,025
114,678
70,652
633,615
Income (loss) from continuing operations
282,186
414,823
844,070
1,630,122
Net income (loss)
282,186
414,823
844,070
1,630,122
Less: Net income (loss) attributable to noncontrolling interests(1)
1,627
18,236
3,666
59,861
Net income (loss) attributable to common stockholders
$ 280,559
$ 396,587
$ 840,404
$ 1,570,261
Average number of common shares outstanding:
Basic
672,407
724,329
657,571
711,389
Diluted
685,399
754,903
669,218
739,794
Net income (loss) attributable to common stockholders per
share:
Basic
$ 0.42
$ 0.55
$ 1.28
$ 2.21
Diluted(2)
$ 0.41
$ 0.54
$ 1.26
$ 2.16
Common dividends per share
$ 0.74
$ 0.85
$ 2.08
$ 2.33
(1) Includes amounts attributable to redeemable noncontrolling interests.
(2) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units.
Funds From Operations Reconciliation
Dollars in thousands, except per share data
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2026
2025
2026
Net income (loss) attributable to common stockholders
$ 280,559
$ 396,587
$ 840,404
$ 1,570,261
Depreciation and amortization
509,812
706,786
1,490,717
2,067,302
Impairments and losses (gains) on real estate dispositions and
acquisitions of controlling interests, net
(944)
(81,226)
4,707
(569,563)
Noncontrolling interests(1)
(9,360)
9,884
(25,084)
37,623
Unconsolidated entities(2)
44,308
38,760
104,545
101,369
NAREIT FFO attributable to common stockholders
824,375
1,070,791
2,415,289
3,206,992
Normalizing items, net(3)
94,866
187,719
148,318
298,283
Normalized FFO attributable to common stockholders
$ 919,241
$ 1,258,510
$ 2,563,607
$ 3,505,275
Average diluted common shares outstanding
685,399
754,903
669,218
739,794
Per diluted share data attributable to common stockholders:
Net income (loss)(4)
$ 0.41
$ 0.54
$ 1.26
$ 2.16
NAREIT FFO
$ 1.20
$ 1.42
$ 3.61
$ 4.33
Normalized FFO
$ 1.34
$ 1.67
$ 3.83
$ 4.74
Normalized FFO Payout Ratio:
Dividends per common share
$ 0.74
$ 0.85
$ 2.08
$ 2.33
Normalized FFO attributable to common stockholders per share
$ 1.34
$ 1.67
$ 3.83
$ 4.74
Normalized FFO payout ratio
55 %
51 %
54 %
49 %
Other items:(5)
Net straight-line rent and above/below market rent amortization
$ (54,117)
$ (99,042)
$ (148,845)
$ (243,669)
Non-cash interest expenses(6)
12,925
12,874
38,235
38,731
Recurring cap-ex(7)
(98,127)
(139,123)
(249,835)
(308,088)
Stock-based compensation(8)
12,828
15,622
40,139
48,099
(1) Represents noncontrolling interests' share of net FFO adjustments.
(2) Represents Welltower's share of net FFO adjustments from unconsolidated entities.
(3) See Normalizing Items table for details.
(4) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units, where applicable.
(5) Amounts presented net of noncontrolling interests' share and including Welltower's share of unconsolidated entities.
(6) Excludes normalized foreign currency loss (gain).
(7) Reflects recurring cap-ex on owned operational properties and excludes acquisition related cap-ex.
(8) Excludes normalized stock compensation expense related to the 2021 Special Performance Option and OPP Awards.
Normalizing Items
Dollars in thousands, except per share data
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2026
2025
2026
Loss (gain) on derivatives and financial instruments, net
$ 31,682
$ —
$ 28,063
$ —
Loss (gain) on extinguishment of debt, net
—
6,822
(1)
6,156
9,533
Provision for loan losses, net
1,088
230
(2)
(2,032)
4,045
Income tax benefits
—
—
(8,181)
(71,304)
Other impairment
—
2,463
(3)
604
2,463
Other expenses
44,699
124,687
(4)
75,357
242,754
Special incentive plan compensation
2,568
267
(5)
7,970
722
Casualty losses, net of recoveries
1,914
9,793
(6)
8,252
17,871
Foreign currency loss (gain)
1,753
6,124
(7)
(2)
6,496
Normalizing items attributable to noncontrolling interests and
unconsolidated entities, net
11,162
37,333
(8)
32,131
85,703
Net normalizing items
$ 94,866
$ 187,719
$ 148,318
$ 298,283
Average diluted common shares outstanding
685,399
754,903
669,218
739,794
Net normalizing items per diluted share
$ 0.14
$ 0.25
$ 0.22
$ 0.40
(1) Primarily related to the extinguishment of unsecured debt.
(2) Primarily related to adjustments to reserves for loan losses based upon our current assessment of expected credit losses in the portfolio.
(3) Primarily related to the write off of straight-line rent receivable balances relating to the conversion of triple-net leased properties to a SHO (RIDEA) structure.
(4) Primarily related to non-capitalizable transaction costs and legal fees, including related to the HC-One Group operator restructuring.
(5) Primarily related to expenses recognized on the 2021 Special Performance Option Awards.
(6) Primarily relates to casualty losses net of any insurance recoveries.
(7) Primarily relates to foreign currency gains and losses related to accrued interest on intercompany loans and third party debt denominated in a foreign currency.
(8) Primarily relates to hypothetical liquidation at book value adjustments related to in substance real estate investments.
Outlook Reconciliation: Year ending December 31, 2026
Dollars in millions, except per share data
Prior Outlook
Current Outlook
FFO Outlook Reconciliation
Low
High
Net income attributable to common stockholders
$ 2,302
$ 2,362
$ 2,470
$ 2,515
Impairments and losses (gains) on real estate dispositions and acquisitions of
controlling interests, net(1)
(545)
(545)
(862)
(862)
Depreciation and amortization(1)
2,845
2,845
2,928
2,928
NAREIT FFO attributable to common stockholders
4,602
4,662
4,536
4,581
Normalizing items, net(1,2)
111
111
298
298
Normalized FFO attributable to common stockholders
$ 4,713
$ 4,773
$ 4,834
$ 4,879
Diluted per share data attributable to common stockholders:
Net income
$ 3.11
$ 3.19
$ 3.31
$ 3.37
NAREIT FFO
$ 6.21
$ 6.29
$ 6.07
$ 6.13
Normalized FFO
$ 6.36
$ 6.44
$ 6.47
$ 6.53
Other items:(1)
Net straight-line rent and above/below market rent amortization
$ (341)
$ (341)
$ (342)
$ (342)
Non-cash interest expenses
50
50
51
51
Recurring cap-ex(3)
(465)
(465)
(465)
(465)
Stock-based compensation
63
63
63
63
(1) Amounts presented net of noncontrolling interests' share and Welltower's share of unconsolidated entities.
(2) See Normalizing Items table.
(3) Reflects recurring cap-ex on owned operational properties and excludes acquisition related cap-ex.
SSNOI Reconciliation
Dollars in thousands
Three Months Ended September 30,
2025
2026
% growth
Net income (loss)
$ 282,186
$ 414,823
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net
(4,025)
(114,678)
Loss (income) from unconsolidated entities
12,610
30,689
Income tax expense (benefit)
2,335
7,116
Other expenses
44,699
124,687
Impairment of assets
3,081
33,452
Provision for loan losses, net
1,088
230
Loss (gain) on extinguishment of debt, net
—
6,822
Loss (gain) on derivatives and financial instruments, net
31,682
—
General and administrative expenses
63,124
67,169
Depreciation and amortization
509,812
706,786
Interest expense
162,052
192,655
Consolidated NOI
1,108,644
1,469,751
NOI attributable to unconsolidated investments(1)
29,337
37,665
NOI attributable to noncontrolling interests(2)
(12,280)
(10,954)
Pro rata NOI
1,125,701
1,496,462
Non-same store properties and non-property NOI
(376,118)
(625,216)
Non-cash NOI on same store properties
(41,746)
(46,237)
Currency and ownership adjustments(3)
(2,320)
(638)
Normalizing adjustments, net(4)
2,828
(4,384)
Same Store NOI (SSNOI)
$ 708,345
$ 819,987
15.8 %
Seniors Housing Operating
$ 499,497
$ 604,319
21.0 %
Seniors Housing Triple-net
75,098
78,243
4.2 %
Outpatient Medical
27,832
28,499
2.4 %
Skilled Nursing
105,918
108,926
2.8 %
Total SSNOI
$ 708,345
$ 819,987
15.8 %
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate U.K. properties at a GBP/USD rate of 1.23.
(4) Includes other adjustments described in the accompanying Earnings Release & Supplemental Information report.
SHO SS RevPOR Growth Reconciliation
Dollars in thousands, except SS RevPOR
Three Months Ended September 30,
2025
2026
Consolidated SHO revenues
$ 2,063,618
$ 3,125,101
Unconsolidated SHO revenues attributable to WELL(1)
60,435
64,416
SHO revenues attributable to noncontrolling interests(2)
(20,860)
(23,310)
SHO pro rata revenues(3)
2,103,193
3,166,207
Non-property related revenues
(1,542)
(1,627)
Revenues attributable to non-same store properties
(340,577)
(1,254,008)
Non-cash and non-RevPOR revenues on same store properties
(3,207)
(2,646)
Currency and ownership adjustments(4)
(9,793)
(1,623)
SHO SS RevPOR revenues(5)
$ 1,748,074
$ 1,906,303
Average occupied units/month(6)
100,357
103,899
SHO SS RevPOR(7)
$ 5,759
$ 6,066
SS RevPOR YOY growth
5.3 %
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Represents SHO revenues at Welltower pro rata ownership.
(4) Includes adjustments to reflect consistent property ownership percentages and foreign currency exchange rates for properties in the U.K. and Canada.
(5) Represents SS SHO RevPOR revenues at Welltower pro rata ownership.
(6) Represents average occupied units for SS properties on a pro rata basis.
(7) Represents pro rata SS average revenues generated per occupied room per month.
Adjusted EBITDA Reconciliation
Dollars in thousands
Three months ended
September 30, 2026
Net income (loss)
$ 414,823
Interest expense
192,655
Income tax expense (benefit)
7,116
Depreciation and amortization
706,786
EBITDA
1,321,380
Loss (income) from unconsolidated entities
30,689
Stock-based compensation
15,889
Loss (gain) on extinguishment of debt, net
6,822
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net
(114,678)
Impairment of assets
33,452
Provision for loan losses, net
230
Other expenses
124,687
Casualty losses, net of recoveries
9,586
Other impairment(1)
2,463
Total adjustments
109,347
Adjusted EBITDA
$ 1,430,727
Total debt(2)
$ 19,672,086
Less: cash and cash equivalents and restricted cash
(2,416,007)
Net debt
$ 17,256,079
Adjusted EBITDA annualized
$ 5,722,908
Net debt to Adjusted EBITDA ratio
3.02 x
(1) Represents the write-off of straight-line rent receivable and unamortized lease incentive balances relating to the conversion of triple-net leased properties to a SHO (RIDEA) structure.
(2) Includes unamortized premiums/discounts, other fair value adjustments, financing lease liabilities. Excludes operating lease liabilities of $1,491,135,000 related to ASC 842.
Net Debt to Consolidated Enterprise Value
Dollars in thousands, except per share data
September 30, 2026
Common shares outstanding
731,995
Period end share price
$ 230.24
Common equity market capitalization
$ 168,534,529
Net debt
17,256,079
Noncontrolling interests(1)
1,282,021
Consolidated enterprise value
$ 187,072,629
Net debt to consolidated enterprise value
9.2 %
(1) Includes all noncontrolling interests (redeemable and permanent) as reflected on our consolidated balance sheet.
Kombinace intismeranu od společnosti Moderna a Keytrudy od společnosti Merck ve studii snížila riziko návratu melanomu či úmrtí o 42 %, přesto akcie Moderny ve čtvrtek po úniku dat ztratily téměř pětinu.
Key Takeaways
Moderna shares have dropped after details about a trial of its cancer vaccine to treat melanoma were leaked last week.Several Wall Street analysts called the data “strong,” and suggested investors had outsized expectations for the results.
Moderna’s stock has taken a big hit that could signal the end of this year’s cancer vaccine-driven rally. It may not be too late to play the forces behind its rise.
Shares of Moderna (MRNA), which were up over 700% for the year until last Wednesday, lost nearly a fifth of their value Thursday after the leak of details from a late-stage trial of its vaccine to treat skin cancer. They fell again Friday and were down another 3% in Monday afternoon trading.
But that doesn’t mean the data—regarding Intismeran, the company’s mRNA-based melanoma vaccine jointly developed with Merck (MRK)—was bad. Several analysts called it “strong,” with UBS telling clients it gave them more confidence in Moderna’s platform, though they and others didn’t advocate buying the dip.1 Many on Wall Street had warned that Moderna’s rally had outpaced the promise of the results, calling them a “sell-the-news” event. As we observed earlier this month on Value Add, Investopedia’s Substack, not one analyst tracked by Visible Alpha forecasted further gains for the shares.
The data had been originally set to be presented at a conference this past weekend. The companies, which put out a press release with more information shortly after the leak, said the results found Intismeran in combination with Merck’s Keytruda reduced the risk of recurrence or death by 42%.
Go beyond the day’s market moves with Investopedia’s Value Add, where you’ll find sharp analysis, investing ideas, and practical guidance on what today’s biggest financial stories could mean for your money. Explore Value Add and subscribe on Substack.
Analysts at Citi said that while the data appeared “clinically meaningful in melanoma,” investors looking for clearer evidence of a “paradigm shift” from Moderna’s mRNA platform to treat other cancers were likely disappointed.23 A “melanoma win” just won’t be enough for Moderna anymore, they told clients, with the stock’s valuation already pricing in success with a wider range of cancers, and “exceptionally high” expectations for the results of subsequent trials that are underway.
It might be a different story for Merck, shares of which haven’t seen the same magnitude of boost—or drop—as Moderna. Analysts are still widely bullish about the stock, which was little changed last week. The shares were down 3% in recent trading, leaving them 33% higher for the year. Bullish analysts at Goldman Sachs said they still see room to rise for Merck, which is set to report earnings Thursday.45
Analysts are also supportive of BioNTech (BNTX), another mRNA cancer vaccine play. It’s set to report earnings on Nov. 3.6 Shares of BioNTech have lost about 5% in the days following the leak of Moderna’s trial data last week and are down 9% for the year.
Analysts are more divided on shares of DNA sequencing machine maker Illumina (ILMN), which plays an essential role in the production of Intismeran and is set to report earnings Thursday.7 Its shares have already doubled in value since the year began. At around $270 in recent trading, they’ve pulled ahead of the $241 mean target compiled by Visible Alpha, but remain well off the highest target tracked at $365.
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Campbell’s snížila čtvrtletní dividendu o 36 % na 0,25 USD na akcii, aby urychlila splácení dluhu. Ve fiskálním 4. čtvrtletí klesly tržby o 7,9 % na 2,137 mld. USD.
Campbell's just slashed its dividend for the first time in over two decades, and income investors now face a decision that hinges on whether the smaller payout signals a genuine reset or the start of something worse.
Campbell’s (NASDAQ:CPB | CPB Price Prediction) cut its quarterly dividend to $0.25 per share from $0.39. That is a 36% reduction, effective with the October 1, 2026 ex-dividend date. The smaller check pays on November 2, 2026. The company says it will use the savings to pay down debt faster. Retirees now need to judge whether this lower dividend rests on steadier ground than the old one did.
Why Campbell’s Had to Cut
Results in the fiscal fourth quarter fell apart. Net sales dropped 7.9% to $2.137B, and operating income came in at just $4M. In Snacks, segment operating earnings fell 34%. For the full year, operating cash flow was $1,039,000,000, and capital spending was $361,000,000. That left about $678 million in free cash flow, meaning the cash left after keeping the plants running. Dividends of $470,000,000 used up roughly 69% of it. The company also carried $11.492B in total liabilities against $394M in cash.
“Our performance is not where it needs to be, and we are taking decisive action to improve it.”
On the earnings call, CEO Mick Beekhuizen described the cut as “obviously a difficult decision, but it is unfortunately a necessary decision that we needed to take.”
Can the New $0.25 Dividend Hold Up?
The payout ratio is the share of profit a company sends out as dividends. Under the old rate, Campbell’s was paying out about 72% of fiscal 2026 adjusted EPS of $2.17. The new annual rate is $1. Against fiscal 2027 guidance of $1.65 to $1.80, that works out to between 56% and 61%.
Earnings are still falling, though. CFO Todd Cunfer projects interest expense to rise about $25 million, and a $500 million bond comes due in March. He also noted inflation of plus 5% to 6%:
“From an EPS perspective, obviously, a fairly sharp decline in Q1. We will get sequentially better, and we think we will be positive EPS by the fourth quarter.”
How Campbell’s Compares With General Mills and Kraft Heinz
General Mills (NYSE:GIS) pays $0.61 per share per quarter and is in its 127th consecutive year of dividends. Annually, that rate equals about 81% of the low end of its $3.00 to $3.20 EPS outlook. Kraft Heinz (NASDAQ:KHC) paid $1.60 per share in fiscal 2025. That is about 79% of the bottom of its $2.03 to $2.09 guidance, and Kraft Heinz projects free cash flow conversion of about 110%. After the cut, Campbell’s has the lowest payout ratio of the three. It is also the smallest, with a market value of about $6.19 billion, leaving it with less buffer.
What the Share Price Says
The stock trades near $20.78. It is down 20.71% this year and 44.46% over ten years. At that price, the forward yield is about 4.8%. Back in May, Jim Cramer pointed to Campbell’s 7.56% yield as a warning sign: “You don’t get those kinds of deals unless people are worried that the dividend will need to be cut.”
Cramer’s warning that a double-digit yield usually means the market is already pricing in a cut played out exactly as expected here. We listed the other six red flags that tend to show up before a payout gets slashed in a free report: Dividend Traps.
What Income Investors Should Weigh Now
Turnaround case: Meals & Beverages organic sales rose 3%, and Rao’s has passed $1B in trailing sales. A $500M cost program supports the turnaround case.
Income math: Compare how much income the position produces now with what your budget needs.
Peer comparison: Peers with longer payout records and stronger cash conversion offer a benchmark for judging Campbell’s adjustment.
Key dates and data to track: the fiscal first-quarter report, signs that Snacks has found a bottom, and how Campbell’s refinances the March bond.
Contact [email protected] for any questions or corrections.
FTC a 20 států žalují Dollar General za klamavé označování cen a účtování vyšších částek. Společnost podle žaloby na přeplatcích zákazníků inkasovala miliony dolarů.
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A one-dollar deals sign is displayed at a Dollar General discount store in California.
Patrick T. Fallon / AFP via Getty Images
Dollar General is facing fresh federal scrutiny over its pricing practices.
The US Federal Trade Commission said Monday it has filed a lawsuit, along with 20 states, accusing the discount retailer of deceptive pricing on its shelves, price tags, and advertisements.
"Dollar General has, for years, repeatedly mislabeled prices, overcharged consumers and failed to correct the issue despite extensive corporate knowledge of the problem," the FTC said in a statement.
The company operates more than 21,000 US stores and typically serves customers in more rural and low-income areas of the country.
The filings say Dollar General has received tens of thousands of complaints from shoppers who said they did not receive an advertised price and that the company failed to adequately address the problem.
As a result, Dollar General received millions of dollars from overcharging customers, the FTC alleged.
Dollar General did not immediately respond to a request for comment on this story.
The action comes less than two weeks after New York Attorney General Letitia James reached a settlement of nearly $1.9 million in food and personal items as a civil penalty for overcharging shoppers in the state. New York did not join the FTC's complaint.
US consumers have been particularly worried about fairness in retail pricing as more stores introduce digital price tags. Both Walmart and Target have issued public statements promising price transparency and consistency online and at the register. Home Depot recently did the same.
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Dominick Reuter
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Dominick Reuter is a senior retail reporter for Business Insider, primarily covering Walmart, Target, Costco, and other big box retailers. His stories tend to focus on issues and trends that affect employees and customers, such as affordability challenges and the growing race to provide ultra-fast delivery services on e-commerce orders.Prior to joining BI in 2019, Dominick worked for more than a decade as an independent photojournalist covering a wide range of stories for global wire services and newspapers, including Reuters, the Wall Street Journal, and Agence France-Presse.Dominick studied photojournalism at Boston University and later earned a Masters in business and economics journalism from Columbia University.If you're an employee or customer with a story to share, please contact me via email or text/call/Signal at 646-768-4750.
, /PRNewswire/ -- The Board of Directors of Albemarle Corporation (NYSE: ALB) today announced that it declared a quarterly common stock dividend of $0.41 per share. The dividend, which has an annualized rate of $1.64, is payable Jan. 4, 2027, to shareholders of record at the close of business as of Dec. 18, 2026.
About Albemarle
Albemarle Corporation (NYSE: ALB) is a world leader in transforming essential resources into critical ingredients for mobility, energy, connectivity and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allows us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at Albemarle.com.
Albemarle regularly posts information to Albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, U.S. Securities and Exchange Commission filings and other information regarding the company, its businesses and the markets it serves.
Forward-Looking Statements
This press release contains statements concerning our expectations, anticipations and beliefs regarding the future, including, without limitation, statements related to future dividends and results, which may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the views expressed. Factors that could cause actual results to differ materially from the statements expressed or implied in any forward-looking statement include, without limitation: changes in economic and business conditions; potential expected market pricing of bromine, lithium and spodumene and other underlying assumptions and our 2026 outlook considerations; adverse changes in liquidity or financial or operating performance; changes in the demand for our products or the end-user markets in which our products are sold and the other factors detailed from time to time in the reports we file with the U.S. Securities and Exchange Commission, including those described under "Risk Factors" in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this press release. We assume no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
Abbott Laboratories vyčlení divizi nutriční výživy do samostatné společnosti, aby podpořil dlouhodobý růst tržeb, ziskovosti a marží a oddělil právní i regulatorní rizika.
Abbott Laboratories (ABT +1.15%) has had a rough go of it over the past few years. Sales growth hasn't met market expectations, and the company has faced various legal and regulatory challenges. But is the healthcare leader ready to turn over a new leaf? Abbott Laboratories announced its third-quarter update on Oct. 21, and along with its financial results, the company shared news that investors should welcome with open arms.
Image source: The Motley Fool.
A major business decisionAbbott Laboratories' third-quarter financial results were pretty good. The company's sales were $13 billion, growing 7% year over year on a comparable basis. The healthcare leader's adjusted earnings per share came in at $1.42, 9% higher than the year-ago period. Abbott's medical device and established pharmaceuticals segments remain the biggest growth drivers.
Medical device sales jumped 7.8% year over year on a comparable basis to $5.8 billion, while pharmaceutical revenue was $1.6 billion, 8.4% higher than the year-ago period. However, the company's nutrition business is still posting the slowest sales growth among the company's major business segments. It recorded $2.3 billion in revenue, up 4.9% year over year.
Abbott's nutrition segment has faced multiple headwinds in recent years. For instance, back in 2022, the company recalled several infant formula products following reports of bacterial infections among infants who had consumed them.
Abbott has also faced lawsuits alleging that some of its formula products designed for premature infants increase the risk of a dangerous and potentially deadly intestinal disease called necrotizing enterocolitis.
These problems (and several others) have likely contributed to lower demand for some of the company's nutrition products, leading to slower-than-expected sales growth. That's why Abbott's recent decision about its nutrition business is noteworthy. The company will spin off this segment into a stand-alone company.
This could lead to stronger revenue and earnings growth over the long run, as well as higher margins, while allowing the company to avoid the legal and regulatory obstacles the nutrition unit has encountered.
ABT Abbott Laboratories$104.89+$1.19 (+1.15%)
NYSE · As of 3:59 PM ET 10/26/26
What's next for Abbott?Earlier this year, Abbott Laboratories closed its $21 billion cash acquisition of Exact Sciences, a company that specializes in developing cancer diagnostics tests. Exact Sciences' most important product, Cologuard, a non-invasive test for colorectal cancer, is one of the most successful products in this niche.
Exact Sciences was also developing several other products that Abbott Laboratories will inherit, allowing it to tap into the growing cancer diagnostic market. That, combined with the spin-off of its nutrition business, should work wonders for the company's top-line growth.
Meanwhile, Abbott Laboratories' medical device segment arguably remains the most important for its long-term prospects. Several medical device products should help drive sales growth over the medium term. Consider the company's FreeStyle Libre, a series of continuous glucose monitoring (CGM) systems that help patients with diabetes track their blood glucose levels.
The FreeStyle Libre is one of the leading devices in this niche, and it has powered Abbott's diabetes care unit for years. In the third quarter, diabetes care sales were $2.2 billion, accounting for nearly 17% of the company's total sales and growing by 6.7% year over year.
Abbott still sees a large CGM market globally. It estimates that 70 million to 80 million of the half-billion patients with diabetes worldwide would benefit from CGM technology. Currently, the number of people on CGM is between about 10 million and 12 million.
In other words, the market is severely underpenetrated, and Abbott is ideally positioned to be one of the major winners over the long run as this industry expands. Abbott has other promising products in its medical device unit, and the company's deep technological expertise should enable it to launch newer, better ones, as it regularly does.
So, the healthcare giant's prospects remain intact. Then there is Abbott's dividend program. The company is a Dividend King, a corporation that has increased its dividends for at least 50 consecutive years. Abbott's membership in this elite group makes it an excellent pick for long-term income investors.
The U.S. has nearly 300 robots per 10,000 manufacturing workers, and the International Federation of Robotics projects that figure could rise as re-shoring pushes domestic factories to become more productive and globally competitive.
Headlines around robotics tend to focus on flashy humanoids like Tesla's (TSLA +5.16%) Optimus. However, Optimus faces real manufacturing and technical hurdles, and the bigger transformation is already underway on factory floors.
Rockwell Automation (ROK +0.83%) supplies the critical hardware and software that power this shift, making it a compelling "pick-and-shovel" play on the robotics boom. Here's why Rockwell could be a better buy than Tesla right now.
Image source: Getty Images.
Tesla's Optimus is in very early production stages
Tesla first rolled out its Optimus robots in a 2021 demonstration and has since unveiled several prototypes with mixed results. CEO Elon Musk believes Optimus will become the biggest product ever.
During its third-quarter earnings call, Musk said the company has converted part of its former EV manufacturing space at its Fremont facility to build the first batch of Optimus units. Tesla won't begin delivering its Optimus robots until at least the end of 2027, and many are skeptical the robot will be ready by then.
TSLA Tesla$391.43+$19.21 (+5.16%)
NASDAQ · As of 3:55 PM ET 10/26/26
Rockwell Automation is a key player in factory automation
While Tesla develops Optimus, Rockwell Automation has been developing the electrical components, software, and equipment that form the backbone of modern industrial plants for decades.
The company's offerings include programmable logic controllers, which manage high-speed machinery and automation systems. It also provides motion control, drives, actuators, safety switches, and software to manage industrial processes. Its products ultimately help connect data across an organization, enabling industrial operators to achieve faster production times and greater efficiency.
In Rockwell's third quarter (ended June 30), the company reported sales of $2.3 billion, an 8% year-over-year increase. Adjusted earnings per share rose 22% to $3.49, and the operating margin rose to 22.3% due to higher sales volume and a more favorable sales mix.
ROK Rockwell Automation$429.65+$3.54 (+0.83%)
NYSE · As of 3:56 PM ET 10/26/26
The company is seeing very strong growth in certain customer subsets, including e-commerce, warehouse automation, and data centers, with particularly strong growth in North America. One major driver for Rockwell's growth is the reshoring of U.S. manufacturing.
CEO Blake Moret noted that reestablishing domestic production requires a trained workforce along with advanced automation technology, and that "America continues to be interested in bringing more manufacturing on board."
Rockwell Automation is a pick-and-shovel investment in robotics
Rockwell Automation isn't a high-flying growth stock with pie-in-the-sky projections. But it provides the backbone of factory automation and is well-positioned to support the reshoring of domestic manufacturing in the U.S.
If you're seeking exposure to the growing use of robotics and the U.S. reshoring theme, Rockwell Automation is a solid stock to buy today.
CVS Health zvýšila celoroční výhled zředěného EPS na 6,84 až 7,04 USD na akcii po srpnových tržbách ve výši 106,1 miliardy USD, které meziročně vzrostly o více než 7 %.
CVS Health (CVS -1.21%) is a leading pharmaceutical retailer that also has a significant health insurance business through Aetna. It's a highly diversified healthcare company that can give investors some excellent exposure to the sector.
Earlier this year, it reached highs of more than $110. But it's been trading considerably lower of late. Could this top healthcare stock be a great buy while it's trading well below $100?
Image source: Getty Images.
The company is having a much better year in 2026When CVS last reported earnings in August, it generated some solid numbers, with revenue rising by more than 7%, totaling $106.1 billion. In addition, it also raised its forecast for the year, projecting that its diluted earnings per share (EPS) will be between $6.84 and $7.04 (its previous forecast was $6.24 to $6.44). That's a substantial improvement from 2025, when its diluted EPS was just $1.39, as goodwill impairment charges weighed on its results. And the year before that, EPS was higher at $3.66, but restructuring charges affected its numbers back then.
Now, with seemingly less noise in its financial statements and more growth, CVS Health looks poised to deliver much stronger financials this year. Its latest earnings numbers are set to come out next week, on Nov. 4.
Unsurprisingly, amid the more improved numbers, shares of CVS Health are up around 17% this year, which is a far better performance than the S&P 500, as the broad index has risen at a more modest rate of 12% thus far in 2026.
$92.34-$1.13 (-1.21%)
NYSE · As of 3:54 PM ET 10/26/26
Why CVS Health stock could still rise higherCVS has been performing well this year, but the stock itself isn't expensive. It's currently trading at a forward price-to-earnings multiple of 11, which is based on analyst expectations. That's far lower than the S&P 500 average of 19. Not only could it get back to over $100 in the near future, but it could also soar past that level given its improved results and modest valuation.
In addition, the stock also yields 2.9%, as it can provide investors with some excellent recurring income.
For investors seeking a top healthcare stock to own to diversify their portfolios with, or just wanting an above-average dividend stock that they won't have to worry about, CVS can be an excellent option to consider. The business looks solid, and given the growth it's been generating, the stock looks incredibly well priced, making it a terrific buy right now.
Kahn Swick & Foti vyšetřuje vedení CVS kvůli možnému porušení povinností vůči akcionářům. CVS snížila výhled zředěného zisku na akcii (EPS) z 6,90–7,12 USD na 6,53–6,75 USD.
NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into CVS Health Corporation (“CVS” or the “Company”) (NYSE: CVS).
On August 2, 2023, the Company announced its financial results for the quarter ended June 30, 2023, disclosing that it was revising its diluted earnings-per-share ("EPS") guidance range to $6.53 to $6.75 from $6.90 to $7.12 and that operating income "decreased $1.4 billion, or 30.7%, in the three months ended June 30, 2023 compared to the prior year primarily due to declines in the Health Care Benefits segment[.]"
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period in violation of federal securities laws, which remains ongoing.
KSF’s investigation is focusing on whether CVS’ officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of CVS shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-538-3606 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-cvs/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.
TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services
To learn more about KSF, you may visit www.ksfcounsel.com.
Alexandria Real Estate Equities vykázala ve 3. čtvrtletí čistou ztrátu 3,74 USD na akcii, zejména kvůli odpisům hodnoty nemovitostí ve výši 637,9 milionu USD.
, /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced financial and operating results for the third quarter ended September 30, 2026.
KEY HIGHLIGHTS
Operating results
3Q26
3Q25
YTD 3Q26
YTD 3Q25
Net loss attributable to Alexandria's common stockholders – diluted:
In millions
$ (638.5)
(1)
$ (234.9)
$ (351.4)
$ (356.1)
Per share
$ (3.74)
$ (1.38)
$ (2.06)
$ (2.09)
Funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted:
Includes $637.9 million of real estate impairment charges related to assets held for sale for 3Q26. Refer to
"Funds from operations and funds from operations per share" in the Earnings Press Release for details.
A best-in-class REIT with a high-quality and diverse tenant base, strong margins, and long lease terms
(As of or for the three months ended September 30, 2026, unless stated otherwise)
Occupancy of operating properties
87.1 %
Occupancy of operating properties, including executed leases with future occupancy
90.8 %
Percentage of annual rental revenue in effect from Megacampus platform
80 %
Percentage of annual rental revenue in effect from investment-grade or publicly
traded large cap tenants
57 %
Operating margin
66 %
Adjusted EBITDA margin
65 %
Percentage of leases containing annual rent escalations
97 %
Weighted-average remaining lease term:
All tenants
7.7
years
Top 20 tenants
10.0
years
Strong 3Q26 tenant collections:
3Q26 rents and receivables collected as of October 26, 2026
99.9 %
Strong and flexible balance sheet with significant liquidity; top 20% credit rating ranking among all publicly traded U.S. REITs; long-duration remaining debt term (as of 9/30/26)
$21.01 billion in total market capitalization and $8.11 billion in total equity capitalization.Net debt and preferred stock to Adjusted EBITDA:4Q26 annualized target: 5.6x–6.2x.3Q26 annualized: 6.9x; 6.6x on a pro forma basis reflecting the October 2026 closing of the sale of our partial interest in the Campus Point by Alexandria joint venture.Significant liquidity of $4.56 billion and closed extension of our $5.0 billion unsecured senior line of credit to 2032.Only 6% of our total debt matures through 2028.11.6-year weighted-average remaining debt term, the longest among S&P 500 REITs.Total debt and preferred stock, as adjusted, to gross assets of 30%.Intermediate-term goal for leverage: mid-5x range.Solid 3Q26 total leasing volume exceeding 1.2 million RSF; highest total quarterly volume since 4Q24
3Q26 total leasing volume surpassed 1.2 million RSF, exceeding the 1Q25–2Q26 quarterly average of 979,822 RSF by approximately 256,000 RSF, and representing the highest quarterly volume since 4Q24.Includes 450,961 RSF of leasing of previously vacant space, the second-highest quarterly amount in company history.74% of our leasing activity during the last twelve months was generated from our existing tenant base.
Leasing Volume in RSF:
3Q26
2Q26
1Q26
YTD 3Q26
Leasing of previously vacant space
450,961
329,148
148,734
928,843
Leasing of development and
redevelopment space
—
68,771
117,935
186,706
450,961
397,919
266,669
1,115,549
Lease renewals and re-leasing of space
785,069
640,998
380,687
1,806,754
Total leasing volume
1,236,030
1,038,917
647,356
2,922,303
Lease renewals and re-leasing of space:
Rental rate changes
(2.4) %
(0.7) %
(15.0) %
(5.1) %
Rental rate changes (cash basis)
(3.3) %
(4.3) %
(15.8) %
(6.9) %
Ongoing execution of Alexandria's capital recycling strategy
We plan to continue funding a significant portion of our capital requirements for the year ending December 31, 2026 through dispositions of land, non-core dispositions, and sales of partial interests. In October 2026, we completed the sale of an approximately 29% noncontrolling interest in Campus Point by Alexandria Megacampus for $475.0 million to a new joint venture partner.
Sources of capital: transactions
Sales Price
(dollars in millions)
Non-core and land dispositions
$ 242
Sales of partial interests
475
Completed as of October 26, 2026
717
Pending transactions subject to:
Non-refundable deposits
355
Signed letters of intent and/or purchase and sale agreement late-stage negotiations
1,548
2,620
Proceeds from dispositions and sales of partial interests in excess of 2026 guidance
midpoint which may be deferred into 2027
(720)
2026 guidance midpoint for dispositions and sales of partial interests
$ 1,900
Refer to "Definitions and reconciliations" in the Supplemental Information.
Occupancy of operating properties and leasing progress
Occupancy of operating properties as of June 30, 2026
86.9 %
Key changes to occupancy of operating properties:
Reclassification of 339,020 RSF at 311 Arsenal Street from redevelopment to
operating in 3Q26, including 167,543 RSF of executed leases and leases under
negotiation for space not yet delivered
(0.9)
(1)
Reclassification of held-for-sale properties with vacancy
0.6
Net increase in occupancy primarily due to lease commencements during 3Q26
0.5
Occupancy of operating properties as of September 30, 2026
87.1
Vacant operating space with executed leases and future occupancy
3.7
(2)
Occupancy of operating properties as of September 30, 2026, including executed
leases with future occupancy
90.8 %
(1)
Refer to "Resolution of certain construction projects under evaluation and reduction of capital spend and funding needs" in this Earnings Press Release for additional details.
(2)
Represents executed leases aggregating 1.3 million RSF within our operating portfolio, with occupancy expected upon completion of building and/or tenant improvements. The weighted-average expected occupancy date is approximately June 2027, with expected annual rental revenue of approximately $52 million. We expect 32% of the total 1.3 million RSF to be occupied by December 31, 2026. The RSF presented excludes 686 thousand RSF of pre-leased space related to development and redevelopment projects under construction with future delivery. Refer to "New Class A/A+ development and redevelopment properties: under construction" in the Supplemental Information for additional details.
KEY OPERATING METRICS
Operating metrics
3Q26
YTD 3Q26
Same property performance:
Net operating income changes
(6.7) %
(1)
(9.2) %
(1)
Net operating income changes (cash basis)
(2.8) %
(1)
(8.4) %
(1)
Occupancy – current-period average
88.1 %
88.6 %
Occupancy – same-period prior-year average
91.7 %
92.8 %
Refer to "Same property comparisons" and "Net operating income" under "Definitions and reconciliations" in the Supplemental Information for additional details and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP.
(1)
The decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key lease expirations with expected downtime aggregating 282,878 RSF and 1.2 million RSF in 3Q26 and YTD 3Q26, respectively, with weighted-average lease expiration dates of August 2026 and April 2026, respectively.
Resolution of certain construction projects under evaluation and reduction of capital spend and funding needs
We entered into a purchase and sale agreement with an institutional user for the sale of 421 Park Drive on the Alexandria Center® for Life Science – Fenway Megacampus, aggregating 339,668 RSF, which represents substantially all of our development project at this location. The disposition is expected to generate significant sales proceeds and to reduce future potential construction spend by approximately $136 million, with closing anticipated in 4Q26.We have executed leases of 66,859 RSF and have additional leases under negotiation of 100,684 RSF for advanced technology use at our project at 311 Arsenal Street on The Arsenal on the Charles Megacampus. This activity enables us to pivot the redevelopment project to a lower-cost advanced technology use, reducing future potential construction spend by approximately $220 million. As a result of this leasing progress, the entire project aggregating 339,020 RSF was reclassified from redevelopment to operating as of 3Q26.We continue to evaluate the business and financial strategy for three remaining projects aggregating 667,002 RSF, including options that could further reduce future construction funding requirements.Non-income-producing assets for 3Q26 are 12% of gross assets, a reduction of 800 bps since 4Q24.Alexandria's development and redevelopment pipeline delivered incremental annual net operating income of $40 million during 3Q26, with an additional $85 million expected from projects to be delivered by 4Q28
During 3Q26, we placed into service 529,061 RSF of development and redevelopment projects across multiple submarkets. The projects were 84% occupied at delivery and generated incremental annual net operating income aggregating $40 million. 3Q26 key deliveries included:198,992 RSF to Novo Nordisk for its R&D Center at 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham Megacampus.174,662 RSF at 99 Coolidge Avenue located on a Megacampus in Watertown.Annual net operating income (cash basis) from recently delivered projects is expected to increase by $67 million upon the burn-off of initial free rent, which has a weighted-average remaining period of approximately four months.80% of the RSF in our total development and redevelopment pipeline is within our Megacampus ecosystems.
Development and Redevelopment
Projects
Incremental
Annual Net
Operating
Income
RSF
Occupied/
Leased/
Negotiating
Percentage
(dollars in millions)
Placed into service:
1H26
$ 58
532,219
91 %
3Q26
40
529,061
84
Placed into service in YTD 3Q26
$ 98
(1)
1,061,280
87 %
Expected to be placed into service:(2)
2027
$ 24
905,582
77 %
2028
61
$ 85
(1)
Excludes future incremental annual net operating income from spaces placed into service that were vacant and/or unleased at delivery.
(2)
Excludes 667,002 RSF of redevelopment projects currently under evaluation.
Continued successful management of general and administrative expenses
For the trailing twelve months ended September 30, 2026, our general and administrative expenses represented 7.5% of net operating income, nearly half the average of other S&P 500 REITs for 2023–2025.Compared to 2024, we continue to expect approximately $76 million of cumulative general and administrative expense savings for the two-year period 2025 and 2026 (based on the midpoint of our 2026 guidance range). Some of the cost savings in 2025 were temporary, and approximately half of the cost reductions achieved in 2025 are expected to continue in 2026 (based on the midpoint of our 2026 guidance range).Key capital events
In August 2026, we completed a public offering of $1.00 billion aggregate principal amount of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057. The notes will initially bear interest at 7.250% per year through, but excluding, February 15, 2032. Thereafter, the interest rate will reset every five years to the five-year U.S. Treasury rate plus 2.889%, subject to a minimum interest rate of 7.250%. We may elect to defer interest payments for up to five consecutive years, subject to the terms of the notes, including certain restrictions on paying dividends and repurchasing equity. We may also redeem at 100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on February 15, 2032, and thereafter on any interest payment date. This issuance supports our liquidity, capital structure, and deleveraging objectives while receiving 50% equity treatment from key rating agencies for purposes of the computations of leverage, fixed charges, and other credit metrics.In September 2026, we closed our amended and restated $5.0 billion unsecured senior line of credit which, among other changes, extended the maturity date from January 22, 2030 to January 22, 2032, including extension options that we control. The amendment also reduced the applicable borrowing rate to SOFR plus 0.725% from SOFR plus 0.835%. In connection with the amendment, we recognized a loss on early extinguishment of debt of approximately $3.3 million related to the partial write-off of unamortized loan fees.Under our common stock repurchase program authorized in December 2025, we may repurchase up to $500.0 million of our common stock through December 31, 2026. As of September 30, 2026, no shares have been repurchased under this program and $500.0 million remains available for future share repurchases.Dividend strategy to share net cash flows from operating activities with stockholders while retaining a significant portion for reinvestment
Common stock dividend declared of $0.72 per share for 3Q26, consistent with the preceding quarter. The declared dividend per common share reflects our commitment to maintaining the strength of our balance sheet, enhancing financial flexibility, supporting liquidity, and sharing cash flows with our stockholders.Significant net cash provided by operating activities, as adjusted, retained for reinvestment aggregating $2.55 billion for the years ended December 31, 2022 through 2025 and the midpoint of our 2026 guidance range.Dividend yield of 6.1% as of September 30, 2026 and dividend payout ratio of 47% for the three months ended September 30, 2026.Investments
As of September 30, 2026:Our non-real estate investments aggregated $1.74 billion.Unrealized gains presented in our consolidated balance sheet were $243.9 million, comprising gross unrealized gains and losses aggregating $322.4 million and $78.5 million, respectively.Investment income of $24.0 million for 3Q26, presented in our consolidated statement of operations, consisted of $16.0 million of realized gains, $21.6 million of unrealized gains, and $13.6 million of impairment charges.2026 Guidance
September 30, 2026
(Dollars in millions, except per share amounts)
Guidance for 2026 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2026. There can be no assurance that actual results will not be materially higher or lower than these expectations. Our guidance for 2026 is subject to a number of variables and uncertainties. Refer to our discussion of "forward-looking statements" in this Earnings Press Release as well as our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
Projected 2026 Funds From Operations per Share Attributable to Alexandria's Common Stockholders – Diluted
As of 10/26/26
As of 8/3/26
Key Changes
Funds from operations per share, as adjusted(1)
$6.38 to $6.42
$6.35 to $6.45
No change to the midpoint,
range narrowed by 6 cents
Midpoint
$6.40
$6.40
Key Credit Metrics Targets
As of 10/26/26
As of 8/3/26
Key Changes
Net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized
5.6x to 6.2x
5.6x to 6.2x
No Change
Fixed-charge coverage ratio – 4Q26 annualized
3.4x to 3.9x
3.6x to 4.1x
0.2x reduction(2)
As of 10/26/26
As of 8/3/26
Midpoint
Key Sources and Uses of Capital
Range
Midpoint
Certain
Completed Items
Sources of capital:
Net cash provided by operating activities, as adjusted
$ 475
$ 575
$ 525
$ 525
Dispositions and sales of partial interests
1,100
2,700
1,900
(3)
2,900
Total sources of capital
$ 1,575
$ 3,275
$ 2,425
$ 3,425
Uses of capital:
Construction(4)
$ 1,500
$ 2,000
$ 1,750
$ 1,750
Reduction in unsecured debt
75
1,275
675
See below
1,675
Total uses of capital
$ 1,575
$ 3,275
$ 2,425
$ 3,425
Reduction in unsecured debt (included above):
Repayment of unsecured senior notes payable with 2026 maturities
$ 650
$ 650
$ 650
$
650
$ 650
Tender offers for partial principal repayments of unsecured senior notes payable
952
952
952
$
952
952
Issuance of unsecured senior notes payable
(750)
(750)
(750)
$
(750)
(750)
Issuance of junior subordinated notes payable(3)
(1,000)
(1,000)
(1,000)
$
(1,000)
—
Unsecured senior line of credit, commercial paper, and other
223
1,423
823
823
Reduction in unsecured debt
$ 75
$ 1,275
$ 675
$ 1,675
Refer to "Definitions and reconciliations" in the Supplemental Information for additional details on key credit metrics.
(1)
Refer to "Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.'s common stockholders" under "Definitions and reconciliations" in the Supplemental Information for additional details.
(2)
Reduction primarily reflects the $1.00 billion issuance of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057, as further discussed in footnote 3 below.
(3)
In August 2026, we issued $1.00 billion of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057, allowing us to reduce the midpoint of our 2026 dispositions and sales of partial interests guidance by $1.0 billion. The proceeds from this issuance support our capital structure and deleveraging objectives, and the notes receive 50% equity treatment from key rating agencies for the computation of key credit metrics. Refer to the Earnings Press Release in the Supplemental Information for additional details. We do not anticipate the issuance of any common equity during 2026. As of October 26, 2026, completed dispositions and sales of partial interests aggregated $716.8 million, our share of pending dispositions and sales of partial interests subject to non-refundable deposits aggregated $355.4 million and signed letters of intent and/or purchase and sale agreement late-stage negotiations aggregated $1.55 billion. These transactions aggregate approximately $2.62 billion, exceeding the $1.90 billion midpoint of our 2026 guidance and potentially providing advanced funding of our 2027 capital needs, whereby certain dispositions and sales of partial interests may be completed in 2026 with proceeds deferred or available to be drawn in 2027, subject to timing and market conditions.
(4)
We continue to apply a disciplined approach to reduce construction spending for 2027 and seek to prioritize leased projects with high incremental returns. We expect 2027 construction spending to primarily focus on: (i) revenue- and non-revenue-enhancing capital expenditures, which are expected to represent the majority of spend, approximately half of which is associated with space that is already leased or under lease negotiations, in order to support the leasing of vacant space and renewals and re-leasing of space at our operating properties and (ii) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 77% leased/negotiating.
As of 10/26/26
As of 8/3/26
Key Changes
to Midpoint
Key Assumptions
Low
High
Low
High
Occupancy of operating properties as of December 31, 2026
86.2 %
87.8 %
86.2 %
87.8 %
No Change
Same property performance:
Net operating income changes
(10.5) %
(8.5) %
(10.5) %
(8.5) %
Net operating income changes (cash basis)
(10.5) %
(8.5) %
(10.5) %
(8.5) %
Lease renewals and re-leasing of space:
Rental rate changes
(9.0) %
(1.0) %
(9.0) %
(1.0) %
Rental rate changes (cash basis)
(15.0) %
(7.0) %
(15.0) %
(7.0) %
Straight-line rent revenue
$ 40
$ 70
$ 45
$ 75
$5 million reduction(1)
General and administrative expenses
$ 134
$ 154
$ 134
$ 154
No Change
Capitalization of interest
$ 220
$ 260
$ 220
$ 260
Interest expense
$ 260
$ 300
$ 260
$ 300
No Change(2)
Realized gains on non-real estate investments(3)
$ 50
$ 80
$ 60
$ 90
$10 million reduction(3)
(1)
Reduction driven primarily by write-offs and reserves of deferred rent related to tenant wind-downs. Our 2026 guidance assumes a $30 million to $35 million reduction in funds from operations related to potential tenant wind-downs, of which approximately $30 million was recognized YTD through 3Q26, including approximately $16 million recognized in 3Q26.
(2)
We expect 2026 interest expense to be near the high-end of the range, reflecting, in part, interest expense associated with the $1.0 billion issuance of junior subordinated notes in August 2026.
(3)
Represents realized gains and losses included in funds from operations per share – diluted, as adjusted. Excludes unrealized gains and losses and significant gains and impairments realized on non-real estate investments, if any. The midpoint of our revised guidance range for 2026 realized gains on non-real estate investments was reduced by $10 million, primarily due to certain transactions previously expected to close in 2026 that are now expected to close in 2027. Refer to "Investments" in the Supplemental Information for additional details.
Summary of key items that may impact 2026 and 2027 results
1) Potential tenant wind-downs
Our 2026 guidance includes a $30 million to $35 million reduction in funds from operations for potential tenant wind-downs, of which approximately $30 million was recognized during the nine months ended September 30, 2026, including approximately $16 million recognized in 3Q26.Based upon current market conditions, we preliminarily estimate at least a similar level of reduction in funds from operations may be necessary in 2027.Depending on the timing and magnitude of the specific tenant wind-downs, we anticipate that 2027 occupancy may also be negatively impacted.2) Development-related other income
During the nine months ended September 30, 2026, we recognized development fees and other related revenues of approximately $8.0 million, or $11 million annualized, most of which are expected to cease by the end of 2026 as we complete the respective projects.3) Development and redevelopment projects under business and financial strategy evaluation
We have three redevelopment projects for which the business and financial strategies continue to be evaluated, including whether to continue construction of laboratory improvements, pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use), or pursue a disposition. Refer to "New Class A/A+ development and redevelopment properties: under construction" in the Supplemental Information for additional details.If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest deliveries of these projects are in 2028.If we elect to pursue lower-investment construction alternatives (including a pivot to advanced technology use), we expect these projects would have lower rental rates and stabilized yields compared to our initial underwriting. The incremental capital required for alternative-use construction and corresponding rental rates earned are generally lower than those associated with laboratory improvements.As of 3Q26, we have executed leases for 66,859 RSF and have additional leases under negotiation for 100,684 RSF for advanced technology use at our project at 311 Arsenal Street in The Arsenal on the Charles Megacampus. This activity enables us to pivot the redevelopment project to a lower-cost alternative use at lower rental rates and stabilized yields than our initial underwriting. Therefore, we placed this project, aggregating 339,020 RSF, into operation during 3Q26 and included it in our operating occupancy as of September 30, 2026. Refer to the Earnings Press Release and "Leasing Activity" in the Supplemental Information for additional details.In addition, we entered into a purchase and sale agreement with an institutional user for the sale of our development project at 421 Park Drive on the Alexandria Center® for Life Science – Fenway Megacampus aggregating 339,668 RSF. The disposition is expected to close in 4Q26, resulting in significant sales proceeds and reducing future construction spending by approximately $136 million.4) Capitalization of interest
Our average real estate basis capitalized during 3Q26 was $5.87 billion. As of September 30, 2026, our real estate basis that continued to qualify for capitalization declined to $4.46 billion, primarily driven by the cessation of capitalization on our projects at 421 Park Drive on the Alexandria Center® for Life Science – Fenway Megacampus and Alexandria Stanford Life Science District, both of which were classified as held for sale as of September 30, 2026, as well as a delivered project at Alexandria Center® for Life Science – Waltham Megacampus in September 2026. During 4Q26, we expect the average real estate basis capitalized to range from $3.4 billion to $4.9 billion. Refer to "Capitalization of interest" in the Supplemental Information for additional detail.At each milestone date, we evaluate, on an asset-by-asset basis, whether to (i) proceed with additional pre-construction and/or construction activities based on leasing demand and/or market conditions, (ii) pause future investments, or (iii) consider potential dispositions or sales of partial interests of these real estate assets. If we cease the activities necessary to prepare a project for its intended use, costs related to such project, including interest, payroll, property taxes, insurance, and other costs directly related and essential to the construction of Class A/A+ properties, are expensed as incurred. During 3Q26, annualized capitalized operating expenses represented approximately 2% of the total average real estate basis subject to capitalization.5) 2027 Key lease expirations
We estimate that 1.4 million RSF of leases expiring in 2027, with approximately $100.5 million of annual rental revenue, will have downtime after lease expiration. These 2027 expirations have a weighted-average contractual lease expiration date in March 2027 and an expected weighted-average downtime ranging from 9 to 24 months. Refer to "Contractual lease expirations" in the Supplemental Information for additional details.2027 Key Lease Expirations
RSF
Annual Rental
Revenue
Weighted-Average
Expiration Date
Weighted-Average
Downtime
1,377,960
$100.5 million
March 2027
9 to 24 months
We expect to introduce 2027 guidance and related key assumptions, and 2027 key sources and uses of capital at our Investor Day on December 2, 2026, consistent with our historical practice.
Summary of key items that may impact 2027 and 2028 results
The following key considerations for 2027 and 2028 reflect our preliminary expectations based on current market conditions. These expectations could change materially and are subject to a variety of factors, including industry, governmental, geopolitical, and macroeconomic conditions, including changes in interest rates, as well as other factors described in our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
1) Operating occupancy
For the year ending December 31, 2027, we expect average operating occupancy to temporarily decline relative to our projected operating occupancy as of December 31, 2026, primarily due to expected downtime associated with the 1.4 million RSF of 2027 key lease expirations disclosed in "Contractual lease expirations" in the Supplemental Information, as well as the potential for tenant wind-downs.For the year ending December 31, 2028, we expect average operating occupancy to improve relative to our projected average operating occupancy for the year ending December 31, 2027, driven by the lease-up of temporary vacancy partially offset by approximately 718 thousand RSF of 2028 key lease expirations with expected downtime as disclosed in "Contractual lease expirations" in the Supplemental Information.2) Same property performance
For the year ending December 31, 2027, we expect same property net operating income performance to improve compared with the midpoint of our guidance range for 2026 but remain negative, primarily due to the expected temporary year-over-year decline in average operating occupancy, including the impact of expected downtime associated with 1.4 million RSF of 2027 key lease expirations.For the year ending December 31, 2028, we expect same property net operating income performance to improve compared with 2027, primarily driven by operating occupancy growth and the lease-up of vacant space, subject to leasing and market conditions.3) Construction spending
For 2027, we continue to apply a disciplined approach to reduce construction spending and we seek to prioritize leased projects with high incremental returns. We expect 2027 construction spending to primarily focus on (i) revenue- and non-revenue-enhancing capital expenditures, which are expected to represent the majority of spend, approximately half of which is associated with space that is leased or under lease negotiations, in order to support the leasing of vacant space and renewals and re-leasing of space at our operating properties and (ii) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 77% leased/negotiating as of October 26, 2026.For 2028, we expect a further decline in construction spending relative to 2027, primarily driven by lower development and redevelopment spending. Construction spending on revenue- and non-revenue-enhancing capital expenditures related to our operating portfolio is expected to continue to support the lease-up of temporary vacancy, subject to leasing and market conditions.4) Transactional and other capital sources
For 2027, capital will be required to fund construction spending as we continue to prudently manage our key credit metrics, including net debt and preferred stock to Adjusted EBITDA ratio. In general, we expect to rely on asset recycling transactions, and other sources of cost-effective capital to support the achievement of our 2027 key credit metric ratio targets, including net debt and preferred stock to Adjusted EBITDA.For 2028, if we have growth in Adjusted EBITDA, we may use incremental long-term debt to fund a portion of our capital needs on a leverage neutral basis. In addition, we may use asset recycling and other sources of cost-effective capital to support the achievement of our 2028 key credit metric ratio targets, including net debt and preferred stock to Adjusted EBITDA.Dispositions and Sales of Partial Interests
September 30, 2026
(Dollars in thousands)
Date of
Transaction
Interest
Sold
Square Footage
Price
(Our Share)
Property
Submarket/Market
Operating
Future
Development
Completed in 1H26
$ 7,350
Non-core and land dispositions completed in 3Q26:
3825 and 3875 Fabian Way(1)
Palo Alto/San Francisco Bay Area
7/14/26
100 %
228,000
250,000
163,000
One Hampshire Street(2)
Cambridge/Greater Boston
8/21/26
100 %
104,956
—
44,900
3911, 3931, 4025, 4031, 4045, and 4075 Sorrento Valley Boulevard(3)
Sorrento Valley/San Diego
9/23/26
100 %
95,814
144,000
26,500
Dispositions completed in 3Q26
234,400
(4)
Total dispositions completed in YTD 3Q26
241,750
Completed in October 2026:
Sales of partial interests:
Campus Point by Alexandria(5)
University Town Center/San Diego
10/23/26
(5)
1,586,697
366,816
475,000
Total completed 2026 dispositions and sales of partial interests as of October 26, 2026
716,750
Our share of pending dispositions and sales of partial interests subject to:
Non-refundable deposits
355,400
Signed letters of intent and/or purchase and sale agreement late-stage negotiations
1,547,850
2,620,000
Proceeds from dispositions and sales of partial interests in excess of 2026 guidance
midpoint which may be deferred into 2027(6)
(720,000)
2026 guidance midpoint for dispositions and sales of partial interests
$ 1,900,000
2026 guidance range for dispositions and sales of partial interests
$1,100,000 – $2,700,000
Weighted-average projected completion date of 2026 dispositions and sales of partial interests
November 2026
(7)
(1)
Represents one future development project aggregating 250,000 SF at 3825 Fabian Way and one fully leased operating building aggregating 228,000 RSF at 3875 Fabian Way in our Palo Alto submarket. These assets were acquired in 2019 with the intent to develop them for life science use. However, due to the project's macroeconomic outlook, the assets no longer aligned with our strategy and were sold to a residential developer.
(2)
Represents one vacant office property that was originally acquired with the intent to redevelop for life science use and expand our Megacampus ecosystem. The asset was sold due to the macroeconomic outlook for the project and the significant capital required to redevelop and lease the property.
(3)
Represents five operating properties, primarily comprising non-laboratory space, and one land parcel. As of 2Q26, these operating properties were 30% occupied with a weighted-average lease term of 2.4 years, and were sold due to the significant capital that would have been required to convert these properties through redevelopment for laboratory use and their misalignment with our Megacampus strategy.
(4)
Our share of dispositions completed during the three months ended September 30, 2026 had annual net operating income of $4.4 million (based on 2Q26 annualized results) with a weighted-average disposition date of July 29, 2026.
(5)
In October 2026, we completed the sale of an approximately 29% noncontrolling interest in the Campus Point by Alexandria Megacampus for $475.0 million. We expect our new partner's initial share of the annual distributions to approximate 5.5% of its $475.0 million capital contribution. Upon completion of the sale, our ownership interest decreased from 59% as of September 30, 2026 to approximately 30%. We expect to fund the majority of future construction costs at the Megacampus, which is expected to reduce the ownership interests of our new joint venture partner and existing joint venture partner over time to below 20% and 30%, respectively, and increase our ownership interest to over 50%. We retained control and therefore continue to consolidate the properties held by the real estate joint venture. Accordingly, we accounted for the $44.2 million difference between the consideration received and the book value of our interest sold as an increase to additional paid-in capital, with no gain recognized in earnings.
(6)
Refer to "Key Sources and Uses of Capital" under "2026 Guidance" in the Earnings Press Release for additional details.
(7)
Including the impact of the $1.0 billion junior subordinated notes issued during 3Q26, the weighted-average projected completion date of these sources of capital is expected to be October 2026.
Earnings Call Information and About the Company
September 30, 2026
We will host a conference call on Tuesday, October 27, 2026, at 2:00 p.m. Eastern Time ("ET")/11:00 a.m. Pacific Time ("PT"), which is open to the general public, to discuss our financial and operating results for the third quarter ended September 30, 2026. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 2:00 p.m. ET/11:00 a.m. PT and ask the operator to join the call for Alexandria Real Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the "For Investors" section. A replay of the call will be available for a limited time from 4:00 p.m. ET/1:00 p.m. PT on Tuesday, October 27, 2026, through 4:00 p.m. ET on Tuesday, November 3, 2026. The replay number is (855) 669-9658 or (412) 317-0088, and the access code is 6457127.
Additionally, a copy of this Earnings Press Release and Supplemental Information for the third quarter ended September 30, 2026 is available in the "For Investors" section of our website at www.are.com or by following this link: https://www.are.com/fs/2026q3.pdf.
For any questions, please contact [email protected]; Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and chief investment officer; Marc E. Binda, chief financial officer and treasurer; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790.
About the Company
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus ecosystems in AAA life science and advanced technology innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City. As of September 30, 2026, Alexandria has a total market capitalization of $21.01 billion and an asset base that includes 36.5 million RSF of operating properties and 1.9 million RSF of Class A/A+ properties undergoing construction. Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants' ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For more information on Alexandria, please visit www.are.com.
Forward-Looking Statements
This document includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding our projected 2026 funds from operations per share, projected 2026 funds from operations per share, as adjusted, projected net operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as "forecast," "guidance," "goals," "projects," "estimates," "anticipates," "believes," "expects," "intends," "may," "plans," "seeks," "should," "targets," or "will," or the negative of those words or similar words. These forward-looking statements are based on our current expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a number of assumptions concerning future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties, assumptions, and other important factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without limitation, our failure to obtain capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real estate developments in our markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or redevelopment (including new properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace expiring leases, defaults on or non-renewal of leases by tenants, our failure to complete planned dispositions and sales of partial interests on anticipated terms or timing, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to obtain LEED and other healthy building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission ("SEC"). Accordingly, you are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are made as of the date of this Earnings Press Release and Supplemental Information, and unless otherwise stated, we assume no obligation to update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
This document is not an offer to sell or a solicitation to buy securities of Alexandria Real Estate Equities, Inc. Any offers to sell or solicitations to buy our securities shall be made only by means of a prospectus approved for that purpose. Unless otherwise indicated, the "Company," "Alexandria," "ARE," "we," "us," and "our" refer to Alexandria Real Estate Equities, Inc. and our consolidated subsidiaries. Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That's What's in Our DNA®, Megacampus™, At the Vanguard and Heart of the Life Science Ecosystem™, Alexandria Center®, Alexandria Technology Square®, Alexandria Technology Center®, and Alexandria Innovation Center® are copyrights and trademarks of Alexandria Real Estate Equities, Inc. All other company names, trademarks, and logos referenced herein are the property of their respective owners.
Consolidated Statements of Operations
September 30, 2026
(Dollars in thousands, except per share amounts)
Three Months Ended
Nine Months Ended
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
9/30/26
9/30/25
Revenues:
Income from rentals
$ 653,618
$ 643,210
$ 653,013
$ 728,872
$ 735,849
$ 1,949,841
$ 2,216,303
Other income
17,564
19,574
18,009
25,542
16,095
55,147
55,839
Total revenues
671,182
662,784
671,022
754,414
751,944
2,004,988
2,272,142
Expenses:
Rental operations
227,931
207,336
224,142
232,543
239,234
659,409
690,062
General and administrative
40,915
36,861
34,685
28,020
29,224
112,461
89,027
Interest
79,687
64,342
64,584
65,674
54,852
208,613
161,024
Depreciation and amortization
304,419
304,384
305,441
322,063
340,230
914,244
1,028,415
Impairment of real estate
637,904
(1)
222,470
5,499
1,717,188
323,870
865,873
485,630
Total expenses
1,290,856
835,393
634,351
2,365,488
987,410
2,760,600
2,454,158
Equity in earnings (losses) of unconsolidated real estate joint ventures
75
413
(147)
(304)
201
341
(9,327)
Investment income (losses)
23,990
133,227
(4,582)
(3,890)
28,161
152,635
(52,453)
(Loss) gain on early extinguishment of debt
(3,323)
—
366,435
—
(107)
363,112
(107)
Gain on sales of real estate
—
—
—
619,914
9,366
—
22,531
Net (loss) income
(598,932)
(38,969)
398,377
(995,354)
(197,845)
(239,524)
(221,372)
Net income attributable to noncontrolling interests
(38,754)
(33,814)
(36,724)
(85,521)
(34,909)
(109,292)
(127,323)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.'s
stockholders
(637,686)
(72,783)
361,653
(1,080,875)
(232,754)
(348,816)
(348,695)
Net income attributable to unvested restricted stock awards
(766)
(908)
(2,779)
(965)
(2,183)
(2,603)
(7,452)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.'s
common stockholders
$ (638,452)
$ (73,691)
$ 358,874
$ (1,081,840)
$ (234,937)
$ (351,419)
$ (356,147)
Net (loss) income per share attributable to Alexandria Real Estate Equities,
Inc.'s common stockholders:
Basic
$ (3.74)
$ (0.43)
$ 2.10
$ (6.35)
$ (1.38)
$ (2.06)
$ (2.09)
Diluted
$ (3.74)
$ (0.43)
$ 2.10
$ (6.35)
$ (1.38)
$ (2.06)
$ (2.09)
Weighted-average shares of common stock outstanding:
Basic
170,751
170,718
170,598
170,394
170,181
170,689
170,278
Diluted
170,751
170,718
170,867
170,394
170,181
170,689
170,278
Dividends declared per share of common stock
$ 0.72
$ 0.72
$ 0.72
$ 0.72
$ 1.32
$ 2.16
$ 3.96
(1) Refer to "Funds from operations and funds from operations per share" in the Earnings Press Release for additional details regarding impairment of real estate.
Consolidated Balance Sheets
September 30, 2026
(In thousands)
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
Assets
Investments in real estate
$ 28,426,999
$ 29,125,895
$ 28,830,116
$ 28,689,996
$ 31,743,917
Investments in unconsolidated real estate joint ventures
28,580
28,910
30,520
30,677
39,601
Cash and cash equivalents
508,855
470,449
418,720
549,062
579,474
Restricted cash
4,908
4,690
4,665
4,693
4,705
Tenant receivables
6,168
7,661
7,362
6,672
6,409
Deferred rent
1,210,911
1,209,722
1,200,047
1,179,403
1,257,378
Deferred leasing costs
452,164
453,761
456,405
458,311
505,241
Investments
1,735,673
1,685,695
1,536,419
1,501,249
1,537,638
Other assets
1,677,464
1,645,443
1,683,143
1,661,772
1,700,785
Total assets
$ 34,051,722
$ 34,632,226
$ 34,167,397
$ 34,081,835
$ 37,375,148
Liabilities, Noncontrolling Interests, and Equity
Unsecured senior notes payable
$ 10,820,687
$ 10,818,366
$ 11,166,009
$ 12,047,394
$ 12,044,999
Junior subordinated notes payable
985,143
—
—
—
—
Unsecured senior line of credit and commercial paper
1,091,166
1,994,508
1,353,986
353,161
1,548,542
Accounts payable, accrued expenses, and other liabilities
2,604,418
2,513,526
2,154,782
2,397,073
2,432,726
Dividends payable
131,999
130,468
128,880
127,771
230,603
Total liabilities
15,633,413
15,456,868
14,803,657
14,925,399
16,256,870
Commitments and contingencies
Redeemable noncontrolling interests
9,119
9,119
9,234
58,788
58,662
Alexandria Real Estate Equities, Inc.'s stockholders' equity:
Common stock
1,708
1,707
1,707
1,705
1,703
Additional paid-in capital
14,839,182
15,585,296
15,763,321
15,497,760
16,669,802
Accumulated other comprehensive loss
(33,691)
(33,027)
(30,936)
(29,395)
(32,203)
Alexandria Real Estate Equities, Inc.'s stockholders' equity
14,807,199
15,553,976
15,734,092
15,470,070
16,639,302
Noncontrolling interests
3,601,991
3,612,263
3,620,414
3,627,578
4,420,314
Total equity
18,409,190
19,166,239
19,354,506
19,097,648
21,059,616
Total liabilities, noncontrolling interests, and equity
$ 34,051,722
$ 34,632,226
$ 34,167,397
$ 34,081,835
$ 37,375,148
Funds From Operations and Funds From Operations per Share
September 30, 2026
(In thousands)
The following table presents a reconciliation of net income (loss) attributable to Alexandria's common stockholders, the most directly comparable financial measure presented in accordance with U.S.
generally accepted accounting principles ("GAAP"), including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations attributable to Alexandria's
common stockholders – diluted, and funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted, for the periods below:
Three Months Ended
Nine Months Ended
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
9/30/26
9/30/25
Net (loss) income attributable to Alexandria's common stockholders – basic and diluted
$ (638,452)
$ (73,691)
$ 358,874
$(1,081,840)
$ (234,937)
$ (351,419)
$ (356,147)
Depreciation and amortization of real estate assets
302,240
302,238
303,296
319,865
338,182
907,774
1,021,292
Noncontrolling share of depreciation and amortization from consolidated real estate JVs
(32,458)
(31,518)
(29,473)
(39,942)
(45,327)
(93,449)
(114,785)
Our share of depreciation and amortization from unconsolidated real estate JVs
858
805
914
855
852
2,577
2,848
Gain on sales of real estate
—
—
—
(307,132)
(9,824)
—
(22,989)
Impairment of real estate – rental properties and land
637,904
(1)
222,470
5,499
1,439,303
323,870
865,873
454,960
Allocation to unvested restricted stock awards
(1,042)
(2,201)
(2,181)
(1,903)
(1,648)
(7,141)
(3,590)
Funds from operations attributable to Alexandria's common stockholders – diluted(2)
269,050
418,103
636,929
329,206
371,168
1,324,215
981,589
Unrealized (gains) losses on non-real estate investments
(21,563)
(131,933)
10,332
(98,548)
(18,515)
(143,164)
71,568
Significant realized losses on non-real estate investments
—
—
—
103,329
—
—
—
Impairment of non-real estate investments
13,580
(3)
8,998
12,448
20,181
25,139
35,026
75,535
Impairment of real estate
—
—
—
12,619
—
—
39,343
Loss (gain) on early extinguishment of debt
3,323
—
(366,435)
—
107
(363,112)
107
Acceleration of stock compensation expense due to executive officer resignation
—
—
—
2,455
—
—
—
(Decrease) increase in provision for expected credit losses on financial instruments
—
—
—
(341)
—
—
285
Allocation to unvested restricted stock awards
33
909
2,674
(363)
(74)
3,496
(2,156)
Funds from operations attributable to Alexandria's common stockholders – diluted, as
adjusted
$ 264,423
$ 296,077
$ 295,948
$ 368,538
$ 377,825
$ 856,461
$ 1,166,271
Refer to "Definitions and reconciliations" in the Supplemental Information for additional details.
(1)
Primarily reflects impairment charges to reduce the carrying amounts of real estate assets classified as held for sale as of 3Q26 to their respective estimated fair values less costs to sell, including (i) $343.3 million related to a development project in our Fenway submarket that is expected to be sold to an institutional user which would have required significant capital to complete and lease, (ii) $135.3 million related to four non-Megacampus vacant office properties in our Palo Alto submarket that would have required significant capital investment to convert to laboratory use, (iii) $79.2 million related to six non-Megacampus operating properties in our San Carlos submarket that would have required significant capital investment to convert to laboratory use, (iv) $50.4 million related to a land parcel located outside of a Megacampus aggregating 344,000 SF in our Austin submarket, and (v) $41.6 million related to one future development project in our Palo Alto submarket that, due to the project's financial outlook, would have required significant capital to complete the development and lease the properties.
(2)
Calculated in accordance with standards established by the Nareit Board of Governors.
(3)
Primarily relates to one non-real estate investment in a privately held entity that does not report NAV.
The following table presents a reconciliation of net income (loss) per share attributable to Alexandria's common stockholders, the most directly comparable financial measure presented in accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria's common stockholders – diluted, and funds from operations per share attributable to Alexandria's common stockholders – diluted, as adjusted, for the periods below. Per share amounts may not add due to rounding.
Three Months Ended
Nine Months Ended
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
9/30/26
9/30/25
Net (loss) income per share attributable to Alexandria's common stockholders – diluted
$ (3.74)
$ (0.43)
$ 2.10
$ (6.35)
$ (1.38)
$ (2.06)
$ (2.09)
Depreciation and amortization of real estate assets
1.58
1.59
1.61
1.65
1.73
4.77
5.34
Gain on sales of real estate
—
—
—
(1.80)
(0.06)
—
(0.14)
Impairment of real estate – rental properties and land
3.74
1.30
0.03
8.45
1.90
5.07
2.67
Allocation to unvested restricted stock awards
(0.01)
(0.02)
(0.01)
(0.02)
(0.01)
(0.04)
(0.02)
Funds from operations per share attributable to Alexandria's common stockholders –
diluted
1.57
2.44
3.73
1.93
2.18
7.74
5.76
Unrealized (gains) losses on non-real estate investments
(0.13)
(0.77)
0.06
(0.58)
(0.11)
(0.84)
0.42
Significant realized losses on non-real estate investments
—
—
—
0.61
—
—
—
Impairment of non-real estate investments
0.08
0.05
0.07
0.12
0.15
0.20
0.45
Impairment of real estate
—
—
—
0.07
—
—
0.23
Loss (gain) on early extinguishment of debt
0.02
—
(2.14)
—
—
(2.12)
—
Acceleration of stock compensation expense due to executive officer resignation
—
—
—
0.01
—
—
—
Allocation to unvested restricted stock awards
—
0.01
0.01
—
—
0.02
(0.01)
Funds from operations per share attributable to Alexandria's common stockholders –
diluted, as adjusted
$ 1.54
$ 1.73
$ 1.73
$ 2.16
$ 2.22
$ 5.00
$ 6.85
Weighted-average shares of common stock outstanding – diluted
Earnings per share – diluted
170,751
170,718
170,867
170,394
170,181
170,689
170,278
Funds from operations – diluted, per share
171,418
171,210
170,867
170,504
170,305
171,169
170,351
Funds from operations – diluted, as adjusted, per share
171,418
171,210
170,867
170,504
170,305
171,169
170,351
Refer to "Definitions and reconciliations" in the Supplemental Information for additional details.
BXP očekává ve 3. čtvrtletí tržby ve výši 839,9 milionu USD, což představuje meziroční nárůst o 3,7 %, a FFO na akcii ve výši 1,80 USD, meziročně vyšší o 3,5 %.
Key Takeaways BXP is set to report Q3 2026 results on Oct. 27, with revenues and FFO per share expected to rise Y/Y.Demand for premier office spaces and capital recycling initiatives are likely to have supported BXP.BXP's Q3 revenues are projected to rise 3.7%, while FFO per share is expected to grow 3.5%.
BXP, Inc. (BXP - Free Report) is slated to report third-quarter 2026 results on Oct. 27, after market close. The company’s quarterly results are likely to display a year-over-year increase in revenues and funds from operations (FFO) per share.
In the last reported quarter, this office real-estate investment trust (REIT) reported FFO per share of $1.78, outpacing the Zacks Consensus Estimate of $1.71. The quarterly results reflected healthy leasing activity and higher occupancy.
Over the preceding four quarters, BXP’s FFO per share surpassed the Zacks Consensus Estimate thrice and missed in the remaining period, with the average beat being 0.92%. This is depicted in the graph below:
US Office Market in Q3Per a Cushman & Wakefield report, the U.S. office market continued to recover in the third quarter of 2026, supported by improving demand fundamentals. Net absorption was slightly positive at 49,700 square feet, while the four-quarter rolling total reached 15.5 million square feet. Overall absorption has been positive for five consecutive quarters, while Class A absorption has been positive in seven of the past eight quarters. The recovery was broad-based, with 52 of the 92 U.S. office markets tracked by Cushman & Wakefield Research recording positive net absorption over the past year.
National office vacancy declined 30 basis points (bps) year over year to 19.8%, while Class A vacancy fell 60 bps. Overall vacancy declined by more than 100 bps in one-fourth of U.S. markets, with the largest year-over-year declines concentrated in gateway and gateway-tangential markets. Meanwhile, Class A vacancy declined in 53 markets, with reductions exceeding 100 bps in more than one-third of U.S. markets. On the supply front, new office construction remains scarce. Deliveries through the first three quarters of 2026 totaled 7.1 million square feet, marking the lowest three-quarter total in more than 30 years.
BXP’s Factors at Play and Q3 ProjectionsBXP is poised to gain from the growing preference for premier office spaces among tenants and its ability to offer such spaces. This is likely to have had a positive impetus on its leasing activity, boosting its top line in the to-be-reported quarter.
Moreover, the company is likely to have continued executing its capital recycling strategy in the third quarter of 2026, using proceeds from land, residential and non-strategic office dispositions to fund development and redevelopment while reducing leverage.
However, some pressure points persist. Competitive leasing conditions in certain markets, along with higher operating and redevelopment costs tied to asset-repositioning efforts, could have tempered margin expansion in the quarter.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $839.9 million, implying a 3.7% increase from the prior-year quarter’s reported number.
BXP’s activities in the to-be-reported quarter were inadequate in garnering analysts’ confidence. The Zacks Consensus Estimate for third-quarter FFO per share has declined a cent to $1.80 over the past two months. However, it suggests a 3.5% rise from the year-ago quarter’s tally.
What Our Quantitative Model Predicts for BXPOur proven model predicts a surprise in terms of FFO per share for BXP this quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is the case here.
BXP has an Earnings ESP of +0.04% and currently carries a Zacks Rank of 3. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Other Stocks That Warrant a LookHere are two other stocks from the broader REIT sector — Ventas (VTR - Free Report) and Host Hotels & Resorts (HST - Free Report) — you may want to consider, as our model shows that these also have the right combination of elements to report an FFO beat this quarter.
Ventas is slated to report quarterly numbers on Oct. 27. VTR has an Earnings ESP of +0.70% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Host Hotels is slated to report quarterly numbers on Nov. 4. HST has an Earnings ESP of +3.20% and a Zacks Rank of 3 at present.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
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Mats, Mops and Uniforms Built a Compounding Machine
Cintas (NASDAQ:CTAS | CTAS Price Prediction) rents and launders work uniforms. It also keeps businesses stocked with floor mats, restroom supplies, first-aid cabinets, and fire extinguishers. It serves more than one million businesses on a route-based, recurring-revenue model with high customer retention.
Most of the growth comes from converting companies that still handle these tasks themselves. Management says “over two-thirds of our new business comes from no programmers,” and it puts the addressable market at 16 to 20 million businesses.
A Decade of Singles and Doubles
For ten years, Cintas has moved past uniforms into first aid, safety, and fire protection, and it has invested in routing technology and automation. Margins expanded as a result. Gross margin hit an all-time high of 51.5%, and operating margin reached a record 23.6% in fiscal Q1 2027, the company’s first quarter with $3 billion in revenue. The company split its stock 4-for-1 in September 2024 and agreed on March 10, 2026, to buy rival UniFirst (NYSE:UNF) in an all-cash deal worth $5.2B-$5.5B. That deal still needs FTC clearance.
The dividend grew alongside the business. Cintas has raised its payout every year since going public 43 years ago, most recently by 15.6% to $0.52 per quarter.
Your $1,000 Grew to $9,427
1-Year Return
Initial Investment: $1,000
Current Value: $1,185.20
Total Return: 18.52%
S&P 500 (same period): $1,138.50 (13.85%)
5-Year Return
Initial Investment: $1,000
Current Value: $2,215.70
Total Return: 121.57%
Annualized Return: 17.25%
S&P 500 (same period): $1,687.80 (68.78%)
10-Year Return
Initial Investment: $1,000
Current Value: $9,427.40
Total Return: 842.74%
Annualized Return: 25.15%
S&P 500 (same period): $3,570.90 (257.09%)
Cintas beat the market over every period, the kind of quiet compounder most investors walked past at the time (we studied that pattern among recent winners nobody noticed, here). The Cintas figures are adjusted for splits and dividends, while the S&P 500 figures reflect price change only.
Timing counted more than usual over the past year. Shares swung between $160.31 and $225.79, and the stock rose 17.57% in the month after the September earnings report, while the S&P 500 slipped 0.4%.
I’m Waiting for a Better Entry
A $1,000 stake in Cintas today makes sense if UniFirst clears the FTC and management keeps beating its raised fiscal 2027 guidance of $5.45 to $5.54 in adjusted EPS. The company has exceeded EPS estimates for 7 consecutive quarters, and management says growth comes “from volume” rather than pricing.
I’d stay away if valuation stays this stretched. At $225.70, shares trade near 36 times forward earnings and 44 times trailing earnings, above the average analyst target of $218.31. Uniform rental also tracks employment, so a hiring slowdown would hit volumes just as the company takes on integration risk.
I like the business, but a valuation near a 52-week high leaves less room for error.
Contact [email protected] for any questions or corrections.
Kvalifikované platformy včetně Robinhood mohou v USA až pět let obchodovat s tokenizovanými akciemi na základě výjimky z registrace burzy. Microsoft, Verizon a McDonald's však proti tokenizaci svých akcií vznášejí námitky.
Robinhood (HOOD -2.11%) launched tokenized stock trades in over 120 countries this year, but that new feature hasn't been approved in the U.S. yet. Let's see what tokenized stocks are -- and why some big companies in the U.S. are opposed to the tokenization of their shares.
What are tokenized stocks?
Tokenized stocks are tokens on a blockchain that represent ownership of a conventional stock. These tokens can be traded 24/7 without going through traditional brokerages and can easily cross international borders.
Image source: Getty Images.
They can be quickly split into fractional shares and integrated into decentralized finance (DeFi) applications through smart contracts. Blockchain-based transactions are also audited in real time to reduce settlement failures, administrative fraud, and hidden discrepancies.
Why are some companies opposed to tokenized stocks?
Tokenized stocks have clear advantages over conventional stocks, but they don't give investors any voting rights or pay direct cash dividends. That's because investors don't legally own the underlying shares, which are held by a custodian bank in a segregated account.
A growing list of large companies -- including Microsoft, Verizon, and McDonald's -- have filed to bar their shares from being tokenized. They argue that trading platforms don't have the right to issue synthetic versions of their shares without their express consent, that they compromise investor safety, and that they interfere with corporate governance by obfuscating stock ownership. Traditional brokerages, which act as the middlemen for stock trades, also oppose that "permissionless" tokenization.
HOOD Robinhood Markets$93.06-$2.01 (-2.11%)
NASDAQ · As of 3:41 PM ET 10/26/26
But could tokenized stocks arrive in the U.S. soon?
In September, the Securities and Exchange Commission (SEC) issued an "innovation exemption" that allowed qualifying platforms -- including Robinhood -- to trade tokenized stocks in the U.S. for up to five years without registering as a stock exchange.
However, the SEC exemption requires that all tokenized shares provide investors with the same rights and privileges as conventional shares -- including cash dividends and voting rights. The trading venue must also issue notices to companies before tokenizing their shares, and companies can block tokenization by filing objections within 30 days.
Considering that nearly two dozen major companies -- most of which are prominent components of the S&P 500 (^GSPC +0.75%) -- oppose tokenized stocks, it seems doubtful that Robinhood will bring that feature to its domestic investors anytime soon. However, investors should still keep an eye on its overseas growth -- since it could expand Robinhood's total addressable market, boost its per-user revenue, and widen its moat against conventional brokerages.
Leo Sun has positions in Verizon Communications. The Motley Fool has positions in and recommends Microsoft. The Motley Fool recommends Robinhood Markets and Verizon Communications and recommends the following options: long January 2028 $320 calls on McDonald's and short January 2028 $340 calls on McDonald's. The Motley Fool has a disclosure policy.
Před zveřejněním výsledků za třetí čtvrtletí fiskálního roku 2026 analytici u společnosti Crocs očekávají tržby ve výši 1 mld. USD a zisk 3,31 USD na akcii.
Key Takeaways CROX likely benefited from stronger DTC sales and reduced promotions; HEYDUDE grew despite lower marketing.CROX may have leveraged TikTok promotions and creator content to boost consumer engagement.CROX's differentiated clog franchises likely supported brand relevance and category demand. As Crocs, Inc. (CROX - Free Report) prepares to unveil its third-quarter fiscal 2026 results on Oct. 29, before market open, investors are eager to see whether the company can beat market expectations.
The Zacks Consensus Estimate for revenues is pegged at $1 billion, implying 0.9% growth from the prior year. Meanwhile, the consensus mark for earnings has been steady at $3.31 per share in the past seven days, though it indicates growth of 13.4% from the year-ago period. CROX has a trailing four-quarter earnings surprise of 13.6%, on average.
Key Factors to Note for CROX's Q3 EarningsCrocs’ third-quarter fiscal 2026 performance is likely to have benefited from continued strength in direct-to-consumer (DTC) sales across both brands. The Crocs brand benefited from higher DTC sales alongside reduced promotional activity, while HEYDUDE also delivered growth despite lower performance marketing spending. These trends are likely to have reflected sustained consumer demand and effective brand engagement. In addition, the halo effect from social media promotions, particularly TikTok content featuring popular styles and creators, might have supported sales across marketplaces, the company’s websites and retail stores, further strengthening overall DTC momentum.
The company’s focus on strengthening global brand relevance is also likely to have remained a positive contributor. As the market leader in clogs, Crocs continues to diversify its clog portfolio through differentiated product franchises that enable better consumer segmentation and expand category relevance beyond its classic offerings. These initiatives might have supported continued consumer engagement and reinforced the company’s competitive positioning during the quarter.
Consumer engagement initiatives are likely to have provided an additional tailwind. The company’s Glad You Noticed campaign, launched in April, leveraged creative partnerships and an integrated media strategy to highlight its sandal business. The campaign was previously identified as a key driver of category momentum, suggesting that continued traction from socially driven storytelling and targeted marketing might have supported sandal demand and overall brand performance during the quarter.
That said, the company is likely to have faced cost headwinds from tariff-related uncertainty.
What the Zacks Model Says About CROXOur proven model predicts an earnings beat for CROX this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is the case here.
CROX has an Earnings ESP of +0.60% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Other Stocks With Favorable CombinationHere are three other companies you may also want to consider, as our model shows that these too have the right combination of elements to post an earnings beat this season:
Ralph Lauren Corporation (RL - Free Report) currently has an Earnings ESP of +0.56% and a Zacks Rank of 2. The Zacks Consensus Estimate for second-quarter fiscal 2027 earnings per share is pegged at $4.22, implying 11.4% year-over-year growth. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for quarterly revenues is pegged at $2.1 billion, which indicates growth of 6.1% from the figure reported in the prior-year quarter. RL has a trailing four-quarter earnings surprise of 8.7%, on average.
Cintas Corporation (CTAS - Free Report) currently has an Earnings ESP of +0.24% and a Zacks Rank of 3. The Zacks Consensus Estimate for second-quarter 2027 earnings per share is pegged at $1.36, implying 12.4% year-over-year growth.
The Zacks Consensus Estimate for quarterly revenues is pegged at $3 billion, which indicates an increase of nearly 8% from the figure reported in the prior-year quarter. CTAS has a trailing four-quarter earnings surprise of 2.4%, on average.
V.F. Corporation (VFC - Free Report) currently has an Earnings ESP of +0.80% and a Zacks Rank of 3. The Zacks Consensus Estimate for second-quarter fiscal 2027 earnings per share is pegged at 54 cents, implying a 3.9% year-over-year increase.
The Zacks Consensus Estimate for quarterly revenues is pegged at $2.7 billion, which indicates a decrease of 3.9% from the figure reported in the prior-year quarter. VFC has a trailing four-quarter earnings surprise of roughly 34%, on average.
Kilroy Realty ve třetím čtvrtletí uzavřela nájemní smlouvy na více než 815 000 čtverečních stop; objem za prvních devět měsíců meziročně vzrostl téměř o 44 %.
On its third-quarter 2026 earnings call, held on Oct. 23, 2026, Kilroy Realty (KRC -1.33%) reported accelerating tenant demand across its commercial property portfolio. High leasing activity and expanding tenant commitments provide multiyear cash flow visibility for shareholders.
Three key takeaways from management's discussion stand out.
1. Leasing Volume Surges as Future Revenue Gains ClarityKilroy Realty executed over 815,000 square feet of leases during the third quarter, which drove year-to-date leasing volume up nearly 44% compared to the prior-year period. This momentum expanded the signed but not occupied pool to over 1.4 million square feet and locked in nearly $101 million of contractually obligated annualized base rent, or yearly contracted tenant rent, to power future net operating income, or property earnings after operating costs.
During the third quarter, we executed approximately 815,000 square feet of new and renewal leases, substantially all of which were long term in nature, bringing year-to-date leasing volume to over 1.75 million square feet, an increase of nearly 44% versus the first 9 months of 2025.
-- Angela Aman, Chief Executive Officer2. San Francisco Bay Area Leads Demand Across Tech and AITenant demand in the San Francisco Bay Area is expanding rapidly as technology, artificial intelligence, and robotics companies actively secure remaining high-quality office space. This tightening availability is driving higher lease rates and prompting existing tenants to initiate early lease renewals across the region.
The San Francisco Bay Area continues to lead the way, both in terms of executed deal volume and forward pipeline activity.
-- Angela Aman, Chief Executive Officer3. Noncore Land Sales Unlock Capital for Balance Sheet StrengthManagement is monetizing parcels that hold higher value for non-office uses, putting $185 million of land sales under contract. Disposing of noncore assets gives the business capital flexibility to pay down maturing debt, buy back stock, or fund selective acquisitions.
This marks the fourth land sale we have put under contract and a continuation of our strategy to monetize parcels that have a higher and better use outside of office and life science.
-- Eliott Trencher, Executive Vice President, Chief Investment Officer and Interim Chief Financial Officer and TreasurerLooking AheadLeasing momentum is accelerating across core West Coast markets, driving a 20% sequential expansion in the forward lease pipeline. Premium assets in supply-constrained hubs like San Francisco give the company strong pricing power, while $101 million in signed but uncommenced leases provides locked-in future earnings. Management is watching refinancing costs on $395 million of maturing debt and managing major tenant expirations.
We remain focused on quickly converting the current pipeline into signed leases and look forward to updating you on our progress as we move through the balance of this year and into 2027.
-- Angela Aman, Chief Executive OfficerWith portfolio lease occupancy rebounding and market tailwinds building across technology and life science hubs, the business is well positioned to convert its expanding deal pipeline into multiyear cash flow growth.
The tailwinds we are seeing in many markets are exciting and position us well for the coming years.
-- Eliott Trencher, Executive Vice President, Chief Investment Officer and Interim Chief Financial Officer and TreasurerThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
