Incyte Corporation (INCY) Q3 2026 Earnings Call October 29, 2026 8:00 AM EDT
Company Participants
Alexis Smith - VP & Head of Investor Relations
William Meury - CEO & Director
Pablo Cagnoni - President and Global Head of R&D
Suketu Upadhyay - Executive VP & CFO
Mohamed Issa - Executive Vice President & Head of U.S. Commercial
Conference Call Participants
Tazeen Ahmad - BofA Securities, Research Division
Gustave Diep - Barclays Bank PLC, Research Division
Silvia Luo - JPMorgan Chase & Co, Research Division
Erik Lavington - Mizuho Securities USA LLC, Research Division
Brian Abrahams - RBC Capital Markets, Research Division
Evan Seigerman - BMO Capital Markets Equity Research
Andrew Berens - Leerink Partners LLC, Research Division
Salveen Richter - Goldman Sachs Group, Inc., Research Division
Jay Olson - Oppenheimer & Co. Inc., Research Division
Gavin Clark-Gartner - Evercore ISI Institutional Equities, Research Division
John Newman - Canaccord Genuity Corp., Research Division
Michael Schmidt - Guggenheim Securities, LLC, Research Division
Amit Dayal - H.C. Wainwright & Co, LLC, Research Division
Jacob Goell - Wells Fargo Securities, LLC, Research Division
Imogen Mansfield - Cantor Fitzgerald & Co., Research Division
Tara Bancroft - TD Cowen, Research Division
Presentation
Operator
Greetings, and welcome to the Incyte Third Quarter 2026 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. [Operator Instructions]
It's now my pleasure to turn the call over to Alexis Smith, Vice President and Head of Investor Relations. Please go ahead, Alexis.
Alexis Smith
VP & Head of Investor Relations
Thank you. Good morning, and welcome to Incyte's Third Quarter 2026 Earnings Conference Call. Before we begin, I encourage everyone to go to the Investors section of our website to find the press release, related financial tables and slides that follow today's discussion.
On today's call, I'm joined by Bill, Pablo and Suky, who will deliver our prepared remarks. Steven, Dave and Mohamed will also be available for Q&A. I would like
Birkenstock's Strong Growth Creates a Buying OpportunityCrocs NASDAQ: CROX reported third-quarter 2026 revenue growth across both its Crocs and HEYDUDE brands, supported by international demand, product diversification and stronger wholesale results. The company raised its full-year revenue and adjusted earnings outlook after reporting enterprise revenue of more than $1 billion, up 5% year over year on a constant-currency basis.
Chief Executive Officer Andrew Rees said the quarter represented an “important inflection” for HEYDUDE, whose revenue rose 6% following prior periods of declines. Crocs brand revenue increased 4%, producing what Rees described as a record third quarter for the brand.
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With a 60%+ Upside, There’s Plenty to Love About Lovesac“As we stated at the beginning of the year, returning to growth for both brands is a strategic goal we set out to achieve,” Rees said. “As a result, we are raising our full year 2026 revenue guidance from up 1%-2% to up approximately 3%.”
Revenue Growth Led by International Crocs and HEYDUDE Wholesale The Crocs brand generated $873 million in third-quarter revenue, up 4% from a year earlier. International revenue increased approximately 12%, with growth across all of the company’s tier-one international markets. International direct-to-consumer revenue climbed 24%, supported by growth across marketplaces, retail stores and Crocs’ own website.
3 Consumer Discretionary Stocks Ready for a Comeback in 2025North American Crocs revenue declined about 2%, partly due to a planned business-model shift that moved certain activity from direct-to-consumer to wholesale. Chief Financial Officer Patraic Reagan said the change reduced North American DTC growth by about 270 basis points during the quarter. Excluding that shift, North American DTC revenue would have increased roughly 2%, according to Reagan.
The company expects the business-model transition to create a 700- to 800-basis-point headwind for North American DTC growth over the next several quarters, until the comparison is anniversaryed in the third quarter of next year. Reagan said the shift does not affect units in the marketplace or market share and is intended to create a more efficient and profitable model.
HEYDUDE revenue totaled $170 million, up 6% and ahead of management’s expectations. Wholesale revenue increased 14%, driven by higher at-once and replenishment orders, while DTC revenue rose slightly despite a planned reduction in promotional activity.
Rees said the company believes HEYDUDE’s shorter-term normalized growth rate is in the low- to mid-single digits after accounting for last year’s marketplace inventory cleanup. He also said the company sees long-term opportunity to expand the brand in underpenetrated U.S. regions and internationally, though international activity remains a smaller, measured investment.
Margins Expand as Cost Savings and Tariffs Help Results Enterprise adjusted gross margin increased 180 basis points year over year to 60.3%. The improvement reflected cost-savings efforts, lower tariffs and margin expansion at both brands, partly offset by the planned mix shift toward diversified products.
Crocs brand adjusted gross margin rose 160 basis points to 63.4%, while HEYDUDE’s adjusted gross margin increased 350 basis points to 45.8%. Reagan cited lower tariffs, improved average selling prices and product mix for HEYDUDE’s margin improvement.
The company said adjusted gross margin excludes $64 million in tariff refunds received during the quarter. Adjusted selling, general and administrative expenses rose 6% to $397 million, reflecting investments in DTC growth initiatives that were partly offset by cost savings.
Adjusted operating margin expanded 150 basis points to 22.3%. Adjusted diluted earnings per share rose 26% year over year to $3.69, exceeding the company’s prior guidance range of $3.20 to $3.30. The non-GAAP effective tax rate was 17%.
Product Expansion and Digital Commerce Remain Central Strategies Management highlighted Crocs’ efforts to broaden its product offering beyond the Classic Clog. Rees cited continued momentum in the Crafted, Crocband, Mellow and Echo clog franchises, as well as double-digit growth in sandals led by the Miami and Saturday franchises. The company also pointed to consumer response to the Ballet Flat and plans to test lined versions in Asia.
For HEYDUDE, the company said its core Wally and Wendy silhouettes remain central to the product range, while sandals, work footwear, boots and seasonal slippers are providing additional growth opportunities. The company said HEYDUDE’s sandals business exceeded expectations during the quarter.
Crocs also emphasized social commerce and digital engagement. The company retained its number-one footwear brand ranking on TikTok Shop in the U.S., U.K. and Japan, and added Malaysia during the quarter. It also launched Rivet, a proprietary artificial intelligence-powered shopping agent on its website.
In international markets, Rees identified China, India and Japan as major contributors to growth. In China, Crocs launched an Echo 2.0 marketing campaign featuring Olympic table tennis gold medalist Fan Zhendong, which the company said generated 40 billion impressions in Asia.
Capital Returns and Updated Outlook Crocs ended the quarter with more than $163 million in cash and cash equivalents and about $890 million in revolver borrowing capacity. Inventory was $413 million, up 4% year over year, while enterprise inventory turns exceeded the company’s annualized goal of four times.
During the quarter, the company repurchased about 2 million shares for $250 million and paid down $21 million of debt. Net leverage ended at the low end of the company’s target range of 1x to 1.5x.
Full-year enterprise revenue: Expected to increase about 3%, up from prior guidance of 1% to 2% growth. Crocs brand revenue: Expected to rise about 4%, compared with prior guidance of 2% to 3% growth. HEYDUDE revenue: Expected to be approximately flat, improved from prior expectations for a 2% to 4% decline. Adjusted diluted EPS: Expected to be $14.45 to $14.65, up from prior guidance of $13.70 to $14.00. Fourth-quarter enterprise revenue: Expected to increase 7% to 9%, including projected growth of 6% to 8% for Crocs and 10% to 12% for HEYDUDE. For the fourth quarter, Crocs expects adjusted operating margin of approximately 20.5% and adjusted diluted EPS of $3.25 to $3.45. Reagan said management expects adjusted gross margin to rise about 200 basis points year over year in the quarter.
About Crocs (NASDAQ:CROX)Crocs, Inc is a global footwear company best known for its Crocs brand of casual, lightweight shoes. Its product portfolio includes clogs, sandals, slides, boots and other casual footwear, along with accessories such as Jibbitz charms, which are designed to personalize Crocs shoes.
The company was founded in 2002 and introduced its first clog that year. Crocs has expanded from its original molded footwear into a broader lifestyle brand, offering products for women, men and children through company-operated and third-party retail stores, e-commerce platforms and wholesale partners.
In 2022, Crocs completed its acquisition of HEYDUDE, adding the casual shoe brand to its portfolio.
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Crocs' shares surged about 27% on Thursday after the footwear maker raised its full-year forecasts, betting on a sustained recovery at its HEYDUDE brand and steady demand for its namesake clogs.
Crocs (CROX +25.04%) raised its full-year outlook for the third consecutive time after overseas growth and a return to growth at HEYDUDE helped third-quarter revenue rise 4.6%.
Profitability improved, too. Adjusted operating income grew 11.7%, outpacing sales. But a one-time tariff refund and a smaller share count made the headline earnings gains look stronger than the underlying improvement.
CROX Crocs$149.66+$29.97 (+25.04%)
NASDAQ · As of 3:27 PM ET 10/29/26
The quarter's key numbers Revenue: $1.04 billion, up 4.6%.
GAAP diluted EPS: $4.52, up 67.4%.
Adjusted diluted EPS: $3.69, up 26.4%.
Adjusted operating margin: 22.3%, up from 20.8%.
Full-year adjusted EPS guidance: $14.45 to $14.65, up from $13.70 to $14.00.
Better margins weren't just a tariff windfall Crocs received a $64 million nonrecurring tariff refund that boosted GAAP profit. The company excluded that refund and related interest income from adjusted earnings.
Even without those benefits, the business improved. Adjusted gross margin rose to 60.3% from 58.5%, more than offsetting an increase in adjusted selling, general, and administrative expenses as a percentage of revenue.
Buybacks provided another lift. The diluted share count fell about 11% from a year earlier, helping adjusted EPS grow 26.4% even though adjusted net income increased roughly 12%. That's real profit growth, amplified by fewer shares.
Image source: Getty Images.
Overseas growth offset North American weakness Crocs brand revenue rose 4.4% to $873 million. International revenue increased 11.8%, led by a 24.1% jump in direct-to-consumer sales.
North American revenue, however, fell 2.1%. Wholesale sales declined 4.9%, while direct-to-consumer sales slipped 0.7%. A change in the business model also weighed on the direct-sales comparison, though the release offered little detail.
HEYDUDE revenue rose 6.1% to $170 million, marking a return to growth. The rebound was uneven: Wholesale revenue increased 14%, while direct-to-consumer sales were essentially flat. The results show progress, but not yet a broad-based recovery across both channels.
What to watch next Management now expects full-year revenue growth of approximately 3%, up from its previous forecast of 1% to 2%. For the fourth quarter, it projects total revenue growth of 7% to 9%, including 10% to 12% growth for HEYDUDE.
The next test is whether HEYDUDE can sustain its rebound and whether Crocs brand growth spreads to North America. Stronger direct sales at HEYDUDE would add confidence that its recovery extends beyond wholesale orders.
Willis Towers Watson Public Limited Company (WTW) Q3 2026 Earnings Call October 29, 2026 9:00 AM EDT
Company Participants
Claudia La Hoz - Head of Investor Relations
Carl A. Hess - CEO & Director
Andrew Krasner - CFO & Co-head of Corporate Development
Julie Gebauer - President of Health, Wealth & Career
Lucy Clarke - President of Risk & Broking
Conference Call Participants
Mark Hughes - Truist Securities, Inc., Research Division
Elyse Greenspan - Wells Fargo Securities, LLC, Research Division
Charles Peters - Raymond James & Associates, Inc., Research Division
Jon Paul Newsome - Piper Sandler & Co., Research Division
Michael Zaremski - BMO Capital Markets Equity Research
Presentation
Claudia La Hoz
Head of Investor Relations
Good morning. Welcome to the WTW Earnings conference Call. Please refer to wtwco.com for the press release and supplemental information that were issued earlier today. Today's call is being recorded and will be available for the next 3 months on WTW's website. Some of the comments in today's call may constitute forward-looking statements within the meaning of the Private Securities Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. Actual results may differ materially from those discussed today, and the company undertakes no obligation to update these statements unless required by law.
For a more detailed discussion of these and other risk factors, investors should review the forward-looking statements section of the earnings press release issued this morning as well as in the most recent Form 10-K and other subsequent WTW SEC filings. During the call, certain non-GAAP financial measures may be discussed. To provide direct comparability with prior periods, all commentary regarding the company's revenue growth results will be on a non-GAAP organic basis unless specifically stated otherwise. For reconciliations of the non-GAAP measures as well as other information regarding these measures, please refer to the most recent earnings release and other materials
Key Takeaways WM's Q3 revenues of $6.85B beat estimates, but $2.15 adjusted EPS missed as management held 2026 guidance.WM's healthcare EBITDA jumped 33% on pricing and integration savings, while core waste volumes fell 0.5%.WM's nine-month free cash flow rose more than 42%, despite fuel and claims costs pressuring margins.
Waste Management, Inc. (WM - Free Report) emphasized improving healthcare profitability and firm pricing during its third-quarter 2026 earnings call, while acknowledging sluggish waste volumes and elevated fuel costs. Management maintained its annual outlook, supported by stronger cash generation.
Adjusted earnings of $2.15 per share missed the Zacks Consensus Estimate of $2.18. Revenues of $6.85 billion topped the consensus estimate of $6.80 billion. Executives focused on margin durability and 2027 growth.
WM Holds Its Full-Year OutlookCEO Jim Fish expects 2026 revenue and free cash flow at the high ends of guidance, with adjusted operating EBITDA within range.
WM projects revenues of $26.275 billion to $26.475 billion, adjusted operating EBITDA of $8.15 billion to $8.25 billion and free cash flow of $3.75 billion to $3.85 billion.
An Oppenheimer analyst questioned fourth-quarter EBITDA pressure. CFO David Reed expects sequential margin improvement but said fuel could weigh on year-over-year comparisons. Better pricing, volumes or recycling prices could lift results.
Waste Management's Healthcare Pricing GainsPresident John Morris highlighted 3.7% revenue growth and a 33% increase in Healthcare Solutions operating EBITDA, citing pricing discipline and integration savings.
Healthcare core price reached 5.5%, while its selling, general and administrative expense ratio fell to 15.2%. Both reached management's year-end targets ahead of schedule.
Answering a Barclays analyst, Morris said medical waste and secure information destruction volumes were improving, with the latter recovering faster. He stopped short of forecasting when either would turn positive. Healthcare synergy targets remain on track for mid-2027.
WM Defends Pricing as Volumes SoftenCore price rose 5.8%, but workday-adjusted Collection and Disposal volumes declined 0.5%. Management prioritizes higher-margin contracts.
A Morgan Stanley analyst pressed Morris on residential losses. He said residential volumes fell 2.6%, while commercial volumes declined 1.3% amid prior broker-account exits and weaker small-business formation.
A BNP Paribas analyst asked whether pricing was increasing customer departures. Morris said that commercial churn improved 30 basis points to 9.3%, even as the company anticipates roughly 1% full-year volume declines.
Waste Management Faces Fuel and Claims CostsReed attributed 40 basis points of margin support to Collection and Disposal pricing and another 30 basis points to Healthcare. Fuel and risk management each imposed 40-basis-point headwinds.
A Raymond James analyst examined higher insurance-related expenses. Reed quantified a $63 million year-over-year increase, citing an actuarial adjustment, large claims and a difficult comparison with a prior-year insurance recovery.
Responding to Stifel, Reed assumed fourth-quarter diesel prices above $5.50 per gallon, roughly 40% above last year. COO Tara Hemmer identified an approximately one-month lag in fuel surcharge recovery.
WM Sees More From Recycling and Renewable GasHemmer said that WM has completed 18 renewable natural gas facilities since 2022, with another planned for the fourth quarter and the final project expected in early 2027.
More than 90% of expected 2026 production and about 40% of 2027 production are contracted. Recycling Processing and Sales operating EBITDA rose 40% to $91 million.
When Barclays questioned sequential renewable-energy margin weakness, Hemmer pointed to lower-priced voluntary-market sales and start-up costs. She highlighted quarterly margin volatility.
Waste Management Funds Deals and Cash ReturnsFree cash flow reached $3.01 billion over the past nine months, up more than 42%. Reed credited earnings growth, reduced capital expenditure, favorable taxes and working-capital improvements.
Share repurchases totaled $1.58 billion, alongside $1.14 billion in dividends. Management still expects $2 billion of repurchases for 2026.
Morris cited $239 million in completed acquisitions, another $140 million expected in the fourth quarter and a signed $250 million transaction for early 2027. Responding to William Blair, Reed said roughly 90% of interest-rate exposure is fixed.
WM Prepares for CEO SuccessionFish plans to retire in early January, when Morris becomes CEO. Morris signaled continuity, with pricing discipline, technology adoption, healthcare integration and core solid waste acquisitions remaining priorities.
Management expects further investment benefits but sees limited visibility into 2027 waste volumes. Cost discipline and cash conversion remain priorities.
Waste Management's Zacks Rank and Style SignalsWM presently carries a Zacks Rank #3 (Hold). The ranking emphasizes earnings-estimate revisions. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Waste Management's Growth Score of B is stronger than its Value Score of C, Momentum Score of D and combined VGM Score of C. Those mixed readings temper the growth signal. The Zacks Rank can change as analysts revise estimates following the latest results.
XPO, Inc. (XPO) Q3 2026 Earnings Call October 29, 2026 8:30 AM EDT
Company Participants
Mario Harik - CEO & Chairman of the Board
Kyle Wismans - Chief Financial Officer
Ali-Ahmad Faghri - Chief Strategy Officer
Conference Call Participants
Ken Hoexter - BofA Securities, Research Division
Christian Wetherbee - Wells Fargo Securities, LLC, Research Division
Jordan Alliger - Goldman Sachs Group, Inc., Research Division
Stephanie Benjamin Moore - Jefferies LLC, Research Division
Scott Group - Wolfe Research, LLC
David Vernon - Bernstein Institutional Services LLC, Research Division
Jonathan Chappell - Evercore ISI Institutional Equities, Research Division
Jason Seidl - TD Cowen, Research Division
Richa Talwar - Deutsche Bank AG, Research Division
Thomas Wadewitz - UBS Investment Bank, Research Division
J. Bruce Chan - Stifel, Nicolaus & Company, Incorporated, Research Division
Brian Ossenbeck - JPMorgan Chase & Co, Research Division
Bascome Majors - Stephens Inc., Research Division
Presentation
Operator
Welcome to the XPO Q3 2026 Earnings Conference Call and Webcast. My name is Carrie, and I will be your operator for today's call. [Operator Instructions] Please note that this conference is being recorded.
Before the call begins, let me read a brief statement on behalf of the company regarding forward-looking statements and the use of non-GAAP financial measures. During this call, the company will be making certain forward-looking statements within the meaning of applicable security laws, which, by their nature, involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those projected in the forward-looking statements. A discussion of factors that could cause actual results to differ materially is contained in the company's SEC filings as well as in its earnings release. The forward-looking statements in the company's earnings release or made on this call are made only as of today, and the company has no obligation to update any of these forward-looking statements, except to the extent required by law.
Cheniere Energy, Inc. (LNG) Q3 2026 Earnings Call October 29, 2026 11:00 AM EDT
Company Participants
Randy Bhatia - Vice President of Investor Relations
Jack Fusco - President, CEO & Chairman
Anatol Feygin - Executive VP & Chief Commercial Officer
Zach Davis - Executive VP & CFO
Conference Call Participants
Theresa Chen - Barclays Bank PLC, Research Division
Douglas Irwin - Citigroup Inc., Research Division
Keith Stanley - Wolfe Research, LLC
Jeremy Tonet - JPMorgan Chase & Co, Research Division
Brandon Bingham - Scotiabank Global Banking and Markets, Research Division
Jean Ann Salisbury - BofA Securities, Research Division
Presentation
Operator
Good day, and welcome to the Third Quarter 2026 Cheniere Energy Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Randy Bhatia. Please go ahead.
Randy Bhatia
Vice President of Investor Relations
Thanks, operator. Good morning, everyone, and welcome to Cheniere's Third Quarter 2026 Earnings Conference Call. The slide presentation and access to the webcast for today's call are available at cheniere.com. Before we begin, I would like to remind all listeners that our remarks, including answers to your questions, may contain forward-looking statements, and actual results could differ materially from what is described in these statements. Slide 2 of our presentation contains a discussion of those forward-looking statements and associated risks. In addition, a reconciliation of non-GAAP measures to the most comparable GAAP measure can be found in the presentation appendix. The call agenda is shown on Slide 3. After prepared remarks from Jack, Anatol and Zach, we will open the call for Q&A. I'll now turn the call over to Jack Fusco, Cheniere's Chairman, President and CEO.
Jack Fusco
President, CEO & Chairman
Thank you, Randy. Good morning, everyone. Thanks for joining us today as we review our results from the third quarter of 2026 and the third
Key Takeaways VICI Properties' Q3 AFFO rose 4.3% to 62 cents per share, while revenues grew 5.8% to $1.07 billion.Higher lease income and loan contributions fueled revenue growth, while portfolio occupancy remained at 100%.VICI raised its 2026 AFFO per-share outlook to $2.47-$2.48 and authorized $2 billion share buyback program.
VICI Properties Inc. (VICI - Free Report) reported third-quarter 2026 adjusted funds from operations (AFFO) per share of 62 cents, in line with the Zacks Consensus Estimate. The figure increased 4.3% year over year.
Total revenues rose 5.8% to $1.07 billion and surpassed the consensus mark of $1.06 billion by 0.1%. The top line benefited from higher sales-type lease income and contributions from lease financing receivables, loans and securities.
VICI's Revenue Mix Reflects Lease GrowthIncome from sales-type leases increased 4.7% year over year to $556.7 million. Growth reflected contributions from the Clairvest Northfield Park lease and PURE Master Lease, alongside contractual rent escalations across existing properties.
Income from lease financing receivables, loans and securities climbed 7.7% to $482.6 million. Within this category, income from loans and securities rose 29.8% to $79.1 million, supported by higher interest income from senior secured loans, mezzanine loans and preferred equity investments.
VICI Expands Its Tenant Base Through New Lease AgreementDuring the third quarter, VICI announced an agreement to enter into a separate triple-net master lease with a subsidiary of Highfield Investment Group. The agreement relates to Century Mile Racetrack and Century Downs Racetrack in Alberta, Canada, following Century Casinos' planned sale of its operations.
The proposed lease carries an initial annual base rent of C$10.7 million and a new 20-year initial term, with four five-year renewal options. The transaction will diversify VICI's tenant roster without changing aggregate rental collections. Closing is anticipated in the fourth quarter of 2026 or the first quarter of 2027, subject to regulatory approvals and customary conditions.
VICI’s Portfolio Maintains Strong OccupancyVICI's portfolio comprised 103 experiential assets, including 63 gaming properties and 40 other experiential properties, across the United States and Canada. Portfolio occupancy remained at 100%, while the weighted-average lease term, including tenant renewal options, stood at 39.4 years.
The company's annualized contractual real estate rent reached approximately $3.32 billion as of October 2026. Including annualized income from loans and securities, the total stood at approximately $3.62 billion. Caesars Entertainment and MGM Resorts International accounted for 38% and 32%, respectively, of annualized rent, highlighting the portfolio's concentration among major gaming operators.
VICI's Balance Sheet Supports Financial FlexibilityVICI ended the third quarter with $270.3 million in cash and cash equivalents. Total liquidity was approximately $2.5 billion, including around $2.2 billion available under its revolving credit facility. Total debt was approximately $17.2 billion, while the last-quarter annualized (LQA) net leverage ratio was 4.8 times.
In August, the company issued $1.75 billion of senior unsecured notes to refinance its remaining 2026 debt maturities. The offering carried an adjusted weighted-average interest rate of 5.42%. Subsequently, on Oct. 27, the board authorized a share repurchase program of up to $2 billion, expiring in September 2029.
VICI Raises 2026 AFFO OutlookManagement raised its full-year 2026 AFFO guidance to $2.695-$2.705 billion from the previous range of $2.675-$2.695 billion. The revised outlook increases both ends of the range, reflecting management's updated expectations for operating performance.
AFFO per share is now projected between $2.47 and $2.48 compared with the previous guidance of $2.45-$2.47. The Zacks Consensus Estimate is presently pegged at $2.47, within the projected range.
Currently, the company carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other REITsBXP, Inc. (BXP - Free Report) reported third-quarter 2026 funds from operations (FFO) of $1.89 per share, beating the Zacks Consensus Estimate of $1.80 by 5%. FFO increased 8.6% from the year-ago quarter. Lease revenues increased 4.5% year over year to $846.2 million, surpassing the consensus mark of $839.9 million by 0.7%. Total revenues rose 4.6% to $911.4 million.
BXP’s results reflected better-than-projected portfolio performance, higher occupancy and growth in same-property net operating income (NOI), which supported the FFO and revenues beat.
Welltower Inc. (WELL - Free Report) reported third-quarter 2026 normalized FFO of $1.67 per share, beating the Zacks Consensus Estimate of $1.64 by 1.8%. The metric increased 24.6% year over year. Total revenues of $3.72 billion surpassed the consensus mark of $3.63 billion by 2.5% and rose 38.4% year over year.
WELL’s results benefited from robust senior housing operating portfolio performance, with same-store NOI growth and improvement in average occupancy.
Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.
Key Takeaways AEP beats Q3 earnings and revenue estimates, unveils a $100B capital plan and raises its growth outlook.AEP targets 9%-11% annual EPS growth through 2031, with its rate base projected to reach $162 billion.AEP reports 84 GW of contracted load through 2031, including 35 GW backed by firm take-or-pay agreements.
American Electric Power Company, Inc. (AEP - Free Report) outlined an expanded investment strategy during its third-quarter 2026 earnings call, introducing a $100 billion capital plan and raising its long-term earnings growth outlook amid accelerating electricity demand.
Management emphasized stronger operating earnings, contracted load growth, transmission expansion and disciplined financing. Analyst discussions focused on investment opportunities beyond the current capital plan, regulatory developments and balancing infrastructure spending with customer affordability.
AEP Delivers Earnings and Revenue Beats in Q3AEP reported third-quarter 2026 operating earnings of $2.23 per share, exceeding the Zacks Consensus Estimate of $2.04 by 9.30%. Operating earnings increased from $1.80 per share in the year-ago quarter.
Quarterly revenues reached $6.832 billion, surpassing the Zacks Consensus Estimate of $6.614 billion by 3.30%. Revenues increased from $6.011 billion in the prior-year period.
CFO Trevor Mihalik attributed stronger earnings to constructive regulatory outcomes, growing electricity demand and continued transmission and generation investments. Operating earnings totaled $1.216 billion compared with $963 million a year earlier.
American Electric Power Raises Earnings Growth OutlookChairman, president and CEO William Fehrman introduced expected annual operating earnings per share growth of 9-11% from 2027 through 2031, up from the previous 7-9% range.
Mihalik projected operating earnings CAGR exceeding 10% through 2031, based on the original 2026 guidance midpoint. Management also projected 10% CAGR through 2033.
Following strong year-to-date performance, AEP expects 2026 operating earnings at or above the upper end of its $6.25-$6.55 guidance range. Management established guidance of $6.75-$7.05 for 2027 and $7.40-$7.70 for 2028.
AEP Expands Capital Spending to Support DemandFehrman highlighted the $100 billion five-year capital plan through 2031, supporting expected rate base growth from $87 billion in 2026 to $162 billion by 2031.
Mihalik detailed planned investments of $37 billion in transmission, $36 billion in generation and $22 billion in distribution. Transmission rate base is expected to approach $70 billion by 2031.
Management emphasized that approximately 90% of planned utility investments are expected to benefit from reduced regulatory recovery lag mechanisms, including riders and trackers.
American Electric Power Sees Contracted Load GrowthFehrman identified data centers, manufacturing facilities and other large electricity consumers as significant drivers of infrastructure demand.
Mihalik reported 84 gigawatts of incremental contracted load through 2031, an increase of 15 gigawatts from the previous quarter. Of this, 35 gigawatts are supported by firm take-or-pay electric service agreements.
Fehrman also highlighted potential residential customer benefits. Existing agreements could generate up to $21 billion in fixed-cost offsets over their contractual lives compared with the previous $16 billion estimate.
AEP Addresses Texas Investment and Regulatory TimingDuring the analyst discussion, Wolfe Research questioned how much contracted Texas demand was incorporated into the capital plan.
Mihalik explained that the $17 billion Texas investment allocation primarily addresses reliability and resiliency. Additional transmission projects associated with large-load demand represent opportunities beyond current spending assumptions.
A Jefferies analyst questioned ERCOT approval timing. Fehrman discussed the pending Batch Zero review and disclosed that AEP had collected more than $2 billion in Texas cash or collateral.
American Electric Power Details Financing StrategyMihalik expects approximately $55 billion in operating cash flow over the five-year planning period, supporting the expanded investment program.
Responding to Wells Fargo, Mihalik discussed more than $5 billion in equity forwards and an additional $2.5 billion in potential marketed equity over two years.
Management emphasized financing flexibility and limiting shareholder dilution. Mihalik also highlighted future generation opportunities supported by contracted demand and existing turbine supplier arrangements.
AEP Maintains Focus on Disciplined ExecutionFehrman emphasized established supplier partnerships, regulatory relationships and project execution capabilities as essential to delivering the investment program.
Mihalik reinforced management's commitment to balancing infrastructure growth with financial discipline, customer affordability and timely recovery of invested capital.
AEP's Zacks Rank and Style Scores Indicate Mixed SignalsAEP currently carries a Zacks Rank #2 (Buy), reflecting favorable near-term earnings estimate revision characteristics. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Its Momentum Score of B indicates relatively stronger momentum attributes.
However, Value, Growth and VGM Score of C indicate more moderate characteristics across those categories. The combination is less favorable than a Zacks Rank #1 or #2 paired with an A- or B-rated VGM Score.
The Zacks Rank remains subject to change as analysts revise earnings estimates following the recently reported quarterly results.
An open optimization contest backed by StarkWare and the Starknet Foundation roughly halved the gas cost of verifying Falcon-512 signatures
Quantum-safe transactions on Starknet now cost about $0.023 per verification.
That’s the result of an open challenge where people and AI agents compete to make post-quantum signatures cheaper. Within weeks, they cut the gas bill for verifying a Falcon-512 signature roughly in half.
How a coding contest halved the bill
The challenge targets Falcon-512, a post-quantum signature scheme. The contest asks a narrow question: how cheaply can a Falcon-512 signature be verified inside Starknet’s Cairo-based environment?
The starting line came from OpenZeppelin, which supplied the initial verifier. That baseline implementation consumed 48.4 million gas per verification.
The current leading implementation sits at approximately 25.9 million gas. That is close to a 2x improvement, or nearly 50% less work for the network.
Translated into money, the record works out to about $0.023 per verification at recent STRK token prices. The figure depends on the token, so it will shift as STRK moves.
The challenge launched around October 18, 2026, as a joint effort between StarkWare and the Starknet Foundation. Dozens of successive records were set within days, and the roughly 50% reduction was reached by late October.
For Falcon-512 specifically, participants and their AI agents set 434 records on the way to the about $0.023 cost figure. Each result is checked and publicly credited to whoever produced it.
From a $0.06 demo to a cents-level benchmark
This is not Starknet’s first pass at Falcon-512. In July 2026, a mainnet transfer using a Falcon-512 account cost around $0.06.
That transaction was described as experimental and unaudited. It was a proof that the plumbing worked, not a product anyone was meant to rely on.
The two numbers measure slightly different things. The July figure covered a full account transfer, while the newer $0.023 figure refers to the verification step.
The Falcon-512 work sits inside a broader post-quantum roadmap from StarkWare. The company points to Starknet’s STARK-proof architecture as the basis for its claims of quantum resistance.
That framing matters for context. STARK proofs secure how Starknet proves its computation, but user accounts still need signatures, and that’s where schemes like Falcon-512 come in.
What this means for Starknet and post-quantum crypto
The caveats are real. The earlier mainnet demo was explicitly experimental and unaudited, and record-setting optimizations in a contest are not the same as audited, production-ready code.
Aggressive gas tricks can also introduce subtle bugs. Any verifier that ends up protecting real funds will need serious review before it graduates from the leaderboard.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Flowserve Corporation (FLS) Q3 2026 Earnings Call October 29, 2026 8:30 AM EDT
Company Participants
Olivia Webb - Director of Investor Relations
Robert Rowe - President, CEO & Director
Brian Ezzell - Senior VP, CFO & Interim Chief Accounting Officer
Conference Call Participants
Michael Halloran - Robert W. Baird & Co. Incorporated, Research Division
Andrew Kaplowitz - Citigroup Inc., Research Division
Adam Farley - Stifel, Nicolaus & Company, Incorporated, Research Division
Joseph Ritchie - Goldman Sachs Group, Inc., Research Division
Brett Linzey - Mizuho Securities USA LLC, Research Division
Joseph Giordano - TD Cowen, Research Division
Zachary Walljasper - UBS Investment Bank, Research Division
Presentation
Operator
Good day, and welcome to the Flowserve Third Quarter 2026 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Olivia Webb, Director of Investor Relations for Flowserve. Please go ahead.
Olivia Webb
Director of Investor Relations
Thank you, and good morning, everyone. Welcome to Flowserve's Third Quarter 2026 Business Update. I'm joined by Scott Rowe, Flowserve's President and Chief Executive Officer; and Flowserve's Chief Financial Officer, Brian Ezzell. Following Scott and Brian's prepared remarks, we will open the call for questions.
Turning to Slide 2. Our discussion will contain forward-looking statements that are based upon information available as of today. Actual results may differ materially due to risks and uncertainties. Please refer to additional information, including our note on non-GAAP measures in our press release, earnings presentation and SEC filings, which are available on our website.
With that, I will turn it over to Scott.
Robert Rowe
President, CEO & Director
Thank you, Olivia, and good morning, everyone. To start, I'm excited to have Brian Ezzell on our executive leadership team in his new role as Chief Financial Officer. He brings deep financial and operational experience, strong knowledge of our business and trusted relationships with the investment
SummaryKinetik Holdings is rated Hold with a 12-month price target of $59.90, reflecting limited upside after a strong run on takeover speculation.KNTK's recent outperformance was driven by commodity tailwinds and marketing gains, but future results hinge on curtailed volumes returning and Kings Landing II execution.The dividend yields 5.8% but remains partly debt-funded; material growth is unlikely until Kings Landing II is operational, with free cash flow coverage expected by 2028.At $55.75, KNTK trades at a premium multiple, already pricing in much of the takeover optionality and growth, leaving a modest risk/reward skew. RyanJLane/E+ via Getty Images
On September 9, after the close, Bloomberg reported that Kinetik Holdings (KNTK) was working with advisers on a possible sale process that "could start within weeks." The shares rose 5.1% in after-hours trading. Seven weeks later there's no announced deal, and
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in GNRC over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
WESCO International, Inc. (WCC) Q3 2026 Earnings Call October 29, 2026 10:00 AM EDT
Company Participants
Scott Gaffner - Senior Vice President of Investor Relations
John Engel - Chairman, President & CEO
Indraneel Dev - Executive VP & CFO
Conference Call Participants
David Manthey - Robert W. Baird & Co. Incorporated, Research Division
Sam Darkatsh - Raymond James & Associates, Inc., Research Division
Thomas Moll - Stephens Inc., Research Division
Christopher Glynn - Oppenheimer & Co. Inc., Research Division
Kenneth Newman - KeyBanc Capital Markets Inc., Research Division
Guy Drummond Hardwick - Barclays Bank PLC, Research Division
Christopher Dankert - D.A. Davidson & Co., Research Division
Presentation
Operator
Hello, and welcome to the Wesco's 2026 Third Quarter Earnings Call. [Operator Instructions] Please note that this event is being recorded. I will now hand the call over to Scott Gaffner, SVP, Investor Relations, to begin.
Scott Gaffner
Senior Vice President of Investor Relations
Thank you, and good morning, everyone. Before we get started, I want to remind you that certain statements made on this call contain forward-looking information. Forward-looking statements are not guarantees of performance and by their nature, are subject to uncertainties. Actual results may differ. Please see our webcast slides and the company's SEC filings for additional risk factors and disclosures. Any forward-looking information speaks only as of this date, and the company undertakes no obligation to update the information to reflect changed circumstances.
Additionally, today, we will use certain non-GAAP financial measures. Required information about these measures is available on our webcast slides and in our press release, both of which are posted on our website at wesco.com. On the call this morning, we have John Engel, Wesco's Chairman, President and Chief Executive Officer; and Neel Dev, Executive Vice President and Chief Financial Officer. And with that, I'll turn the call over to John.
, /PRNewswire/ -- QuidelOrtho Corporation (Nasdaq: QDEL), a leading global provider of diagnostic solutions, has released episode 62 of its Science Bytes podcast, exploring best practices in AI and informatics to make lab operations smoother.
Rodney Guzman, Vice President of Software Engineering for Global Informatics Platforms, QuidelOrtho Laboratories are facing increasing complexity and growing testing demand. Historically, data across the lab has existed in silos. Labs need ways to integrate this data and accelerate clinical decision-making. Informatics serves as a critical means to drive efficiency, performance and data accuracy – having a real impact on patients awaiting test results.
Hosted by Josh Casey, this episode features QuidelOrtho's Vice President of Software Engineering for Global Informatics Platforms, Rodney Guzman, who illustrates how to apply structured informatics to transform results from discrete laboratory systems into meaningful clinical knowledge.
Key Insights:
Clinical laboratories face workforce challenges, including shortages of specialists to manage complex testing scenariosAI has the potential to optimize test utilization, eliminate redundant testing and reduce workflow bottlenecksHowever, before this happens, the underlying lab data must be standardized, reliable and traceable; otherwise, the AI system can't deliver reliable insightsInformatics serves as a means to consolidate, organize and present data sets consistentlyIntegrating this data is particularly beneficial for supporting applications like transfusion medicine where a complex array of data influences clinical decisionsIn any lab setting, AI augments clinical experts, and lab professionals are ultimately responsible for interpreting results and making final decisionsListen to the latest episode of the QuidelOrtho Science Bytes podcast on major streaming platforms or at https://www.quidelortho.com/global/en/resources/podcasts/Episode-62-Turning-results-into-answers.
Entegris, Inc. (ENTG) Q3 2026 Earnings Call October 29, 2026 8:00 AM EDT
Company Participants
Jeffrey Schnell - Vice President of Investor Relations
David Reeder - CEO, President & Director
Sukhi Nagesh - Senior VP & CFO
Conference Call Participants
Melissa Weathers - Deutsche Bank AG, Research Division
Yiling Sun - Citigroup Inc., Research Division
Brian Chin - Stifel, Nicolaus & Company, Incorporated, Research Division
Aleksey Yefremov - Barclays Bank PLC, Research Division
Timothy Arcuri - UBS Investment Bank, Research Division
James Schneider - Goldman Sachs Group, Inc., Research Division
Christopher Parkinson - Wolfe Research, LLC
Yu Shi - Needham & Company, LLC, Research Division
Edward Yang - Oppenheimer & Co. Inc., Research Division
Peter Osterland - Truist Securities, Inc., Research Division
Michael Harrison - Seaport Research Partners
Presentation
Operator
Welcome to the Entegris Third Quarter 2026 Earnings Conference Call. [Operator Instructions]
I would now like to turn the call over to Jeffrey Schnell, VP of Investor Relations.
Jeffrey Schnell
Vice President of Investor Relations
Good morning, everyone. Earlier today, we announced the financial results for the third quarter of 2026. Before we begin, I would like to remind listeners that our comments today will include some forward-looking statements. These statements involve a number of risks and uncertainties, and actual results could differ materially from those projected in the forward-looking statements. Additional information regarding these risks and uncertainties is contained in our most recent annual report and subsequent quarterly reports that we have filed with the SEC. Please refer to the information on the disclaimer slide in the presentation. On this call, we will also refer to non-GAAP financial measures as defined by the SEC in Regulation G. You can find reconciliation tables in today's news release as well as on the IR page of our website at entegris.com.
Joining me on the call today are Dave Reeder, our CEO; and Sukhi
The milestone comes as the protocol ends ENA token incentives and leans on a revenue-funded buyback model instead
Ethena says it has distributed more than $800 million in rewards across its USDe ecosystem since launch. That is a lot of money handed back to users of a dollar-pegged token that only arrived in early 2024.
The timing is interesting. The milestone lands just as Ethena has stopped paying users in its own ENA token and started betting that real revenue, not emissions, can keep the lights on.
Where the money went The bulk of those rewards flowed to users who staked USDe into sUSDe, the protocol’s staked version of the token. Rewards also went to people who took part in various other activities across the ecosystem.
Research compiled on the protocol puts the figure at more than $750 million since USDe launched. It adds that total rewards reportedly approached or surpassed $800 million, which lines up with Ethena’s own claim.
That reward machine has now been partly switched off. As of September 30, 2026, ENA token incentives for USDe stakers were fully discontinued.
The wind-down was not sudden. Those incentives had already been cut by approximately 85% since 2024 before being phased out entirely.
Yield has not disappeared, though. Average annual percentage yields on sUSDe hovered around 5% in Q3 2026, according to the research findings. That return now has to stand on its own without a token sweetener on top.
A bumpy ride for USDe supply The supply numbers tell a story of boom, bust and cautious stabilization. USDe’s circulating supply peaked at approximately $15 billion in October 2025.
By late August 2026, that figure had fallen below $5 billion. By mid-October 2026, supply stood at around $4.94 billion.
The fee switch and the ENA buyback bet In a recent governance vote, Ethena approved what it calls an “ENA fee switch.” The mechanism allows buybacks funded by up to 95% of certain eligible net revenues.
There is a catch. The switch only triggers once USDe supply hits specific milestones, with the first threshold initially set at $7.5 billion.
At around $4.94 billion, USDe would need to grow by more than $2.5 billion before that first trigger kicks in.
Building the distribution network Ethena has not been sitting still while supply recovers. Several expansions rolled out in 2026 aimed at putting USDe in more places.
The protocol expanded USDe rewards on Aave V4, one of the larger lending venues in decentralized finance. It also added new integrations with Morpho, another lending platform.
On top of that, Ethena introduced beta features for Ethena Pay. The research findings describe these moves as efforts to boost user engagement and widen the ecosystem.
What this means For ENA holders, the buyback mechanism is real on paper, but it stays dormant until supply climbs well above where it sits today. Anyone evaluating the token should treat USDe supply as the single most important metric to watch, because it determines whether the fee switch ever activates.
For USDe users, the question is whether roughly 5% yield on sUSDe is enough to compete without extra ENA rewards. The research notes that USDe’s appeal against rivals hinges on strategies like the fee switch and partnerships such as Aave.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of The Ensign Group, Inc. (NASDAQ: ENSG) between February 10, 2022 and June 18, 2026, both dates inclusive (the “Class Period”), of the important December 7, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.
SO WHAT: If you purchased Ensign securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Ensign class action, go to https://rosenlegal.com/cases/the-ensign-group-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 7, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) Ensign’s business model depends on the systematic and widespread neglect of elderly people who live in its facilities, including those with needs for high levels of care; (2) Ensign’s abuse and neglect includes not giving residents enough food, medical attention, or even basic toiletries as well as failing to respond to residents in clear distress, which has resulted in resident deaths; (3) Ensign uses self-reporting measures as a way to cover up that it systematically neglects patients; (4) Ensign defrauds Medicaid and Medicare by taking federal funds to help patients who need high levels of care, and then neglecting those same patients; (5) Ensign falsifies the number of hours that Certified Nursing Assistants spend with residents; (6) Ensign engages in an illegal scheme to rent the licenses of Administrators who are not generally present at, nor actually managing, its facilities; (7) Ensign materially understated the reputational and litigation exposure that comes with a dangerous, abhorrent, and illegal business model; and (8) as a result, defendants’ statements about Ensign’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Ensign class action, go to https://rosenlegal.com/cases/the-ensign-group-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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Key Takeaways Duke Energy edges out Constellation Energy on dividend yield, valuation, profit margin and stock volatility.CEG's long-term earnings growth estimate of 14.92% exceeds DUK's 6.38%, supported by rising power demand.DUK plans $103B in capital spending through 2030 and offers a 3.48% dividend yield versus CEG's 0.66%. The United States electricity producers are experiencing strong demand for clean energy, fueled by the rapid expansion of artificial intelligence (AI) data centers, manufacturing reshoring, growing electrification and rising electric vehicle adoption. Power producers with nuclear and renewable generation assets are well positioned to benefit from these trends by supplying reliable, large-scale, carbon-free electricity.
Constellation Energy Corporation (CEG - Free Report) and Duke Energy Corporation (DUK - Free Report) are two major electricity producers with nuclear generation capacity. Both companies are investing in their generation portfolios to address rising electricity demand and support the transition toward cleaner energy. However, their business models differ significantly. Constellation Energy operates primarily in competitive power markets, while Duke Energy generates most of its earnings through regulated utility operations.
CEG is the largest producer of carbon-free nuclear electricity in the United States. Its extensive nuclear fleet provides reliable baseload power, positioning the company to capitalize on growing electricity demand from AI data centers, industrial expansion and electrification. Long-term power purchase agreements offer greater revenue visibility, while investments in nuclear plant upgrades and supportive energy policies strengthen its growth prospects.
The acquisition of Calpine further diversifies Constellation Energy's generation portfolio by adding dispatchable natural gas capacity, development capabilities and an expanded retail customer base. This combination strengthens the company's ability to meet increasing demand for dependable electricity while offering customers greater flexibility and long-term price certainty.
Duke Energy also offers attractive long-term growth opportunities, supported by its substantial nuclear generation fleet and expanding investments in cleaner energy infrastructure. Its nuclear facilities provide dependable baseload electricity, while investments in renewable generation, battery storage and grid modernization support the evolving energy needs of customers.
As a regulated utility, Duke Energy benefits from relatively predictable earnings and cash flows, supported by ongoing infrastructure investments and rate-base expansion. The company is also making progress in converting its economic development pipeline into executed Electric Service Agreements (ESAs), improving visibility into future electricity demand and infrastructure requirements. Management has reported approximately 7.6 gigawatts (GW) of data center ESAs, which could support higher electricity sales and additional capital investments over the long term.
With electricity demand projected to remain robust, both Constellation Energy and Duke Energy are well positioned to capitalize on the rising need for reliable power. However, both companies' distinct business models, expansion plans, earnings growth prospects and risk exposures warrant a closer examination of their fundamentals to assess which stock presents a more compelling investment opportunity.
CEG and DUK’s Earnings EstimatesThe Zacks Consensus Estimate for Duke Energy’s 2026 and 2027 EPS indicates year-over-year growth of 6.5% and 6.49%, respectively. The long-term (three to five years) earnings growth is currently pegged at 6.38%.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Constellation Energy’s 2026 and 2027 EPS implies year-over-year growth of 29.07% and 9.3%, respectively. The long-term earnings growth is currently pegged at 14.92%.
Image Source: Zacks Investment Research
Investment PlansHuge capital investment is required to set up the traditional electricity generation plant, including the nuclear plants, where the installation of safety measures and safe storage of nuclear waste are essential for smooth operation. The rising interest rates can increase capital financing costs.
Constellation Energy expects to invest nearly $5.7 billion and $4.7 billion for 2026 and 2027, respectively. A portion of the capital expenditures is for the acquisition of nuclear fuel, which includes additional nuclear fuel to increase inventory levels.
Duke Energy anticipates spending capital worth $103 billion in the 2026-2030 period to expand its infrastructure and add new assets to the clean power generation portfolio.
Return on EquityReturn on Equity (“ROE”) is an important measure of financial performance that indicates how efficiently a company converts shareholder equity into profits. It highlights management’s effectiveness in utilizing invested capital to grow earnings and enhance shareholder value.
CEG’s current ROE is 14.89% compared with DUK’s 9.78%.
Image Source: Zacks Investment Research
DUK and CEG’s ValuationDuke Energy currently appears to be trading at a discount compared with Constellation Energy on a forward 12-month Price/Earnings basis.
DUKE is currently trading at 17.63X, while CEG is trading at 19.85X compared with the S&P 500’s 19.27X.
Image Source: Zacks Investment Research
CEG & DUK’s Dividend YieldElectricity producers typically generate stable revenues and predictable cash flows, allowing management to forecast earnings with greater certainty and sustain consistent dividend payments to shareholders over the long term.
The current dividend yield of Constellation Energy is 0.66% and it has raised dividends five times in the past five years. The same for Duke Energy is 3.48% and it has also raised dividends five times in the past five years.
Net Profit MarginNet profit margin measures how efficiently a company converts revenues into profit after all expenses, offering insight into its overall profitability and financial health.
Duke Energy's net margin is 15.81X compared with Constellation Energy’s 11.39X.
Volatility of the StockBeta measures a stock’s volatility relative to the broader market and indicates its level of market-related risk. Generally, a higher beta signals greater volatility and risk. A beta above 1 means the stock tends to experience greater price volatility than the broader market, with larger swings in both directions.
Duke Energy’s beta is currently pegged at 0.36 compared with Constellation Energy’s 1.12. CEG tends to be more volatile due to its greater exposure to merchant power markets.
Summing UpConstellation Energy and Duke Energy generate significant amounts of clean energy, helping meet the electricity needs of millions of customers across their U.S. service territories.
Based on the above discussion, Duke Energy currently has a marginal edge over Constellation Energy. DUK’s stronger dividend yield, elaborate capital investment, cheaper valuation, healthier net margin and lower beta make it attractive compared with CEG.
Although both companies currently have a Zacks Rank #3 (Hold), considering the aforementioned factors, Duke Energy is currently our choice and is likely to have better growth potential.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hyperscalers need power, and a lot of it. Constellation Energy (CEG +2.11%) operates as one of the largest independent power producers and has been signing long-term deals with hyperscalers left and right as companies scramble to secure energy.
Over the past month, Constellation Energy secured two more long-term agreements, this time with Amazon (AMZN -3.63%) and Alphabet's (GOOG -12.79%)(GOOGL -12.87%) Google. The deals provide visibility into Constellation's future earnings while also helping fund power upgrades and expansions to meet future demand from data centers.
Here's what investors need to know about the deals and what they mean for Constellation Energy's stock over the next decade.
Image source: The Motley Fool.
Constellation Energy's long-term deals with Amazon and Google add power capacity
On Sept. 30, Constellation Energy inked a 20-year power purchase agreement (PPA) with Amazon for 690 megawatts (MW) of power. As part of this deal, Amazon will help fund a 190-MW uprate at Constellation's Maryland nuclear power plant, Calvert Cliffs Clean Energy Center, with new capacity coming online between 2030 and 2032.
A week later, on Oct. 6, Constellation locked in another 20-year PPA with Google that would help bring 890 MW of new nuclear capacity online in the PJM Interconnection region. This agreement locks in long-term revenue for Constellation while enabling it to invest in nuclear equipment across its plants in Illinois, Pennsylvania, and New Jersey.
Long-term agreements de-risk Constellation Energy's business model
As an independent power producer (IPP), Constellation Energy owns power-generation assets, including the largest nuclear power fleet in the U.S., natural gas plants, and other renewables. Unlike regulated utilities, Constellation doesn't own the power lines or transmission network. As an IPP, it isn't subject to regulatory-set prices and sells electricity into the market at prevailing rates.
$263.53+$5.45 (+2.11%)
NASDAQ · As of 3:09 PM ET 10/29/26
This business model lets Constellation capture upside from rising electricity demand, but it also exposes it to downside risks if demand wanes or significantly more energy capacity comes online. By signing long-term "take-or-pay" agreements with major hyperscalers, Constellation locks in revenue on a large chunk of its assets, providing revenue visibility and a floor for earnings.
Where will Constellation Energy be in 10 years?
Over the next decade, Constellation will focus on executing its projects: replacing turbines, adding nuclear capacity, extending nuclear plants, and bringing the Crane Clean Energy Center (formerly Three Mile Island Unit 1) online as part of its deal with Microsoft.
If Constellation can deliver nuclear uprates, expand capacity, and execute on its deals, it could see double-digit growth over the next decade and see the stock reach $700 per share as contracts translate into long-term earnings growth. If the company executes, investors could see it transform from a volatile merchant power producer into a trusted power supplier for data center operators.
Courtney Carlsen has positions in Alphabet, Constellation Energy, and Microsoft. The Motley Fool has positions in and recommends Alphabet, Amazon, Constellation Energy, and Microsoft. The Motley Fool has a disclosure policy.
3 European Defense Stocks Raising Guidance While the Sector LagsLeonardo DRS NASDAQ: DRS reported third-quarter fiscal 2026 results marked by double-digit organic revenue growth, margin expansion and record bookings, prompting the defense technology company to raise and narrow its full-year outlook.
Bookings exceeded $1.6 billion during the quarter, producing a book-to-bill ratio of 1.5x and lifting funded backlog to a record $5.6 billion. Revenue rose 11% year over year to $1.1 billion, while adjusted EBITDA increased 27% to $149 million. Adjusted EBITDA margin expanded 180 basis points to 14%.
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“Both bookings and book-to-bill were our strongest since becoming a public company four years ago,” President and CEO John Baylouny said. He attributed demand to defense needs spanning counter-drone systems, naval power, force protection and battlefield sensing.
Profit Growth Outpaces Revenue Net earnings rose 60% from the prior-year period to $115 million, and diluted earnings per share increased 65% to $0.43. Adjusted net earnings were $124 million, up 59%, while adjusted diluted EPS rose 59% to $0.46.
Chief Financial Officer Mike Dippold said profitability benefited from program execution, favorable mix and operating leverage from higher volumes. The company also generated $61 million in free cash flow, exceeding its expectation for a modestly positive quarterly contribution.
Integrated Mission Systems revenue increased 12%, driven primarily by electric power propulsion and counter-UAS programs. Advanced Sensing and Computing revenue increased 14%, led by tactical radars and space payloads. IMS adjusted EBITDA increased 34%, with margin expanding 280 basis points, despite more than a 40% increase in independent research and development spending. ASC adjusted EBITDA increased 22%, while margin expanded 80 basis points. Dippold said the company expects IMS margins at about 16% to hold as a baseline going forward, citing execution across naval and land programs. He also said ASC could see additional margin expansion in the fourth quarter, supported by program mix and tactical radar demand.
Full-Year Outlook Raised Leonardo DRS increased its fiscal 2026 revenue forecast to $3.95 billion to $3.985 billion, representing expected organic growth of 8% to 9% from the prior year. The company previously expected revenue between $3.85 billion and $3.95 billion.
The company raised its adjusted EBITDA outlook to $545 million to $555 million, from a prior range of $525 million to $540 million. It now expects adjusted diluted EPS of $1.50 to $1.53, supported by the stronger profitability forecast and an updated full-year tax-rate assumption of 13%.
The outlook excludes contributions from the pending acquisition of Raft, an AI-focused mission software company. Management continues to expect the all-cash transaction to close in the fourth quarter and said it should be accretive to adjusted diluted EPS in the first full year of ownership. Dippold said Raft could add roughly 2 to 3 percentage points to top-line growth in 2027.
For free cash flow, the company continues to target conversion equal to 75% of adjusted net earnings. Capital expenditures are expected to remain elevated in the fourth quarter and total about 4% of full-year revenue.
Radar, Counter-Drone and Naval Program Wins Management emphasized the growing role of tactical radars and counter-drone systems in its portfolio. During the quarter, Leonardo DRS received a $500 million contract ceiling supporting the Department of War’s Joint Interagency Task Force 401 counter-drone office. The ceiling was not included in backlog, but Baylouny said the award included delivery orders that have already begun contributing revenue.
The company also received a large order for its Extended Mast Surveillance System and said it fielded a system within one week of a customer request for protection of U.S. assets in the Indo-Pacific. Leonardo DRS is expanding radar capacity, including through the creation of DRS UK to serve European customers with local production capabilities.
Baylouny said the company sees a market shift toward distributed, lower-cost tactical radars that can complement or protect more expensive centralized sensing systems. Management expects radar demand to be a significant growth driver and said its radar business should outpace the company’s overall 2027 growth framework.
In naval power, the company was selected to provide a permanent-magnet electric propulsion system for the Republic of Korea Navy’s KDDX destroyer program. Baylouny described the award as an important entry into the Indo-Pacific surface-fleet market and a potential proof point for wider adoption of integrated electric propulsion architectures.
Leonardo DRS also received roughly $40 million to produce Joint Tactical Terminal Transceiver units for the Navy’s EA-18G Growler aircraft, along with $96 million in awards for power supplies, launch-control equipment and transformer systems supporting the Navy’s Mk 41 vertical launch system.
Investment in Sensors, Space and AI The company cited further opportunities in uncooled infrared sensors for low-cost interceptor drones. It previously secured an order of more than 50,000 Tenum Orbit thermal cores from a low-cost drone manufacturer, and Baylouny said interest from additional manufacturers is increasing.
In space, management said Leonardo DRS is executing work under the Space Development Agency’s Tranche 3 missile-warning and missile-tracking payload program, as well as a separate sensing-related OTA. Baylouny noted that the company expects to launch another payload in the coming months to demonstrate encrypted communications between space-based sensors and interceptors.
Management said the current continuing resolution, scheduled to run through Dec. 11, was not expected to have a meaningful impact on the business. Baylouny said the company sees no material risk from a potentially extended continuing resolution, citing the alignment of its programs with defense priorities and its funded backlog.
About Leonardo DRS (NASDAQ:DRS)Leonardo DRS, Inc is a defense technology company that develops and supplies advanced products and systems for the U.S. military and government customers, as well as allied nations. The company operates as a subsidiary of Leonardo S.p.A. and focuses on technologies used in land, sea, air and space-related defense applications.
Its offerings include sensing and surveillance systems, electro-optical and infrared technologies, radar and electronic warfare products, network computing and communications systems, counter-uncrewed aircraft systems, force protection equipment, and naval power and propulsion systems.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Should You Invest $1,000 in Leonardo DRS Right Now?Before you consider Leonardo DRS, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Leonardo DRS wasn't on the list.
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Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at Commvault Systems (CVLT - Free Report) , which currently has a Momentum Style Score of B. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Commvault Systems currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
Set to Beat the Market?Let's discuss some of the components of the Momentum Style Score for CVLT that show why this data-management software company shows promise as a solid momentum pick.
A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.
For CVLT, shares are up 13.59% over the past week while the Zacks Computer - Software industry is flat over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 11.03% compares favorably with the industry's 4.44% performance as well.
Considering longer term price metrics, like performance over the last three months or year, can be advantageous as well. Over the past quarter, shares of Commvault Systems have risen 25%, and are up 18.78% in the last year. In comparison, the S&P 500 has only moved 4.52% and 13.57%, respectively.
Investors should also pay attention to CVLT's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. CVLT is currently averaging 703,700 shares for the last 20 days.
Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with CVLT.
Over the past two months, 2 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost CVLT's consensus estimate, increasing from $5.44 to $5.51 in the past 60 days. Looking at the next fiscal year, 1 estimate has moved upwards while there have been no downward revisions in the same time period.
Bottom LineTaking into account all of these elements, it should come as no surprise that CVLT is a #2 (Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Commvault Systems on your short list.
Tobacco, beer, and spirits stocks promise reliable income through any downturn, but the safety picture behind each payout varies so widely that picking the wrong one could cost you more than the dividend is worth.
People keep buying these products in any economy, so steady demand for tobacco, beer, and spirits funds some of the market’s most reliable checks. The top payer in this group of four NYSE-listed vice stocks yields about 5.5% at today’s price, but the safety picture behind each payout varies widely. That gap matters for your income. Dividend coverage leads every section below (if you want the warning signs that a big yield is about to be cut, we listed all seven in a free report).
British American Tobacco: The Biggest Paycheck in the Vice Bundle British American Tobacco (NYSE:BTI | BTI Price Prediction) trades in the US as an American Depositary Receipt (ADR). An ADR is a dollar-denominated certificate on a US exchange that represents shares of a foreign company. You buy and sell it like any stock. But dividends are declared in British pounds and converted to dollars, so your dollar check moves with exchange rates. In 2022, for example, the quarterly ADR payment slipped to $0.66919 from $0.740411, even though the company did not cut its pound dividend.
Dividend safety: Trailing 12-month ADR dividends of $3.253621 against trailing EPS of $3.90 put the payout ratio at about 83%. That is high for most sectors and typical for tobacco. Last fiscal year, operating cash flow of $6.342 billion minus capex of $551 million left about $5.791 billion in free cash flow. Management is guiding to operating cash flow conversion above 95% and adjusted net debt to EBITDA of 2.0 to 2.5x by year-end, while still running a £1.3 billion buyback. The annual dividend of 245.04p per share rose 2.0%, and ADR dividend records run back to 1999.
Yield: The annualized forward dividend of $3.339404 per ADR on a $60.28 price works out to about 5.5%, which makes this a high-yield name.
Bull case: Smokeless products are driving the growth. BAT reached 34.1 million smokeless consumers after adding 4.7 million, Velo modern oral revenue grew 48% at constant currency, and US Velo Plus revenue rose 310%. With a forward P/E of 12 and a beta of 0.099, you get a large quarterly check from a stock that barely tracks the broader market.
Risk: Regulation keeps tightening around nicotine. The company flags illegal single-use vapes and regulatory and fiscal pressure in markets such as Australia and Bangladesh, all while cigarette smoking keeps declining.
Molson Coors: Cash Flow Covers a Rising Payout Dividend safety: Molson Coors (NYSE:TAP) reports trailing GAAP EPS of negative $11.64, so the usual payout ratio tells you nothing useful. Cash flow is the better test. Management reaffirmed underlying free cash flow of about $1.1 billion, and the $1.92 annualized dividend across the current share count uses about 30% of that. First-half underlying free cash flow rose to $513.8 million from $293.5 million, and cash stood at $2.128 billion. Leverage edged up to 2.53x net debt to underlying EBITDA from 2.41x.
The track record has a scar. The quarterly dividend was $0.57 through early 2020, then resumed at $0.34 in 2021. It has climbed every year since: $0.38, $0.41, $0.44, $0.47, and now $0.48.
Yield: At $39.41, the stock yields about 4.9%.
Bull case: You are paid to wait on a turnaround priced for disappointment. Shares trade at a forward P/E of 7 and 0.727 times book value after falling 12.67% year to date. The Horizon 2030 plan pushes premium and beyond-beer brands. Monaco Cocktails delivered strong results in its first quarter under Molson Coors, and Coors Banquet and Peroni keep performing well. Buybacks were $211 million in the first half.
Risk: Beer volumes are shrinking. Financial volume fell 5.4% last quarter. The decline came on weaker US core and value brands and soft UK demand, and management guides to an underlying EPS decline of 11% to 15% this year.
Constellation Brands: Best Coverage in the Group Dividend safety: Constellation Brands (NYSE:STZ) has the strongest coverage of the four. The $4.12 annualized dividend equals about 37% of the comparable EPS guidance floor of $11.20 to $11.90. On a cash basis, the dividend uses about 44% of the free cash flow guidance floor of $1.6 to $1.7 billion. Interest coverage is 8.12, though net debt to EBITDA of 3.38 is the highest leverage ratio in this group. The quarterly payout rose from $0.31 in 2015 to $1.03 today, with no cuts on record, although the latest raise was small, from $1.02.
Yield: At $130.20, the yield is about 3.2%. That is a moderate yield. The appeal here is the growth and coverage behind it.
Bull case: Constellation was the #1 dollar and volume share gainer in US beverage alcohol last quarter. Beer net sales rose 5% on 5.5% shipment growth, Pacifico depletions climbed about 19%, and adjusted EPS of $3.74 beat the $3.55 estimate, the fourth straight EPS beat. The stock is down 34.07% over five years, has a forward P/E of 11, and the company has returned $530 million through buybacks so far this fiscal year.
Risk: The flagship brands are moderating. Modelo Especial depletions fell about 2%, and Corona Extra about 5%, and production depends on a small number of Mexican breweries exposed to tariff uncertainty.
Diageo: A Reset Dividend Built to Hold Dividend safety: Diageo (NYSE:DEO) cut its dividend, and any income case starts there. The full-year payout was reset to $0.50 per share from $1.03 under a new capital return policy. For ADR holders, the two latest payments were $0.80 and $1.20, compared with $1.62 and $2.5192 a year earlier. Like BAT, Diageo trades here as an ADR, and each ADR represents a bundle of London-listed ordinary shares, which is why the per-ADR check is larger than the per-share dividend. The upside of the cut is coverage: the new payout is about 30% of adjusted EPS of $1.653, and free cash flow rose by $463 million to $3.211 billion. Net debt of $20.5 billion at 3.1x leverage is the pressure point, which explains why management chose to cut.
Yield: Trailing ADR dividends of $2 on a $91.90 price equal about 2.2%, the lowest yield in the group.
Bull case: You own Johnnie Walker, Crown Royal, Don Julio, Tanqueray and Guinness, with a reset dividend that can now climb. Organic operating profit rose 2.0% with 116bps of margin expansion, and a new operating framework targets about $850 million in savings over two years. The forward P/E of 14 sits well below the trailing 30, which shows how much of last year’s earnings went to impairments and restructuring.
Risk: Spirits demand is weakening across North America. US Spirits fell 15.4% organically in the third quarter, and Chinese white spirits remain weak.
Vice Income Comes in Different Grades These four companies sell products with loyal buyers, and each turns that loyalty into shareholder returns in its own way, with British American Tobacco paying the largest check, backed by a fast-growing smokeless business. Molson Coors and Constellation pair cash-covered payouts with low valuations, and Constellation’s coverage is the strongest of the group. Diageo’s reset leaves it with the smallest yield. But cash flow now covers that dividend easily, which gives the bundle a steady, recession-resistant income base across tobacco, beer, and spirits.
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The Phase 3 Failure That Sent Biotech Winners and Losers in Opposite DirectionsAlnylam Pharmaceuticals NASDAQ: ALNY reported third-quarter 2026 global net product revenue of approximately $1.3 billion, up 52% from a year earlier and 10% sequentially, as growth in its transthyretin, or TTR, franchise continued to drive results.
Chief Executive Officer Yvonne Greenstreet said the company generated $1.15 billion in TTR revenue during the quarter, representing nearly 60% year-over-year growth. The franchise includes AMVUTTRA, which is used in patients with ATTR cardiomyopathy and ATTR polyneuropathy.
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Alnylam Stock Soars 65%: Find Out What’s Behind the GainsGreenstreet said Alnylam sees a substantial opportunity to expand treatment in ATTR cardiomyopathy, where the company estimates roughly 80% of prevalent patients remain untreated. However, she said the company was “not yet satisfied” with the pace of underlying demand growth for AMVUTTRA, despite growth in physician engagement following a sales-force expansion.
TTR Franchise Growth and Commercial Execution
Chief Commercialization Officer Tolga Tanguler said TTR product revenue rose 12% from the second quarter and 59% year over year. In the U.S., TTR revenue increased by approximately $100 million sequentially, including an $81 million increase in demand and a $17 million benefit from higher inventory in the distribution channel.
3 biotech powerhouses poised to thrive amid sector reboundTanguler said U.S. net pricing rose modestly from the prior quarter and benefited from approximately $10 million in one-time gross-to-net adjustments. Outside the U.S., TTR revenue grew 10% sequentially and 28% from the prior-year period, driven primarily by ATTR cardiomyopathy uptake in Japan and Germany, partly offset by launch price reductions.
AMVUTTRA accounted for approximately 24% of total TTR-category prescriptions, including cardiomyopathy and polyneuropathy, through the end of the third quarter, Tanguler said. The company reported that more than 2,000 new unique prescribers have written prescriptions for AMVUTTRA since its U.S. ATTR cardiomyopathy launch, though only about one-third of active category prescribers have used the medicine.
Management said expanded customer-facing teams have increased healthcare-provider engagement, but those interactions have not yet translated into faster patient starts. Greenstreet said newer prescribers may have fewer cardiomyopathy patients, less familiarity with the disease and more established prescribing habits. Tanguler also cited perceived administrative barriers, including buy-and-bill processes, prior authorizations and patient coordination.
Alnylam said AMVUTTRA has access for approximately 99% of covered lives, with about 90% of patients able to receive treatment within roughly 10 miles of where they live.
340B Rule and Payer Changes
The company is monitoring a proposed Centers for Medicare & Medicaid Services rule that, if finalized as proposed, would reduce Medicare reimbursement for Part B medicines acquired through the 340B drug discount program. The final rule was expected imminently during the call and, if implemented, would take effect Jan. 1, 2027, according to Tanguler.
Chief Financial Officer Jeff Poulton said 340B represents a meaningful portion of Alnylam’s business, though he did not quantify the exposure. He said the company could contract with health systems to support economically viable access or use alternative sites of care, including third-party infusion clinics and home treatment.
Poulton said the ultimate effect could include changes to gross-to-net deductions, net price and volume depending on how health systems respond. He said health systems could continue using 340B purchasing, shift to wholesale acquisition cost purchasing, or move patients to outside sites of care.
Separately, UnitedHealth implemented a more restrictive first-line AMVUTTRA policy for its Medicare Advantage business on Oct. 1. Alnylam said the policy is not expected to affect existing patients, though it could delay access for some new patients. The company noted an exception process remains available for appropriate first-line use.
Pipeline Updates and Financial Outlook
Alnylam expanded enrollment in its Phase III TRITON-CM study of investigational TTR silencer nucresiran by 500 patients, bringing planned enrollment to about 2,250 patients. Chief Research and Development Officer Pushkal Garg said the additional enrollment is intended to preserve study power amid lower expected event rates as patients are diagnosed earlier and receive more background therapies.
The company said it does not expect the enrollment expansion to change its anticipated ATTR cardiomyopathy launch timing of approximately 2030, subject to positive data and regulatory approval.
Garg also highlighted interim Phase I results for brezosiran in Huntington’s disease. After a single dose, the company observed mean maximum reductions in cerebrospinal-fluid mutant huntingtin of 60% to 64% across two assays, with individual reductions of up to 83%. Alnylam said no dose-dependent safety signals were observed across the five cohorts included in the analysis.
Pending regulatory alignment, Alnylam plans to initiate a large placebo-controlled pivotal study of brezosiran in 2027. The company also expects to report Phase I healthy-volunteer data for ALN-6400 in bleeding disorders at the American Society of Hematology meeting in December, followed by Phase II hereditary hemorrhagic telangiectasia data for ALN-6400 and Phase I obesity data for ALN-2232 during its fourth-quarter and full-year results call in February.
For 2026, Alnylam reiterated its guidance and said it expects TTR product sales to finish at the low end of its $4.2 billion to $4.5 billion range. Poulton said the outlook assumes no material fourth-quarter contribution from the expanded field force and reflects potential ordering volatility related to the pending 340B rule as well as the UnitedHealth policy change.
The company said it will not provide 2027 product revenue guidance at the JPMorgan conference in January, as it has in prior years. Instead, it plans to provide that outlook with fourth-quarter and full-year 2026 results in mid-February after gaining more clarity on health-system behavior under any finalized 340B framework.
About Alnylam Pharmaceuticals (NASDAQ:ALNY)Alnylam Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing medicines based on RNA interference (RNAi). The company's therapies are designed to silence specific genes involved in disease, with the goal of addressing the underlying causes of genetic and other serious conditions.
Alnylam's marketed products include ONPATTRO (patisiran) and AMVUTTRA (vutrisiran) for hereditary transthyretin-mediated amyloidosis, GIVLAARI (givosiran) for acute hepatic porphyria, and OXLUMO (lumasiran) for primary hyperoxaluria type 1.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Should You Invest $1,000 in Alnylam Pharmaceuticals Right Now?Before you consider Alnylam Pharmaceuticals, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Alnylam Pharmaceuticals wasn't on the list.
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Tesla, Nvidia, and Google helped shape the last era of market growth, but the next wave could come from a new group of companies. Inside this report, you’ll find 7 stocks that could play a major role in the next tech-driven market boom.
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Alnylam Pharmaceuticals, Inc. (ALNY) Q3 2026 Earnings Call October 29, 2026 8:30 AM EDT
Company Participants
Joshua Brodsky - Vice President of Investor Relations
Yvonne Greenstreet - CEO & Director
Tolga Tanguler - Executive VP & Chief Commercialization Officer
Pushkal Garg - Executive VP & Chief Research & Development Officer
Jeffrey Poulton - CFO & Executive VP
Conference Call Participants
Konstantinos Biliouris - Oppenheimer & Co. Inc., Research Division
Eliana Merle - Barclays Bank PLC, Research Division
Paul Matteis - Stifel, Nicolaus & Company, Incorporated, Research Division
Salveen Richter - Goldman Sachs Group, Inc., Research Division
Ritu Baral - TD Cowen, Research Division
David Lebowitz - BMO Capital Markets Equity Research
Luca Issi - RBC Capital Markets, Research Division
Presentation
Operator
Hello, everyone. Thank you for joining us, and welcome to the Alnylam Pharmaceuticals Q3 Earnings Conference Call. [Operator Instructions] Now I hand the conference over to the company. Please go ahead.
Joshua Brodsky
Vice President of Investor Relations
Good morning. I'm Josh Brodsky, Vice President of Investor Relations at Alnylam. With me today are Yvonne Greenstreet, Chief Executive Officer; Tolga Tanguler, Chief Commercialization Officer; Pushkal Garg, Chief Research and Development Officer; and Jeff Poulton, Chief Financial Officer.
For those of you participating via conference call, the accompanying slides can be accessed by going to the Events section of the Investors page of our website investors.alnylam .com/events.
I'd like to remind you that this call will contain remarks concerning Alnylam's future expectations, plans and prospects, which constitute forward-looking statements for the purposes of the safe harbor provision. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important risks and uncertainties and including those discussed under the heading Risk Factors in our most recent periodic report available on our website and on file with the SEC. We disclaim any obligation to update such statements.
Ameriprise Financial, Inc. (AMP) Q3 2026 Earnings Call October 29, 2026 9:00 AM EDT
Company Participants
Stephanie Rabe - Head of Investor Relations
Jim Cracchiolo - Chairman & CEO
Walter Berman - Executive VP, CFO & Chief Risk Officer
Conference Call Participants
Suneet Kamath - Jefferies LLC, Research Division
Brennan Hawken - BMO Capital Markets Equity Research
Christopher O'Brien
Thomas Gallagher - Evercore ISI Institutional Equities, Research Division
Karim Assef
Wilma Jackson Burdis - Raymond James & Associates, Inc., Research Division
Kenneth Lee - RBC Capital Markets, Research Division
Presentation
Operator
Welcome to the Q3 2026 Earnings Call. My name is Connor, and I will be your operator for today's call. [Operator Instructions] As a reminder, this conference is being recorded.
I will now turn the call over to Stephanie Rabe. Stephanie, you may begin.
Stephanie Rabe
Head of Investor Relations
Welcome to Ameriprise Financial's Third Quarter Earnings Call. On the call with me today are Jim Cracchiolo, Chairman and CEO; and Walter Berman, Chief Financial Officer. Following their remarks, we'd be happy to take your questions.
Turning to our earnings presentation materials that are available on our website. On Slide 2, you'll see a discussion of forward-looking statements. Specifically, during the call, you'll hear references to various non-GAAP financial measures, which we believe provide insight into the company's operations. Reconciliation of non-GAAP numbers to their respective GAAP numbers can be found in today's materials and on our website at ir.ameriprise.com.
Some statements that we make on this call may be forward-looking, reflecting management's expectations about future events and overall operating plans and performance. These forward-looking statements speak only as of today's date and involve a number of risks and uncertainties. A sample list of factors and risks that could cause actual results to be materially different from forward-looking statements can be found in our third quarter 2026 earnings
Patrick Industries, Inc. (PATK) Q3 2026 Earnings Call October 29, 2026 10:00 AM EDT
Company Participants
Steve O’Hara - Vice President of Investor Relations
Andy L. Nemeth - CEO & Chairman of the Board
Jeffrey Rodino - President
Matthew Filer - Executive VP of Finance, CFO & Treasurer
Conference Call Participants
Scott Stember - ROTH Capital Partners, LLC, Research Division
Dan Moore - CJS Securities, Inc.
Joseph Altobello - Raymond James & Associates, Inc., Research Division
Tristan Thomas-Martin - BMO Capital Markets Equity Research
Noah Zatzkin - KeyBanc Capital Markets Inc., Research Division
Craig Kennison - Robert W. Baird & Co. Incorporated, Research Division
Presentation
Operator
Good morning, ladies and gentlemen and welcome to Patrick Industries' Third Quarter 2026 Earnings Conference Call. My name is Rob, and I'll be your operator for today's call. [Operator Instructions] Please note that this conference is being recorded.
I will now turn the call over to Mr. Stephen O'Hara, Vice President of Investor Relations. Mr. O'Hara, you may begin.
Steve O’Hara
Vice President of Investor Relations
Good morning, everyone, and welcome to our call this morning. I'm joined on the call today by Andy Nemeth, CEO; Jeff Rodino, President; and Matt Filer, CFO.
Certain statements made in today's conference call regarding Patrick Industries and its operations may be considered forward-looking statements under the securities laws. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company's annual report on Form 10-K for the year ended December 31, 2025, the joint proxy statement prospectus included in the registration statement on Form S-4 filed in connection with the proposed merger with LCI Industries and the company's other filings with the Securities and Exchange Commission.
Longtime Rockford Fosgate leader to oversee marketing strategy, strengthen industry partnerships, and drive continued brand growth.
, /PRNewswire/ -- Rockford Fosgate®, the industry leader in high-performance audio systems, is proud to announce the promotion of Tammy Lowe to Vice President of Marketing, effective immediately.
ROCKFORD FOSGATE® PROMOTES TAMMY LOWE TO
VICE PRESIDENT OF MARKETING.
With nearly 39 years of experience at Rockford Fosgate, Tammy Lowe brings an exceptional understanding of the brand, its customers, and the relationships that have helped shape the company's success. Throughout her tenure, she has played an important role in strengthening Rockford Fosgate's presence in the industry, building lasting partnerships, and supporting the continued growth of the brand.
In her expanded role, Lowe will lead the company's overall marketing strategy across aftermarket, OEM, and direct-to-consumer channels. Her responsibilities will include strategic marketing initiatives, go-to-market planning, customer engagement, and the development of programs designed to strengthen dealer and distributor relationships, increase market presence, and support long-term business growth.
"Tammy's dedication, industry knowledge, and longstanding relationships have been instrumental to Rockford Fosgate's success," said Zach Luke, President. "She understands our brand, our partners, and our customers at a level that comes from decades of experience. As we continue to expand our business and pursue new opportunities, Tammy's leadership will be essential in shaping our marketing strategies and driving the next phase of growth."
As Vice President of Marketing, Lowe will continue to work closely with the company's sales, product, and leadership teams to align marketing strategies with business objectives. A key focus will be strengthening relationships throughout Rockford Fosgate's networks, enhancing customer engagement, and ensuring marketing initiatives support the needs of the company's partners across all channels.
"Rockford Fosgate has been a significant part of my life, and I'm incredibly proud to be part of a brand with such a strong heritage and passionate community," said Tammy Lowe, Vice President of Marketing. "Our success has always been built on great products, great people, and strong relationships. I'm excited for the opportunity to continue building those relationships, expanding our reach, and developing marketing strategies that position Rockford Fosgate for continued success."
Lowe's promotion reflects Rockford Fosgate's commitment to investing in experienced leadership and strengthening its marketing efforts as the company continues to grow. Her extensive industry experience, established relationships, and passion for the brand will help guide Rockford Fosgate's marketing direction and reinforce its position as a leader in mobile, marine, motorsports, motorcycle and OEM audio.
About Rockford Fosgate
Setting the standard for excellence in the audio industry, Rockford Corporation markets high-performance audio systems under the brand Rockford Fosgate® for the mobile, marine, motorsport, and motorcycle audio aftermarket and OEM market. Headquartered in Tempe, Ariz., Rockford Corporation is a wholly owned subsidiary of Patrick Industries, Inc. (NASDAQ: PATK).
3 Undervalued And Under-the-Radar Automotive StocksPatrick Industries NASDAQ: PATK reported third-quarter 2026 net sales of approximately $975 million, essentially flat from a year earlier, as growth in its Marine, Powersports and Housing segments largely offset a decline in RV revenue.
The company said adjusted EBITDA increased 3% to $116 million, while adjusted EBITDA margin expanded 40 basis points to 11.9%. Adjusted earnings were $1.03 per diluted share, compared with $1.01 per share in the prior-year quarter. On a reported basis, net income fell to $21 million, or $0.64 per diluted share, from $35 million, or $1.01 per share, a year earlier.
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Chief Executive Officer Andy Nemeth said the quarter reflected the benefits of Patrick's diversified business model amid a challenging consumer environment marked by high interest rates, fuel costs, inflation and low consumer confidence.
Segment growth offsets RV weakness RV revenue declined to $362 million from $426 million in the prior-year period, representing 37% of consolidated revenue. RV industry wholesale shipments fell 13% during the quarter, according to the company. Patrick estimated third-quarter RV retail shipments declined 14% to 88,000 units, while wholesale shipments totaled 66,900 units.
President Jeff Rodino said dealers and manufacturers continued to keep inventories and production levels closely aligned with retail demand. Patrick estimated RV dealer inventory was approximately 15 to 17 weeks on hand at quarter-end, below both the second-quarter level and the pre-COVID historical range of 26 to 30 weeks.
Marine revenue rose 14% to $171 million and accounted for 18% of sales, exceeding Patrick's estimate of an 8% increase in marine industry wholesale powerboat shipments. The company said its estimated trailing-12-month marine content per wholesale powerboat unit increased 20% to $4,942.
Powersports revenue increased 30% to $128 million, representing 13% of consolidated sales. Rodino said growth was led by utility-focused platforms, including continued adoption of cab enclosures, premium utility content and audio systems. Housing revenue increased 4% to $314 million, with manufactured housing representing about 55% of the segment's quarterly sales.
Patrick estimated manufactured-housing wholesale shipments rose 2% in the quarter, while total housing starts declined 4% on a trailing-12-month basis. The company attributed housing growth partly to its exposure to big-box retail, commercial construction and larger infrastructure projects.
Restructuring and product initiatives The company has launched an operational initiative called Patrick 2.0, which Nemeth said is intended to improve procurement, organizational structure, automation, information technology, software and artificial-intelligence capabilities, while also including certain facility consolidations.
Patrick expects to record non-recurring restructuring charges in the fourth quarter. Chief Financial Officer Matt Filer said a restructuring program initiated during the quarter is expected to produce about $10 million in annualized savings while retaining capacity and capabilities needed for a recovery in demand.
Management said Patrick 2.0 is independent of the proposed merger with LCI Industries, although Nemeth said the initiative could also benefit a combined company. Patrick said it intends to preserve brand identities, customer service, operating flexibility and scalability through the program.
The company also highlighted product-development initiatives. Patrick formally launched Patrick Printing Solutions at the 2026 RV dealer open house and expects to commission a second printer in mid-2027. Rodino said the platform is designed to give RV manufacturers more design flexibility, shorten prototyping processes and make it easier to reproduce replacement panels for warranty needs.
In marine, Patrick said it is supplying engineered electrical and tower systems to certain OEMs for 2027 model-year products, with additional programs in development for 2028. The company also cited continuing momentum in composite floors and wall panels, adhesives, roofing systems and other integrated product offerings.
Liquidity and outlook Patrick ended the quarter with approximately $716 million of available liquidity, including about $700 million of unused revolving-credit capacity. Net leverage was 2.9 times, and the company has no major debt maturities until 2028. Cash provided by operations was approximately $78 million in the third quarter and $147 million for the first nine months of 2026.
For full-year 2026, Patrick expects RV wholesale shipments of 285,000 to 295,000 units and RV retail shipments to decline by a low-double-digit percentage. It expects marine retail shipments to be flat to slightly lower and wholesale shipments to rise by a low-single-digit percentage. The company expects manufactured-housing shipments and total housing starts to decline by low- to mid-single-digit percentages.
Patrick forecast 2026 operating cash flow of $300 million to $330 million and capital expenditures of $70 million to $80 million, implying free cash flow of approximately $230 million to $250 million. It expects adjusted operating margin to be flat with 2025, though incremental volume-based affordability programs could reduce margins by an additional 20 basis points.
For 2027, management expects RV and marine shipments to be flat, while manufactured housing and total housing starts could range from flat to up mid-single digits. Patrick expects Powersports organic content and unit shipments to rise 3% to 5%, supporting high-single-digit growth in that business. The company projected adjusted operating-margin expansion of 30 to 50 basis points next year.
LCI merger remains subject to shareholder votes Patrick also addressed its pending merger agreement with LCI Industries. Vice President of Investor Relations Steve O'Hara said the companies' registration statement on Form S-4 was declared effective by the Securities and Exchange Commission on Oct. 19, and special meetings of Patrick and LCI shareholders are scheduled for Nov. 18.
Nemeth noted that LCI had received a cash offer for all of its outstanding shares from an outside party and said LCI's board was evaluating that proposal. He said Patrick remains confident in its standalone strategy as well as the potential benefits of combining with LCI.
About Patrick Industries (NASDAQ:PATK)Patrick Industries, Inc is a manufacturer and distributor of component products and building materials serving the recreational vehicle, marine, manufactured housing, and industrial markets. The company supplies products used in the construction, furnishing, and finishing of recreational and residential vehicles, boats, homes, and other manufactured structures.
Its product offerings include cabinetry, furniture, countertops, flooring, interior and exterior components, electronics, audio systems, lighting, plumbing products, hardware, adhesives, and related materials.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Tyler Technologies, Inc. (TYL) Q3 2026 Earnings Call October 29, 2026 8:30 AM EDT
Company Participants
Hala Elsherbini - Senior Director of Investor Relations
H. Moore - CEO, President & Executive Chairman
Brian Miller - Executive VP & CFO
S. Williams - Chief Artificial Intelligence Officer
Conference Call Participants
Matthew VanVliet - Cantor Fitzgerald & Co., Research Division
Terrell Tillman - Truist Securities, Inc., Research Division
Tamjid Md Moinuddin Chowdhury - Guggenheim Securities, LLC, Research Division
Saket Kalia - Barclays Bank PLC, Research Division
Hoi-Fung Wong - Oppenheimer & Co. Inc., Research Division
S. Kirk Materne - Evercore ISI Institutional Equities, Research Division
J. Lane - Stifel, Nicolaus & Company, Incorporated, Research Division
Aleksandr Zukin - Wolfe Research, LLC
Allan M. Verkhovski - BTIG, LLC, Research Division
Robert Oliver - Robert W. Baird & Co. Incorporated, Research Division
Joshua Reilly - Needham & Company, LLC, Research Division
Andrew Sherman - TD Cowen, Research Division
Alexei Gogolev - JPMorgan Chase & Co, Research Division
Trevor Walsh - Citizens JMP Securities, LLC, Research Division
Camden Levy - Wells Fargo Securities, LLC, Research Division
Sownthar Periathambi - D.A. Davidson & Co., Research Division
Mark Schappel - Loop Capital Markets LLC, Research Division
William Fitzsimmons - Piper Sandler & Co., Research Division
Presentation
Operator
Hello, and welcome to Tyler Technologies Third Quarter 2026 Conference Call. Your host for today's call is Lynn Moore, Executive Chair, President and CEO of Tyler Technologies. [Operator Instructions] And as a reminder, this conference is being recorded today, October 29, 2026.
I would like to turn the call over to Hala Elsherbini, Tyler's Senior Director of Investor Relations. Please go ahead.
Hala Elsherbini
Senior Director of Investor Relations
Thank you, and welcome to our call. With me today is Lynn Moore, Executive Chair, President and CEO; and Brian Miller, our CFO. Also joining us today on today's call is Chief AI Officer, Franklin Williams.
Strike a Balance Between Growth and Stability With These 3 Names Ready to RallyAllegro MicroSystems NASDAQ: ALGM reported continued sales and booking momentum in its fiscal second quarter of 2027, with revenue exceeding the high end of its guidance range and growth across automotive, industrial and data center markets.
Second-quarter sales totaled $277 million, up 7% sequentially and 29% from a year earlier. Non-GAAP earnings per share were $0.26, up 13% sequentially and 100% year over year. Chief Executive Officer Mike Doogue said the company recorded its seventh consecutive quarter of sequential sales growth.
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Why These 3 Automotive & Industrial Chip Stocks Just Soared“Our four demand signals are flashing green,” Doogue said, citing record design-win activity, an expanding backlog and higher bookings. Total design wins increased nearly 40% year over year, while bookings rose for an eighth consecutive quarter, increasing 45% year over year.
Automotive sales and design wins
Automotive revenue was $173 million, rising 4% from the prior quarter and 11% from the prior-year period. The segment has now recorded six consecutive quarters of double-digit year-over-year growth, according to management. Automotive bookings increased 33% sequentially and 50% year over year.
Shares Down, Price Targets Up: 3 Stocks Upgraded After +10% DropsDoogue said more than 75% of automotive design wins during the quarter were tied to electrified vehicles and advanced driver-assistance systems. The company cited a design win with a North American electric-vehicle manufacturer for a next-generation onboard charger platform using Allegro’s 5 MHz current sensors, as well as a motor-driver win for the customer’s vehicle cooling system. Initial shipments for those programs are expected within 12 months.
Allegro also secured an electronic power-steering design with a Japanese automaker using its automotive safety-grade magnetic position sensors. Doogue said the transition toward higher-autonomy steering and braking architectures is increasing the company’s content opportunity per vehicle. He noted that Allegro’s content per braking system can rise by roughly four times when customers move to electromechanical braking systems.
Chief Financial Officer Derek D’Antilio said automotive inventories remained lean and the company did not see restocking during the quarter. Management said it is hearing more customer discussions around raising inventory levels from low levels, though substantial restocking activity has not yet occurred.
Industrial and data center expansion
Industrial and other sales reached a record $104 million, up 11% sequentially and 79% year over year. Data center revenue was also a record at $46 million, growing more than 150% year over year. D’Antilio said Allegro remains on track to more than double its data center sales during fiscal 2027.
Management attributed data center demand to increasing power density and voltage requirements in AI-related computing infrastructure. Doogue said the company’s magnetic current sensors are being adopted in high-density power supplies, where legacy measurement components can generate excess heat or occupy more space.
During the quarter, Allegro won more than 10 current-sensor designs with Taiwanese power-supply providers for hyperscaler power supply units, battery backup units and uninterruptible power systems. The systems span 5-kilowatt to 30-kilowatt designs, including new 800-volt architectures. Current-sensor design wins for data center applications more than doubled sequentially, the company said.
Management said quarterly data center growth was tempered by the timing of larger programs that were pushed out by one or two quarters, including certain 800-volt hyperscaler programs. Doogue said the delays were timing-related and that the programs remain expected to ramp in the near future.
Allegro also highlighted growth opportunities in automation, robotics and energy infrastructure. The company won business with Asian and Chinese humanoid robotics developers for current sensors and inductive position sensors. One humanoid program is expected to use approximately 60 ICs per robot and ramp to production within six months, Doogue said.
In energy infrastructure, Allegro’s silicon carbide high-voltage gate driver received its first major design win with a solar provider for next-generation inverters. Management said second-generation isolated gate-driver products are sampling in the current quarter.
Margins, cash flow and outlook
Second-quarter non-GAAP gross margin was 51.5%, up 40 basis points sequentially and 190 basis points from a year earlier. Operating margin was 20.6%, while adjusted EBITDA margin was 25%. D’Antilio attributed margin expansion largely to operating leverage.
The company is also pursuing manufacturing cost reductions, including transitions from gold to copper wire where technically feasible, and is implementing price increases. Pricing was not a meaningful contributor to second-quarter results, D’Antilio said, but increases are expected to have a larger effect in industrial businesses in the third quarter and in automotive contracts beginning Jan. 1.
Allegro ended the quarter with $201 million in cash, $285 million in term-loan debt and net debt of $84 million. Cash flow from operations was $37 million, capital expenditures were $6 million and free cash flow was $31 million. Inventory days declined to 117 from 128 in the first quarter.
For the fiscal third quarter, the company expects sales of $278 million to $288 million, with the midpoint representing 23% year-over-year growth. Allegro forecast non-GAAP gross margin of 51.5% to 52.5% and non-GAAP EPS of $0.25 to $0.29. The midpoint of the earnings forecast implies 80% year-over-year growth.
Management said it expects third-quarter growth to be led by automotive sales and continued data center strength, while broader industrial markets typically experience seasonal softness late in the calendar year.
About Allegro MicroSystems (NASDAQ:ALGM)Allegro MicroSystems, Inc is a semiconductor company that develops and manufactures magnetic sensing and power-management solutions. Its products are designed to help monitor motion, position, speed, current and temperature, as well as control power in electronic systems.
The company's portfolio includes Hall-effect and other magnetic sensors, current sensors, motor drivers, regulators, LED drivers and related integrated circuits. These products are used in automotive applications such as advanced driver-assistance systems, vehicle electrification, powertrain systems, comfort features and safety systems, as well as in industrial and consumer equipment.
Founded in 1990 and headquartered in Manchester, New Hampshire, Allegro serves customers globally through its international operations and distribution network.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Should You Invest $1,000 in Allegro MicroSystems Right Now?Before you consider Allegro MicroSystems, you'll want to hear this.
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Allegro MicroSystems, Inc. (ALGM) Q2 2027 Earnings Call October 29, 2026 8:30 AM EDT
Company Participants
Jalene Hoover - Vice President of IR & Corporate Communications
Michael Doogue - President, CEO & Director
Derek D'Antilio - Executive VP, CFO & Treasurer
Conference Call Participants
Joseph Quatrochi - Wells Fargo Securities, LLC, Research Division
Thomas O'Malley - Barclays Bank PLC, Research Division
Christopher Caso - Wolfe Research, LLC
Blayne Curtis - Jefferies LLC, Research Division
Gary Mobley - StoneX Group Inc.
Quinn Bolton - Needham & Company, LLC, Research Division
Vijay Rakesh - Mizuho Securities USA LLC, Research Division
Liam Pharr - BofA Securities, Research Division
Srinivas Pajjuri - RBC Capital Markets, Research Division
Joshua Buchalter - TD Cowen, Research Division
Presentation
Operator
Good morning, and welcome to the Allegro MicroSystems Second Quarter Fiscal Year 2027 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to Jalene Hoover, Vice President of Investor Relations and Corporate Communications.
Jalene Hoover
Vice President of IR & Corporate Communications
Thank you, Victor. Good morning, and thank you for joining us today to discuss Allegro's Second Quarter Fiscal Year 2027 results. I'm joined today by Allegro's President and Chief Executive Officer, Mike Doogue; and Allegro's Chief Financial Officer, Derek D'Antilio. They will provide highlights of our business, review our second quarter 2027 financial results and share our third quarter outlook. We will follow our prepared remarks with a Q&A session.
Today's call includes remarks about future expectations, plans and prospects, which are forward-looking statements. Such statements are based on current expectations and assumptions as of today's date and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated or projected on today's call. The company assumes no obligation to update these statements, except as required by law. For a
Driverless trucking company Aurora is ramping up production and switching to a ‘driver-as-a-service model' as it looks to reach profitability and meet demand. Aurora co-founder and CEO Chris Urmson discusses how the company is scaling and what he sees as a friendly regulatory environment amid a national truck-driving shortage.
PT Bank Negara Indonesia (Persero) Tbk (PTBRY) Q3 2026 Earnings Call October 26, 2026 9:00 PM EDT
Company Participants
Sigit Pebrianto - Investor & Capital Market Communication Manager
Putrama Setyawan - President Director
Paolo Kartadjoemena - Finance & Strategy Director and Director
David Pirzada - Risk Management Director & Director
Presentation
Sigit Pebrianto
Investor & Capital Market Communication Manager
Good morning, everyone, and welcome to BNI's Third Quarter of 2026 Earnings Call. My name is Sigit from BNI's Investor Relations, and I will be your host today. Thank you for your attendance. First, I would like to introduce our Board of Directors who are here with us. First, we have Bapak Putrama Wahju Setyawan, President Director; Ibu Alexandra Askandar, Deputy President Director; Bapak Paolo Kartadjoemena, Finance and Strategy Director; Bapak David Pirzada, Risk Management Director. We also have other members of BNI's Board of Directors and senior management as well. Today's presentation, we will highlight our earnings resilience supported by our record high PPOP, our strategic business expansion and continued improvements in underwriting.
We want to discuss our strengthening CASA franchise and solid capital position, which support our ability to navigate the ongoing market volatility. We will begin the call with a presentation from our BOD, and then we are going to have a Q&A session. Please feel free to submit your questions in the Q&A box on your Zoom apps. And without further ado, it is my pleasure to invite our President and Director, Bapak Putrama Wahju Setyawan, to begin the presentation. Bapak Putrama, the floor is yours.
Putrama Setyawan
President Director
Thank you, Sigit. Good morning, everyone. Thank you for joining us today. I want to start with our overall performance for the first 9 of '26. We know the environment is very dynamic and challenging for all banks, but I'm grateful to share that we have delivered a
Ondo Intelligent Portfolios are live on Solana, bringing seven curated portfolios spanning income, growth, and thematic exposure to the ecosystem. Each token gives investors exposure to a portfolio of Ondo Stocks built around a defined investment strategy. They are now available to eligible investors globally (outside the U.S.) across Solana.
The expansion follows the recent launch of Ondo Intelligent Portfolios on Ethereum and BNB Chain, where they surpassed $45 million in total value locked (TVL) in the first few weeks of trading to become the largest onchain portfolio product by TVL.
Whole Portfolios, Single Tokens Building and maintaining a portfolio takes time, from selecting assets and setting allocations to rebalancing as markets move. Ondo Intelligent Portfolios simplify that process, giving investors exposure to a professionally designed investment strategy through one token without having to buy each asset, set target weights, and manually rebalance positions themselves.
Ondo intelligent Portfolios work in three layers:
Portfolio Strategy: Ondo or a third party supplies a portfolio allocation or strategy. Programmatic Implementation: The underlying positions are Ondo Stocks, tokenized equities and ETFs backed by real securities and connected to traditional market liquidity. Allocation, rebalancing, and fee logic are encoded into smart contracts, with rebalancing following preset rules on a defined schedule. Single-Token Holding Mechanics: Investors gain exposure to the entire portfolio through a single token they can hold in their own wallets without having to to manage or rebalance each constituent position. Seven Portfolios Spanning Income, Growth, and Thematic Exposure The seven portfolios give Solana investors a range of approaches to choose from, whether they are seeking income, broader growth exposure, or a focused allocation to themes such as AI. Three of the seven Ondo Intelligent Portfolios are based on portfolio strategies developed by BlackRock, the world’s largest asset manager, for use by Ondo. Investors can hold a portfolio individually or combine multiple portfolios to build their own allocation. The full lineup includes:
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MAG7Xon: Ondo Magnificent 7 and Crypto Portfolio BRAINon: Ondo AI Leaders Portfolio The Best of DeFi and TradFi, Combined
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To learn more about Ondo Intelligent Portfolios, read the announcement blog and explore the portfolios.
Following more than $40 million in TVL in the first four weeks, all seven Ondo Intelligent Portfolios are now available to eligible investors through Solana wallets and apps.
, /PRNewswire/ -- Ondo Intelligent Portfolios, professionally curated investment portfolios delivered as single onchain tokens, are now live on Solana. All seven portfolios are now available to eligible investors (outside the U.S.) through leading Solana wallets and apps.
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Seven portfolios are live today, spanning income, growth, and thematic exposure, with more planned:
BLKHIon: Ondo High Income Powered by BlackRockBLKGRWon: Ondo High Growth Powered by BlackRockBLKDIGon: Ondo Diversified Growth Powered by BlackRockMAG7Xon: Ondo Magnificent 7 and Crypto PortfolioBRAINon: Ondo AI Leaders PortfolioYLD5on: Ondo 5 Targeted Income TR PortfolioYLD8on: Ondo 8 Targeted Income TR PortfolioThree of the seven are based on portfolio strategies developed by BlackRock, the world's largest asset manager, for use by Ondo. The remaining four are Ondo-designed onchain portfolios built around some of the market's most closely watched themes, from big tech and artificial intelligence to targeted income.
Tokenized stocks are taking off on Solana
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Ondo is among the largest issuers of tokenized real-world assets on the network, with more than $500 million in TVL on Solana, and Ondo Stocks already give investors on Solana access to hundreds of tokenized U.S. stocks and ETFs.
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Each Ondo Intelligent Portfolio combines multiple assets into a single onchain token. Every holding is visible, and the portfolio is rebalanced programmatically so investors don't have to manage a basket of underlying positions manually. The result is diversified exposure in one token that investors can hold in their wallets and transfer like any other tokenized asset.
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Diversified portfolios built by professional allocators have long been offered mainly to institutions and investors with private wealth managers. Everyone else has had to assemble a portfolio piece by piece across separate accounts and assets.
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"Tokenized assets are one of the fastest-growing categories on Solana, and the demand we're seeing for tokenized stocks shows investors want real-world exposure onchain," said Nick Ducoff, GM, Institutional, Solana Foundation. "With Ondo Intelligent Portfolios, investors can move beyond single assets and hold a complete portfolio in one token. That's the next chapter of tokenization, and it's happening on Solana."
Ondo intends to continue expanding the lineup with additional onchain portfolios over time. To explore the seven live portfolios and learn more, visit app.ondo.finance.
About Ondo Finance
Ondo Finance is a blockchain-based platform focused on tokenizing real-world assets and bringing institutional-quality financial products onchain. By bridging traditional finance and decentralized infrastructure, Ondo aims to make capital markets more accessible, transparent, and efficient.
About Ondo Stocks
Ondo Stocks (previously known as Global Markets) is an issuance and redemption platform for tokenized publicly traded U.S. stocks and ETFs. It enables eligible investors outside the United States to gain economic exposure to these assets by minting, transferring, and redeeming securities-backed tokens. Each token is fully backed by the corresponding stock or ETF (together with cash in transit).
About BlackRock
BlackRock's purpose is to help more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock
Disclaimers
[*] The tokenized assets referenced herein (i.e. (i) the tokenized stocks, tokenized ETFs and tokenized ADRs now known as Ondo Stocks, and formerly known as Ondo tokenized stocks and ETFs, or as Ondo Global Markets tokens, (collectively, the "Ondo Stocks") and (ii) USDY tokens (collectively, the "Tokens") have not been registered under the US Securities Act of 1933, as amended (the "Act") or the securities or financial instrument laws of any other jurisdiction. The Tokens may not be offered or sold in the United States or to US persons unless registered under the Act or an exemption from the registration requirements thereof is available. In certain jurisdictions, including the United Kingdom, Switzerland and Singapore, the Ondo Stocks and USDY tokens are offered and sold only to qualified investors or professional clients, as the case may be (or that jurisdiction's analogue thereof). Other jurisdiction-based prohibitions and restrictions apply. The issuer of the Tokens is not registered as an investment company under the US Investment Company Act of 1940, as amended, or as an Alternative Investment Fund or Undertaking for Collective Investment in Transferable Securities in the EEA, or under the securities or financial instrument laws of any other jurisdiction.
Ondo Stocks provide their holders with economic exposure to the value of their underlying assets, including the value of dividends (less applicable tax withholdings). However, Ondo Stocks are not themselves stocks, ETFs or ADRs and the Ondo Stocks do not provide their holders with rights to hold or receive their respective underlying assets. Similarly, USDY tokens provide their holders with economic exposure to short-term US treasuries, but USDY tokens are not themselves US treasuries and do not provide their holders with rights to hold or receive any US treasuries.
In the EEA/EU, a base prospectus relating to the Tokens has been approved by the Financial Market Authority Liechtenstein (FMA) and notified, at the issuer's request, to certain EEA Member States (the "Relevant EEA States"), making many Ondo Stocks available to both professional and retail investors, though certain Ondo Stocks are only available to professional investors in the EEA/EU. The prospectus is published at app.ondo.finance at each applicable Token's webpage. The approval of the prospectus should not be understood as an endorsement of the Tokens. Investors residing in the EU/EEA should read the prospectus, and the relevant final terms and KID for each applicable Token, before investing in order to fully understand the potential risks and rewards associated with the decision to invest. This notice is a marketing communication and does not constitute a prospectus.
Certain Ondo Stocks (referred to in the UAE as "Digital Securities") have been admitted to trading on Nest Exchange Limited, a Multilateral Trading Facility for Digital Assets operated by Binance in the Abu Dhabi Global Market ("ADGM"), authorised by the Financial Services Regulatory Authority (the "FSRA"). Such Digital Securities are available for trading by those investors eligible for a Binance account. The ADGM FSRA has no responsibility for reviewing or verifying any documents in connection with the admission to trading of such Digital Securities in the ADGM. The FSRA has not approved the documents in connection with the admission to trading nor taken steps to verify the information set out in it and has no responsibility for it. No offer of securities is being made in ADGM. Prospective purchasers of such Digital Securities admitted to trading should conduct their own due diligence on such Digital Securities.
In the United Kingdom, the communications herein may be deemed a financial promotion pursuant to Section 21 of the Financial Services and Markets Act 2000. To the extent that any such finding is made, the communications herein are only intended for, and directed at, investment professionals as defined in article 19 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (the "FPO") who have experience of interacting with the Ondo Stocks and USDY tokens; high net worth companies as defined in article 49 of the FPO, and/or any other persons to whom lawful communication is permitted. Any person not falling within these categories is not permitted to act upon anything within the communications herein, and shall not be entitled to rely upon their contents. Ondo Global Markets (BVI) Limited will not enter into arrangements with such persons concerning Ondo Stocks and USDY tokens as a result of this or any other communication.
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Hilton Grand Vacations Inc. (HGV) Q3 2026 Earnings Call October 29, 2026 9:00 AM EDT
Company Participants
Mark Melnyk - Senior Vice President of Investor Relations
Mark Wang - CEO & Director
Daniel Mathewes - President & CFO (Leave of Absence)
Conference Call Participants
David Katz - Jefferies LLC, Research Division
Charles Scholes - Truist Securities, Inc., Research Division
Michael Hirsh - JPMorgan Chase & Co, Research Division
Chris Woronka - Deutsche Bank AG, Research Division
Nicholas Weichel - Wells Fargo Securities, LLC, Research Division
Stephen Grambling - Morgan Stanley, Research Division
Presentation
Operator
Good morning and welcome to the Hilton Grand Vacations Third Quarter 2026 Earnings Conference Call. [Operator Instructions]
I would now like to turn the call over to Mark Melnyk, Senior Vice President of Investor Relations. Please go ahead, sir.
Mark Melnyk
Senior Vice President of Investor Relations
Thank you, operator, and welcome to the Hilton Grand Vacations Third Quarter 2026 Earnings Call. Our discussion this morning will include forward-looking statements. Actual results could differ materially from those indicated by these forward-looking statements and these statements are effective only as of today. We undertake no obligation to publicly update or revise these statements. For a discussion of some of the factors that could cause actual results to differ, please see the Risk Factors section of our SEC filings.
Our reported results for all periods reflect accounting rules under ASC 606, which we adopted in 2018. Under ASC 606, we're required to defer certain revenues and expenses related to sales made in the period when a project is under construction and then hold off on recognizing those revenues and expenses until the period when construction is completed. The aggregate of these potentially overlapping deferrals and recognitions from various projects in any given period are known as net deferrals and recognitions.
BCB Bancorp, Inc. NJ) (NASDAQ: BCBP said its third-quarter results reflected a broad effort to strengthen capital, reduce problem assets and reassess credit risk across its loan book, following actions that included more than $200 million in loan sales and additional fair-value marks.
President and Chief Executive Officer Thomas O'Brien said the quarter was “momentous” for the company and that management had completed the objectives outlined when he joined the bank on June 1. He said reported earnings included unusually large figures associated with the company’s previously disclosed strategic actions, capital issuance and loan sales.
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Margin, Capital and Asset Quality The company reported net interest margin of 3.03%, exceeding its previously discussed range of 2.90% to 3.00%, according to O'Brien. The margin performance came despite reversals of roughly $1 million in interest receivable accruals, while deposit costs continued to decline.
BCB sold mostly criticized and classified loans totaling more than $200 million during the quarter and wrote down another $100 million of loans to fair market value, O'Brien said. The measures were intended to address loan-quality issues that had affected the bank in recent periods.
At the start of the fourth quarter, BCB had an allowance for credit losses of $70 million, representing more than 3% of loans, and nonperforming loans of approximately $22 million, O'Brien said. Chief Financial Officer and Treasurer Jawad Chaudhry said classified loans declined 70%, to $46 million from $160 million, while reserve coverage on classified loans rose to 150% from 28%.
Management also conducted a loan-by-loan review of credits above roughly $1 million in advance of its capital raise. The review resulted in $77 million of loans previously rated pass being downgraded to special mention or substandard. O'Brien said the company marked nearly $100 million of loans to market and believes its review process identified and accounted for residual credit risk.
“It is a risk business, so I can never say never,” O'Brien said in response to a question on additional credit losses. “But I do not know what else we could have done to identify and price the credits that we have concern of potential loss in.”
Cannabis Portfolio and Other Lending Updates BCB continues to expect a sale of its remaining cannabis loan and deposit portfolio during the fourth quarter. O'Brien said the cannabis loans had been marked to market as of Sept. 30 and were performing. He estimated the portfolio includes approximately $70 million in loans and $70 million to $80 million in deposits.
O'Brien said the company was “pretty far along” in the sale process and that no developments had emerged that would halt the transaction.
Chaudhry said criticized loans totaled $153 million at the end of the third quarter, down from $207 million in the second quarter. He also provided an update on the Business Express loan portfolio, which had a balance of about $65 million. The portfolio generated close to $1 million of losses during the third quarter, compared with an average of $3.7 million in quarterly losses through the middle of the prior year, according to Chaudhry.
Reserve coverage for the Business Express portfolio increased to nearly 18% from approximately 15% in the second quarter, Chaudhry said.
Deferred Tax Asset and Expenses The company recorded a 100% valuation allowance against its deferred tax asset, totaling $60 million, following restructuring actions and prior-year losses. O'Brien said the allowance could be reversed when management determines that future profitability over several quarters supports such a change.
In response to a question about timing, O'Brien described the accounting treatment as “binary” and said the company might first reconsider the valuation allowance by the end of 2027, assuming both the quantity and quality of earnings over the next five quarters support that conclusion.
Management expects elevated professional and legal expenses to continue in the fourth quarter as it completes remaining strategic initiatives, including the cannabis transaction, the cleanup of loans held for sale and a planned reincorporation in Delaware expected in mid-November.
Chaudhry estimated that approximately $2.5 million to $3 million of third-quarter expenses were elevated due to transactions completed during the period. He said a good portion of those costs should decline in the fourth quarter, though management did not provide a precise estimate and expects to offer fuller expense guidance when it reports fourth-quarter results.
Outlook O'Brien said two larger problem loans were paid in full during the quarter and management expects additional individual problem loans to be resolved favorably in the fourth quarter. He said the company’s capital raise was successful and that the stronger capital position was preferable to alternatives that could have been more damaging to shareholders.
The CEO said BCB has strengthened its executive ranks and added two directors with public-company experience. Looking ahead, he said management expects the work completed to improve the company’s outlook, while acknowledging that the business remains exposed to normal credit risk.
“The diligence in the process and the carefulness that we exercise in terms of assigning risk and potential for loss, I think, is going to give us the protection that we all expect and demand from the bank,” O'Brien said.
About BCB Bancorp, Inc. (NJ) (NASDAQ:BCBP)BCB Bancorp, Inc is the bank holding company for BCB Community Bank, a full-service community bank headquartered in Bayonne, New Jersey. The bank provides deposit products, residential and commercial real estate lending, commercial and industrial loans, consumer loans, and other banking services to individuals, families, businesses, and nonprofit organizations.
BCB Community Bank serves customers through a branch network and digital banking channels in communities across New Jersey and parts of New York.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Key Takeaways Seadrill is set to report Q3 earnings on Nov. 3, with EPS estimated at 20 cents and revenues at $382 million.Rising offshore investments, higher crude prices and a strong backlog are expected to support SDRL's results.Inflation in labor & material costs may pressure Seadrill's profits, while its Earnings ESP stands at -17.95%.
Seadrill Limited (SDRL - Free Report) is set to report third-quarter 2026 results on Nov. 3, after market close.
Let us delve into the factors that are likely to have influenced the performance of this leading offshore driller. However, before that, it would be worth reviewing SDRL’s performance in the previous quarter.
SDRL’s Highlights of Q2 Earnings & Surprise History
In the last reported quarter, Seadrill’s earnings of 47 cents per share beat the Zacks Consensus Estimate of 29 cents. SDRL’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, missing the other twice, delivering an average surprise of -10.47%. This is depicted in the graph below:
The Zacks Consensus Estimate for third-quarter earnings per share (EPS) is pegged at 20 cents, with one upward and no downward revisions over the past 30 days. The bottom-line estimate implies an improvement of 217.7% from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $382 million, indicating a year-over-year improvement of 5.2%.
Factors to Note for SDRL
Seadrill provides offshore drilling services to the oil and gas industry. The company is expected to have delivered stable performance in the third quarter, supported by increasing upstream activity and offshore investments. The commodity pricing environment remained favorable for upstream companies to increase drilling activity during the quarter.
Per data from the U.S. Energy Information Administration, the West Texas Intermediate spot crude averaged $80.46 per barrel in July and $83.90 per barrel in August, further increasing to $97.31 per barrel in September. Rising exploration activity and SDRL’s strong backlog are expected to have contributed positively to its earnings.
However, challenges are likely to have loomed, particularly due to inflation in labor and material costs, which is expected to have increased operating expenses and weighed on its profits in the to-be-reported quarter. These factors are likely to have affected the offshore driller’s financial performance in the third quarter.
SDRL’s Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Seadrill this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you will see below.
Earnings ESP: Seadrill’s Earnings ESP is -17.95%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #3.
Stocks to Consider
Here are some better-ranked stocks that you may want to consider, as these, too, have the right combination of elements to post an earnings beat this reporting cycle.
EOG Resources (EOG - Free Report) has an Earnings ESP of +0.79% and a Zacks Rank #2 at present. EOG is scheduled to release third-quarter 2026 earnings on Nov. 5.
The Zacks Consensus Estimate for its earnings is pegged at $4.45 per share, suggesting a 64.2% improvement from the prior-year reported figure.
BP plc (BP - Free Report) has an Earnings ESP of +7.13% and a Zacks Rank #1. It is scheduled to release third-quarter 2026 earnings on Oct. 30.
The Zacks Consensus Estimate for BP’s earnings is pegged at $2.66 per share, suggesting a 212.9% increase from the prior-year reported figure.
ConocoPhillips (COP - Free Report) has an Earnings ESP of +4.50% and a Zacks Rank #1. It is scheduled to release third-quarter 2026 earnings on Nov. 5. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for COP’s earnings is pegged at $2.97 per share, suggesting an 84.5% increase from the prior-year reported figure.
Key Takeaways Rigetti's analyst price targets imply 137.5% upside versus 99.6% for IonQ, despite its smaller revenue base.IonQ's Q2 revenues surged 287% to $80.1M, backed by system deployments and $485M in remaining obligations.Rigetti's 185% revenue growth, $541.3M cash position and 1,000-qubit roadmap face execution challenges.
The quantum computing race is increasingly becoming a contest between technological ambition and commercial execution. As companies push to build more powerful quantum systems, investors are looking for evidence that these breakthroughs can translate into scalable products, stronger customer demand and sustainable revenue growth.
That contrast was evident in the latest earnings updates from Rigetti Computing (RGTI - Free Report) and IonQ (IONQ - Free Report) , which are pursuing distinct paths to quantum computing leadership. Rigetti is advancing its superconducting, chiplet-based architecture, with continued improvements to its 108-qubit Cepheus-1 system and a roadmap targeting approximately 1,000 qubits over the next three years. IonQ, meanwhile, is accelerating its shift toward semiconductor-based quantum systems using electronic qubit control, while expanding its footprint across quantum computing, networking, sensing and cybersecurity following its acquisition of SkyWater Technology.
The financial gap between the two companies remains substantial. Rigetti reported second-quarter 2026 revenues of $5.1 million, up 185% year over year, primarily driven by on-premises quantum processing unit sales. IonQ generated $80.1 million in revenues, surging 287% year over year and beating its own expectations by 20%, supported by growing quantum computer deployments and broader platform demand. While Rigetti highlighted a potential $100 million U.S. Department of Commerce funding opportunity, IonQ raised its full-year revenue outlook to $280-$290 million and reported $485 million in remaining performance obligations.
With both companies investing heavily to advance their respective technologies, the key question is which has the stronger combination of commercial traction, technological progress and financial resources to support its next phase of growth.
Let's take a closer look at how RGTI and IONQ stack up.
Image Source: Zacks Investment Research
Rigetti's Growth CatalystsRigetti's second-quarter performance highlighted improving commercial traction, with revenues surging 185% year over year to $5.1 million, primarily driven by on-premises Novera quantum processing unit sales, while gross margin expanded to 43% from 31% a year ago. The company continues to advance its 108-qubit Cepheus-1 system and chiplet-based architecture, targeting approximately 1,000 qubits in about three years.
Growth opportunities are also supported by an expanded collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center to develop hybrid quantum-classical computing capabilities, along with a letter of intent with the U.S. Department of Commerce for up to $100 million in potential CHIPS Act funding. Rigetti ended the quarter with $541.3 million in cash, cash equivalents and available-for-sale investments and no debt, providing financial flexibility to support its technology roadmap.
What's Holding Rigetti BackRigetti's key challenge remains converting technical progress into sustained commercial growth. Despite strong percentage gains, quarterly revenues stood at just $5.1 million, while operating expenses increased to $30.3 million from $20.4 million a year ago, reflecting higher investments in research and development, chip design, fabrication and refrigeration infrastructure. The operating loss widened to $28.1 million from $19.9 million in the prior-year quarter.
Technologically, management must improve Cepheus-1's two-qubit gate fidelity, currently around 99.1%, and address coherence-time limitations before scaling toward larger systems. The company expects fidelity improvements before year-end, but execution risks remain as it works toward its 1,000-qubit target. Moreover, the proposed Department of Commerce funding is not yet covered by a definitive agreement and could involve equity issuance, leaving uncertainty around both funding availability and potential shareholder dilution.
IONQ's Growth DriversIonQ's second-quarter 2026 results highlighted strong commercial momentum, with revenues surging 287% year over year to $80.1 million, marking its fifth consecutive quarter of record results. Growth was driven primarily by deployments of its fifth-generation quantum computing systems, including deliveries to the Korea Institute of Science and Technology Information and progress on a new system for QuantumBasel. The company is also advancing its transition to semiconductor-based quantum processors using electronic qubit control, with fully integrated prototypes received from SkyWater Technology and system commissioning planned for 2027.
The SkyWater acquisition strengthens IonQ's manufacturing capabilities, while its expanding quantum networking, sensing and cybersecurity businesses provide additional growth opportunities. IonQ ended the quarter with $485 million in remaining performance obligations, up from $122 million a year ago, and raised its full-year 2026 revenue outlook to $280-$290 million. Management also expects approximately 100% organic revenue growth for the year.
What Could Slow IONQ's MomentumDespite rapid revenue growth, IonQ continues to face significant spending and execution risks as it scales its quantum platform and integrates SkyWater Technology. Second-quarter GAAP operating expenses reached $417.3 million, including $160.6 million in research and development, while adjusted EBITDA remained negative at $120.3 million. The company also reported a GAAP net loss of $1.9 billion, primarily reflecting a roughly $1.6 billion noncash impact from warrant revaluation.
Although management expects vertical integration to lower quantum hardware development costs over time, the benefits will depend on successful manufacturing execution, operational integration and continued progress in semiconductor-based systems. IonQ has not yet provided combined-company revenue or EBITDA guidance following the SkyWater acquisition, citing the need to integrate operations and assess accounting adjustments. These factors, alongside the substantial investment required to advance its technology roadmap, could weigh on near-term profitability even as revenues expand.
2026 Estimates: RGTI Vs. IONQThe Zacks Consensus Estimate for RGTI’s 2026 bottom line is pegged at a loss of 19 cents per share, implying a 70.3% improvement over the 2025 reported figure.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for IONQ’s 2026 bottom line is pegged at a loss of $1.26 per share, implying 30.8% growth over the 2025 reported loss.
Image Source: Zacks Investment Research
Bullish Price Target for RGTI Over IONQBased on short-term price targets offered by 13 analysts, the average price target for IONQ represents an increase of 99.6% from the last closing price of $32.95.
Image Source: Zacks Investment Research
Based on short-term price targets offered by 11 analysts, the average price target for RGTI represents an increase of 137.5% from the last closing price of $12.44.
Image Source: Zacks Investment Research
Final Take: RGTI or IONQ?IonQ holds an edge in commercial traction, supported by stronger revenue visibility and a broader quantum computing platform. Rigetti's opportunity hinges on improving system performance, scaling its chiplet-based architecture and securing government support. While IonQ has greater commercial momentum, Rigetti could gain ground if it meets its technology milestones.
The Zacks Rank provides another perspective on the two stocks, with Rigetti carrying a Zacks Rank #3 (Hold) and IonQ a Zacks Rank #4 (Sell). Although IonQ's revenue scale and forward guidance stand out, its substantial operating expenses and continued investment requirements remain important considerations. Rigetti, in turn, has a sizable cash position and no debt but must translate its technical progress into more consistent commercial growth.
Both companies offer exposure to the emerging quantum computing market, but their ability to advance their respective technologies, secure customer deployments and manage investment requirements will be critical to their long-term prospects.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
, /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces a class action lawsuit on behalf of purchasers of common stock of Everest Group, Ltd. (NYSE: EG) between February 8, 2024 and October 27, 2025, both dates inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 28, 2026.
So what: If you purchased Everest Group common stock you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
What to do next: To join the Everest Group class action, go to https://rosenlegal.com/cases/everest-group-ltd/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 28, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
Details of the case: According to the lawsuit, throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (1) Everest remained materially exposed to and concentrated in casualty risks subject to escalating claim costs, including business Defendants claimed Everest had reduced or exited; (2) Everest had inadequately priced portions of that business; (3) Everest's reserves were insufficient, causing it to understate its liabilities and expenses and materially overstate its earnings; and (4) addressing these problems would require substantial reserve charges, protection against further adverse development, and reductions in Everest's casualty business, thereby sacrificing recurring premium revenue. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Everest Group class action, go to https://rosenlegal.com/cases/everest-group-ltd/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
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The Rosen Law Firm, P.A.
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Everest Group, Ltd. (EG) Q3 2026 Earnings Call October 29, 2026 8:00 AM EDT
Company Participants
Matthew Rohrmann - Senior VP & Head of Investor Relations
James Williamson - CEO, President & Director
Elias Habayeb - Group CFO & Executive VP
Conference Call Participants
Taylor Scott - Barclays Bank PLC, Research Division
Andrew Andersen - Jefferies LLC, Research Division
Meyer Shields - Keefe, Bruyette, & Woods, Inc., Research Division
Charles Peters - Raymond James & Associates, Inc., Research Division
Joshua Shanker - BofA Securities, Research Division
Rowland Mayor - RBC Capital Markets, Research Division
Christopher Hartwell - Bernstein Autonomous LLP
Michael Zaremski - BMO Capital Markets Equity Research
Yaron Kinar - Mizuho Securities USA LLC, Research Division
Brian Meredith - UBS Investment Bank, Research Division
David Motemaden - Evercore ISI Institutional Equities, Research Division
Matthew Heimermann - Citigroup Inc., Research Division
Elyse Greenspan - Wells Fargo Securities, LLC, Research Division
Tracy Benguigui - Wolfe Research, LLC
Ryan Tunis - Cantor Fitzgerald & Co., Research Division
Presentation
Operator
Welcome to the Everest Group Limited Third Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Matthew Rohrmann, Senior Vice President, Head of Investor Relations. Please go ahead.
Matthew Rohrmann
Senior VP & Head of Investor Relations
Thank you, Drew. Good morning, everyone, and welcome to Everest Group Limited Third Quarter of 2026 Earnings Conference Call. The Everest executives leading today's call are Jim Williamson, President and CEO; and Elias Habayeb, Executive Vice President and CFO. We're also joined by other members of the Everest management team.
Before we begin, I'll preface the comments by noting that today's call will include forward-looking statements. Actual results may differ materially, and we undertake no obligation to publicly update forward-looking statements. Please note that forward-looking statements, including estimates, projections and forecasts of future results are subject to the risks, uncertainties and assumptions
Key Takeaways EG's Q3 operating EPS of $7.62 missed estimates by 18.8%, while revenues fell 14% to $3.71 billion.EG's underwriting loss widened to $223 million as catastrophe losses pushed the combined ratio to 107.1%.EG's investment income rose 17.4% to a record $634 million, while shareholder returns totaled $550 million.
Everest Group, Ltd. (EG - Free Report) reported third-quarter 2026 operating income of $7.62 per share, which missed the Zacks Consensus Estimate of $9.38 by 18.8%. The bottom line increased 1.1% year over year.
Total revenues of $3.71 billion declined 14% year over year and missed the Zacks Consensus Estimate of $3.84 billion by 3.3%. Higher catastrophe losses and adverse prior-year reserve development weighed on underwriting profitability. Lower earned premiums hurt the top line despite strong investment income growth.
EG's Q3 Operational UpdateGross written premiums declined 14.5% year over year to $3.74 billion, reflecting lower contributions from Reinsurance Treaty and Legacy businesses.
Net investment income increased 17.4% year over year to a quarterly record of $634 million, driven by strong private equity performance.
Total claims and expenses declined 14.9% to $3.45 billion, primarily reflecting lower incurred losses and loss adjustment expenses, commissions, brokerage, taxes and fees, and other underwriting expenses.
The company reported an underwriting loss of $223 million, wider than the year-ago loss of $130 million.
The combined ratio deteriorated 370 basis points year over year to 107.1%, reflecting elevated catastrophe losses and adverse reserve development.
Everest's Reinsurance Treaty Business Faces PressureReinsurance Treaty gross written premiums declined 5.3% year over year to $2.72 billion. On a comparable basis, premiums fell 6.2%, as targeted reductions in U.S. casualty business more than offset growth in speciality lines. Net premiums earned fell 13% to $2.24 billion. The segment recorded an underwriting loss of $191 million against the underwriting income of $335 million in the year-ago quarter.
The combined ratio deteriorated 2,150 basis points to 108.5%, reflecting higher catastrophe losses and unfavorable prior-year reserve development.
EG's Global Wholesale & Specialty Business ExpandsGlobal Wholesale & Specialty generated gross written premiums of $948 million, up 3.3% year over year. Deliberate reductions in U.S. property and casualty exposures partially offset growth in niche specialty lines and international operations. Net premiums earned declined 4.3% to $705 million.
The segment's underwriting income decreased 42.2% to $19 million. Its combined ratio deteriorated 150 basis points to 97.3%, reflecting increased catastrophe losses and underwriting expenses.
Everest's Legacy Business Reflects Portfolio RunoffThe Legacy segment's gross written premiums declined 86.7% year over year to $79 million, reflecting the ongoing runoff of the commercial retail insurance business. Net premiums earned decreased 61.5% to $208 million.
The segment recorded an underwriting loss of $51 million, considerably narrower than the year-ago loss of $498 million.
Everest's Financial PositionEverest exited the third quarter with total investments and cash of $43.97 billion, down 3.2% from the 2025-end level. Shareholders' equity declined 7.8% to $14.25 billion.
Book value per share increased to $381.04 from $379.83 at 2025-end.
Cash flow from operations totaled $1.61 billion for the first nine months of 2026, down 53.7% year over year.
Annualized net operating return on average equity was 7.4%, down from 8.2% a year earlier.
Capital Deployment of EGEG returned approximately $550 million to shareholders during the third quarter, including $474 million in share repurchases and $75 million in common dividends. It paid a dividend of $2 per share and repurchased approximately 1.3 million shares.
EG’s Zacks RankEverest Group currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other InsurersChubb Limited (CB - Free Report) reported third-quarter 2026 core operating earnings of $7.66 per share, which beat the Zacks Consensus Estimate of $6.53 by 17.3%. The bottom line increased 0.8% year over year. Revenues of $16.81 billion surpassed the consensus mark of $16.72 billion by 0.55%.
Consolidated net premiums earned rose 3.9% year over year to $14.92 billion. P&C underwriting income declined 8.8% year over year to $2.06 billion. The combined ratio deteriorated 230 basis points to 84.1%. The Zacks Consensus Estimate is pegged at 87.
The Travelers Companies, Inc. (TRV - Free Report) reported third-quarter 2026 core earnings of $9.18 per share, which beat the Zacks Consensus Estimate of $7.07 by 29.8%. The bottom line increased 12.8% year over year. Revenues of $12.45 billion surpassed the consensus estimate of $12.40 billion by 0.4% and remained nearly flat year over year. Net written premiums totaled $11.48 billion during the quarter. Travelers generated core income of $1.95 billion, up 4.3% year over year, while net income increased 1.5% to $1.92 billion
Arch Capital Group Ltd. (ACGL - Free Report) reported third-quarter 2026 operating income of $2.67 per share, which beat the Zacks Consensus Estimate by 24.2%. The bottom line declined 3.6% year over year. Operating revenues of $4.47 billion decreased 5.2% year over year, primarily due to lower net premiums earned and net realized investment losses. Revenues beat the Zacks Consensus Estimate by 0.3%. Gross premiums written decreased 0.4% year over year to $5.39 billion. Arch Capital Group’s underwriting income declined 19.4% year over year to $702 million. The combined ratio, representing the percentage of premiums paid out as claims and expenses, deteriorated 270 basis points to 82.5 year over year, beating the Zacks Consensus Estimate of 88.6 and our model estimate of 92.1.
Associated Banc-Corp (ASB - Free Report) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.
The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.
Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.
Therefore, the Zacks rating upgrade for Associated Banc-Corp basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Associated Banc-Corp imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for Associated Banc-CorpThis bank holding company is expected to earn $2.99 per share for the fiscal year ending December 2026, which represents no year-over-year change.
Analysts have been steadily raising their estimates for Associated Banc-Corp. Over the past three months, the Zacks Consensus Estimate for the company has increased 3%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Associated Banc-Corp to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
