Cadence Design Systems dosáhla ve čtvrtletí končícím v září 2026 upraveného zisku 2,11 USD na akcii a tržeb ve výši 1,63 mld. USD, čímž překonala očekávání.
Cadence Design Systems (CDNS - Free Report) came out with quarterly earnings of $2.11 per share, beating the Zacks Consensus Estimate of $2.04 per share. This compares to earnings of $1.93 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +3.43%. A quarter ago, it was expected that this maker of hardware and software products for validating chip designs would post earnings of $2.05 per share when it actually produced earnings of $2.11, delivering a surprise of +2.93%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Cadence, which belongs to the Zacks Computer - Software industry, posted revenues of $1.63 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.43%. This compares to year-ago revenues of $1.34 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Cadence shares have added about 1.3% since the beginning of the year versus the S&P 500's gain of 11.4%.
What's Next for Cadence?While Cadence has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Cadence was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.03 on $1.66 billion in revenues for the coming quarter and $8.14 on $6.32 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Computer - Software is currently in the top 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Commvault Systems (CVLT - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026. The results are expected to be released on October 27.
This data-management software company is expected to post quarterly earnings of $1.25 per share in its upcoming report, which represents a year-over-year change of +37.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Commvault Systems' revenues are expected to be $310.8 million, up 12.5% from the year-ago quarter.
DoorDash is in advanced talks to acquire Instacart in a deal that could value the grocery-delivery platform at about $17 billion, a source familiar with the matter told Reuters on Monday.
A deal may be finalized as soon as Wednesday, although there are no guarantees it will come together, the person said. Instacart’s deal talks with Uber are no longer active, the person added.
Shares of Instacart, which had a market value of about $13 billion as of Friday’s close, rose about 8% in regular trading, while DoorDash fell around 6%.
DoorDash is in advanced talks to acquire Instacart in a deal that could value the grocery-delivery platform at about $17 billion. Mojahid Mottakin – stock.adobe.com The Wall Street Journal first reported the developments on Monday.
The food delivery industry has been grappling with rising labor costs, tighter regulation of delivery workers and growing competition after the pandemic-driven boom in online ordering faded.
The potential deal comes as delivery companies expand into grocery and retail to drive growth beyond restaurant delivery, with DoorDash buying Deliveroo and Uber acquiring Postmates and Delivery Hero.
If successful, the acquisition of Instacart would give DoorDash access to the platform’s established marketplace and retailer ties, which it could combine with its own vast delivery network and customer base.
The grocery platform has been exploring a possible sale and has held preliminary discussions with potential buyers including Uber and DoorDash, the Information reported on Friday, citing people familiar with the matter.
Shares of Instacart, which had a market value of about $13 billion as of Friday’s close, rose about 8% in regular trading. REUTERS Instacart declined to comment when contacted by Reuters, while Uber and DoorDash did not immediately respond.
“Strategically, DoorDash looks like the more natural fit for Instacart, given the complementary strengths of its restaurant delivery network and Instacart’s grocery expertise,” said Nick Smith, co-founder of growth strategy consultancy Manifesto Growth Architects.
“For Uber, the opportunity would be to deepen its position as an everyday convenience platform. But an acquisition only makes sense if it delivers incremental customer value and profitable growth — not simply greater scale.”
Separately, Instacart said in a regulatory filing on Monday it would wind down its Caper Cart smart shopping-cart business by the end of the second quarter of 2027, expecting pre-tax charges of $55 million to $80 million related to the move.
Principal Financial vykázala za čtvrtletí EPS ve výši 2,22 USD, což je pod odhadem 2,46 USD, a tržby ve výši 4,28 mld. USD, tedy o 0,8 % pod konsensem.
Principal Financial (PFG - Free Report) came out with quarterly earnings of $2.22 per share, missing the Zacks Consensus Estimate of $2.46 per share. This compares to earnings of $2.1 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -9.76%. A quarter ago, it was expected that this financial services company would post earnings of $2.33 per share when it actually produced earnings of $2.5, delivering a surprise of +7.3%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Principal Financial, which belongs to the Zacks Insurance - Multi line industry, posted revenues of $4.28 billion for the quarter ended September 2026, missing the Zacks Consensus Estimate by 0.8%. This compares to year-ago revenues of $3.9 billion. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Principal Financial shares have added about 23.1% since the beginning of the year versus the S&P 500's gain of 11.4%.
What's Next for Principal Financial?While Principal Financial has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Principal Financial was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.44 on $4.39 billion in revenues for the coming quarter and $9.44 on $16.22 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Multi line is currently in the bottom 22% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Equitable Holdings, Inc. (EQH - Free Report) , has yet to report results for the quarter ended September 2026. The results are expected to be released on November 2.
This company is expected to post quarterly earnings of $1.87 per share in its upcoming report, which represents a year-over-year change of +26.4%. The consensus EPS estimate for the quarter has been revised 0.2% lower over the last 30 days to the current level.
Equitable Holdings, Inc.'s revenues are expected to be $3.9 billion, up 4.4% from the year-ago quarter.
Společnost Simpson Manufacturing ve čtvrtletí končícím v září 2026 vykázala upravený zisk 2,68 USD na akcii a tržby ve výši 638,13 mil. USD, čímž překonala odhady.
Simpson Manufacturing (SSD - Free Report) came out with quarterly earnings of $2.68 per share, beating the Zacks Consensus Estimate of $2.47 per share. This compares to earnings of $2.58 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +8.50%. A quarter ago, it was expected that this building materials company would post earnings of $2.72 per share when it actually produced earnings of $3.09, delivering a surprise of +13.6%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Simpson Manufacturing, which belongs to the Zacks Building Products - Miscellaneous industry, posted revenues of $638.13 million for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 2.43%. This compares to year-ago revenues of $623.51 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Simpson Manufacturing shares have added about 14.2% since the beginning of the year versus the S&P 500's gain of 11.4%.
What's Next for Simpson Manufacturing?While Simpson Manufacturing has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Simpson Manufacturing was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.54 on $535 million in revenues for the coming quarter and $9.28 on $2.42 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Miscellaneous is currently in the bottom 14% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Titan America (TTAM - Free Report) , is yet to report results for the quarter ended September 2026. The results are expected to be released on November 4.
This manufacturer and supplier of heavy building materials is expected to post quarterly earnings of $0.38 per share in its upcoming report, which represents a year-over-year change of +22.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Titan America's revenues are expected to be $482.07 million, up 10.4% from the year-ago quarter.
For the quarter ended September 2026, Brixmor Property (BRX - Free Report) reported revenue of $359.6 million, up 5.5% over the same period last year. EPS came in at $0.60, compared to $0.31 in the year-ago quarter.
The reported revenue represents a surprise of +0.98% over the Zacks Consensus Estimate of $356.11 million. With the consensus EPS estimate being $0.59, the EPS surprise was +1.7%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Brixmor performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenues- Rental income: $358.55 million versus $356.32 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +5.3% change.Revenues- Other revenues: $1.05 million versus the three-analyst average estimate of $0.31 million. The reported number represents a year-over-year change of +367.6%.Income (loss) attributable to common stockholders- Diluted: $0.28 versus $0.22 estimated by three analysts on average.View all Key Company Metrics for Brixmor here>>>
Shares of Brixmor have returned +0.2% over the past month versus the Zacks S&P 500 composite's -1.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Rosen Law Firm prověřuje možné nároky akcionářů společnosti Cooper Companies kvůli údajným zavádějícím informacím. Akcie COO 10. září 2026 klesly o 14,6 % v reakci na slabý výhled.
Why: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of The Cooper Companies, Inc. (NASDAQ: COO) resulting from allegations that Cooper Companies may have issued materially misleading business information to the investing public.
So What: If you purchased Cooper Companies securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
What to do next: To join the prospective class action, go to https://rosenlegal.com/cases/the-cooper-companies-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
What is this about: On September 10, 2026, The Motley Fool published an article entitled "Why is Cooper Companies Stock Down 15% Today?". The article stated that Cooper Companies stock fell "after the company's earnings report disappointed Wall Street with weak guidance and a decision to not sell CooperSurgical."
On this news, Cooper Companies's stock fell 14.6% on September 10, 2026.
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 litigate securities class actions. 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.
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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Dorman Products vykázala za čtvrtletí zisk na akcii (EPS) ve výši 2,08 USD, což překonalo odhad 1,97 USD, zatímco tržby ve výši 561,72 mil. USD mírně zaostaly za konsensem.
Dorman Products (DORM - Free Report) came out with quarterly earnings of $2.08 per share, beating the Zacks Consensus Estimate of $1.97 per share. This compares to earnings of $2.62 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +5.58%. A quarter ago, it was expected that this distributor of parts to automotive retailers would post earnings of $1.78 per share when it actually produced earnings of $3.08, delivering a surprise of +73.03%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Dorman Products, which belongs to the Zacks Automotive - Replacement Parts industry, posted revenues of $561.72 million for the quarter ended September 2026, missing the Zacks Consensus Estimate by 0.25%. This compares to year-ago revenues of $543.74 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Dorman Products shares have added about 1.7% since the beginning of the year versus the S&P 500's gain of 11.4%.
What's Next for Dorman Products?While Dorman Products has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Dorman Products was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.03 on $568.15 million in revenues for the coming quarter and $8.65 on $2.2 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Automotive - Replacement Parts is currently in the bottom 5% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Motorcar Parts (MPAA - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026.
This maker of remanufactured vehicle alternators and starters is expected to post quarterly earnings of $0.18 per share in its upcoming report, which represents a year-over-year change of +5.9%. The consensus EPS estimate for the quarter has been revised 18.8% higher over the last 30 days to the current level.
Motorcar Parts' revenues are expected to be $194.76 million, down 12.1% from the year-ago quarter.
Key Takeaways STRL has plunged more than 60% from its all-time high, creating a potential buy-the-dip opportunity.Sterling's Q3 earnings are projected to surge 74%, fueled by robust infrastructure demand.STRL is now trading at 18X forward earnings, well below its decade-long peak of 49X.
Sterling Infrastructure (STRL - Free Report) stock has fallen more than 60% from its 52-week and all-time high of over $1,000 a share, putting the infrastructure construction company on investors' radars ahead of its Q3 results on Wednesday, October 28, after the market closes.
With STRL still up 400% in the last three years and trading near $360 a share, the steep selloff may present a compelling buying opportunity as Sterling continues to benefit from surging demand for AI data centers, advanced manufacturing facilities, and other critical infrastructure projects.
Image Source: Zacks Investment Research
Sterling's Q3 ExpectationsSterling is expected to deliver another quarter of impressive growth, with the Zacks Consensus Estimate calling for Q3 earnings of $6.07 per share, representing a 74% increase from EPS of $3.48 in the prior-year quarter.
Quarterly revenue is projected to climb nearly 70% to $1.17 billion compared to $689.02 million a year ago, largely driven by the company's E-Infrastructure Solutions segment, which supports the construction of data centers, semiconductor facilities, and other large-scale industrial projects.
Notably, Sterling has surpassed earnings expectations for 14 consecutive quarters, posting an impressive average EPS surprise of 27.21% in its last four reports.
Furthermore, Sterling ended Q2 with a record $4.33 billion backlog, up 116% year over year and providing considerable revenue visibility as demand for mission-critical infrastructure continues to accelerate.
Image Source: Zacks Investment Research
STRL's Valuation Looks Much More AttractiveFollowing its dramatic pullback, Sterling stock trades at 18X forward earnings, a much more reasonable valuation considering the company's exceptional growth trajectory.
Encouragingly, STRL now trades at a discount to the benchmark S&P 500 and its Zacks Engineering - R and D Services industry average, while trading well below its decade-long peak of 49X forward earnings and closer to its median of 14X during this period.
Adding to the appeal, Sterling raised its full-year 2026 guidance following Q2, projecting adjusted EPS of $19.70-$20.30 per share, with the $20 midpoint representing an 84% increase from 2025.
Meanwhile, revenue is expected to reach $4-$4.15 billion, reflecting roughly 64% growth at the midpoint.
Although concerns about elevated AI infrastructure spending and the sustainability of hyperscaler capital expenditures remain risks, Sterling's rapidly expanding backlog and earnings outlook suggest the recent selloff may be excessive.
Image Source: Zacks Investment Research
Bottom LineSterling Infrastructure stands out as one of the more intriguing buy-the-dip targets ahead of its Q3 earnings, particularly for investors seeking exposure to the ongoing AI infrastructure buildout at a more reasonable valuation.
Supporting this outlook, STRL currently sports a Zacks Rank #2 (Buy), with its robust earnings momentum, substantial backlog, and increasingly attractive valuation suggesting meaningful upside potential if Sterling delivers another strong quarterly report.
Akcie Joby Aviation letos klesly zhruba z 13 USD až pod 5 USD a obchodují se poblíž 52týdenního minima kolem 4,40 USD; trh čeká na komercializaci aerotaxi.
Joby Aviation (JOBY -1.47%) stock is deep in a rut. After starting the year at about $13 a share, it has fallen below $5 and is hovering near its 52-week low of about $4.40.
Nothing seems to be coming to Joby's aid, either. Neither the completion of its first-ever coast-to-coast autonomous flight (in a Cessna equipped with Joby's technology) nor its plans to acquire the profitable defense company Resonant Sciences have done much to lift its share value in 2026. The sparkle, it seems, has been wiped from Wall Street's eyes, and the decline in similar stocks, like Archer Aviation, seems to confirm waning enthusiasm for the nascent eVTOL (electric vertical takeoff and landing) industry.
Image source: Joby Aviation.
And yet Joby has been here before. A few times, in fact. Each past downturn has given way to spectacular recoveries, even while its air taxi has remained under development. That leaves the question: Can Joby do it again? And if so, what does it need to do?
$4.69-$0.07 (-1.47%)
NYSE · As of 4:00 PM ET 10/26/26
A familiar flight path for Joby stock
It wasn't that long ago that Joby Aviation traded around today's price. Indeed, the stock has spent virtually all of its short life in the single digits, with occasional bursts into the double-digit zone after encouraging news.
For example, after going public in 2021, Joby rarely traded above $10. That changed on June 30, 2023, when Joby received a Special Airworthiness Certificate from the Federal Aviation Administration (FAA) to begin flight testing its eVTOL prototype.
The stock then fell back into single digits in July 2023, and it would take nearly two more years before Joby stock would rally again to double digits. In May 2025, news broke that Joby had closed a $250 million investment from Toyota Motor. That, along with President Trump's executive order supporting eVTOLs and Joby's successful flight tests in Dubai, helped the stock break the $10 mark. It then flew upward to $20 before valuation concerns and other uncertainties clipped its wings, bringing it back down to its current price.
What does this mean for Joby investors?
If anything, history shows that Joby can, and often does, recover after a decline. On the other hand, history also shows just how much sentiment -- whether positive or negative -- has been the primary driver behind Joby stock. Big news, rather than material growth, has driven the stock's biggest jumps, while concerns over valuation have led to its biggest losses.
It seems to me, however, that investors are no longer sensitive to Joby's big announcements, as 2026 has made clear. Wall Street has heard enough about flying taxis: It wants to see people booking flights. That is why the stock is falling, as it's unclear when it'll commercialize its air taxi business.
If history repeats, another major announcement, such as FAA type certification or the start of its passenger service, could send Joby back into double digits. I believe Joby could reach those milestones, which is why I think the stock is worth considering for aggressive investors willing to endure the volatility.
There was nothing new coming from Nu Holdings (NU -16.95%) on Monday, but that didn't stop Mr. Market from assertively selling the stock. Investors weren't necessarily passing judgment on the ambitious fintech's operations; rather, they were reacting to the impact Sunday's presidential runoff election might have on the country's enterprises. As with other Brazilian equities, Nu Holdings stock really took it on the chin, with a nearly 17% sell-off that trading session.
Meet the new boss, same as the old bossIn a result that was unexpected by many observers and members of the electorate, the leftist incumbent, Luiz Inácio Lula da Silva, won the election. He is to govern for another four years.
Image source: Getty Images.
While investors often cheer continuity at the top of a nation's government, Lula is a proponent of direct intervention in strategic enterprises (if not necessarily private enterprise in general). Investors worry that this will continue over the next few years, against a backdrop of a struggling economy and depreciating currency.
The Brazilian real took a significant hit post-election, declining in value against the U.S. dollar and other global currencies. The worry is that there will be more where that came from.
$12.59-$2.57 (-16.95%)
NYSE · As of 4:00 PM ET 10/26/26
Banking on tougher timesBanks and fintech companies are always strategic to any economy. Given that, to a degree, worries about Lula's reelection negatively impacting Nu Holdings are justified -- especially given that the bulk of the company's revenue, by far, comes from its home country.
However, Nu's next-generation financial services have proven highly useful in its historically underbanked home country, so I wouldn't fret about direct intervention in its business. Economic development and the trajectory of interest rates are greater concerns, as Nu's success remains tied to the strength of Brazilian consumers and borrowers.
Still, I think the company has grown to the point where it can weather a slump. What's more, that heavy Monday sell-off feels like an unsustainable panic reaction. Now might be a fine time to pick up Nu stock at a bargain price.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nu Holdings. The Motley Fool has a disclosure policy.
Eldorado Gold uvedla do provozu první dva filtrační lisy na hlušinu v dole Skouries v Řecku; zařízení nyní funguje nepřetržitě a před zahájením komerční produkce zvyšuje kapacitu zpracování rudy.
VANCOUVER, British Columbia, Oct. 26, 2026 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (TSX: ELD, NYSE: EGO) (“Eldorado” or the “Company”) is pleased to announce that the first two tailings filter presses at its Skouries mine in northern Greece are now operational, marking another important milestone toward commercial production. With these filter presses online, the plant is operating continuously and progressively increasing throughput as commissioning advances and the remaining filter presses are brought online. A video highlighting this milestone can be found here: https://youtu.be/245uSZzglHU.
The Skouries tailings filtration facility comprises six Metso filter presses which includes five operating units and one installed spare. Four operating filter presses are required to support commercial production on sulphide ore and five to achieve nameplate throughput. The sixth unit will provide installed spare capacity, providing operational flexibility and enabling maintenance activities with no loss of throughput. Commissioning of the remaining four filter presses is expected to be completed in November 2026.
"Bringing the filter presses online is an important commissioning milestone," said Christian Milau, President and Chief Executive Officer. "Filtered tailings are a cornerstone of Skouries' design and a key component of our Integrated Extractive Waste Management strategy. They reflect our commitment to implementing modern mining technologies that enhance environmental performance, support long-term operational reliability and maximize water recovery.”
Inside the filtered tailings facility
Stacking of tails
Commissioning and ramp-up activities continue across Skouries, with the focus on progressively increasing throughput and optimizing plant performance as the operation advances toward commercial production. Skouries is expected to produce on average 140,000 ounces of gold and 67 million pounds of copper annually over the life of mine.
Qualified Person
Simon Hille, FAusIMM, Executive Vice President, Chief Operating Officer, is the Qualified Person under National Instrument 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this news release and for verifying the technical data disclosed in this document relating to Skouries.
About Eldorado Gold
Eldorado is a gold, copper and base metals producer with mining, development and exploration operations in Canada, Türkiye, and Greece. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
Media
Chad Pederson, Director, Communications and Public Affairs
236 885 6251 or 1 888 353 8166 [email protected]
Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this news release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipate”, “believe”, “budget”, “continue”, “commitment”, “confident”, “estimate”, “expect”, "focus", “forecast”, “foresee”, “future”, “goal”, “guidance”, “intend”, “opportunity”, “outlook”, “plan”, “potential”, “project”, “prospective”, “schedule”, “strive”, “target”, “underway”, "working" or the negatives thereof or variations of such words and phrases or similar words or statements that certain actions, events or results “can”, “could”, "likely", "may", “might”, “will” or "would" be taken, occur or be achieved.
Forward-looking statements or information contained in this news release include, but is not limited to, statements or information with respect to: progress toward commercial production at Skouries; the number of operating filter presses required to support commercial production and achieve nameplate throughput; expectations relating to the sixth filter press as installed spare capacity and expected benefits thereof; expected completion of commissioning of the remaining filter presses and expected timing thereof; expected benefits of filtered tailings and modern mining technologies, including enhanced environmental performance, long-term operational reliability and water recovery; expected average annual gold and copper production over the life of mine; and generally our strategy, plans and goals.
Forward-looking statements and forward-looking information by their nature are based on a number of assumptions that management considers reasonable. However, if such assumptions prove to be inaccurate, then actual results, activities, performance, or achievements may be materially different from those described in the forward-looking statements or information. These include assumptions concerning, among other things: timing, costs and results of our construction and development activities, improvements and exploration, including at the Skouries mine, the McIlvenna Bay mine and our other operating mines and development projects; the current or future price of gold, copper and other commodities; the availability of financing for our exploration, development and operating activities and our ability to access existing project funding and remain in compliance with all covenants and contractual commitments related thereto; the geopolitical, economic, permitting and legal climate that we operate in, including recent disruptions to shipping operations in the Strait of Hormuz and Red Sea and any related shipping delays, shipping price increases, or impacts on the global energy market; availability of labour resources, including for construction, development and improvement activities; our ability to integrate the assets of Foran Mining Corporation, advance its exploration and development assets and to realize anticipated synergies and benefits therefrom; general business and economic conditions, including interest rates, inflation, commodity and power prices, credit and financial market conditions and the impact of foreign exchange rates and tax rates and related frameworks; anticipated values, costs, expenses and working capital requirements; production and metallurgical recoveries; Mineral Reserves and Mineral Resources; our ability to develop, finalize and execute on our updated five-year strategic plan through 2030; acts of governments and the outcome of any legal or regulatory proceedings or other disputes that we may be involved in; our ability to continue to make purchases under our normal course issuer bid and to pay dividends; the impact of acquisitions, dispositions, suspensions or delays on our business; our ability to manage and mitigate the risks associated with our use of technology and artificial intelligence; the expected vesting and redemption outcomes under our compensation securities; our ability to address the negative impacts of climate change and adverse weather; consistency of agglomeration and our ability to optimize it in the future; the cost of, and extent to which we use, essential consumables; the impact and effectiveness of productivity initiatives; the time and cost necessary for anticipated overhauls of equipment; expected by-product grades; the effectiveness of our hedging programs; and our ongoing relations with regulators, communities, and our partners.
More specifically, with respect to the Skouries mine and updates, we have made additional assumptions regarding: our ability to continue executing our plans relating to the Skouries mine on the estimated existing project timeline and consistent with the current planned project scope; the performance and availability of the filter presses and associated tailings handling infrastructure at the required capacity; successful completion of commissioning and ramp-up activities within the expected timelines; achievement of the anticipated filtration and water recovery performance; labour productivity, rates, and expected hours; inflation rates; the timeliness of shipping for important or critical items; our ability to continue accessing our project funding and remain in compliance with all covenants and contractual commitments related thereto; our ability to obtain and maintain all required approvals and permits, both overall and in a timely manner; the absence of further previously unidentified archaeological discoveries which would delay construction of various portions of the project; the future price of gold, copper, and other commodities; and the broader community engagement and social climate in respect of the Skouries mine.
In addition, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this news release. Even though we believe that the assumptions and expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statements or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.
Forward-looking statements or information contained in this news release are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements or information, including, but not limited to: commodity price risk; construction and development risks at the Skouries mine, the McIlvenna Bay mine and our other construction and development projects; changing political, economic and social conditions, including changes in governments, political systems or political dynamics, ongoing market uncertainty and global or regional geopolitical events, conflicts or disruptions; risks relating to our operations in foreign jurisdictions; risks relating to production and processing; risks relating to our improvement projects; risks relating to our ability to integrate the assets of Foran Mining Corporation, advance its exploration and development assets and realize anticipated synergies and benefits therefrom on the timelines expected or at all; delays and risks relating to surface construction, commissioning activities, ramp-up, and commercial production at McIlvenna Bay; our ability to obtain reliable supplies of power and water at a reasonable cost; risks relating to prices of commodities and consumables; our reliance on significant amounts of critical equipment; our reliance on infrastructure, commodities and consumables, including risks from volatility and inflationary pressures as a result from the ongoing international conflict in Iran; inflation risk; risks relating to fluctuations in the currency markets, including the Euro, Turkish lira, Canadian dollar and United States dollar; risks relating to community relations, social license and our ability to obtain or maintain required permits; risks relating to environmental matters and environmental monitoring and reporting; geotechnical and hydrogeological structures, conditions or failures, including our ability to completely understand such structures, to deal with pre-existing mineralogical, topographical or predecessor activities on or near our sites and to mitigate such conditions or failures at a reasonable cost or at all; regulatory requirements as they relate to mine plan approvals; compliance with the Extractive Sector Transparency Measures Act (Canada); waste disposal; mineral tenure; risks relating to permits, licenses and other authorizations, including our ability to obtain, maintain, and comply with the terms and conditions of such permits, licenses and other authorizations; risks relating to non-governmental organizations; reputational issues; risks relating to climate change, including risks relating to forest fires and water management; water collection, treatment and disposal operations at our mines, including the ability to manage unexpectedly large quantities of water; risk of spills or failure from our tailings operations (including circumstances beyond our control such as extreme weather, seismic events, prolonged droughts or heavy rainfall); environmental risks from our heap leaching operations, including hazardous materials management of our use of cyanide; risks relating to a change of control or actions of activist shareholders; estimation of Mineral Reserves and Mineral Resources; risks relating to replacement of Mineral Reserves; regulatory reviews and different standards used to prepare and report Mineral Reserves and Mineral Resources; risks relating to any pandemic, epidemic, endemic or similar public health threats; risks relating to our use of regulated substances; risks relating to acquisitions, including integration risks, and dispositions; risks relating to co-ownership of our properties; risks relating to volatility, volume fluctuations, and dilution risk in respect of our shares; competition risks; reliance on a limited number of smelters, refiners and off-takers, including risks related to accessibility, availability, proximity, and capacity of smelters, refiners and off-takers; information and operational technology systems; liquidity and financing risks; indebtedness, including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and changes in credit ratings; risks relating to total cash costs per ounce and all in sustaining costs, including in relation to the market price of gold and the Company’s profitability; interest rate risk; credit risk; tax matters; financial reporting, including relating to the carrying value of our assets and changes in reporting standards; the global economic environment; labour risks (including availability of labour resources, including for construction, development and improvement activities, and labour productivity); and risks relating to employee/union relations, employee and contractor misconduct, key personnel, skilled workforce, expatriates and contractors, reclamation and long-term obligations; turnover and attrition rates of labour, and related impacts thereof; the unavailability of insurance; risks relating to title and surface rights; risks relating to environmental, sustainability, health and safety, and governance matters; technology and cybersecurity risks; corruption, bribery, and sanctions; litigation and contracts, including counterparty risk; conflicts of interest; compliance with applicable laws, regulations, stock exchange rules and permitting requirements and the consequences of non-compliance, including suspension, substantial alteration or termination of our development activities or operations, monetary penalties or criminal proceedings in various jurisdictions; risks relating to tariffs and other trade barriers; and those risk factors discussed in the section titled “Risk Factors in Our Business” in the Company’s most recent Annual Information Form and Form 40-F. The reader is directed to carefully review our most recent Annual Information Form, Form 40-F and other regulatory filings filed on SEDAR+ and EDGAR under our Company name for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.
With respect to the Skouries mine, these risks, uncertainties and other factors may cause further delays in the completion of the construction and commissioning at the Skouries mine which in turn may cause delays in the commencement of production and further increases to the costs of the Skouries mine. The specific risks, uncertainties and other factors include, among others: our ability to efficiently manage the transitions from construction to commissioning to operations (including EPCM performance and owner team turnover); our ability to increase productivity by, among other things, adding or modifying labour shifts; rising labour costs or costs of key inputs such as materials, power and fuel; risks related to any unanticipated critical equipment defects or failures during the commissioning and ramp-up of operations; risks related to third-party contractors, including reduced control over aspects of the Company's operations, and/or the ability of contractors to perform at required levels and according to baseline schedules, costs of any engineering rework and any commercial disputes that may arise from a contractor’s failure to meet these requirements; the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost, or quality and the impact of any vendor data errors; impacts to overhead costs related to the schedule; our ability to construct key infrastructure within the required timelines, including the process plant, filter plant, substation, waste management facilities, embankments, tailings conveyors, and water management infrastructure; the timely receipt of necessary permits and authorizations and our ability to comply with the terms of existing and future permits and authorizations; differences between projected and actual degree of pre-strip required in the open pit; variability in metallurgical recoveries and concentrate quality due to factors such as extent and intensity of oxidation or presence of transition minerals; presence of additional structural features impacting hydrological and geotechnical considerations; variability in minerals or presence of substances that may have an impact on filtered tails performance and resulting bulk density of stockpiles or filtered tails; distribution of sulfides that may dilute concentrate and change the characteristics of tailings; unexpected disruptions to operations including protests, non-routine regulatory inspections, road conditions, on site or labour unrest; unexpected inclement weather and climate events, including wildfires, short and long duration rainfall and floods and other extreme weather events and our site's ability to respond to those events; our ability to meet pre-commercial producing mining or underground development targets; unexpected results from underground stopes; new archaeological discoveries requiring the completion of a regulatory process; changes in support from local communities; and our ability to meet the expectations of communities, governments, and stakeholders related to the Skouries mine. Our project capital and accelerated operational capital costs at Skouries are incurred primarily in Euros but are reported in US dollars and are therefore sensitive to fluctuations in the EUR/USD exchange rate.
The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada and the United States. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein.
Figures accompanying this announcement are available at
Společnost Perpetua Resources získala od americké armády ocenění až 40 milionů USD v programu sdílení nákladů na 36měsíční průzkum technické a ekonomické proveditelnosti produkce wolframového koncentrátu v historickém těžebním obvodu Stibnite v Idahu.
Agreement through Defense Ordnance Technology Consortium for Tungsten Exploration Adds Second Critical Mineral Pillar for Perpetua Resources
Program Focused on Drilling, Metallurgical Test Work and Construction of a Decline into Hangar Flats
Hangar Flats Decline to Access High-Grade Tungsten, 1.37 Million Ounces of Gold, and 95 Million Pounds of Antimony Not in Reserves
, /PRNewswire/ -- Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or "Perpetua" or the "Company") today announced a new 36-month, $40 million award through the U.S. Army's Defense Ordnance Technology Consortium ("DOTC") from the Portfolio Acquisition Executive Agile Sustainment & Ammunition ("PAE AS&A") located at Picatinny Arsenal, N.J. This award will fund a program to evaluate the technical and economic feasibility of producing tungsten concentrate at the historical Stibnite Mining District ("Stibnite") in Idaho. Structured as a cost-share program between the Company and the U.S. Government, funding will support drilling to define a potential tungsten mineral resource, collection of material for laboratory and bench-scale metallurgical testing and permitting and engineering of an exploration decline to access areas of known tungsten mineralization.
"Resilient mineral solutions start here in America," said Jon Cherry, Perpetua Resources President & CEO. "The U.S. Army's additional investment in a historically proven American tungsten source at Stibnite underscores the growing strategic value of Stibnite's mineral endowment and continues to strengthen the partnerships supporting Perpetua's future. Historical production and recent exploration results suggest Stibnite has the potential to be one of the world's highest-grade tungsten sources."
There has been no commercial tungsten mining in the United States since 2015. The U.S. is wholly reliant on imports from a small number of countries, with recent Chinese export controls and new federal sourcing restrictions adding to the defense and manufacturing supply risk. The Stibnite mining district has a history of antimony and tungsten production, supplying roughly half of the tungsten and 90% of the antimony used by the United States during World War II1. When the war ended, mining for tungsten and antimony concluded, leaving identified mineralized materials behind.
Recent Perpetua exploration drilling at Stibnite has identified high-grade zones of antimony and tungsten mineralization. Specifically, Perpetua's drilling program at the Hangar Flats deposit returned significant tungsten-antimony mineralization, as previously reported, including:
9.8 meters grading 4.6% tungsten, 8.3% antimony22.9 meters grading 1.2% tungsten, 3.2% antimony3.4 meters grading 1.5% tungsten, 10.6% antimonyThese encouraging results underpin the new DOTC award which will focus largely on the tungsten mineralization beneath the Hangar Flats pit. Perpetua's proposed program with the U.S. Army includes an initial surface exploration drilling program and metallurgical test work on an existing 550-kilogram sample compiled from prior exploration activities grading 9.2% antimony and 4.2% tungsten. Other work will include the design, permitting, and possible construction of an exploration decline to access the high-grade antimony, tungsten and gold mineralization beneath the Hangar Flats pit.
In addition to drilling for tungsten under the DOTC award, the Company intends to continue to advance its own ongoing exploration activities underneath the currently permitted Hangar Flats pit which contains approximately 1.37 million ounces of gold resources and over 95 million pounds of antimony resources not included in the current mine plan or in the Company's reported mineral reserves. The Company believes that accessing this material via underground mining may supplement the Company's existing production profile. Any activity outside the scope of the currently permitted mine plan will require additional regulatory review and permitting.
Perpetua will design and implement the tungsten exploration project and will match the U.S. Army's $40 million contribution in the joint investment. The initial 18-month phase is expected to cost approximately $18 million and be shared equally between Perpetua and the U.S. Army. The timing, scope and cost of subsequent phases are subject to ongoing development based on results of prior exploration, testing, engineering and permitting activities, as well as approval of each incremental phase of additional funding.
This new award brings total U.S. Government awards to Perpetua for critical minerals to $126 million since 2022. In addition to the announced DOTC grant, Perpetua has submitted proposals for additional grants to further expand its critical minerals program. While there can be no assurance that the Company will obtain additional funding, Perpetua believes its broader claim package is uniquely positioned to support U.S. government critical mineral initiatives.
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1 "Stibnite Historic District," National Register of Historic Places Nomination Form, NPS Ref. No. 87001186 (listed July 19, 1987).
Warrant Amendment
The Company has amended the outstanding warrants exercisable for an aggregate of 1,607,802 Common Shares at exercise prices of US$31.46 per share and US$38.93 per share, which were originally set to expire on October 28, 2026, December 1, 2026, and December 23, 2026, respectively. Each amendment extends the applicable expiry date to April 28, 2027 (the "Amendment"). The Company has relied on the exemption in section 602.1 of the TSX Company Manual in connection with the Amendment as an eligible interlisted issuer.
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration, and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho. The Stibnite Gold Project is one of the highest-grade, open-pit gold deposits in the United States and holds the only identified domestic reserve of the critical mineral antimony, which is essential to the defense, energy, and manufacturing sectors. The Project is designed to apply a modern, responsible mining approach to restore a historic mine site and provide uplift to water quality, improve fish habitat access, and invest in river restoration while supporting local economic development in rural Idaho.
Forward-Looking Information
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". Forward-Looking Information includes, but is not limited to, planned exploration and development for the project, including with respect to antimony and tungsten; expected timing and outcomes of the tungsten exploration program under the DOTC grant; the expected outcomes and benefits of the Project, including production rates and mineral reserves and mineral resources; and the potential for development of any additional resources and reserves and the permitting requirements with respect to any such additional resources and reserves. In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, that the DOTC grant will be funded at the times and in the amounts expected, and that the Company will be able to fund its matching portion of the exploration program; that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that the Company's other corporate activities will proceed as expected; that the Company will satisfy or will continue to satisfy the requirements of applicable permits and the requirements of various governmental approvals; and assumptions made in the interpretation of drill results, the geology, grade and continuity of mineral deposits. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to increased or unexpected costs in development, construction, operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Because it is not possible to predict or identify all such factors, this list cannot be considered a complete set of all potential risks or uncertainties. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedarplus.ca. Except as required by law, the Company expressly disclaims any obligation to update the Forward-Looking Information herein.
Investors should be aware that only the first phase of funding has been committed in connection with the DOTC grant, and approval will be required for each incremental phase of additional funding. There is no assurance that such additional funding will be approved when expected or that it will be sufficient to conduct the proposed exploration activities or that such exploration will produce positive results.
Cautionary Statement Regarding Technical Information
The technical information in this news release has been prepared in accordance with the mining property disclosure rules specified in Regulation S-K subpart 1300 ("S-K 1300") promulgated by the Securities and Exchange Commission and Canadian regulatory requirements set out in National Instrument 43-101 ("NI 43-101"), and has been reviewed and approved by Christopher Dail, CPG, Director, Exploration, and a Qualified Person as defined in NI 43-101 and in S-K 1300. Mr. Dail is not independent of the issuer.
Except for the exploration results presented herein, the technical and reserves information in respect of the Stibnite Gold Project in this news release is based upon information contained in the technical report titled "Stibnite Gold Project, S-K 1300 Technical Report Summary, Valley County, Idaho, USA," dated as of December 31, 2025 (the "TRS"), developed for the Stibnite Gold Project in accordance with S-K 1300 and published on March 31, 2026. Such information is as of December 31, 2025 and is subject to the assumptions, exclusions and qualifications set forth in the TRS. For additional information regarding the TRS, investors are encouraged to refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 31, 2026. Data regarding domestic antimony and tungsten production are based on U.S. Geological Survey, Mineral Commodity Summaries, dated as of January 2026.
There can be no assurance that exploration activities will result in the discovery of additional resources or reserves and isolated exploration results may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of mineral resource. Exploration results are inherently uncertain and subject to numerous risks and uncertainties, including geological factors, market conditions, and regulatory changes. Furthermore, development of any additional resources and reserves discovered would be subject to any applicable NEPA and permitting requirements.
Quality Assurance
The exploration activities at the Stibnite Gold Project site were carried out under the supervision of Richard Moses, C.P.G., Christopher Dail, C.P.G., Austin Zinsser, SME-R.M., and Kent Turner, SME-R.M., all Qualified Persons as defined in NI 43-101 and in S-K 1300.
All gold assays are by a 30g Fire Assaycharge followed by an atomic absorption finish (with a 0.005g/t lower reporting limit). Samples reporting values > 6g/t gold are re-analyzed using a 30g Fire Assay charge followed by a gravimetric finish. Silver is analyzed via a 4-acid digestion followed by an ICP finish (with a 0.5g/t lower reporting limit). Samples reporting values > 10g/t silver are reanalyzed using a 50g Fire Assay charge followed by a gravimetric finish. Antimony is analyzed via a 4-acid digestion with ICP finish with a 5 g/t lower reporting limit. Samples reporting values >500g/t antimony are reanalyzed using XRF fusion. Some intervals may not add or subtract correctly due to rounding, but differences are deemed insignificant.
Samples were handled, shipped via Chain of Custody Procedures. Analyses were carried out by ALS Global Laboratories in their Reno and Elko, Nevada and Vancouver, British Columbia laboratories. Umpire samples are routinely submitted to third party labs and blank and standard samples are inserted at appropriate intervals for quality assurance and quality control. A review of the results of analyses of blanks, standards and duplicates by the Company's Qualified Person indicates values are within normal and acceptable ranges.
Analyses for antimony and tungsten in metallurgical samples were completed at Hazen Research, ALS Global, and SVL laboratories. Antimony was analyzed using wet chemistry AAS and titration methods and by fusion followed by XRF analysis. Tungsten was analyzed by fusion followed by XRF analysis.
Antimony and tungsten analysis for Hangar Flats drill holes SB519-SB527 were performed with a Vanta Portable XRF in the field. Multiple readings were collected and averaged. The XRF protocol entailed analysis of reference standards and a blank sample throughout the use of the instrument. Overall, 99 non-duplicate analyses with appropriate data formatting were collected from QA/QC samples, representing approximately 5% of total analyses. Generally, the XRF QA data is considered sufficient for the objectives of the program.
Days after launching its first folding iPhone, Apple (AAPL.O) acknowledged on Monday that some of the devices exhibit display problems and said it will replace them.
Apple started shipping the iPhone Duo last week, with customers around the world lining up for tight inventory after initial online orders sold out in minutes. Analysts have said Apple is likely to face supply constraints because the iPhone Duo, which unfolds like a passport booklet, is complex to manufacture.
Over the weekend, social media posts showed the iPhone Duo with cracks and lines in the inner display along the central hinge where the iPhone Duo folds.
Apple acknowledged the problems on Monday, saying affected units tend to show the problem quickly.
"We are aware of an issue impacting the inner display on a small number of iPhone Duo units," Apple said in a statement. "If users experience issues with their iPhone Duo display, they should contact AppleCare for a replacement."
Apple did not comment on what might cause the issue.
iFixit, a firm that publishes teardown reports of electronic devices along with guides on how to repair them, said it used teardown footage, patents and CT scans to construct a 3D simulation of the iPhone Duo hinge that it compared with the reported damage locations.
iFixit said its simulations found the reported damage clustered just below where a display cable runs under the screen near a central support bar. That bar might be failing to drop out of the screen's way as the phone is folded, "creating a small stress hotspot near the reported break location," the company said.
Apple did not immediately comment on iFixit's findings, which also concluded that the iPhone Duo is the most repairable foldable phone that it has tested.
Francisco Jeronimo, a vice president at market research firm IDC, said Apple's quick replacement offer was the "right first step" in responding to the problems.
"We all remember when Samsung experienced problems with the original Galaxy Fold in 2019, but it also showed that a fast and transparent response can contain the damage to a category," Jeronimo said.
Tesla snížila prognózu kapitálových výdajů pro rok 2026 z více než 25 mld. USD na zhruba 20 mld. USD, aniž by omezila plány v oblasti AI, projektu robotaxi a Optimusu.
Tesla (TSLA +5.21%) is spending less money than originally planned this year. And for investors who track how much money is being poured into artificial intelligence, that might sound like bad news.
But Tesla's decision to reduce its 2026 capital expenditure (capex) forecast by more than $5 billion isn't necessarily a warning about AI demand. In fact, it could be a smart move for the electric vehicle maker.
The reason is simple. Tesla doesn't need to build massive amounts of computing capacity to compete with Amazon, Alphabet, and Microsoft.
That's not its business.
Image source: Tesla.
Tesla is still all-in on AIOn Tesla's third-quarter earnings call, Chief Financial Officer Vaibhav Taneja announced the company reduced its 2026 capex forecast from more than $25 billion to approximately $20 billion.
The reduction doesn't mean Tesla is backing away from artificial intelligence. The company continues to develop its Full Self-Driving technology, expand its Cybercab robotaxi program, and work on its Optimus humanoid robots. All three projects require considerable investment. But they don't require Tesla to build the equivalent of Amazon Web Services or Microsoft's Azure.
Tesla needs computing power to train its AI models and improve its autonomous systems. It also needs manufacturing capacity to produce vehicles and robots, as well as the infrastructure to operate its planned robotaxi fleet.
Those investments serve a specific purpose: developing products and services Tesla can eventually sell to customers.
TSLA Tesla$391.62+$19.40 (+5.21%)
NASDAQ · As of 4:00 PM ET 10/26/26
Tesla doesn't need to win the data center raceCloud computing companies are spending hundreds of billions of dollars building data centers to support AI workloads. Alphabet raised its 2026 capex forecast to $200 billion, while Amazon increased its spending plans to $220 billion.
The aggressive spending makes a lot of sense. Those companies are building computing infrastructure that supports their existing cloud businesses, serves external customers, and provides the capacity needed to meet growing demand for AI services. Tesla has a different business model.
That doesn't mean Elon Musk’s company can stop investing in AI infrastructure. Training autonomous driving models requires enormous computing resources, and those requirements could increase as the company expands its ambitions.
But there's little reason for Tesla to match the spending of companies whose business is selling computing capacity. In fact, building more infrastructure than it needs would tie up capital that could be used to expand vehicle production, develop Optimus, or support its robotaxi business.
And with those businesses still developing, Tesla has good reasons to be selective about where its money goes.
Tesla's capex cut is good news for investorsTesla posted $28.05 billion in revenue for the third quarter, essentially unchanged from a year earlier. Automotive revenue declined 3%, while operating margins narrowed from 5.8% to 2.6%. Those numbers demonstrate that Tesla can't rely on its automotive business to generate unlimited amounts of cash for new projects.
But even so, Tesla generated $1.53 billion in free cash flow during the quarter and ended September with more than $45 billion in cash and investments. Cutting back on unneeded spending will give Tesla more flexibility to work on its autonomous driving and robotics businesses.
And importantly, management hasn't suggested that its AI development plans are being scaled back. Taneja said capital spending is expected to increase in the coming years as Tesla expands robotaxi operations, Optimus manufacturing, and AI computing infrastructure.
So the reduction in this year's budget appears to be more about when Tesla spends money than whether it intends to make those investments.
For investors in Nvidia and other AI infrastructure suppliers, Tesla's decision also shouldn't be confused with a slowdown in hyperscaler spending. The companies building cloud computing infrastructure have different customers, different revenue opportunities, and much larger capital budgets.
Tesla's challenge isn't to build the world's biggest collection of data centers. It's to turn AI technology into profitable products. And if the company can accomplish that while spending $5 billion less than originally planned, shareholders have every reason to welcome the decision.
SummaryAlphabet Inc. receives a tactical Sell rating for the next six months due to emerging risks despite a bullish five-year outlook.Key concerns include early signs of organic traffic slowdown and imminent cloud margin compression from overcapacity and price wars.Current valuation at a $3.90T market cap and 26.6x forward P/E appears stretched given macro headwinds and slowing ad growth.I prefer to wait for a market correction before re-entering, as risk-reward is unfavorable near-term despite GOOGL's long-term strength. Getty Images
Ahead of the quarterly report on Wednesday, October 28th, Alphabet Inc., aka Google (GOOG), shares came out of the technical triangle pattern downward, breaking an important support in the area of $340 and dropping to the mark
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Alphabet zveřejní výsledky za 3. čtvrtletí 28. října; analytici očekávají tržby ve výši 127,8 mld. USD, což představuje meziroční růst o 25 %, a EPS ve výši 3 USD.
Alphabet (GOOG -0.97%)(GOOGL -1.06%) reports Q3 2026 earnings after the market closes on Oct. 28. Wall Street analysts have an average revenue estimate of $127.8 billion, which would be a 25% year-over-year increase, and earnings per share (EPS) of $3.
Last quarter, Alphabet easily surpassed revenue expectations -- and its share price still ended up falling 7% the next day. Based on the tech giant's recent track record, investors probably shouldn't feel too confident about which direction Alphabet stock will move immediately post-earnings.
Image source: The Motley Fool.
What history says about Alphabet's post-earnings performance The way Alphabet stock moves after an earnings report is about as predictable as a coin flip. Over the last four quarters, it has had an even split, closing higher the day after earnings twice and closing lower twice, despite beating headline EPS expectations each time. Its moves this year have been significant, closing up 10% after its April 29 report, and down 7.1% after its July 22 report.
Stretching it to the last 16 quarters, Alphabet has closed up seven times and closed down nine times. The average move is 5.2% in either direction.
Why July's beat turned into a sharp drop Alphabet's earnings report in Q2 2026 looked great on the surface. Revenue was up 24% to $119.8 billion, Google Cloud revenue grew 82% to $24.8 billion, and EPS skyrocketed 294% to $9.11. The company's post-earnings slump makes more sense when you dig a little deeper.
Net income included about $99 billion in unrealized gains, mostly from Alphabet's investments in Space Exploration Technologies and Anthropic, and that caused the huge jump in EPS. These holdings are certainly valuable, but an increase in unrealized gains is much different from an increase in sales. Alphabet's adjusted EPS (without the unrealized gains) was $2.85, which actually missed consensus estimates by $0.04.
GOOGL Alphabet$316.80-$3.41 (-1.06%)
NASDAQ · As of 4:00 PM ET 10/26/26
Alphabet also raised its 2026 capex guidance to between $195 billion and $205 billion, and management said that 2027 capex will increase significantly. The company ended the quarter with negative free cash flow for the first time in its history since going public in 2004. The heavy spending worried investors and resulted in a sell-off.
What to watch on Oct. 28 There are a few potential swing factors, outside of revenue and EPS, to watch for in Alphabet's Q3 earnings. Any updates to its 2026 capex, as well as early guidance for 2027, could cause a big move, especially as rates have gone up and investors have become increasingly concerned with AI spending.
Free cash flow will give an idea of how manageable Alphabet's spending is. CFO Anat Ashkenazi said it will "remain under pressure" in the Q2 earnings call. How deep in the red it ends up will likely play a role in how the market reacts to earnings. Finally, Google Cloud revenue is a key metric, as it indicates that all the AI spending is turning into measurable sales growth. Ideally, Google Cloud growth will hold around 80%.
All that said, it's best to keep your expectations open. Earnings reports and post-earnings performance are inherently unpredictable. Considering how investors have rotated out of AI stocks recently, I think a decline in Alphabet stock is more likely than a surge post-earnings. However, when you're a long-term investor, what matters is what a company does over a period of years, not right after earnings.
Greg Abel letos převzal vedení Berkshire Hathaway po Warrenovi Buffettovi; rostoucí podíl technologických investic včetně Alphabetu může zvýšit rizikovost portfolia.
Greg Abel took over as CEO of Berkshire Hathaway (BRKA +1.02%)(BRKB +1.18%) this year, replacing Warren Buffett. The stock hasn't nosedived and instead has continued to do well this year, rising by around 9% thus far. But with Buffett no longer at the helm, and Berkshire leaning more into tech stocks of late, has it become a riskier buy for the long haul?
Image source: Getty Images.
Buffett's role continues to lessen at BerkshireLast month, Buffett stepped down as chairman of the company, further distancing himself from the business. His son, Howard, will take over the position and be the one to guard the company's values and culture. The former CEO still believes the company is on the right track under Abel. But up until recently, Buffett and Abel were in close discussions; it appears that he's going to be significantly less involved in the business moving forward, saying that, "Father Time always wins."
While the culture and values may remain the same under his son, it'll be Abel running the actual business. This creates a bit of uncertainty for investors, as Abel doesn't have prior experience managing a portfolio of Berkshire's size.
There have also been recent moves that appear to suggest the company is more willing to buy tech stocks, which can increase the overall risk and volatility of Berkshire's portfolio. Buffett claimed to have initiated a position in Alphabet last year, but Berkshire has also added to its stake in the tech giant since then.
And a more recent, puzzling move was to take a stake in Bending Spoons, a tech company known as a serial acquirer. That's a prime example of a stock that I wouldn't have expected Buffett to ever buy.
$548.56+$6.37 (+1.18%)
NYSE · As of 4:00 PM ET 10/26/26
Berkshire's portfolio could look much different in the futureAlphabet has suddenly become one of Berkshire's largest holdings. And while Bending Spoons is one of its smaller holdings, the move to invest in it is a notable one that investors shouldn't overlook, as it highlights Berkshire's potential appetite for both greater risk and tech exposure.
Without Buffett leading the business, there could be much more risk associated with owning the stock, particularly if Abel adds more tech investments to the mix. It's still too early to tell whether that will be the case, but it's an emerging trend worth watching.
That is why, at least for the time being, I'd take a wait-and-see approach with the stock, as Berkshire's portfolio may end up looking far different over the next few years.
Nvidia má ve svých nadcházejících výsledcích hospodaření vykázat EPS ve výši 2,49 USD a tržby ve výši 108,99 mld. USD, což představuje meziroční růst o 91,54 %, respektive 91,19 %.
In the latest trading session, Nvidia (NVDA - Free Report) closed at $216.02, marking a +2.4% move from the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.7%. Elsewhere, the Dow saw an upswing of 0.28%, while the tech-heavy Nasdaq appreciated by 0.83%.
Heading into today, shares of the maker of graphics chips for gaming and artificial intelligence had lost 6.27% over the past month, outpacing the Computer and Technology sector's loss of 7.7% and lagging the S&P 500's loss of 1.21%.
The investment community will be closely monitoring the performance of Nvidia in its forthcoming earnings report. The company is expected to report EPS of $2.49, up 91.54% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $108.99 billion, showing a 91.19% escalation compared to the year-ago quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $9.3 per share and a revenue of $407.51 billion, indicating changes of +94.97% and +88.72%, respectively, from the former year.
Investors should also pay attention to any latest changes in analyst estimates for Nvidia. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.56% higher within the past month. Nvidia presently features a Zacks Rank of #1 (Strong Buy).
With respect to valuation, Nvidia is currently being traded at a Forward P/E ratio of 22.69. This valuation marks a discount compared to its industry average Forward P/E of 32.25.
It's also important to note that NVDA currently trades at a PEG ratio of 1.62. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Semiconductor - General stocks are, on average, holding a PEG ratio of 1.63 based on yesterday's closing prices.
The Semiconductor - General industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 18, placing it within the top 8% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
Merck & Co., Inc. (MRK) Shareholder/Analyst Call October 26, 2026 2:30 PM EDT
Company Participants
Peter Dannenbaum - Vice President of Investor Relations
Eliav Barr - Chief Medical Officer & Head of Global Clinical Development of Merck Research Laboratories
Marjorie C. Green - Senior VP & Head of Late-Stage Oncology - Global Clinical Development
Conference Call Participants
Akash Tewari - Jefferies LLC, Research Division
Asad Haider - Goldman Sachs Group, Inc., Research Division
Terence Flynn - Morgan Stanley, Research Division
Daina Graybosch - Leerink Partners LLC, Research Division
Christopher Schott - JPMorgan Chase & Co, Research Division
Carter Gould - Cantor Fitzgerald & Co., Research Division
Alexandria Hammond - Wolfe Research, LLC
Courtney Breen - Bernstein Institutional Services LLC, Research Division
Dina Elmonshed - UBS Investment Bank, Research Division
Richard Wagner - BofA Securities, Research Division
Presentation
Peter Dannenbaum
Vice President of Investor Relations
Good evening, everyone. Welcome to the investor event of Merck & Company, Inc. Rahway, New Jersey U.S.A. at the European Society of Medical Oncology Annual Meeting. Thank you to all of you who've made the effort to be with us here in Madrid, and thank you to everyone tuning in via the webcast. We're obviously very excited to have this opportunity to speak to you about the data that was presented this weekend in our oncology program.
So during today's call, a slide presentation will accompany our speakers' prepared remarks and has been posted to the Investor Relations section of our website. And before we get started, we'd like to remind you that some of the statements that we make during today's call may be considered forward-looking statements within the meaning of the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Such statements are made based on the current beliefs of our company's management and are subject to significant risks and uncertainties. If our underlying assumptions prove inaccurate
The Clorox Company ve fiskálním roce 2026 vykázala 8% pokles organických tržeb a její dluh se téměř zdvojnásobil na 5,1 miliardy USD. Výplatní poměr dividend činí neudržitelných 103 %.
Shares of Clorox (CLX +0.42%), the maker of Clorox bleach and Purell hand sanitizer, trade about 9% above their 52-week low of $79.12 and down about 27% over the past year. A beaten-down household name with a high yield can look like a bargain. The problem is that the business is still under real pressure, which is why investors may want to stay away for now.
CLX Clorox$86.76+$0.36 (+0.42%)
NYSE · As of 4:00 PM ET 10/26/26
Organic sales, which exclude acquisitions, fell 8% in fiscal 2026, mostly because Clorox was lapping extra shipments to retailers in the previous year. Management expects organic growth of 3.5% to 4.5% in fiscal 2027, which is an improvement, but other problems may continue to weigh on the stock.
The purchase of GOJO, the maker of Purell, should add about 9.5 points to fiscal 2027 net sales. But one-time deal costs will hit product manufacturing, and selling and administrative expenses will weigh on margins.
Image source: Getty Images.
Meanwhile, total debt roughly doubled over the past year to about $5.1 billion. The dividend yields about 5.8%, but the company's payout ratio -- the amount of dividends paid relative to earnings -- is elevated at 103%, which isn't sustainable unless earnings grow.
CEO Linda Rendle expressed caution for the next year: "As we begin fiscal year 2027, we expect the operating environment to remain challenging, with continued cost volatility and a value-seeking consumer."
At about 15 times fiscal 2027 consensus earnings estimates, the stock isn't expensive. Still, given flat sales, GOJO integration costs, higher debt, and a stretched dividend payout ratio, investors may want to wait before buying shares.
John Ballard has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Palantir (PLTR) se obchoduje kolem 200 USD; dosažení 300 USD by vyžadovalo přibližně 50% nárůst tržní kapitalizace na více než 700 miliard USD, což autor do konce roku nepovažuje za pravděpodobné.
Excitement around artificial intelligence (AI) stocks may be about to pick up with Anthropic's IPO on deck. Its valuation may top $2 trillion, which would be more than what Space Exploration Technologies Corp, better known as SpaceX, fetched earlier this year when it went public.
That could be great news for Palantir Technologies (PLTR +1.06%) stock, which has been rallying of late, and is now trading at around $200, not far from its 52-week high. Could the euphoria around AI send the stock to $300 before the end of the year?
Image source: Getty Images.
Why Palantir's stock could rallyPalantir CEO Alex Karp has been critical of frontier AI labs such as Anthropic in the past as being too risky. He advocates for companies to have more control over their data, which is the case with Palantir's Ontology, which acts as a digital twin, sitting on top of an organization's data.
Anthropic's IPO could put these issues at the forefront, and with Anthropic potentially going public at a $2 trillion valuation while remaining unprofitable, investors may view Palantir as a more favorable AI stock to own, as its valuation is less than $500 billion.
Next week, Palantir is also expected to post its latest quarterly earnings numbers for the third quarter, which are sure to be impressive, once again. The last time the tech company reported earnings, its growth rate was an impressive 93%, coming in at $1.9 billion. Its operating income was also impressive, totaling 47% of the top line. Another strong performance could send the stock rallying to new heights.
$198.84+$2.09 (+1.06%)
NASDAQ · As of 4:00 PM ET 10/26/26
Is the stock headed for $300?For Palantir's stock to reach $300, its market cap would need to be above $700 billion, for an increase of about 50%. While the business is growing incredibly fast, a rally that large is unlikely, especially in a short amount of time.
For most of the year, the stock has been struggling as the stock's hefty valuation has weighed on investors' minds. I wouldn't be surprised if it hits a new all-time high if it has another strong quarter in Q3, but I wouldn't expect it to climb as far as $300 before the end of the year.
Investors should be careful with Palantir's stock as its valuation is incredibly high given its size. At more than 170 times earnings, a lot of future growth is already priced into its valuation, and even if its Q3 numbers look great, that may not be enough to trigger a huge rally. At its current valuation, the stock looks to have more downside risk than potential upside, which is why I wouldn't rush to buy it.
BlackBerry CEO John Giamatteo sees AI-powered robots as a major growth opportunity, with robotics already among the fastest-growing businesses in its QNX software division.BlackBerry’s QNX royalty backlog has surpassed $1.2 billion, while its partnership with Nvidia is opening new opportunities in robotics and industrial automation.BlackBerry CEO John Giamatteo sees artificial intelligence-powered robots as a major growth opportunity for the former smartphone king.
Once one of the world's biggest mobile phone makers, Canada-based BlackBerry has reinvented itself.
The company's QNX operating system, which provides underlying software for features ranging from braking systems to some semi-autonomous driving functions, is now embedded in more than 275 million vehicles worldwide. But the company is increasingly looking beyond the automotive industry to capitalize on the emerging market for physical AI.
"While the products we sell today can't be held in the palm of your hand, they're pervasive around you," Giamatteo told CNBC's Jim Cramer on Monday. "275 million cars, robots, governments, medical instrumentation, supply chain. That's the new BlackBerry, and that's what's driving all of our growth."
Robotics has already emerged as one of the fastest-growing businesses within QNX, according to Giamatteo. Unlike generative AI, which produces text and images, physical AI allows robots and other machines to interact with the real world. BlackBerry sees an opportunity to provide the underlying software that helps those machines operate safely and reliably, building on its experience in the automotive industry.
That opportunity is contributing to BlackBerry's growing backlog. The company recently announced that its QNX royalty backlog surpassed $1.2 billion, increasing by more than $250 million over two quarters. Giamatteo identified three drivers behind that growth: automakers' transition to more advanced computing systems, expanded software offerings, and emerging demand for physical AI applications.
Investors have taken notice of the turnaround. BlackBerry shares have surged 142% in 2026, following years of struggles for a company whose formerly ubiquitous handhelds with physical keyboards ruled the smartphone world before Apple's iPhone and other devices that were fully touchscreen. Back then called Research in Motion, the stock saw its market cap peak at nearly $85 billion in 2008, a year after the first iPhone. BlackBerry's current market cap is about $5.4 billion.
Giamatteo also highlighted BlackBerry's partnership with Nvidia, which began in the automotive sector. Nvidia has now "standardized on QNX as the platform of choice" for its Halos Safety Stack, Giamatteo said. "That has opened up so many doors, an incredible pipeline of opportunity, and these are things like AMRs (automated mobile robots), autonomous forklifts, skateboards that are driving pallets to the docking station."
Společnost Nucor ve třetím čtvrtletí roku 2026 zvýšila čistý zisk na 1,32 miliardy USD, neboli 5,80 USD na zředěnou akcii, ze 607 milionů USD ve stejném období předchozího roku.
Net earnings attributable to Nucor stockholders of $1.32 billion, or $5.80 per diluted shareNet sales of $11.25 billionNet earnings before noncontrolling interests of $1.47 billion; EBITDA of $2.28 billion, /PRNewswire/ -- Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $1.32 billion, or $5.80 per diluted share, for the third quarter of 2026. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $1.16 billion, or $5.04 per diluted share, and adjusted net earnings attributable to Nucor stockholders of $1.11 billion, or $4.84 per diluted share, for the second quarter of 2026. Nucor reported consolidated net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, for the third quarter of 2025.
Second quarter of 2026 results included a non-cash, pre-tax benefit of $61 million ($0.20 per diluted share) related to the increase in the valuation of our investment in Helion, a fusion energy company.
"I want to thank our teammates for delivering another strong quarter and making 2026 the safest summer in Nucor history," said Leon Topalian, Nucor's Chair and Chief Executive Officer. "Supported by robust demand across key end markets, Nucor has generated approximately $2.7 billion of free cash flow and returned nearly $1.4 billion to shareholders through the first nine months of the year. We also achieved important milestones in advancing our growth strategy, including the first heat at our West Virginia sheet mill in September and the recent start-up of our second galvanizing line at Nucor Steel Berkeley. These projects, together with other recent investments, are expanding Nucor's capabilities and strengthening our position in attractive markets. With our diversified portfolio, strong balance sheet and disciplined approach to capital allocation, Nucor is well positioned to deliver long-term shareholder value."
Earnings Before Income Taxes and Noncontrolling Interests by Segment (In millions)
Three Months (13 Weeks) Ended
Nine Months (39 Weeks) Ended
October 3, 2026
July 4, 2026
October 4, 2025
October 3, 2026
October 4, 2025
Steel mills
$
1,788
$
1,556
$
793
$
4,472
$
1,867
Steel products
465
353
319
1,094
999
Raw materials
105
146
43
296
129
Corporate/eliminations
(491)
(430)
(272)
(1,274)
(928)
$
1,867
$
1,625
$
883
$
4,588
$
2,067
Analysis of Third Quarter of 2026 Results Compared to the Second Quarter of 2026
Third quarter earnings increased in the steel mills and steel products segments, while decreasing in the raw materials segment. The increase in the steel mills segment was due to higher average selling prices and increased volumes, partially offset by higher costs of products sold. Second quarter steel mills segment cost of products sold was reduced by $130 million in cash refunds associated with prior periods' raw material procurement costs, which did not recur in the third quarter of 2026. The increase in earnings in the steel products segment was due to higher volumes and higher average realized pricing. Raw materials segment earnings decreased due to lower pricing and shipments.
Corporate/eliminations expense in the third quarter increased due primarily to the absence of the Helion valuation adjustment.
Financial Strength
At the end of the third quarter of 2026, Nucor had $3.64 billion in cash and cash equivalents and short-term investments on hand. The Company's $2.25 billion revolving credit facility remains undrawn and does not expire until March 2030. The Company continues to have the strongest credit ratings in the North American steel sector (A-/A-/A3) with stable outlooks at Standard & Poor's, Fitch Ratings and Moody's, respectively.
Commitment to Returning Capital to Stockholders
During the third quarter of 2026, Nucor repurchased approximately 2.03 million shares of its common stock at an average price of $247.04 per share. Nucor returned approximately $629 million to stockholders in the third quarter of 2026 in the form of share repurchases and dividend payments, and approximately $1.36 billion in the first nine months of 2026.
On September 18, 2026, Nucor's Board of Directors declared a cash dividend of $0.56 per share. This cash dividend is payable on November 10, 2026, to stockholders of record as of September 30, 2026 and is Nucor's 214th consecutive quarterly cash dividend.
Fourth Quarter of 2026 Outlook Compared to the Third Quarter of 2026
We expect earnings in the fourth quarter of 2026 to be generally in-line with or modestly higher than the third quarter. In the steel mills segment, we expect stable earnings due to higher realized pricing offset by seasonally lower volumes and higher costs. In the steel products segment, we expect stable earnings on higher realized pricing and seasonally lower volumes. The raw materials segment is expected to have slightly lower earnings due to lower realized DRI pricing. Intersegment profit eliminations are expected to decrease in the fourth quarter.
Earnings Conference Call
An earnings call is scheduled for October 27, 2026 at 10:00 a.m. Eastern Time to review Nucor's third quarter of 2026 financial results and provide a business update. The call can be accessed via webcast from the Investor Relations section of Nucor's website (nucor.com/investors). A presentation with supplemental information to accompany the call has been posted to Nucor's Investor Relations website. A playback of the webcast will be posted to the same site within one day of the live event.
About Nucor
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.
Non-GAAP Financial Measures
The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news release, including EBITDA, adjusted net earnings attributable to Nucor stockholders, adjusted net earnings per diluted share and, beginning in the third quarter of 2026, free cash flow. Generally, a non-GAAP financial measure is a numerical measure of a company's performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP.
We define EBITDA as net earnings before noncontrolling interests, adding back the following items: interest expense (income), net; provision for income taxes; losses and impairments of assets; depreciation; and amortization. For the second quarter of 2026, we defined adjusted net earnings attributable to Nucor stockholders as net earnings attributable to Nucor stockholders subtracting certain non-cash benefits (in this case, the increase in the value of our investment in Helion), net of tax. We define adjusted net earnings per diluted share as net earnings per diluted share subtracting certain non-cash benefits (in this case, the per diluted share impact of the increase in the value of our investment in Helion), net of tax. We define free cash flow as cash provided by operating activities less capital expenditures. Please note that other companies might define their non-GAAP financial measures differently than we do.
Management presents the non-GAAP financial measures of EBITDA, adjusted net earnings attributable to Nucor stockholders, adjusted net earnings per diluted share and free cash flow in this news release because it considers them to be important supplemental measures of performance. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors evaluating the Company's financial and operational performance by providing a consistent basis of comparison across periods.
Forward-Looking Statements
Certain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words "anticipate," "believe," "expect," "intend," "project," "may," "will," "should," "could" and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company's best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company's actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate businesses we acquire; and (15) the impact of any pandemic or public health situation. These and other factors are discussed in Nucor's regulatory filings with the United States Securities and Exchange Commission, including those in "Item 1A. Risk Factors" of Nucor's Annual Report on Form 10-K for the year ended December 31, 2025. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them, except as may be required by applicable law.
Consolidated Financial Statements
Nucor Corporation Condensed Consolidated Statements of Earnings (Unaudited)
(In millions, except per share amounts)
Three Months (13 Weeks) Ended
Nine Months (39 Weeks) Ended
October 3,
2026
July 4, 2026
October 4,
2025
October 3,
2026
October 4,
2025
Net sales
$
11,249
$
10,397
$
8,521
$
31,142
$
24,807
Costs, expenses and other:
Cost of products sold
8,923
8,363
7,333
25,281
21,791
Marketing, administrative and other expenses
444
405
300
1,227
885
Equity in earnings of unconsolidated affiliates
(9)
(8)
(10)
(24)
(24)
Losses and impairments of assets
17
-
-
32
40
Interest expense (income), net
7
12
15
38
48
9,382
8,772
7,638
26,554
22,740
Earnings before income taxes and noncontrolling
interests
Public Storage ve čtvrtletí skončeném v září 2026 dosáhla FFO ve výši 4,34 USD na akcii, čímž překonala odhad analytiků 4,27 USD. Ve stejném období předchozího roku činila FFO 4,31 USD na akcii. Tržby činily 1,37 mld. USD, oproti 1,22 mld. USD ve stejném období předchozího roku.
Public Storage (PSA - Free Report) came out with quarterly funds from operations (FFO) of $4.34 per share, beating the Zacks Consensus Estimate of $4.27 per share. This compares to FFO of $4.31 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +1.64%. A quarter ago, it was expected that this self-storage facility real estate investment trust would post FFO of $4.25 per share when it actually produced FFO of $4.17, delivering a surprise of -1.88%.
Over the last four quarters, the company has surpassed consensus FFO estimates three times.
Public Storage, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $1.37 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 7.95%. This compares to year-ago revenues of $1.22 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Public Storage shares have added about 19.4% since the beginning of the year versus the S&P 500's gain of 11.4%.
What's Next for Public Storage?While Public Storage has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Public Storage was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $4.26 on $1.26 billion in revenues for the coming quarter and $16.93 on $4.96 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 36% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Sabra Healthcare (SBRA - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026. The results are expected to be released on November 2.
This health care real estate investment trust is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of +5.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Sabra Healthcare's revenues are expected to be $235.05 million, up 23.7% from the year-ago quarter.
Roper Technologies ve třetím čtvrtletí 2026 zvýšila tržby o 8 % a zvedla svůj celoroční výhled zisku; na akvizice má v příštích 12 měsících kapacitu přes 6 miliard USD.
On its third-quarter 2026 earnings call, held on Oct. 22, 2026, Roper Technologies (ROP +0.80%) announced 8% total revenue growth and raised its full-year earnings expectations. The company continues to generate high-margin recurring software revenues and deploys free cash flow into strategic acquisitions. Three things management said stand out.
1. AI Agents Target Specialized Enterprise WorkflowsRoper is expanding software functionality by deploying specialized artificial intelligence (AI) agents directly into niche client operations, reducing manual work for users. Early tools show fast customer adoption in legal, insurance, and healthcare administration.
Since our last call, our businesses have introduced a broad range of products that apply AI to the specialized task and workflows our customers manage every day.
-- Laurence Neil Hunn, President and Chief Executive Officer2. Acquisition Dry Powder Tops $6 BillionStrong cash generation and proceeds from the divestment of non-core instrumentation holdings give the business substantial financial flexibility. Management plans to deploy capital into high-return bolt-on mergers and acquisitions (M&A) over the next 12 months.
Looking ahead, we now have more than $6 billion of capacity capital deployment over the next 12 months, given strong free cash flow, which will be enhanced by proceeds from Indicore's sale of its flow controls businesses.
-- Jason Conley, Executive Vice President and Chief Financial Officer3. Enterprise Software Retention Reaches Mid-90sSticky software platforms prevent customer churn and create predictable cash flows, giving the business pricing power even when individual hardware product lines face temporary supply bumps. High customer retention keeps customer acquisition costs low and fuels organic growth.
Our enterprise software gross retention remains very high, consistently in the mid-90s.
-- Jason Conley, Executive Vice President and Chief Financial OfficerLooking AheadProduct momentum across software markets is accelerating as early automated tools drive sales growth. Proprietary data sets, embedded workflows, and scale distribution protect core platforms, while leadership monitors the pace of cloud migration and user adoption.
We are still early in commercialization and are starting to see adoption and monetization of our AI solutions.
-- Laurence Neil Hunn, President and Chief Executive OfficerCapital allocation prioritizes durable cash flow compounding through disciplined acquisitions and opportunistic buybacks.
As always, our standard for deploying capital remains the same. We will pursue the opportunities that offer the most attractive durable and long term cash flow per share compounding, whether through acquisitions or opportunistic share repurchases.
-- Laurence Neil Hunn, President and Chief Executive OfficerThe Motley Fool recommends Roper Technologies. The Motley Fool has a disclosure policy.
Southwest Airlines stanovila cenu emise seniorních dluhopisů v objemu 1,25 mld. USD: 600 mil. USD s kupónovou sazbou 5,75 % se splatností v roce 2029 a 650 mil. USD s kupónovou sazbou 6,00 % se splatností v roce 2031.
, /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) (the "Company") today announced that it has priced an underwritten public offering of $1,250,000,000 aggregate principal amount of its senior notes, consisting of $600,000,000 aggregate principal amount of 5.750% Notes due 2029 (the "2029 Notes") and $650,000,000 aggregate principal amount of 6.000% Notes due 2031 (the "2031 Notes" and, collectively with the 2029 Notes, the "Notes").
The Company expects to use the net proceeds from the offering for general corporate purposes, which may include, but are not limited to, the repayment at maturity of all of the Company's outstanding $300 million aggregate principal amount of 3.000% notes due November 15, 2026, as well as the repayment or redemption of other indebtedness or other corporate obligations. The offering is expected to close on or about November 2, 2026, subject to customary closing conditions.
Barclays Capital Inc., BNP Paribas Securities Corp., Standard Chartered Bank, U.S. Bancorp Investments, Inc., and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering. A shelf registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission ("SEC") and has become effective. The offering may be made only by means of a prospectus supplement and an accompanying base prospectus. The preliminary prospectus supplement and accompanying base prospectus relating to the offering have been filed, and a final prospectus supplement will be filed, with the SEC and will be available on the SEC's website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the offering may be obtained from (1) Barclays Capital Inc., 745 Seventh Avenue, New York, New York 10019, United States of America, Attention: Syndicate Registration, Facsimile: (646) 834-8133; (2) BNP Paribas Securities Corp., 787 Seventh Avenue, New York, New York 10019, Attention: Debt Syndicate Desk, Email: [email protected]; (3) Standard Chartered Bank, One Basinghall Avenue, London EC2V 5DD, United Kingdom, Tel: +44 207-885-8888, Email: [email protected], Attention: Capital Markets; (4) U.S. Bancorp Investments, Inc., 214 N. Tryon Street, 26th Floor, Charlotte, North Carolina 28202, Attention: Credit Fixed Income, Facsimile: (877) 774-3462; and (5) Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, Minnesota 55402, Attention: WFS Customer Service, Email: [email protected], Toll-Free: (800) 645-3751.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to the registration and qualification under the securities laws of such state or jurisdiction.
About Southwest Airlines Co.
Southwest Airlines Co. operates Southwest Airlines, a major passenger airline that provides scheduled air transportation in the United States and near-international markets. We commenced service on June 18, 1971, with three Boeing 737 aircraft serving three Texas cities: Dallas, Houston, and San Antonio. As of September 30, 2026, we had a total of 803 Boeing 737 aircraft in our fleet and served 120 destinations in the United States and near-international countries.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Specific forward-looking statements include, without limitation, statements related to the proposed terms of the offering described herein, the completion, timing, and size of the proposed offering, and the anticipated use of proceeds from the offering. Forward-looking statements involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to vary materially from those expressed in or indicated by them. Factors include, among others, (i) the impact of geopolitical conflicts, fears or actual outbreaks of diseases, extreme or severe weather and natural disasters, actions of competitors (including, without limitation, pricing, scheduling, capacity, and network decisions, and consolidation and alliance activities), governmental actions, consumer perception, consumer uncertainties with respect to trade policies, tariffs, or government shutdowns, economic conditions, fears or actual acts of terrorism or war, sociodemographic trends, and other factors beyond the Company's control, on consumer behavior and the Company's results of operations and business decisions, plans, strategies, and results; and (ii) other factors, as described in the Company's filings with the SEC, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any continuing obligations under applicable law or any relevant stock exchange rules, the Company expressly disclaims any obligation to disseminate, after the date of this press release, any updates or revisions to any such forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based.
NEW YORK--(BUSINESS WIRE)--JetBlue Airways Corporation (NASDAQ: JBLU) today reported its financial results for the third quarter of 2026.
"I'm very encouraged by the progress we made in the third quarter," said Joanna Geraghty, JetBlue's chief executive officer. "Resilient demand and strong yields drove revenue well ahead of our initial expectations, allowing us to recapture more of the increase in fuel costs than we initially expected. That momentum has carried into the fourth quarter, and Fort Lauderdale continues to deliver exceptional results even as we significantly grow capacity."
"We delivered year-over-year adjusted operating margin improvement in the third quarter and expect further expansion in the fourth quarter even with higher fuel prices. Together with continued JetForward execution, this reinforces our confidence in achieving sustained operating profitability in 2027 and delivering at least $1 EPS and positive free cash flow in 2028."
Strong revenue momentum driven by higher yields and resilient demand in 3Q26
Higher yields, supported by improved revenue management technology, drove the majority of third-quarter revenue outperformance. Both premium and Main achieved double-digit RASM growth and demand remained resilient across peak and off-peak travel periods despite higher fuel. Revenue strength has extended beyond the peak summer season and into the fourth quarter, with continued revenue improvement expected despite a more challenging year-over-year comparison. Growth in Fort Lauderdale strengthens JetBlue's competitive position
Continued expansion with 15 new destinations and increased frequencies strengthening local schedules and connecting itineraries. Peak daily departures planned to exceed 150 this winter, up 39% year-over-year. JetBlue's fourth quarter seat share expected to reach approximately 37%, up 14 points year-over-year. Co-brand credit card acquisitions in Broward County increased 55% year-over-year in the third quarter. Improving margins and healthy liquidity support bridge to at least $1 EPS target
Underlying unit cost performance excluding fuel remained within initial expectations, excluding approximately four points of disruption-related pressure in the third quarter. Expect a meaningful step-down in fourth-quarter unit-cost growth excluding fuel, alongside continued revenue strength, to support further margin expansion heading into 2027. Ended the third quarter with $2.2 billion of liquidity, including a $600 million undrawn credit facility, with an additional $250 million of aircraft-backed financing expected to fund in the fourth quarter subject to customary funding mechanics. Expanded unencumbered asset base to ~$7 billion, including $2.8 billion in aircraft and engines following updated fleet appraisals and aircraft deliveries paid with cash, providing additional financing flexibility. Third Quarter 2026 Financial Results
Third quarter 2026 system capacity increased 2.3% year-over-year, within our revised guidance range (1) of 1.5% to 3.5%. Operating revenue of $2.8 billion for the third quarter of 2026, an increase of 21.1% year-over-year. Operating revenue per available seat mile ("RASM") increased 18.4% year-over-year, materially exceeding initial expectations and in line with our revised guidance range. Operating expense per available seat mile ("CASM") for the third quarter of 2026 increased 19.4% year-over-year, largely driven by higher fuel prices. Operating expense per available seat mile, excluding fuel, other non-airline operating expenses, and special items ("CASM ex-Fuel") (2) for the third quarter of 2026 increased 7.0% year-over-year, consistent with the revised guidance. Average fuel price in the third quarter of 2026 was $3.91 per gallon, 57% higher compared to the prior year period. Capital expenditures, including predelivery deposits, totaled $189 million (3) in the third quarter, below the revised guidance of approximately $275 million, primarily reflecting the timing of one aircraft delivery and LGA slot payments shifting into the fourth quarter. Third Quarter 2026 Commercial and Financial Highlights
Completed the transition to an upgraded revenue management system, delivering early benefits ahead of expectations through improved forecast accuracy and optimization of Mint® and connecting itineraries. Realized loyalty revenue growth of 20% year-over-year in the third quarter, alongside double-digit growth in co-brand spending and more than eightfold growth in Premier Card acquisitions following the card refresh. Opened BlueHouse™ Boston to further enhance the premium customer experience. Drove TrueBlue's member engagement through Blue Sky, with members redeeming more than 1.1 billion points on United flights since the partnership launched. Paisly delivered its strongest financial results ever in the third quarter. MileagePlus Travel rental car bookings have outpaced United's previous provider since launch and additional travel offerings are planned throughout 2026 and in the first half of 2027. Launched sales for BlueFirst™, JetBlue's new domestic first-class experience, across more than 30 routes, with initial service beginning December 8 between Boston and Fort Lauderdale and additional routes launching in phases. Outlook
"Our strong revenue performance is encouraging, and we see meaningful runway for further growth as our commercial initiatives continue to mature," said Marty St. George, JetBlue's president. "We're already seeing benefits from enhanced revenue management and growing loyalty engagement, while BlueFirst and our expanding travel offerings represent significant opportunities still ahead. Combined with disciplined capacity deployment, we believe these initiatives position us to build on our revenue momentum into 2027 and beyond."
"We expect further margin expansion in the fourth quarter despite fuel prices forecasted to be 85% higher than in the same period last year. This is a testament to the compounding benefits of our JetForward strategy, which is improving our revenues and costs as we head into 2027," said Ursula Hurley, JetBlue's chief financial officer. "Importantly, we believe we have the liquidity and financing options to create a strong bridge to at least $1 EPS and positive free cash flow in 2028. We remain focused on disciplined cost execution and capital management as we work toward sustained profitability and positive free cash flow."
Fourth Quarter and Full Year 2026 Outlook
Estimated 4Q 2026
Estimated FY 2026
Available Seat Miles ("ASMs") Year-Over-Year
3.0% - 4.0%
1.5% - 2.5%
RASM Year-Over-Year
18.0% - 22.0%
13.5% - 14.5%
CASM Ex-Fuel (2) Year-Over-Year
(1.0%) - 1.0%
3.5% - 4.5%
Fuel Price per Gallon (4)
$4.64
$3.95
Adjusted Operating Margin (2)
-
(4.5%) - (6.5%)
Interest Expense
-
~$590 million
Capital Expenditures
~$300 million
~$850 million (3)
Earnings Call Details
JetBlue will hold a conference call to discuss its quarterly earnings tomorrow, October 27, 2026 at 10:00 a.m. Eastern Time. A live broadcast of the conference call will also be available via the internet at http://investor.jetblue.com. The webcast replay and presentation materials will be archived on the airline's website for at least 30 days.
For further details, see the third quarter 2026 Earnings Presentation available via the internet at http://investor.jetblue.com.
About JetBlue
JetBlue is New York's Hometown Airline®, and a leading carrier in Boston, Fort Lauderdale-Hollywood, Los Angeles, Orlando and San Juan. JetBlue, known for its low fares and great service, carries customers to more than 100 destinations throughout the United States, Latin America, the Caribbean, Canada and Europe. For more information and the best fares, visit jetblue.com.
Notes
Our estimated effective tax rate is ~6% for the full year 2026, primarily reflecting a non-cash impact from a valuation allowance included in our forecasted annual effective tax rate.
(1)
Revised guidance as of September 10, 2026.
(2)
Non-GAAP financial measure; Note A provides a reconciliation of each non-GAAP financial measure used in this release to the most directly comparable GAAP financial measure and explains the reasons management believes that presentation of these non-GAAP financial measures provides useful information to investors regarding JetBlue's financial condition and results of operations. In addition, refer to Note A for further details on non-GAAP forward-looking information.
(3)
Capital expenditures exclude one Airbus A321neo XLR, which JetBlue expects to sell.
(4)
Fuel price estimate utilizes the forward Brent crude curve and the forward Brent crude to jet crack spread as of October 16, 2026 to calculate fuel price. Includes fuel taxes and other fuel fees.
Forward-Looking Information
This Earnings Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Earnings Release are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "expects," "plans," "intends," "anticipates," "indicates," "remains," "believes," "estimates," "forecast," "guidance," "outlook," "may," "will," "should," "seeks," "goals," "targets" or the negative of these terms or other similar expressions. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed, or assured. Forward-looking statements contained in this Earnings Release include, without limitation, statements regarding our outlook, goals, and future results of operations and financial position, including our intended path to profitability, positive free cash flow, earnings targets and related assumptions, any expected headwinds or tailwinds, fuel prices and volatility, demand, our use of artificial intelligence, our aircraft fleet, our product offerings and loyalty initiatives, and our business strategy and plans and objectives for future operations, such as our JetForward initiatives, our Blue Sky collaboration, BlueFirstTM product launch, expected growth opportunities at select airports, our financing arrangements and potential implications thereof on our business, our sustainability initiatives, the impact of industry conditions, our ability to adjust pricing in response to changes in fuel costs or demand, and the related impacts on our business. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many important factors, including, without limitation, our extremely competitive industry; the risk associated with the execution of our strategic operating plans in the near-term and long-term; risks related to the long-term nature of our fleet order book; volatility in fuel prices and availability of fuel; increased maintenance costs associated with fleet age; costs associated with salaries, wages and benefits; risks associated with a potential material reduction in the rate of interchange reimbursement fees; risks associated with doing business internationally; our reliance on high daily aircraft utilization; our dependence on the New York metropolitan market; risks associated with extended interruptions or disruptions in service at our focus cities; risks associated with airport expenses; risks associated with seasonality and weather; our reliance on a limited number of suppliers for our aircraft, engines, and our Fly-Fi® product; risks related to new or increased tariffs, including those that impact commercial aircraft and related parts imported from outside the United States; the outcome of current or future legal proceedings or regulatory actions; risks associated with stockholder activism; risks associated with cybersecurity and privacy, including potential disruptions to our information technology systems or information security breaches; heightened regulatory requirements concerning data security compliance; risks associated with reliance on, and potential failure of, automated systems to operate our business; our inability to attract and retain qualified crewmembers; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; reputational and business risk from an accident or incident involving our aircraft; risks associated with damage to our reputation and the JetBlue brand name; our significant amount of fixed obligations and the ability to service such obligations; possible failure to comply with financial and other debt covenants included in the agreements governing our debt; financial risks associated with credit card processors; risks associated with seeking short-term additional financing liquidity; failure to realize the full value of intangible or long-lived assets, causing us to record impairments; limits on our ability to use certain tax attributes; risks associated with our development and use of AI-powered solutions; risks associated with disease outbreaks or environmental disasters affecting travel behavior; compliance with environmental laws and regulations, which may cause us to incur substantial costs; the impacts of federal government shutdowns, federal budget constraints or federally imposed furloughs; increasing scrutiny of, and evolving expectations regarding, environmental matters; changes in government regulations in our industry; acts of war or terrorism; and changes in global economic or geopolitical conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs, and assumptions upon which we base our expectations may change prior to the end of each quarter or year.
Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. You should understand that many important factors, in addition to those discussed or incorporated by reference in this Earnings Release, could cause our results to differ materially from those expressed in the forward- looking statements. Further information concerning these and other factors is contained in JetBlue's filings with the U.S. Securities and Exchange Commission (the "SEC"), including but not limited to in our Annual Report on Form 10-K for the year ended December 31, 2025, as may be updated by our other SEC filings. In light of these risks and uncertainties, the forward-looking events discussed in this Earnings Release might not occur. Our forward-looking statements speak only as of the date of this Earnings Release. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.
JETBLUE AIRWAYS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except per share amounts)
Three Months Ended September 30,
Nine Months Ended September 30,
(percent changes based on unrounded numbers)
2026
2025
Percent Change
2026
2025
Percent Change
OPERATING REVENUES
Passenger
$
2,600
$
2,135
21.8
$
7,135
$
6,284
13.6
Other
212
187
13.4
614
534
14.8
Total operating revenues
2,812
2,322
21.1
7,749
6,818
13.7
OPERATING EXPENSES
Aircraft fuel
868
539
61.0
2,352
1,554
51.4
Salaries, wages and benefits
946
865
9.4
2,717
2,579
5.3
Landing fees and other rents
199
179
11.1
551
509
8.2
Depreciation and amortization
186
173
7.4
548
512
6.9
Aircraft rent
19
21
(8.3
)
49
60
(18.2
)
Sales and marketing
92
78
17.2
252
225
12.1
Maintenance, materials and repairs
204
210
(2.3
)
602
598
0.7
Special items
33
5
NM
(1)
33
29
17.2
Other operating expenses
409
352
15.9
1,154
1,020
13.2
Total operating expenses
2,956
2,422
22.1
8,258
7,086
16.5
OPERATING LOSS
(144
)
(100
)
44.6
(509
)
(268
)
90.2
Operating margin
(5.1
)%
(4.3
)%
(0.8
)
pts.
(6.6
)%
(3.9
)%
(2.7
)
pts.
OTHER INCOME (EXPENSE)
Interest expense
(149
)
(146
)
2.3
(440
)
(441
)
(0.1
)
Interest income
17
30
(45.4
)
57
101
(44.1
)
Capitalized interest
1
2
(32.0
)
3
8
(57.6
)
Gain on investments, net
—
8
(94.3
)
4
12
(63.5
)
Other
5
10
(53.2
)
8
27
(69.2
)
Total other expense
(126
)
(96
)
32.2
(368
)
(293
)
(25.7
)
LOSS BEFORE INCOME TAXES
(270
)
(196
)
38.6
(877
)
(561
)
56.5
Pre-tax margin
(9.6
)%
(8.4
)%
(1.2
)
pts.
(11.3
)%
(8.2
)%
(3.1
)
pts.
Income tax benefit
13
53
(74.1
)
54
136
(59.9
)
NET LOSS
$
(257
)
$
(143
)
80.4
$
(823
)
$
(425
)
93.6
LOSS PER COMMON SHARE
Basic
$
(0.68
)
$
(0.39
)
$
(2.20
)
$
(1.18
)
Diluted
$
(0.68
)
$
(0.39
)
$
(2.20
)
$
(1.18
)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic
377.3
363.7
374.7
359.7
Diluted
377.3
363.7
374.7
359.7
(1) Not meaningful or greater than 100% change.
JETBLUE AIRWAYS CORPORATION
COMPARATIVE OPERATING STATISTICS
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
(percent changes based on unrounded numbers)
2026
2025
Percent Change
2026
2025
Percent Change
Revenue passengers (thousands)
10,607
10,381
2.2
30,416
29,618
2.7
Revenue passenger miles (RPMs) (millions)
14,439
14,372
0.5
41,237
40,600
1.6
Available seat miles (ASMs) (millions)
17,268
16,884
2.3
49,778
49,126
1.3
Load factor
83.6
%
85.1
%
(1.5
)
pts.
82.8
%
82.6
%
0.2
pts.
Aircraft utilization (hours per day) (1)
10.0
10.1
(0.6
)
9.9
10.0
(1.0
)
Average fare
$
245.11
$
205.67
19.2
$
234.59
$
212.16
10.6
Yield per passenger mile (cents)
18.01
14.86
21.2
17.30
15.48
11.8
Passenger revenue per ASM (cents)
15.06
12.65
19.1
14.33
12.79
12.1
Operating revenue per ASM (cents)
16.28
13.75
18.4
15.57
13.88
12.2
Operating expense per ASM (cents)
17.12
14.34
19.4
16.59
14.42
15.0
Operating expense per ASM, excluding fuel (cents) (2)
11.78
11.02
7.0
11.69
11.10
5.3
Departures
82,669
79,016
4.6
236,834
232,578
1.8
Average stage length (miles)
1,289
1,317
(2.1
)
1,298
1,308
(0.8
)
Average number of operating aircraft during period (1)
297
287
3.5
293
287
2.1
Average fuel cost per gallon
$
3.91
$
2.49
57.4
$
3.73
$
2.48
50.2
Fuel gallons consumed (millions)
222
217
2.3
630
625
0.8
Average number of full-time equivalent crewmembers
19,882
19,525
1.8
19,725
19,208
2.7
(1) Includes aircraft temporarily removed from service, including two aircraft impacted by the Pratt & Whitney engine groundings.
(2) Refer to Note A at the end of our Earnings Release for more information on this non-GAAP financial measure.
JETBLUE AIRWAYS CORPORATION
SELECTED CONSOLIDATED BALANCE SHEET DATA
(in millions)
September 30, 2026
December 31, 2025
(unaudited)
Cash and cash equivalents
$
1,258
$
1,946
Total investment securities
368
531
Total assets
15,966
16,570
Total debt
8,393
8,498
Stockholders' equity
1,337
2,120
JETBLUE AIRWAYS CORPORATION
SELECTED CONSOLIDATED CASH FLOWS DATA
(in millions)
Nine Months Ended September 30,
2026
2025
(unaudited)
Capital expenditures and pre-delivery deposits for flight equipment
$
(624
)
(1)
$
(777
)
(1) Capital expenditures and pre-delivery deposits for 2026 consisted of $141 million in Q1 2026, $234 million in Q2 2026, and $249 million in Q3 2026, totaling $624 million year-to-date. Capital expenditures include charges related to one Airbus A321 neo XLR which JetBlue expects to sell. Full year guidance of ~$850 million (3) excludes this Airbus A321neo XLR.
Note A - Non-GAAP Financial Measures
We report our financial results in accordance with GAAP; however, we present certain non-GAAP financial measures in this Earnings Release. Non-GAAP financial measures are financial measures that are derived from the condensed consolidated financial statements, but that are not presented in accordance with GAAP. We present these non-GAAP financial measures because we believe they provide useful supplemental information that enables a meaningful comparison of our results to others in the airline industry and our prior results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information below provides an explanation of each non-GAAP financial measure used in this Earnings Release and shows a reconciliation of certain non-GAAP financial measures used in this Earnings Release to the most directly comparable GAAP financial measures.
With respect to JetBlue's CASM Ex-Fuel (1) and Adjusted Operating Margin (2) guidance, JetBlue is not able to provide a reconciliation of forward-looking measures where the quantification of certain excluded items reflected in the measure cannot be calculated or predicted at this time without unreasonable efforts. In these cases, the reconciling information that is unavailable includes a forward-looking range of financial performance measures beyond our control, such as fuel costs, which are subject to many economic and political factors beyond our control. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable and potentially significant impact on our future GAAP financial results.
Operating expense per available seat mile, excluding fuel, other non-airline operating expenses, and special items ("CASM ex-fuel")
CASM is a common metric used in the airline industry. Our CASM for the relevant periods are summarized in the table below. We exclude aircraft fuel, operating expenses related to other non-airline businesses, such as Paisly and JetBlue Technology Ventures (JBV), and special items from total operating expenses to determine Operating Expenses ex-fuel, which is a non-GAAP financial measure, and we exclude the same items from CASM to determine CASM ex-fuel, which is also a non-GAAP financial measure. We believe the impact of these special items distorts our overall trends and that our metrics are more comparable with the presentation of our results excluding such impact.
For each of the three and nine months ended September 30, 2026, special items included an adjustment to litigation reserves.
For each of the three and nine months ended September 30, 2025, special items included severance expenses and other special items.
We believe Operating Expenses ex-fuel and CASM ex-fuel are useful for investors because they provide investors the ability to measure our financial performance excluding items that are beyond our control, such as fuel costs, which are subject to many economic and political factors, as well as items that are not related to the generation of an available seat mile, such as operating expense related to certain non-airline businesses and special items. We believe these non-GAAP measures are more indicative of our ability to manage airline costs and are more comparable to measures reported by other major airlines.
The table below provides a reconciliation of our total operating expenses (GAAP measure) to Operating Expenses ex-fuel, and our CASM to CASM ex-fuel for the periods presented.
NON-GAAP FINANCIAL MEASURE
RECONCILIATION OF OPERATING EXPENSE AND OPERATING EXPENSE PER ASM (CASM),
EXCLUDING FUEL
(unaudited)
Three Months Ended September 30,
$
Cents per ASM
(in millions; per ASM data in cents; percent changes based on unrounded numbers)
2026
2025
Percent Change
2026
2025
Percent Change
Total operating expenses
$
2,956
$
2,422
22.1
17.12
14.34
19.4
Less:
Aircraft fuel
868
539
61.0
5.03
3.19
57.5
Other non-airline expenses
20
18
12.6
0.12
0.10
10.1
Special items
33
5
NM (1)
0.19
0.03
NM
Operating expenses, excluding fuel
$
2,035
$
1,860
9.4
11.78
11.02
7.0
(1) Not meaningful or greater than 100% change.
NON-GAAP FINANCIAL MEASURE
RECONCILIATION OF OPERATING EXPENSE AND OPERATING EXPENSE PER ASM (CASM),
EXCLUDING FUEL
Nine Months Ended September 30,
$
Cents per ASM
(in millions; per ASM data in cents; percent changes based on unrounded numbers)
2026
2025
Percent Change
2026
2025
Percent Change
Total operating expenses
$
8,258
$
7,086
16.5
16.59
14.42
15.0
Less:
Aircraft fuel
2,352
1,554
51.4
4.73
3.16
49.4
Other non-airline expenses
56
50
12.1
0.10
0.10
10.6
Special items
33
29
17.2
0.07
0.06
15.7
Operating expenses, excluding fuel
$
5,817
$
5,453
6.7
11.69
11.10
5.3
Operating Expense, Operating Loss, Operating Margin, Pre-tax Loss, Pre-tax Margin, Net Loss and Loss per Share, excluding Special Items and Gain on Investments
For each of the three and nine months ended September 30, 2026, special items included an adjustment to litigation reserves.
For each of the three and nine months ended September 30, 2025, special items included severance expenses and other special items.
Certain gains on our investments, net were also excluded from our September 30, 2026 and 2025 non-GAAP results.
We believe the impact of these items distort our overall trends and that our metrics are more comparable with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding the impact of these items for the periods presented.
NON-GAAP FINANCIAL MEASURE
RECONCILIATION OF OPERATING EXPENSE, OPERATING LOSS, OPERATING MARGIN, PRE-TAX LOSS, PRE-TAX MARGIN, NET LOSS, LOSS PER SHARE, EXCLUDING SPECIAL ITEMS AND GAIN ON INVESTMENTS
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions except percentages)
2026
2025
2026
2025
Total operating revenues
$
2,812
$
2,322
$
7,749
$
6,818
RECONCILIATION OF OPERATING EXPENSE
Total operating expenses
$
2,956
$
2,422
$
8,258
$
7,086
Less: Special items
33
5
33
29
Total operating expenses excluding special items
$
2,923
$
2,417
$
8,225
$
7,057
Percent change
20.9
%
16.5
%
RECONCILIATION OF OPERATING LOSS
Operating loss
$
(144
)
$
(100
)
$
(509
)
$
(268
)
Add back: Special items
33
5
33
29
Operating loss excluding special items
$
(111
)
$
(95
)
$
(476
)
$
(239
)
RECONCILIATION OF OPERATING MARGIN
Operating margin
(5.1
)%
(4.3
)%
(6.6
)%
(3.9
)%
Operating loss excluding special items
$
(111
)
$
(95
)
$
(476
)
$
(239
)
Total operating revenues
2,812
2,322
7,749
6,818
Adjusted operating margin
(3.9
)%
(4.1
)%
(6.1
)%
(3.5
)%
RECONCILIATION OF PRE-TAX LOSS
Loss before income taxes
$
(270
)
$
(196
)
$
(877
)
$
(561
)
Add back: Special items
33
5
33
29
Less: Gain on investments, net
—
8
4
12
Loss before income taxes excluding special items and gain on investments
$
(237
)
$
(199
)
$
(848
)
$
(544
)
RECONCILIATION OF PRE-TAX MARGIN
Pre-tax margin
(9.6
)%
(8.4
)%
(11.3
)%
(8.2
)%
Loss before income taxes excluding special items and gain on investments
$
(237
)
$
(199
)
$
(848
)
$
(544
)
Total operating revenues
2,812
2,322
7,749
6,818
Adjusted pre-tax margin
(8.5
)%
(8.6
)%
(10.9
)%
(8.0
)%
NON-GAAP FINANCIAL MEASURE
RECONCILIATION OF OPERATING EXPENSE, OPERATING LOSS, OPERATING MARGIN, PRE-TAX LOSS, PRE-TAX MARGIN, NET LOSS, LOSS PER SHARE, EXCLUDING SPECIAL ITEMS AND GAIN ON INVESTMENTS
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions except percentages)
2026
2025
2026
2025
RECONCILIATION OF NET LOSS
Net loss
$
(257
)
$
(143
)
$
(823
)
$
(425
)
Add back: Special items
33
5
33
29
Less: Income tax benefit related to special items
1
—
1
7
Less: Gain on investments, net
—
8
4
12
Less: Income tax benefit (expense) related to gain on investments, net
1
(2
)
—
(3
)
Net loss excluding special items and gain on investments
$
(226
)
$
(144
)
$
(795
)
$
(412
)
CALCULATION OF LOSS PER SHARE
Loss per common share
Basic
$
(0.68
)
$
(0.39
)
$
(2.20
)
$
(1.18
)
Add back: Special items
0.09
0.01
0.09
0.08
Less: Income tax benefit related to special items
0.01
—
—
0.02
Less: Gain on investments, net
—
0.02
0.01
0.04
Less: Income tax expense related to gain on investments, net
—
—
—
(0.01
)
Basic excluding special items and gain on investments
$
(0.60
)
$
(0.40
)
$
(2.12
)
$
(1.15
)
Diluted
$
(0.68
)
$
(0.39
)
$
(2.20
)
$
(1.18
)
Add back: Special items
0.09
0.01
0.09
0.08
Less: Income tax benefit related to special items
0.01
—
—
0.02
Less: Gain on investments, net
—
0.02
0.01
0.04
Less: Income tax expense related to gain on investments, net
—
—
—
(0.01
)
Diluted excluding special items and gain on investments
Applied Materials zvýší svůj podíl v BE Semiconductor Industries přibližně na 20 %, čímž posílí dlouhodobé partnerství v oblasti pokročilého pouzdření čipů.
Applied enters into agreement to increase its investment to approximately 20 percent of outstanding shares, reinforcing the companies’ long-term strategic partnership in advanced packaging | Source: Applied Materials, Inc.
SANTA CLARA, Calif., Oct. 26, 2026 (GLOBE NEWSWIRE) -- Applied Materials, Inc. (Nasdaq: AMAT) today announced it is increasing its investment in BE Semiconductor Industries N.V. (Besi) (Euronext Amsterdam: BESI), a leading manufacturer of assembly equipment for the semiconductor industry, to approximately 20 percent of Besi’s outstanding shares. The share purchase would add to Applied Materials’ current investment in Besi, which Applied initially made in April 2025.
The companies have a longstanding strategic collaboration, which began in 2020 and was recently expanded with Besi joining Applied Materials’ EPIC Center as an Innovation Partner. The expanded partnership extends the companies’ co-innovation beyond hybrid bonding into new interconnect architectures and applications supporting the semiconductor industry’s AI-driven scaling roadmap. Areas of collaboration include next-generation 3D IC scaling, logic and memory integration, scaling of thermo-compression bonding and new die-on-wafer, die-on-die and die-on-panel integration platforms.
“Applied Materials is adding to its investment in Besi as hybrid bonding technology and next-generation interconnect architectures become increasingly critical enablers of energy-efficient AI compute performance,” said Dr. Prabu Raja, President of the Semiconductor Products Group at Applied Materials. “We also look forward to furthering our strategic collaboration with Besi and delivering the innovative products and technologies our customers need to scale AI systems.”
Applied Materials has entered into an accelerated share purchase agreement for the Besi shares, and the delivery of the shares is subject to the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the HSR Act).
Applied Materials views its investment in Besi as long term. Applied currently has no intention to increase its investment in Besi beyond approximately 20 percent, and Applied does not intend to seek board representation at Besi.
Forward-Looking Statements
This press release contains forward-looking statements regarding the purchase of Besi shares by Applied Materials. These statements and their underlying assumptions are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied by such statements include the expiration or termination of the applicable waiting period under the HSR Act and the risks and uncertainties described in our filings with the Securities and Exchange Commission, including our most recent Forms 10-K, 10-Q and 8-K. All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.
About Applied Materials
Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions that are at the foundation of virtually every new semiconductor and advanced display in the world. The technology we create is essential to advancing AI and accelerating the commercialization of next-generation chips. At Applied, we push the boundaries of science and engineering to deliver material innovation that changes the world. Learn more at www.appliedmaterials.com.
Contact:
Ricky Gradwohl (editorial/media) 408.235.4676
Mike Sullivan (financial community) 408.986.7977
Akcie společnosti Vale během dne klesly o 3,23 % na 12 USD v reakci na výsledky brazilských voleb a snížení cílové ceny ze strany UBS z 15 USD na 14,50 USD.
Vale (VALE -3.23%), a global iron ore, copper, and nickel mining producer, closed at $12.00, down 3.23%. The stock fell from weakness tied to Brazil's election outcome and a recent price target cut, while investors are watching Oct. 29 earnings.
Trading volume reached 92.9 million shares, coming in about 207% above its three-month average of 30.3 million shares. Vale IPO'd in 2002 and has grown 432% since going public.
How the markets moved todayThe S&P 500 (^GSPC +0.70%) closed at 7,677, up 0.70%, while the Nasdaq Composite (^IXIC +0.82%) finished at 26,169, up 0.82%. Among diversified metals and mining peers, BHP Group closed at $79.13, up 1.64%, and Rio Tinto Group closed at $83.72, up 0.36%, offering a firmer read-through for iron ore-heavy names than Vale's slide.
What this means for investorsVale stock dipped after Brazil's election outcome, along with most Brazil-linked names. The bearish sentiment follows an analyst price cut from last week. UBS lowered its target price from $15.00 to $14.50 per share while maintaining a neutral rating late last week.
Today's election news just added to the weakness in the name. Brazil's incumbent President Lula defeated the conservative candidate in an election that the latter still hasn't conceded. Flávio Bolsonaro was seen as a potential ally to business and mining interests in the county.
Investors now will be watching for Vale management's comments on metals pricing and business conditions when it reports Q3 on Oct. 29.
Howard Smith has no position in any of the stocks mentioned. The Motley Fool recommends BHP Group. The Motley Fool has a disclosure policy.
Adecoagro schválila druhou splátku hotovostní dividendy ve výši 17,5 milionu USD, což představuje přibližně 0,12128986 USD na akcii. Výplata je naplánována na 19. listopadu 2026.
, /PRNewswire/ -- Adecoagro S.A. (NYSE: AGRO), a leading sustainable production company in South America, announces its Board of Directors has approved a cash dividend distribution:
Amount to be Distributed: $17.5 millionDividend per Share: ~$0.12128986Record Date: November 5, 2026Payment Date: November 19, 2026This dividend distribution is the second of a two-tranche cash dividend payable in two installments.
The first installment was paid on May 19, 2026, in an equal cash amount, resulting in an annual cash dividend of $35 million.
About Adecoagro:
Adecoagro is a leading sustainable production company in South America. Adecoagro owns 210.4 thousand hectares of farmland and several industrial facilities spread across the most productive regions of Argentina, Brazil and Uruguay, where it produces 1.3 million tons of fertilizers, 3.1 million tons of agricultural products and over 1 million MWh of renewable electricity.
For questions please contact:
Victoria Cabello
IR Officer
Email: [email protected]
Record quarterly revenue of $218.3 million, up 22% year over year, exceeding guidance range GAAP diluted earnings per share of $0.69 and non-GAAP diluted earnings per share of $0.84, exceeding guidance range Record product revenue of $114.3 million, up 15% quarter over quarter and 22% year over year Expanded product and IP offerings for next-generation AI systems, including industry-leading PMIC for LPDDR6 SOCAMM2 and data center-class Root of Trust security IP SAN JOSE, Calif.--(BUSINESS WIRE)--Rambus Inc. (NASDAQ:RMBS), a provider of industry-leading chips and IP making data faster and safer, today reported financial results for the third quarter ended September 30, 2026. Total revenue for the third quarter was $218.3 million, product revenue was $114.3 million, royalties revenue was $77.0 million and contract and other revenue was $27.0 million. GAAP diluted earnings per share was $0.69 and non-GAAP diluted earnings per share was $0.84. The Company also generated a record $102.5 million of cash from operating activities in the third quarter.
Management Commentary
“Rambus delivered record quarterly revenue and earnings that exceeded our guidance, with strong customer demand driving record product revenue and record cash from operations,” said Luc Seraphin, president and chief executive officer of Rambus. “We continue to expand our product and IP offerings to address the growing performance requirements of next-generation AI and data center infrastructure. Through ongoing execution on our roadmap and accelerating demand for our differentiated solutions, we expect an even stronger performance in Q4 and are well positioned to deliver long-term profitable growth and value for our stockholders.”
GAAP
Non-GAAP (1)
Quarterly Financial Review
Three Months Ended
September 30,
Three Months Ended
September 30,
(In millions, except percentages and per share amounts)
2026
2025
2026
2025
Revenue
Product revenue
$
114.3
$
93.3
$
114.3
$
93.3
Royalties revenue
77.0
65.1
77.0
65.1
Contract and other revenue
27.0
20.1
27.0
20.1
Total revenue
218.3
178.5
218.3
178.5
Cost of product revenue
45.5
34.3
45.3
34.2
Cost of contract and other revenue
0.8
0.5
0.8
0.5
Amortization of acquired intangible assets (included in total cost of revenue)
1.1
1.7
—
—
Total operating expenses
87.3
78.7
70.0
64.6
Operating income
$
83.6
$
63.3
$
102.2
$
79.2
Operating margin
38
%
35
%
47
%
44
%
Net income
$
74.6
$
48.4
$
91.7
$
68.2
Diluted earnings per share
$
0.69
$
0.44
$
0.84
$
0.62
GAAP revenue for the quarter was $218.3 million, which exceeded the Company's guidance range of $210 million to $216 million. The Company had product revenue of $114.3 million, royalties revenue of $77.0 million and contract and other revenue of $27.0 million.
The Company had total GAAP cost of revenue of $47.4 million and operating expenses of $87.3 million. The Company also had total non-GAAP operating expenses of $116.1 million (including non-GAAP cost of revenue of $46.1 million). The Company had GAAP diluted earnings per share of $0.69 and non-GAAP diluted earnings per share of $0.84. The Company’s basic share count was 108 million shares and its diluted share count was 109 million shares.
Cash, cash equivalents, and marketable securities as of September 30, 2026 were $776.9 million, a decrease of $48.0 million as compared to June 30, 2026, mainly due to $135.4 million paid for repurchases of common stock and $11.2 million paid for capital expenditures, partially offset by $102.5 million cash provided by operating activities.
2026 Fourth Quarter Outlook
(In millions, except per share amounts)
GAAP
Non-GAAP (1)
Revenue
$227 - $233
$227 - $233
Product revenue
$127 - $133
$127 - $133
Royalties revenue
$68 - $74
$68 - $74
Contract and other revenue
$26 - $32
$26 - $32
Total operating costs and expenses (2)
$143 - $139
$124 - $120
Diluted earnings per share
$0.68 - $0.76
$0.84 - $0.92
For the fourth quarter of 2026, the Company expects revenue to be between $227 million and $233 million. The Company also expects product revenue to be between $127 million and $133 million, royalties revenue to be between $68 million and $74 million, and contract and other revenue to be between $26 million and $32 million. Revenue is not without risk and achieving revenue in this range will require that the Company sign customer agreements for various product sales and solutions licensing, among other matters.
The Company also expects GAAP operating costs and expenses to be between $143 million and $139 million and non-GAAP operating costs and expenses to be between $124 million and $120 million. The Company expects interest and other income to be $6.5 million. These expectations also assume a GAAP tax rate of 17.5%, a non-GAAP tax rate of 16% and a diluted share count of 109 million shares, and exclude stock-based compensation expense of $18.2 million, amortization of acquired intangible assets of $1.0 million and other one-time adjustments of ($0.2) million.
Additionally, the Company expects GAAP diluted earnings per share to be between $0.68 and $0.76 and non-GAAP diluted earnings per share to be between $0.84 and $0.92.
Conference Call
The Company’s management will discuss the results of the quarter during a conference call scheduled for 2:00 p.m. PT today. The call will be audio, slides will be available online at investor.rambus.com, and a replay will be available for the next week at the following numbers: (833) 309-1852 (domestic) or +44 800-007-4044 (international) with ID# 254362271.
Non-GAAP Financial Information
In the commentary set forth above and in the financial statements included in this earnings release, the Company presents the following non-GAAP financial measures: cost of product revenue, operating expenses, operating income, gross margin, operating margin, net income and diluted net income per share (diluted earnings per share). In computing each of these non-GAAP financial measures, the following items were considered as discussed below: stock-based compensation expense, restructuring charges, amortization of acquired intangible assets, facility closure costs, income tax adjustment, and certain other one-time adjustments. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Management believes the non-GAAP financial measures are appropriate for both its own assessment of, and to show investors, how the Company’s performance compares to other periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. A reconciliation from GAAP to non-GAAP results is included in the financial statements contained in this release.
The Company’s non-GAAP financial measures reflect adjustments based on the following items:
Stock-based compensation expense. These expenses primarily relate to employee stock purchase plans, and employee non-vested equity stock and non-vested stock units. The Company excludes stock-based compensation expense from its non-GAAP measures primarily because such expenses are non-cash expenses that the Company does not believe are reflective of ongoing operating results. Additionally, given the fact that other companies may grant different amounts and types of equity awards and may use different valuation assumptions, excluding stock-based compensation expense permits more accurate comparisons of the Company’s results with peer companies.
Restructuring charges. These charges include severance, exit costs and other related costs. The Company excludes these charges because such charges are not directly related to ongoing business results and do not reflect expected future operating expenses.
Amortization of acquired intangible assets. The Company incurs expenses for the amortization of intangible assets acquired in acquisitions. The Company excludes these items because these expenses are not reflective of ongoing operating results in the period incurred. These amounts arise from the Company’s prior acquisitions and have no direct correlation to the operation of the Company’s core business.
Facility closure costs. These charges consist of exit costs associated with building leases that were abandoned. The Company excludes these charges because such charges are not directly related to ongoing business results and do not reflect expected future operating expenses.
Income tax adjustment. For purposes of internal forecasting, planning and analyzing future periods that assume net income from operations, the Company estimates a fixed, long-term projected tax rate of approximately 16 percent and 20 percent for 2026 and 2025, respectively, which consists of estimated U.S. federal and state tax rates, and excludes tax rates associated with certain items such as withholding tax, tax credits, deferred tax asset valuation allowance and the release of any deferred tax asset valuation allowance. Accordingly, the Company has applied these tax rates to its non-GAAP financial results for all periods in the relevant years to assist the Company’s planning.
On occasion in the future, there may be other items, such as significant gains or losses from contingencies, that the Company may exclude in deriving its non-GAAP financial measures if it believes that doing so is consistent with the goal of providing useful information to investors and management.
About Rambus Inc.
Rambus delivers industry-leading chips and silicon IP for data-intensive computing systems, focusing on data center and AI infrastructure. With over three decades of advanced semiconductor experience, our products and technologies address the critical bottlenecks between memory and processing to accelerate data-intensive workloads. By enabling greater bandwidth, efficiency and security across next-generation computing platforms, we make data faster and safer. For more information, visit rambus.com.
Forward-Looking Statements
This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including those relating to Rambus’ expectations regarding business opportunities, the Company’s ability to deliver long-term, profitable growth, product and investment strategies, and the Company’s outlook and financial guidance for the fourth quarter of 2026 and related drivers, and the Company’s ability to effectively manage market challenges. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs and certain assumptions made by the Company’s management. Actual results may differ materially. The Company’s business generally is subject to a number of risks which are described more fully in Rambus’ periodic reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
Rambus Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
September 30,
2026
December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents
$
110,531
$
182,826
Marketable securities
666,376
579,005
Accounts receivable
142,149
137,476
Unbilled receivables
26,818
25,209
Inventories
87,235
44,098
Prepaids and other current assets
18,323
20,202
Total current assets
1,051,432
988,816
Intangible assets, net
5,711
10,171
Goodwill
286,812
286,812
Property and equipment, net
107,918
113,051
Operating lease right-of-use assets
13,702
17,112
Deferred tax assets
86,500
105,542
Other assets
6,157
8,041
Total assets
$
1,558,232
$
1,529,545
LIABILITIES & STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
23,349
$
35,915
Accrued salaries and benefits
20,372
22,044
Deferred revenue
32,391
29,980
EDA tools software licenses liability
14,795
14,884
Operating lease liabilities
5,645
6,310
Other current liabilities
15,543
11,441
Total current liabilities
112,095
120,574
Long-term operating lease liabilities
14,572
18,671
Long-term EDA tools software licenses liability
9,053
20,908
Other long-term liabilities
4,781
4,967
Total long-term liabilities
28,406
44,546
Total stockholders’ equity
1,417,731
1,364,425
Total liabilities and stockholders’ equity
$
1,558,232
$
1,529,545
Rambus Inc.
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In thousands, except per share amounts)
2026
2025
2026
2025
Revenue:
Product revenue
$
114,315
$
93,342
$
301,471
$
250,976
Royalties
76,958
65,120
230,861
207,702
Contract and other revenue
27,016
20,051
73,531
58,708
Total revenue
218,289
178,513
605,863
517,386
Cost of revenue:
Cost of product revenue
45,458
34,337
118,762
97,338
Cost of contract and other revenue
753
531
2,659
1,708
Amortization of acquired intangible assets
1,164
1,724
4,459
5,158
Total cost of revenue
47,375
36,592
125,880
104,204
Gross profit
170,914
141,921
479,983
413,182
Operating expenses:
Research and development
49,355
49,511
150,683
138,462
Sales, general and administrative
37,684
29,155
107,616
85,328
Restructuring charges
223
—
3,543
—
Total operating expenses
87,262
78,666
261,842
223,790
Operating income
83,652
63,255
218,141
189,392
Interest income and other income (expense), net
7,162
6,327
21,373
16,411
Interest expense
(279
)
(294
)
(860
)
(1,053
)
Interest and other income (expense), net
6,883
6,033
20,513
15,358
Income before income taxes
90,535
69,288
238,654
204,750
Provision for income taxes
15,970
20,911
36,626
38,135
Net income
$
74,565
$
48,377
$
202,028
$
166,615
Net income per share:
Basic
$
0.69
$
0.45
$
1.87
$
1.55
Diluted
$
0.69
$
0.44
$
1.84
$
1.53
Weighted-average shares used in per share calculations:
Basic
107,644
107,622
108,032
107,483
Diluted
108,788
109,304
109,552
108,962
Rambus Inc.
Supplemental Reconciliation of GAAP to Non-GAAP Results
(Unaudited)
Three Months Ended
September 30,
(In thousands, except per share amounts)
2026
2025
Cost of product revenue
$
45,458
$
34,337
Adjustment:
Stock-based compensation expense
(185
)
(180
)
Non-GAAP cost of product revenue
$
45,273
$
34,157
Total operating expenses
$
87,262
$
78,666
Adjustments:
Stock-based compensation expense
(16,936
)
(14,026
)
Restructuring charges
(223
)
—
Facility closure costs
(78
)
—
Non-GAAP total operating expenses
$
70,025
$
64,640
Operating income
$
83,652
$
63,255
Adjustments:
Stock-based compensation expense
17,121
14,206
Amortization of acquired intangible assets
1,164
1,724
Restructuring charges
223
—
Facility closure costs
78
—
Non-GAAP total operating income
$
102,238
$
79,185
Net income
$
74,565
$
48,377
Stock-based compensation expense
17,121
14,206
Amortization of acquired intangible assets
1,164
1,724
Restructuring charges
223
—
Facility closure costs
78
—
Income tax adjustment
(1,489
)
3,867
Non-GAAP net income
$
91,662
$
68,174
Non-GAAP diluted earnings per share
$
0.84
$
0.62
Weighted-average shares used in non-GAAP diluted per share calculation
108,788
109,304
Rambus Inc.
Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates
(Unaudited)
2026 Fourth Quarter Outlook
Three Months Ended
December 31, 2026
(In millions, except per share amounts)
Low
High
Forward-looking operating costs and expenses
$
143.0
$
139.0
Adjustments:
Stock-based compensation expense
(18.2
)
(18.2
)
Amortization of acquired intangible assets
(1.0
)
(1.0
)
Other
0.2
0.2
Forward-looking Non-GAAP operating costs and expenses
After dropping 8.3% last week, Lumentum Holdings (LITE +8.19%) stock is starting the last week of October trading on an auspicious note. With a financial services firm initiating coverage and taking a bullish stance on the developer of optical and photonic technologies, investors have found sufficient grounds to click the buy button.
Lumentum shares closed 8.2% higher from their closing price on Friday, Oct. 23.
Image source: Getty Images.
Another firm sees ample room for this tech stock to runInitiating coverage with a buy rating, StoneX set a $1,200 price target on Lumentum stock this morning. According to Thefly.com, the financial services firm based its outlook, in part, on management's acknowledgment that it has AI-related optoelectronic capacity that is effectively committed into the early part of 2029.
LITE Lumentum$818.10+$61.93 (+8.19%)
NASDAQ · As of 4:00 PM ET 10/26/26
Based on Lumentum’s closing price of $756.17 on Oct. 23, the StoneX price target implies 59% upside.
On Oct. 20, Jefferies also adopted a more bullish perspective on Lumentum stock, raising its price target to $1,250 from $1,200.
In addition to AI computing, Lumentum develops optical and photonic technologies that support the networks and infrastructure for cloud computing and other advanced communications.
Is Lumentum stock a buy now?While StoneX sees Lumentum stock soaring in the coming months, investors would be smart to take a more cautious approach to the tech stock and not rush out to load up on shares. Lumentum stock is changing hands at 54.1 times operating cash flow, a premium to its five-year average cash flow multiple of 15.4.
For those interested in Lumentum stock, it will be important to see whether the company meets its first-quarter 2027 guidance -- revenue of $1.23 billion to $1.28 billion and adjusted diluted net income per share of $4.05 to $4.35 -- and then reevaluate whether buying shares is a smart move.
Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Jefferies Financial Group and Lumentum. The Motley Fool has a disclosure policy.
FMC snížila výhled čtvrtletních tržeb na 65–125 milionů USD a očekává upravenou ztrátu EBITDA ve výši 510–565 milionů USD; akcie po oznámení klesly o 39 %.
Boston, Massachusetts--(Newsfile Corp. - October 26, 2026) - Block & Leviton is investigating FMC Corp. (NYSE: FMC) for potential securities law violations. Investors who have lost money in their FMC investment should contact the firm to learn more about how they might recover those losses. For more details, visit https://blockleviton.com/cases/fmc.
What is this all about?
Block & Leviton is investigating whether FMC Corporation misled investors about how much of its higher-priced product was sitting unsold with distributors. On October 15, 2026, about two weeks after the third quarter ended, FMC announced that it now expected quarterly revenue of only $65 million to $125 million and an Adjusted EBITDA loss of $510 million to $565 million. Those results included $625 million to $675 million in charges from cutting prices on FMC products already held by distributors and changing how it sells and prices products in the United States. FMC acknowledged it had been working through this inventory over several quarters. Yet on its July 30, 2026 earnings call, the CEO reportedly blamed weak sales on weather, geopolitics, and cautious buying without mentioning the inventory problem. After the October announcement, FMC's stock fell roughly 39%.
Who is eligible?
Anyone who purchased FMC common stock and has seen their shares fall may be eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What is Block & Leviton doing?
Block & Leviton is investigating whether the Company committed securities law violations and may file an action to attempt to recover losses on behalf of investors who have lost money.
What should you do next?
If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at [email protected], or by phone at (888) 256-2510.
Whistleblower?
If you have non-public information about FMC, you should consider assisting in our investigation or working with our attorneys to file a report with the Securities Exchange Commission under their whistleblower program. Whistleblowers who provide original information to the SEC may receive rewards of up to 30% of any successful recovery. For more information, contact Block & Leviton at [email protected] or by phone at (888) 256-2510.
Why should you contact Block & Leviton?
Block & Leviton is widely regarded as one of the leading securities class action firms in the country. Our attorneys have recovered billions of dollars for defrauded investors and are dedicated to obtaining significant recoveries on behalf of our clients through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, call (888) 256-2510 or email [email protected] with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (888) 256-2510
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/321051
Source: Block & Leviton LLP
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Společnost Phillips Edison ve třetím čtvrtletí zvýšila čistý zisk na 62,7 milionu USD z 24,7 milionu USD před rokem a zvýšila výhled zisku na akcii (EPS) pro rok 2026.
CINCINNATI, Oct. 26, 2026 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, today reported financial and operating results for the period ended September 30, 2026 and provided updated 2026 earnings guidance. For the three and nine months ended September 30, 2026, net income attributable to stockholders was $62.7 million, or $0.49 per diluted share, and $134.2 million, or $1.05 per diluted share, respectively.
Highlights for the Third Quarter
Reported Nareit FFO of $0.69 per diluted share, representing 7.8% year-over-year growthReported Core FFO of $0.71 per diluted share, representing 9.2% year-over-year growthIncreased same-center NOI year-over-year by 5.3%The increased midpoint of full year 2026 Nareit FFO per diluted share guidance of $2.70 represents 6.3% year-over-year growthThe increased midpoint of full year 2026 Core FFO per diluted share guidance of $2.77 represents 6.5% year-over-year growthThe increased midpoint of full year 2026 same-center NOI guidance represents 3.75% year-over-year growthFull year 2026 gross acquisitions guidance reflects a range of $600 million to $700 millionAcquired two grocery-anchored shopping centers, one Everyday Retail™ center and land parcels for a total of $181.8 million and sold $87.1 million in assetsReported strong leased portfolio occupancy of 97.5% and same-center leased portfolio occupancy of 97.8%Reported leased anchor occupancy of 99.0% and same-center leased anchor occupancy of 99.2%Reported leased inline occupancy of 95.1% and same-center leased inline occupancy of 95.4%Executed comparable portfolio new and inline leases at a rent spread of 26.3% during the quarterExecuted comparable portfolio renewal leases at a record rent spread of 25.2% and comparable inline renewal leases at a record-high rent spread of 24.2% during the quarterGenerated net proceeds of $6.4 million through the issuance of 0.2 million common shares at a gross weighted average price of $42.20 per common share through PECO’s ATM programTrailing 12-month net debt to annualized adjusted EBITDAre at September 30, 2026 was 5.2x Subsequent Highlights
Acquired two grocery-anchored shopping centers for $59.4 million at PECO’s total prorated share and sold a land parcel for $0.9 millionYear to date through October 26, 2026, acquired $519.1 million in assets at PECO’s total prorated share and sold $174.8 million in assetsExpanded and extended by 10 years the joint venture partnership with Northwestern Mutual to acquire 13 high-quality, grocery-anchored shopping centers valued at approximately $377.5 million and currently owned and operated by PECO across eight statesClosed on a new $350 million unsecured term loan with a portion of proceeds used to pay down the $162 million term loan due January 2027, lowering the interest rate by approximately 30 basis points Management Commentary
Jeff Edison, Chairman and Chief Executive Officer of PECO stated: “PECO delivered another quarter of strong financial results, and the operating environment remains solid. Our record renewal rent spreads and high occupancy showcase the strength of PECO’s operating engine. PECO combines right-sized and well-located, grocery-anchored neighborhood shopping centers that support successful necessity-based retailers with a team that converts retailer demand into durable internal growth.”
Edison added: “We continue to match fund our external growth by selling stabilized centers and investing in centers with greater growth potential. Our leasing relationships, operating platform and market data give us a meaningful advantage when executing acquisitions. The embedded growth, together with our disciplined approach to investing, position PECO well for 2027 and beyond.”
Financial Results
Net Income
Third quarter 2026 net income attributable to stockholders totaled $62.7 million, or $0.49 per diluted share, compared to net income of $24.7 million, or $0.20 per diluted share, during the third quarter of 2025.
For the nine months ended September 30, 2026, net income attributable to stockholders totaled $134.2 million, or $1.05 per diluted share, compared to net income of $63.8 million, or $0.51 per diluted share, for the same period in 2025.
Nareit FFO
Third quarter 2026 funds from operations attributable to stockholders and operating partnership (“OP”) unit holders as defined by Nareit (“Nareit FFO”) increased 9.8% to $98.0 million, or $0.69 per diluted share, compared to $89.3 million, or $0.64 per diluted share, during the third quarter of 2025.
For the nine months ended September 30, 2026, Nareit FFO increased 7.7% to $284.6 million, or $2.03 per diluted share, compared to $264.3 million, or $1.90 per diluted share, during the same period in 2025.
Core FFO
Third quarter 2026 core funds from operations attributable to stockholders and OP unit holders (“Core FFO”) increased 11.3% to $100.7 million, or $0.71 per diluted share, compared to $90.6 million, or $0.65 per diluted share, during the third quarter of 2025.
For the nine months ended September 30, 2026, Core FFO increased 8.6% to $292.6 million, or $2.09 per diluted share, compared to $269.5 million, or $1.94 per diluted share, for the same period in 2025.
Same-Center NOI
Third quarter 2026 same-center net operating income (“NOI”) increased 5.3% to $122.4 million, compared to $116.2 million during the third quarter of 2025.
For the nine months ended September 30, 2026, same-center NOI increased 4.3% to $361.8 million, compared to $346.9 million during the same period in 2025.
Portfolio Overview
Portfolio Statistics
As of September 30, 2026, PECO’s wholly-owned portfolio consisted of 300 properties, totaling approximately 33.9 million square feet, located in 31 states. This compared to 303 properties, totaling approximately 34.0 million square feet, located in 31 states as of September 30, 2025.
Leased portfolio occupancy was 97.5% as of September 30, 2026, compared to 97.6% as of September 30, 2025. Same-center leased portfolio occupancy was 97.8% as of September 30, 2026 and 2025.
Leased anchor occupancy was 99.0% as of September 30, 2026, compared to 99.2% as of September 30, 2025. Same-center leased anchor occupancy was 99.2% as of September 30, 2026, compared to 99.4% as of September 30, 2025.
Leased inline occupancy was 95.1% as of September 30, 2026, compared to 94.8% as of September 30, 2025. Same-center leased inline occupancy was 95.4% as of September 30, 2026, compared to 95.0% as of September 30, 2025.
Leasing Activity
During the third quarter of 2026, 238 leases were executed totaling approximately 1.1 million square feet. This compared to 270 leases executed totaling approximately 1.7 million square feet during the third quarter of 2025.
For the nine months ended September 30, 2026, 788 leases were executed totaling approximately 3.9 million square feet. This compared to 780 leases executed totaling approximately 4.6 million square feet during the same period in 2025.
During the third quarter of 2026, comparable rent spreads, which represent the percentage increase of a lease to the expiring lease of a unit that was occupied within the past twelve months, were a record-high 25.2% for renewal leases, 26.3% for new leases and 25.5% combined.
Comparable rent spreads during the nine months ended September 30, 2026 were 32.3% for new leases, 22.3% for renewal leases and 24.9% combined.
Transaction Activity - Wholly-Owned
During the third quarter of 2026, the Company acquired $181.8 million in assets, which included three shopping centers and land parcels. The Company expects to drive value in these assets through occupancy increases and rent growth, as well as potential future development of ground-up outparcel retail spaces.
The third quarter 2026 acquisitions included:
South Shore Commons, a 157,574 square foot Everyday Retail™ center located in Staten Island, New York.Alafaya Square, a 168,532 square foot shopping center anchored by Publix located in an Orlando, Florida suburb.Easton Commons, a 203,728 square foot shopping center anchored by Kroger located in a Houston, Texas suburb. During the same period, the Company sold $87.1 million in assets, which included five shopping centers and a land parcel.
For the nine months ended September 30, 2026, the Company acquired $448.7 million in assets, which included 13 shopping centers and land parcels. During the same period, $174.0 million in assets were sold, which included nine shopping centers and land parcels.
Subsequent to quarter end, the Company acquired $52.8 million in assets, which included:
Rice Lake Square, a 258,525 square foot shopping center anchored by Pete’s Fresh Market located in a Chicago, Illinois suburb. Subsequent to quarter end, the Company sold a land parcel for $0.9 million.
Transaction Activity - Joint Venture
For the nine months ended September 30, 2026, the Company acquired $11.0 million in assets at PECO’s total prorated share, which included one shopping center and one outparcel.
Subsequent to quarter end, the Company acquired $6.6 million in assets at PECO’s total prorated share, which included:
Memorial Commons, a 111,022 square foot shopping center anchored by Harris Teeter located in a Charlotte, North Carolina suburb, acquired through Neighborhood Grocery Catalyst Fund LLC. The Company previously announced on October 1, 2026 an amended and restated joint venture partnership with Northwestern Mutual, one of the largest commercial real estate mortgage and equity investors in the U.S., which extends the term of the venture, Grocery Retail Partners I LLC (“GRP I”), by 10 years to 2036. The expanded joint venture will acquire 13 high-quality, grocery-anchored shopping centers currently owned and operated by PECO across eight states. Northwestern Mutual and PECO will retain approximately 86% and 14% interest in the joint venture, respectively. PECO will continue to provide leasing, asset management and property management services for the joint venture, in addition to earning recurring fees related to these services.
Balance Sheet Highlights
Subsequent to quarter end, the Company closed on a new $350 million unsecured term loan facility. The term loan facility has a three-year term maturing on October 23, 2029 and will initially bear interest at an annual rate of SOFR plus 0.80%, with future pricing subject to adjustment based on the Company's credit ratings and leverage ratio. Phillips Edison Grocery Center Operating Partnership I, L.P., a subsidiary of the Company and the borrower under the term loan facility (the “Borrower”), borrowed $175 million of the term loan facility at closing with the remaining $175 million available to draw on or before April 21, 2027. The term loan also has an uncommitted accordion feature allowing the Borrower to borrow up to an additional $450 million of term loans, for total term loans of up to $800 million. The Borrower has the ability to prepay the term loan under the facility without premium or penalty any time prior to maturity. Proceeds from the initial $175 million borrowing were used to pay down the Borrower's outstanding $161.8 million term loan along with outstanding balances under its $1 billion revolving credit facility.
As of September 30, 2026, the Company had approximately $762 million of total liquidity, comprised of $17.9 million of cash, cash equivalents and restricted cash, plus $744.3 million of borrowing capacity available on its $1.0 billion revolving credit facility. Pro forma for the new $350 million unsecured term loan, the Company had approximately $950 million of total liquidity.
As of September 30, 2026, the Company’s net debt to adjusted EBITDAre was 5.2x on a trailing twelve month basis and 5.0x on a current quarter annualized basis, which compares to 5.2x and 5.1x, respectively, as of December 31, 2025. As of September 30, 2026, the Company’s outstanding debt had a weighted-average interest rate of 4.5% and a weighted-average maturity of 5.3 years when including all extension options, and 85.2% of the Company’s total debt was fixed-rate debt, which includes PECO’s total prorated share of debt for its joint ventures.
During the third quarter of 2026, the Company generated net proceeds of $6.4 million through the issuance of 0.2 million common shares at a gross weighted average price of $42.20 per common share through PECO’s ATM program. For the nine months ended September 30, 2026, the Company generated net proceeds of $91.7 million through the issuance of 2.2 million common shares at a gross weighted average price of $42.07 per common share through PECO’s ATM program.
The Company’s interest rate swap with a notional value of $200 million and a fixed rate of 3.359% expired on September 1, 2026.
2026 Guidance and Expectations
PECO updated its 2026 earnings guidance and expectations, as summarized in the table below, which is based upon the Company’s current view of existing market conditions and assumptions for the year ending December 31, 2026. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Forward-Looking Statements" below.
(in thousands, except per share amounts)Q3 2026 YTD Updated Full Year
2026 Guidance and Expectations Previous Full Year
2026 Guidance and ExpectationsNet income per share - diluted$1.05 $1.21 - $1.24 $0.95 - $0.97Nareit FFO per share - diluted$2.03 $2.68 - $2.72 $2.67 - $2.72Core FFO per share - diluted$2.09 $2.75 - $2.79 $2.73 - $2.79Same-Center NOI growth4.3% 3.50% - 4.00% 3.40% - 4.00%Portfolio Activity: Acquisitions, gross(1)$459,705 $600,000 - $700,000 $600,000 - $700,000Dispositions$173,994 $175,000 - $210,000 $200,000 - $250,000Contributions to joint ventures, net(2)$— $200,000 - $250,000 $200,000 - $250,000Other: Interest expense, net$87,284 $116,000 - $120,000 $117,000 - $127,000G&A expense$37,424 $51,000 - $53,000 $49,000 - $53,000Non-cash revenue items(3)$17,158 $22,000 - $24,000 $21,000 - $23,000Adjustments for collectibility$3,773 $4,500 - $6,000 $4,000 - $7,000 (1) Includes the prorated portion owned through the Company’s unconsolidated joint ventures.
(2) Subsequent to quarter end, contributions to Grocery Retail Partners I LLC were $138.6 million.
(3) Represents straight-line rental income and net amortization of above- and below-market leases.
The Company does not provide a reconciliation for same-center NOI estimates on a forward-looking basis because it is unable to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results without unreasonable effort.
The following table provides a reconciliation of the range of the Company's 2026 estimated net income to estimated Nareit FFO and Core FFO:
(Unaudited)Low End High EndNet income per share attributable to stockholders - diluted$1.21 $1.24 Depreciation and amortization of real estate assets 1.90 1.91 Gain on disposal of property, net (0.48) (0.48)Adjustments related to unconsolidated joint ventures 0.05 0.05 Nareit FFO attributable to stockholders and OP unit holders
per share - diluted$2.68 $2.72 Depreciation and amortization of corporate assets 0.01 0.01 Loss on extinguishment or modification of debt and other, net 0.01 0.01 Transaction costs and other 0.05 0.05 Core FFO attributable to stockholders and OP unit holders
per share - diluted$2.75 $2.79 Conference Call and Webcast Details
PECO will host a conference call and webcast on Tuesday, October 27, 2026 at 12:00 p.m. Eastern Time to discuss third quarter 2026 results and provide further business updates. Chairman and Chief Executive Officer Jeff Edison, President Bob Myers and Chief Financial Officer John Caulfield will host the conference call and webcast. Dial-in and webcast information is below.
Third Quarter 2026 Earnings Conference Call and Webcast Details:
Date: Tuesday, October 27, 2026
Time: 12:00 p.m. ET
Toll-Free Dial-In Number: (800) 715-9871
International Dial-In Number: (646) 307-1963
Conference ID: 4551083
Webcast: Third Quarter 2026 Webcast Link
Replay:
An audio replay will be available approximately one hour after the conclusion of the conference call using the webcast link above. The replay will be archived on PECO’s Investor Relations website under Events & Presentations.
For more information on the Company’s financial results, please refer to the Company’s Form 10-Q for the quarter ended September 30, 2026.
Connect with PECO
For additional information, please visit https://www.phillipsedison.com/
Follow PECO on:
X at https://x.com/PhillipsEdisonLinkedIn at https://www.linkedin.com/company/phillipsedison&company About Phillips Edison & Company
Phillips Edison & Company, Inc. (“PECO”) is one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating platform and national footprint of well-occupied shopping centers. PECO’s centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO’s top grocery anchors include Kroger, Publix, Albertsons and Ahold Delhaize. As of September 30, 2026, PECO managed 328 shopping centers, including 300 wholly-owned centers comprising 33.9 million square feet across 31 states and 28 shopping centers owned in three institutional joint ventures. PECO is focused on creating great grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time.
PECO uses, and intends to continue to use, its Investors website, which can be found at https://investors.phillipsedison.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.
PHILLIPS EDISON & COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2026 AND DECEMBER 31, 2025
(Condensed and Unaudited)
(In thousands, except per share amounts)
September 30, 2026 December 31, 2025ASSETS Investment in real estate: Land and improvements$1,988,992 $1,963,735 Building and improvements 4,467,013 4,305,174 In-place lease assets 543,721 538,324 Above-market lease assets 82,600 77,551 Total investment in real estate assets 7,082,326 6,884,784 Accumulated depreciation and amortization (2,026,479) (1,957,569)Net investment in real estate assets 5,055,847 4,927,215 Investment in unconsolidated joint ventures 47,252 42,561 Total investment in real estate assets, net 5,103,099 4,969,776 Cash and cash equivalents 8,903 3,544 Restricted cash 9,018 39,768 Goodwill 29,066 29,066 Other assets, net 248,820 244,284 Real estate investments and other assets held for sale 152,148 — Total assets$5,551,054 $5,286,438 LIABILITIES AND EQUITY Liabilities: Debt obligations, net$2,521,454 $2,375,328 Below-market lease liabilities, net 138,387 118,356 Accounts payable and other liabilities 153,103 180,332 Deferred income 32,733 23,044 Liabilities of real estate investments held for sale 6,083 — Total liabilities 2,851,760 2,697,060 Equity: Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at September 30, 2026 and December 31, 2025 — — Common stock, $0.01 par value per share, 1,000,000 shares authorized, 128,912 and 125,788 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively 1,289 1,258 Additional paid-in capital 3,778,531 3,664,205 Accumulated other comprehensive income 181 358 Accumulated deficit (1,370,225) (1,379,252)Total stockholders’ equity 2,409,776 2,286,569 Noncontrolling interests 289,518 302,809 Total equity 2,699,294 2,589,378 Total liabilities and equity$5,551,054 $5,286,438
PHILLIPS EDISON & COMPANY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
(Condensed and Unaudited)
(In thousands, except per share amounts)
Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues: Rental income$188,944 $178,293 $559,676 $525,943 Fees and management income 3,464 3,274 10,963 9,373 Other property income 680 1,102 2,809 3,417 Total revenues 193,088 182,669 573,448 538,733 Operating Expenses: Property operating 31,193 30,197 96,266 89,455 Real estate taxes 23,343 22,226 67,923 64,584 General and administrative 11,906 12,752 37,424 37,760 Depreciation and amortization 68,858 65,603 201,229 202,080 Total operating expenses 135,300 130,778 402,842 393,879 Other: Interest expense, net (28,118) (28,544) (87,284) (81,935)Gain on disposal of property, net 40,605 4,255 66,812 9,798 Other expense, net (1,651) (374) (3,014) (2,344)Net income 68,624 27,228 147,120 70,373 Net income attributable to noncontrolling interests (5,946) (2,543) (12,947) (6,595)Net income attributable to stockholders$62,678 $24,685 $134,173 $63,778 Earnings per share of common stock: Net income per share attributable to stockholders - basic$0.49 $0.20 $1.06 $0.51 Net income per share attributable to stockholders - diluted$0.49 $0.20 $1.05 $0.51 Discussion and Reconciliation of Non-GAAP Measures Same-Center Net Operating Income
The Company presents Same-Center NOI as a supplemental measure of its performance. The Company defines NOI as total operating revenues, adjusted to exclude non-cash revenue items and lease buyout income, less property operating expenses and real estate taxes. For the three and nine months ended September 30, 2026 and 2025, Same-Center NOI represents the NOI for the 275 properties that were wholly-owned for the entirety of both calendar year periods being compared. The Company believes Same-Center NOI provides useful information to its investors about its financial and operating performance because it provides a performance measure of the revenues and expenses directly involved in owning and operating real estate assets and provides a perspective not immediately apparent from net income (loss). Because Same-Center NOI excludes the change in NOI from properties acquired or disposed of after December 31, 2024, it highlights operating trends such as occupancy levels, rental rates, and operating costs for the Company’s same-center portfolio. Other REITs may use different methodologies for calculating Same-Center NOI, and accordingly, PECO’s Same-Center NOI may not be comparable to other REITs.
Same-Center NOI should not be viewed as an alternative measure of the Company’s financial performance as it does not reflect the operations of its entire portfolio, nor does it reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company’s properties that could materially impact its results from operations.
Nareit Funds from Operations and Core Funds from Operations
Nareit FFO is a non-GAAP financial performance measure that is widely recognized as a measure of REIT operating performance. The National Association of Real Estate Investment Trusts (“Nareit”) defines FFO as net income (loss) computed in accordance with GAAP, excluding: (i) gains (or losses) from sales of property and gains (or losses) from change in control; (ii) depreciation and amortization related to real estate; and (iii) impairment losses on real estate and impairments of in-substance real estate investments in investees that are driven by measurable decreases in the fair value of the depreciable real estate held by the unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect Nareit FFO on the same basis. The Company calculates Nareit FFO in a manner consistent with the Nareit definition.
Core FFO is an additional financial performance measure used by the Company as Nareit FFO includes certain non-comparable items that affect its performance over time. The Company believes that Core FFO is helpful in assisting management and investors with the assessment of the sustainability of operating performance in future periods, and that it is more reflective of its core operating performance and provides an additional measure to compare PECO’s performance across reporting periods on a consistent basis by excluding items that may cause short-term fluctuations in net income (loss). To arrive at Core FFO, the Company adjusts Nareit FFO to exclude certain recurring and non-recurring items including, but not limited to: (i) depreciation and amortization of corporate assets; (ii) changes in the fair value of the earn-out liability; (iii) adjustments related to its investments in unconsolidated joint ventures; (iv) gains or losses on the extinguishment or modification of debt and other; (v) other impairment charges; (vi) transaction and acquisition expenses; and (vii) realized performance income.
Nareit FFO and Core FFO should not be considered alternatives to net income (loss) under GAAP, as an indication of the Company’s liquidity, nor as an indication of funds available to cover its cash needs, including its ability to fund distributions. Core FFO may not be a useful measure of the impact of long-term operating performance on value if the Company does not continue to operate its business plan in the manner currently contemplated.
Accordingly, Nareit FFO and Core FFO should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. The Company’s Nareit FFO and Core FFO, as presented, may not be comparable to amounts calculated by other REITs.
Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate and Adjusted EBITDAre
Nareit defines Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (“EBITDAre”) as net income (loss) computed in accordance with GAAP before: (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains or losses from disposition of depreciable property; and (v) impairment write-downs of depreciable property. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect EBITDAre on the same basis.
Adjusted EBITDAre is an additional performance measure used by the Company as EBITDAre includes certain non-comparable items that affect the Company’s performance over time. To arrive at Adjusted EBITDAre, the Company excludes certain recurring and non-recurring items from EBITDAre, including, but not limited to: (i) changes in the fair value of the earn-out liability; (ii) other impairment charges; (iii) adjustments related to its investments in unconsolidated joint ventures; (iv) transaction and acquisition expenses; and (v) realized performance income.
The Company uses EBITDAre and Adjusted EBITDAre as additional measures of operating performance which allow it to compare earnings independent of capital structure, determine debt service and fixed cost coverage, and measure enterprise value. Additionally, the Company believes they are a useful indicator of its ability to support its debt obligations. EBITDAre and Adjusted EBITDAre should not be considered as alternatives to net income (loss), as an indication of the Company’s liquidity, nor as an indication of funds available to cover its cash needs, including its ability to fund distributions. Accordingly, EBITDAre and Adjusted EBITDAre should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. The Company’s EBITDAre and Adjusted EBITDAre, as presented, may not be comparable to amounts calculated by other REITs.
Same-Center Net Operating Income—The table below compares Same-Center NOI (dollars in thousands):
Three Months Ended September 30, Favorable (Unfavorable) Nine Months Ended September 30, Favorable (Unfavorable) 2026 2025 $ Change % Change 2026 2025 $ Change % ChangeRevenues: Rental income(1)$126,692 $121,549 $5,143 $376,284 $363,146 $13,138 Tenant recovery income 41,047 39,010 2,037 120,900 116,710 4,190 Reserves for uncollectibility(2) (1,232) (1,265) 33 (2,942) (3,884) 942 Other property income 779 951 (172) 2,390 2,974 (584) Total revenues 167,286 160,245 7,041 4.4% 496,632 478,946 17,686 3.7%Operating expenses: Property operating expenses 23,693 23,824 131 73,254 72,477 (777) Real estate taxes 21,222 20,259 (963) 61,571 59,574 (1,997) Total operating expenses 44,915 44,083 (832) (1.9)% 134,825 132,051 (2,774) (2.1)%Total Same-Center NOI$122,371 $116,162 $6,209 5.3% $361,807 $346,895 $14,912 4.3% (1) Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income.
(2) Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or the Company deems it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis.
Same-Center Net Operating Income Reconciliation—Below is a reconciliation of Net Income to NOI and Same-Center NOI (in thousands):
Three Months Ended September 30,Nine Months Ended September 30, 2026 2025 2026 2025 Net income$68,624 $27,228 $147,120 $70,373 Adjusted to exclude: Fees and management income (3,464) (3,274) (10,963) (9,373)Straight-line rental income(1) (3,335) (2,899) (9,477) (7,853)Net amortization of above- and below-market leases (2,607) (2,204) (7,690) (6,276)Lease buyout income (81) (144) (1,874) (2,062)General and administrative expenses 11,906 12,752 37,424 37,760 Depreciation and amortization 68,858 65,603 201,229 202,080 Interest expense, net 28,118 28,544 87,284 81,935 Gain on disposal of property, net (40,605) (4,255) (66,812) (9,798)Other expense, net 1,651 374 3,014 2,344 Property operating expenses related to fees and management income 1,866 989 5,857 2,892 NOI for real estate investments 130,931 122,714 385,112 362,022 Less: Non-same-center NOI(2) (8,560) (6,552) (23,305) (15,127)Total Same-Center NOI$122,371 $116,162 $361,807 $346,895 Period-end Same-Center Leased Occupancy % 97.8% 97.8% (1) Includes straight-line rent adjustments for Neighbors for whom revenue is being recorded on a cash basis.
(2) Includes operating revenues and expenses from non-same-center properties, which includes properties acquired or sold, and corporate activities.
Nareit FFO and Core FFO—The following table presents the Company’s calculation of Nareit FFO and Core FFO and provides additional information related to its operations (in thousands, except per share amounts):
Three Months Ended
September 30, Nine Months Ended
September 30, 2026 2025 2026 2025 Calculation of Nareit FFO Attributable to Stockholders and OP Unit Holders Net income$68,624 $27,228 $147,120 $70,373 Adjustments: Depreciation and amortization of real estate assets 68,478 65,205 200,131 200,908 Gain on disposal of property, net (40,605) (4,255) (66,812) (9,798)Adjustments related to unconsolidated joint ventures 1,493 1,075 4,195 2,834 Nareit FFO attributable to stockholders and OP unit holders$97,990 $89,253 $284,634 $264,317 Calculation of Core FFO Attributable to Stockholders and OP Unit Holders Nareit FFO attributable to stockholders and OP unit holders$97,990 $89,253 $284,634 $264,317 Adjustments: Depreciation and amortization of corporate assets 380 398 1,098 1,172 Transaction and acquisition expenses 2,351 893 5,830 4,004 Loss on extinguishment or modification of debt and other, net 155 — 1,235 1 Adjustments related to unconsolidated joint ventures (130) 13 (158) 45 Core FFO attributable to stockholders and OP unit holders$100,746 $90,557 $292,639 $269,539 Nareit FFO/Core FFO Attributable to Stockholders and OP Unit Holders per Diluted Share Weighted-average shares of common stock outstanding - diluted 141,308 138,860 139,958 138,927 Nareit FFO attributable to stockholders and OP unit holders per share - diluted$0.69 $0.64 $2.03 $1.90 Core FFO attributable to stockholders and OP unit holders per share - diluted$0.71 $0.65 $2.09 $1.94
EBITDAre and Adjusted EBITDAre—The following table presents the Company’s calculation of EBITDAre and Adjusted EBITDAre (in thousands):
Three Months Ended
September 30, Nine Months Ended
September 30, Year Ended
December 31, 2026 2025 2026 2025 2025 Calculation of EBITDAre Net income$68,624 $27,228 $147,120 $70,373 $122,968 Adjustments: Depreciation and amortization 68,858 65,603 201,229 202,080 266,374 Interest expense, net 28,118 28,544 87,284 81,935 110,338 Gain on disposal of property, net (40,605) (4,255) (66,812) (9,798) (38,790)Federal, state, and local tax expense 242 219 726 599 1,307 Adjustments related to unconsolidated joint ventures 2,325 1,652 6,523 4,296 6,200 EBITDAre$127,562 $118,991 $376,070 $349,485 $468,397 Calculation of Adjusted EBITDAre EBITDAre$127,562 $118,991 $376,070 $349,485 $468,397 Adjustments: Transaction and acquisition expenses 2,351 893 5,830 4,004 5,523 Adjustments related to unconsolidated joint ventures 1 13 25 45 60 Realized performance income(1) — — — — (30)Adjusted EBITDAre$129,914 $119,897 $381,925 $353,534 $473,950 (1) Realized performance income includes fees received related to the achievement of certain performance targets in the Company’s Necessity Retail Partners joint venture, which was dissolved in December 2025.
Financial Leverage Ratios—The Company believes its net debt to Adjusted EBITDAre, net debt to total enterprise value, and debt covenant compliance as of September 30, 2026 allow it access to future borrowings as needed in the near term. The following table presents the Company’s calculation of net debt and total enterprise value, inclusive of its prorated portion of net debt and cash and cash equivalents owned through its unconsolidated joint ventures, as of September 30, 2026 and December 31, 2025 (in thousands):
September 30, 2026 December 31, 2025Net debt: Total debt, excluding discounts, market adjustments, and deferred financing expenses$2,608,082 $2,456,933Less: Cash and cash equivalents 11,251 5,124Total net debt$2,596,831 $2,451,809 Enterprise value: Net debt$2,596,831 $2,451,809Total equity market capitalization(1)(2) 5,262,774 4,926,872Total enterprise value$7,859,605 $7,378,681 (1) Total equity market capitalization is calculated as diluted shares multiplied by the closing market price per share, which includes 140.9 million and 138.5 million diluted shares as of September 30, 2026 and December 31, 2025, respectively, and the closing market price per share of $37.34 and $35.57 as of September 30, 2026 and December 31, 2025, respectively.
(2) Fully diluted shares include common stock and OP units.
The following table presents the Company’s calculation of net debt to Adjusted EBITDAre and net debt to total enterprise value as of September 30, 2026 and December 31, 2025 (dollars in thousands):
September 30, 2026 December 31, 2025Net debt to Adjusted EBITDAre - annualized: Net debt$2,596,831 $2,451,809 Adjusted EBITDAre - annualized(1) 502,341 473,950 Net debt to Adjusted EBITDAre - annualized 5.2x 5.2x Net debt to total enterprise value: Net debt$2,596,831 $2,451,809 Total enterprise value 7,859,605 7,378,681 Net debt to total enterprise value 33.0% 33.2% (1) Adjusted EBITDAre is based on a trailing twelve month period.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Phillips Edison & Company, Inc. (the “Company”) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Such forward-looking statements can generally be identified by the Company’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “seek,” “objective,” “goal,” “strategy,” “plan,” “focus,” “priority,” “should,” “could,” “potential,” “possible,” “look forward,” “optimistic,” “commit,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this earnings release. Such statements include, but are not limited to: (a) statements about the Company’s plans, strategies, initiatives, and prospects; (b) statements about the Company’s underwritten incremental yields; and (c) statements about the Company’s future results of operations, capital expenditures, and liquidity. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: (i) changes in national, regional, or local economic climates; (ii) local market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in the Company’s portfolio; (iii) vacancies, changes in market rental rates, and the need to periodically repair, renovate, and re-let space; (iv) competition from other available shopping centers, potential impact of e-commerce and the attractiveness of properties in the Company’s portfolio to its tenants; (v) the financial stability of the Company’s tenants, including, without limitation, their ability to pay rent; (vi) the Company’s ability to pay down, refinance, restructure, or extend its indebtedness as it becomes due; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (viii) potential liability for environmental matters; (ix) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (x) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax, and other considerations; (xi) changes in laws and regulations, including those related to tax, real estate, environmental, and zoning laws; (xii) cybersecurity incidents or other disruptions to information technology systems; (xiii) the Company’s corporate responsibility initiatives; (xiv) loss of key executives; (xv) the concentration of the Company’s portfolio in a limited number of industries, geographies, or investments; (xvi) the economic, political, and social impact of, and uncertainty relating to, pandemics or other health crises; (xvii) the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (xviii) the loss or bankruptcy of the Company’s tenants; (xix) to the extent the Company is seeking to dispose of properties, the Company’s ability to do so at attractive prices or at all; and (xx) the impact of heightened geopolitical instability, international conflicts, tariffs and global trade disruptions on the Company, its tenants, and consumers, including the impact on inflation, supply chains, and consumer sentiment. Additional important factors that could cause actual results to differ are described in the filings made from time to time by the Company with the SEC and include the risk factors and other risks and uncertainties described in the Company’s 2025 Annual Report on Form 10-K, filed with the SEC on February 10, 2026, as updated from time to time in the Company’s periodic and/or current reports filed with the SEC, which are accessible on the SEC’s website at www.sec.gov. Therefore, such statements are not intended to be a guarantee of the Company’s performance in future periods. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Investors:
Kimberly Green, Head of Investor Relations
(513) 692-3399 [email protected]
Hannah Harper, Director of Investor Relations
(513) 824-7122 [email protected]
CINCINNATI, Oct. 26, 2026 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, today announced that it has closed on a new $350 million unsecured term loan facility. The term loan facility has a three-year term maturing on October 23, 2029 and will initially bear interest at an annual rate of SOFR plus 0.80%, with future pricing subject to adjustment based on the Company's credit ratings and leverage ratio.
Phillips Edison Grocery Center Operating Partnership I, L.P., a subsidiary of the Company and the borrower under the term loan facility (the “Borrower”), borrowed $175 million of the term loan facility at closing with the remaining $175 million available to draw on or before April 21, 2027. The term loan also has an uncommitted accordion feature allowing the Borrower to borrow up to an additional $450 million of term loans, for total term loans of up to $800 million. The Borrower has the ability to prepay the term loan under the facility without premium or penalty any time prior to maturity.
Proceeds from the initial $175 million borrowing were used to pay down the Borrower's outstanding $161.8 million term loan along with outstanding balances under its $1 billion revolving credit facility.
John Caulfield, Executive Vice President, CFO & Treasurer stated: “PECO continues to have one of the best balance sheets in the Shopping Center REIT sector, which positions us well for continued external growth. We appreciate the continued support of our banking partners. This attractively priced term loan extends our debt maturity profile and provides additional flexibility to match-fund our investment activity and execute our growth strategy.”
KeyBanc Capital Markets Inc. and Regions Capital Markets served as joint bookrunners. KeyBanc Capital Markets Inc.; Regions Capital Markets; BMO Bank, N.A.; Capital One, National Association; Fifth Third Bank, National Association; Mizuho Bank, Ltd.; and U.S. Bank National Association served as joint lead arrangers. KeyBank National Association served as administrative agent. Associated Bank, National Association; Banco de Sabadell, S.A.; Bank of America, N.A.; JPMorgan Chase Bank, N.A.; PNC Bank National Association; and Wells Fargo Bank, National Association also participated in the term loan.
About Phillips Edison & Company
Phillips Edison & Company, Inc. (“PECO”) is one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating platform and national footprint of well-occupied shopping centers. PECO’s centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO’s top grocery anchors include Kroger, Publix, Albertsons and Ahold Delhaize. As of September 30, 2026, PECO managed 328 shopping centers, including 300 wholly-owned centers comprising 33.9 million square feet across 31 states and 28 shopping centers owned in three institutional joint ventures. PECO is focused on creating great grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time.
PECO uses, and intends to continue to use, its Investors website, which can be found at https://investors.phillipsedison.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.
Forward-Looking Statements
This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can generally be identified by the Company’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “seek,” “objective,” “goal,” “strategy,” “plan,” “focus,” “priority,” “should,” “could,” “potential,” “possible,” “look forward,” “optimistic,” “commit,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including the risk factors and other risks and uncertainties described in the Company’s 2025 Annual Report on Form 10-K, filed with the SEC on February 10, 2026, as updated from time to time in the Company’s periodic and/or current reports filed with the SEC, which are accessible on the SEC’s website at www.sec.gov. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Investors:
Kimberly Green, Head of Investor Relations
(513) 692-3399, [email protected]
Collaboration helps financial institutions improve efficiency, expand self-service banking and create new revenue opportunities by pairing Diebold Nixdorf's Cash Recycling ATMs and global field services with Euronet's Ren processing platform and ATM operations expertise
, /PRNewswire/ -- Diebold Nixdorf (NYSE: DBD), a global leader in transforming the way people bank and shop, and Euronet Worldwide, Inc. (NASDAQ: EEFT), a global payments infrastructure company and leader in payments processing and cross-border transactions, today announced their intent to form a global strategic collaboration to develop and deliver integrated ATM outsourcing solutions to financial institutions.
The collaboration pairs Diebold Nixdorf's cash recycling ATMs, software and global field services with Euronet's Ren payments processing platform, integrated automated back-office solutions platform and ATM operations expertise.
Together, the companies aim to help financial institutions improve efficiency, lower operating costs, simplify ATM management and earn additional revenue by unlocking a broader range of transactions at the ATM, while preserving the flexibility needed to build the operating model that works best for them.
As banks seek to improve the efficiency, security and availability of their physical networks, the collaboration will focus on three areas of customer value:
Greater operating efficiency: Leveraging cash recycling ATMs, integrated network management, field services and back-office operations to further reduce replenishment requirements, simplify operations and optimize costs.Expanded transaction and revenue opportunities: Using Euronet's Ren platform and broader payments ecosystem to enable additional financial services and increase the revenue-generating potential of ATM networks.Operational simplicity and flexibility: Providing integrated outsourcing services, including centralized monitoring, coordinated service delivery and ongoing security enhancements, while accommodating customer operating requirements and existing provider relationships.Cash recycling ATMs are already integral to branch transformation. Diebold Nixdorf's Branch Automation Solutions enable financial institutions to migrate the vast majority of traditional teller transactions to self-service channels. By combining these capabilities with Euronet's network operations and transaction processing expertise, the companies aim to further expand the services available through ATMs and create additional value for banks and their customers.
Complementary Strengths
Euronet brings more than three decades of experience in ATM operations and outsourcing for financial institutions. Operating one of the world's largest independent ATM networks, including a significant fleet of cash recycling ATMs, Euronet combines its global Ren transaction processing platform with an integrated Euronet Back Office (EBO) infrastructure.
These capabilities support ATM and recycler monitoring, service coordination and dispatch, cash management, transaction processing, reporting, and ongoing security and compliance enhancements.
Diebold Nixdorf brings decades of self-service banking experience, advanced cash recycling technology, banking software and a global field service organization.
Together, the companies aim to combine proven operating infrastructure with advanced technology and services to improve ATM economics, support operational reliability and expand the role of self-service channels in delivering financial services.
Octavio Marquez, President and Chief Executive Officer of Diebold Nixdorf, said: "Banks are under increasing pressure to improve ATM network efficiency, but the opportunity goes beyond cost reduction. By combining Diebold Nixdorf's cash recycling technology and global field services with Euronet's operating and transaction capabilities, we can help banks lower costs while expanding the financial services available to their customers. This collaboration would build on our branch automation strategy and open new opportunities for growth for our customers."
Michael J. Brown, Chairman and Chief Executive Officer of Euronet Worldwide, said:
"ATM outsourcing has been at the heart of Euronet's business for more than 30 years. Our global network, Ren processing platform and integrated ATM operations give us the scale and experience to run complex ATM estates efficiently and reliably. Combined with Diebold Nixdorf's cash recycling ATMs and global field services, we can help financial institutions simplify operations, improve efficiency and offer a broader range of transactions at the ATM. We see significant potential in this collaboration."
Looking Ahead
In connection with the intent to form a collaboration, Euronet and Diebold Nixdorf have entered into a non-binding letter of intent. Any collaboration or partnership between Euronet and Diebold Nixdorf is subject to the negotiation and execution of definitive agreements. It is anticipated that Euronet and Diebold Nixdorf will develop integrated service offerings pursuant to any collaboration to take advantage of both companies' existing infrastructure, technology and customer relationships, with solutions tailored to customer requirements.
About Diebold Nixdorf
Diebold Nixdorf, Incorporated (NYSE: DBD) automates, digitizes and transforms the way people bank and shop. As a leading global technology and services partner to many of the world's top financial institutions and retailers, our integrated solutions connect digital and physical channels for consumers conveniently, securely and efficiently. The company has a presence in more than 100 countries with approximately 20,000 employees worldwide. Visit www.DieboldNixdorf.com for more information.
Euronet (NASDAQ: EEFT) is a global payments infrastructure company and leader in payment processing and cross-border transactions, operating for more than 30 years and now serving clients in 200+ countries and territories. We support financial institutions, merchants and global brands with technology-driven solutions, while enabling businesses and consumers to send, receive and spend money seamlessly worldwide. By operating one of the world's largest independent electronic payment networks spanning merchant acquiring, transaction processing and point-of-sale infrastructure, Euronet enables real-time, digital and cross-border movement of money at global scale. In 2025, Euronet processed more than 20 billion transactions across its network. Headquartered in Leawood, Kansas USA, Euronet operates from 74 offices worldwide. For more information, visit www.euronet.com.
Forward-Looking Statements
This press release may contain statements that are not historical information and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. These forward-looking statements include, but are not limited to, statements regarding a potential collaboration between Diebold Nixdorf and Euronet. Statements can generally be identified as forward looking because they include words such as "believes," "anticipates," "expects," "intends," "plans," "will," "estimates," "potential," "target," "predict," "project," "seek," and variations thereof or "could," "should" or words of similar meaning. These forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed in or implied by the forward-looking statements, including the risk that the parties may not finalize or enter into definitive agreements regarding a collaboration; the final terms of any definitive agreements for a collaboration, which could differ from those implied in the press release; and the parties' ability to realize any or all of the anticipated benefits of the proposed collaboration. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
The Hartford ve třetím čtvrtletí zvýšil čistý zisk připadající na kmenové akcionáře o 23 % na 1,317 mld. USD, zatímco jádrový zisk klesl o 6 % na 956 mil. USD.
HARTFORD, Conn.--(BUSINESS WIRE)--The Hartford (NYSE: HIG) today announced financial results for the third quarter ended Sept. 30, 2026.
"The Hartford delivered another quarter of strong results in an increasingly competitive market," said The Hartford's Chairman and CEO Christopher Swift. "We continue to strengthen our leading position through disciplined execution and investments in technology, data, artificial intelligence and customer-focused risk insights, building on our differentiated capabilities across Property and Casualty and Employee Benefits."
The Hartford's Chief Financial Officer Beth Costello said, "Business Insurance delivered a solid quarter, with 6 percent written premium growth and an underlying combined ratio of 90.1. In Personal Insurance, the underlying combined ratio improved 2.9 points, while growth was impacted by a competitive market. Employee Benefits generated fully insured ongoing premium growth of 4 percent with a core earnings margin of 6.4 percent. Investment income was excellent, supported by higher income from limited partnerships and other alternative investments and a higher level of invested assets. Building on our consistent track record of annual dividend increases, we are pleased to announce a 12 percent increase in the common quarterly dividend.”
Swift continued, "It has been an honor to serve this iconic company, first as CFO and then as CEO for nearly 13 years. As we announced last month, Mo Tooker will succeed me as CEO on March 1, at which time I will transition to Executive Chair, with plans to step down from that role in the second half of 2027. Mo is ideally suited to lead as CEO and guide The Hartford’s next chapter. With our strategy, priorities and commitment to disciplined execution unchanged, The Hartford remains well positioned to continue delivering outstanding ROEs and attractive returns for shareholders."
CONSOLIDATED RESULTS:
Three Months Ended
($ in millions except per share data)
Sep 30 2026
Sep 30 2025
Change
Income from continuing operations, net of tax
$1,262
$1,021
24%
Income from continuing operations, net of tax per diluted share
$4.60
$3.56
29%
Net income available to common stockholders
$1,317
$1,074
23%
Net income available to common stockholders per diluted share1
$4.82
$3.77
28%
Core earnings
$956
$1,022
(6%)
Core earnings per diluted share
$3.50
$3.59
(3%)
Book value per diluted share
$68.31
$63.86
7%
Book value per diluted share (ex. accumulated other comprehensive income (AOCI))2
$82.47
$70.92
16%
Net income available to common stockholders' return on equity (ROE)3, last 12-months
25.0%
20.3%
4.7
Core earnings ROE3, last 12-months
17.9%
17.3%
0.6
Third quarter 2026 net income available to common stockholders of $1.3 billion, or $4.82 per diluted share, improved from $1.1 billion in third quarter 2025. Contributing to the results were:
An increase in earnings driven by 4% growth in P&C earned premium and 4% fully insured ongoing premium growth in Employee Benefits. Business Insurance loss and loss adjustment expense ratio of 61.1 increased from 57.3 in third quarter 2025, including 1.7 points of higher current accident year catastrophe losses (CAY CATs) and 0.1 points of less favorable prior accident year development (PYD). Underlying loss and loss adjustment expense ratio* of 59.9 increased from 57.9 in third quarter 2025. Personal Insurance loss and loss adjustment expense ratio of 67.2 increased from 62.9 in third quarter 2025, including 6.8 points of higher CAY CATs and 0.6 points of less favorable PYD. Underlying loss and loss adjustment expense ratio of 61.1 improved 3.1 points from third quarter 2025. Net favorable PYD of $594 million, before tax, in third quarter 2026 includes a net gain of $497 million from the impact of commuting the asbestos and environmental adverse development cover (A&E ADC). Net core favorable PYD of $97 million was relatively flat compared with net core favorable PYD of $95 million in third quarter 2025. P&C CAY CAT losses of $198 million, before tax, in third quarter 2026, primarily from tornado, wind and hail events, increased from CAY CAT losses of $70 million in third quarter 2025. The P&C expense ratio of 29.2 improved from 30.0 in third quarter 2025, primarily driven by a 1.1 point improvement in the Business Insurance expense ratio. Employee Benefits loss ratio of 74.9 increased from 70.1 in third quarter 2025, driven by an increase in both the group disability and group life loss ratios. The Employee Benefits expense ratio of 25.4 improved from 26.7 in third quarter 2025. Net investment income of $850 million, before tax, increased from $755 million in third quarter 2025, primarily driven by increased income from limited partnerships and other alternative investments (LPs) and a higher level of invested assets. Net realized losses of $116 million, before tax, in third quarter 2026 compared with net realized losses of $17 million, before tax, in third quarter 2025. Income from discontinued operations of $61 million, before tax, was relatively flat compared with $59 million in third quarter 2025. Third quarter 2026 core earnings of $956 million, or $3.50 per diluted share, decreased from $1,022 million of core earnings in third quarter 2025, primarily reflecting the same drivers as net income, excluding the change in non-core PYD of $497 million resulting from commuting the A&E ADC, the impact of realized gains and losses and income from discontinued operations.
Sept. 30, 2026, book value per diluted share of $68.31 increased 3.0%, from $66.31 at Dec. 31, 2025, principally due to net income in excess of stockholder dividends through Sept. 30, 2026, partially offset by the dilutive effect of share repurchases and a decrease in AOCI, primarily driven by an increase in net unrealized losses on available-for-sale (AFS) securities.
Book value per diluted share (excluding AOCI) of $82.47 as of Sept. 30, 2026, increased 12.0%, from $73.62 at Dec. 31, 2025, as the impact from net income in excess of stockholder dividends through Sept. 30, 2026, was partially offset by the dilutive effect of share repurchases.
Net income available to common stockholders' ROE (net income ROE) for the trailing 12-month period ending Sept. 30, 2026, was 25.0%, increasing 4.7 points from Sept. 30, 2025, primarily due to an increase in net income available to common stockholders.
Core earnings ROE for the trailing 12-month period ending Sept. 30, 2026, was 17.9%, increasing 0.6 points from Sept. 30, 2025, primarily due to an increase in core earnings.
BUSINESS RESULTS:
Business Insurance
Three Months Ended
($ in millions, unless otherwise noted)
Sep 30 2026
Sep 30 2025
Change
Net income
$637
$710
(10%)
Core earnings
$731
$723
1%
Written premiums
$3,772
$3,573
6%
Underwriting gain1
$327
$397
(18%)
Underlying underwriting gain1
$372
$376
(1%)
Losses and loss adjustment expense ratio
61.1
57.3
3.8
Expenses
30.0
31.1
(1.1)
Policyholder dividends
0.3
0.3
—
Combined ratio
91.3
88.8
2.5
Impact of catastrophes and PYD on combined ratio
(1.2)
0.6
(1.8)
Underlying combined ratio
90.1
89.4
0.7
Losses and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio
59.9
57.9
2.0
Current accident year catastrophes
2.8
1.1
1.7
Prior accident year development
(1.6)
(1.7)
0.1
Total Losses and loss adjustment expense ratio
61.1
57.3
3.8
Third quarter 2026 net income of $637 million decreased from net income of $710 million in third quarter 2025. Contributing to the results were:
7% growth in earned premium. An underlying loss and loss adjustment expense ratio of 59.9 in third quarter 2026 increased from 57.9 in third quarter 2025. Net favorable PYD of $61 million, before tax, in third quarter 2026, was relatively flat compared with $60 million in third quarter 2025. The net favorable PYD in third quarter 2026 primarily includes reserve reductions in workers’ compensation and commercial property. CAY CAT losses of $106 million, before tax, in third quarter 2026, primarily from tornado, wind and hail events, increased from CAY CAT losses of $39 million in third quarter 2025. Net investment income of $589 million, before tax, increased from $519 million in third quarter 2025. Net realized losses of $117 million, before tax, in third quarter 2026 compared with net realized losses of $26 million, before tax, in third quarter 2025. Business Insurance core earnings of $731 million in third quarter 2026 increased from $723 million in third quarter 2025, primarily reflecting the same drivers as net income, excluding the impact of realized gains and losses.
Combined ratio of 91.3 increased from 88.8 in third quarter 2025, primarily due to 1.7 points of higher CAY CATs and 0.1 points of less favorable net PYD. Underlying combined ratio of 90.1 increased from 89.4 in third quarter 2025, primarily due to a 2.0 point increase in the underlying loss and loss adjustment expense ratio.
Small Business combined ratio of 84.5 improved from 87.9 in third quarter 2025, including flat PYD and 1.2 points of higher CAY CATs. Underlying combined ratio of 85.2 improved from 89.8 in third quarter 2025, primarily due to lower non-CAT property losses and a lower expense ratio. Middle & Large Business combined ratio of 101.7 increased from 90.8 in third quarter 2025, including 2.5 points of higher CAY CATs and 0.3 points of less favorable PYD. Underlying combined ratio of 99.5 increased from 91.4 in third quarter 2025, including a higher loss ratio in workers' compensation and higher non-CAT property losses, partially offset by a lower expense ratio. Global Specialty combined ratio of 89.1 increased from 86.9 in third quarter 2025, including 1.7 points of higher CAY CATs and 0.3 points of less favorable PYD. The 2025 combined ratio included 0.8 points of more favorable PYD due to the amortization of the deferred gain related to the Navigators ADC. Underlying combined ratio of 86.1 was relatively consistent with third quarter 2025. The Business Insurance expense ratio of 30.0 improved 1.1 points from 31.1 in third quarter 2025, driven by the impact of earned premium growth and lower staffing costs, partially offset by higher technology costs. Third quarter 2026 written premiums of $3.8 billion were up 6% from third quarter 2025, driven by growth across all businesses. Small Business and Global Specialty each delivered 7% written premium growth, while Middle & Large increased 3%, including 5% growth in Middle Market.
Personal Insurance
Three Months Ended
($ in millions, unless otherwise noted)
Sep 30 2026
Sep 30 2025
Change
Net income
$93
$139
(33%)
Core earnings
$105
$143
(27%)
Written premiums
$950
$987
(4%)
Underwriting gain
$62
$107
(42%)
Underlying underwriting gain
$118
$95
24%
Losses and loss adjustment expense ratio
67.2
62.9
4.3
Expenses
26.0
25.8
0.2
Combined ratio
93.2
88.7
4.5
Impact of catastrophes and PYD on combined ratio
(6.2)
1.2
(7.4)
Underlying combined ratio
87.1
90.0
(2.9)
Losses and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio
61.1
64.2
(3.1)
Current accident year catastrophes
10.1
3.3
6.8
Prior accident year development
(3.9)
(4.5)
0.6
Total Losses and loss adjustment expense ratio
67.2
62.9
4.3
Net income of $93 million in third quarter 2026 decreased from net income of $139 million in third quarter 2025. Contributing to the results were:
Earned premium decline of 4%, driven by an 8% decline in automobile reflecting continued pressure on new business growth in a competitive market environment, partially offset by 5% earned premium growth in homeowners, including 20% new business growth. An underlying loss and loss adjustment expense ratio of 61.1 in third quarter 2026, which improved 3.1 points from 64.2 in third quarter 2025, driven by the impact of earned pricing increases outpacing loss cost trends. Net favorable PYD of $36 million, before tax, in third quarter 2026 decreased from $43 million of net favorable PYD in third quarter 2025. The net favorable PYD in third quarter 2026 includes reserve reductions in both automobile and homeowners. CAY CAT losses of $92 million, before tax, in third quarter 2026, including losses from tornado, wind and hail events, increased from $31 million of CAY CAT losses in third quarter 2025. Net investment income of $67 million, before tax, in third quarter 2026 was flat compared with third quarter 2025. Net realized losses of $15 million, before tax, in third quarter 2026 compared with net realized losses of $4 million, before tax, in third quarter 2025. Personal Insurance core earnings of $105 million decreased from core earnings of $143 million in third quarter 2025, primarily reflecting the same drivers as net income, excluding the impact of realized gains and losses.
Combined ratio of 93.2 in third quarter 2026 increased from 88.7 in third quarter 2025, primarily due to a 4.3 point increase in the loss and loss adjustment expense ratio, including a 3.1 point improvement in the underlying loss and loss adjustment expense ratio, 6.8 points of higher CAY CAT losses and 0.6 points of less favorable PYD. Underlying combined ratio of 87.1 improved 2.9 points from 90.0 in third quarter 2025, primarily due to improvement in the underlying loss and loss adjustment expense ratios in both automobile and homeowners.
Personal Automobile combined ratio of 92.3 improved 0.2 points from 92.5 in third quarter 2025, including 0.9 points of less favorable PYD and 0.8 points of higher CAY CATs. The underlying combined ratio of 96.0 improved 1.9 points from 97.9 in third quarter 2025, primarily due to improvement in the underlying loss and loss adjustment expense ratio, driven by the impact of earned pricing increases outpacing loss cost trends. Homeowners combined ratio of 94.7 increased 13.5 points from 81.2 in third quarter 2025, including 17.0 points of higher CAY CATs and 0.5 points of more favorable PYD. The underlying combined ratio of 71.5 improved 2.9 points from 74.4 in third quarter 2025, primarily due to improvement in the underlying loss and loss adjustment expense ratio, driven by the impact of earned pricing increases outpacing loss cost trends. The Personal Insurance expense ratio of 26.0 was relatively flat compared with 25.8 in third quarter 2025. Written premiums in third quarter 2026 of $950 million decreased from $987 million in third quarter 2025, with:
Renewal written price increases in automobile and homeowners of 5.1% and 7.9%, respectively. Effective policy count retention improving slightly in automobile and declining slightly in homeowners. Employee Benefits
Three Months Ended
($ in millions, unless otherwise noted)
Sep 30 2026
Sep 30 2025
Change
Net income
$132
$144
(8%)
Core earnings
$120
$149
(19%)
Fully insured ongoing premiums
$1,662
$1,603
4%
Loss ratio
74.9%
70.1%
4.8
Expense ratio
25.4%
26.7%
(1.3)
Net income margin
7.0%
8.1%
(1.1)
Core earnings margin
6.4%
8.3%
(1.9)
Net income of $132 million in third quarter 2026 decreased from $144 million in third quarter 2025, primarily due to an increase in the loss ratio, partially offset by a lower expense ratio, a change from net realized losses to net realized gains, and increased net investment income.
Core earnings of $120 million decreased from $149 million in third quarter 2025, primarily reflecting the same drivers as net income, excluding the impact of net realized gains and losses.
Fully insured ongoing premiums were up 4% compared with third quarter 2025, including strong new business sales, an increase in exposure on existing accounts and persistency in excess of 90%. Fully insured ongoing sales in third quarter 2026 were relatively consistent with third quarter 2025.
Loss ratio of 74.9 increased from 70.1 in third quarter 2025.
Group life loss ratio of 77.8 increased 3.6 points from 74.2, reflecting that the 2025 period included a benefit related to favorable development on prior quarters, partially offset by lower mortality in the 2026 period. Group disability loss ratio of 76.3 increased 5.7 points from 70.6, driven by increased claim incidence across short and long-term disability products and less favorable long-term disability claim recoveries. Expense ratio of 25.4 improved 1.3 points from 26.7 in third quarter 2025, driven by lower staffing costs and the impact of earned premium growth, partially offset by higher technology costs.
Net investment income of $154 million, before tax, increased from $136 million in third quarter 2025.
Corporate
Three Months Ended
($ in millions, unless otherwise noted)
Sep 30 2026
Sep 30 2025
Change
Net income
$55
$75
(27)%
Net income available to common stockholders
$49
$69
(29)%
Core loss
$(16)
$(7)
(129)%
Net investment income, before tax
$18
$14
29%
Interest expense and preferred dividends, before tax
$56
$56
—%
On June 3, 2026, The Hartford entered into an agreement to sell Hartford Funds Management, Inc. ("Hartford Funds"). Effective in second quarter 2026, and for all periods presented in The Hartford's financial statements, Hartford Funds is reported as discontinued operations in Corporate and its results are included in net income, but not in core earnings.
Net income available to common stockholders of $49 million in third quarter 2026 decreased from $69 million in third quarter 2025, primarily driven by a higher net tax benefit in the 2025 period, which included a release of a provision for an uncertain tax position and tax related interest accruals, and lower net realized gains, partially offset by an increase in other revenues related to valuation appreciation of an investment.
Third quarter 2026 core loss of $16 million increased from $7 million in third quarter 2025, primarily reflecting the same drivers as net income, excluding the impact of realized gains.
INVESTMENT INCOME AND PORTFOLIO DATA:
Three Months Ended
($ in millions, unless otherwise noted)
Sep 30 2026
Sep 30 2025
Change
Net investment income, before tax
$850
$755
13%
Annualized investment yield, before tax
5.1%
4.8%
0.3
Annualized investment yield, before tax, excluding LPs1
4.6%
4.6%
0.0
Annualized LP yield, before tax
10.2%
6.7%
3.5
Annualized investment yield, after tax
4.1%
3.9%
0.2
[1] Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest U.S. GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures
Third quarter 2026 consolidated net investment income of $850 million increased from $755 million in third quarter 2025, primarily driven by increased income from LPs and a higher level of invested assets.
Third quarter 2026 net investment income, excluding LPs*, of $694 million, before tax, compared with $664 million in third quarter 2025, a 5% increase, primarily driven by a higher level of invested assets.
Third quarter 2026 included $156 million, before tax, of LP income which increased from $91 million in third quarter 2025, primarily driven by higher returns on infrastructure and energy transition funds within other funds and sales of underlying investments within real estate joint ventures. Annualized LP yield, before tax, of 10.2% increased from 6.7% in third quarter 2025.
Net realized losses of $116 million, before tax, in third quarter 2026 compared with net realized losses of $17 million, before tax, in third quarter 2025, primarily driven by losses on interest rate derivatives.
Total invested assets of $64.7 billion increased $1.2 billion from Dec. 31, 2025, primarily reflecting growth in the business and receipt of the $1.12 billion A&E ADC commutation amount, partially offset by an increase in net unrealized losses on fixed maturities, AFS, at fair value due to higher interest rates.
CONFERENCE CALL
The Hartford will discuss its third quarter 2026 financial results on a webcast at 9:00 a.m. EDT on Tuesday, Oct. 27, 2026. The call can be accessed via a live listen-only webcast or as a replay through the Investor Relations section of The Hartford's website at https://ir.thehartford.com. The replay will be accessible approximately one hour after the conclusion of the call and be available along with a transcript of the event for at least one year.
More detailed financial information can be found in The Hartford's Investor Financial Supplement for Sept. 30, 2026, and the third quarter 2026 Financial Results Presentation, both of which are available at https://ir.thehartford.com.
About The Hartford
The Hartford is a leader in property and casualty insurance and employee benefits. By anticipating challenges and reducing risks our customers face, the company helps people and businesses thrive with confidence. Built on a foundation of trust, The Hartford is committed to strong performance, exceptional customer experiences and bold innovation, hallmarks of its sustained success since 1810.
The Hartford Insurance Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. More information on the company and its financial performance is available at https://www.thehartford.com. For additional details, please read https://www.thehartford.com/legal-notice.
HIG-F
From time to time, The Hartford may use its website and/or social media channels to disseminate material company information. Financial and other important information regarding The Hartford is routinely accessible through and posted on our website at https://ir.thehartford.com. In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the “Email Alerts” section at https://ir.thehartford.com.
THE HARTFORD INSURANCE GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Three Months Ended September 30, 2026
($ in millions)
Business Insurance
Personal Insurance
P&C
Other Ops
Employee Benefits
Corporate
Consolidated
Earned premiums
$
3,775
$
914
$
—
$
1,662
$
—
$
6,351
Fee income
12
7
—
57
11
87
Net investment income
589
67
22
154
18
850
Net realized gains (losses)
(117
)
(15
)
(4
)
15
5
(116
)
Other revenue
—
24
—
—
24
48
Total revenues
4,259
997
18
1,888
58
7,220
Benefits, losses, and loss adjustment expenses
2,307
614
(497
)
1,287
2
3,713
Amortization of DAC
600
70
—
9
—
679
Insurance operating costs and other expenses
549
193
2
417
16
1,177
Interest expense
—
—
—
—
50
50
Amortization of other intangible assets
7
1
—
10
—
18
Total benefits, losses and expenses
3,463
878
(495
)
1,723
68
5,637
Income (loss) from continuing operations before income taxes
796
119
513
165
(10
)
1,583
Income tax expense (benefit)
159
26
107
33
(4
)
321
Income (loss) from continuing operations, net of tax
637
93
406
132
(6
)
1,262
Income from discontinued operations, after tax
—
—
—
—
61
61
Net income
637
93
406
132
55
1,323
Preferred stock dividends
—
—
—
—
6
6
Net income available to common stockholders
637
93
406
132
49
1,317
Adjustments to reconcile net income available to common stockholders to core earnings (loss)
Net realized losses (gains), excluded from core earnings, before tax
116
15
4
(15
)
(7
)
113
Integration and other non-recurring M&A costs, before tax
2
—
—
—
—
2
Change in deferred gain on retroactive reinsurance, before tax
—
—
(497
)
—
—
(497
)
Income tax expense (benefit)
(24
)
(3
)
103
3
3
82
Income from discontinued operations, net of tax
—
—
—
—
(61
)
(61
)
Core earnings (loss)
$
731
$
105
$
16
$
120
$
(16
)
$
956
THE HARTFORD INSURANCE GROUP, INC.
CONSOLIDATING INCOME STATEMENTS
Three Months Ended September 30, 2025
($ in millions)
Business Insurance
Personal Insurance
P&C
Other Ops
Employee Benefits
Corporate
Consolidated
Earned premiums
$
3,540
$
950
$
—
$
1,603
$
—
$
6,093
Fee income
11
8
—
55
10
84
Net investment income
519
67
19
136
14
755
Net realized gains (losses)
(26
)
(4
)
—
(8
)
21
(17
)
Other revenue
—
25
—
—
6
31
Total revenues
4,044
1,046
19
1,786
51
6,946
Benefits, losses, and loss adjustment expenses
2,030
598
—
1,163
2
3,793
Amortization of DAC
559
72
—
8
—
639
Insurance operating costs and other expenses
558
201
3
425
16
1,203
Interest expense
—
—
—
—
50
50
Amortization of other intangible assets
7
1
—
10
—
18
Total benefits, losses and expenses
3,154
872
3
1,606
68
5,703
Income (loss) from continuing operations before income taxes
890
174
16
180
(17
)
1,243
Income tax expense (benefit)
180
35
4
36
(33
)
222
Income from continuing operations, net of tax
710
139
12
144
16
1,021
Income from discontinued operations, net of tax
—
—
—
—
59
59
Net income
710
139
12
144
75
1,080
Preferred stock dividends
—
—
—
—
6
6
Net income available to common stockholders
710
139
12
144
69
1,074
Adjustments to reconcile net income available to common stockholders to core earnings (loss)
Net realized losses (gains), excluded from core earnings, before tax
23
5
—
8
(21
)
15
Integration and other non-recurring M&A costs, before tax
2
—
—
—
—
2
Change in deferred gain on retroactive reinsurance, before tax
(8
)
—
—
—
—
(8
)
Income tax expense (benefit)
(4
)
(1
)
2
(3
)
4
(2
)
Income from discontinued operations, net of tax
—
—
—
—
(59
)
(59
)
Core earnings (loss)
$
723
$
143
$
14
$
149
$
(7
)
$
1,022
The Hartford defines increases or decreases greater than or equal to 200%, or changes from a net gain to a net loss position, or vice versa, as "NM" or not meaningful.
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
The Hartford uses non-GAAP financial measures in this news release to assist investors in analyzing the Company's operating performance for the periods presented herein. Because The Hartford's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing The Hartford's non-GAAP financial measures to those of other companies. Definitions and calculations of other financial measures used in this news release can be found below and in The Hartford's Investor Financial Supplement for third quarter 2026, which is available on the investor relations section of The Hartford's website, https://ir.thehartford.com.
Annualized investment yield, excluding limited partnerships and other alternative investments - This non-GAAP measure is calculated as (a) the annualized net investment income, excluding limited partnerships and other alternative investments, divided by (b) the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value and limited partnerships and other alternative investments. The Company believes that annualized investment yield, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Annualized investment yield is the most directly comparable U.S GAAP measure. A reconciliation of annualized investment yield to annualized investment yield excluding limited partnerships and other alternative investments for the quarterly periods ended Sept. 30, 2026, and 2025 is provided in the table below.
Three Months Ended
Sept 30 2026
Sept 30 2025
Annualized investment yield
5.1
%
4.8
%
Adjustment for income from limited partnerships and other alternative investments
(0.5
)%
(0.2
)%
Annualized investment yield excluding limited partnerships and other alternative investments
4.6
%
4.6
%
Net investment income, excluding limited partnerships and other alternative investments-This non-GAAP measure is the amount of net investment income earned from invested assets, excluding the net investment income related to limited partnerships and other alternative investments. The Company believes that net investment income, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Net investment income is the most directly comparable U.S. GAAP measure. A reconciliation of net investment income to net investment income excluding limited partnerships and other alternative investments for the quarterly periods ended Sept. 30, 2026, and 2025 is provided in the table below.
Three Months Ended
Sept 30 2026
Sept 30 2025
Total net investment income
$
850
$
755
Adjustment for income from limited partnerships and other alternative investments
$
(156
)
$
(91
)
Net investment income excluding limited partnerships and other alternative investments
$
694
$
664
Book value per diluted share (excluding AOCI) - This is a non-GAAP per share measure that is calculated by dividing (a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares outstanding and dilutive potential common shares. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI from the numerator is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per diluted share is the most directly comparable U.S. GAAP measure. A reconciliation of book value per diluted share to book value per diluted share (excluding AOCI) is provided in the table below.
As of
Sept 30 2026
Dec 31 2025
Change
Book value per diluted share
$68.31
$66.31
3.0%
Per diluted share impact of AOCI
$14.16
$7.31
93.7%
Book value per diluted share (excluding AOCI)
$82.47
$73.62
12.0%
As of
Sept 30 2026
Sept 30 2025
Change
Book value per diluted share
$68.31
$63.86
7.0%
Per diluted share impact of AOCI
$14.16
$7.06
100.6%
Book value per diluted share (excluding AOCI)
$82.47
$70.92
16.3%
Core earnings - The Hartford uses the non-GAAP measure core earnings as an important measure of the Company’s operating performance. The Hartford believes that core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it reveals trends in our insurance businesses that may be obscured by including the net effect of certain items. Therefore, the following items are excluded from core earnings:
Certain realized gains and losses - Generally realized gains and losses are primarily driven by investment decisions and external economic developments, the nature and timing of which are unrelated to the insurance and underwriting aspects of our business. Accordingly, core earnings excludes the effect of realized gains and losses that tend to be highly variable from period to period based on capital market conditions. The Hartford believes, however, that some realized gains and losses are integrally related to our insurance operations, so core earnings includes net realized gains and losses such as net periodic settlements on credit derivatives. These net realized gains and losses are directly related to an offsetting item included in the income statement such as net investment income. Restructuring and other costs - Costs incurred as part of a restructuring plan are not a recurring operating expense of the business. Loss on extinguishment of debt - Largely consisting of make-whole payments or tender premiums upon paying debt off before maturity, these losses are not a recurring operating expense of the business. Gains and losses on reinsurance transactions - Gains or losses on reinsurance, such as those entered into upon sale of a business or to reinsure loss reserves, are not a recurring operating expense of the business. Integration and other non-recurring M&A costs - These costs, including transaction costs incurred in connection with an acquired business, are incurred over a short period of time and do not represent an ongoing operating expense of the business. Change in loss reserves upon acquisition of a business - These changes in loss reserves are excluded from core earnings because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition. Deferred gain resulting from retroactive reinsurance and subsequent changes in the deferred gain - Retroactive reinsurance agreements economically transfer risk to the reinsurers and excluding the deferred gain on retroactive reinsurance and related amortization of the deferred gain from core earnings provides greater insight into the economics of the business. Change in valuation allowance on deferred taxes related to non-core components of before tax income - These changes in valuation allowances are excluded from core earnings because they relate to non-core components of before tax income, such as tax attributes like capital loss carryforwards. Results of discontinued operations - These results are excluded from core earnings for businesses sold or held for sale because such results could obscure the ability to compare period over period results for our ongoing businesses. In addition to the above components of net income available to common stockholders that are excluded from core earnings, preferred stock dividends declared, which are excluded from net income, are included in the determination of core earnings. Preferred stock dividends are a cost of financing more akin to interest expense on debt and are expected to be a recurring expense as long as the preferred stock is outstanding.
Net income (loss) and net income (loss) available to common stockholders are the most directly comparable U.S. GAAP measures to core earnings. Core earnings should not be considered as a substitute for net income (loss) or net income (loss) available to common stockholders and does not reflect the overall profitability of the Company’s business. Therefore, The Hartford believes that it is useful for investors to evaluate net income (loss), net income (loss) available to common stockholders, and core earnings when reviewing the Company’s performance.
A reconciliation of net income (loss) to core earnings (loss) for the quarterly periods ended Sept. 30, 2026, and 2025, for individual reporting segments can be found in this news release under the heading "The Hartford Insurance Group, Inc. Consolidating Income Statements."
Core earnings margin - The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the Employee Benefits segment's operating performance. Core earnings margin is calculated by dividing core earnings by revenues, excluding buyouts and realized (gains) losses. Net income margin, calculated by dividing net income by revenues, is the most directly comparable U.S. GAAP measure. The Company believes that core earnings margin provides investors with a valuable measure of the performance of Employee Benefits because it reveals trends in the business that may be obscured by the effect of buyouts and realized (gains) losses as well as other items excluded in the calculation of core earnings. Core earnings margin should not be considered as a substitute for net income margin and does not reflect the overall profitability of Employee Benefits. Therefore, the Company believes it is important for investors to evaluate both core earnings margin and net income margin when reviewing performance. A reconciliation of net income margin to core earnings margin for the quarterly periods ended Sept. 30, 2026 and 2025, is set forth below.
Three Months Ended
Sept 30 2026
Sept 30 2025
Change
Net income margin
7.0%
8.1%
(1.1)
Adjustments to reconcile net income margin to core earnings margin:
Net realized (gains) losses, before tax
(0.8%)
0.4%
(1.2)
Income tax expense (benefit) on items excluded from core earnings
0.2%
(0.2%)
0.4
Core earnings margin
6.4%
8.3%
(1.9)
Core earnings per diluted share - This non-GAAP per share measure is calculated using the non-GAAP financial measure core earnings rather than the U.S. GAAP measure net income. The Company believes that core earnings per diluted share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per diluted common share is the most directly comparable U.S. GAAP measure. Core earnings per diluted share should not be considered as a substitute for net income (loss) available to common stockholders per diluted common share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per diluted common share and core earnings per diluted share when reviewing the Company's performance. A reconciliation of net income available to common stockholders per diluted share to core earnings per diluted share for the quarterly periods ended Sept. 30, 2026 and 2025 is provided in the table below.
Three Months Ended
Sept 30 2026
Sept 30 2025
Change
Per Share Data
Diluted earnings per common share:
Net income available to common stockholders per share1
$4.82
$3.77
28%
Adjustments made to reconcile net income available to common stockholders per diluted share to core earnings per diluted share:
Net realized losses, excluded from core earnings, before tax
0.41
0.05
NM
Integration and other non-recurring M&A costs, before tax
0.01
0.01
—%
Change in deferred gain on retroactive reinsurance, before tax
(1.82)
(0.03)
NM
Income tax expense on items excluded from core earnings
0.30
—
NM
Income from discontinued operations, net of tax
(0.22)
(0.21)
(5%)
Core earnings per diluted share
$3.50
$3.59
(3%)
[1] Net income available to common stockholders includes dilutive potential common shares
Core Earnings Return on Equity - The Company provides different measures of the return on stockholders' equity (ROE). Core earnings ROE is calculated based on non-GAAP financial measures. Core earnings ROE is calculated by dividing (a) the non-GAAP measure core earnings for the prior four fiscal quarters by (b) the non-GAAP measure average common stockholders' equity, excluding AOCI. Net income ROE is the most directly comparable U.S. GAAP measure. The Company excludes AOCI in the calculation of core earnings ROE to provide investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to the Company's business operations. The Company provides to investors return on equity measures based on its non-GAAP core earnings financial measure for the reasons set forth in the core earnings definition. A quantitative reconciliation of net income available to common stockholders ROE to core earnings ROE is not calculable on a forward-looking basis because it is not possible to provide a reliable forecast of realized gains and losses, which typically vary substantially from period to period.
A reconciliation of consolidated net income available to common stockholders ROE to consolidated core earnings ROE is set forth below.
Three Months Ended
Sept 30 2026
Sept 30 2025
Net income available to common stockholders ROE
25.0%
20.3%
Adjustments to reconcile net income available to common stockholders ROE to core earnings ROE:
Net realized losses excluded from core earnings, before tax
0.8%
0.5%
Integration and other non-recurring M&A costs, before tax
—%
—%
Change in deferred gain on retroactive reinsurance, before tax
(2.9)%
(0.3)%
Income tax benefit on items not included in core earnings
0.4%
—%
Impact of AOCI, excluded from denominator of core earnings ROE
(2.7)%
(2.1%)
Income from discontinued operations, net of tax
(2.7)%
(1.1%)
Core earnings ROE
17.9%
17.3%
Underlying combined ratio- This non-GAAP financial measure of underwriting results represents the combined ratio before catastrophes, prior accident year development and current accident year change in loss reserves upon acquisition of a business. Combined ratio is the most directly comparable U.S. GAAP measure. The Company believes this ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year loss and loss adjustment expense reserve development. The changes to loss reserves upon acquisition of a business are excluded from underlying combined ratio because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. A reconciliation of the combined ratio to the underlying combined ratio for individual reporting segments can be found in this news release under the heading "Business Results" for "Business Insurance" and "Personal Insurance". A reconciliation of the combined ratio to underlying combined ratio for lines of business within the Company's P&C reporting segments is set forth below.
SMALL BUSINESS
Three Months Ended
Sept 30 2026
Sept 30 2025
Change
Combined ratio
84.5
87.9
(3.4
)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes
(2.5
)
(1.3
)
(1.2
)
Prior accident year development
3.2
3.2
—
Underlying combined ratio
85.2
89.8
(4.6
)
MIDDLE & LARGE BUSINESS
Three Months Ended
Sept 30 2026
Sept 30 2025
Change
Combined ratio
101.7
90.8
10.9
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes
(2.5
)
—
(2.5
)
Prior accident year development
0.3
0.6
(0.3
)
Underlying combined ratio
99.5
91.4
8.1
GLOBAL SPECIALTY
Three Months Ended
Sept 30 2026
Sept 30 2025
Change
Combined ratio
89.1
86.9
2.2
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes
(3.9
)
(2.2
)
(1.7
)
Prior accident year development
0.8
1.1
(0.3
)
Underlying combined ratio
86.1
85.8
0.3
PERSONAL AUTOMOBILE
Three Months Ended
Sept 30 2026
Sept 30 2025
Change
Combined ratio
92.3
92.5
(0.2
)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes
(1.4
)
(0.6
)
(0.8
)
Prior accident year development
5.1
6.0
(0.9
)
Underlying combined ratio
96.0
97.9
(1.9
)
HOMEOWNERS
Three Months Ended
Sept 30 2026
Sept 30 2025
Change
Combined ratio
94.7
81.2
13.5
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes
(25.3
)
(8.3
)
(17.0
)
Prior accident year development
2.1
1.6
0.5
Underlying combined ratio
71.5
74.4
(2.9
)
Underwriting gain (loss) -This non-GAAP financial measure is a before tax measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable U.S. GAAP measure. The Hartford's management evaluates profitability of the Business and Personal Insurance segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is influenced significantly by earned premium growth and the adequacy of The Hartford's pricing. Underwriting profitability over time is also greatly influenced by The Hartford's underwriting discipline, as management strives to manage exposure to loss through favorable risk selection and diversification, effective management of claims, use of reinsurance and its ability to manage its expenses. The Hartford believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from underwriting activities, which are managed separately from the Company's investing activities. Reconciliations of net income (loss) to underwriting gain (loss) for the quarterly periods ended Sept. 30, 2026 and 2025, is set forth below.
Underlying underwriting gain (loss) - This non-GAAP measure of underwriting profitability represents underwriting gain (loss) before current accident year catastrophes, PYD and current accident year change in loss reserves upon acquisition of a business. The most directly comparable U.S. GAAP measure is net income (loss). The Company believes underlying underwriting gain (loss) is important to understand the Company’s periodic earnings because the volatile and unpredictable nature (i.e., the timing and amount) of catastrophes and prior accident year reserve development could obscure underwriting trends. The changes to loss reserves upon acquisition of a business are also excluded from underlying underwriting gain (loss) because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. Reconciliations of net income (loss) to underlying underwriting gain for individual reporting segments for the quarterly periods ended Sept. 30, 2026 and 2025, is set forth below.
BUSINESS INSURANCE
Three Months Ended
Sept 30 2026
Sept 30 2025
Net income
$
637
$
710
Adjustments to reconcile net income to underwriting gain:
Net investment income
(589
)
(519
)
Net realized losses
117
26
Other (income) expense
3
—
Income tax expense
159
180
Underwriting gain
327
397
Adjustments to reconcile underwriting gain to underlying underwriting gain:
Current accident year catastrophes
106
39
Prior accident year development
(61
)
(60
)
Underlying underwriting gain
$
372
$
376
PERSONAL INSURANCE
Three Months Ended
Sept 30 2026
Sept 30 2025
Net income
$
93
$
139
Adjustments to reconcile net income to underwriting gain:
Net investment income
(67
)
(67
)
Net realized losses
15
4
Net servicing and other (income) expense
(5
)
(4
)
Income tax expense
26
35
Underwriting gain
62
107
Adjustments to reconcile underwriting gain to underlying underwriting gain:
Current accident year catastrophes
92
31
Prior accident year development
(36
)
(43
)
Underlying underwriting gain
$
118
$
95
Underlying loss and loss adjustment expense ratio - This non-GAAP financial measure is the cost of non-catastrophe loss and loss adjustment expenses incurred in the current accident year divided by earned premiums. The loss and loss adjustment expense ratio is the most directly comparable U.S. GAAP measure. Management believes that the underlying loss and loss adjustment expense ratio is a performance measure that is useful to investors as it removes the impact of volatile and unpredictable catastrophe losses and prior accident year development ("PYD"). Reconciliations of the loss and loss adjustment expense ratio to the underlying loss and loss adjustment expense ratio for the quarterly periods ended Sept. 30, 2026 and 2025, is set forth below.
PROPERTY & CASUALTY
Three Months Ended
Sep 30 2026
Sep 30 2025
Change
Loss and loss adjustment expense ratio
51.7
58.5
(6.8
)
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development
8.5
0.7
7.8
Underlying loss and loss adjustment expense ratio
60.1
59.3
0.8
BUSINESS INSURANCE
Three Months Ended
Sep 30 2026
Sep 30 2025
Change
Loss and loss adjustment expense ratio
61.1
57.3
3.8
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development
(1.2
)
0.6
(1.8
)
Underlying loss and loss adjustment expense ratio
59.9
57.9
2.0
PERSONAL INSURANCE
Three Months Ended
Sep 30 2026
Sep 30 2025
Change
Loss and loss adjustment expense ratio
67.2
62.9
4.3
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development
(6.2
)
1.2
(7.4
)
Underlying loss and loss adjustment expense ratio
61.1
64.2
(3.1
)
PERSONAL INSURANCE - AUTOMOBILE
Three Months Ended
Sep 30 2026
Sep 30 2025
Change
Loss and loss adjustment expense ratio
66.7
67.1
(0.4
)
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development
3.6
5.3
(1.7
)
Underlying loss and loss adjustment expense ratio
70.3
72.3
(2.0
)
PERSONAL INSURANCE - HOMEOWNERS
Three Months Ended
Sep 30 2026
Sep 30 2025
Change
Loss and loss adjustment expense ratio
67.9
54.5
13.4
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development
(23.2
)
(6.7
)
(16.5
)
Underlying loss and loss adjustment expense ratio
44.7
47.8
(3.1
)
SAFE HARBOR STATEMENT
Certain of the statements contained herein are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “projects,” and similar references to future periods.
Forward-looking statements are based on management's current expectations and assumptions regarding future economic, competitive, legislative and other developments and their potential effect upon The Hartford Insurance Group, Inc. and its subsidiaries (collectively, the "Company" or "The Hartford"). Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from expectations depending on the evolution of various factors, including the risks and uncertainties identified below, as well as factors described in such forward-looking statements; or in The Hartford’s 2025 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and our other filings with the Securities and Exchange Commission.
Risks Relating to Economic, Political and Global Market Conditions: challenges related to the Company’s current operating environment, including global political, economic and market conditions, and the effect of financial market disruptions, economic downturns, changes in trade regulation including tariffs and other barriers or other potentially adverse macroeconomic developments on the demand for our products and returns in our investment portfolios; market risks associated with our business, including changes in credit spreads, equity prices, interest rates, inflation rate, foreign currency exchange rates and market volatility; the impact on our investment portfolio if our investment portfolio is concentrated in any particular segment of the economy; the impacts of changing climate and weather patterns on our businesses, operations and investment portfolio including on claims, demand and pricing of our products, the availability and cost of reinsurance, our modeling data used to evaluate and manage risks of catastrophes and severe weather events, the value of our investment portfolios and credit risk with reinsurers and other counterparties; Insurance Industry and Product-Related Risks: the possibility of unfavorable loss development, including with respect to long-tailed exposures; the significant uncertainties that limit our ability to estimate the ultimate reserves necessary for asbestos and environmental claims; the possibility of a pandemic, civil unrest, earthquake, or other natural or man-made disaster that may adversely affect our businesses; weather and other natural physical events, including the intensity and frequency of thunderstorms, tornadoes, hail, wildfires, flooding, winter storms, hurricanes and tropical storms, as well as climate change and its potential impact on weather patterns; the possible occurrence of terrorist attacks and the Company’s inability to contain its exposure as a result of, among other factors, the inability to exclude coverage for terrorist attacks from workers' compensation policies and limitations on reinsurance coverage from the federal government under applicable laws; the Company’s ability to effectively price its products and policies, including its ability to obtain regulatory consents to pricing actions or to non-renewal or withdrawal of certain product lines; actions by competitors that may be larger or have greater financial resources than we do; technological changes, including usage-based methods of determining premiums, advancements in certain emerging technologies, including machine learning, predictive analytics, “big data” analysis or other artificial intelligence functions, advancements in automotive safety features, the development of autonomous vehicles, and platforms that facilitate ride sharing could provide our competitors with a competitive advantage and could impact the rate and severity of claims, as well as the demand for our products; the Company's ability to market, distribute and provide insurance products and investment advisory services through current and future distribution channels and advisory firms; the uncertain effects of emerging claim and coverage issues; political instability, politically motivated violence or civil unrest, which may increase the frequency and severity of insured losses; Financial Strength, Credit and Counterparty Risks: risks to our business, financial position, prospects and results associated with negative rating actions or downgrades in the Company’s financial strength and credit ratings or negative rating actions or downgrades relating to our investments; capital requirements which are subject to many factors, including many that are outside the Company’s control, such as National Association of Insurance Commissioners ("NAIC") risk based capital formulas, rating agency capital models, Funds at Lloyd's and Solvency Capital Requirement, which can in turn affect our credit and financial strength ratings, cost of capital, regulatory compliance and other aspects of our business and results; losses due to nonperformance or defaults by others, including credit risk with counterparties associated with investments, derivatives, premiums receivable, reinsurance recoverables and indemnifications provided by third parties in connection with previous dispositions; the potential for losses due to our reinsurers' unwillingness or inability to meet their obligations under reinsurance contracts and the availability, pricing and adequacy of reinsurance to protect the Company against losses; state and international regulatory limitations on the ability of the Company and certain of its subsidiaries to declare and pay dividends;
Risks Relating to Estimates, Assumptions and Valuations: risks associated with the use of analytical models in making decisions in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance and catastrophe risk management; the potential for differing interpretations of the methodologies, estimations and assumptions that underlie the Company’s fair value estimates for its investments and the evaluation of intent-to-sell impairments and allowance for credit losses on available-for-sale securities and mortgage loans; the potential for impairments of our goodwill;
Strategic and Operational Risks: the Company’s ability to maintain the availability of its systems and safeguard the security of its data in the event of a disaster, cyber breach or other information security incident, technology failure or other unanticipated event; the potential for difficulties arising from outsourcing, including vendors and similar third-party relationships; the risks, challenges and uncertainties associated with capital management plans, expense reduction initiatives and other actions; risks associated with acquisitions and divestitures, including the challenges of integrating acquired companies or businesses, which may result in our inability to achieve the anticipated benefits and synergies and may result in unintended consequences; difficulty in attracting and retaining talented and qualified personnel, including key employees, such as executives, managers and employees with strong technological, analytical and other specialized skills; the Company’s ability to protect its intellectual property and defend against claims of infringement;
Regulatory and Legal Risks: the cost and other potential effects of increased federal, state and international regulatory and legislative developments, including those that could adversely impact the demand for the Company’s products, operating costs and required capital levels; unfavorable judicial or legislative developments; the impact of changes in federal, state or foreign tax laws; regulatory requirements that could delay, deter or prevent a takeover attempt that stockholders might consider in their best interests; and the impact of potential changes in accounting principles and related financial reporting requirements.
Any forward-looking statement made by the Company in this document speaks only as of the date of this release. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
Kinder Morgan přidala projekty v hodnotě 5,4 miliardy USD, čímž její schválené portfolio projektů v oblasti plynárenské infrastruktury vzrostlo na rekordních 14,4 miliardy USD.
On its third-quarter 2026 earnings call, held on Oct. 21, 2026, Kinder Morgan (KMI -1.42%) announced it had added $5.4 billion in new infrastructure projects to expand its natural gas network. The expansion pushes the company's backlog (its portfolio of approved future construction projects) to an all-time high of $14.4 billion. That long-term visibility provides investors with predictable cash flow growth, backed by 20-year customer commitments. Three key takeaways from management's presentation stand out for long-term investors.
1. Project Backlog Reaches $14.4 Billion With Major Expansion AdditionsManagement expanded its project pipeline by sanctioning two major joint ventures for natural gas transport. Demand for power generation drives these investments, and they carry an attractive project multiple of 5.7 times. That's a favorable return profile for long-term capital.
We added $5.4 billion in new projects and placed $700 million of projects into service. The backlog multiple remains very attractive at 5.7x.
-- Kim Dang, Chief Executive Officer2. Long-Term Contracts Secure High-Quality Cash Flow Through 2032The newly sanctioned projects rely on 20-year take-or-pay contracts (agreements requiring customers to pay whether or not they use capacity). These long-term commitments from investment-grade utilities and a high-credit technology customer extend visible growth well beyond 2025. It's a structure that protects project returns against volume drops.
With Permian Link and Southeast Connector entering service between 2030 and 2032, we have meaningfully extended the period of high-quality cash flow growth supported by approved projects with long-term take-or-pay contracts.
-- Kim Dang, Chief Executive Officer3. Cash Flow Generation Supports Growth Capital Without Undue DebtKinder Morgan generates roughly $3 billion in annual cash flow available for growth capital expenditures (funds spent on long-term physical assets). This self-funding capability keeps financial leverage near 3.5 times while expanding EBITDA (earnings before interest, taxes, depreciation, and amortization) and EPS (earnings per share). It's a disciplined strategy that funds expansion without overburdening the balance sheet.
Our strong cash flow allows us to build that infrastructure by using primarily our own cash without undue leverage. We are able to earn good returns from these investments, thus increasing our EBITDA and EPS in the years ahead.
-- Rich Kinder, Executive ChairmanLooking AheadNatural gas demand is surging across electric power generation and export facilities, and executive leadership isn't hiding its enthusiasm for long-term volume expansion.
The demand for natural gas is destined to dramatically increase both in America and the rest of the world in the coming years and even decades.
-- Rich Kinder, Executive ChairmanAn expansive pipeline network and extensive gas storage assets provide structural competitive advantages that lock in customer demand. Executive focus remains on capital discipline and project execution to convert approved developments into durable cash flow.
Simply put, we are delivering strong results today while continuing to build a longer runway for high-quality future growth.
-- Kim Dang, Chief Executive OfficerThe Motley Fool has positions in and recommends Kinder Morgan. The Motley Fool has a disclosure policy.
DAYTONA BEACH, Fla., Oct. 26, 2026 (GLOBE NEWSWIRE) -- Brown & Brown, Inc. (NYSE:BRO) (the "Company") announced its unaudited financial results for the third quarter of 2026.
For the third quarter ended September 30, 2026, the Company achieved:
Total revenues of $1.7 billion, increasing $119 million, or 7.4%, compared to the third quarter of the prior year, with growth of Organic Revenue of 1.2% and growth of Organic Revenue with Contingents of 1.5%.Income before income taxes of $320 million, increasing 2.9%, with Income Before Income Taxes Margin of 18.6%, compared to 19.4% in the third quarter of the prior year.EBITDAC - Adjusted of $597 million, increasing 1.7%, with EBITDAC Margin - Adjusted of 34.6%, compared to 36.6% in the third quarter of the prior year.Net income attributable to the Company of $240 million, increasing $13 million, or 5.7%, compared to the third quarter of the prior year.Diluted net income per share of $0.67, a decrease of 1.5%, with Diluted Net Income Per Share - Adjusted increasing to $1.07, or 1.9%, each compared to the third quarter of the prior year. For the nine months ended September 30, 2026, the Company achieved:
Total revenues of $5.3 billion, increasing $1.0 billion, or 23.4%, compared to the same period in 2025, with growth of Organic Revenue of 0.3% and growth of Organic Revenue with Contingents of 1.5%.Income before income taxes of $1.2 billion, increasing 17.6%, with Income Before Income Taxes Margin of 23.3%, compared to 24.4% in the same period in 2025.EBITDAC - Adjusted of $1.9 billion, increasing 20.9%, with EBITDAC Margin - Adjusted of 36.3%, compared to 37.1% in the same period in 2025.Net income attributable to the Company of $954 million, increasing $164 million, or 20.8%, compared to the same period in 2025.Diluted net income per share of $2.57, flat compared to the same period in 2025, with Diluted Net Income Per Share - Adjusted increasing to $3.52, or 5.7%, compared to the same period in 2025. J. Powell Brown, president and chief executive officer of the Company, noted, “The third quarter reflected the incredible efforts of our teammates to win more customers in spite of a challenging rate environment. Our capabilities were broadly enhanced by the addition of approximately 5,000 new teammates from Accession, just over a year ago.”
Reconciliation of Commissions and Fees
to Organic Revenue and Organic Revenue with Contingents
(in millions, unaudited)
Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Commissions and fees $1,700 $1,550 $5,234 $4,183 Contingents (80) (73) (262) (161)Core commissions and fees $1,620 $1,477 $4,972 $4,022 Acquisitions (156) (985) Dispositions (13) (20)Foreign Currency Translation (1) 19 Litigation-Related Impact (16) (44)Organic Revenue $1,464 $1,447 $3,987 $3,977 Organic Revenue growth 17 10 Organic Revenue growth % 1.2% 0.3% Organic Contingents $79 $73 $213 $161 Organic Revenue with Contingents 1,543 1,520 4,200 4,138 Organic Revenue with Contingents growth $23 $62 Organic Revenue with Contingents growth % 1.5% 1.5% See information regarding non-GAAP measures presented later in this press release.
Reconciliation of Diluted Net Income Per Share to
Diluted Net Income Per Share - Adjusted
(unaudited)
Three Months Ended
September 30, Change Nine Months Ended
September 30, Change 2026 2025 $ % 2026 2025 $ % Diluted net income per share(1) $0.67 $0.68 $(0.01) (1.5%) $2.57 $2.57 $— (—%)Change in estimated acquisition earn-out payables 0.06 0.02 0.04 (0.02) 0.04 (0.06) (Gain)/loss on disposal — — — — — — Acquisition/Integration Costs 0.09 0.13 (0.04) 0.21 0.22 (0.01) Amortization 0.25 0.20 0.05 0.76 0.48 0.28 Mark-to-market of escrow liability(2) — 0.02 (0.02) — 0.02 (0.02) Diluted Net Income Per Share - Adjusted $1.07 $1.05 $0.02 1.9% $3.52 $3.33 $0.19 5.7% (1) The calculation of diluted net income per share for the three and nine months ended September 30, 2026 (a) excludes the mark-to-market of escrow liability and (b) includes the escrowed shares within the Company’s diluted weighted average number of shares, in each case in accordance with Accounting Standards Codification Topic 260 — Earnings Per Share (“ASC 260”), which requires this treatment in periods where the combined effect of these adjustments is accretive to earnings.
(2) No adjustment for the mark-to-market of escrow liability was made to Diluted Net Income Per Share – Adjusted for the three or nine months ended September 30, 2026 as the calculation of diluted net income per share for these periods already excludes the mark-to-market of escrow liability in accordance with ASC 260.
See information regarding non-GAAP measures presented later in this press release.
Reconciliation of Income Before Income Taxes to EBITDAC and
EBITDAC - Adjusted and Income Before Income Taxes Margin(1) to
EBITDAC Margin and EBITDAC Margin - Adjusted
(in millions, unaudited)
Three Months Ended
September 30, Nine Months Ended
September 30, 2026 2025(2) 2026 2025(2) Total revenues $1,725 $1,606 $5,302 $4,295 Income before income taxes $320 $311 $1,235 $1,050 Income Before Income Taxes Margin(1) 18.6% 19.4% 23.3% 24.4%Amortization 110 93 337 196 Depreciation 18 14 53 37 Interest 100 100 299 197 Change in estimated acquisition earn-out payables 27 11 (7) 18 EBITDAC $575 $529 $1,917 $1,498 EBITDAC Margin 33.3% 32.9% 36.2% 34.9%(Gain)/loss on disposal — — — 1 Acquisition/Integration Costs 36 50 93 87 Mark-to-market of escrow liability (14) 8 (83) 8 EBITDAC - Adjusted $597 $587 $1,927 $1,594 EBITDAC Margin - Adjusted 34.6% 36.6% 36.3% 37.1% (1) “Income Before Income Taxes Margin” is defined as income before income taxes divided by total revenues.
(2) 2025 amounts reflect the positive impact of approximately $29 million and $42 million for the three and nine months ended September 30,2025, respectively, of interest income earned from the proceeds of the Company’s follow-on common stock offering and senior notes issuance in June 2025, held in preparation for the closing of the Company’s acquisition of RSC Topco, Inc.
See information regarding non-GAAP measures presented later in this press release.
Brown & Brown, Inc.
Consolidated Statements of Income
(in millions, except per share data; unaudited)
Three Months Ended
September 30, Nine Months Ended
September 30, 2026 2025 2026 2025 REVENUES Commissions and fees $1,700 $1,550 $5,234 $4,183 Investment and other income 25 56 68 112 Total revenues 1,725 1,606 5,302 4,295 EXPENSES Employee compensation and benefits 857 793 2,602 2,116 Other operating expenses 307 276 866 672 (Gain)/loss on disposal — — — 1 Amortization 110 93 337 196 Depreciation 18 14 53 37 Interest 100 100 299 197 Change in estimated acquisition earn-out payables 27 11 (7) 18 Mark-to-market of escrow liability (14) 8 (83) 8 Total expenses 1,405 1,295 4,067 3,245 Income before income taxes 320 311 1,235 1,050 Income taxes 79 82 278 251 Net income before non-controlling interests 241 229 957 799 Less: Net income attributable to non-controlling interests 1 2 3 9 Net income attributable to the Company $240 $227 $954 $790 Net income per share: Basic $0.73 $0.68 $2.87 $2.59 Diluted $0.67 $0.68 $2.57 $2.57 Weighted average number of shares outstanding: Basic 325 331 328 302 Diluted 330 332 334 304 Brown & Brown, Inc.
Consolidated Balance Sheets
(in millions, except per share data, unaudited)
September 30,
2026 December 31,
2025 ASSETS Current assets: Cash and cash equivalents $1,099 $1,079 Fiduciary cash 2,442 2,471 Commission, fees, and other receivables 1,515 1,438 Fiduciary receivables 1,234 1,515 Reinsurance recoverable 665 647 Prepaid reinsurance premiums 808 980 Other current assets 498 484 Total current assets 8,261 8,614 Fixed assets, net 389 367 Operating lease assets 304 269 Goodwill 15,188 15,087 Amortizable intangible assets, net 4,468 4,906 Other assets 838 748 Total assets $29,448 $29,991 LIABILITIES AND EQUITY Current liabilities: Fiduciary liabilities $3,676 $3,986 Losses and loss adjustment reserve 687 671 Unearned premiums 903 1,053 Accounts payable 709 990 Accrued expenses and other liabilities 844 875 Current portion of long-term debt 413 719 Total current liabilities 7,232 8,294 Long-term debt less unamortized discount and debt issuance costs 7,346 6,894 Operating lease liabilities 279 243 Deferred income taxes, net 937 815 Other liabilities 1,053 1,172 Equity: Common stock, par value $0.10 per share; authorized 560 shares; issued 359 shares and outstanding 327 shares at 2026, issued 357 shares and outstanding 336 shares at 2025 36 36 Additional paid-in capital 6,253 6,160 Treasury stock, at cost 32 shares at 2026 and 21 shares at 2025 (1,604) (848)Accumulated other comprehensive income 124 210 Non-controlling interests 18 26 Retained earnings 7,774 6,989 Total equity 12,601 12,573 Total liabilities and equity $29,448 $29,991 Brown & Brown, Inc.
Consolidated Statements of Cash Flows
(in millions, unaudited)
Nine Months Ended
September 30, 2026 2025 Cash flows from operating activities: Net income before non-controlling interests $957 $799 Adjustments to reconcile net income before non-controlling interests to net cash provided by operating activities: Amortization 337 196 Depreciation 53 37 Non-cash stock-based compensation 72 76 Change in estimated acquisition earn-out payables (7) 18 Mark-to-market of escrow liability (83) 8 Deferred income taxes 158 18 Net loss on sales/disposals of investments, businesses, fixed assets and customer accounts — 2 Payments on acquisition earn-outs in excess of original estimated payables (42) (1)Other 10 5 Changes in operating assets and liabilities, net of effect from acquisitions and divestitures: Commissions, fees and other receivables (increase)/decrease (100) (59)Reinsurance recoverable (increase)/decrease (18) 1,190 Prepaid reinsurance premiums (increase)/decrease 172 8 Other assets (increase)/decrease (87) (23)Losses and loss adjustment reserve increase/(decrease) 16 (1,188)Unearned premiums increase/(decrease) (153) 15 Accounts payable increase/(decrease) (107) (95)Accrued expenses and other liabilities increase/(decrease) (63) (41)Other liabilities increase/(decrease) 25 41 Net cash provided by operating activities 1,140 1,006 Cash flows from investing activities: Additions to fixed assets (77) (48)Payments for businesses acquired, net of cash acquired (41) (7,659)Proceeds from sales of businesses, fixed assets and customer accounts 3 10 Other investing activities (10) (4)Net cash used in investing activities (125) (7,701)Cash flows from financing activities: Fiduciary receivables and liabilities, net (14) (145)Payments on acquisition earn-outs (199) (77)Proceeds from long-term debt — 4,192 Payments on long-term debt (34) (206)Deferred debt issuance costs (3) (37)Borrowings on revolving credit facility 225 450 Payments on revolving credit facility (50) (500)Proceeds from issuance of common stock, net of expenses — 4,315 Issuances of common stock for employee stock benefit plans 47 43 Repurchase shares to fund tax withholdings for non-cash stock-based compensation (30) (42)Purchase of treasury stock (750) — Cash dividends paid (169) (137)Other financing activities (12) (5)Net cash (used in) provided by financing activities (989) 7,851 Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash inclusive of fiduciary cash (29) 66 Net (decrease) increase in cash, cash equivalents and restricted cash inclusive of fiduciary cash (3) 1,222 Cash, cash equivalents and restricted cash inclusive of fiduciary cash at beginning of period 3,815 2,502 Cash, cash equivalents and restricted cash inclusive of fiduciary cash at end of period $3,812 $3,724 Conference call, webcast and slide presentation
A conference call to discuss the results of the third quarter of 2026 will be held on Tuesday, October 27, 2026, at 8:00 AM (EDT). The Company may refer to a slide presentation during its conference call. You can access the webcast and the slides from the "Investor Relations" section of the Company’s website at bbrown.com.
About Brown & Brown
Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm delivering comprehensive and customized insurance solutions and specialization since 1939. With a global presence spanning 700+ locations and a team of approximately 23,000 professionals, we are dedicated to delivering scalable, innovative strategies for our customers at every step of their growth journey. Learn more at BBrown.com.
Forward-looking statements
This press release may contain certain statements relating to future results which are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. You can identify these statements by forward-looking words such as “may,” “will,” “should,” “expect,” “anticipate,” “believe,” “intend,” “estimate,” “plan” and “continue” or similar words. We have based these statements on our current expectations about potential future events. Although we believe the expectations expressed in the forward-looking statements included in this press release are based upon reasonable assumptions within the bounds of our knowledge of our business, a number of factors could cause actual results to differ materially from those expressed in any forward-looking statements, whether oral or written, made by us or on our behalf. Many of these factors have previously been identified in filings or statements made by us or on our behalf. Important factors which could cause our actual results to differ, possibly materially from the forward-looking statements in this press release include but are not limited to the following items: the Company's determination as it finalizes its financial results for the third quarter of 2026 that its financial results differ from the current preliminary unaudited numbers set forth herein; risks with respect to the acquisition of RSC Topco, Inc. (“Accession”) (the “Transaction”); the possibility that the anticipated benefits, including any anticipated cost savings and strategies, of the Transaction are not realized when expected or at all; risks related to the financing of the Transaction, including that financing the Transaction resulted in an increase in the Company’s indebtedness; risks relating to the financial information related to Accession; the risk that certain assumptions the Company has made relating to the Transaction prove to be materially inaccurate; risks related to Accession’s business, including underwriting risk in connection with certain captive insurance companies; the inability to hire, retain and develop qualified employees, as well as the loss of any of our executive officers or other key employees; a cybersecurity attack or any other interruption in information technology and/or data security that may impact our operations or the operations of third parties that support us; acquisition-related risks that could negatively affect the success of our growth strategy, including the possibility that we may not be able to successfully identify suitable acquisition candidates, complete acquisitions, successfully integrate acquired businesses into our operations and expand into new markets; risks related to our international operations, which may result in additional risks or require more management time and expense than our domestic operations to achieve or maintain profitability; the requirement for additional resources and time to adequately respond to dynamics resulting from rapid technological change, including the increasing use of artificial intelligence and robotic processing automation; the loss of or significant change to any of our insurance company or intermediary relationships, which could result in loss of capacity to write business, additional expense, loss of market share or material decrease in our commissions; the effect of natural disasters on our Contingents, insurer capacity or claims expenses within our capitalized captive insurance facilities; adverse economic conditions, political conditions, outbreaks of war, disasters, or regulatory changes in states or countries where we have a concentration of our business; the inability to maintain our culture or a significant change in management, management philosophy or our business strategy; fluctuations in our commission revenue as a result of factors outside of our control; the effects of significant or sustained inflation or higher interest rates; claims expense resulting from the limited underwriting risk associated with our participation in captive insurance facilities; risks associated with our automobile and recreational vehicle finance and incentives dealer services (“F&I”) businesses; changes in, or the termination of, certain programs administered by the U.S. federal government from which we derive revenues; the limitations of our system of disclosure and internal controls and procedures in preventing errors or fraud, or in informing management of all material information in a timely manner; our reliance on vendors and other third parties to perform key functions of our business operations and provide services to our customers; the significant control certain shareholders have; changes in data privacy and protection laws and regulations or any failure to comply with such laws and regulations; improper disclosure of confidential information; our ability to comply with non-U.S. laws, regulations and policies; the potential adverse effect of certain actual or potential claims, regulatory actions or proceedings on our businesses, results of operations, financial condition or liquidity; uncertainty in our business practices and compensation arrangements with insurance carriers due to potential changes in regulations; regulatory changes that could reduce our profitability or growth by increasing compliance costs, technology compliance, restricting the products or services we may sell, the markets we may enter, the methods by which we may sell our products and services, or the prices we may charge for our services and the form of compensation we may accept from our customers, carriers and third parties; increasing scrutiny and changing laws or competing expectations from regulators, investors and customers with respect to our environmental, social and governance practices and disclosure; a decrease in demand for liability insurance as a result of tort reform legislation; our failure to comply with any covenants contained in our debt agreements; the possibility that covenants in our debt agreements could prevent us from engaging in certain potentially beneficial activities; fluctuations in foreign currency exchange rates; a downgrade to our corporate credit rating, the credit ratings of our outstanding debt or other market speculation; future sales or other dilution of our equity could adversely affect the market price of our common stock; changes in the U.S.-based credit markets that might adversely affect our business, results of operations and financial condition; changes in current U.S. or global economic conditions, including an extended slowdown in the markets in which we operate; disintermediation within the insurance industry, including increased competition from insurance companies, technology companies and the financial services industry, as well as the shift away from traditional insurance markets; conditions that result in reduced insurer capacity; quarterly and annual variations in our commissions that result from the timing of policy renewals and the net effect of new and lost business production; intangible asset risk, including the possibility that our goodwill may become impaired in the future; changes in our accounting estimates and assumptions; other risks and uncertainties as may be detailed from time to time in our public announcements and Securities and Exchange Commission (“SEC”) filings; and other factors that the Company may not have currently identified or quantified. Assumptions as to any of the foregoing, and all statements, are not based upon historical fact, but rather reflect our current expectations concerning future results and events. Forward-looking statements that we make or that are made by others on our behalf are based upon a knowledge of our business and the environment in which we operate, but because of the factors listed above, among others, actual results may differ from those in the forward-looking statements. Consequently, these cautionary statements qualify all of the forward-looking statements we make herein. We cannot assure you that the results or developments anticipated by us will be realized, or even if substantially realized, that those results or developments will result in the expected consequences for us or affect us, our business or our operations in the way we expect. We caution readers not to place undue reliance on these forward-looking statements. All forward-looking statements made herein are made only as of the date of this press release, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomes aware.
Non-GAAP supplemental financial information
This press release contains references to "non-GAAP financial measures" as defined in SEC Regulation G, consisting of Organic Revenue, Organic Revenue with Contingents, EBITDAC, EBITDAC Margin, EBITDAC - Adjusted, EBITDAC Margin - Adjusted and Diluted Net Income Per Share - Adjusted. We present these measures because we believe such information is of interest to the investment community and because we believe they provide additional meaningful methods to evaluate the Company’s operating performance from period to period on a basis that may not be otherwise apparent on a GAAP basis due to the impact of certain items that have a high degree of variability, that we believe are not indicative of ongoing performance and that are not easily comparable from period to period. This non-GAAP financial information should be considered in addition to, not in lieu of, GAAP information as of the relevant date. Consistent with Regulation G, a description of such information is provided below, and tabular reconciliations of such items to our most directly comparable GAAP information can be found within this press release as well as in our periodic filings with the SEC.
We view Organic Revenue and Organic Revenue growth (including Organic Revenue with Contingents and its growth) as important indicators when assessing and evaluating our performance on a consolidated basis and for each of our two segments, because they allow us to determine a comparable, but non-GAAP, measurement of revenue growth that is associated with the revenue sources that were a part of our business in both the current and prior year and that are expected to continue in the future. In addition, we believe Diluted Net Income Per Share - Adjusted provides a meaningful representation of our operating performance and improves the comparability of our results between periods by excluding the impact of the change in estimated acquisition earn-out payables, the impact of amortization of intangible assets and certain other non-recurring or infrequently occurring items. We also view EBITDAC, EBITDAC - Adjusted, EBITDAC Margin and EBITDAC Margin - Adjusted as important indicators when assessing and evaluating our performance, as they present more comparable measurements of our operating margins in a meaningful and consistent manner. As disclosed in our most recent proxy statement, we use Organic Revenue growth, Diluted Net Income Per Share - Adjusted and EBITDAC Margin - Adjusted as key performance metrics for our short-term and long-term incentive compensation plans for executive officers and other key employees.
Non-GAAP Revenue Measures
Organic Revenue is our core commissions and fees less: (i) the core commissions and fees earned for the first twelve months by newly acquired operations; (ii) divested business (core commissions and fees generated from offices, books of business or niches sold or terminated during the comparable period); (iii) Foreign Currency Translation (as defined below) and (iv) the Litigation-Related Impact. The term “core commissions and fees” excludes profit-sharing contingent commissions (“Contingents”); and therefore, represents the revenues earned directly from specific insurance policies sold and specific fee-based services rendered. Growth of Organic Revenue can be expressed as a dollar amount or a percentage rate.Organic Revenue with Contingents is Organic Revenue plus Organic Contingents (as defined below). Growth of Organic Revenue with Contingents can be expressed as a dollar amount or a percentage rate. Non-GAAP Earnings Measures
EBITDAC is defined as income before interest, income taxes, depreciation, amortization and the change in estimated acquisition earn-out payables.EBITDAC Margin is defined as EBITDAC divided by total revenues.EBITDAC - Adjusted is defined as EBITDAC, excluding (i) (gain)/loss on disposal (as defined below), (ii) Acquisition/Integration Costs (as defined below) and (iii) mark-to-market of escrow liability (as defined below).EBITDAC Margin - Adjusted is defined as EBITDAC - Adjusted divided by total revenues.Diluted Net Income Per Share - Adjusted is defined as diluted net income per share, excluding the after-tax impact of (i) the change in estimated acquisition earn-out payables, (ii) (gain)/loss on disposal, (as defined below), (iii) Acquisition/Integration Costs (as defined below), (iv) mark-to-market of escrow liability (as defined below) in periods wherein the effect of mark-to-market of escrow liability is not dilutive to the Company's earnings and, therefore, not already excluded from the calculation of diluted net income per share in accordance with ASC 260, and (v) amortization. Definitions Related to Certain Components of Non-GAAP Measures
“Acquisition/Integration Costs” means the acquisition and integration costs (e.g., costs associated with regulatory filings; costs for third-party professional services, including legal, accounting, consulting, financial advisory and due diligence; costs and fees associated with entry into the bridge financing commitment; costs of integrating or streamlining processes and information technology systems, including data migration and system integration; costs associated with optimizing vendor agreements and leased office space, including exit costs related to location combinations; and employment-related costs, including severance payments, costs associated with the transition of certain legacy compensation programs, retention-related compensation expenses, and incentive payments) arising out of our acquisition of Accession and acquisitions previously completed by Accession, which are not considered to be normal, recurring or part of ongoing operations.“Foreign Currency Translation” means the period-over-period impact of foreign currency translation, which is calculated by applying current-year foreign exchange rates to the various functional currencies in our business to our reporting currency of US dollars for the same period in the prior year.“(Gain)/loss on disposal” is a caption on our consolidated statements of income which reflects net proceeds received as compared to the net book value related to sales of books of business and other divestiture transactions.
“Mark-to-market of escrow liability” is a caption on our consolidated statements of income which reflects the non-cash change in the fair value associated with certain shares of the Company’s common stock held in escrow. The change is driven by fluctuations in our stock price between the beginning of the period and the end of the period. These escrowed shares represent a portion of the merger consideration payable in connection with our acquisition of Accession. The escrowed shares secure certain indemnification obligations of the Accession equity holders related to businesses that are in run-off or discontinued.
“Litigation-Related Impact” means the core commissions and fees attributable to (i) the loss of specifically identified customer accounts and (ii) new business generated in the prior year by certain former employees, in each case in connection with the conduct of a competitor that is the subject of pending litigation in multiple jurisdictions.“Organic Contingents” are Contingents, less (i) Contingents earned for the first twelve months by newly acquired stand-alone operations and (ii) Contingents earned from divested stand-alone operations (Contingents generated from stand-alone operations sold or terminated during the comparable period). Our industry peers may provide similar supplemental non-GAAP information with respect to one or more of these measures, although they may not use the same or comparable terminology and may not make identical adjustments and, therefore comparability may be limited. This supplemental non-GAAP financial information should be considered in addition to, and not in lieu of, the Company's condensed consolidated financial statements.
For more information:
R. Andrew Watts
Chief Financial Officer
(386) 239-5770
Vertiv uvedl platformu SmartIT pro nasazování AI infrastruktury s vysokou hustotou, která v předem ověřené architektuře integruje napájení, kapalinové chlazení a monitorování.
The new Vertiv™ SmartIT platform is a pre-engineered AI infrastructure solution based on NVIDIA MGX™ and OCP ORV3 architecture
The scalable solution supports deployment in existing enterprise facilities, new builds, commercial spaces, colocation and hyperscale environments without redesign
, /PRNewswire/ -- Vertiv Holdings Co. (NYSE: VRT), a global leader in critical digital infrastructure, today introduced the Vertiv™ SmartIT solution, a pre-engineered architecture designed to simplify high-density AI deployments for enterprises, research institutions and colocation providers across existing facilities and new data centers.
Based on NVIDIA MGX™ and OCP ORV3 architectures, Vertiv™ SmartIT simplifies AI infrastructure deployment with integrated power, cooling and monitoring in a validated design. Previously deployed with NVIDIA to support the NVIDIA DGX™ GB300, the highest-performing, largest-scale AI system available for enterprises, the Vertiv™ SmartIT solution integrates rack infrastructure, DC power conversion and distribution, direct-to-chip liquid cooling, in-rack cooling distribution and monitoring in a factory-validated design. By integrating and validating these systems before shipment, Vertiv™ SmartIT helps reduce on-site integration complexity and connects to facility power and cooling infrastructure. The solution is available now for AI deployments globally.
"AI is fundamentally changing the demands placed on data center infrastructure, requiring closer coordination across power, cooling and IT systems to support increasingly complex workloads," said Scott Armul, Chief Product and Technology Officer at Vertiv. "Vertiv™ SmartIT reflects our approach to solving that challenge by bringing these disciplines together in a factory-validated architecture. By combining Vertiv's expertise across critical infrastructure, we're helping customers simplify deployment, build greater consistency into their AI environments and establish a foundation that can evolve alongside their computing needs."
Deployment timelines compress: Factory validation replaces on-site integration, limiting the commissioning scope to facility connections.Multi-vendor coordination is reduced: Customers benefit from a single order, one partner and one architecture spanning rack, power, cooling and monitoring.Existing spaces become AI-ready: Brownfield enterprise facilities and Class A commercial buildings can support AI-class density without full reconstruction.Scalability becomes repeatable: The same building block supports growth from single rack to multi-rack deployments, without redesign between phases.Operational visibility increases: Integrated leak detection, automated response and continuous monitoring provide visibility from rack to site, with these capabilities built into the solution from day one rather than assembled from separate vendor tools.Vertiv™ SmartIT is a scalable, pre-engineered infrastructure platform for high-density AI deployments, supporting NVIDIA GB300 NVL72, NVIDIA Vera Rubin NVL72, NVIDIA DGX™ Rubin NVL8 and NVIDIA HGX™ Rubin NVL8 on NVIDIA MGX™ and Open Compute Project (OCP) ORV3 architectures.
Designed to scale from a single rack to multi-rack deployments, it enables customers to deploy and expand AI infrastructure within a common architecture while integrating power, cooling, monitoring and controls. Built-in monitoring, leak detection and support for Redfish, SNMP and Modbus simplify operations, while Vertiv™ Global Services supports deployment, commissioning and lifecycle management.
Vertiv SmartIT can be deployed as part of a broader Vertiv infrastructure architecture, with complementary solutions extending integration and management capabilities beyond the rack. Vertiv™ SmartRun extends integration across the row, while Vertiv™ rack power distribution units (rPDU) provide power distribution and monitoring. Vertiv™ Unify provides integrated monitoring, analytics and controls across power and thermal infrastructure, including leak detection and coordinated response control. Together, these solutions help customers scale from individual Vertiv™ SmartIT deployments to larger AI environments.
Vertiv showcased a Vertiv™ SmartIT with a NVIDIA HGX™ Rubin NVL8 demo unit during NVIDIA GTC Berlin in October, demonstrating an integrated infrastructure architecture designed to support NVIDIA DGX Rubin NVL8 deployments, enabling customers to start at the right scale and expand within a common infrastructure architecture as AI demand grows.
For more information about the Vertiv™ SmartIT and Vertiv's growing portfolio of power, cooling and IT infrastructure solutions and services, visit Vertiv.com.
About Vertiv Holdings Co.
Vertiv Holdings Co. (NYSE: VRT) brings together hardware, software, analytics and ongoing services to enable its customers' vital applications to run continuously, perform optimally and grow with their business needs. Vertiv solves the most important challenges facing today's data centers, communication networks and commercial and industrial facilities with a portfolio of power, cooling and IT infrastructure solutions and services that extends from the cloud to the edge of the network. Headquartered in Westerville, Ohio, USA, Vertiv does business in more than 130 countries. For more information, and for the latest news and content from Vertiv, visit Vertiv.com.
Forward-looking statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27 of the Securities Act, and Section 21E of the Securities Exchange Act. These statements are only a prediction. Actual events or results may differ materially from those in the forward-looking statements set forth herein. Readers are referred to Vertiv's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q for a discussion of these and other important risk factors concerning Vertiv and its operations. Vertiv is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Franšízant Wendy’s, společnost Meritage Hospitality Group, která je v insolvenčním řízení podle kapitoly 11, žádá o schválení uzavření dalších 20 až 60 restaurací do 13. listopadu.
One of Wendy’s biggest franchisees is moving to potentially close as many as 60 restaurants, adding to the dozens of stores that it has already closed this year.
The move comes after the franchisee, Meritage Hospitality Group, filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Western District of Michigan on September 17, 2026. At the time of its September bankruptcy filing, Meritage operated 314 Wendy’s locations.
Michigan-based Meritage is seeking approval to close at least 20 but no more than 60 stores, with potential closures to take place over the coming weeks through November 13.
Which Wendy’s restaurants will close?The latest filing doesn’t name specific locations. It notes that specific closings will be determined and disclosed later.
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As Fast Company previously reported, Meritage has already closed 33 underperforming stores since filing for bankruptcy last month. The closures across nine states were required by the company’s lenders as a condition for Meritage to continue using cash during the bankruptcy process.
In addition, the franchisee had shuttered around 60 underperforming stores before its September bankruptcy filing. Those closures began in Q4 2025.
If approved, the additional store closures could mean that Meritage would lose nearly a third of the 314 locations that it had operated at the time of its bankruptcy petition.
Fast Company reached out to Wendy’s and Meritage Hospitality Group for more information. We’ll update this story if we receive a reply.
ABOUT THE AUTHOR
Natasha Etzel is a freelance writer specializing in finance and travel. She has written for NerdWallet, Newsweek, The Motley Fool, and more. More
Společnost Amkor Technology ve třetím čtvrtletí vykázala zisk na akcii (EPS) ve výši 0,76 USD a tržby 1,99 mld. USD, přičemž obě hodnoty zaostaly za očekáváním. Akcie v pondělním obchodování po uzavření trhu vzrostly o 5,98 %.
Amkor Technology Inc. (NASDAQ:AMKR) posted its third-quarter fiscal 2026 results after Monday’s closing bell, missing analyst estimates on the top and bottom lines. Here’s a look at the details inside the report.
AMKR stock is moving. Watch the price action here. Amkor Technology reported quarterly earnings of 76 cents per share, which missed the consensus estimate of 78 cents, per Benzinga Pro data.
Quarterly revenue came in at $1.99 billion, which missed the Street estimate of $2.01 billion.
“Amkor delivered a strong quarter, with record revenue in Computing and Automotive & Industrial end markets and continued margin expansion, despite expected weakness in Communications,” said CEO Kevin Engel.
Looking AheadAmkor is looking for fourth-quarter GAAP EPS of 65 cents to 75 cents, versus the 76 cent analyst estimate, and revenue between $1.9 billion and $2 billion, versus the $2.02 billion estimate.
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AMKR Stock Price: According to data from Benzinga Pro, Amkor stock was up 5.98% to $39.05 in Monday’s extended trading.
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HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”), today announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.7985 per Class A share for the quarter ended September 30, 2026, an increase of $0.0097 per Class A share compared with the second quarter of 2026.
“This distribution increase highlights our continued execution of return of capital to our shareholders,” said Jonathan Stein, Chief Executive Officer of Hess Midstream. “On an annualized basis, the third quarter increase is in line with Hess Midstream’s targeted 5% growth in annual distributions per Class A share through 2026. We continue to target annual distribution per Class A share growth of 5% per share on an annualized basis in the fourth quarter of 2026. Looking forward, we expect to maintain quarterly distributions in 2027 consistent with the expected fourth quarter 2026 distribution amount and intend to maintain at least that distribution level going forward fully funded by Adjusted Free Cash Flow(1).”
The quarterly distribution will be payable on November 13, 2026, to Class A shareholders of record as of the close of business on November 5, 2026.
Earnings Release
Hess Midstream today announced that it will issue an earnings release on October 30, 2026. Hess Midstream does not intend to hold a conference call to discuss its third quarter 2026 earnings release in light of holding the recent October 7, 2026 Investor Update Call. The earnings release will be posted on Hess Midstream’s website at www.hessmidstream.com.
About Hess Midstream
Hess Midstream is a fee-based, growth-oriented midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Chevron, its subsidiaries and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.
As used in this press release, the term “Chevron” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking statements.” Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “drive,” “could,” “may,” “should,” “would,” “enable,” “believe,” “intend,” “focus,” “potential,” “project,” “plan,” “trend,” “predict,” “will,” “target,” “opportunity” and similar expressions, and variations or negatives of these words, are intended to identify forward-looking statements, but not all forward-looking statements include such words.
Forward-looking statements relating to Hess Midstream’s operations, assets, and strategy, are based on management’s current expectations, assessments, estimates, projections and assumptions about the industry. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond Hess Midstream’s control and difficult to predict. Therefore, actual outcomes and results may differ materially from our current projections or expectations of future results expressed or forecasted by these forward-looking statements. Among the important factors that could cause actual results to differ materially from those in our forward-looking statements are: the transaction contemplated by the purchase and sale agreement dated October 6, 2026 (“Transaction”) may not close on the anticipated timeline or at all; our ability to efficiently integrate the DJ Basin assets into our portfolio pursuant to the Transaction; risks and uncertainties associated with Chevron continuing to provide employees and services to us under the amended secondment and employee transition agreement and transition services agreement pursuant to the Transaction; diversion of management time on issues relating to the Transaction; unforeseen expenses associated with the Transaction; the expected tax treatment of the Transaction and the tax implications of the Transaction Hess Midstream and its shareholders; the effects of the Transaction, including on our future financial condition, results of operations, strategy and plans; the ability of Chevron and other parties to satisfy their obligations to us, including Chevron's ability to meet its drilling and development plans on a timely basis or at all, its ability to deliver its nominated volumes to us, and the operation of joint ventures that we may not control; our ability to generate sufficient cash flow to pay current and expected levels of distributions; reductions in the volumes of crude oil, natural gas, natural gas liquids (“NGLs”) and produced water we gather, process, terminal or store; the actual volumes we gather, process, terminal or store for Chevron in excess of our minimum volume commitments and relative to Chevron's nominations; fluctuations in the prices and demand for crude oil, natural gas and NGLs; changes in global economic conditions and the effects of a global economic downturn or inflation on our business and the businesses of our suppliers, customers, business partners and lenders; our ability to comply with government regulations or make capital expenditures required to maintain compliance, including our ability to obtain or maintain permits necessary for capital projects in a timely manner, if at all, or the revocation or modification of existing permits; our ability to successfully identify, evaluate and timely execute our capital projects, investment opportunities and growth strategies, whether through organic growth or acquisitions; costs or liabilities associated with federal, state and local laws, regulations and governmental actions applicable to our business, including legislation and regulatory initiatives relating to environmental protection and health and safety, such as spills, releases, pipeline integrity and measures to limit greenhouse gas emissions and climate change; our ability to comply with the terms of our credit facility, indebtedness and other financing arrangements, which, if accelerated, we may not be able to repay; our ability to refinance our existing indebtedness; reduced demand for our midstream services, including the impact of weather or the availability of competing third-party midstream gathering, processing and transportation operations; potential disruption or interruption of our business due to natural and human causes beyond our control, such as accidents, severe weather events, labor disputes, political crises, information technology failures, constraints or disruptions and cyber-attacks; any limitations on our ability to access debt or capital markets on terms that we deem acceptable, including as a result of changes in credit ratings, weakness in the oil and gas industry or negative outcomes within commodity and financial markets; liability resulting from litigation; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission.
Other unpredictable or unknown factors not discussed in this press release could also cause actual results to differ materially from those in our forward-looking statements. Caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date of this press release. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.
Non‑GAAP Measures
In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (“GAAP”), management utilizes certain additional non‑GAAP measures to facilitate comparisons of past performance and future periods. We define “Adjusted EBITDA” as reported net income (loss) before net interest expense, income tax expense (benefit), and depreciation and amortization, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance, such as transaction costs, other income and other non‑cash and non‑recurring items, if applicable. We define “Adjusted Free Cash Flow” as Adjusted EBITDA less net interest, excluding amortization of deferred financing costs, cash paid for federal and state income taxes, capital expenditures and ongoing contributions to equity investments. Beginning with the closing of the Transaction, we will update the definition of Adjusted Free Cash Flow to also deduct changes in deferred revenue in the period. We made this change to better reflect the impact of the Transaction and the cash flow available to fund distributions. We believe that investors’ understanding of our performance is enhanced by disclosing these measures as they may assist in assessing our operating performance as compared to other publicly traded companies in the midstream energy industry, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods, and assessing the ability of our assets to generate sufficient cash flow to make distributions to our shareholders. These measures are not, and should not be viewed as, a substitute for GAAP net income or cash flow from operating activities and should not be considered in isolation.
Net Income per Diluted Share of $1.00 for the Quarter, inclusive of a Net Loss from Discontinued Operations
Net Income per Diluted Share from Continuing Operations of $1.07 for the Quarter
FFO per Share of $2.27 for the Quarter; Core FFO per Share of $2.35 for the Quarter
Same Property NOI Grew by 3.6% for the Quarter
Same Property Adjusted Blended Occupancy for MH and RV of 98.8%
As Previously Announced, Completed the Sale of the UK Business,
Receiving Net Cash Consideration of Approximately $1.03 billion
Updating Guidance for 2026
Expecting Core FFO per Share of $7.01 at the Midpoint
Expecting North America Same Property NOI Growth of 4.9% - 5.3%
Establishing Preliminary 2027 Full Year Rental Rate Guidance as 5.4% for MH and 4.4% for Annual RV
Southfield, MI, Oct. 26, 2026 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE: SUI) (the “Company” or “SUI”), a real estate investment trust (“REIT”) that owns and operates, or has an interest in, manufactured housing (“MH”) and recreational vehicle (“RV”) communities (collectively, the “properties”), today reported its third quarter results for 2026.
Financial Results for the Quarter and Nine Months Ended September 30, 2026
For the quarter ended September 30, 2026, net income attributable to continuing operations was $137.1 million, or $1.07 per diluted share, compared to a net loss from continuing operations of $53.1 million, or $0.45 per diluted share for the same period in 2025.For the quarter ended September 30, 2026, net income attributable to common shareholders was $120.7 million, or $1.00 per diluted share, compared to net income attributable to common shareholders of $8.5 million, or $0.07 per diluted share for the same period in 2025.For the nine months ended September 30, 2026, net income attributable to continuing operations was $197.8 million, or $1.55 per diluted share, compared to a net loss from continuing operations of $104.8 million, or $1.37 per diluted share for the same period in 2025.For the nine months ended September 30, 2026, net loss attributable to common shareholders was $880.7 million, or $7.14 per diluted share, compared to net income attributable to common shareholders of $1.2 billion, or $9.81 per diluted share for the same period in 2025. Non-GAAP Financial Measures
Funds from Operations (“FFO”) for the quarter and nine months ended September 30, 2026, was $2.27 and $4.98, respectively, per common share and convertible securities (“Share”), as compared to $2.18 and $4.60 for the same periods in 2025.Core Funds from Operations (“Core FFO”) for the quarter and nine months ended September 30, 2026, was $2.35 and $5.59, respectively, per common share and convertible securities (“Share”), as compared to $2.28 and $5.28 for the same periods in 2025.Same Property Net Operating Income (“NOI”) increased by $10.4 million and $38.4 million, or 3.6% and 5.2%, respectively, for the quarter and nine months ended September 30, 2026, as compared to the corresponding periods in 2025. “We delivered another strong quarter of continued progress, with results exceeding our expectations, led by continued strength in manufactured housing,” said Charles Young, Chief Executive Officer. “In September, we completed the sale of our UK business and have been disciplined in putting the proceeds to work primarily repurchasing shares, along with other investment and balance sheet activity. We are ideally positioned around the durable demand for attainable housing and affordable vacationing, and we continue to optimize our platform while investing in our people, technology and communities. With 2027 expected rental rate increases coming in above 2026 levels, we enter next year with a solid foundation in our core business and Sun is a simpler, more focused company with a clearer path to long-term value creation.”
OPERATING HIGHLIGHTS
Portfolio Occupancy
MH and annual RV sites were 98.2% occupied at September 30, 2026, as compared to 98.4% at September 30, 2025.During the quarter ended September 30, 2026, the number of MH and annual RV revenue producing sites increased by approximately 100 sites. Same Property Results
For the properties owned and operated by the Company since at least January 1, 2025, excluding properties classified as discontinued operations, the following table reflects the percentage changes for the quarter and nine months ended September 30, 2026, as compared to the same period in 2025:
Quarter Ended September 30, 2026 Nine Months Ended September 30, 2026 MH RV Total MH RV TotalRevenue 5.8 % 0.5 % 3.4 % 6.2 % 1.1 % 4.3 %Expense 2.8 % 3.2 % 3.0 % 3.1 % 2.1 % 2.6 %NOI 6.9 % (1.3) % 3.6 % 7.3 % 0.4 % 5.2 % As of September 30, 2026 MH RV Total Number of Properties282 152 434 Same Property adjusted blended occupancy for MH and RV declined by 50 basis points to 98.8% at September 30, 2026, from 99.3% at September 30, 2025.
INVESTMENT ACTIVITY
Acquisitions
The Company did not acquire any assets during the quarter ended September 30, 2026. Subsequent to quarter end, the Company acquired two MH properties in the Pacific Northwest for total consideration of $79.5 million, inclusive of the issuance of $28.3 million of Series M preferred operating partnership units.
Dispositions
As previously announced, on September 22, 2026, the Company completed the sale of all of the outstanding equity of the subsidiaries through which the Company operates its business in the United Kingdom (collectively, “Park Holidays Sale” or the “UK business”) for cash consideration of approximately £772.3 million (or approximately $1.05 billion). The net proceeds to the Company were approximately $1.03 billion, net of closing costs. As previously discussed, the results of the former UK business through the closing date of the transaction are presented as discontinued operations for all periods presented herein. Unless otherwise noted, the information disclosed in this Earnings Release and Supplemental Package refer only to continuing operations and do not include discussion of balances or activity related to discontinued operations.
In September, the Company sold a portfolio of three RV properties in Florida for total cash consideration of $127.0 million. These properties had been impacted in 2022 by Hurricane Ian.
Refer to page 11 for additional details related to the Company’s acquisition and disposition activity.
BALANCE SHEET AND CAPITAL MARKETS ACTIVITY
As of September 30, 2026, the Company had $3.8 billion in debt outstanding with a weighted average interest rate of 3.3% and a weighted average maturity of 7.1 years. At September 30, 2026, the Company’s Net Debt to trailing twelve-month Recurring EBITDAre ratio was 3.2 times.
Stock Repurchase Program
During the quarter ended September 30, 2026, the Company repurchased approximately 2.4 million shares of the Company’s common stock at an average price of $119.24 per share for a total of $293.3 million. Subsequent to the quarter ended September 30, 2026, through October 23, 2026, the Company repurchased approximately 0.7 million shares of the Company’s common stock at an average price of $113.24 per share for a total of $79.8 million.
Debt Repayments
During the quarter ended September 30, 2026, the Company repaid three mortgage term loans totaling $266.6 million, which unencumbered 17 properties.
2026 GUIDANCE
The Company is updating full-year and establishing fourth quarter 2026 guidance for Diluted EPS and Core FFO per Share and certain other items as set forth below. For the reasons described below, as well as other factors described elsewhere in this earnings release and in the Company’s public reports, the actual results from the Company’s business and operations in such period may differ materially from the Company’s guidance for that period.
Fourth Quarter Ending December 31, 2026 Full Year Ending December 31, 2026 Low High Low HighDiluted EPS attributable to the Consolidated Portfolio(a) $ 0.36 $ 0.44 $ (6.65) $ (6.57)Adjustments from Continuing Operations Depreciation and amortization 0.97 0.97 3.86 3.86 Asset impairments — — 0.28 0.28 Gain on sale of assets (0.04) (0.04) (0.09) (0.09)Gain on sale of properties — — (0.06) (0.06)Distributions on preferred OP units 0.02 0.02 0.08 0.08 Noncontrolling interest 0.02 0.02 (0.22) (0.22)Transaction costs and other non-recurring G&A expenses 0.03 0.03 0.27 0.27 (Gain) / loss on foreign currency exchanges — — 0.08 0.08 Business interruption insurance income — — 0.08 0.08 Other adjustments 0.02 0.02 (0.01) (0.01)Total Adjustments - Discontinued Operations — — 9.35 9.35 Core FFO per Share attributable to the Consolidated Portfolio(a) $ 1.38 $ 1.46 $ 6.97 $ 7.05 (a) The diluted share counts for both the quarter and year ending December 31, 2026 are estimated to be 123.4 million and 125.8 million, respectively, which assumes full conversion of all equity participating units, including common and preferred OP units, into the Company’s common stock.
Same Property Portfolio (in millions and %)
FY 2025 Actual Results
Expected Change in 2026 October 26, 2026 Update Prior FY RangeNorth America (MH and RV) Revenues from real property $ 1,453.0 4.1%-4.3% 3.9%-4.6%Total property operating expenses 483.7 2.3%-2.5% 2.5%-2.8%Total North America Same Property NOI(a) $ 969.3 4.9 %-5.3% 4.5%-5.3% MH NOI (282 properties) $ 688.3 6.9%-7.2% 6.1%-6.9%RV NOI (152 properties) $ 281.0 0.0%-0.8% 0.2%-1.8% For the fourth quarter ending December 31, 2026, the Company’s guidance range assumes North America Same Property NOI growth of 4.0% - 5.9%.
Consolidated Portfolio Guidance For 2026
(in millions) FY 2025 Actual Results FY 2026 Guidance Update as of October 26, 2026Ancillary NOI $ 27.7 $ 23.5Interest income $ 48.1 $ 25.5Brokerage commissions, income from nonconsolidated affiliates, and other, net(b) $ 39.2 $ 43.0FFO contribution from North American home sales $ 6.6 $ 1.0General and administrative expenses excluding non-recurring expenses $ 165.8 $ 174.5Interest expense $ 210.7 $ 149.0Current tax expense $ 3.3 $ 4.5Contribution from Discontinued Operations(d) $ 77.8 $ 76.1 Contribution 1Q26 2Q26 3Q26 4Q26North America Same Property NOI: MH 25% 25% 25% 25%RV 17% 25% 39% 19%Total 22% 25% 29% 24% Home Sales FFO - North America 0% 16% 69% 15%Consolidated Ancillary NOI (12)% 34% 74% 4%Consolidated EBITDAre 20% 25% 33% 22%Core FFO per Share(c) 20% 26% 33% 21% Preliminary 2027 Rental Rate Increase
The Company expects to realize the following rental rate increases, on average, during 2027:
Average 2027 Rental Rate Increases ExpectedMH 5.4 %Annual RV 4.4 % Footnotes to Supplemental Guidance Tables: (a)Total North America Same Property results net $95.6 million and $102.6 million of utility revenue against the related utility expense in property operating expenses for 2025 results and 2026 guidance, respectively.(b)Brokerage commissions and other, net includes approximately $13.8 million and $10.1 million of business interruption income, and $16.4 million and $23.7 million of income from nonconsolidated affiliates for full year 2025 results and 2026 guidance, respectively. The business interruption income includes the pro rata recognition of the lump sum insurance settlement that was received during the quarter ended December 31, 2025.(c)Assumes full conversion of all equity participating units, including common and preferred OP units, into the Company’s common stock.(d)The Contribution from Discontinued Operations includes the entire net contribution from the UK Business through the closing of the sale on September 22, 2026, inclusive of Real Property NOI, Home Sales FFO, Brokerage and Other, General and Administrative Expenses excluding non-recurring items, Interest Expense, and Current Tax Expense. The estimates and assumptions presented above represent a range of possible outcomes and may differ materially from actual results. These estimates include contributions from all acquisitions, dispositions and capital markets activity completed through October 26, 2026. These estimates exclude all other prospective acquisitions, dispositions and capital markets activity. The estimates and assumptions are forward-looking based on the Company’s current assessment of economic and market conditions and are subject to the other risks outlined below under the caption Cautionary Statement Regarding Forward-Looking Statements.
EARNINGS CONFERENCE CALL
A conference call to discuss third quarter results will be held on Tuesday, October 27, 2026 at 11:00 A.M. (ET). The live audio webcast and replay of the conference call will be available on the Company’s website located at www.suninc.com in the Investors & Media section under Event Calendar.
This press release contains various “forward-looking statements” within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this document that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments, and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements. Words such as “forecasts,” “intend,” “goal,” “estimate,” “expect,” “project,” “projections,” “plans,” “predicts,” “potential,” “seeks,” “anticipates,” “should,” “could,” “may,” “will,” “designed to,” “foreseeable future,” “believe,” “scheduled,” “guidance,” “target,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements reflect the Company’s current views with respect to future events and financial performance, but involve known and unknown risks, uncertainties, and other factors, both general and specific to the matters discussed in this document, some of which are beyond the Company’s control. These risks, uncertainties, and other factors may cause the Company’s actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks described under “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, in Item 8.01 of the Company’s Current Report on Form 8-K filed May 21, 2026, in Part II, Item 1A. in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, and in the Company’s other filings with the Securities and Exchange Commission, from time to time, such risks, uncertainties and other factors include, but are not limited to:
∙The final costs, adjustments, and net proceeds related to the completed sale of Park Holidays;∙The Company’s ability to realize the anticipated benefits of the completed sale of Park Holidays, including with respect to the intended use of proceeds;∙The Company’s ability to deploy the proceeds from the Park Holidays Sale in a timely and value-accretive manner;∙The Company’s liquidity and refinancing demands;∙The Company’s ability to obtain or refinance maturing debt;∙The Company’s ability to maintain compliance with covenants contained in its debt facilities and its unsecured notes;∙Availability of capital;∙General volatility of the capital markets and the market price of shares of the Company’s capital stock;∙The timing, manner, and amount of any repurchases under the Company’s share repurchase program;∙Increases in interest rates and operating costs, including insurance premiums, real estate taxes, and utilities;∙Difficulties in the Company’s ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully;∙Competitive market forces;∙The ability of purchasers of manufactured homes to obtain financing;∙The level of repossessions of manufactured homes;∙The Company’s ability to maintain effective internal control over financial reporting and disclosure controls and procedures;∙Expectations regarding the amount or frequency of impairment losses;∙Changes in general economic conditions, including inflation, deflation, energy costs, the real estate industry, the effects of tariffs or threats of tariffs, wars or other international conflicts, trade wars, immigration issues, supply chain disruptions, and the markets within which the Company operates;∙The Company’s ability to maintain its status as a REIT;∙Changes in real estate and zoning laws and regulations;∙The Company’s ability to maintain rental rates and occupancy levels, and to implement and realize anticipated future rental rate increases, including as a result of rent control, rent stabilization, or similar legislative or regulatory limitations on the amount, frequency, or timing of rent increases;∙Legislative or regulatory changes, including changes to laws governing the taxation of REITs;∙Outbreaks of disease and related restrictions on business operations;∙Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts, and wildfires; and∙Litigation, judgments or settlements, including costs associated with prosecuting or defending claims and any adverse outcomes. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included or incorporated by reference into this document, whether as a result of new information, future events, changes in the Company’s expectations or otherwise, except as required by law.
Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to the Company or persons acting on the Company’s behalf are qualified in their entirety by these cautionary statements.
Company Overview and Investor Information
The Company
Established in 1975, Sun Communities, Inc. became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of September 30, 2026, the Company owned, operated, or had an interest in a portfolio of 452 developed MH and RV properties comprising approximately 153,520 developed sites in the U.S. and Canada.
For more information about the Company, please visit www.suninc.com.
Company Contacts
Investor Relations
Sara Ismail, Senior Vice President
(248) 208-2500 [email protected]
Corporate Debt Ratings Moody’sBaa2 | StableS&PBBB+ | Stable Portfolio Overview as of September 30, 2026
Quarters Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025Financial Information Basic earnings / (loss) per share from continuing operations$ 1.07 $ 0.65 $ 0.13 $ 0.88 $ (0.45 )Basic earnings / (loss) per share from discontinued operations (0.07 ) (8.71 ) (0.20 ) 0.11 0.52 Basic earnings / (loss) per share$ 1.00 $ (8.06 ) $ (0.07 ) $ 0.99 $ 0.07 Diluted earnings / (loss) per share from continuing operations$ 1.07 $ 0.32 $ 0.13 $ 0.88 $ (0.45 )Diluted earnings / (loss) per share from discontinued operations (0.07 ) (8.40 ) (0.20 ) 0.11 0.52 Diluted earnings / (loss) per share$ 1.00 $ (8.08 ) $ (0.07 ) $ 0.99 $ 0.07 Cash distributions declared per common share$ 1.12 $ 1.12 $ 1.12 $ 1.04 $ 1.04 FFO per Share(a)$ 2.27 $ 1.77 $ 0.95 $ 2.15 $ 2.18 Core FFO per Share(a)$ 2.35 $ 1.84 $ 1.40 $ 1.40 $ 2.28 Real Property NOI(a) MH$ 187.0 $ 186.5 $ 185.7 $ 178.8 $ 171.8 RV 115.6 74.1 50.7 53.3 115.5 Total$ 302.6 $ 260.6 $ 236.4 $ 232.1 $ 287.3 Recurring EBITDAre(a)$ 327.6 $ 264.4 $ 195.2 $ 206.2 $ 335.7 TTM Recurring EBITDAre / Interest(a)6.7 x 6.6 x 6.0 x 4.9 x 4.4 xNet Debt / TTM Recurring EBITDAre(a)3.2 x 3.9 x 3.7 x 3.4 x 3.3 x Balance Sheet Total assets$ 9,819.7 $ 10,867.6 $ 12,358.8 $ 12,522.9 $ 12,800.3 Total debt$ 3,776.2 $ 4,052.2 $ 4,246.2 $ 4,258.7 $ 4,271.7 Total liabilities$ 4,342.1 $ 5,090.0 $ 5,299.1 $ 5,194.4 $ 5,438.0 Operating Information Properties MH 295 295 295 294 284 RV 157 160 166 166 164 Total 452 455 461 460 448 Sites MH 100,250 100,860 100,830 100,150 97,070 Annual RV 31,990 32,510 32,730 33,330 32,480 Transient 21,280 22,760 23,820 23,550 23,560 Total sites 153,520 156,130 157,380 157,030 153,110 Occupancy MH 97.6 % 97.3 % 97.1 % 97.2 % 97.9 %Annual RV 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %Blended MH and annual RV 98.2 % 97.9 % 97.8 % 97.9 % 98.4 % MH and RV Revenue Producing Site Net Gains(a) MH leased sites, net 46 157 16 178 152 RV leased sites, net 52 91 (324 ) (37 ) 371 Total leased sites, net 98 248 (308 ) 141 523 (a) Refer to Definition and Notes for additional information.
Condensed Consolidated Balance Sheets
($ in millions)
September 30, 2026 December 31, 2025Assets Land$ 1,787.9 $ 1,810.5 Land improvements and buildings 8,646.7 8,699.2 Rental homes and improvements 1,024.4 940.2 Furniture, fixtures and equipment 690.3 674.3 Investment property 12,149.3 12,124.2 Accumulated depreciation (3,769.3) (3,505.7)Investment property, net 8,380.0 8,618.5 Cash, cash equivalents and restricted cash(a) 699.3 606.7 Inventory of manufactured homes 72.2 84.7 Notes and other receivables, net 289.2 262.9 Collateralized receivables, net(a) 37.6 43.2 Goodwill 9.5 9.5 Other intangible assets, net 32.4 36.7 Other assets, net 299.5 309.2 Assets held for sale and discontinued operations, net(a) — 2,551.5 Total Assets$ 9,819.7 $ 12,522.9 Liabilities Mortgage loans payable$ 1,950.2 $ 2,429.0 Secured borrowings on collateralized receivables(a) 37.6 43.2 Unsecured debt 1,788.4 1,786.5 Distributions payable 137.1 131.1 Advanced reservation deposits and rent 135.9 125.9 Accrued expenses and accounts payable 219.4 178.3 Other liabilities 73.5 73.2 Liabilities held for sale and discontinued operations, net(a) — 427.2 Total Liabilities 4,342.1 5,194.4 Commitments and contingencies Temporary equity 181.3 255.7 Shareholders’ Equity Common stock 1.2 1.2 Additional paid-in capital 9,307.8 9,563.1 Accumulated other comprehensive income 0.1 26.5 Distributions in excess of accumulated earnings (4,086.1) (2,634.7)Total SUI Shareholders’ Equity 5,223.0 6,956.1 Noncontrolling interests 73.3 116.7 Total Shareholders’ Equity 5,296.3 7,072.8 Total Liabilities, Temporary Equity and Shareholders’ Equity$ 9,819.7 $ 12,522.9 (a) Refer to Definitions and Notes for additional information.
Condensed Consolidated Statements of Operations
($ in millions, except for per share amounts)
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 % Change 2026 2025 % ChangeRevenues Real property (excluding transient)(a)$ 375.1 $ 350.8 6.9 % $ 1,087.8 $ 1,008.7 7.8 %Real property - transient 103.5 106.3 (2.6) % 193.0 198.5 (2.8) %Home sales 31.8 37.8 (15.9) % 86.1 108.3 (20.5) %Ancillary 38.2 40.6 (5.9) % 71.3 74.4 (4.2) %Interest 5.6 17.1 (67.3) % 19.0 37.9 (49.9) %Brokerage commissions and other, net 4.0 3.3 21.2 % 9.0 18.2 (50.5) %Total Revenues 558.2 555.9 0.4 % 1,466.2 1,446.0 1.4 %Expenses Property operating and maintenance(a) 148.9 143.3 3.9 % 399.2 383.4 4.1 %Real estate tax 27.1 26.5 2.3 % 82.0 77.8 5.4 %Home costs and selling 28.0 30.8 (9.1) % 77.4 90.3 (14.3) %Ancillary 22.2 21.8 1.8 % 48.5 48.6 (0.2) %General and administrative 48.9 46.2 5.8 % 157.4 143.8 9.5 %Catastrophic event-related charges, net 0.2 0.8 (75.0) % 1.5 1.1 36.4 %Depreciation and amortization 125.7 115.3 9.0 % 371.0 347.3 6.8 %Asset impairments(a) 17.2 165.9 (89.6) % 35.4 223.3 (84.1) %Loss on extinguishment of debt 0.1 1.6 (93.8) % 0.1 104.0 (99.9) %Interest 38.3 39.5 (3.0) % 114.8 172.4 (33.4) %Total Expenses 456.6 591.7 (22.8) % 1,287.3 1,592.0 (19.1) %Income / (Loss) Before Other Items 101.6 (35.8) N/M 178.9 (146.0) N/MGain / (loss) on foreign currency exchanges 0.7 (22.6) N/M (9.9) 25.5 N/MGain / (loss) on disposition of properties 28.9 (1.0) N/M 8.0 (3.1) N/MOther income, net(a) 1.0 0.2 N/M 9.4 12.8 (26.6) %Loss on remeasurement of note receivable (1.7) — N/A (4.5) (1.6) 181.3 %Income from nonconsolidated affiliates 7.4 4.3 72.1 % 19.6 11.1 76.6 %Gain / (loss) on remeasurement of investment in non-consolidated affiliates 0.3 0.4 (25.0) % (1.2) (1.1) 9.1 %Current tax benefit / (expense) (1.6) 0.5 N/M (3.1) (3.3) (6.1) %Deferred tax benefit 0.5 0.9 (44.4) % 0.6 0.9 (33.3) %Net Income / (Loss) from Continuing Operations 137.1 (53.1) N/M 197.8 (104.8) N/MIncome / (loss) from discontinued operations, net(a) (9.3) 64.0 N/M (1,101.2) 1,404.4 N/MNet Income / (Loss) 127.8 10.9 N/M (903.4) 1,299.6 N/MLess: Preferred return to preferred Operating Partnership (“OP”) units / equity interests 2.5 3.2 (21.9) % 7.7 9.5 (18.9) %Less: Income / (loss) attributable to noncontrolling interests 4.6 (0.8) N/M (30.4) 50.8 N/MNet Income / (Loss) Attributable to SUI Common Shareholders$ 120.7 $ 8.5 N/M $ (880.7) $ 1,239.3 N/M Weighted average common shares outstanding - basic(a) 120.8 123.9 (2.5) % 122.0 125.6 (2.9) %Weighted average common shares outstanding - diluted(a) 123.2 124.1 (0.7) % 126.7 125.6 0.9 % Basic earnings / (loss) per share from continuing operations$ 1.07 $ (0.45) N/M $ 1.85 $ (1.37) N/MBasic earnings / (loss) per share from discontinued operations (0.07) 0.52 N/M (9.03) 11.18 N/MBasic earnings / (loss) per share$ 1.00 $ 0.07 N/M $ (7.18) $ 9.81 N/M Diluted earnings / (loss) per share from continuing operations$ 1.07 $ (0.45) N/M $ 1.55 $ (1.37) N/MDiluted earnings / (loss) per share from discontinued operations (0.07) 0.52 N/M (8.69) 11.18 N/MDiluted earnings / (loss) per share$ 1.00 $ 0.07 N/M $ (7.14) $ 9.81 N/M (a) Refer to Definitions and Notes for additional information. N/M = Not meaningful. N/A = Not applicable.
Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO
($ in millions, except for per share data)
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net Income / (Loss) Attributable to SUI Common Shareholders$ 120.7 $ 8.5 $ (880.7) $ 1,239.3 Adjustments Depreciation and amortization - continuing operations 124.1 114.2 366.2 345.6 Depreciation and amortization - discontinued operations — 9.9 17.1 63.5 Depreciation on nonconsolidated affiliates 0.4 0.2 1.0 0.6 Asset impairments - continuing operations(a) 17.2 165.9 35.4 223.3 Asset impairments - discontinued operations — — — 135.0 Loss on classification to held for sale - discontinued operations(a) 50.6 — 1,127.8 — (Gain) / loss on remeasurement of investment in nonconsolidated affiliates (0.3) (0.4) 1.2 1.1 Loss on remeasurement of notes receivable 1.7 — 4.5 1.6 (Gain) / loss on dispositions of properties, including tax effect - continuing operations (28.9) (0.6) (8.0) 3.1 Gain on dispositions of properties, including tax effect - discontinued operations (5.0) (13.5) (3.3) (1,458.2)Add: Returns on preferred OP units / equity interests 2.5 3.1 7.7 9.3 Add: Income / (loss) attributable to noncontrolling interests 4.6 (0.9) (30.4) 50.8 Gain on disposition of assets, net - continuing operations (2.6) (3.3) (7.3) (11.0)Gain on disposition of assets, net - discontinued operations (0.1) (0.6) (0.5) (0.8)FFO(a)(c)(d) 284.9 282.5 630.7 603.2 Adjustments Acquisition and other transaction costs - continuing operations(a) 1.8 2.1 5.2 15.7 Acquisition and other transaction costs - discontinued operations(a) 4.2 0.6 19.6 66.2 Loss on extinguishment of debt 0.1 1.6 0.1 104.0 Catastrophic event-related charges, net 0.2 0.8 1.5 1.1 Loss of earnings - catastrophic event-related charges, net(a) 3.2 4.2 9.6 2.5 (Gain) / loss on foreign currency exchanges - continuing operations (0.7) 22.6 9.9 (25.5)Loss on foreign currency exchanges - discontinued operations — — 0.7 — Deferred tax benefit - continuing operations (0.5) (0.9) (0.6) (0.9)Deferred tax (benefit) / expense - discontinued operations — (1.2) 3.9 (38.5)Other adjustments, net - continuing operations(a) 1.7 1.0 15.2 (5.9)Other adjustments, net - discontinued operations(a) — (18.9) 12.2 (28.6)Core FFO(a)(b)(c)(d)$ 294.9 $ 294.4 $ 708.0 $ 693.3 Weighted Average Common Shares and OP Units Outstanding(a)(b) 125.3 129.3 126.7 131.2 FFO per Share(a)(b)(c)(d)$ 2.27 $ 2.18 $ 4.98 $ 4.60 Core FFO per Share(a)(b)(c)(d)$ 2.35 $ 2.28 $ 5.59 $ 5.28 (a) Refer to Definitions and Notes for additional information.
(b) Assumes full conversion of all equity participating units, including common and preferred OP units, into the Company’s common stock.
(c) FFO and Core FFO include discontinued operations activity of $36.3 million or $0.29 per Share, and $40.5 million or $0.32 per Share, respectively, during the quarter ended September 30, 2026, and $59.9 million or $0.46 per Share, and $40.5 million or $0.31 per Share, respectively, during the quarter ended September 30, 2025.
(d) FFO and Core FFO include discontinued operations activity of $39.9 million or $0.31 per Share, and $76.3 million or $0.60 per Share, respectively, during the nine months ended September 30, 2026, and $143.9 million or $1.10 per Share, and $143.1 million or $1.09 per Share, respectively, during the nine months ended September 30, 2025.
Reconciliation of Net income / (Loss) Attributable to SUI Common Shareholders to NOI
($ in millions)
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net Income / (Loss) Attributable to SUI Common Shareholders$ 120.7 $ 8.5 $ (880.7) $ 1,239.3 Interest income (5.6) (17.1) (19.0) (37.9)Brokerage commissions and other revenues, net (4.0) (3.3) (9.0) (18.2)General and administrative 48.9 46.2 157.4 143.8 Catastrophic event-related charges, net 0.2 0.8 1.5 1.1 Depreciation and amortization 125.7 115.3 371.0 347.3 Asset impairments 17.2 165.9 35.4 223.3 Loss on extinguishment of debt 0.1 1.6 0.1 104.0 Interest expense 38.3 39.5 114.8 172.4 (Gain) / loss on foreign currency exchanges (0.7) 22.6 9.9 (25.5)(Gain) / loss on disposition of properties (28.9) 1.0 (8.0) 3.1 Other income, net(a) (1.0) (0.2) (9.4) (12.8)Loss on remeasurement of notes receivable 1.7 — 4.5 1.6 Income from nonconsolidated affiliates (7.4) (4.3) (19.6) (11.1)(Gain) / loss on remeasurement of investment in nonconsolidated affiliates (0.3) (0.4) 1.2 1.1 Current tax (benefit) / expense 1.6 (0.5) 3.1 3.3 Deferred tax benefit (0.5) (0.9) (0.6) (0.9)Net (income) / loss from discontinued operations, net 9.3 (64.0) 1,101.2 (1,404.4)Add: Preferred return to preferred OP units / equity interests 2.5 3.2 7.7 9.5 Add: Income / (loss) attributable to noncontrolling interests 4.6 (0.8) (30.4) 50.8 NOI(a)$ 322.4 $ 313.1 $ 831.1 $ 789.8 Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025Real property NOI(a)$ 302.6 $ 287.3 $ 799.6 $ 746.0 Home sales NOI(a) 3.8 7.0 8.7 18.0 Ancillary NOI(a) 16.0 18.8 22.8 25.8 NOI(a)$ 322.4 $ 313.1 $ 831.1 $ 789.8 (a) Refer to Definitions and Notes for additional information.
Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Recurring EBITDAre
($ in millions)
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net Income / (Loss) Attributable to SUI Common Shareholders$ 120.7 $ 8.5 $ (880.7) $ 1,239.3 Adjustments Depreciation and amortization - continuing operations 125.7 115.3 371.0 347.3 Depreciation and amortization - discontinued operations — 11.1 18.9 66.3 Asset impairments - continuing operations(a) 17.2 165.9 35.4 223.3 Asset impairments - discontinued operations — — — 135.0 Loss on classification to held for sale - discontinued operations(a) 50.6 — 1,127.8 — Loss on extinguishment of debt 0.1 1.6 0.1 104.0 Interest expense - continuing operations 38.3 39.5 114.8 172.4 Interest expense - discontinued operations 0.1 2.0 0.3 9.4 Current tax (benefit) / expense - continuing operations 1.6 (0.5) 3.1 3.3 Current tax expense - discontinued operations 4.0 6.0 7.3 10.8 Deferred tax benefit - continuing operations (0.5) (0.9) (0.6) (0.9)Deferred tax (benefit) / expense - discontinued operations — (1.2) 3.9 (38.5)Income from nonconsolidated affiliates (7.4) (4.3) (19.6) (11.1)Less: (Gain) / loss on dispositions of properties - continuing operations (28.9) 1.0 (8.0) 3.1 Less: (Gain) / loss on dispositions of properties - discontinued operations (5.0) (15.1) (3.3) (1,459.8)Less: Gain on dispositions of assets, net - continuing operations (2.6) (3.3) (7.3) (11.0)Less: Gain on dispositions of assets, net - discontinued operations (0.1) (0.6) (0.5) (0.8)EBITDAre(a)(b) 313.8 325.0 762.6 792.1 Adjustments Transaction costs - discontinued operations(a)(c) 4.1 0.5 19.0 63.1 Catastrophic event-related charges, net 0.2 0.8 1.5 1.1 (Gain) / loss on foreign currency exchanges - continuing operations (0.7) 22.6 9.9 (25.5)Loss on foreign currency exchanges - discontinued operations(a) — — 0.7 — Other income, net - continuing operations(a) (1.0) (0.2) (9.4) (12.8)Other (income) / expense, net - discontinuing operations(a) — (18.9) 12.1 (29.1)Loss on remeasurement of notes receivable 1.7 — 4.5 1.6 (Gain) / loss on remeasurement of investment in nonconsolidated affiliates (0.3) (0.4) 1.2 1.1 Add: Preferred return to preferred OP units / equity interests 2.5 3.2 7.7 9.5 Add: Income / (loss) attributable to noncontrolling interests 4.6 (0.8) (30.4) 50.8 Add: Gain on dispositions of assets, net - continuing operations 2.6 3.3 7.3 11.0 Add: Gain on dispositions of assets, net - discontinued operations 0.1 0.6 0.5 0.8 Recurring EBITDAre(a)(b)$ 327.6 $ 335.7 $ 787.2 $ 863.7 (a) Refer to Definitions and Notes for additional information.
(b) EBITDAre and Recurring EBITDAre include discontinued operations activity.
(c) Represents non-recurring transaction costs that are directly attributable to the Park Holidays Sale and the Safe Harbor Sale for the applicable periods.
Real Property Operations - Total Portfolio
($ in millions)
Quarter Ended September 30, 2026 Quarter Ended September 30, 2025 MH RV Total MH RV TotalRevenues Real property (excluding transient)(a)$ 274.7 $ 100.4 $ 375.1 $ 254.6 $ 96.2 $ 350.8 Real property - transient 0.1 103.4 103.5 0.1 106.2 106.3 Total operating revenues 274.8 203.8 478.6 254.7 202.4 457.1 Expenses Property operating expenses 87.8 88.2 176.0 82.9 86.9 169.8 Real Property NOI(a)$ 187.0 $ 115.6 $ 302.6 $ 171.8 $ 115.5 $ 287.3 Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 MH RV Total MH RV TotalRevenues Real property (excluding transient)(a)$ 815.2 $ 272.6 $ 1,087.8 $ 753.2 $ 255.5 $ 1,008.7 Real property - transient 0.8 192.2 193.0 0.8 197.7 198.5 Total operating revenues 816.0 464.8 1,280.8 754.0 453.2 1,207.2 Expenses Property operating expenses 256.8 224.4 481.2 241.1 220.1 461.2 Real Property NOI$ 559.2 $ 240.4 $ 799.6 $ 512.9 $ 233.1 $ 746.0 As of September 30, 2026 As of September 30, 2025 MH RV Total MH RV TotalNumber of Properties 295 157 452 284 164 448 Sites Sites(b) 100,250 31,990 132,240 97,070 32,480 129,550 Transient sitesN/A 21,280 21,280 N/A 23,560 23,560 Total 100,250 53,270 153,520 97,070 56,040 153,110 Occupancy(c) 97.6 % 100.0 % 98.2 % 97.9 % 100.0 % 98.4 % N/A = Not applicable.
(a) Refer to Definitions and Notes for additional information.
(b) MH sites included 13,381 and 11,856 rental homes in the Company’s rental program at September 30, 2026 and 2025, respectively. The Company’s gross investment in occupied rental homes at September 30, 2026 was $1.0 billion, an increase of 16.3% from $863.4 million at September 30, 2025.
(c) Occupancy percentages for the RV segment exclude transient RV sites.
Real Property Operations - Same Property Portfolio(a)
($ in millions)
As of September 30, 2026 2025 MH RV MH RVNumber of properties(a) 282 152 282 152 Sites MH and annual RV sites 97,210 30,940 96,750 31,160 Transient RV sites N/A 20,960 N/A 21,000 Total 97,210 51,900 96,750 52,160 MH and Annual RV Occupancy Occupancy(b) 97.8 % 100.0 % 97.9 % 100.0 %Average monthly base rent per site $ 776 $ 700 $ 737 $ 674 % Change of monthly base rent(c) 5.2 % 3.9 % N/A N/ARental Program Statistics included in MH Number of occupied sites, end of period(d) 13,000 N/A 11,830 N/AAverage monthly rent per site – MH rental program $ 1,418 N/A $ 1,387 N/A% Change(c) 2.2 % N/A N/A N/A N/A = Not applicable.
(a) Financial results from properties impacted by dispositions and catastrophic weather events have been removed from Same Property reporting.
(b) Same Property blended occupancy for MH and RV declined by 10 basis points to 98.3% at September 30, 2026, from 98.4% at September 30, 2025. Adjusting for recently delivered and vacant expansion sites, Same Property adjusted blended occupancy for MH and RV declined by 50 basis points to 98.8% at September 30, 2026, from 99.3% at September 30, 2025.
(c) Percentages are calculated based on unrounded numbers.
(d) Occupied rental program sites in Same Property are included in total sites.
Home Sales Summary
($ in millions, except for average selling price)
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 % Change 2026 2025 % ChangeFinancial Information Home sales$ 31.8 $ 37.8 (15.9) % $ 86.1 $ 108.3 (20.5) %Home cost and selling expenses 28.0 30.8 (9.1) % 77.4 90.3 (14.3) %NOI(a)$ 3.8 $ 7.0 (45.7) % $ 8.7 $ 18.0 (51.7) %NOI margin %(a) 11.9 % 18.5 % 10.1 % 16.6 % Other Information Units Sold: 349 404 (13.6) % 967 1,231 (21.4) %Average Selling Price:$ 91,117 $ 93,564 (2.6) % $ 89,038 $ 87,977 1.2 % (a) Refer to Definitions and Notes for additional information.
Operating Statistics for MH and Annual RVs
Resident Move-outs Leased Sites, Net(b)
New Home Sales
Pre-owned Home Sales
Brokered Re-sales
% of Total Sites Number of Move-outs 2026 - YTD as of September 30 5.7%(a) 7,440 38 225 742 1,457 2025 6.2 % 10,179 1,138 354 1,210 1,646 2024 4.3 % 7,050 3,209 447 1,554 1,700 (a) Percentage calculated based on a trailing 12-month basis.
(b) Increase in revenue producing sites, net of new vacancies.
Acquisitions and Dispositions
($ in millions)
Property Name Segment / Property Type Number of Properties Sites State, Province, or Country Total Purchase Price / Sales Proceeds MonthACQUISITIONS First Quarter 2026 Parkhurst Estates MH 1 279 MI $ 17.0 JanuaryFourth Quarter 2026 (through October 26, 2026) Rosewood / Rowan Oak MH 1 169 OR 35.0 OctoberBattle Ground MH 1 189 WA 44.5 OctoberTotal Acquisitions Year to Date 3 637 $ 96.5 DISPOSITIONS Second Quarter 2026 Sun Retreats Amherstberg RV 1 299 ON $ 0.1 AprilJoint Venture RV Portfolio RV 5 945 Various 9.0 JuneThird Quarter 2026 Park Holidays UK 54 22,030 UK 1,050.4 SeptemberFort Myers RV Portfolio RV 3 2,516 FL 127.0 SeptemberTotal Dispositions Year to Date 63 25,790 $ 1,186.5 Capital Expenditures(a)
($ in millions)
Non-Recurring Capital Expenditures Period Recurring Capital Expenditures Lot Modifications Growth Projects Capital Improvements to Recent Acquisitions Expansion and Development Total Non-Recurring Capital Expenditures TotalNine Months Ended September 30, 2026 $ 53.5 $ 29.7 $ 14.3 $ 7.8 $ 23.2 $ 75.0 $ 128.5 Year Ended December 31, 2025 $ 55.8 $ 38.8 $ 12.9 $ 8.3 $ 66.7 $ 126.7 $ 182.5 Year Ended December 31, 2024 $ 54.5 $ 35.5 $ 11.5 $ 22.9 $ 105.2 $ 175.1 $ 229.6 (a) Refer to Definitions and Notes for additional information.
Capitalization Overview
($ in millions, shares and units in thousands, except for share price)
As of September 30, 2026 Common Equivalent Shares Share Price CapitalizationEquity and Enterprise Value Common shares 119,942 $ 110.78 $ 13,287.2 Convertible securities Common OP units 2,352 $ 110.78 260.5 Preferred OP units 1,966 $ 110.78 217.8 Diluted shares outstanding and market capitalization(a) 124,260 13,765.5 Plus: Total debt, per condensed consolidated balance sheet 3,776.2 Total capitalization 17,541.7 Less: Cash and cash equivalents (excluding restricted cash) (658.9)Enterprise Value(a) $ 16,882.8 (a) Refer to Definitions and Notes for additional information related to the Company’s securities outstanding.
(b)
As of September 30, 2026 Debt Outstanding Weighted Average Interest Rate(a) Weighted Average Maturity
(in years) Maturity DateSecured Debt: Mortgage loans payable$ 1,950.2 3.61 % 9.5 VariousSecured borrowings on collateralized receivables(b) 37.6 8.53 % 11.6 VariousTotal Secured Debt 1,987.8 3.70 % Unsecured Debt: Senior Unsecured Notes: 2028 senior unsecured notes 448.6 2.29 % 2.1 November 20282031 senior unsecured notes 745.1 2.70 % 4.8 July 20312032 senior unsecured notes 594.7 3.61 % 5.5 April 2032Total Unsecured Debt 1,788.4 2.90 % 4.4 Total carrying value of debt, per condensed consolidated balance sheets 3,776.2 3.32 % 7.1 Plus: Unamortized deferred financing costs, discounts / premiums on debt, and fair value adjustments(a) 17.3 Total debt$ 3,793.5 (a) Includes the effect of amortizing deferred financing costs, unsecured note discounts, and fair value adjustments on the Secured borrowings on collateralized receivables.
(b) Refer to Definitions and Notes for additional information.
(c)
Debt Maturities(a)
($ in millions)
As of September 30, 2026Year Mortgage Loans Payable(b) Principal Amortization Secured Borrowings on Collateralized Receivables(c)(d) Senior
Unsecured Notes Total2026 $ 55.7 $ 8.4 $ — $ — $ 64.1 2027 — 34.6 0.5 — 35.1 2028 175.6 38.5 2.2 450.0 666.3 2029 310.8 37.9 2.3 — 351.0 2030 — 37.2 2.5 — 39.7 Thereafter 807.9 452.2 27.2 1,350.0 2,637.3 Total $ 1,350.0 $ 608.8 $ 34.7 $ 1,800.0 $ 3,793.5 (a) Debt maturities include the unamortized deferred financing costs, discount / premiums, and fair value adjustments associated with outstanding debt.
(b) For the Mortgage loans payable maturing between 2026 - 2030:
2026 2027 2028 2029 2030 Weighted average interest rate 3.93 % — % 3.97 % 3.16 % — % (c) Balance at September 30, 2026 excludes fair value adjustments of $2.9 million.
(d) Refer to Definitions and Notes for additional information.
Debt Analysis
As of September 30, 2026Select Credit Ratios Net Debt / TTM Recurring EBITDAre(a) 3.2 xNet Debt / Enterprise Value(a) 18.5 %Net Debt / Gross Assets(a) 23.1 %Unencumbered assets / Total assets 80.5 %Floating rate debt / Total debt N/A(c)Coverage Ratios TTM Recurring EBITDAre(a)(b) / Interest 6.7 xTTM Recurring EBITDAre(a)(b) / Interest + Preferred distributions + Preferred stock distribution 6.7 xCredit Facility Covenants(d) Requirement Maximum leverage ratio <65.0 % 14.9 %Minimum fixed charge coverage ratio >1.40 x 5.22 xMaximum secured leverage ratio <40.0 % 8.7 %Senior Unsecured Note Covenants Requirement Total debt / Total assets ≤60.0 % 28.2 %Secured debt / Total assets ≤40.0 % 14.7 %Consolidated income available for debt service / Debt service ≥1.50 x 8.17 xUnencumbered total asset value / Total unsecured debt ≥150.0 % 599.2 % (a) Refer to Definitions and Notes for additional information.
(b) Percentage includes the impact of hedge activities.
(c) As of September 30, 2026, the Company had no floating rate debt.
(d) As of September 30, 2026, the Company did not have any borrowings outstanding under its senior credit facility.
Definitions and Notes
Acquisition and Other Transaction Costs - In the Company’s Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 5, “Acquisition and other transaction costs - continuing operations” represent (a) nonrecurring integration expenses associated with acquisitions during the quarters and nine months ended September 30, 2026 and 2025, (b) costs associated with potential acquisitions that will not close, (c) expenses incurred to bring recently acquired properties up to the Company’s operating standards, including items such as tree trimming and painting costs that do not meet the Company’s capitalization policy, and (d) other non-recurring transaction costs. Within this same reconciliation on page 5, “Acquisition and other transaction costs - discontinued operations” primarily represent non-recurring transaction costs that are directly attributable to the Park Holidays Sale and the Safe Harbor Sale and nonrecurring integration expenses associated with previous UK and marina acquisitions.
Adjusted Blended Occupancy - Occupancy percentage after adjusting for recently delivered and vacant expansion sites.
Asset Impairments - In the Company’s Condensed Consolidated Statements of Operations on page 4, the Company recorded asset impairment charges of $17.2 million for the quarter ended September 30, 2026, primarily consisting of charges to reduce the carrying value of one RV property in Texas, driven by a reduction in projected future cash flows for the impaired property.
Capital Expenditures - The Company classifies its investments in properties into the following categories:
Recurring Capital Expenditures - Property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing items used to operate the communities. Recurring capital expenditures at the Company’s MH and RV properties include major road, driveway and pool improvements; clubhouse renovations; adding or replacing streetlights; playground equipment; signage; maintenance facilities; manager housing and property vehicles. The minimum capitalized amount is one thousand dollars.Non-Recurring Capital Expenditures - The following investment and reinvestment activities are non-recurring in nature: Lot Modifications - consist of expenditures incurred to modify the foundational structures required to set up a new home after a previous home has been removed. These expenditures are necessary to create a revenue stream from a new site renter and often improve the quality of the community. Other lot modification expenditures include land improvements added to annual RV sites to aid in the conversion of transient RV guests to annual contracts. See page 10 for move-out rates.Growth Projects - consist of revenue-generating or expense-reducing activities at the properties. These include, but are not limited to, utility efficiency and renewable energy projects, site, or amenity upgrades, such as the addition of a garage or shed, and other special capital projects that substantiate an incremental rental increase.Capital Improvements to Recent Acquisitions - represents capital improvements identified during due diligence from the acquisition date through the third year of ownership needed to bring acquired properties up to the Company’s operating standards. Capital improvements subsequent to acquisition often require 24 to 36 months to complete after closing. At MH and RV properties, capital improvements include upgrading clubhouses; landscaping; new street lighting systems; new mail delivery systems; pool renovations including larger decks, heaters and furniture; new maintenance facilities; lot modifications; and new signage including main signs and internal road signs.
Expansions and Developments - consist primarily of construction costs such as roads, activities, and amenities, and costs necessary to complete site improvements, such as driveways, sidewalks, and landscaping at the Company’s MH and RV communities. Expenditures also include costs to rebuild after damage has been incurred at MH or RV properties. Cash, Cash Equivalents and Restricted Cash - Includes cash and cash equivalents of $40.4 million as of September 30, 2026, that was held in escrow accounts and restricted from general use.
Discontinued Operations:
Park Holidays Sale - In May 2026, the Company entered into an agreement to sell Park Holidays, which represents a strategic shift in operations that will have a major effect on the Company’s operations and financial results. Accordingly, the results of the UK business and assets and liabilities included in the disposition are presented as discontinued operations for all periods presented herein.
On September 22, 2026, the Company closed the Park Holidays Sale, which generated cash proceeds of $1.03 billion, net of closing and employee separation costs. As a result, as of September 30, 2026, the Company has fully divested its investment in the UK business. As previously reported, during the quarter ended June 30, 2026, the Company recorded a non-cash valuation allowance of $1.1 billion against the assets held for sale to reduce the carrying value of the UK business to the estimated fair value less costs to sell. During the quarter ended September 30, 2026, the Company recorded an increase to the valuation allowance and loss on disposal of $50.6 million. Each respective change to the valuation allowance was recorded within Income / (loss) from discontinued operations, net on the Company’s Condensed Consolidated Statements of Operations.
Safe Harbor Sale - In 2025, the Company entered into the Safe Harbor Sale, which represented a strategic shift in operations. Accordingly, the results of the Safe Harbor business have been reflected as discontinued operations on the Company’s Condensed Consolidated Statements of Operations through the final transaction closing date of August 29, 2025.
The following table sets forth a summary of the operating results included within Income / (loss) from discontinued operations, net on the Company’s Condensed Consolidated Statements of Operations (in millions):
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Income / (loss) from discontinued operations, net - Park Holidays Sale$ (9.3) $ 49.4 $ (1,101.2) $ (14.2)Income from discontinued operations, net - Safe Harbor Sale — 14.6 — 1,418.6 Income / (loss) from discontinued operations, net$ (9.3) $ 64.0 $ (1,101.2) $ 1,404.4 The following table sets forth a summary of the operating results included within Income / (loss) from discontinued operations, net on the Company’s Condensed Consolidated Statements of Operations related to Park Holidays through the final transaction closing date (in millions):
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues Real property$ 60.0 $ 60.6 $ 150.7 $ 145.1 Home sales 50.6 57.8 145.3 154.6 Ancillary 19.9 20.2 41.7 41.0 Interest, brokerage commissions and other, net 2.2 2.7 4.0 4.2 Total Revenues 132.7 141.3 341.7 344.9 Expenses Property operating and maintenance 25.4 25.5 77.0 74.6 Real estate tax 2.0 2.2 6.5 6.3 Home costs and selling 34.9 40.3 103.6 110.2 Ancillary 15.6 16.9 38.1 39.0 General and administrative(a) 14.4 9.6 50.0 30.2 Depreciation and amortization — 10.9 18.9 30.0 Asset impairments — — — 132.7 Interest 0.1 2.0 0.3 9.4 Total Expenses 92.4 107.4 294.4 432.4 Income / (Loss) Before Other Items 40.3 33.9 47.3 (87.5)Gain / (loss) on disposition of properties, net 5.0 (0.3) 3.3 (0.6)Other income / (expense), net — 18.9 (12.1) 43.9 Loss on foreign currency exchanges — — (0.7) — Loss from classification to held for sale and disposal of discontinued operation(b) (50.6) — (1,127.8) — Income / (Loss) from Discontinued Operations, before income taxes (5.3) 52.5 (1,090.0) (44.2)Current tax expense (4.0) (4.3) (7.3) (8.5)Deferred tax benefit / (expense) — 1.2 (3.9) 38.5 Income / (Loss) from Discontinued Operations$ (9.3) $ 49.4 $ (1,101.2) $ (14.2) (a) Includes transaction costs associated with the Park Holidays Sale of $4.1 million and $19.0 million during the quarter and nine months ended September 30, 2026, respectively, primarily consisting of legal and advisory fees.
(b) Includes transaction costs incurred in connection with the closing of the Park Holidays Sale of $1.6 million and $65.4 million during the quarter and nine months ended September 30, 2026, respectively, primarily consisting of employee separation costs, broker fees, and other closing costs.
Enterprise Value - Equals total equity market capitalization, plus total indebtedness reported on the Company’s balance sheet and less unrestricted cash and cash equivalents.
GAAP - U.S. Generally Accepted Accounting Principles.
Interest expense - The following is a summary of the components of the Company’s interest expense (in millions):
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Interest on secured debt, senior unsecured notes, and senior credit facility, net of interest rate swaps$ 35.9 $ 36.5 $ 107.7 $ 163.9 Amortization of deferred financing costs, debt (premium) / discounts, and (gains) / losses on hedges 0.7 0.9 2.3 3.8 Senior credit facility commitment fees and other finance related charges 0.9 1.3 2.6 4.6 Capitalized interest expense — (0.2) (0.3) (2.9)Interest expense before interest on secured borrowings 37.5 38.5 112.3 169.4 Interest expense on secured borrowings on collateralized receivables 0.8 1.0 2.5 3.0 Interest expense, per Condensed Consolidated Statements of Operations$ 38.3 $ 39.5 $ 114.8 $ 172.4 Loss of earnings - catastrophic event-related charges, net - include the following (in millions):
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Hurricane Ian - Estimated loss of earnings in excess of the applicable business interruption deductible$ — $ 4.1 $ — $ 12.0 Hurricane Ian - Insurance recoveries realized for previously estimated loss of earnings — — — (9.9)Hurricane Ian - Recognition of deferred lump sum insurance settlement(1) 3.2 — 9.6 — Hurricane Helene - Estimated loss of earnings in excess of the applicable business interruption deductible, net — 0.1 — 0.4 Loss of earnings - catastrophic event-related charges, net$ 3.2 $ 4.2 $ 9.6 $ 2.5 (1) During the year ended December 31, 2025, the Company received a settlement of $80.2 million from an insurance provider to settle all claims related to property, casualty, flood, and business interruption insurance recoveries from Hurricane Ian. The Company concluded that $36.5 million of the total settlement pertained to business interruption recoveries through 2027, which the Company recorded as a contingent gain in accordance with ASC 450, “Contingencies.” To better reflect the underlying economics of the transaction, the Company has elected to defer the business interruption recovery gain and recognize income ratably through 2027 for the Company’s presentation of Core FFO.
NAREIT - The National Association of Real Estate Investment Trusts is the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate and capital markets. More information is available at www.reit.com.
Net Debt - The carrying value of debt, plus, unamortized premiums, discounts, and deferred financing costs, less unrestricted cash and cash equivalents. The following table sets forth the components of Net Debt (in millions):
September 30, 2026 December 31, 2025Total carrying value of debt, per condensed consolidated balance sheets$ 3,776.2 $ 4,258.7 Plus: Unamortized deferred financing costs, discounts / premiums on debt, and fair value adjustments 17.3 19.3 Less: Cash and cash equivalents (excluding restricted cash) (658.9) (569.6)Net Debt$ 3,134.6 $ 3,708.4 Other adjustments, net - In the Company’s Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 5, Other adjustments, net - continuing operations and Other adjustments, net - discontinued operations consist of the following (in millions):
Quarter Ended September 30, Nine Months Ended September 30, Other adjustments, net - continuing operations 2026 2025 2026 2025 Contingent consideration gains$ — $ — $ — $ (6.0)Gain on insurance recovery (1.4) — (8.1) — Cash flow hedge gains from debt extinguishments — (0.2) (1.7) (7.6)Severance costs 0.7 0.1 5.1 0.2 Accelerated deferred compensation amortization — — 13.8 2.0 ERP implementation expense 0.8 0.8 2.3 2.6 Other 1.6 0.3 3.8 2.9 Other adjustments, net - continuing operations$ 1.7 $ 1.0 $ 15.2 $ (5.9) Quarter Ended September 30, Nine Months Ended September 30,Other adjustments, net - discontinued operations 2026 2025 2026 2025 Long term lease termination (gains) / losses$ — $ (18.9) $ 12.2 $ (44.6)Contingent consideration expense — — — 15.5 Other — — — 0.5 Other adjustments, net - discontinued operations$ — $ (18.9) $ 12.2 $ (28.6) Other income, net - In the Company’s Condensed Consolidated Statements of Operations on page 4, Other income, net consists of the following (in millions):
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Contingent consideration gains$ — $ — $ — $ 6.0 Gain on insurance recovery 1.4 — 8.1 — Cash flow hedge gains from debt extinguishments — 0.2 1.7 7.6 Repair reserve on repossessed homes — 0.3 0.1 (0.3)Gain / (loss) on remeasurement of collateralized receivables (0.3) 0.2 (0.9) (0.3)Gain / (loss) on remeasurement of secured borrowings on collateralized receivables 0.3 (0.2) 0.9 0.3 Other (0.4) (0.3) (0.5) (0.5)Other income, net$ 1.0 $ 0.2 $ 9.4 $ 12.8 Revenue Producing Site - Defined as a site that is occupied by a paying resident or reserved by a customer with annual or seasonal usage rights.
Revenue Producing Site Net Gains - Represents the net increase in Revenue Producing Sites during the period, excluding any occupied sites acquired during the year and excluding disposition activity.
Safe Harbor Sale - The Company’s sale of Safe Harbor Marinas, LLC in 2025.
Same Property - The Company defines Same Properties as those the Company has owned and operated continuously since at least January 1, 2025. Same properties exclude ground-up development properties, acquired properties, properties classified as discontinued operations, properties impacted by catastrophic weather events, and properties sold after December 31, 2024. The Same Property data may change from time-to-time depending on acquisitions, dispositions, management discretion, significant transactions, or other unique situations.
Secured borrowings on collateralized receivables - This is a transferred asset transaction which has been classified as collateralized receivables with the cash received from this transaction recorded as secured borrowings. The interest income and interest expense accrue in equal amounts. The Company has elected to record the collateralized receivables and secured borrowings at fair value under ASC 820, “Fair Value Measurement.” As a result, the balance of collateralized receivables and related secured borrowings are net of fair value adjustments.
Securities - The Company had the following securities outstanding as of September 30, 2026:
Number of Units / Shares Outstanding (in thousands) Conversion Rate(a) If Converted to
Common shares (in thousands)(b) Issuance Price
Per Unit Annual Distribution RateNon-Convertible Securities Common shares 119,942 N/A N/A N/A $4.48(c)Convertible Securities Classified as Equity Common OP units 2,352 1.0000 2,352 N/A $4.48(c)Preferred OP Units Series A-1 137 2.4390 335 $ 100.00 6.00 %Series A-3 40 1.8605 75 $ 100.00 4.50 %Series C 292 1.1100 324 $ 100.00 5.00 %Series D 489 0.8000 391 $ 100.00 4.00 %Series E 80 0.6897 55 $ 100.00 5.50 %Series F 20 0.6250 12 $ 100.00 3.00 %Series G 5 0.6452 3 $ 100.00 3.20 %Series H 47 0.6098 29 $ 100.00 3.00 %Series J 232 0.6061 141 $ 100.00 2.85 %Series K 1,000 0.5882 588 $ 100.00 4.00 %Series L 20 0.6250 13 $ 100.00 3.50 %Total 2,362 1,966 Total Convertible Securities Outstanding 4,714 4,318 (a) Exchange rates are subject to adjustment upon stock splits, recapitalizations, and similar events. The exchange rates of certain series of OP units are approximated to four decimal places.
(b) Calculation may yield minor differences due to fractional shares paid in cash to the shareholder at conversion.
(c) Based on the annualized last quarterly distribution.
Share - In addition to reporting net income on a diluted basis (“EPS”), the Company reports FFO and Core FFO on a per common share and convertible securities basis (per “Share”). For the periods presented below, the Company’s diluted weighted average common shares outstanding for EPS and FFO are as follows:
Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025Diluted Weighted Average Common Shares Outstanding - EPS Weighted average common shares outstanding - Basic 120.8 123.9 122.0 125.6 Dilutive restricted stock — 0.2 0.2 — Common and preferred OP units dilutive effect 2.4 — 4.5 — Weighted Average Common Shares Outstanding - Diluted 123.2 124.1 126.7 125.6 Diluted Weighted Average Common Shares Outstanding - FFO Weighted average common shares outstanding - Basic 120.8 123.9 122.0 125.6 Restricted stock 0.2 0.2 0.2 0.4 Common OP units 2.4 2.8 2.4 2.9 Common stock issuable upon conversion of certain preferred OP units 1.9 2.4 2.1 2.3 Weighted Average Common Shares and OP Units Outstanding 125.3 129.3 126.7 131.2 Utility Revenues - In its Condensed Consolidated Statements of Operations and its total portfolio presentation of real property operating results, the Company includes the following utility reimbursement revenues in real property revenues (excluding transient) (in millions):
Quarter Ended September 30, Nine Months Ended September 30, Consolidated Portfolio 2026 2025 2026 2025Utility reimbursement revenues MH$ 21.9 $ 20.1 $ 62.7 $ 57.3 RV 6.8 6.7 17.0 16.4 Total$ 28.7 $ 26.8 $ 79.7 $ 73.7 For its presentation of Same Property results on page 9, the Company nets the following utility revenues (which include utility reimbursement revenues from residents) against related utility expenses in Same Property operating expenses (in millions):
Quarter Ended September 30, Nine Months Ended September 30, Same Property Portfolio 2026 2025 2026 2025Utility revenues netted against related utility expenses MH$ 21.4 $ 20.0 $ 61.3 $ 57.1 RV 6.8 6.7 16.8 16.3 Total$ 28.2 $ 26.7 $ 78.1 $ 73.4 Non-GAAP Supplemental Measures
Investors and analysts following the real estate industry use non-GAAP supplemental performance measures, including net operating income (“NOI”), Net Debt, earnings before interest, tax, depreciation, and amortization for real estate (“EBITDAre”), and funds from operations (“FFO”) to assess REITs. The Company believes that NOI, EBITDAre, Net Debt, and FFO are appropriate measures given their wide use by and relevance to investors and analysts. Additionally, these non-GAAP measures are commonly used in various ratios, pricing multiples, yields and returns and valuation calculations that measure financial position, performance, and value.
NOI provides a measure of rental operations and does not factor in depreciation, amortization and non-property specific expenses such as general and administrative expenses.
EBITDAre provides a further measure to evaluate the Company’s ability to incur and service debt; EBITDAre also provides further measures to evaluate the Company’s ability to fund dividends and other cash needs. FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets.
Net Operating Income (“NOI”) Total Portfolio NOI - NOI is derived from property operating revenues minus property operating expenses and real estate taxes. NOI is a non-GAAP financial measure that the Company believes is helpful to investors as a supplemental measure of operating performance because it is an indicator of the return on property investment and provides a method of comparing property performance over time. The Company uses NOI as a key measure when evaluating performance and growth of particular properties and / or groups of properties. The principal limitation of NOI is that it excludes depreciation, amortization, interest expense, and non-property specific expenses such as general and administrative expenses, all of which are significant costs. Therefore, NOI is a measure of the operating performance of the properties of the Company rather than of the Company overall. The Company believes that NOI provides enhanced comparability for investor evaluation of property performance and growth over time. The Company believes that GAAP net income (loss) is the most directly comparable measure to NOI. NOI should not be considered to be an alternative to GAAP net income (loss) as an indication of the Company’s financial performance or GAAP net cash provided by operating activities as a measure of the Company’s liquidity; nor is it indicative of funds available for the Company’s cash needs, including its ability to make cash distributions. Because of the inclusion of items such as interest, depreciation, and amortization, the use of GAAP net income (loss) as a performance measure is limited as these items may not accurately reflect the actual change in market value of a property, in the case of depreciation and in the case of interest, may not necessarily be linked to the operating performance of a real estate asset, as it is often incurred at a parent company level and not at a property level.
Same Property NOI - This is a key management tool used when evaluating performance and growth of the Company’s Same Property portfolio. Same Property NOI does not include the revenues and expenses related to home sales and ancillary activities at the properties. The Company believes that Same Property NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the Same Property portfolio from one period to the next. Earnings before interest, tax, depreciation and amortization for real estate (“EBITDAre”) EBITDAre - Nareit calculates “EBITDAre” as GAAP net income (loss), plus interest expense, plus income tax expense, plus depreciation and amortization, plus or minus losses or gains on the disposition of depreciated property (including losses or gains on change of control), plus impairment write-downs of depreciated property and of investments in nonconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s share of EBITDAre of nonconsolidated affiliates. EBITDAre is a non-GAAP financial measure that the Company uses to evaluate its ability to incur and service debt, fund dividends and other cash needs, and cover fixed costs. Investors utilize EBITDAre as a supplemental measure to evaluate and compare investment quality and enterprise value of REITs.Recurring EBITDAre - The Company also uses EBITDAre excluding certain gain and loss items that management considers unrelated to measurement of the Company’s performance on a basis that is independent of capital structure (“Recurring EBITDAre”). The Company believes that GAAP net income (loss) is the most directly comparable measure to EBITDAre. EBITDAre is not intended to be used as a measure of the Company’s cash generated by operations or its dividend-paying capacity, and should therefore not replace GAAP net income (loss) as an indication of the Company’s financial performance or GAAP cash flow provided by / used for operating, investing, and financing activities as measures of liquidity. Funds from Operations (“FFO”) FFO - Nareit defines FFO as GAAP net income (loss), excluding gains (or losses) from sales of certain real estate assets, real estate related depreciation and amortization, gains (or losses) from change in control, impairments of certain real estate assets and investments, and adjustments for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of the Company’s operating performance. By excluding gains and losses related to sales of previously depreciated operating real estate assets, real estate related impairment, and real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not readily apparent from GAAP net income (loss). Management believes the use of FFO has been beneficial in improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful.Core FFO - In addition to FFO, the Company uses FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of the Company’s core business (“Core FFO”) to evaluate our performance. These adjustments include acquisition and other transaction costs, gains and losses from the early extinguishment of debt, costs related to catastrophic weather events, net of insurance recoveries, gains and losses on foreign currency exchanges, and other miscellaneous non-comparable items, such as restructuring costs. The Company believes that FFO and Core FFO provide enhanced comparability for investor evaluations of period-over-period results. The Company believes that GAAP net income (loss) is the most directly comparable measure to FFO. The principal limitation of FFO is that it does not replace GAAP net income (loss) as a financial performance measure or GAAP cash flow from operating activities as a measure of the Company’s liquidity. Because FFO excludes significant economic components of GAAP net income (loss) including depreciation and amortization, FFO should be used as a supplement to GAAP net income (loss) and not as an alternative to it. Furthermore, FFO is not intended as a measure of a REIT’s ability to meet debt principal repayments and other cash requirements, nor as a measure of working capital. FFO is calculated in accordance with the Company’s interpretation of standards established by Nareit, which may not be comparable to FFO reported by other REITs that interpret the Nareit definition differently. Certain financial information has been revised to reflect reclassifications in prior periods to conform to current period presentation.
NET MERCHANDISE SALES GREW 13.8%
COMPARABLE NET MERCHANDISE SALES INCREASED 12.2%
$1.21 EARNINGS PER DILUTED SHARE
, /PRNewswire/ -- PriceSmart, Inc. ("PriceSmart", the "Company," "we", or "our") (NASDAQ: PSMT), operator of 59 warehouse clubs in 12 countries and one U.S. territory, today announced results for the fiscal fourth quarter of 2026, which ended on August 31, 2026.
Fourth Quarter Financial Results
Total revenues for the fourth quarter of fiscal year 2026 increased 13.9% to $1.52 billion compared to $1.33 billion in the same period of the prior year. For the fourth quarter of fiscal year 2026, net merchandise sales increased 13.8% to $1.48 billion from $1.30 billion in the fourth quarter of fiscal year 2025. Net merchandise sales - constant currency increased 7.8% over the comparable prior year period. Foreign currency exchange rate fluctuations impacted net merchandise sales positively by $78.5 million, or 6.0%, versus the same period in the prior year.
The Company had 58 warehouse clubs in operation as of August 31, 2026 compared to 56 warehouse clubs in operation as of August 31, 2025.
Comparable net merchandise sales for the 55 warehouse clubs that have been open for greater than 13 ½ calendar months increased 12.2% for the 13-week period ended August 30, 2026 compared to the comparable 13-week period of the prior year. Comparable net merchandise sales - constant currency for the 13 weeks ended August 30, 2026 increased 6.2% compared to the comparable period of the prior year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales positively by 6.0% versus the same period in prior year.
The Company recorded operating income of $57.0 million during the fourth quarter of fiscal year 2026 compared to operating income of $52.8 million in the fourth quarter of fiscal year 2025. Net income increased 19.3% to $37.6 million, or $1.21 per diluted share, in the fourth quarter of fiscal year 2026 compared to $31.5 million, or $1.02 per diluted share, in the fourth quarter of fiscal year 2025.
Adjusted EBITDA for the fourth quarter of fiscal year 2026 was $83.5 million compared to $75.5 million in the same period last year.
Year-to-Date Financial Results
Total revenues for the fiscal year ended August 31, 2026 increased 11.5% to $5.88 billion compared to $5.27 billion in the prior year. For fiscal year 2026, net merchandise sales increased 11.7% to $5.75 billion from $5.15 billion in the prior year. Net merchandise sales - constant currency increased 8.4% over the prior year. Foreign currency exchange rate fluctuations impacted net merchandise sales positively by $170.6 million, or 3.3%, versus the same period in the prior year.
Comparable net merchandise sales for the 55 warehouse clubs that have been open for greater than 13 ½ calendar months increased 9.6% for the 52-week period ended August 30, 2026 compared to the comparable 52-week period of the prior year. Comparable net merchandise sales - constant currency for the 52 weeks ended August 30, 2026 increased 6.4%. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales positively by 3.2% versus the comparable period in the prior year.
The Company recorded operating income during fiscal year 2026 of $261.0 million compared to operating income of $232.5 million in the prior year. Net income increased 12.6% to $166.6 million, or $5.40 per diluted share, in fiscal year 2026 compared to $147.9 million, or $4.82 per diluted share in the prior year.
Adjusted EBITDA for fiscal year 2026 was $360.5 million compared to $320.7 million in fiscal year 2025.
New Club Opening
The Company opened its third warehouse club in Jamaica in October 2026. The new warehouse club occupies a five-acre site in Montego Bay, approximately 100 miles west of the nearest club in the capital of Kingston and has a sales floor of approximately 42,000 square feet. The club features several sustainable design features, including solar panels, energy-efficient LED lighting, a CO2-based cooling system and high-efficiency mechanical equipment designed to reduce energy consumption.
Once the four other previously announced clubs are open, the Company will operate 63 warehouse clubs.
The foregoing discussion of the Company's operating results includes references to adjusted EBITDA, net merchandise sales - constant currency and comparable net merchandise sales - constant currency, which are non-GAAP financial measures. We believe these supplemental measures are useful to investors and analysts because they exclude items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures are defined and reconciled to the most comparable GAAP measures later in this document.
Conference Call Information
PriceSmart management will host a conference call at 12:00 p.m. Eastern time (9:00 a.m. Pacific time) on Tuesday, October 27, 2026, to discuss the financial results. Individuals interested in participating in the conference call may do so by dialing toll free +1 (833) 461-5787 for domestic callers or +1 (626) 884-3620 for international callers. Callers must then enter the passcode 419 902 549 on their keypad and ask to join the PriceSmart earnings call. A digital replay will be available shortly following the conclusion of the call through Tuesday, November 3, 2026 by dialing +1 (833) 309-1852 for domestic callers, or +1 (929) 828-5978 for international callers, and entering replay passcode 419 902 549.
About PriceSmart
PriceSmart, headquartered in San Diego, owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, selling high quality merchandise and services at low prices to PriceSmart Members. PriceSmart operates 59 warehouse clubs in 12 countries and one U.S. territory (ten each in Colombia and Costa Rica; seven each in Panama and Guatemala; six in Dominican Republic; four each in Trinidad and El Salvador; three each in Jamaica and Honduras; two in Nicaragua; and one each in Aruba, Barbados and the United States Virgin Islands). In addition, the Company plans to open one new warehouse club on South Camp Road (Kingston), Jamaica in December of 2026, one warehouse club in Villa Nueva, Guatemala in late winter of 2027, one warehouse club in Santo Tomas de Santo Domingo (Heredia), Costa Rica in the spring of 2027, and one warehouse in Comuna Las Condes, Santiago, Chile in the spring of 2027. Once these four new clubs are open, the Company will operate 63 warehouse clubs. Our operating segments are currently the United States, Central America, the Caribbean and Colombia.
This press release may contain forward-looking statements concerning PriceSmart, Inc.'s ("PriceSmart", the "Company", "our" or "we") anticipated future revenues and earnings, adequacy of future cash flows, future dividends, omni-channel initiatives, proposed warehouse club openings, the Company's performance relative to competitors and related matters. These forward-looking statements include, but are not limited to, statements containing the words "expect," "believe," "will," "may," "should," "project," "estimate," "anticipated," "scheduled," "intend," and like expressions, and the negative thereof. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, but not limited to: various political, economic and compliance risks associated with our international operations, adverse changes in economic conditions in our markets, natural disasters, volatility in currency exchange rates and illiquidity of certain local currencies in our markets, competition, consumer and small business spending patterns, political instability, increased costs associated with the integration of online commerce with our traditional business, whether the Company can successfully execute strategic initiatives, our reliance on third party service providers, including those who support transaction and payment processing, data security and other technology services, cybersecurity breaches that could cause disruptions in our systems or jeopardize the security of Member, employee or business information, cost increases from product and service providers, interruption of supply chains, exposure to product liability claims and product recalls, recoverability of moneys owed to PriceSmart from governments, and other important factors discussed in the Risk Factors section of the Company's most recent Annual Report on Form 10-K, and other factors discussed from time to time in other filings with the SEC, which are accessible on the SEC's website at www.sec.gov, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date that they are made, and the Company does not undertake to update them, except as required by law. In addition, these risks are not the only risks that the Company faces. The Company could also be affected by additional factors that apply to all companies operating globally and in the U.S., as well as other risks that are not presently known to the Company or that the Company considers to be immaterial.
For further information, please contact Investor Relations by sending an email to [email protected].
PRICESMART, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED—AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended
Years Ended
August 31,
2026
August 31,
2025
August 31,
2026
August 31,
2025
Revenues:
Net merchandise sales
$ 1,482,781
$ 1,302,709
$ 5,753,805
$ 5,151,120
Export sales
1,005
640
2,128
15,235
Membership income
27,197
22,602
100,785
85,573
Other revenue and income
5,291
5,024
19,606
18,166
Total revenues
1,516,274
1,330,975
5,876,324
5,270,094
Operating expenses:
Cost of goods sold:
Net merchandise sales
1,248,504
1,098,466
4,835,798
4,341,358
Export sales
958
594
2,037
14,364
Selling, general and administrative:
Warehouse club and other operations
147,411
130,577
562,992
498,409
General and administrative
58,973
47,190
209,428
179,859
Pre-opening expenses
663
510
1,289
1,127
Loss on disposal of assets
2,736
888
3,763
2,467
Total operating expenses
1,459,245
1,278,225
5,615,307
5,037,584
Operating income
57,029
52,750
261,017
232,510
Other income (expense):
Interest income
3,296
2,698
13,136
10,139
Interest expense
(4,538)
(3,520)
(16,767)
(11,515)
Other expense, net
(5,609)
(5,586)
(29,688)
(24,636)
Total other expense
(6,851)
(6,408)
(33,319)
(26,012)
Income before provision for income taxes and income of
unconsolidated affiliates
50,178
46,342
227,698
206,498
Provision for income taxes
(12,540)
(14,820)
(61,112)
(58,617)
Income of unconsolidated affiliates
—
19
—
6
Net income
$ 37,638
$ 31,541
$ 166,586
$ 147,887
Net income per share available for distribution:
Basic
$ 1.21
$ 1.02
$ 5.40
$ 4.82
Diluted
$ 1.21
$ 1.02
$ 5.40
$ 4.82
Shares used in per share computations:
Basic
30,244
30,072
30,221
30,056
Diluted
30,279
30,087
30,244
30,063
PRICESMART, INC.
CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)
August 31,
2026
August 31,
2025
ASSETS
Current Assets:
Cash and cash equivalents
$ 220,788
$ 241,024
Short-term restricted cash
12,911
11,061
Short-term investments
111,413
73,186
Receivables, net
16,633
17,400
Merchandise inventories
617,241
560,730
Prepaid expenses and other current assets (includes $563 and $0 as of August 31, 2026
and August 31, 2025, respectively, for the fair value of derivative instruments)
79,970
71,059
Total current assets
1,058,956
974,460
Long-term restricted cash
31,020
33,206
Property and equipment, net
1,182,656
996,281
Operating lease right-of-use assets, net
128,613
113,479
Goodwill
43,286
43,238
Deferred tax assets
59,847
41,229
Other non-current assets (includes $179 and $701 as of August 31, 2026 and August 31,
2025, respectively, for the fair value of derivative instruments)
98,549
60,375
Investment in unconsolidated affiliates
—
6,889
Total Assets
$ 2,602,927
$ 2,269,157
LIABILITIES AND EQUITY
Current Liabilities:
Short-term borrowings
$ 1,861
$ 12,286
Accounts payable
559,336
506,949
Accrued salaries and benefits
64,082
52,478
Deferred income
52,216
43,061
Income taxes payable
7,854
7,265
Other accrued expenses and other current liabilities (includes $19,425 and $551 as of
August 31, 2026 and August 31, 2025, respectively, for the fair value of derivative
instruments)
97,001
57,627
Operating lease liabilities, current portion
7,851
7,930
Long-term debt, current portion
64,591
38,675
Total current liabilities
854,792
726,271
Long-term income taxes payable, net of current portion
2,965
4,424
Long-term operating lease liabilities
138,816
122,244
Long-term debt, net of current portion
102,954
147,922
Other long-term liabilities (includes $10,074 and $6,196 for the fair value of derivative
instruments and $14,879 and $13,628 for post-employment plans as of August 31, 2026
and August 31, 2025, respectively)
48,050
20,924
Total Liabilities
1,147,577
1,021,785
Stockholders' Equity:
Common stock $0.0001 par value, 45,000,000 shares authorized; 32,814,083 and
32,688,047 shares issued and 30,855,604 and 30,745,833 shares outstanding (net of
treasury shares) as of August 31, 2026 and August 31, 2025, respectively
3
3
Additional paid-in capital
549,314
529,354
Accumulated other comprehensive loss
(91,315)
(161,439)
Retained earnings
1,123,033
999,426
Less: treasury stock at cost, 1,958,479 shares as of August 31, 2026 and 1,942,214
shares as of August 31, 2025
(125,685)
(119,972)
Total Stockholders' Equity
1,455,350
1,247,372
Total Liabilities and Equity
$ 2,602,927
$ 2,269,157
Reconciliation of Non-GAAP Financial Measures
The accompanying Consolidated Financial Statements, including the related notes, are presented in accordance with U.S. GAAP (Generally Accepted Accounting Principles). In addition to relevant GAAP measures, we also provide non-GAAP measures including adjusted EBITDA, net merchandise sales - constant currency and comparable net merchandise sales - constant currency because management believes these metrics are useful to investors and analysts by excluding items that we do not believe are indicative of our core operating performance. These measures are customary for our industry and commonly used by competitors. However, these non-GAAP financial measures should not be reviewed in isolation or considered as an alternative to any other performance measure derived in accordance with GAAP and may not be comparable to similarly titled measures used by other companies in our industry or across different industries.
Adjusted EBITDA
Adjusted EBITDA is defined as net income before interest expense, provision for income taxes and depreciation and amortization, adjusted for the impact of certain other items, including interest income and other income (expense), net. The following is a reconciliation of our Net income to Adjusted EBITDA for the periods presented:
Three Months Ended
Years Ended
(Amounts in thousands)
August 31,
2026
August 31,
2025
August 31,
2026
August 31,
2025
Net income as reported
$ 37,638
$ 31,541
$ 166,586
$ 147,887
Adjustments:
Interest expense
4,538
3,520
16,767
11,515
Provision for income taxes
12,540
14,820
61,112
58,617
Depreciation and amortization
26,475
22,775
99,502
88,161
Interest income
(3,296)
(2,698)
(13,136)
(10,139)
Other expense, net (1)
5,609
5,586
29,688
24,636
Adjusted EBITDA
$ 83,504
$ 75,544
$ 360,519
$ 320,677
(1)
Primarily consists of transaction costs of converting local currencies into available tradable currencies in some of our countries with liquidity issues and foreign currency losses or gains due to the revaluation of monetary assets and liabilities (primarily U.S. dollars) for the three and twelve months ended August 31, 2026 and August 31, 2025.
Net Merchandise Sales - Constant Currency and Comparable Net Merchandise Sales – Constant Currency
As a multinational enterprise, we are exposed to changes in foreign currency exchange rates. The translation of the operations of our foreign-based entities from their local currencies into U.S. dollars is sensitive to changes in foreign currency exchange rates and can have a significant impact on our reported financial results. We believe that constant currency is a useful measure, indicating the actual growth of our operations. When we use the term "net merchandise sales - constant currency," it means that we have translated current year net merchandise sales at prior year monthly average exchanges rates. Net merchandise sales - constant currency results exclude the effects of foreign currency translation. Similarly, when we use the term "comparable net merchandise sales - constant currency," it means that we have translated current year comparable net merchandise sales at prior year monthly average exchanges rates. Comparable net merchandise sales - constant currency results exclude the effects of foreign currency translation.
Net merchandise sales growth rate on a net merchandise sales - constant currency basis is calculated as follows:
August 31, 2026
Three Months Ended
Year Ended
(Amounts in thousands, except % growth)
Net
Merchandise
Sales
% Growth
Net
Merchandise
Sales
% Growth
Net merchandise sales
$ 1,482,781
13.8 %
$ 5,753,805
11.7 %
Favorable impact of foreign currency exchange
78,460
6.0 %
170,557
3.3 %
Net merchandise sales on a constant-currency basis
$ 1,404,321
7.8 %
$ 5,583,248
8.4 %
Comparable net merchandise sales growth rate on a net merchandise sales - constant currency basis is calculated as follows:
August 30, 2026
Thirteen Weeks Ended
Fifty-Two Weeks Ended
% Growth
% Growth
Comparable net merchandise sales
12.2 %
9.6 %
Favorable impact of foreign currency exchange
6.0 %
3.2 %
Comparable net merchandise sales on a constant-currency basis
, /PRNewswire/ -- Encompass Health Corp. (NYSE: EHC) today announced plans to expand inpatient rehabilitation capacity in Fort Bend County through a new project in Richmond, Texas. The hospital will be the Company's second small-format inpatient rehabilitation hospital announced and the second serving the greater Houston area, with another small-format project in Conroe.
The 24-bed inpatient rehabilitation hospital in Richmond will operate as a satellite location of Encompass Health Rehabilitation Hospital of Sugar Land, bringing specialized inpatient rehabilitation care closer to patients in Richmond and surrounding communities. The hospital is expected to open in 2028.
"The greater Houston area continues to experience significant growth, and we are committed to ensuring patients have access to high-quality inpatient rehabilitation care when and where they need it most," said Craig Funk, Encompass Health group president. "With two small-format hospitals now announced in the market, we're creating new opportunities to serve communities closer to home while leveraging the clinical expertise and resources of our established hospitals."
The hospital will serve patients recovering from major illnesses and injuries, including stroke and other neurological conditions, brain and spinal cord injuries, amputations and complex orthopedic conditions. Patients will receive 24-hour nursing care and physical, occupational and speech therapy from an interdisciplinary team of specialized nurses, therapists and physicians to help restore function and improve quality of life.
About Encompass Health
Encompass Health (NYSE: EHC) is the largest owner and operator of inpatient rehabilitation hospitals in the United States. With a national footprint that includes 179 hospitals in 39 states and Puerto Rico, the Company provides high-quality, compassionate rehabilitative care for patients recovering from major injuries or illnesses, using advanced technology and innovative treatments to maximize recovery. Encompass Health is recognized by Newsweek as America's Most Awarded Leader in Inpatient Rehabilitation and is ranked among Fortune's World's Most Admired Companies™ and Forbes' America's Best Companies. It is also recognized by Becker's Healthcare and Modern Healthcare as a top healthcare employer. For more information, visit encompasshealth.com and follow us on our newsroom, X, Instagram and Facebook.
Forward-looking statements
Statements contained in this press release that are not historical facts, such as those relating to the likelihood, timing and effects of the completion of hospital projects, are forward-looking statements. In addition, Encompass Health may from time to time make forward-looking public statements concerning the matters described herein. All such estimates, projections and forward-looking information speak only as of the date hereof, and Encompass Health undertakes no duty to publicly update or revise such forward-looking information, whether as a result of new information, future events or otherwise. Such forward-looking statements are necessarily estimates based upon current information and involve a number of risks and uncertainties. Actual outcomes may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors that could cause actual results or events to differ materially from those anticipated include, but are not limited to, any adverse outcome of various lawsuits, claims and legal or regulatory proceedings that may be brought by or against the Company; the possibility that any project will experience unexpected delays; the ability to successfully complete any project consistent with Encompass Health's growth strategy, including development and maintenance of relationships with referral sources; disease outbreaks, including the speed, depth, geographic reach and duration of the spread; the actions to be taken by Encompass Health in response to disease outbreaks; changes in the regulation of the healthcare industry at either or both of the federal and state levels; competitive pressures in the healthcare industry and Encompass Health's response thereto; any prospective hospital's ability to attain and maintain proper local, state and federal licensing and permitting; potential disruptions, breaches or other incidents affecting the proper operation, availability or security of the information systems of Encompass Health, its vendors or its partners; Encompass Health's ability to attract and retain nurses, therapists and other healthcare professionals in a highly competitive environment with often severe staffing shortages; changes, delays in, or suspension of reimbursement for Encompass Health's services by governmental or private payors; general conditions in the economy and capital markets; and other factors that may be identified from time to time in Encompass Health's SEC filings and other public announcements, including Encompass Health's Form 10-K for the year ended Dec. 31, 2025, and Forms 10-Q for the quarters ended March 31, 2026, and June 30, 2026.
Media contact:
Polly Manuel | 205-970-5912
[email protected]
Investor relations contact:
Mark Miller | 205-970-5860
[email protected]
Simpson Manufacturing schválila nový program zpětného odkupu akcií v objemu 1 miliardy USD, který nahradí předchozí limit 200 milionů USD a nemá stanovené datum vypršení platnosti.
, /PRNewswire/ -- Simpson Manufacturing Co., Inc. (the "Company") (NYSE: SSD), an industry leader in engineered structural connectors and building solutions, today announced that its Board of Directors has approved a new $1.0 billion share repurchase authorization, effective October 22, 2026. The new authorization supersedes the Company's prior $200.0 million share repurchase authorization and has no expiration date. Year-to-date through September 30, 2026, the Company repurchased approximately $165 million of its common stock under the prior authorization.
"We remain focused on a disciplined approach to capital allocation that balances investment in the long-term growth of our business with returning capital to our stockholders," said Mike Olosky, President and Chief Executive Officer of Simpson Manufacturing Co., Inc. "The significant increase in our share repurchase authorization reflects the Board's continued confidence in Simpson's long-term strategy, strong financial position and cash flow generation, while providing us with additional flexibility to opportunistically return capital to stockholders."
Under the authorization, the Company may repurchase shares of its common stock from time to time through open-market purchases, privately negotiated transactions or other transactions in accordance with applicable securities laws and other legal requirements. The timing and amount of any repurchases will depend on a variety of factors, including market conditions, the Company's capital allocation priorities and other considerations. The authorization does not obligate the Company to repurchase any specific number or dollar amount of shares and may be modified, suspended or discontinued at any time.
About Simpson Manufacturing Co., Inc.
Simpson Manufacturing Co., Inc., headquartered in Pleasanton, California, through its subsidiaries, including Simpson Strong-Tie Company Inc., designs, engineers and is a leading manufacturer of wood construction products, including connectors, truss plates, fastening systems, fasteners and shear walls, and concrete construction products, including adhesives, specialty chemicals, mechanical anchors, powder actuated tools and reinforcing fiber materials. The Company primarily supplies its building product solutions to both the residential and commercial markets in North America and Europe. The Company's common stock trades on the New York Stock Exchange under the symbol "SSD."
Forward-Looking Statements
All statements other than statements of historical fact are forward-looking statements, including statements about the share repurchase program, such as the amount, timing, manner, and funding of any repurchases; the expected benefits of the program; and the Company's capital allocation priorities, financial position, and future performance.
Whirlpool ve třetím čtvrtletí vykázal čistou ztrátu 249 milionů USD neboli 3,80 USD na akcii, zatímco tržby meziročně klesly o 8,8 % na 3,677 miliardy USD.
Executed price increases and structural cost actions, delivering sequential operational progress in Q3 against a tough macroeconomic backdropAnnounced Q4 price increases in MDA North America and Latin AmericaQ3 GAAP net earnings (loss) margin of (6.8)%; GAAP earnings (loss) per diluted share of $(3.80)Q3 ongoing (non-GAAP) EBIT margin(2) of 2.6%; ongoing earnings (loss) per diluted share(3) of $(0.21)2026 updated EPS outlook includes full-year GAAP earnings (loss) per diluted share of $(4.95), and ongoing earnings (loss) per diluted share(3)of $(1.30)2026 updated cash flow outlook includes cash provided by operating activities of approximately $700 million and free cash flow(4) of approximately $300 millionMaintained strict working capital management, prioritizing balance sheet strength and positioning us well to deliver our full year free cash flow targetNet debt expectations improved from under $5 billion to under $4.5 billion by year end, /PRNewswire/ -- Whirlpool Corporation (NYSE: WHR) today reported third-quarter financial results.
"Our structural cost take out and pricing realization drove consecutive margin progress through Q3. While the pace of recovery is slower than expected, these actions are setting a clear path for further improvements in 2027."
MARC BITZER, CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Earnings Results
Third-Quarter Results
2026
2025*
Change
Net sales ($M)
$3,677
$4,033
(8.8) %
Organic net sales ($M)(1)
$3,643
$3,852
(5.4) %
GAAP net earnings (loss) available to Whirlpool common shareholders ($M)
$(249)
$73
nm
Ongoing EBIT(2) ($M)
$97
$180
(46.1) %
GAAP net earnings (loss) margin
(6.8) %
1.8 %
(8.6pts)
Ongoing EBIT margin(2)
2.6 %
4.5 %
(1.8pts)
GAAP earnings (loss) per diluted share
$(3.80)
$1.29
nm
Ongoing earnings (loss) per diluted share(3)
$(0.21)
$2.09
nm
*Includes results from our previously-owned India business
Free Cash Flow
2026
2025
Change
Cash provided by (used in) operating activities ($M)
$(826)
$(669)
$(157)
Free cash flow(4) ($M)
$(1,081)
$(907)
$(174)
"Through disciplined working capital management, we are protecting our year end free cash flow and our balance sheet resilience to navigate challenging market conditions. As a result, we now expect net debt below $4.5B at the end of 2026 and have preserved a clear debt maturity ladder until 2028."
ROXANNE WARNER, CHIEF FINANCIAL OFFICER
SEGMENT REVIEW
SEGMENT INFORMATION ($M)
Q3 2026
Q3 2025
YoY Change
MDA North America
Net Sales
$2,495
$2,722
(8.3) %
EBIT
$74
$134
(44.7) %
% of sales
3.0 %
4.9 %
(2.0pts)
MDA Latin America
Net Sales
$858
$802
6.9 %
EBIT
$18
$45
(61.3) %
% of sales
2.0 %
5.7 %
(3.6pts)
SDA Global
Net Sales
$286
$288
(0.7) %
EBIT
$53
$47
11.7 %
% of sales
18.6 %
16.5 %
2.1pts
MDA: Major Domestic Appliances; SDA: Small Domestic Appliances
MDA NORTH AMERICA
Excluding currency, net sales decreased 8.2% year-over-year driven by soft industry demandDelivered sequential EBIT margin(5) expansion driven by price increases and structural cost take-out, partially offset by cost inflation on raw material, fuel and logisticsAnnounced price increase of 7% effective in Q4, supported by product innovationMDA LATIN AMERICA
Excluding currency, net sales increased 2.5% year-over-year due to volumeEBIT margin(5) pressured by mix shifts following Grupo Casas Bahia's bankruptcy reorganizationAnnounced price increases of up to 10% across the regionSDA GLOBAL
Excluding currency, net sales decreased 0.9% year-over-year;Q3 strong sell-out and order timing shifts pushed October orders in the U.S. up ~40% year-over-yearStrong EBIT margin(5) and share gains globally, supported by product innovation and direct-to-consumer salesFULL-YEAR 2026 OUTLOOK
Guidance Summary
2025
Reported
2026
Guidance
Net sales ($B)
$15.5
~$14.5
Cash provided by (used in) operating activities ($M)
$470
~$700
Free cash flow ($M)(4)
$81
~$300
GAAP net earnings margin (loss) (%)
2.2 %
~(2.2)%
Ongoing EBIT margin (%)(2)
4.7 %
2.0 - 2.2%
GAAP earnings (loss) per diluted share
$5.66
~$(4.95)
Ongoing earnings (loss) per diluted share(3)
$6.23
~$(1.30)
GAAP tax rate
27.5 %
~8.0%
Adjusted (non-GAAP) tax rate
3.5 %
~25.0%
On a full year basis in 2026, we expect:
Net sales of approximately $14.5 billion; approximately (1.5)% decline vs. 2025 like-for-like(6) net sales of approximately $14.7 billion GAAP net earnings (loss) margin of (2.2)% and ongoing (non-GAAP) EBIT margin(2) of 2.0 - 2.2%, supported by pricing actionsGAAP earnings (loss) per diluted share of $(4.95) and full-year ongoing earnings (loss) per diluted share(3) of $(1.30)2026 GAAP tax rate of approximately 8% and adjusted (non-GAAP) tax rate of 25%Cash provided by operating activities of approximately $700 million and free cash flow(4) of approximately $300 millionNet debt below $4.5 billion at year end(1)
A reconciliation of organic net sales, a non-GAAP financial measure, to reported net sales and other important information, appears below.
(2)
A reconciliation of earnings before interest and taxes (EBIT) and ongoing EBIT, non-GAAP financial measures, to reported net earnings (loss) available to Whirlpool, and a reconciliation of EBIT margin and ongoing EBIT margin, non-GAAP financial measures, to net earnings (loss) margin and other important information, appears below.
(3)
A reconciliation of ongoing earnings per diluted share, a non-GAAP financial measure, to reported net earnings (loss) per diluted share available to Whirlpool and other important information, appears below.
(4)
A reconciliation of free cash flow, a non-GAAP financial measure, to cash provided by (used in) operating activities and other important information, appears below.
(5)
Segment EBIT represents our consolidated EBIT broken down by the Company's reportable segments and are metrics used by the chief operating decision maker in accordance with ASC 280. Consolidated EBIT also includes corporate "Other" of $(273) million and $(28) million for the third quarters of 2026 and 2025, respectively.
(6)
Like-for-like refers to pro forma results for 2025, which exclude the results of Whirlpool of India from January to November, providing a comparative baseline for 2026 guidance. The like-for-like GAAP net earnings margin and corresponding reconciliation cannot be provided without unreasonable effort or expense. Please see below for a reconciliation of ongoing EBIT for the full year to GAAP net earnings.
ABOUT WHIRLPOOL CORPORATION
Whirlpool Corporation (NYSE: WHR) is a leading home appliance company, in constant pursuit of improving life at home. As the only major U.S.-based manufacturer of kitchen and laundry appliances, the company is driving meaningful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, JennAir, Maytag, Amana, Brastemp, Consul, and InSinkErator. In 2025, the company reported approximately $16 billion in annual net sales - close to 90% of which were in the Americas - 41,000 employees and 35 manufacturing and technology research centers. Additional information about the company can be found at WhirlpoolCorp.com.
WEBSITE DISCLOSURE
We routinely post important information for investors on our website, WhirlpoolCorp.com, in the "Investors" section. We also intend to update the "Hot Topics Q&A" portion of this webpage as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the "Investors" section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our webpage is not incorporated by reference into, and is not a part of, this document.
WHIRLPOOL ADDITIONAL INFORMATION
This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Whirlpool intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with those safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements regarding future financial results, long-term value creation goals, restructuring expectations, productivity, raw material prices and related costs, supply chain, portfolio transformation expectations, asset impairment, new product introduction benefits, trade and tariffs, litigation, ESG efforts, debt repayment and dividend expectations, share position, trade customer inventory expectations, cost take-out, manufacturing investment benefits, and the impact of housing recovery-related benefits on our operations are forward-looking statements and should be evaluated as such. Such statements can be identified by the use of terminology such as "may," "could," "will," "should," "possible," "plan," "predict," "forecast," "potential," "anticipate," "estimate," "expect," "project," "intend," "believe," "may impact," "on track," "margin lift," and similar words or expressions. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Whirlpool disclaims any obligation to update these statements. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Among these factors are: (1) intense competition in the home appliance industry, and the impact of the changing retail environment, including direct-to-consumer sales; (2) Whirlpool's ability to maintain or increase sales to significant trade customers and builders; (3) Whirlpool's ability to maintain its reputation and brand image; (4) Whirlpool's ability to achieve its business objectives and successfully manage its strategic portfolio transformation and outsourced business unit service model; (5) Whirlpool's ability to understand consumer preferences and successfully develop new products; (6) Whirlpool's ability to obtain and protect intellectual property rights; (7) acquisition, divestiture, and investment-related risks, including risks associated with our past transactions; (8) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (9) risks related to Whirlpool's international operations; (10) Whirlpool's ability to respond to unanticipated social, political and/or economic events, including epidemics/pandemics; (11) information technology system and cloud failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; (12) product liability and product recall costs; (13) Whirlpool's ability to attract, develop and retain executives and other qualified employees; (14) the impact of labor relations; (15) fluctuations in the cost of key materials (including steel, resins, and base metals) and components and the ability of Whirlpool to offset cost increases; (16) Whirlpool's ability to manage foreign currency fluctuations; (17) impacts from goodwill, intangible asset and/or inventory impairment charges; (18) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and postretirement benefit plans; (19) impacts from credit rating agency downgrades; (20) litigation, tax, and legal compliance risk and costs; (21) the effects and costs of governmental investigations or related actions by third parties; (22) changes in the legal and regulatory environment including environmental, health and safety regulations, data privacy, taxes and AI; (23) the impacts of changes in foreign trade policies, including tariffs; (24) Whirlpool's ability to respond to the impact of climate change and climate change or other environmental regulation; (25) the uncertain global economy and changes in economic conditions; (26) financing and liquidity uncertainty including payment of dividends on our Mandatory Convertible Preferred Stock; (27) the dilutive effect of conversion and potential dividend payments in common stock for our Mandatory Convertible Preferred Stock; (28) the liquidation preference of our Mandatory Convertible Preferred Stock above our common stock; (29) reduced operational flexibility under our Senior Secured Second Lien Notes due 2031 and 2034; and (30) reduced operational flexibility and liquidity availability under our Asset-Based loan facility.
WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
FOR THE PERIODS ENDED SEPTEMBER 30
(Millions of dollars, except per share data)
Three Months Ended
Nine Months Ended
2026
2025
2026
2025
Net sales
$ 3,677
$ 4,033
$ 10,467
$ 11,426
Expenses
Cost of products sold
3,204
3,439
9,137
9,615
Gross margin
473
594
1,330
1,811
Selling, general and administrative
428
405
1,158
1,209
Intangible amortization
6
7
18
20
Restructuring costs
35
6
108
17
Loss (gain) on sale and disposal of businesses
—
(30)
(139)
(30)
Operating profit
4
206
185
595
Other (income) expense
Interest and sundry (income) expense
15
(5)
11
(41)
Interest expense
102
92
241
256
Earnings (loss) before income taxes
(112)
120
(67)
381
Income tax expense (benefit)
8
33
25
105
Equity method investment loss, net of tax
(118)
(11)
(140)
(46)
Net earnings (loss)
(238)
76
(232)
229
Less: Net earnings (loss) available to noncontrolling interests
(1)
3
(1)
20
Net earnings (loss) available to Whirlpool shareholders
$ (237)
$ 73
$ (231)
$ 210
Less: Mandatory convertible preferred stock dividends accumulated during the period
12
—
29
—
Net earnings (loss) available to Whirlpool common shareholders
$ (249)
$ 73
$ (260)
$ 210
Per share of common stock
Basic net earnings (loss) available to Whirlpool
$ (3.80)
$ 1.30
$ (4.10)
$ 3.76
Diluted net earnings (loss) available to Whirlpool
$ (3.80)
$ 1.29
$ (4.10)
$ 3.74
Dividends declared
$ —
$ 0.90
$ 0.90
$ 4.40
Weighted-average shares outstanding (in millions)
Basic
65.5
56.1
63.4
55.9
Diluted
65.5
56.5
63.4
56.1
WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Millions of dollars, except share data)
(Unaudited)
September 30, 2026
December 31, 2025
Assets
Current assets
Cash and cash equivalents
$ 1,103
$ 669
Accounts receivable, net of allowance of $57 and $56, respectively
1,320
1,276
Inventories
2,275
2,307
Prepaid and other current assets
613
535
Other receivables
389
119
Assets held for sale
17
17
Total current assets
5,717
4,924
Property, net of accumulated depreciation of $5,771 and $5,547, respectively
2,219
2,194
Right of use assets
928
796
Goodwill
3,103
3,103
Investment in affiliated companies
705
827
Other intangibles, net of accumulated amortization of $481 and $464,
respectively
2,546
2,563
Deferred income taxes
1,309
1,327
Other noncurrent assets
436
266
Total assets
$ 16,963
$ 16,001
Liabilities and stockholders' equity
Current liabilities
Accounts payable
$ 3,446
$ 3,704
Accrued expenses
437
448
Accrued advertising and promotions
440
755
Employee compensation
175
208
Notes payable
14
351
Current maturities of long-term debt
—
586
Other current liabilities
481
460
Total current liabilities
4,993
6,513
Noncurrent liabilities
Long-term debt
6,838
5,583
Pension benefits
83
64
Postretirement benefits
91
92
Lease liabilities
863
669
Other noncurrent liabilities
380
365
Total noncurrent liabilities
8,255
6,773
Stockholders' equity
Mandatory convertible preferred stock, 8.50% Series A, $1 par value,
10 million shares authorized; 575 thousand issued and outstanding
as of September 30, 2026; none issued and outstanding as of
December 31, 2025; aggregate liquidation preference $575
1
—
Common stock, $1 par value, 250 million shares authorized, 73
million and 65 million shares issued, respectively, and 66 million and
56 million shares outstanding, respectively
73
65
Additional paid-in capital
4,572
3,485
Retained earnings
1,012
1,330
Accumulated other comprehensive loss
(1,458)
(1,624)
Treasury stock, 7 million and 9 million shares, respectively
(473)
(530)
Total Whirlpool stockholders' equity
3,726
2,726
Noncontrolling interests
(12)
(11)
Total stockholders' equity
3,715
2,715
Total liabilities and stockholders' equity
$ 16,963
$ 16,001
WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE PERIODS ENDED SEPTEMBER 30
(Millions of dollars)
Nine Months Ended
2026
2025
Operating activities
Net earnings (loss)
$ (232)
$ 229
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation and amortization
290
246
Impairment of goodwill, intangibles and other assets
46
2
Loss (gain) from sale of assets and businesses
(187)
(30)
Equity method investment loss, net of tax
140
46
Share based compensation and other
76
113
Changes in assets and liabilities:
Accounts receivable
(104)
(258)
Inventories
50
(523)
Accounts payable
(306)
(59)
Accrued advertising and promotions
(318)
(208)
Accrued expenses and current liabilities
(32)
(52)
Taxes deferred and payable, net
(62)
(18)
Accrued pension and postretirement benefits
18
5
Employee compensation
(38)
(39)
Other
(168)
(123)
Cash provided by (used in) operating activities
(826)
(669)
Investing activities
Capital expenditures
(255)
(239)
Purchase of previously leased assets
(157)
—
Proceeds from sale of assets and businesses
254
—
Other
9
—
Cash provided by (used in) investing activities
(148)
(239)
Financing activities
Net proceeds from borrowings of long-term debt
1,972
1,200
Net repayments of long-term debt
(1,264)
(1,550)
Net proceeds (repayments) from short-term borrowings
(336)
1,114
Dividends paid
(81)
(248)
Common stock issuance, net of issuance costs
524
—
Mandatory convertible preferred stock issuance, net of issuance costs
557
—
Other
8
(12)
Cash provided by (used in) financing activities
1,380
503
Effect of exchange rate changes on cash and cash equivalents
28
64
Increase (decrease) in cash and cash equivalents
434
(341)
Cash and cash equivalents at beginning of year
669
1,275
Cash and cash equivalents at end of period
$ 1,103
$ 934
SUPPLEMENTAL INFORMATION - CONSOLIDATED FINANCIAL STATEMENTS RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES
(Millions of dollars except per share data) (Unaudited)
We supplement the reporting of our financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial measures, some of which we refer to as "ongoing" measures. These measures may include earnings before interest and taxes (EBIT), EBIT margin, ongoing EBIT, ongoing EBIT margin, ongoing earnings per diluted share, ongoing EBITDA, adjusted effective tax rate, organic net sales, net debt leverage (Net Debt/Ongoing EBITDA), return on invested capital (ROIC) and free cash flow.
Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.
Sales excluding foreign currency: Current period net sales translated in functional currency, to U.S. dollars using the applicable prior period's exchange rate compared to the applicable prior period net sales. Management believes that sales excluding foreign currency provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations.
Organic net sales: Sales excluding the impact of certain acquisitions or divestitures, and foreign currency. Management believes that organic net sales provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations and certain acquisitions and/or divestitures.
Ongoing EBIT margin: Ongoing earnings before interest and taxes divided by net sales. Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.
Ongoing earnings per diluted share: Diluted net earnings per share from continuing operations, adjusted to exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations. Ongoing measures provide a better baseline for analyzing trends in our underlying businesses.
Ongoing EBITDA: Ongoing earnings before interest, taxes, depreciation and amortization. Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.
Net debt leverage: Net debt to ongoing earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio is net debt outstanding, including long-term debt, current maturities of long-term debt, and notes payable, less cash and cash equivalents, divided by ongoing EBITDA. Management believes that net debt leverage provides stockholders with a view of our ability to generate earnings sufficient to service our debt.
Return on invested capital: Ongoing EBIT after taxes divided by total invested capital, defined as total assets less non-interest bearing current liabilities (NIBCLS). NIBCLS is defined as current liabilities less current maturities of long-term debt and notes payable. This ROIC definition may differ from other companies' methods and therefore may not be comparable to those used by other companies. Management believes that ROIC provides stockholders with a view of capital efficiency, a key driver of stockholder value creation.
Adjusted effective tax rate: Effective tax rate, excluding pre-tax income and tax effect of certain unique items. Management believes that adjusted tax rate provides stockholders with a meaningful, consistent comparison of the Company's effective tax rate, excluding the pre-tax income and tax effect of certain unique items.
Free cash flow: Cash provided by (used in) operating activities less capital expenditures. Management believes that free cash flow provides stockholders with a relevant measure of liquidity and a useful basis for assessing the Company's ability to fund its activities and obligations.
Whirlpool does not provide a non-GAAP reconciliation for its forward-looking long-term value creation goals, such as EBIT, free cash flow conversion, ROIC and net debt leverage, as these long-term management goals are not annual guidance, and the reconciliation of these long-term measures would rely on market factors and certain other conditions and assumptions that are outside of the Company's control.
We believe that these non-GAAP measures provide meaningful information to assist investors and stockholders in understanding our financial results and assessing our prospects for future performance, and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP financial measures, provide a more complete understanding of our business. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These ongoing non-GAAP financial measures should not be considered in isolation or as a substitute for reported net earnings available to Whirlpool per diluted share, net earnings, net earnings available to Whirlpool, net earnings margin, return on assets, net sales, effective GAAP tax rate and cash provided by (used in) operating activities, the most directly comparable GAAP financial measures.
We also disclose segment EBIT as an important financial metric used by the Company's Chief Operating Decision Maker to evaluate performance and allocate resources in accordance with ASC 280 - Segment Reporting. Consolidated EBIT also includes corporate "Other" of $(273) million and $(28) million for the third quarters of 2026 and 2025, respectively. Management believes segment EBIT provides stockholders with a clearer basis to assess our results over time for each segment.
GAAP net earnings available to Whirlpool per basic or diluted share (as applicable) and ongoing earnings per diluted share are presented net of tax, while individual adjustments in each reconciliation are presented on a pre-tax basis; the income tax impact line item aggregates the tax impact for these adjustments. The tax impact of individual line item adjustments may not foot precisely to the aggregate income tax impact amount, as each line item adjustment may include non-taxable components. Historical quarterly earnings per share amounts are presented based on a normalized tax rate adjustment to reconcile quarterly tax rates to full-year tax rate expectations. We strongly encourage investors and stockholders to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.
THIRD-QUARTER 2026 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool common shareholders and net earnings (loss) per diluted share available to Whirlpool common shareholders, for the three months ended September 30, 2026. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool common shareholders by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our third-quarter GAAP tax rate was (6.8)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our third-quarter adjusted tax rate (non-GAAP) of 25.0%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
September 30, 2026
Net earnings (loss) available to Whirlpool common shareholders
$ (249)
Mandatory convertible preferred stock dividends accumulated during the period
12
Net earnings (loss) available to noncontrolling interests
(1)
Income tax expense (benefit)
8
Interest expense
102
Earnings before interest & taxes
$ (128)
Net sales
$ 3,677
Net earnings (loss) margin
(6.8) %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ (128)
$ (3.80)
Restructuring expense (a)
Restructuring costs
35
0.53
Impairment of equity
method investment (b)
Equity method investment
income (loss), net of tax
SECOND-QUARTER 2026 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool common shareholders and net earnings (loss) per diluted share available to Whirlpool common shareholders, for the three months ended June 30, 2026. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool common shareholders by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our second-quarter GAAP tax rate was 3.5%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our second-quarter adjusted tax rate (non-GAAP) of 25.0%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
June 30, 2026
Net earnings (loss) available to Whirlpool common shareholders
$ 75
Mandatory convertible preferred stock dividends accumulated during the period
13
Net earnings (loss) available to noncontrolling interests
—
Income tax expense (benefit)
3
Interest expense
63
Earnings before interest & taxes
$ 154
Net sales
$ 3,517
Net earnings (loss) margin
2.1 %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 154
$ 1.15
Restructuring expense (a)
Restructuring costs
41
0.63
Impact of M&A
transactions (d)
Selling, general and
administrative &
(Gain) loss on sale and
disposal of business
(133)
(2.04)
Income tax impact
0.35
Normalized tax rate adjustment (h)
(0.30)
Ongoing measure
$ 62
$ (0.21)
Net sales
$ 3,517
Ongoing EBIT margin
1.8 %
Note: Numbers may not reconcile due to rounding.
FIRST-QUARTER 2026 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool common shareholders and net earnings (loss) per diluted share available to Whirlpool common shareholders, for the three months ended March 31, 2026. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool common shareholders by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our first-quarter GAAP tax rate was (26.9)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our first-quarter adjusted tax rate (non-GAAP) of 25.0%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
March 31, 2026
Net earnings (loss) available to Whirlpool common shareholders
$ (85)
Mandatory convertible preferred stock dividends accumulated during the period
4
Net earnings (loss) available to noncontrolling interests
—
Income tax expense (benefit)
14
Interest expense
77
Earnings before interest & taxes
$ 9
Net sales
$ 3,273
Net earnings (loss) margin
(2.6) %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 9
$ (1.43)
Restructuring expense (a)
Restructuring costs
32
0.54
Impact of M&A
transactions (d)
Selling, general and
administrative
2
0.04
Income tax impact
(0.15)
Normalized tax rate adjustment (h)
0.44
Ongoing measure
$ 44
$ (0.56)
Net sales
$ 3,273
Ongoing EBIT margin
1.3 %
Note: Numbers may not reconcile due to rounding.
FOURTH-QUARTER 2025 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the three months ended December 31, 2025. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our fourth-quarter GAAP tax rate was 27.3%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our fourth-quarter adjusted tax rate (non-GAAP) of (29.7)%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
December 31, 2025
Net earnings (loss) available to Whirlpool
$ 108
Net earnings (loss) available to noncontrolling interests
3
Income tax expense (benefit)
37
Interest expense
85
Earnings before interest & taxes
$ 234
Net sales
$ 4,098
Net earnings (loss) margin
2.7 %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 234
$ 1.91
Restructuring expense (a)
Restructuring costs
46
0.80
Impairment of goodwill,
intangibles and other
assets (b)
Impairment of goodwill
and other intangibles
106
1.87
Impact of M&A
transactions (c)
(Gain) loss on sale and
disposal of businesses &
Selling, general, and
administrative
Equity method investment
income (loss), net of tax*
(15)
(0.26)
Income tax impact
(0.52)
Normalized tax rate
adjustment (f)
1.44
Ongoing measure
$ 135
$ 1.10
Net sales
$ 4,098
Ongoing EBIT margin
3.3 %
Note: Numbers may not reconcile due to rounding.
*Equity method investment in the Earnings before interest & taxes column is presented as (income) loss
THIRD-QUARTER 2025 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the three months ended September 30, 2025. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our third-quarter GAAP tax rate was 27.1%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our third-quarter adjusted tax rate (non-GAAP) of (33.5)%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
September 30, 2025
Net earnings (loss) available to Whirlpool
$ 73
Net earnings (loss) available to noncontrolling interests
3
Income tax expense (benefit)
33
Interest expense
92
Earnings before interest & taxes
$ 200
Net sales
$ 4,033
Net earnings (loss) margin
1.8 %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 200
$ 1.29
Restructuring expense (a)
Restructuring costs
6
0.10
Impact of M&A
transactions (d)
(Gain) loss on sale and
disposal of businesses &
Selling, general, and
administrative
(26)
(0.47)
Income tax impact
(0.12)
Normalized tax rate
adjustment (h)
1.29
Ongoing measure
$ 180
$ 2.09
Net sales
$ 4,033
Ongoing EBIT margin
4.5 %
Note: Numbers may not reconcile due to rounding.
SECOND-QUARTER 2025 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the three months ended June 30, 2025. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our second-quarter GAAP tax rate was 23.9%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our second-quarter adjusted tax rate (non-GAAP) of 22.5%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
June 30, 2025
Net earnings (loss) available to Whirlpool
$ 65
Net earnings (loss) available to noncontrolling interests
9
Income tax expense (benefit)
29
Interest expense
86
Earnings before interest & taxes
$ 190
Net sales
$ 3,773
Net earnings (loss) margin
1.7 %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 190
$ 1.17
Restructuring expense (a)
Restructuring costs
2
0.03
Impact of M&A
transactions (c)
Selling, general and
administrative
8
0.15
Income tax impact
(0.04)
Normalized tax rate
adjustment (f)
0.03
Ongoing measure
$ 200
$ 1.34
Net sales
$ 3,773
Ongoing EBIT margin
5.3 %
Note: Numbers may not reconcile due to rounding.
FIRST-QUARTER 2025 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the three months ended March 31, 2025. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our first-quarter GAAP tax rate was 31.1%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our first-quarter adjusted tax rate (non-GAAP) of 22.5%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
March 31, 2025
Net earnings (loss) available to Whirlpool
$ 71
Net earnings (loss) available to noncontrolling interests
7
Income tax expense (benefit)
43
Interest expense
77
Earnings before interest & taxes
$ 199
Net sales
$ 3,621
Net earnings (loss) margin
2.0 %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 199
$ 1.28
Restructuring expense (a)
Restructuring costs
10
0.17
Impact of M&A
transactions (c)
Selling, general and
administrative
5
0.09
Income tax impact
(0.06)
Normalized tax rate
adjustment (f)
0.22
Ongoing measure
$ 214
$ 1.70
Net sales
$ 3,621
Ongoing EBIT margin
5.9 %
Note: Numbers may not reconcile due to rounding.
FULL-YEAR 2025 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the twelve months ended December 31, 2025. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our full-year GAAP tax rate was 27.5%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of 3.5%.
Twelve Months Ended
Earnings Before Interest & Taxes Reconciliation:
December 31, 2025
Net earnings (loss) available to Whirlpool
$ 318
Net earnings (loss) available to noncontrolling interests
23
Income tax expense (benefit)
142
Interest expense
341
Earnings before interest & taxes
$ 824
Net sales
$ 15,524
Net earnings (loss) margin
2.2 %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 824
$ 5.66
Restructuring expense (a)
Restructuring costs
63
1.12
Impairment of goodwill,
intangibles and other
assets (c)
Impairment of goodwill
and other intangibles
106
1.89
Impact of M&A
transactions (d)
(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative
Equity method investment
income (loss), net of tax*
(15)
(0.26)
Total income tax impact
0.06
Normalized tax rate
adjustment (h)
2.19
Ongoing measure
$ 729
$ 6.23
Net Sales
$ 15,524
Ongoing EBIT Margin
4.7 %
Note: Numbers may not reconcile due to rounding.
*Equity method investment in the Earnings before interest & taxes column is presented as (income) loss
FULL-YEAR 2024 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the twelve months ended December 31, 2024. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our full-year GAAP tax rate was (5.5)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of (28.6)%.
Twelve Months Ended
Earnings Before Interest & Taxes Reconciliation:
December 31, 2024
Net earnings (loss) available to Whirlpool
$ (323)
Net earnings (loss) available to noncontrolling interests
18
Income tax expense (benefit)
10
Interest expense
358
Earnings before interest & taxes
$ 63
Net sales
$ 16,607
Net earnings (loss) margin
(1.9) %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 63
$ (5.87)
Restructuring expense (a)
Restructuring costs
79
1.44
Impairment of goodwill,
intangibles and other
assets (c)
Impairment of goodwill
and other intangibles
381
6.92
Impact of M&A
transactions (d)
(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative
Equity method investment
income (loss), net of tax*
74
1.34
Total income tax impact
4.28
Normalized tax rate
adjustment (h)
(1.16)
Ongoing measure
$ 887
$ 12.21
Net Sales
$ 16,607
Ongoing EBIT Margin
5.3 %
Note: Numbers may not reconcile due to rounding.
*Equity method investment in the Earnings before interest & taxes column is presented as (income) loss
FULL-YEAR 2026 OUTLOOK FOR ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings available to Whirlpool common shareholders and net earnings per diluted share available to Whirlpool common shareholders, for the twelve months ending December 31, 2026. Net earnings margin is calculated by dividing net earnings available to Whirlpool common shareholders by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our anticipated full-year GAAP tax rate is approximately 8.0%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our anticipated full-year adjusted tax (non-GAAP) rate of approximately 25.0%.
Twelve Months Ending
Earnings Before Interest & Taxes Reconciliation:
December 31, 2026
Net earnings (loss) available to Whirlpool common shareholders
(~$320)
Mandatory convertible preferred stock dividends accumulated during
the period
~40
Net earnings available to noncontrolling interests
—
Income tax expense (benefit)
(~15)
Interest expense
~350
Earnings before interest & taxes
~$55
Net sales
~$14,500
Net earnings margin
~(2.2) %
Twelve Months Ending
December 31, 2026
Results classification
Earnings before
interest & taxes*
Earnings per
diluted share
Reported measure
~$55
(~$4.95)
Restructuring Expense
Restructuring Costs
~170
~2.65
Impairment of equity
method investment
Equity method
investment income (loss),
net of tax
124
1.90
Impact of M&A transactions
Selling, general and
administrative &
(Gain) loss on sale and
disposal of business
(~110)
(1.75)
Trade customer bankruptcy
reorganization impact
Selling, general and
administrative
54
0.85
Total income tax impact
(0.40)
Normalized tax rate
adjustment (h)
0.40
Ongoing measure
~$293
(~$1.30)
Net Sales
~$14,500
Ongoing EBIT Margin
2.0 - 2.2 %
Note: Numbers may not reconcile due to rounding.
FOURTH-QUARTER 2026 OUTLOOK FOR ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings available to Whirlpool common shareholders and net earnings per diluted share available to Whirlpool common shareholders, for the three months ending December 31, 2026. Net earnings margin is calculated by dividing net earnings available to Whirlpool common shareholders by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our anticipated fourth-quarter GAAP tax rate is approximately 47.5%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our anticipated fourth-quarter adjusted tax (non-GAAP) rate of approximately 25.0%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
December 31, 2026
Net earnings (loss) available to Whirlpool common shareholders
(~$55)
Mandatory convertible preferred stock dividends accumulated during
the period
~12
Net earnings available to noncontrolling interests
—
Income tax expense (benefit)
(~40)
Interest expense
~103
Earnings before interest & taxes
~$21
Net sales
~$4,000
Net earnings margin
~(0.4) %
Three Months Ending
December 31, 2026
Results classification
Earnings before
interest & taxes*
Earnings per
diluted share
Reported measure
~$21
(~$0.83)
Restructuring Expense
Restructuring Costs
~62
~0.94
Impact of M&A transactions
Selling, general and
administrative &
(Gain) loss on sale and
disposal of business
~5
0.08
Total income tax impact
(0.26)
Normalized tax rate adjustment (h)
(0.29)
Ongoing measure
~$89
(~$0.35)
Net Sales
~$4,000
Ongoing EBIT Margin
~2.2 %
Note: Numbers may not reconcile due to rounding.
FOOTNOTES
a.
RESTRUCTURING EXPENSE - On July 1, 2026, the Company announced restructuring actions related to the closure of its Supsa manufacturing facility in Apodaca, Mexico which is expected to cease production by the second quarter of 2027. The Company incurred $33 million and $24 million in related expenses in the second and third quarters of 2026, respectively.
In the third quarter of 2026, the company incurred an additional $11 million in other restructuring for previously approved restructuring actions.
In March 2026, the Company committed to workforce reduction plans and multi-region footprint optimization plans in the United States and globally, in an effort to reduce complexity and simplify our organization. The plan includes severance and impairment charges. Total costs for these actions in the second quarter of 2026 were $3 million.
In the second quarter of 2026, the company incurred an additional $5 million in other restructuring for previously approved restructuring actions.
In the first and third quarters of 2025, restructuring actions were announced related to organizational simplification efforts. In 2025, we incurred $63 million in costs related to multi-region footprint optimization.
In March 2024, the Company committed to workforce reduction plans in the United States and globally, in an effort to reduce complexity and simplify our organizational model after the European major domestic appliance transaction. The workforce reduction plans included involuntary severance actions as of the end of the first quarter of 2024. Total costs for these actions were $21 million, of which we incurred $14 million in employee termination costs and $7 million in other associated costs.
During the second quarter of 2024, the Company evaluated additional restructuring actions as part of the Company's organizational simplification efforts. Total costs for these actions were $58 million, which were primarily employee termination costs.
b.
IMPAIRMENT OF EQUITY METHOD INVESTMENT – During the third quarter of 2026, the Company recorded a non-cash impairment charge of $124 million related to its equity method investment in Whirlpool India. The impairment was driven by a prolonged decline in the market value of Whirlpool India based on its stock price. The charge was recognized within Equity method investment income (loss), net of tax in the Consolidated Condensed Statements of Comprehensive Income (Loss).
c.
IMPAIRMENT OF GOODWILL, INTANGIBLES AND OTHER ASSETS - During the fourth quarter of 2025, we determined the carrying value of the JennAir trademark exceeded its fair value, resulting in an impairment charge of $106 million.
During the fourth quarter of 2024, we determined that the carrying value of the Maytag trademark exceeded its fair value, resulting in an impairment charge of $381 million.
d.
IMPACT OF M&A TRANSACTIONS - In the fourth quarter of 2025, we sold an 11% stake in our India business and deconsolidated, resulting in a gain of $251 million. In the second and third quarters of 2026 we incurred $2 million in related M&A transaction costs per quarter. In addition, in the first through third quarter of 2025, we incurred $15 million in related M&A transaction costs that are recorded in Selling, General and Administrative expenses on our Consolidated Condensed Statements of Comprehensive Income (Loss).
The Company incurred other unique transaction related costs related to portfolio transformation for a total of $11 million for the three months ended September 30, 2026. These transaction costs are recorded in Selling, General and Administrative expenses on our Consolidated Condensed Statements of Comprehensive Income (Loss).
In June 2026, we reached an agreement with Arcelik to sell Whirlpool's remaining 25% stake in Beko to Beko BV (a subsidiary of Arcelik), accelerate and terminate certain deferred rights related to the August 2022 divestiture of our Russian business, and simplify and eliminate certain long-term obligations and liabilities between Whirlpool and Arcelik. Furthermore, Whirlpool received cash consideration and acquired a ~2.9% equity stake in Arcelik under the terms of the agreement. In connection with the transaction, we received net cash proceeds of $84 million and recorded a gain of $139 million for the three months ended June 30, 2026. The total transaction amount includes $82 million from the sale of our Beko stake, $46 million from the termination of the Russia agreement, and $11 million from the release of previously accrued indemnities and other comprehensive income.
Additionally, the Company incurred other unique transaction related costs related to portfolio transformation for $4 million for the three months ended June 30, 2026. These transaction costs are recorded in Selling, General and Administrative expenses on our Consolidated Condensed Statements of Comprehensive Income (Loss).
The Company incurred unique transaction related costs related to portfolio transformation for a total of $4 million for the three months ended September 30, 2025.
Additionally, in the third quarter of 2025, we released a $30 million reserve related to an indemnity that was no longer considered probable. This gain is recorded in Loss (Gain) on Sale and Disposal of Businesses on our Consolidated Condensed Statements of Comprehensive Income (Loss).
On January 16, 2023, the Company signed a contribution agreement to contribute our European major domestic appliance business into a newly formed entity with Arcelik. In connection with the transaction, which closed on April 1, 2024, the Company recorded a loss on disposal of $298 million for the twelve months ended December 31, 2024.
The Company incurred other unique transaction related costs related to portfolio transformation for $28 million for the twelve months ended December 31, 2024. These transaction costs are recorded in Selling, General and Administrative expenses on our Consolidated Condensed Statements of Comprehensive Income (Loss).
In the third quarter of 2024, we recorded a gain of $34 million related to the sale of the Company's Brastemp-branded water filtration subscription business related to our portfolio transformation
e.
TRADE CUSTOMER BANKRUPTCY REORGANIZATION IMPACT - During the third quarter of 2026, the Company recorded a charge of $54 million related to the bankruptcy reorganization of a significant trade customer in Latin America, which is not indicative of ongoing operational performance. This charge includes $46 million of trade customer credit losses, net of expected credit insurance recoveries (reflecting $157 million of gross accounts receivable impairments, net of $112 million of expected credit insurance recoveries), and $8 million of other direct charges resulting from the event.
f.
LEGACY EMEA LEGAL MATTERS - During the second quarter of 2025 and fourth quarter of 2024 we recorded immaterial amounts related to legacy matters of our European major domestic appliance business.
g.
EQUITY METHOD INVESTEE - RESTRUCTURING CHARGES - During the fourth quarter of 2024, we recorded our proportionate share of restructuring charges related to certain previously announced restructuring actions by our European equity method investee. During the fourth quarter of 2025, we reversed $15 million of this provision.
h.
NORMALIZED TAX RATE ADJUSTMENT - During the third quarter of 2026, the Company calculated a GAAP tax rate of (6.8)%. Ongoing earnings per share was calculated using an adjusted tax rate of 25.0%, which excludes the tax impacts related to M&A transaction costs, impairment of equity method investment in Whirlpool India, trade customer bankruptcy reorganization impacts and restructuring actions.
For the full year 2025, the Company calculated a GAAP tax rate of 27.5%. Ongoing earnings per share was calculated using an adjusted tax rate of 3.5%, which excludes the tax impacts related to M&A transactions, the JennAir intangible impairment charge, and restructuring actions.
For the full year 2024, the Company calculated a GAAP tax rate of (5.5)%. Ongoing earnings per share was calculated using an adjusted tax rate of (28.6)%, which excludes the tax impacts related to M&A transactions, the Maytag intangible impairment charge, and certain other tax impacts related to the Europe transaction.
Additionally, in the full-year 2026 outlook, the Company calculated ongoing earnings per share using a full-year adjusted tax (non-GAAP) rate of approximately 25.0%.
NET SALES AND ONGOING EBIT EXCLUDING MDA INDIA 2025
The reconciliation provided below reconciles the impact of removing MDA India from our net sales and ongoing EBIT for the twelve months ended December 31, 2025 for the Whirlpool business. Please see elsewhere in this Supplemental Information section for a reconciliation of Ongoing EBIT to GAAP reported net earnings (loss) available to Whirlpool.
2025 As
Reported
MDA India*
2025
Like-for-Like
Net Sales (in billions)
$15.5
$0.8
~$14.7
Ongoing EBIT (in millions)
$729
$41
~$688
Ongoing EBIT Margin
4.7 %
5.0 %
~4.7 %
Note: Numbers may not reconcile due to rounding.
*2025 India financial data (unaudited).
NET SALES AND ONGOING EBIT EXCLUDING MDA EUROPE 2024 FIRST QUARTER AND MDA INDIA 2024 DECEMBER
The reconciliation provided below reconciles the impact of removing Q1 MDA Europe from our net sales and ongoing EBIT for the twelve months ended December 31, 2024 for the Whirlpool business. Please see elsewhere in this Supplemental Information section for a reconciliation of Ongoing EBIT to GAAP reported net earnings (loss) available to Whirlpool.
2024 As
Reported
Q1 2024
MDA Europe*
2024 MDA
India**
2024
Like-for-Like
Net Sales (in billions)
$16.6
$0.8
$0.9
~$14.9
Ongoing EBIT (in millions)
$887
($9)
$32
~$864
Ongoing EBIT Margin
5.3 %
(1.1) %
3.6 %
~5.8 %
Note: Numbers may not reconcile due to rounding.
*Q1 historical segment financial data (unaudited).
**India financial data (unaudited).
Net Sales Year Over Year Change Walk
The reconciliation provided below reconciles the year over year change in net sales percentage utilizing like-for-like net sales figures.
Net Sales
Twelve Months Ended December 31,
(Approximate impact in
billions of dollars)
2024 Like-for-Like
$14.9
2025 Like-for-Like
$14.7
YoY Change
(1.4) %
2025 Like-for-Like
$14.7
2026 Outlook
$14.5
YoY Change
(1.5) %
Note: Numbers may not reconcile due to rounding.
FREE CASH FLOW
Free cash flow is cash provided by (used in) operating activities after capital expenditures. The reconciliation provided below reconciles nine months ended September 30, 2026 and 2025 and 2026 full-year free cash flow with cash provided by (used in) operating activities, the most directly comparable GAAP financial measure. Free cash flow as a percentage of net sales is calculated by dividing free cash flow by net sales.
Nine Months Ended
September 30,
(millions of dollars)
2026
2025
2026 Outlook
Cash provided by (used in) operating activities
$ (826)
$ (669)
~$700
Capital expenditures
(255)
(239)
(~400)
Free cash flow
$ (1,081)
$ (907)
~$300
Cash provided by (used in) investing activities*
$ (148)
$ (239)
Cash provided by (used in) financing activities*
$ 1,380
$ 503
*Financial guidance on a GAAP basis for cash provided by (used in) financing activities and cash provided by (used in) investing activities has not been provided because in order to prepare any such estimate or projection, the Company would need to rely on market factors and certain other conditions and assumptions that are outside of its control.
EQUITY METHOD INVESTMENT INCOME (LOSS), NET OF TAX
The reconciliation provided below reconciles the non-GAAP financial measure ongoing equity method investment income (loss), net of tax to GAAP reported equity method investment income (loss), net of tax, for the three months ended September 30, 2025 and 2026 for the Whirlpool business.
Three Months Ended
September 30,
2026
2025
Equity method investment income (loss), net of tax
$ (118)
$ (11)
Impairment of Equity Method Investment
124
—
Ongoing Measure
$ 6
$ (11)
Note: Numbers may not reconcile due to rounding.
ORGANIC NET SALES
The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for three months ended September 30, 2025 and 2026 for the Whirlpool business.
, /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today its operating results for the three and nine months ended September 30, 2026. For the three months ended September 30, 2026 and 2025, net income attributable to Brixmor Property Group Inc. was $0.28 per diluted share and $0.31 per diluted share, respectively, and for the nine months ended September 30, 2026 and 2025, net income attributable to Brixmor Property Group Inc. was $0.94 per diluted share and $0.81 per diluted share, respectively.
Key highlights for the three months ended September 30, 2026 include:
Executed 1.6 million square feet of new and renewal leases, with rent spreads on comparable space of 25.3%, including new lease rent spreads on comparable space of 42.6% and renewal lease rent spreads on comparable space of 19.4% Increased total leased occupancy to a record 95.6%, anchor leased occupancy to 97.0%, and small shop leased occupancy to a record 92.8%Commenced $17.7 million of annualized base rentLeased to billed occupancy spread totaled 420 basis pointsSigned but not yet commenced new lease population represented 3.1 million square feet and $68.9 million of annualized base rentReported an increase in same property NOI of 6.6%, including a contribution from base rent of 480 basis pointsReported Nareit FFO of $184.6 million, or $0.60 per diluted shareAdded $36.7 million of new reinvestment projects to the in process pipeline at an expected average incremental NOI yield of 11%, including a Publix redevelopment in Port St. Lucie, FloridaStabilized $54.6 million of reinvestment projects at an average incremental NOI yield of 10%, with the in process reinvestment pipeline totaling $331.8 million at an expected average incremental NOI yield of 10%Completed $49.5 million of acquisitions and $42.8 million of dispositionsOn September 28, 2026, the Company announced that it entered into definitive agreements, together with Everview Partners, to acquire Slate Grocery REIT in a transaction valued at approximately $2.34 billion (the "Slate Transaction"). Under the Slate Transaction, Brixmor will acquire a 23-property grocery-anchored portfolio for approximately $636 million and will hold a 20% common equity interest and an approximately $174 million preferred equity investment in a joint venture with Everview Partners (the "Everview JV") that will acquire an additional 92 properties for approximately $1.71 billion. The transaction is expected to close in the first quarter of 2027, subject to customary closing conditions including approval by Slate Grocery REIT unitholdersSubsequent events:
Increased the quarterly dividend by 7.3% to $0.3300 per common share (equivalent to $1.32 per annum), which represents an annualized yield of approximately 4.7% as of October 23, 2026Completed a $4.8 million acquisitionUpdated previously provided Nareit FFO per diluted share expectations for 2026 to $2.36 - $2.38 from $2.35 - $2.37 and same property NOI growth expectations for 2026 to 5.50% - 5.75% from 5.00% - 5.75%"Our third quarter results were highlighted by continued leasing momentum, strong same property NOI growth, and record occupancy," commented Brian T. Finnegan, Chief Executive Officer and President. "These results reinforce the strength of our operating platform, while the growth embedded in our signed but not yet commenced pipeline and reinvestment program provide exceptional visibility into future earnings and cash flow growth. We are excited to build on this momentum through the Slate Transaction by expanding our opportunity set and creating additional avenues to drive long-term shareholder value."
FINANCIAL HIGHLIGHTS
The following table summarizes the Company's net income attributable to Brixmor Property Group Inc. and Nareit FFO:(Unaudited, dollars in millions, except per share amounts)
Three Months Ended
Nine Months Ended
9/30/2026
9/30/2025
9/30/2026
9/30/2025
Net income attributable to Brixmor Property Group Inc.
$87.8
$94.2
$289.0
$249.1
Net income attributable to Brixmor Property Group Inc. per diluted share
$0.28
$0.31
$0.94
$0.81
Nareit FFO
$184.6
$172.3
$542.7
$514.9
Nareit FFO per diluted share
$0.60
$0.56
$1.76
$1.67
Items that impact FFO comparability
$(0.1)
$0.0
$(0.2)
$(0.3)
Items that impact FFO comparability, net per share
$(0.00)
$0.00
$(0.00)
$(0.00)
Same Property NOI Performance
For the three months ended September 30, 2026, the Company reported an increase in same property NOI of 6.6% versus the comparable 2025 period.For the nine months ended September 30, 2026, the Company reported an increase in same property NOI of 6.2% versus the comparable 2025 period.Dividend
The Company's Board of Directors declared a quarterly cash dividend of $0.3300 per common share (equivalent to $1.32 per annum), which represents a 7.3% increase.The dividend is payable on January 15, 2027 to stockholders of record on January 5, 2027.PORTFOLIO AND INVESTMENT ACTIVITY
Value Enhancing Reinvestment Opportunities
During the three months ended September 30, 2026, the Company stabilized four value enhancing reinvestment projects with a total aggregate net cost of approximately $54.6 million at an average incremental NOI yield of 10% and added six new reinvestment projects to its in process pipeline with a total aggregate net estimated cost of approximately $36.7 million at an expected average incremental NOI yield of 11%.The following table summarizes the Company's in process reinvestment pipeline as of September 30, 2026:(Dollars in millions)
Number of Projects
Net Estimated Costs
Expected NOI Yield
Anchor space repositioning
15
$77.4
7% - 14%
Outparcel development
16
24.7
15 %
Redevelopment
15
229.7
11 %
Total
46
$331.8
10 %
Follow Brixmor on LinkedIn for video updates on reinvestment projects at https://www.linkedin.com/company/brixmor.Acquisitions
During the three months ended September 30, 2026, the Company acquired Village West Shopping Center, a 195,862 square foot grocery-anchored community center located in the growing Inland Empire, California trade area (Riverside-San Bernardino-Ontario, CA), for $49.5 million. Village West Shopping Center is anchored by a market-dominant Stater Bros. grocer and has significant value creation and remerchandising opportunities, including near-term leasing of vacancies, below-market lease expirations, and densification potential. During the nine months ended September 30, 2026, the Company acquired five shopping centers for $213.8 million.Subsequent to September 30, 2026, the Company acquired an outparcel at an existing shopping center for $4.8 million. Dispositions
During the three months ended September 30, 2026, the Company generated approximately $42.8 million of gross proceeds from the disposition of two shopping centers.During the nine months ended September 30, 2026, the Company generated approximately $165.8 million of gross proceeds from the disposition of eight shopping centers.CAPITAL STRUCTURE
At September 30, 2026, the Company had $1.5 billion in liquidity, which does not include a commitment letter for up to $988.0 million of senior unsecured term loan financing available in connection with the Slate Transaction.At September 30, 2026, the Company's net principal debt to adjusted EBITDA, current quarter annualized was 5.2x and net principal debt to adjusted EBITDA, trailing twelve months was 5.3x.GUIDANCE
The Company has updated its previously provided Nareit FFO per diluted share expectations for 2026 to $2.36 - $2.38 from $2.35 - $2.37 and its same property NOI growth expectations for 2026 to 5.50% - 5.75% from 5.00% - 5.75%.Revenues deemed uncollectible are expected to total 60 - 85 basis points of total expected revenues in 2026.2026 expectations do not include any additional items that impact FFO comparability, which include gain or loss on extinguishment of debt, net, and transaction expenses, net, or any other one-time items.The following table provides a reconciliation of the range of the Company's 2026 estimated net income attributable to Brixmor Property Group Inc. to Nareit FFO: (Unaudited, dollars in millions, except per share amounts)
2026E
2026E Per
Diluted Share
Net income attributable to Brixmor Property Group Inc.
$368 - $374
$1.20 - $1.22
Depreciation and amortization related to real estate
423
1.37
Gain on sale of real estate assets
(71)
(0.23)
Impairment of real estate assets
7
0.02
Nareit FFO
$727 - $733
$2.36 - $2.38
CONNECT WITH BRIXMOR
For additional information, please visit https://www.brixmor.com;Follow Brixmor on:LinkedIn at https://www.linkedin.com/company/brixmorFacebook at https://www.facebook.com/BrixmorInstagram at https://www.instagram.com/brixmorpropertygroup; andYouTube at https://www.youtube.com/user/Brixmor.CONFERENCE CALL AND SUPPLEMENTAL INFORMATION
The Company will host a teleconference on Tuesday, October 27, 2026 at 10:00 AM ET. To participate, please dial 877.704.4453 (domestic) or 201.389.0920 (international) within 15 minutes of the scheduled start of the call. The teleconference can also be accessed via a live webcast at https://www.brixmor.com in the Investors section. A replay of the teleconference will be available through November 10, 2026 by dialing 844.512.2921 (domestic) or 412.317.6671 (international) (Passcode: 13762372) or via the web through October 27, 2027 at https://www.brixmor.com in the Investors section.
The Company's Supplemental Disclosure will be posted at https://www.brixmor.com in the Investors section. These materials are also available to all interested parties upon request to the Company at [email protected] or 800.468.7526.
NON-GAAP PERFORMANCE MEASURES
The Company presents the non-GAAP performance measures set forth below. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP. The Company's computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance. A reconciliation of net income to these non-GAAP performance measures is presented in the attached tables.
Nareit FFO
Nareit FFO is a supplemental, non-GAAP performance measure utilized to evaluate the operating and financial performance of real estate companies. Nareit defines FFO as net income (calculated in accordance with GAAP) excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated joint ventures calculated to reflect FFO on the same basis. Considering the nature of its business as a real estate owner and operator, the Company believes that Nareit FFO is useful to investors in measuring its operating and financial performance because the definition excludes items included in net income (calculated in accordance with GAAP) that do not relate to or are not indicative of the Company's operating and financial performance, such as depreciation and amortization related to real estate, and items which can make periodic and peer analyses of operating and financial performance more difficult, such as gains and losses from the sale of certain real estate assets and impairment write-downs of certain real estate assets.
Same Property NOI
Same property NOI is a supplemental, non-GAAP performance measure utilized to evaluate the operating performance of real estate companies. Same property NOI is calculated (using properties owned for the entirety of both periods and excluding properties under development and completed new development properties that have been stabilized for less than one year) as total property revenues (base rent, expense reimbursements, adjustments for revenues deemed uncollectible, ancillary and other rental income, percentage rents, and other revenues) less direct property operating expenses (operating costs and real estate taxes). Same property NOI excludes (i) lease termination fees, (ii) straight-line rental income, net, (iii) accretion of below-market leases, net of amortization of above-market leases and tenant inducements, (iv) straight-line ground rent expense, net, (v) income or expense associated with the Company's captive insurance company, (vi) depreciation and amortization, (vii) impairment of real estate assets, (viii) general and administrative expense, and (ix) other income and expense (including interest expense and gain on sale of real estate assets). Considering the nature of its business as a real estate owner and operator, the Company believes that NOI is useful to investors in measuring the operating performance of its portfolio because the definition excludes various items included in net income that do not relate to, or are not indicative of, the operating performance of the Company's properties, such as lease termination fees, straight-line rental income, net, income or expense associated with the Company's captive insurance company, accretion of below-market leases, net of amortization of above-market leases and tenant inducements, straight-line ground rent expense, net, depreciation and amortization, impairment of real estate assets, general and administrative expense, and other income and expense (including interest expense and gain on sale of real estate assets). The Company believes that same property NOI is also useful to investors because it further eliminates disparities in NOI by only including NOI of properties owned for the entirety of both periods presented and excluding properties under development and completed new development properties that have been stabilized for less than one year and therefore provides a more consistent metric for comparing the operating performance of the Company's real estate between periods.
Net Principal Debt to Adjusted EBITDA, current quarter annualized & Net Principal Debt to Adjusted EBITDA, trailing twelve months
Net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are supplemental non-GAAP measures utilized to evaluate the performance of real estate companies in relation to outstanding debt. Net principal debt is calculated as Debt obligations, net (calculated in accordance with GAAP) excluding net unamortized premium or discount and deferred financing fees less cash, cash equivalents, and restricted cash. Adjusted EBITDA is calculated as the sum of net income (calculated in accordance with GAAP) before non-controlling interests excluding (i) interest expense, (ii) federal and state taxes, (iii) depreciation and amortization, (iv) gains and losses from the sale of certain real estate assets, (v) gains and losses from change in control, (vi) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, (vii) gain (loss) on extinguishment of debt, net, and (viii) other items that the Company believes are not indicative of the Company's operating performance. Net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are calculated as net principal debt divided by quarterly annualized adjusted EBITDA or trailing twelve month adjusted EBITDA, respectively. Considering the nature of its business as a real estate owner and operator, the Company believes that net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are useful to investors in measuring its operating performance because they exclude items included in net income (calculated in accordance with GAAP) that do not relate to or are not indicative of the operating performance of the Company's real estate, are widely known and understood measures of performance, independent of a company's capital structure and items which can make periodic and peer analyses of performance more difficult, and can provide investors with a more consistent basis by which to compare the Company with its peers.
ABOUT BRIXMOR PROPERTY GROUP
Brixmor (NYSE: BRX) owns and operates a high-quality, national portfolio of open-air shopping centers. The Company's 345 retail centers comprise approximately 62 million square feet of prime retail space in established trade areas (the "Portfolio"). Brixmor's properties reflect its vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a valued partner to a broad range of retailers, including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.
Brixmor announces material information to its investors in SEC filings and press releases and on public conference calls, webcasts and the "Investors" page of its website at https://www.brixmor.com. The Company also uses social media to communicate with its investors and the public, and the information Brixmor posts on social media may be deemed material information. Therefore, Brixmor encourages investors and others interested in the Company to review the information that it posts on its website and on its social media channels.
SAFE HARBOR LANGUAGE
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under the sections entitled "Forward-Looking Statements" and "Risk Factors" in our Form 10-K for the year ended December 31, 2025, and our Form 10-Q for the quarter ended September 30, 2026, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at https://www.sec.gov. These factors include, but are not limited to: (1) changes in national, regional, and local economies, due to global events such as international geopolitical conflicts, international trade disputes, a foreign debt crisis, foreign currency volatility, or due to domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, general economic contractions, ongoing levels of inflation and interest rates, unemployment, or limited growth in consumer income or spending; (2) local real estate market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in our Portfolio; (3) competition from other available properties and e-commerce; (4) disruption and/or consolidation in the retail sector, the financial stability of our tenants, and the overall financial condition of large retailing companies, including their ability to pay rent and/or expense reimbursements that are due to us; (5) in the case of percentage rents, the sales volumes of our tenants; (6) increases in property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, which are relatively inflexible and generally do not decrease if revenue or occupancy decrease; (7) increases in the costs to repair, renovate, and re-lease space; (8) earthquakes, wildfires, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, epidemics and/or pandemics, civil unrest, terrorist acts, or acts of war, any of which may result in uninsured or underinsured losses; (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, privacy, data security, intellectual property rights, and taxes; (10) cybersecurity incidents or other disruptions to information technology systems used by us, our tenants, or our vendors, which could compromise data or impair business operations; and (11) risks relating to the pending Slate Transaction, including the ability of us and the Everview JV to successfully and timely close the Slate Transaction, the risk we do not realize the expected benefits of the Slate Transaction or are subjected to unexpected liabilities and expenses, and the risk we are unable to successfully integrate the operations of the properties we are acquiring in the Slate Transaction or manage the Everview JV. Brixmor disclaims any obligation or undertaking to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
CONSOLIDATED BALANCE SHEETS
Unaudited, dollars in thousands, except share information
As of
As of
9/30/2026
12/31/2025
Assets
Real estate
Land
$ 1,867,480
$ 1,849,779
Buildings and tenant improvements
9,483,171
9,296,849
Construction in progress
71,276
92,129
Lease intangibles
566,163
548,740
11,988,090
11,787,497
Accumulated depreciation and amortization
(3,782,174)
(3,588,646)
Real estate, net
8,205,916
8,198,851
Cash and cash equivalents
164,428
334,422
Restricted cash
19,050
27,108
Marketable securities
21,846
21,283
Receivables, net, including straight-line rent receivables of $256,014 and $237,837, respectively
318,952
315,128
Deferred charges and prepaid expenses, net
178,016
169,326
Real estate assets held for sale
-
4,551
Other assets
114,633
62,468
Total assets
$ 9,022,841
$ 9,133,137
Liabilities
Debt obligations, net
$ 5,322,955
$ 5,494,753
Accounts payable, accrued expenses and other liabilities
649,178
628,328
Total liabilities
5,972,133
6,123,081
Redeemable non-controlling interests
30,821
-
Equity
Common stock, $0.01 par value; authorized 3,000,000,000 shares;
315,999,308 and 315,231,761 shares issued and 306,872,316 and 306,104,769
shares outstanding
3,068
3,061
Additional paid-in capital
3,431,754
3,437,853
Accumulated other comprehensive income
13,012
1,722
Distributions in excess of net income
(428,189)
(432,822)
Total stockholders' equity
3,019,645
3,009,814
Non-controlling interests
242
242
Total equity
3,019,887
3,010,056
Total liabilities and equity
$ 9,022,841
$ 9,133,137
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited, dollars in thousands, except per share amounts
Three Months Ended
Nine Months Ended
9/30/2026
9/30/2025
9/30/2026
9/30/2025
Revenues
Rental income
$ 358,546
$ 340,618
$ 1,066,775
$ 1,017,256
Other revenues
1,052
225
1,841
591
Total revenues
359,598
340,843
1,068,616
1,017,847
Operating expenses
Operating costs
40,921
38,891
127,062
117,979
Real estate taxes
46,290
45,455
135,972
133,907
Depreciation and amortization
106,427
103,234
321,887
312,108
Impairment of real estate assets
683
16,075
6,657
16,075
General and administrative
27,297
26,772
83,347
84,038
Total operating expenses
221,618
230,427
674,925
664,107
Other income (expense)
Dividends and interest
1,364
1,191
8,481
4,087
Interest expense
(59,176)
(56,680)
(179,466)
(165,173)
Gain on sale of real estate assets
8,863
40,018
70,780
58,843
Loss on extinguishment of debt, net
-
-
-
(296)
Other
(889)
(703)
(3,925)
(2,076)
Total other expense
(49,838)
(16,174)
(104,130)
(104,615)
Net income
88,142
94,242
289,561
249,125
Net income attributable to non-controlling interests
(388)
(7)
(546)
(22)
Net income attributable to Brixmor Property Group Inc.
$ 87,754
$ 94,235
$ 289,015
$ 249,103
Net income attributable to Brixmor Property Group Inc. per common share:
Basic
$ 0.29
$ 0.31
$ 0.94
$ 0.81
Diluted
$ 0.28
$ 0.31
$ 0.94
$ 0.81
Weighted average shares:
Basic
307,305
307,193
307,248
307,132
Diluted
308,135
308,084
307,997
307,974
FUNDS FROM OPERATIONS (FFO)
Unaudited, dollars in thousands, except per share amounts
Three Months Ended
Nine Months Ended
9/30/2026
9/30/2025
9/30/2026
9/30/2025
Net income attributable to Brixmor Property Group Inc.
$ 87,754
$ 94,235
$ 289,015
$ 249,103
Depreciation and amortization related to real estate
105,042
101,995
317,851
308,534
Gain on sale of real estate assets
(8,863)
(40,018)
(70,780)
(58,843)
Impairment of real estate assets
683
16,075
6,657
16,075
Nareit FFO
$ 184,616
$ 172,287
$ 542,743
$ 514,869
Nareit FFO per diluted share
$ 0.60
$ 0.56
$ 1.76
$ 1.67
Weighted average diluted shares outstanding
308,135
308,084
307,997
307,974
Items that impact FFO comparability
Transaction expenses, net
$ (115)
$ -
$ (165)
$ (22)
Loss on extinguishment of debt, net
-
-
-
(296)
Total items that impact FFO comparability
$ (115)
$ -
$ (165)
$ (318)
Items that impact FFO comparability, net per share
$ (0.00)
$ -
$ (0.00)
$ (0.00)
Additional Disclosures
Straight-line rental income, net
$ 7,680
$ 9,858
$ 21,473
$ 27,120
Accretion of below-market leases, net of amortization of above-market leases and tenant
inducements
3,363
5,124
11,161
11,813
Straight-line ground rent expense, net (1)
(335)
(158)
(656)
(433)
Dividends declared per share
$ 0.3075
$ 0.2875
$ 0.9225
$ 0.8625
Dividends declared
$ 94,363
$ 88,004
$ 283,078
$ 263,999
Dividend payout ratio (as % of Nareit FFO)
51.1 %
51.1 %
52.2 %
51.3 %
(1) Straight-line ground rent expense, net is included in Operating costs on the Consolidated Statements of Operations.
SAME PROPERTY NOI ANALYSIS
Unaudited, dollars in thousands
Three Months Ended
Nine Months Ended
9/30/2026
9/30/2025
Change
9/30/2026
9/30/2025
Change
Same Property NOI Analysis
Number of properties
338
338
- %
335
335
- %
Percent billed
91.3 %
90.5 %
0.8 %
91.3 %
90.5 %
0.8 %
Percent leased
95.6 %
94.4 %
1.2 %
95.5 %
94.4 %
1.1 %
Revenues
Base rent
$ 245,397
$ 234,122
$ 716,532
$ 685,753
Expense reimbursements
80,372
74,704
235,263
221,544
Revenues deemed uncollectible
(3,710)
(3,015)
(6,669)
(7,514)
Ancillary and other rental income / Other revenues
10,284
8,061
28,644
22,333
Percentage rents
1,873
1,204
9,471
7,880
334,216
315,076
6.1 %
983,241
929,996
5.7 %
Operating expenses
Operating costs
(39,375)
(36,891)
(119,198)
(111,198)
Real estate taxes
(45,004)
(43,711)
(130,068)
(127,948)
(84,379)
(80,602)
4.7 %
(249,266)
(239,146)
4.2 %
Same property NOI
$ 249,837
$ 234,474
6.6 %
$ 733,975
$ 690,850
6.2 %
NOI margin
74.8 %
74.4 %
74.6 %
74.3 %
Expense recovery ratio
95.3 %
92.7 %
94.4 %
92.6 %
Percent Contribution to Same Property NOI Performance:
Change
Percent
Contribution
Change
Percent
Contribution
Base Rent
$ 11,275
4.8 %
$ 30,779
4.5 %
Revenues deemed uncollectible
(695)
(0.3) %
845
0.1 %
Net expense reimbursements
1,891
0.8 %
3,599
0.5 %
Ancillary and other rental income / Other revenues
2,223
1.0 %
6,311
0.9 %
Percentage rents
669
0.3 %
1,591
0.2 %
6.6 %
6.2 %
Reconciliation of Net income attributable to Brixmor Property Group Inc. to Same Property NOI
Net income attributable to Brixmor Property Group Inc.
$ 87,754
$ 94,235
$ 289,015
$ 249,103
Adjustments:
Non-same property NOI
(7,813)
(6,599)
(31,228)
(30,548)
Lease termination fees
(4,029)
(600)
(8,401)
(6,063)
Straight-line rental income, net
(7,680)
(9,858)
(21,473)
(27,120)
Accretion of below-market leases, net of amortization of above-market leases
and tenant inducements
(3,363)
(5,124)
(11,161)
(11,813)
Straight-line ground rent expense, net
335
158
656
433
Depreciation and amortization
106,427
103,234
321,887
312,108
Impairment of real estate assets
683
16,075
6,657
16,075
General and administrative
27,297
26,772
83,347
84,038
Total other expense
49,838
16,174
104,130
104,615
Net income attributable to non-controlling interests
388
7
546
22
Same Property NOI
$ 249,837
$ 234,474
$ 733,975
$ 690,850
EBITDA & RECONCILIATION OF DEBT OBLIGATIONS, NET TO NET PRINCIPAL DEBT
Unaudited, dollars in thousands
Three Months Ended
Nine Months Ended
9/30/2026
9/30/2025
9/30/2026
9/30/2025
Net income
$ 88,142
$ 94,242
$ 289,561
$ 249,125
Interest expense
59,176
56,680
179,466
165,173
Federal and state taxes
714
653
2,397
2,113
Depreciation and amortization
106,427
103,234
321,887
312,108
EBITDA
254,459
254,809
793,311
728,519
Gain on sale of real estate assets
(8,863)
(40,018)
(70,780)
(58,843)
Impairment of real estate assets
683
16,075
6,657
16,075
EBITDAre
$ 246,279
$ 230,866
$ 729,188
$ 685,751
EBITDAre
$ 246,279
$ 230,866
$ 729,188
$ 685,751
Transaction expenses, net
115
-
165
22
Loss on extinguishment of debt, net
-
-
-
296
Total adjustments
115
-
165
318
Adjusted EBITDA
$ 246,394
$ 230,866
$ 729,353
$ 686,069
Adjusted EBITDA
$ 246,394
$ 230,866
$ 729,353
$ 686,069
Straight-line rental income, net
(7,680)
(9,858)
(21,473)
(27,120)
Accretion of below-market leases, net of amortization of above-market leases and tenant
inducements
(3,363)
(5,124)
(11,161)
(11,813)
Straight-line ground rent expense, net (1)
335
158
656
433
Total adjustments
(10,708)
(14,824)
(31,978)
(38,500)
Cash Adjusted EBITDA
$ 235,686
$ 216,042
$ 697,375
$ 647,569
(1) Straight-line ground rent expense, net is included in Operating costs on the Consolidated Statements of Operations.
Reconciliation of Debt Obligations, Net to Net Principal Debt
As of
9/30/2026
Debt obligations, net
$ 5,322,955
Less: Net unamortized premium
(6,725)
Add: Deferred financing fees
32,029
Less: Cash, cash equivalents and restricted cash
(183,478)
Net Principal Debt
$ 5,164,781
Adjusted EBITDA, current quarter annualized
$ 985,576
Net Principal Debt to Adjusted EBITDA, current quarter annualized
5.2x
Adjusted EBITDA, trailing twelve months
$ 969,399
Net Principal Debt to Adjusted EBITDA, trailing twelve months
Landstar (LSTR) má ve 3. čtvrtletí 2026 vykázat tržby ve výši 1,49 mld. USD a zisk 1,62 USD na akcii, což představuje meziroční nárůst o 23,39 %, respektive o 32,79 % na akcii.
Key Takeaways Landstar is set to report Q3 2026 results on Oct. 27, with estimates indicating 32.79% earnings growth.LSTR's revenues are projected to rise 23.39%, driven by strength in truck transportation and rail intermodal.Landstar's earnings ESP of 4.84% signals a potential beat, despite weak freight demand and driver shortages. Landstar System, Inc. (LSTR - Free Report) is scheduled to report third-quarter 2026 results on Oct. 27, after market close.
Landstar has an encouraging earnings surprise history. The company’s earnings have surpassed the Zacks Consensus Estimate in three of the preceding four quarters and missed once, delivering an average beat of 2.13%.
Image Source: Zacks Investment Research
Let’s see how things are likely to have shaped up for Landstarthis earnings season.
Factors to Note Ahead of LSTR’s Q3 Earnings ReleaseThe Zacks Consensus Estimate for LSTR’s third-quarter 2026 earnings has been revised upward by 1.25% over the past 60 days to $1.62 per share. Moreover, the consensus mark for earnings implies a 32.79% rise from the year-ago actuals.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for LSTR’s third-quarter 2026 revenues is pegged at $1.49 billion, indicating 23.39% growth year over year. The top line is likely to have been aided by strength across the majority of its segments. The Zacks Consensus Estimate for truck transportation segment revenues is pegged at $1.36 billion (above our estimate of $1.19 billion), indicating a 25.3% surge from the year-ago reported figure. The Zacks Consensus Estimate for Rail intermodal revenues is pegged at $30.04 million (below our estimate of $31.9 million), indicating a 26.9% uptick from the year-ago reported figure. The Zacks Consensus Estimate for ocean and air-cargo carrier segment revenues is pegged at $57 million (below our estimate of $64.5 million), indicating a 20.8% decline from the year-ago reported figure.
On the flip side, Landstar is being hurt by increase in insurance and claims expense and rising selling, general and administrative expenses. Driver shortage continues to bother the company’s prospects.
What Our Model Says About LSTROur proven model predicts an earnings beat for Landstar this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Landstar has an Earnings ESP of +4.84% and a Zacks Rank #3 at present.
Highlights of LSTR’s Q2 EarningsLandstar reported solid second-quarter 2026 results, wherein its earnings and revenues surpassed the Zacks Consensus Estimate and improved year over year.
Quarterly earnings of $1.44 per share beat the Zacks Consensus Estimate of $1.42 by 1.4%. Earnings rose 20% from $1.20 a year earlier. Revenues of $1.43 billion surpassed the consensus mark of $1.32 billion by 8.3% and increased 18.2% year over year. Higher truck rates and modest load growth drove the top line, with truck revenue per load climbing 17% year over year.
Other Stocks to ConsiderOld Dominion Freight Line (ODFL - Free Report) has an Earnings ESP of +0.25% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
ODFL is scheduled to report third-quarter 2026 earnings on Oct. 28. The Zacks Consensus Estimate for third-quarter 2026 earnings has been revised upward by 0.63% over the past 60 days. ODFL’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, with the average beat being 6.71%.
Kirby Corporation (KEX - Free Report) has an Earnings ESP of +1.87% and a Zacks Rank #3 at present. KEX is scheduled to report third-quarter 2026 earnings on Oct. 28.
The Zacks Consensus Estimate for third-quarter 2026 earnings has been revised upward by 0.51% to $1.96 per share over the past 60 days. KEX’s earnings beat the Zacks Consensus Estimate in three of the preceding four quarters and met the mark on the other occasion. The average beat is 2.86%.
