Track market-moving stories before they get noisy

Blackstone Inc. (BX - Free Report) came out with quarterly earnings of $1.32 per share, beating the Zacks Consensus Estimate of $1.26 per share. This compares to earnings of $1.52 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +4.76%. A quarter ago, it was expected that this investment manager would post earnings of $1.33 per share when it actually produced earnings of $1.52, delivering a surprise of +14.29%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Blackstone Inc., which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $3.22 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 3.03%. This compares to year-ago revenues of $3.3 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.

Blackstone Inc. shares have lost about 28.9% since the beginning of the year versus the S&P 500's gain of 13.3%.

What's Next for Blackstone Inc.?While Blackstone Inc. 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 Blackstone Inc. 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 $1.72 on $4.26 billion in revenues for the coming quarter and $5.85 on $14.63 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, Financial - Miscellaneous Services is currently in the bottom 31% 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, Community Financial System (CBU - Free Report) , has yet to report results for the quarter ended September 2026. The results are expected to be released on October 27.

This bank holding company is expected to post quarterly earnings of $1.19 per share in its upcoming report, which represents a year-over-year change of +14.4%. The consensus EPS estimate for the quarter has been revised 1% higher over the last 30 days to the current level.

Community Financial System's revenues are expected to be $227.32 million, up 9.3% from the year-ago quarter.

The upcoming report from Waste Management (WM - Free Report) is expected to reveal quarterly earnings of $2.18 per share, indicating an increase of 10.1% compared to the year-ago period. Analysts forecast revenues of $6.8 billion, representing an increase of 5.6% year over year.

Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 0.2% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.

Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.

With that in mind, let's delve into the average projections of some Waste Management metrics that are commonly tracked and projected by analysts on Wall Street.

The consensus among analysts is that 'Net Operating revenues- Renewable Energy' will reach $160.30 million. The estimate indicates a change of +39.4% from the prior-year quarter.

Based on the collective assessment of analysts, 'Net Operating revenues- Recycling Processing and Sales' should arrive at $432.20 million. The estimate points to a change of +16.2% from the year-ago quarter.

The average prediction of analysts places 'Net Operating revenues- Healthcare Solutions' at $640.52 million. The estimate indicates a change of +2% from the prior-year quarter.

It is projected by analysts that the 'Internal Revenue Growth - Period-to-Period Change - Total - As a % of Total Company' will reach 5.6%. The estimate compares to the year-ago value of 14.9%.

Analysts predict that the 'Internal Revenue Growth - Period-to-Period Change - Acquisitions - As a % of Total Company' will reach 0.2%. Compared to the current estimate, the company reported 11.9% in the same quarter of the previous year.

Analysts forecast 'Internal Revenue Growth - Period-to-Period Change - Internal revenue growth - As a % of Total Company' to reach 5.2%. Compared to the present estimate, the company reported 3.0% in the same quarter last year.

View all Key Company Metrics for Waste Management here>>>

Shares of Waste Management have demonstrated returns of +10.4% over the past month compared to the Zacks S&P 500 composite's no change. With a Zacks Rank #3 (Hold), WM is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Rambus sits 46% below its 52-week high despite posting record product revenue, and a major AI hyperscaler just handed it a design win that most investors have not noticed yet.

Rambus (NASDAQ:RMBS | RMBS Price Prediction) trades at $93.74 in midday trading. A 24/7 Wall St. price target of $120.50 over the next 12 months implies 28.5% upside. The stock earns a buy rating from the model with high confidence.

24/7 Wall St. Price Target Summary

Metric
Value

Current Price
$93.74

Price Target from 24/7 Wall St.
$120.50

Upside
28.5%

Recommendation
BUY

Confidence Level
90%

Rambus supplies the DDR5 registered clock drivers that sit between processors and memory on server modules, and it licenses HBM4E controller and PCIe 7 switch IP to AI chip designers.

As inference and agentic workloads push more memory channels per CPU, Rambus collects on each one. Investors get that exposure at 26x forward earnings, ahead of third-quarter results due October 26.

Record Revenue, Yet Shares Sit 46% Below the High
The stock fell 4.51% over the past week but gained 7.01% over the past month. It is up 2.01% year to date. Shares traded at $132.48 in mid-June before falling to $81.41 in mid-September, leaving them 46.2% below the 52-week high of $174.10 and 20.3% above the low of $77.89.

The pullback came despite strong results. Second-quarter revenue reached $207.38 million (+20.4% YoY), beating the $198.30 million consensus. Non-GAAP EPS came in at $0.77 against a $0.715 estimate. Product revenue set a record at $99.15 million, and third-quarter guidance calls for revenue of $210 million to $216 million.

Why Bulls See $173 Ahead
Management expects new products to make up a mid-double-digit share of product revenue by the fourth quarter, up from low-double-digits in Q1. It expects MRDIMM to make a more material contribution in 2027 and the server market to move to 16 channels per CPU.

Rambus also secured an HBM design win with a Tier 1 U.S. hyperscaler and expects silicon IP to grow 10% to 15% a year. CEO Luc Seraphin said “the seeds we’ve planted in the last two years should manifest in 2027.”

Six analysts rate the stock a buy and two a hold, with a consensus target of $141.57. Shares could reach $173.76 in the bull case.

Supply Tightness and Inventory Are the Risks Worth Watching
Operating cash flow fell to $61.2 million (-35.1% YoY) as inventory rose to $74.8 million from $44.1 million at the end of 2025. Management describes this as strategic inventory built for coming product ramps while lead times lengthen, and it says it sees no customer stocking.

Supply tightness also caused a downgrade after Q1, and EPS has missed estimates in two of the last five quarters. Traders using the leveraged Corgi RMBS 2x Daily ETF (CBOE:RMBC) should know it resets daily, which amplifies these swings. Even so, our bear case of $105.38 stands above today’s price.

How Rambus Compares to Micron and Credo
Micron Technology (NASDAQ:MU) is both a DRAM customer and a pure-play comparison on the memory cycle. The stock changes hands at just 7x forward earnings with a beta of 2.23, a cyclical discount that Rambus’s royalty base helps it avoid.

Credo Technology (NASDAQ:CRDO) competes for the same connectivity spending in data centers built for AI and trades at 31x forward earnings with a beta of 3.25.

Company
Forward P/E
Beta

Rambus
26x
1.85

Micron
7x
2.23

Credo
31x
3.25

Rambus’s multiple stands between the two peers, and its volatility is the lowest of the three. Against that background, the 24/7 Wall St. price target looks reasonable.

Rambus Earns a BUY Rating Ahead of Earnings
The 24/7 Wall St. price target of $120.50 carries a buy rating with 90% confidence. Record product revenue tips the scale, showing Rambus’s growth has held up while its share price has not.

I’d turn more constructive if third-quarter product revenue secured within the $110 million to $116 million guide. Caution would set in if inventory keeps rising without matching sales. For now, the risk-reward points higher.

Year
Price Target from 24/7 Wall St.

2026
$94.45

2027
$120.50

2028
$144.67

2029
$169.59

2030
$181.12

The projections depend on Rambus keeping pace with its DDR5 and IP roadmap. MRDIMM adoption or extended supply constraints could move results well above or below them.

Contact [email protected] for any questions or corrections.

CHANDLER, Ariz., Oct. 22, 2026 (GLOBE NEWSWIRE) -- Microchip Technology (Nasdaq: MCHP) today announces the expansion of its L-Series of timing devices with the launch of its LX-820 Radiation-Tolerant Quartz Oscillator, designed for Low Earth Orbit (LEO) and other space applications. The L-Series portfolio provides satellite developers with a wide range of oscillator architectures to select from, each with varying frequency stability, phase noise, power and size, catering to different mission requirements.

The L-Series is positioned between commercial off-the-shelf (COTS) oscillators and traditional high-reliability space products, combining commercial- or military-grade components with production inspection, electrical and thermal analysis and hybrid manufacturing. The L-Series oscillators have passed Total Ionizing Dose (TID) and Single-Event Latchup (SEL) testing as complete, functioning devices, with radiation tolerance up to 50 krad and SEL testing to 40 MeV·cm²/mg. Additionally, most L-Series products also use swept quartz to reduce radiation-induced frequency drift. The L-Series OCXOs incorporate ruggedized construction and four-point crystal mounts designed to survive launch and the intended mission profile.

Designed to address two persistent challenges for satellite developers, the L-Series helps ease supply chain constraints while reducing budget pressure. Many timing solutions qualified for space environments have extended lead times and significant procurement costs. The L-Series is designed to provide a more accessible alternative, with many configurations available from stock or with lead times of less than 20 weeks. Additionally, the L-Series oscillators may lower overall program costs by reducing the need for the component pedigree, documentation requirements and inspection overhead that are typically associated with traditional high-reliability space-grade timing products.

“Satellite developers should not have to choose between dependable precision timing and the cost and schedule requirements of their mission,” said Randy Brudzinski, corporate vice president of Microchip’s frequency and time systems business unit. “Our L-Series oscillators bring together the performance, radiation tolerance and supply availability our customers need to confidently deploy their New Space applications using a precision timing solution that helps reduce both schedule and mission risk.”

The new LX-820 is available in a compact 3.2 mm × 2.5 mm surface-mount package and is designed to operate across a wide temperature range from -55°C to 125°C. The rugged device is engineered to meet MIL-PRF-55310 Level B and provides ±100 ppm performance. Additionally, the LX-820 supports CMOS output frequencies from 1.25 MHz to 135 MHz and low-voltage differential signaling (LVDS) output frequencies from 100 MHz to 250 MHz.

Modern satellite systems rely on highly accurate timing references to support communications, navigation, Earth observation, mapping and emerging lunar missions. As these applications can have different timing requirements, Microchip’s L-Series encompasses crystal oscillators (XOs), temperature-compensated crystal oscillators (TCXOs), oven-controlled crystal oscillators (OCXOs) and a pulse-per-second (PPS) disciplined oscillator. These products allow developers to use compact XOs where size and broad frequency coverage are priorities, TCXOs where tighter temperature stability and lower power are needed, OCXOs for more demanding stability and phase-noise requirements, and a disciplined oscillator where PPS synchronization and holdovers are required.

Microchip offers an extensive portfolio of clock and timing systems, ranging from miniature component oscillators, to small plug-in timing server cards, to atomic clocks and multi-rack time scale systems. As a primary contributor to the world's time, Microchip's timing solutions are trusted, reliable and resilient. For more information, visit Microchip's clock and timing solutions webpage.

Pricing and Availability

The LX-820 Crystal Oscillator and other L-Series oscillators are now available in production quantities. For additional information and to purchase, contact a Microchip sales representative or authorized worldwide distributor.

Resources

High-res images available through Flickr or editorial contact (feel free to publish):

Application image: www.flickr.com/photos/microchiptechnology/55522445284/sizes/l About Microchip Technology:
Microchip Technology Inc. is a broadline supplier of semiconductors committed to making innovative design easier through total system solutions that address critical challenges at the intersection of emerging technologies and durable end markets. Its easy-to-use development tools and comprehensive product portfolio supports customers throughout the design process, from concept to completion. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support and delivers solutions across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. For more information, visit the Microchip website at www.microchip.com.

Note: The Microchip name and logo and the Microchip logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.

First BanCorp (FBP - Free Report) came out with quarterly earnings of $0.63 per share, beating the Zacks Consensus Estimate of $0.58 per share. This compares to earnings of $0.51 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +8.62%. A quarter ago, it was expected that this holding company for FirstBank Puerto Rico would post earnings of $0.54 per share when it actually produced earnings of $0.62, delivering a surprise of +14.81%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

First BanCorp, which belongs to the Zacks Banks - Foreign industry, posted revenues of $260.12 million for the quarter ended September 2026, missing the Zacks Consensus Estimate by 3.75%. This compares to year-ago revenues of $248.71 million. The company has topped consensus revenue estimates two 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.

First BanCorp shares have added about 31.9% since the beginning of the year versus the S&P 500's gain of 13.3%.

What's Next for First BanCorp?While First BanCorp 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 First BanCorp 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 $0.62 on $273.86 million in revenues for the coming quarter and $2.40 on $1.07 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, Banks - Foreign is currently in the top 26% 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, Nu Holdings Ltd. (NU - Free Report) , has yet to report results for the quarter ended September 2026.

This company is expected to post quarterly earnings of $0.23 per share in its upcoming report, which represents a year-over-year change of +35.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Nu Holdings Ltd.'s revenues are expected to be $5.73 billion, up 37.3% from the year-ago quarter.

USDJPY fell sharply during late Asian/early European trading on Thursday (down 0.8%) and attempts to break below multi-day range, after the action was repeatedly capped by daily cloud top / 200DMA.

Fresh drop weakens the structure on daily chart, as the price moves deeper into thick daily cloud and breaks below daily Kijun-sen (157.16), pressuring next significant support at 156.68 (Fibo 38.2% of 152.88/159.03 upleg).

Falling 14-d momentum broke into negative territory, contributing to negative near-term outlook, with daily close below 157.50 (range floor) seen as minimum requirement to keep fresh bears in play.

In addition, break and close below 156.68 Fibo support would confirm negative signal and open way for deeper drop, which may challenge daily cloud base (155.65).

Alternatively, return and close within existing range would signal false break lower and keep the price in prolonged sideways mode.

Only sustained break above 200DMA / cloud top would be a game changer.

Res: 157.16; 157.58; 157.88; 158.53

Sup: 156.68; 156.37; 155.96; 155.65

Windsor Brokers Ltdhttp://www.windsorbrokers.com/

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

CHICAGO, Oct. 22, 2026 (GLOBE NEWSWIRE) -- New findings from TransUnion’s (NYSE: TRU) latest global Top Fraud Trends Report show that fraudsters are increasingly exploiting the trust associated with legitimate identities and brands rather than creating fake ones. As the threat evolves, organizations face growing financial consequences, with business leaders estimating fraud losses equivalent to nearly 7% of annual revenue in the past year. Meanwhile, advances in AI and automation are helping criminals open fraudulent accounts, infiltrate existing ones and undermine customer relationships at greater scale.

TransUnion’s report, Fraud in the Age of Continuous Trust, found that 81% of suspected digital fraud globally in H1 2026 occurred during interactions with existing customers, as fraudsters exploit trusted relationships and established accounts.

"As fraudsters increasingly exploit trusted relationships beyond onboarding, organizations need to move to a more connected understanding of trust," said Brian Killeen, vice president of global identity solutions at TransUnion." Harnessing intelligence across the customer lifecycle and applying context to each interaction is critical to identifying emerging threats and enabling trusted interactions."

Additional findings from the report indicate trust is being manipulated at scale through existing communication channels. Nearly one in five outbound business-to-consumer calls with U.S. mobile carriers was spoofed in the first half of 2026, demonstrating how fraudsters can exploit phone network vulnerabilities to impersonate trusted organizations and enable account takeover and payment fraud. Similarly, six in 10 business leaders indicated their customers were victimized by text spoofing in the last year, further illustrating the widespread exploitation of trusted communication channels.

Together, these findings demonstrate how fraudsters increasingly operate outside the enterprise, using communication channels such as phone calls and text messages to manipulate consumers directly on their devices. These scams are often designed to convince victims to open new accounts or grant access to existing ones, fueling a growing wave of scam and authorized fraud, with 35% of U.S. business leaders identifying it as the
leading source of fraud losses.

Scam/Authorized Fraud Was Cited as the Leading Source of Fraud Losses in the U.S. and Worldwide
Business leaders citing these fraud types as their organization’s largest source of losses in the past year

 Account
Takeover FraudFirst-Party FraudScam/Authorized
FraudSynthetic
Identity FraudThird-Party
FraudU.S.16%18%35%18%9%Global17%15%29%18%17% Source: TransUnion business fraud survey, June 2026

The study also examined where fraud occurs across the customer lifecycle and how risks differ by industry. Key findings include:

Retail: Account creation risk is especially high due to promotion abuse, as customers often need accounts to access discounts. At the same time, retailers typically use lower-friction identity verification to remain competitive.
Financial Services: While account creation presents immediate risk of fraud, transaction related activities pose even greater risk. This underscores the importance of connecting identity, behavioral and transactional intelligence to identify emerging threats throughout the customer relationship
Gaming (online gambling and betting): Fraud risk remains high throughout the customer lifecycle. While strong identity verification helps reduce some threats, fraudsters still target new accounts for bonus abuse, with additional risks emerging during account logins and transactions.
“Fraud risk is shaped by context. Across industries, these findings show how threats evolve throughout the customer journey, revealing where organizations are most exposed and why effective fraud prevention must adapt to the specific interaction and threat,” said Clint Lowry, vice president of global fraud strategy at TransUnion.

AI is Accelerating Fraud, Demanding Faster, More Adaptive Defenses

The report also shows that fraud is becoming more adaptive and harder to contain. AI has fundamentally changed the economics of fraud by automating activities that once required significant human effort, including creating identities, generating content and targeting victims. This allows fraudsters to accelerate and scale their attacks faster than organizations can adapt their detection capabilities and mitigation strategies.

Forty three percent of U.S. business leaders said the growing scale and sophistication of fraud is placing significant or severe pressure on their organizations. Synthetic identity fraud is a key concern, with 67% expecting it to increase over the next two years and 53% citing it as the threat they are least prepared to address.

In the U.S., 51% of business leaders reported increased scam and authorized fraud activity over the past year. U.S. lenders face an estimated $2.4 billion in exposure tied to synthetic identities as of June 30, 2026.

Killeen added, “AI is accelerating the pace at which fraudsters develop, scale and adapt their attacks. To keep pace, organizations must shorten the time between detecting emerging threats, learning from them and adapting their defenses, turning intelligence into action before vulnerabilities can be exploited.”

To learn more about the findings in Fraud in the Age of Continuous Trust, click here.

To learn more about how TransUnion Fraud Solutions help organizations identify emerging fraud earlier, strengthen digital trust and protect customer relationships while maintaining friction-right experiences, click here.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments, we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

http://www.transunion.com/business

Railroad achieves record quarterly revenues and strong earnings growth

, /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) announced Thursday its third quarter 2026 financial results. For the quarter, revenue was $3.5 billion, income from railway operations was $1.2 billion, operating ratio was 67.4%, and diluted earnings per share were $3.37. 

Adjusting the results to exclude merger-related expenses and the effects of the Eastern Ohio incident, third quarter income from railway operations was $1.2 billion, the operating ratio was 65.4%, and diluted earnings per share were $3.62.

"Norfolk Southern delivered another quarter of solid execution, with record revenues, and strong earnings growth aided by continued productivity gains across the network, reflecting continued momentum in our business and the dedication of our team," said Mark George, Norfolk Southern President and Chief Executive Officer. "Throughout the quarter, we remained focused on safely serving customers, improving operational performance, while maintaining disciplined cost control despite rising fuel costs. Demand for rail service increased during the quarter, as a tighter trucking market highlighted rail's competitive advantages and underscored the opportunity for a more efficient, capacity-enhanced freight network. We remain focused on investing in a stronger, more resilient rail network that can support growth we see on the horizon."

Third Quarter Summary 

Railway operating revenues of $3.5 billion were a quarterly record, up $423 million, or 14% compared to the third quarter 2025, on a volume increase of 3% year-over-year, and higher fuel surcharges representing eight points of the revenue growth. 

Income from railway operations was $1.2 billion, an increase of $52 million, or 5%, compared to third quarter 2025. 

Adjusting for the effects of merger-related expenses and the Eastern Ohio incident in both years and restructuring and other charges in 2025, adjusted income from railway operations was $1.2 billion, an increase of $82 million, or 7%, compared to adjusted third quarter 2025.

Operating ratio in the quarter was 67.4% compared to 64.6% in third quarter 2025.

Adjusting for the effects of merger-related expenses and the Eastern Ohio incident in both years and restructuring and other charges in 2025, the adjusted operating ratio for third quarter 2026 was 65.4%, 210 basis points higher than adjusted third quarter 2025. 

Diluted earnings per share were $3.37, up $0.21, or 7%, compared to third quarter 2025.

Adjusting for the effects of merger-related expenses and the Eastern Ohio incident in both years and restructuring and other charges in 2025, adjusted diluted earnings per share were $3.62, up $0.32, or 10%, compared to adjusted third quarter 2025.

About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver approximately 7 million carloads annually, from agriculture to consumer goods. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports across the Gulf Coast and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.

Cautionary Statement on Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like "may," "will," "could," "would," "should," "expect," "anticipate," "believe," "project," or other comparable terminology. While the Company has based these forward-looking statements on those expectations, assumptions, estimates, beliefs, and projections it views as reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control, including but not limited to: (i) changes in domestic or international economic, political or business conditions, including those impacting the transportation industry; (ii) the Company's ability to successfully implement its operational, productivity, and strategic initiatives; (iii) a significant adverse event on our network, including but not limited to a mainline accident, discharge of hazardous material, or climate-related or other network outage; (iv) the outcome of claims, litigation, governmental proceedings, and investigations involving the Company, including those with respect to the Eastern Ohio incident; (v) new or additional governmental regulation and/or operational changes resulting from or related to the Eastern Ohio incident; (vi) a significant cybersecurity incident or other disruption to our technology infrastructure; and (vii) those pertaining to the Merger. These and other important factors, including those discussed under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 9, 2026, may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Non-GAAP Financial Measures

Information included within this press release contains non-GAAP financial measures, including adjusted income from railway operations, adjusted operating ratio, and adjusted diluted earnings per share. Non-GAAP financial measures should be considered in addition to, not as a substitute for, the financial measures reported in accordance with U.S. generally accepted accounting principles (GAAP). 

Our non-GAAP financial results for the third quarters of 2026 and 2025 exclude merger-related expenses and the effects from the Eastern Ohio Incident (the Incident).  Our non-GAAP financial results for the third quarter of 2025 also exclude restructuring and other charges.  The following tables adjust our GAAP financial results for the third quarters of 2026 and 2025 to exclude the effects of those items. The income tax effects of the non-GAAP adjustments were calculated based on the applicable tax rates to which the non-GAAP adjustments related.  We use these non-GAAP financial measures internally and believe this information provides useful supplemental information to investors to facilitate making period-to-period comparisons by excluding these costs. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant to be considered in isolation from, or as a substitute for, the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similar measures presented by other companies.  Information about the adjustments that are not currently available to us could have a potentially unpredictable and significant impact on future GAAP results.  Further information about the Company's non-GAAP measures are available on our website at www.norfolksouthern.com on the Investors page under Events and Presentations.  

($ in millions, except per share amounts)

Third

Quarter 2026

Income from railway operations

$

1,150

     Merger-related expenses and effects of 
     the Incident

70

Adjusted income from railway operations

$

1,220

Operating ratio

67.4 %

     Merger-related expenses and effects of 
     the Incident

(2.0 %)

Adjusted operating ratio

65.4 %

Diluted earnings per share

$

3.37

      Merger-related expenses and effects of 
      the Incident

0.25

Adjusted diluted earnings per share

$

3.62

($ in millions, except per share amounts)

Third

Quarter 2025

Income from railway operations

$

1,098

     Merger-related expenses, restructuring
     and other charges, and effects of the
     Incident

40

Adjusted income from railway operations

$

1,138

Operating ratio

64.6 %

     Merger-related expenses, restructuring
     and other charges, and effects of the
     Incident

(1.3 %)

Adjusted operating ratio

63.3 %

Diluted earnings per share

$

3.16

     Merger-related expenses, restructuring
     and other charges, and effects of the
     Incident

0.14

Adjusted diluted earnings per share

$

3.30

SOURCE Norfolk Southern Corporation

Delivered Record First Quarter Operating Income, Up 28 Percent Year-Over-Year
Strong Results Reflect Productivity Improvements, Mix Optimization and Benefits from Pricing Actions
Realized Adjusted Operating Margin in Specialty Alloys Operations Segment of 37.7 Percent
Demand Accelerating in Commercial Aerospace Supply Chain, Resulting in Increased Bookings

PHILADELPHIA, Oct. 22, 2026 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE: CRS) (the “Company”) today announced financial results for the fiscal first quarter ended September 30, 2026. For the quarter, the Company reported operating income of $196.4 million and earnings per diluted share of $3.25.

First Quarter Fiscal Year 2027 Highlights

Delivered $196.4 million of operating income, up 28 percent year-over-year and down 5 percent sequentiallySequential performance reflects productivity improvements, mix management and benefits from pricing actions, offset by planned downtime for preventive maintenance activitiesGenerated Specialty Alloys Operations (“SAO”) segment operating income of $216.3 million, up 27 percent year-over-year and down 6 percent sequentiallyDelivered adjusted operating margin of 37.7 percent in the SAO segment, up from 32.0 percent in the prior year first quarter and in line with 37.8 percent in the fourth quarter of fiscal year 2026Strong bookings for Commercial Aerospace, led by aerospace structural and distribution sub-markets which saw bookings increase 23 percent sequentially and 49 percent year-over-yearExecuted $133.9 million in share repurchases against repurchase programs; announced additional $1.0 billion share repurchase program in August 2026Realized earnings per diluted share of $3.25 in the quarterGenerated $52.8 million of cash from operating activities Outlook

For the second quarter of fiscal year 2027, anticipate between $192 million to $197 million in operating incomeMaintain fiscal year 2027 operating income outlook in the range of $850 million to $880 million, representing a 21 percent to 25 percent increase over fiscal year 2026 operating incomeWell positioned for continued growth beyond fiscal year 2027 with strong market demand for our broad portfolio of specialized solutions, ongoing productivity improvements, product mix optimization, and realization of pricing actions
“Carpenter Technology delivered another strong quarter, generating $196.4 million of operating income in the first quarter of fiscal year 2027,” said Tony R. Thene, Chairman, President and CEO of Carpenter Technology. “This was the most profitable first quarter in the Company’s history, up 28 percent over the first quarter of fiscal year 2026, establishing a strong foundation for the rest of the fiscal year. The results, driven by productivity improvements, mix management and the benefits of pricing actions, were impressive for a quarter with increased preventive maintenance activities. Specifically, the SAO segment delivered $216.3 million of operating income and adjusted operating margin of 37.7 percent in the quarter, both significant increases over the previous year first quarter.”

“Notably, in the current quarter we saw a step up in demand, especially in the commercial aerospace supply chain. Customers in the aerospace structural and distribution sub-markets have increasing confidence in the industry’s ability to ramp and our engine customers are increasing activity to support new builds and elevated MRO activity. As a result, we saw increased sequential bookings across the commercial aerospace sub-markets, with the aerospace structural and distribution sub-markets leading the way. Further, in the strong demand environment, pricing continues to strengthen across our business.”

“We maintain our recently communicated fiscal year 2027 operating income outlook of $850 million to $880 million and our fiscal year 2029 operating income target of $1.2 billion to $1.3 billion which reflects the accelerating demand environment, continued benefits of pricing actions and the expected contribution from our brownfield capacity expansion project.”

“In addition, we are currently working on specific actions and projects to exceed our operating income targets for fiscal year 2027 and fiscal year 2029. With macro trends so strong and accelerating, we see additional upside to demand, pricing opportunity and productivity improvement that could drive our operating income even higher.”

“Altogether, we believe we have a compelling value creation story. We are delivering record results today with strong operating margins and levers to expand margins further, we see accelerating demand across our key end-use markets, and we continue to benefit from pricing actions. As a result, we have a clear path to significant earnings growth over the next several years, and we are positioned to create substantial long-term value for our shareholders.”

Financial Highlights

  Q1 Q4 Q1($ in millions, except per share amounts) FY2027 FY2026 FY2026Net sales $798.2  $851.0 $733.7 Net sales excluding surcharge (a) $634.8  $679.7 $603.1 Operating income $196.4  $206.9 $153.3 Net income $162.5  $162.4 $122.5 Earnings per diluted share $3.25  $3.23 $2.43 Net cash provided from operating activities $52.8  $240.1 $39.2 Free cash flow (a) $(24.8) $155.0 $(3.4)       (a) Non-GAAP financial measures explained in the attached tables
  Net sales for the first quarter of fiscal year 2027 were $798.2 million, compared with $733.7 million in the first quarter of fiscal year 2026, an increase of $64.5 million (or 9 percent). Net sales excluding surcharge were $634.8 million for the current quarter, an increase of $31.7 million (or 5 percent) from the same period a year ago.

Operating income for the first quarter of fiscal year 2027 was $196.4 million compared to operating income of $153.3 million in the prior year period. Earnings per diluted share for the first quarter of fiscal year 2027 was $3.25 compared to earnings of $2.43 per diluted share in the prior year first quarter.

Cash provided from operating activities in the first quarter of fiscal year 2027 was $52.8 million, compared to $39.2 million in the same quarter last year. Free cash flow in the first quarter of fiscal year 2027 was negative $24.8 million, compared to negative $3.4 million in the same quarter last year. The increase in operating cash flow in the first quarter of fiscal year 2027 reflects higher earnings partially offset by changes in working capital, primarily inventory, compared to the same quarter last year. The unfavorable change in free cash flow reflects increased capital expenditures compared to the prior year period, namely from the brownfield expansion. Capital expenditures were $77.7 million in the first quarter of fiscal year 2027 compared to $42.6 million in the same quarter last year.

During the quarter ended September 30, 2026, the Company purchased 241,924 shares of its common stock on the open market for an aggregate of $133.9 million. As of September 30, 2026, $985.0 million remains available for future purchases under the $1.0 billion share repurchase program authorized in August 2026.

Total liquidity, including cash and available revolver balance, was $658.6 million at the end of the first quarter of fiscal year 2027. This consisted of $159.5 million of cash and $499.1 million of available borrowings under the Company’s Credit Facility.

Conference Call and Webcast Presentation

Carpenter Technology will host a conference call and webcast presentation today, October 22, 2026, at 10:00 a.m. ET, to discuss the financial results of operations for the first quarter of fiscal year 2027. Please dial +1 (833) 461-5787 for access to the live conference call. Access to the live webcast will be available at Carpenter Technology’s website (https://www.carpentertechnology.com), and a replay will soon be made available at https://www.carpentertechnology.com. Presentation materials used during this conference call will be available for viewing and download at https://www.carpentertechnology.com.

Non-GAAP Financial Measures

This press release includes discussions of financial measures that have not been determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). A reconciliation of the non-GAAP financial measures to their most directly comparable financial measures prepared in accordance with GAAP, accompanied by reasons why the Company believes the non-GAAP measures are important, are included in the attached schedules.

About Carpenter Technology

Carpenter Technology Corporation is a recognized leader in high-performance specialty alloy materials and process solutions for critical applications in the aerospace and defense, medical, energy, transportation, and industrial and consumer markets. Founded in 1889, Carpenter Technology has evolved to become a pioneer in premium specialty alloys including nickel, cobalt, and titanium and material process capabilities that solve our customers' current and future material challenges. More information about Carpenter Technology can be found at https://www.carpentertechnology.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among other things, statements regarding guidance, outlook, targets, objectives, future operating performance, cash generation, capital allocation, market conditions and strategic initiatives. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated, expected or implied. The most significant of these uncertainties are described in Carpenter Technology's filings with the Securities and Exchange Commission, including its report on Form 10-K for the fiscal year ended June 30, 2026, and the exhibits attached to that filing. They include but are not limited to: (1) the cyclical nature of the specialty materials business and certain end-use markets, including aerospace, defense, medical, energy, transportation, industrial and consumer, or other influences on Carpenter Technology's business such as new competitors, the consolidation of competitors, customers, and suppliers or the transfer of manufacturing capacity from the United States to foreign countries; (2) the ability of Carpenter Technology to achieve cash generation, growth, earnings, profitability, operating income, cost savings and reductions, qualifications, productivity improvements or process changes; (3) the ability to recoup increases in the cost of energy, raw materials, freight or other factors; (4) domestic and foreign excess manufacturing capacity for certain metals; (5) fluctuations in currency exchange and interest rates; (6) the effect of government trade actions, including tariffs; (7) the valuation of the assets and liabilities in Carpenter Technology's pension trusts and the accounting for pension plans; (8) possible labor disputes or work stoppages; (9) the potential that our customers may substitute alternate materials or adopt different manufacturing practices that replace or limit the suitability of our products; (10) the ability to successfully acquire and integrate acquisitions; (11) the availability of credit facilities to Carpenter Technology, its customers or other members of the supply chain; (12) the ability to obtain energy or raw materials, especially from suppliers located in countries that may be subject to unstable political or economic conditions; (13) Carpenter Technology's manufacturing processes are dependent upon highly specialized equipment located primarily in facilities in Reading and Latrobe, Pennsylvania and Athens, Alabama for which there may be limited alternatives if there are significant equipment failures or a catastrophic event; (14) the ability to hire and retain a qualified workforce and key personnel, including members of the executive management team, management, metallurgists and other skilled personnel; (15) fluctuations in oil and gas prices and production; (16) the impact of potential cybersecurity incidents, ransomware attacks, malicious AI usage, operational technology disruptions, information technology failures, data security breaches and failures of third-party technology service providers; (17) the ability of suppliers, logistics providers and other supply-chain participants to meet obligations due to capacity constraints, transportation disruptions, energy shortages, geopolitical events, labor shortages or other factors; (18) the ability to meet increased demand, production targets or commitments; (19) the ability to manage the impacts of natural disasters, climate change, pandemics and outbreaks of contagious diseases and other adverse public health developments; (20) geopolitical, economic, regulatory and security risks relating to our global business, including international conflicts, military actions, diplomatic tensions, trade restrictions, sanctions, disruptions to transportation corridors and shipping routes and changes in U.S. and foreign trade, tax and regulatory requirements; (21) challenges affecting the commercial aviation industry or key participants; (22) the consequences of the announcement, maintenance or use of Carpenter Technology’s share repurchase program; and (23) the ability to successfully execute major capital projects and brownfield expansion initiatives, including achieving expected costs, schedules, capacity additions, productivity improvements and returns on investment. Any of these factors could have an adverse and/or fluctuating effect on Carpenter Technology's results of operations. The forward-looking statements in this document are intended to be subject to the safe harbor protection provided by 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. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this press release or as of the dates otherwise indicated in such forward-looking statements. Carpenter Technology undertakes no obligation to update or revise any forward-looking statements.

PRELIMINARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(Unaudited)     Three Months Ended  September 30,   2026   2025 NET SALES $798.2  $733.7 Cost of sales  541.9   517.3 Gross profit  256.3   216.4      Selling, general and administrative expenses  59.9   63.1 Operating income  196.4   153.3      Interest expense, net  7.1   11.5 Other income, net  (3.1)  (3.0)     Income before income taxes  192.4   144.8 Income tax expense  29.9   22.3      NET INCOME $162.5  $122.5      EARNINGS PER COMMON SHARE:    Basic $3.26  $2.45 Diluted $3.25  $2.43      WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:    Basic  49.8   50.1 Diluted  50.0   50.4      Cash dividends per common share $0.20  $0.20       PRELIMINARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)     Three Months Ended  September 30,   2026   2025 OPERATING ACTIVITIES    Net income $162.5  $122.5 Adjustments to reconcile net income to net cash provided from operating activities:    Depreciation and amortization  36.6   36.0 Deferred income taxes  11.6   5.8 Net pension expense  1.5   3.6 Share-based compensation expense  6.4   5.6 Net loss on disposals of property, plant and equipment  0.3   0.3 Changes in working capital and other:    Accounts receivable  (18.7)  (36.2)Inventories  (61.6)  15.6 Other current assets  (13.3)  7.7 Accounts payable  24.1   (27.0)Accrued liabilities  (88.5)  (85.9)Pension plan contributions  (8.6)  (5.9)Other postretirement plan contributions  (0.7)  (0.9)Other, net  1.2   (2.0)Net cash provided from operating activities  52.8   39.2 INVESTING ACTIVITIES    Purchases of property, plant, equipment and software  (77.7)  (42.6)Proceeds from disposals of property, plant and equipment  0.1   — Net cash used for investing activities  (77.6)  (42.6)FINANCING ACTIVITIES    Dividends paid  (9.9)  (10.1)Purchases of treasury stock  (133.9)  (49.1)Proceeds from stock options exercised  0.4   0.5 Withholding tax payments on share-based compensation awards  (65.2)  (45.5)Net cash used for financing activities  (208.6)  (104.2)Effect of exchange rate changes on cash and cash equivalents  (0.4)  0.1 DECREASE IN CASH AND CASH EQUIVALENTS  (233.8)  (107.5)Cash and cash equivalents at beginning of year  393.3   315.5 Cash and cash equivalents at end of period $159.5  $208.0       PRELIMINARY
CONSOLIDATED BALANCE SHEETS
(in millions)
(Unaudited)       September 30, June 30,   2026   2026 ASSETS    Current assets:    Cash and cash equivalents $159.5  $393.3 Accounts receivable, net  722.2   701.9 Inventories  884.4   822.9 Other current assets  76.0   63.1 Total current assets  1,842.1   1,981.2 Property, plant, equipment and software, net  1,538.0   1,487.9 Goodwill  227.3   227.3 Other intangibles, net  2.4   3.9 Deferred income taxes  5.5   5.5 Other assets  129.4   132.5 Total assets $3,744.7  $3,838.3      LIABILITIES    Current liabilities:    Accounts payable $345.3  $313.4 Accrued liabilities  122.2   206.6 Total current liabilities  467.5   520.0      Long-term debt  691.0   690.7 Accrued pension liabilities  82.4   89.6 Accrued postretirement benefits  21.7   22.2 Deferred income taxes  207.4   196.9 Other liabilities  91.9   91.3 Total liabilities  1,561.9   1,610.7      STOCKHOLDERS' EQUITY    Common stock  286.8   286.8 Capital in excess of par value  341.8   357.1 Reinvested earnings  2,352.3   2,199.7 Common stock in treasury, at cost  (772.5)  (595.6)Accumulated other comprehensive loss  (25.6)  (20.4)Total stockholders' equity  2,182.8   2,227.6 Total liabilities and stockholders' equity $3,744.7  $3,838.3       PRELIMINARY
SEGMENT FINANCIAL DATA
(in millions)
(Unaudited)     Three Months Ended  September 30,   2026   2025 Net sales:    Specialty Alloys Operations    Net sales excluding surcharge $573.5  $533.9 Surcharge  156.9   125.7 Specialty Alloys Operations net sales  730.4   659.6      Performance Engineered Products    Net sales excluding surcharge  83.0   87.2 Surcharge  8.1   6.4 Performance Engineered Products net sales  91.1   93.6      Intersegment    Net sales excluding surcharge  (21.7)  (18.0)Surcharge  (1.6)  (1.5)Intersegment net sales  (23.3)  (19.5)     Consolidated net sales $798.2  $733.7      Operating income (loss):    Specialty Alloys Operations $216.3  $170.7 Performance Engineered Products  7.3   9.4 Corporate  (26.1)  (26.6)Intersegment  (1.1)  (0.2)Consolidated operating income $196.4  $153.3       The Company has two reportable segments, Specialty Alloys Operations (“SAO”) and Performance Engineered Products (“PEP”).

The SAO segment is comprised of Carpenter's major premium alloy and stainless steel manufacturing operations. This includes operations performed at mills primarily in Reading and Latrobe, Pennsylvania and surrounding areas as well as South Carolina and Alabama.

The PEP segment is comprised of the Company’s differentiated operations. This segment includes the Dynamet titanium business, the Carpenter Additive business and the Latrobe and Mexico distribution businesses. The businesses in the PEP segment are managed with an entrepreneurial structure to promote flexibility and agility to quickly respond to market dynamics. It is our belief this model will ultimately drive overall revenue and profit growth.

Corporate costs are comprised of executive and director compensation, and other corporate facilities and administrative expenses not allocated to the segments. Also included are items that management considers not representative of ongoing operations and other specifically-identified income or expense items.

The service cost component of net pension expense, which represents the estimated cost of future pension liabilities earned associated with active employees, is included in the operating results of the business segments. The residual net pension expense is included in other income, net, and is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans, amortization of actuarial gains and losses and prior service costs.

PRELIMINARY
NON-GAAP FINANCIAL MEASURES
(in millions, except per share data)
(Unaudited)   ADJUSTED OPERATING MARGIN EXCLUDING SURCHARGE REVENUE
 Three Months Ended September 30,  2026   2025 Net sales $798.2  $733.7 Less: surcharge revenue  163.4   130.6 Net sales excluding surcharge revenue $634.8  $603.1      Operating income $196.4  $153.3      Operating margin  24.6%  20.9%     Adjusted operating margin excluding surcharge revenue  30.9%  25.4% ADJUSTED SEGMENT OPERATING MARGIN EXCLUDING SURCHARGE REVENUE
 Three Months Ended September 30,  2026   2025 Specialty Alloys Operations    Net sales $730.4  $659.6 Less: surcharge revenue  156.9   125.7 Net sales excluding surcharge revenue $573.5  $533.9      Operating income $216.3  $170.7      Operating margin  29.6%  25.9%     Adjusted operating margin excluding surcharge revenue  37.7%  32.0% ADJUSTED SEGMENT OPERATING MARGIN EXCLUDING SURCHARGE REVENUE
 Three Months Ended September 30,  2026   2025 Performance Engineered Products    Net sales $91.1  $93.6 Less: surcharge revenue  8.1   6.4 Net sales excluding surcharge revenue $83.0  $87.2      Operating income $7.3  $9.4      Operating margin  8.0%  10.0%     Adjusted operating margin excluding surcharge revenue  8.8%  10.8%          Management believes that removing the impact of raw material surcharge from operating margin provides a more consistent basis for comparing results of operations from period to period, thereby permitting management to evaluate performance and investors to make decisions based on the ongoing operations of the Company. Management uses its results excluding this amount to evaluate its operating performance and to discuss its business with investment institutions, the Company’s board of directors and others.

  Three Months Ended  September 30,FREE CASH FLOW  2026   2025 Net cash provided from operating activities $52.8  $39.2 Purchases of property, plant, equipment and software  (77.7)  (42.6)Proceeds from disposals of property, plant and equipment  0.1   — Free cash flow $(24.8) $(3.4)      Management believes that the presentation of free cash flow provides useful information to investors regarding our financial condition because it is a measure of cash generated which management evaluates for alternative uses. It is management's current intention to use excess cash to fund investments in capital equipment, acquisition opportunities and consistent dividend payments. Additionally, we will discretionarily use excess cash for a share repurchase program up to $1.0 billion of our outstanding common stock. Free cash flow is not a U.S. GAAP financial measure and should not be considered in isolation of, or as a substitute for, cash flows calculated in accordance with U.S. GAAP.

PRELIMINARY
SUPPLEMENTAL SCHEDULE
(in millions)
(Unaudited)     Three Months Ended  September 30,NET SALES BY END-USE MARKET 2026
 2025
End-Use Market Excluding Surcharge Revenue:    Aerospace and Defense $425.4 $388.3Medical  51.7  61.6Energy  32.9  42.5Transportation  19.8  17.9Industrial and Consumer  83.2  75.0Distribution  21.8  17.8Total net sales excluding surcharge revenue  634.8  603.1Surcharge revenue  163.4  130.6Total net sales $798.2 $733.7      Investor Inquiries: Media Inquiries:John Huyette Heather Beardsley+1 610-208-2061 +1 [email protected] [email protected]

Showing strong momentum in its Student Financial Software (SFS) solution, Flywire announced the milestone at its third-annual U.S. education conference, Flywire Fusion, which brought together 150+ attendees from leading U.S. institutions  | Source: Flywire Corporation

BOSTON, Oct. 22, 2026 (GLOBE NEWSWIRE) -- Flywire Corporation (NASDAQ: FLYW), a global payments enablement and software company, today announced a major milestone in higher education tuition management – more than 1 million payment plans have now been activated since inception by students at institutions using Flywire’s Student Financial Software (SFS).

Higher education institutions using SFS on average see a 50% increase in plan enrollment with default rates under 2% – helping to ensure predictable revenue streams for schools that rely on tuition to fund operations.

The milestone, announced at Flywire’s third-annual Fusion conference in Austin, Texas, was met with great fanfare by the 150+ attendees across 70 public, private and community institutions from across the U.S. The attendees rallied around the idea that the current environment requires a new approach to the tuition management experience. They are eager to modernize the student financial experience not only to best serve their students and families, but to operate at the pace and level of efficiency today’s student finance office demands.

“There is real value for students and the staff in modernizing the way we handle tuition processes,” said Penn State, who detailed their SFS implementation on stage. “Flywire has been a visionary partner for us in solving complex tuition-related payment flows, and we believe there will be strong ROI as we expand our partnership.”

Driving Retention and Financial Agility for Higher Education

Flywire SFS is becoming a tool that industries rely on amid tight institution budgets, shifting federal and state policy and regulations, and changing student needs. Recent performance metrics highlight the impact of Flywire SFS across client campuses:

1 million + payment plans activated: Reached a record milestone in payment plan adoption since inception, representing a 50% increase in payment plan enrollment across partner institutions.Single digit default rates: Less than 2% of students default on their payment plans, ensuring reliable revenue streams for colleges and universities while keeping students on track toward graduation.$93 million in savings on past-due collections: Proactive outreach and automated engagement tools helped institutions recover millions in outstanding tuition balances prior to collection agency escalation.20% fewer accounts sent to collections: Flexible financial pathways help reduce the need and cost of third-party collection agencies.229,000 at-risk students enrolled saved from collections. Flexible payment plans help thousands of students remain enrolled and continue pursuing higher ed degrees.$468 million in past-due tuition collected: Advanced receivables workflows enabled institutions to collect millions in past-due balances while maintaining compassionate student communication. "Surpassing 1 million payment plan enrollments is a testament to how higher education leaders are seeing student financial experiences as a driver of retention and revenue. By providing more flexible options and modernizing tuition payment operations, institutions are not only looking out for their students, but positioning themselves for long-term financial sustainability.” - Sharon Butler, Co-President of Global Education

Practical Solutions and Innovation on Display at Flywire Fusion Conference

In its third year, Flywire Fusion brings institution leaders together to collaborate and learn from experts and one another on the most pressing topics in higher education today, such as financial sustainability and revenue diversification, artificial intelligence, federal and state policy updates and much more.

Evidence of Flywire’s commitment to innovation in the higher education sector, Flywire engineers built SFS numerous enhancements live, in 24 hours, on-site, as voted on by institutions in the Flywire Hackathon. They were revealed on-stage by Flywire Chief Product Officer David King.

“Institutions don’t just buy software from Flywire. They get a true innovation partner. What our engineers built onsite in 24 hours reflects our overall approach to problem solving for our clients - we listen, we build quickly and we keep improving.” - David King, Co-President of Education and Chief Product Officer, Flywire.

Celebrating Client Innovation: Flywire Fusion Star Award Winners Demonstrate Strong ROI and Student Impact

At Flywire Fusion, the company also recognized outstanding achievements among its higher education client community and partner ecosystem, celebrating institutions that have set new standards for operational efficiency, cross-departmental collaboration, and student experience.

“Our institutional partners continue to redefine what seamless student financial engagement looks like,” said Allison MacLeod, Chief Commercial Officer at Flywire. “We are thrilled to honor this year's award winners for their commitment to excellence, innovation, and transforming the student payment experience.”

The 2026 Flywire Fusion Award winners include:

Award CategoryRecipient
Best NewcomerPenn State UniversityOptimization ExcellenceUC IrvineImplementation ExcellenceBlinn College DistrictBest Practice LeaderWorcester Polytechnic Institute (WPI)Innovative LeaderWesleyan University + Worcester Polytechnic Institute (WPI)Process ImprovementWestern Governors University (WGU)Student ExperienceBall State UniversityTrailblazerWentworth Institute of TechnologyCross-Campus FusionUniversity of Northern ColoradoPartner of the YearWorkdayShining StarUniversity of North Texas
Resources

Flywire Fusion took place October 19 - October 21 in Austin, Texas with Citi (NYSE: C), GradGuard as Platinum Sponsors, Discover Global Network and Workday as Gold sponsors and American Express, ConServe, and Todd, Bremer & Lawson, Inc. Silver Sponsors.To learn more about Flywire’s solutions for the U.S. higher education industry, visit here. About Flywire
Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.

Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.

Flywire supports more than 5,300* clients with diverse payment methods in more than 140 currencies across 240 countries and territories around the world. Flywire is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on X (formerly known as Twitter), LinkedIn and Facebook.

*Not including Flywire’s Invoiced and Sertifi acquisitions

Media Contact

Sarah King

[email protected]

Investor Relations Contact

Masha Kahn

[email protected]

Forward Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Flywire's strategy, expectations and plans of its Education business, market growth and trends. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire's forward-looking statements include, among others, the factors that are described in the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of Flywire's Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC's website at https://www.sec.gov/. The information in this release is provided only as of the date of this release, and Flywire undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

CBRE Group (CBRE - Free Report) came out with quarterly earnings of $2.05 per share, beating the Zacks Consensus Estimate of $1.97 per share. This compares to earnings of $1.61 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +4.06%. A quarter ago, it was expected that this provider of real estate investment management services would post earnings of $1.47 per share when it actually produced earnings of $1.56, delivering a surprise of +6.12%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

CBRE, which belongs to the Zacks Real Estate - Operations industry, posted revenues of $11.52 billion for the quarter ended September 2026, missing the Zacks Consensus Estimate by 2.16%. This compares to year-ago revenues of $10.26 billion. 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.

CBRE shares have lost about 16.3% since the beginning of the year versus the S&P 500's gain of 13.3%.

What's Next for CBRE?While CBRE 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 CBRE 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 $2.72 on $13.41 billion in revenues for the coming quarter and $7.80 on $47.1 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, Real Estate - Operations is currently in the bottom 20% 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, WaterBridge (WBI - Free Report) , is yet to report results for the quarter ended September 2026. The results are expected to be released on November 4.

This water infrastructure and pipeline company is expected to post quarterly earnings of $0.09 per share in its upcoming report, which represents a year-over-year change of +550%. The consensus EPS estimate for the quarter has been revised 39.3% higher over the last 30 days to the current level.

WaterBridge's revenues are expected to be $235.17 million, up 90.8% from the year-ago quarter.

Should You Invest in CBRE Group, Inc. (CBRE)?

Before you invest in CBRE Group, Inc. (CBRE), want to know the best stocks to buy for the next 30 days? Check out Zacks Investment Research for our free report on the 7 best stocks to buy.

Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)

U.S. manufacturing output rebounded to 98.4 in September from 98.2 in August, matching July’s level and remaining above April’s 98.1.
Broad Manufacturing Cannot Tell the Whole Story
Silver is used across several industrial applications, which is why the broad manufacturing index alone doesn’t measure direct silver consumption. Stronger factory output does not establish how much metal was purchased, which technologies accounted for demand, or whether inventories were accumulated. It’s a bit premature to turn an improvement in aggregate activity into an estimate of additional silver demand.

At This Point, the Monetary Side Is Probably the Main Driver
The Treasury’s 10-year real par yield eased to 2.76% yesterday from 2.77% the day before. The 2-year nominal par yield instead increased to 4.81% from 4.79% the previous session. A small reduction in longer-term inflation-adjusted opportunity costs alongside firmer short-maturity nominal financing conditions offers a bit of a mixed signal.

Silver Price Forecast

Every new Silver analysis as it publishes, today's technical signal and key levels, live price — on one page.

See all Silver forecasts
This contrast can produce a less straightforward response than an inflation-hedge narrative might suggest. Lower real yields could support precious-metal demand, but high borrowing costs can restrain working capital, capital spending, and inventory financing. Silver can consequently be influenced by both monetary expectations, especially coming out of the Federal Reserve, and changes in manufacturing confidence.

PPI Report Last Week
The BLS reported September final-demand PPI last week, rising 1.3% monthly and 6.3% annually. The measure excluding food, energy, and trade services increased 0.5% monthly and 5% annually. Separately, the CPI release last week put September headline consumer inflation at 3.7% annually. These measures cover different stages of economic pricing and are not interchangeable, though.

Silver sees elevated producer costs having conflicting implications. It can strengthen interest in monetary protection, but at the same time, it can also squeeze manufacturers’ margins and reduce the appeal of holding costly materials such as silver or gold. The effect depends on whether businesses can pass through costs and whether final demand remains resilient.

, /PRNewswire/ -- Encompass Health Corp. (NYSE: EHC) today announced that its board of directors declared a quarterly cash dividend on its common stock of $0.21 per share, payable on Jan. 15, 2027, to holders of record on Jan. 4, 2027.

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 178 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.

From Fortune.© 2026 Fortune Media IP Limited. All rights reserved. Fortune® is a registered trademark and Fortune World's Most Admired Companies™ is a trademark of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, Encompass Health.

Forward-looking statements 
Statements contained in this press release which are not historical facts, such as the timing and amounts of dividends, are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, Encompass Health, through its senior management, may from time to time make forward-looking public statements concerning the matters described herein. All such estimates, projections, and forward-looking statements speak only as of the date hereof, and Encompass Health undertakes no duty to publicly update or revise such forward-looking statements, 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 events or results 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 which could cause actual events or results to differ materially from those estimated by Encompass Health include, but are not limited to, a decision by the board of directors to change the dividend rate in the future; the legal, regulatory and administrative developments that occur at the federal, state and local levels; general conditions in the economy and capital markets, including any instability or uncertainty related to armed conflict or an act of terrorism, governmental impasse over approval of the United States federal budget, an increase in the debt ceiling, or an international sovereign debt crisis; Encompass Health's ability to comply with extensive, complex, and ever-changing regulations in the healthcare industry; potential disruptions, breaches, or other incidents affecting the proper operation, availability, or security of Encompass Health's information systems, including unauthorized access to or theft of patient, business associate, or other sensitive information; changes, delays in (including in connection with resolution of Medicare payment reviews or appeals), or suspension of reimbursement for Encompass Health's services by governmental or private payors; and other factors which 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 December 31, 2025, and Form 10-Q for the quarters ended Mar. 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]  

SOURCE Encompass Health Corp.

Artificial intelligence (AI) has evolved from the chatbots that were popular during the early days of the technology's rollout, when generative AI-based chatbots and assistants, such as ChatGPT, provided a single response to the user's input.

AI has now become more capable. Chatbots can perform complex, multi-step tasks to achieve goals by collecting data, using models to break down the objective into steps, and employing external tools such as databases and search engines to provide results. These AI agents can operate autonomously or semi-autonomously to plan tasks and perform actions using software tools.

Not surprisingly, demand for agentic AI is expected to surge due to its benefits. According to a third-party estimate, the agentic AI market could clock a 40% compound annual growth rate (CAGR) over the next seven years, generating $206 billion in revenue in 2033. The agentic AI market's rapid growth has created a surge in demand for server central processing units (CPUs), which explains why Advanced Micro Devices (AMD +3.36%) and Intel (INTC +1.39%) have been enjoying phenomenal growth in their server CPU business.

Image source: Getty Images.

Agentic AI has been a tailwind for AMD and Intel
CPUs play a critical role in agentic AI, helping manage the multi-step workflow by coordinating hardware and software resources needed to perform the complex tasks. This is why the ratio of CPUs to GPUs (graphics processing units) in AI servers running agentic AI workloads is shifting from 1:4 earlier to 1:2 or even 1:1, suggesting a 2-4x jump in server CPU demand.

AMD Advanced Micro Devices$552.72+$17.98 (+3.36%)

NASDAQ · As of 4:00 PM ET 10/21/26

AMD and Intel have been winning big from this shift. AMD's data center revenue grew by 107% year over year in the second quarter of 2026. CEO Lisa Su remarked on the recent earnings call:

In server, we delivered our fifth consecutive quarter of record server CPU revenue with cloud and enterprise sales each growing more than 70% year-over-year, exceeding the outlook we provided last quarter.

Meanwhile, Intel recorded an impressive year-over-year increase of 59% in its data center and AI (DCAI) business in Q2 to $6.3 billion. The company believes that its current generation of server CPUs, codenamed Granite Rapids, will help it sustain the impressive growth of the data center business. Intel is ramping up the production of these server CPUs, and it is working with key server OEMs (original equipment manufacturers) such as Dell Technologies, Lenovo, Hewlett Packard Enterprise, and others to bring Granite Rapids to the market.

What's worth noting is that both Intel and AMD could continue to benefit from the fast-growing server CPU market in the long run. That's because AMD expects the server CPU market to clock an annual growth rate of 50% through 2030, generating $220 billion in annual revenue by the end of the decade. However, I think that the biggest winner of the agentic AI-driven server CPU market's growth won't be Intel or AMD.

Instead, British technology company Arm Holdings (ARM +2.50%) seems like the better semiconductor stock to buy for the agentic AI era.

Arm Holdings could crush Intel and AMD in server CPUs
Arm Holdings is known for providing intellectual property and instruction set architectures that semiconductor companies use to design chips for smartphones, data centers, and automotive applications. Arm is a direct competitor to AMD and Intel, as it offers reduced instruction set computing (RISC) architecture. AMD and Intel's x86 platform is based on complex instruction set computing (CISC).

ARM Arm Holdings$226.59+$5.53 (+2.50%)

NASDAQ · As of 4:00 PM ET 10/21/26

AMD and Intel's x86 architecture processes complex instructions, while Arm's architecture is known for rapidly executing parallel instructions in small batches. As a result, Arm-based server CPUs are ideal for running agentic AI tasks, especially because they deliver 30% to 60% higher energy efficiency than x86 chips. Not surprisingly, the share of Arm server CPUs has increased from just 5% in 2020 to approximately 20% currently, according to Silicon Analysts.

In fact, market research firm IDC noted earlier this year that the revenue of Arm-based server platforms hit $53 billion in the first quarter of 2026, well above x86's revenue share of $34.6 billion. Given that Arm makes money by licensing its IP to customers like Nvidia and also receives royalties on each chip designed using its architecture, it is poised to win big from the growing adoption of Arm-based server CPUs in the agentic AI era.

Moreover, the company has started making its own server CPU, primarily targeting agentic AI and inference. Arm expects more than $2 billion in revenue from sales of its server CPU over the next couple of fiscal years. Notably, the company saw a $1 billion revenue opportunity a few months ago for its latest product in fiscal 2027 and 2028, but it has doubled its estimate thanks to the addition of new customers for its agentic AI-focused server processor.

So, it is easy to see why analysts expect Arm's revenue growth to accelerate following an estimated 23% increase in the current fiscal year to $6.06 billion.

Data by YCharts

Additionally, its bottom-line growth rate is poised to improve in the future, following an estimated increase of 26% in the ongoing fiscal 2027.

Data by YCharts

However, investors should note that they will have to pay a heavy premium to buy Arm. It is trading at 235 times earnings right now, though the forward earnings multiple of 103 points to a nice improvement in the bottom line. Also, Arm's growing influence in the lucrative server CPU market justifies the valuation.

Counterpoint Research expects Arm-based CPUs to corner 90% of the custom server CPU market by 2029, overtaking x86 processors from AMD and Intel. The firm adds that Arm-based CPUs deliver 2x higher performance-per-watt compared to comparable x86 offerings. All this makes Arm stock a solid buy for investors looking to capitalize on the agentic AI market's growth, as it can outperform AMD and Intel in this space and justify its premium valuation over the long run.

Restaurant Brands International (NYSE:QSR – Get Free Report) (TSE:QSR) is anticipated to post its Q3 2026 results before the market opens on Thursday, October 29th. Analysts expect the company to announce earnings of $1.08 per share and revenue of $2.54 billion for the quarter. Parties can find conference call details on the company’s upcoming Q3 2026 earnings overview page for the latest details on the call scheduled for Thursday, October 29, 2026 at 8:30 AM ET.

Restaurant Brands International (NYSE:QSR – Get Free Report) (TSE:QSR) last posted its quarterly earnings data on Thursday, August 6th. The restaurant operator reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.03. Restaurant Brands International had a net margin of 13.12% and a return on equity of 33.43%. The firm had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.52 billion. During the same quarter last year, the company posted $0.94 EPS. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. On average, analysts expect Restaurant Brands International to post $4.19 EPS for the current fiscal year and $4.69 EPS for the next fiscal year.

Restaurant Brands International Trading Down 1.2% Shares of NYSE QSR opened at $74.19 on Thursday. Restaurant Brands International has a 1-year low of $64.52 and a 1-year high of $81.96. The company has a market cap of $25.87 billion, a PE ratio of 19.16, a P/E/G ratio of 2.02 and a beta of 0.52. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 2.49. The company has a 50-day moving average of $75.11 and a two-hundred day moving average of $75.27.

Restaurant Brands International Announces Dividend The business also recently declared a quarterly dividend, which was paid on Friday, October 2nd. Stockholders of record on Friday, September 18th were paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, September 18th. Restaurant Brands International’s dividend payout ratio is 69.89%. Wall Street Analysts Forecast Growth A number of brokerages recently weighed in on QSR. JPMorgan Chase & Co. lowered their price target on shares of Restaurant Brands International from $82.00 to $78.00 and set an “overweight” rating for the company in a report on Tuesday, September 29th. CL King set a $80.00 price objective on Restaurant Brands International in a report on Monday, August 10th. Weiss Ratings upgraded Restaurant Brands International from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. Seaport Research Partners initiated coverage on Restaurant Brands International in a research report on Wednesday, September 16th. They issued a “buy” rating and a $88.00 price objective on the stock. Finally, Argus reissued a “hold” rating on shares of Restaurant Brands International in a research note on Friday, September 25th. Sixteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Restaurant Brands International currently has an average rating of “Moderate Buy” and a consensus target price of $83.52.

Check Out Our Latest Analysis on Restaurant Brands International

Insider Transactions at Restaurant Brands International In other Restaurant Brands International news, insider Axel Schwan sold 57,574 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $81.14, for a total value of $4,671,554.36. Following the transaction, the insider directly owned 209,908 shares of the company’s stock, valued at approximately $17,031,935.12. This trade represents a 21.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.22% of the company’s stock.

Restaurant Brands International Company Profile (Get Free Report)

Restaurant Brands International Inc (NYSE:QSR) is a global quick-service restaurant company that owns and operates a portfolio of restaurant brands, primarily through franchised and licensed locations. Its brands include Tim Hortons, Burger King, Popeyes and Firehouse Subs, which serve coffee, baked goods, burgers, chicken, sandwiches and other prepared foods.

The company was formed in 2014 through the merger of Burger King Worldwide and Tim Hortons. RBI expanded its portfolio through the acquisition of Popeyes Louisiana Kitchen in 2017 and Firehouse Restaurant Group in 2021.

Featured Stories Five stocks we like better than Restaurant Brands International GM Beat and Added a $20 Billion Buyback—Why Did the Stock Fall? Intercepting Growth: Karman Secures $218M Lockheed Martin Deal Tech Stocks Took a Hit—These 2 Pharma Stocks Are Near New Highs Chip Stocks Have Pulled Back—Here’s How 3 Semiconductor ETFs Stack Up for Investors

Receive News & Ratings for Restaurant Brands International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Restaurant Brands International and related companies with MarketBeat.com's FREE daily email newsletter.

Dallas, Texas, Oct. 22, 2026 (GLOBE NEWSWIRE) -- Outdoor Holding Company (Nasdaq: POWW, POWWP) (“OHC,” “we,” “us,” “our” or the “Company”), the owner of GunBroker.com, the largest online marketplace dedicated to firearms, hunting, shooting and related products, today announced that its Board of Directors (the “Board”) approved an amendment to the Company’s share repurchase program that increases the aggregate repurchase authorization from $15 million to $35 million and extends the program by six months, through July 4, 2027. The $35 million authorization includes all repurchases made since the program was launched in January 2026 and represents a $20 million increase over the prior authorization.

As of September 30, 2026, the Company had repurchased approximately $8.4 million of its common stock under the program, excluding commissions and fees, leaving approximately $6.6 million available under the prior authorization. Except as described above, the terms of the program are unchanged.

“The Board’s decision to more than double the repurchase authorization reflects our confidence in the durability of GunBroker’s cash generation and our belief that our shares represent an attractive use of capital at current prices,” said Steve Urvan, Chairman, President and Chief Executive Officer of the Company. “We have been a consistent and disciplined buyer of our stock since the program launched in January, and the strength of our balance sheet allows us to continue returning capital to shareholders from free cash flow while preserving the ability to continue investing in the platform and preserving the flexibility to pursue strategic opportunities. Allocating capital to its highest and best use is central to how we run the Company.”

Repurchases under the program may be made from time to time, in management’s discretion and within the limits of the Board’s authorization, through a variety of methods, including open market purchases, privately negotiated transactions, and other means in accordance with federal securities laws, including pursuant to one or more Rule 10b5-1 trading plans. The timing, volume, and value of any repurchases will be determined based on factors including market conditions, the Company’s liquidity and capital needs, and other factors deemed relevant by management.

Repurchases will be funded from existing cash balances, future operating cash flows or other legally available funds and remain subject to applicable law, the Company’s insider trading policy, applicable trading-window restrictions, and debt covenants and other contractual restrictions. The Board’s authorization does not itself amend any existing Rule 10b5-1 trading plan. The program does not obligate the Company to repurchase any particular number of shares and may be modified, suspended, or terminated at any time at the discretion of the Board or management.

About Outdoor Holding Company

Outdoor Holding Company is the publicly traded parent and operator of GunBroker.com, the largest online marketplace dedicated to firearms, hunting, shooting and related products. Third-party sellers list items on the site and federal and state laws govern the sale of firearms and other restricted items. Firearms sold through the marketplace are transferred through federally licensed firearms dealers in accordance with applicable law. Launched in 1999, the GunBroker.com website is an informative, secure and safe way to buy and sell firearms, ammunition, shooting accessories and outdoor gear online. GunBroker promotes responsible ownership of guns and firearms. For more information, visit: www.gunbroker.com.

Cautionary Statement Concerning Forward-Looking Statements

Statements contained in this press release that are not historical are considered “forward-looking statements” within the meaning of the federal securities laws and are presented 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 “target,” “believe,” “expect,” “will,” “may,” “anticipate,” “estimate,” “would,” “positioned,” “future,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, among others, statements about the Company’s intent to repurchase shares of its common stock under the share repurchase program, the timing, manner, price and amount of any such repurchases, the sources of funds for any such repurchases, the Company’s cash flow, cash generation, balance sheet and capital allocation, the Company’s business strategy, plans, objectives, expectations and intentions, and other statements that are not historical facts. Instead, they are based only on Company management’s current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Important factors that could cause actual results to differ materially from those described in forward-looking statements include, but are not limited to, the Company’s ability to maintain and expand its e-commerce business, the Company’s ability to introduce new features on its e-commerce platform that match consumer preferences, the Company’s ability to retain and grow its customer base, the impact of lawsuits, including securities class action lawsuits, stockholder derivative suits and enforcement actions by regulatory authorities, the impact of adverse economic market conditions, including from social and political factors, market conditions and the trading price and liquidity of the Company’s common stock, the Company’s liquidity and capital needs, and the occurrence of any other event, change or other circumstances that could give rise to impacts on operating results. Therefore, investors should not rely on any of these forward-looking statements and should review the risks and uncertainties described under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2026, filed with the Securities and Exchange Commission (“SEC”) on June 22, 2026, and additional disclosures the Company makes in its other filings with the SEC, which are available on the SEC’s website at www.sec.gov. Forward-looking statements are made as of the date of this press release, and except as required by law, the Company expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Contacts

For investors:
Darrow Associates
Phone: (917) 886-9071
[email protected]

Source: Outdoor Holding Company

A MiCA white paper for Sei Network's $SEI token has been filed by OKX Europe Limited, covering 30 EEA countries. It is a disclosure, not regulatory approval.

A MiCA white paper for Sei Network's $SEI token has been filed for public record in Europe by OKX (@okx) Europe Limited. The document supports the admission of SEI to trading on OKX's platform and covers 30 countries in the European Economic Area (EEA). It sets out the token's utility, risks and holder rights. The filing is a disclosure, not regulatory approval.

What the SEI white paper coversThe white paper is published by OKX Europe Limited, not by the SEI project itself. According to the document hosted by OKX, the white paper is published solely in connection with the admission to trading of SEI on the exchange's platform. It also states that no public offer of SEI tokens is being made and that the admission involves no subscription, sale or fundraising process.

The paper includes a section on risks, including those tied to the admission to trading. It names OKX Europe Limited as an authorised crypto-asset service provider (CASP) operating in the European Union. OKX says its MiCA licence from the Malta Financial Services Authority dates from 27 January 2025 and gives it access to all 30 EEA countries, which is why the SEI filing reaches the same footprint.

Why a filing is not an approvalUnder the EU's Markets in Crypto-Assets Regulation (MiCA), white papers for most crypto-assets are subject to notification rather than prior approval. Law firm CMS notes that competent authorities must not require any prior approval for crypto-asset white papers before their publication. The notified information is passed to the European Securities and Markets Authority (ESMA), which makes the white paper available in a public register.

MiCA also requires a disclaimer on the document. The SEI white paper states that it has not been approved by any competent authority in any EU Member State and that OKX Europe Limited is solely responsible for its content. ESMA has itself noted that investors should not overrate the protection MiCA provides, and has since proposed clarifying when a white paper counts as "duly notified" in its response to the European Commission's review of the rules.

For $SEI holders and traders in Europe, the filing is a transparency step tied to the token's availability on a MiCA-licensed venue. It does not amount to a regulatory endorsement of Sei Network (@SeiNetwork) or of the token.

SourcesOKX: Sei (SEI) crypto-asset white paper
CMS: EU regulation mandates crypto-asset white paper
ESMA: Response to the EC consultation on the MiCA review

Oklo has shed more than 60% of its value this year and sits near a 52-week low, yet its customer pipeline spans gigawatts and its regulatory path just cleared a major hurdle. Whether that combination makes it a bargain or…

The 24/7 Wall St. price target for Oklo (NYSE:OKLO | OKLO Price Prediction) is $38.43. That means 39.4% upside from the current price of $27.57. Our model rates the stock a buy with moderate confidence.

24/7 Wall St. Price Target Summary Metric Value Current Price $27.57 24/7 Wall St. Price Target $38.43 Upside/Downside 39.4% Recommendation BUY Confidence Level 55% Oklo has given up its AI-power premium, but the core thesis still holds. It has a 75 MW Aurora powerhouse design, a customer pipeline of about 14 GW, and a licensing path that picked up speed in 2026.

Shares trade just 2.8% above the 52-week low. We put confidence at 55% because Oklo still has no commercial revenue, so its value depends on reaching first power in late 2027 to early 2028.

A 61% Slide in 2026 Has Reset Expectations Oklo fell 14.41% over the past week and 27.45% over the past month. Year to date, it is down 61.58%, and it sits 82.1% below its 52-week high of $154.45.

Barclays and Piper Sandler both cut their price targets this week (per CNN Markets). Over the trailing 12 months, revenue was $1.21 million and diluted EPS was -$0.94. Regulators did give Oklo one clear win this year.

In May 2026, the NRC approved the Principal Design Criteria topical report for Aurora, completing its review in less than half the traditional timeline.

Why Bulls See a Path Back to $75 Demand is the main driver. The Department of Energy projects that data centers could account for up to 12% of U.S. electricity demand by 2028 (we mapped five ways to play the nuclear restart, utilities and fuel included, in a free report).

Oklo’s pipeline includes a 12 GW master agreement with Switch running through 2044 and a 500 MW letter of intent with Equinix (NASDAQ:EQIX), which comes with a $25 million prepayment. On the March 2025 call, management said fuel recycling could lower fuel costs by over 80%. Atomic Alchemy also gives Oklo a possible second revenue stream from radioisotopes.

Analyst ratings stand at 6 Strong Buys, 9 Buys, 9 Holds and 1 Strong Sell. The bull case uses the consensus target of $75.38, which would mean 173.4% upside.

What Could Keep Oklo Pinned Near Its Lows Management has said the Switch deal is not a firm power purchase agreement, and most of the other agreements are non-binding letters of intent. The NRC denied Oklo’s original Aurora application. Trailing EBITDA was -$216.8 million, so Oklo will likely need to raise more money, which could dilute shareholders.

Book value of $17.69, or 35.8% downside, anchors the bear case. In fairness, much of that spending pays for procurement, licensing and fuel recycling ahead of the first INL plant. Bulls would argue that investment is what makes future revenue possible.

How Oklo Compares to NuScale Power and Centrus Energy NuScale Power is Oklo’s closest direct SMR competitor and holds the industry’s only NRC design certification. NuScale trades near 2.0x book value, compared with 2.2x for Oklo. Oklo’s premium is modest, which supports our book-value anchor.

Centrus Energy (NYSE:LEU) supplies Oklo’s HALEU fuel and has explored a deconversion joint venture with Oklo. Centrus is already profitable. Its Q2 2026 revenue was $176.10 million, and adjusted EPS of $1.77 came in above the $0.92 estimate.

Even so, Centrus is worth less than Oklo, which suggests our target is reasonable and the consensus target is aggressive.

Company Market Cap Recent EPS Oklo $5.13 billion -$0.94 (TTM) NuScale Power $2.30 billion -$0.13 (Q2 2026) Centrus Energy $2.19 billion $1.77 (Q2 2026, adjusted) Our Verdict: A Speculative Buy Near the 52-Week Low The 24/7 Wall St. price target of $38.43 supports a buy rating at 55% confidence. The stock has already priced in a lot of disappointment while the regulatory picture has improved.

The case strengthens if Oklo turns its letters of intent into binding contracts and keeps its combined license review on schedule. The thesis weakens if the first-power date slips or a large dilutive raise comes. At these levels, our model finds the potential reward as outweighing the risk.

Looking further out, here is where the 24/7 Wall St. price target model projects Oklo could trade, assuming current growth trends and market conditions hold.

Year 24/7 Wall St. Price Target 2026 $30.33 2027 $38.43 2028 $51.88 2029 $64.85 2030 $77.82 Oklo’s results depend on the company continuing its current strategy. A licensing delay, fuel shortage or dilutive financing could push results well below these figures, while the Switch installations could drive meaningful upside.

Contact [email protected] for any questions or corrections.

Coinbase Derivatives, the regulated futures exchange operated by Coinbase, will temporarily halt trading this weekend to conduct scheduled maintenance. The interruption is set for Saturday, October 24, 2026, at 5:00 AM CT and is expected to last approximately nine hours.

Futures Trading Temporarily UnavailableCoinbase Markets announced the upcoming maintenance on its X account, specifying that trading for both futures and perpetual futures contracts will be paused during this window. While users will not be able to execute trades involving these derivatives products, account access will not be affected, allowing customers to monitor balances and other account activities without disruption.

Coinbase Markets has directed users seeking live updates to its status page, urging both traders and institutional clients to prepare for the brief outage. Industry observers view these scheduled maintenance periods as integral for infrastructure reliability and regulatory compliance.

Adjustments to Asset Offerings and ListingsCoinbase recently suspended trading for Blast (BLAST), giving users until October 26, 2026, to move their BLAST holdings in anticipation of the Blast network’s upcoming shutdown. The company has also added Axis Robotics (AXIS) to its trading platform, while Pearl (PEARL) and Stable (STABLE) were included in its asset roadmap, indicating potential near-term listings.

Further reviews resulted in Coinbase announcing the suspension of trading for Neon EVM (NEON) and Syndicate (SYND) on November 16, 2026, at 2:00 PM ET. After this date, these tokens will be delisted from Coinbase Simple and Advanced Trade, Coinbase Exchange, and Coinbase Prime. Coinbase will also suspend trading for Balancer (BAL) and Tensor (TNSR) on November 9, 2026, and for Stargate Finance (STG) and Vulcan Forged (PYR) on November 6, 2026, both at 2:00 PM ET.

Expansion of Perpetual Futures and New ListingsIn October 2026, Coinbase and Deribit introduced six new equity perpetual futures markets—CRWV, ORCL, SOXS, DELL, PLTR, and SNXX—broadening investment options for users interested in equity derivatives. Additionally, PONS and CASHCAT perpetual futures markets launched for both retail and institutional traders on Coinbase, Coinbase Advanced, and Deribit, available in select jurisdictions.

Coinbase’s ongoing commitment to diversifying its asset offerings was also underscored by adding Pons (PONS), Data (DATA), and Whuffie (WHUF) to its trading platform and app. These new listings enable users to buy, sell, convert, send, receive, or store the assets, enhancing access to a broader selection of tokens.

Coinbase’s platform update schedule and asset management policies remain active, as evidenced by its recent listing announcements and maintenance downtime designed to improve trading reliability and customer experience.

Given these technical changes and frequent listing updates, market participants have increasingly turned to platforms that aggregate information and provide real-time alerts. In the meme token market, an internet trend can transform into millions of dollars of interest within days. According to data shared by Fomo App, a trade involving “Niu Lai”—which turned an initial $99 investment into approximately $370,000—stands out as a striking example of this activity. In this market, tracking not only prices but also the timing and token choices of investors is crucial. Fomo App brings token discovery and trading together on a single platform, featuring social feeds, investor rankings, and trade notifications. Discover Fomo App to follow the world of meme tokens alongside investor activity.

CWA Asset Management Group LLC raised its position in Kulicke and Soffa Industries, Inc. (NASDAQ:KLIC – Free Report) by 64.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,157 shares of the semiconductor company’s stock after acquiring an additional 10,621 shares during the quarter. CWA Asset Management Group LLC owned approximately 0.05% of Kulicke and Soffa Industries worth $2,560,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Summit Securities Group LLC bought a new position in shares of Kulicke and Soffa Industries during the first quarter valued at about $26,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Kulicke and Soffa Industries during the second quarter worth about $28,000. Kilter Group LLC bought a new stake in shares of Kulicke and Soffa Industries in the second quarter worth about $42,000. USA Financial Formulas bought a new stake in shares of Kulicke and Soffa Industries in the first quarter worth about $44,000. Finally, GHP Investment Advisors Inc. bought a new stake in shares of Kulicke and Soffa Industries in the first quarter worth about $58,000. Hedge funds and other institutional investors own 98.22% of the company’s stock.

Analyst Ratings Changes A number of research analysts recently issued reports on the company. B. Riley Financial reduced their price target on Kulicke and Soffa Industries from $105.00 to $86.00 and set a “neutral” rating on the stock in a report on Tuesday. Zacks Research cut Kulicke and Soffa Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 6th. Needham & Company LLC increased their price objective on Kulicke and Soffa Industries from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Kulicke and Soffa Industries in a research report on Friday, August 7th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $85.33.

Get Our Latest Stock Analysis on Kulicke and Soffa Industries Kulicke and Soffa Industries Trading Up 1.2% Shares of Kulicke and Soffa Industries stock opened at $81.43 on Thursday. The company’s fifty day simple moving average is $86.88 and its two-hundred day simple moving average is $95.48. The company has a market cap of $4.26 billion, a P/E ratio of 37.53 and a beta of 1.55. Kulicke and Soffa Industries, Inc. has a 12-month low of $35.02 and a 12-month high of $135.80.

Kulicke and Soffa Industries (NASDAQ:KLIC – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.06 by $0.14. Kulicke and Soffa Industries had a net margin of 12.18% and a return on equity of 14.39%. The business had revenue of $330.41 million during the quarter, compared to analyst estimates of $308.50 million. During the same period in the prior year, the business earned $0.07 EPS. The company’s revenue for the quarter was up 122.6% on a year-over-year basis. Kulicke and Soffa Industries has set its Q4 2026 guidance at 1.278-1.562 EPS. Analysts predict that Kulicke and Soffa Industries, Inc. will post 3.38 EPS for the current fiscal year.

Kulicke and Soffa Industries Announces Dividend The business also recently declared a quarterly dividend, which was paid on Wednesday, October 7th. Investors of record on Thursday, September 17th were given a dividend of $0.2050 per share. The ex-dividend date was Thursday, September 17th. This represents a $0.82 annualized dividend and a dividend yield of 1.0%. Kulicke and Soffa Industries’s payout ratio is currently 37.79%.

(Free Report)

Kulicke and Soffa Industries, Ltd. (NASDAQ: KLIC) designs, manufactures and supports equipment used in the assembly and packaging of semiconductor and electronic components. Its technologies help manufacturers connect semiconductor dies to packages, attach and assemble components, and produce finished devices for use in electronics, communications, automotive, industrial and other applications.

The company’s product portfolio includes wire bonding equipment, die attach systems, wedge bonding solutions and related tools, materials and services.

Read More Five stocks we like better than Kulicke and Soffa Industries GM Beat and Added a $20 Billion Buyback—Why Did the Stock Fall? Intercepting Growth: Karman Secures $218M Lockheed Martin Deal Tech Stocks Took a Hit—These 2 Pharma Stocks Are Near New Highs Chip Stocks Have Pulled Back—Here’s How 3 Semiconductor ETFs Stack Up for Investors

Receive News & Ratings for Kulicke and Soffa Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kulicke and Soffa Industries and related companies with MarketBeat.com's FREE daily email newsletter.

In brief Prosecutors in Tianjin have applied to confiscate 61,896 BTC and other assets linked to Zhimin Qian, and a local court has accepted the case. Qian allegedly raised more than 40 billion yuan from the public between 2014 and 2017, leaving more than 102,000 investors with losses. The assets are held in the UK, where the High Court ruled this month that Chinese law should govern victims' claims to the Bitcoin. Prosecutors in China have applied to confiscate the 61,896 BTC seized from Zhimin Qian in the UK, and a court in Tianjin has agreed to hear the case, according to a court notice reported by Chinese outlet The Paper.

The Bitcoin is worth about $5.1 billion at its current price of around $82,000.

The Tianjin No. 2 Intermediate People's Court said it accepted the application from the city's prosecutors on September 28, and published a notice on October 13. The court said there was evidence that Qian had committed fundraising fraud, mainly in Tianjin's Hedong district.

Besides the Bitcoin, prosecutors are seeking about 72,746 units each of Bitcoin Cash, Bitcoin Gold and Bitcoin SV, around 3.6 million XRP, and some 70 million Dogecoin, which UK authorities have already converted and placed in an interest-bearing account. The application also covers U.S. dollar, euro and pound cash, jewelry, bank balances and investment portfolios.

According to the prosecutors' application, Qian was the controller of Tianjin Lantian Gerui Electronic Technology, and between April 2014 and August 2017 sold fake wealth management products across China without a license, promising guaranteed returns. The scheme raised more than 40.38 billion yuan, most of which was not used for any genuine business, and left more than 102,000 investors with losses totaling about 19.98 billion yuan, prosecutors said.

Qian fled China in July 2017 with computers holding Bitcoin wallets and eventually reached the UK, where she converted some of the coins into other assets.

Prosecutors argue the seized assets are proceeds of crime that should be recovered, returned to victims, and otherwise confiscated. Because Qian has been a wanted fugitive for more than a year, the case falls under Chinese rules that allow confiscation without the suspect present.

Victims can apply to join the proceedings through a WeChat mini-program, though those who do not will still be able to receive repayments from any recovered assets. The notice period runs for six months, after which the court will hear the case.

Myriad: How high will Bitcoin go? Click to make your prediction.The UK caseQian was jailed for 11 years and eight months in the UK in November 2025, after pleading guilty to acquiring and possessing criminal property. Unnamed Treasury officials had privately raised whether the seized Bitcoin could help fill a shortfall in the UK's public finances, the Financial Times reported at the time, while legal experts argued that victims could be entitled to compensation if they could show a sufficient link to the coins.

Weeks after Qian's guilty plea, UK prosecutors told the High Court they were planning a compensation scheme for victims, without giving details. They have since said victims could be compensated through a redress scheme run from China.

On October 12, the High Court ruled that Chinese law should govern thousands of victims' claims to the coins, a decision seen as improving the UK government's chances of keeping them. Law firm Fieldfisher, which represents the claimants, said it is seeking to appeal.

The ruling does not decide whether the victims own the Bitcoin, since no evidence has yet been heard on the content of Chinese law, David Phillips, a dispute resolution partner at London law firm SMB, wrote on Wednesday. But it shows that "a victim cannot necessarily recover cryptocurrency simply by proving: 'That Bitcoin was bought with money taken from me,'" he wrote.

"Cryptoassets may operate without borders, but proprietary rights in them remain capable of raising intensely territorial questions of applicable law," Phillips added.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Join 72,000+ readers

Create an account to save your articles.

Add on Google

Add Decrypt as your preferred source to see more of our stories on Google.

Webull plans to put Kalshi’s regulated perpetual futures in front of eligible American brokerage customers in November. The contract never expires, but funding, margin and a separate clearinghouse still determine what a position costs and when it closes.

Summary

Webull announced an initial November rollout on October 20, 2026. The CFTC approved Kalshi’s BTCPERP contract on May 29. Kalshi says funding adjustments occur 3 times each day in its app. Webull expects wider access before the end of 2026. The initial lineup includes Bitcoin and selected crypto assets, subject to listing requirements. Webull has announced plans to offer Bitcoin and other crypto perpetual futures to eligible U.S. customers starting in November.

The company’s October 20 release identifies KalshiEX as the exchange and Kalshi Klear as the clearinghouse. Customers approved for futures trading would use existing Webull Futures accounts. Webull has not published the exact launch day, the full asset list or the initial margin schedule for every contract.

For a brokerage customer familiar with stock options or conventional futures, the unfamiliar feature is the absence of expiry. The position can remain open as long as margin obligations are met. It is not a permanent right to hold exposure without fresh cash demands: funding transfers, price moves and maintenance requirements continue while the trade is alive.

November will put an existing contract on a new front end The Commodity Futures Trading Commission approved KalshiEX’s Bitcoin perpetual contract on May 29. Its approval announcement describes BTCPERP as a futures contract referencing Bitcoin’s spot price. Kalshi brought the product to market in June; the coming Webull rollout changes distribution, not the original approval date or the underlying nature of the contract.

Webull says the first offering will include Bitcoin and selected crypto assets. Future additions depend on regulatory review and exchange listing requirements. Its statement gives no basis to promise that every coin a customer can trade on an offshore venue will appear in a Webull Futures account. Wider availability before year-end is a company expectation, not a confirmed national opening for every account holder.

The first Kalshi Bitcoin perp coverage described the May regulatory decision, while Kalshi’s subsequent launch established that the contract was already available on the exchange. Webull adds a separate brokerage relationship and a much more familiar interface for investors whose accounts already hold other products.

KalshiEX is a designated contract market supervised by the CFTC. Kalshi Klear is a registered derivatives clearing organization. Webull provides the customer-facing brokerage route through futures-approved accounts. Those names are not interchangeable. An investor placing an order through Webull is trading an exchange-listed derivative that is cleared at a separate regulated entity; the asset displayed on a Webull screen is not Bitcoin held in a spot wallet.

JUST IN: Kalshi files with the CFTC for equity index perpetual futures

The products would allow leveraged long or short positions on major indexes pic.twitter.com/33F2cExZx9

— crypto.news (@cryptodotnews) August 19, 2026 The cash flows do not resemble a spot Bitcoin purchase A Bitcoin spot buyer pays for coins and then owns an asset subject to custody arrangements. A BTCPERP trader posts collateral for a cash-settled futures position. The CFTC’s Kalshi product filing says the contract has no fixed expiration and settles in cash. Price exposure, margin and funding determine the account’s economic result; a trader does not receive onchain BTC merely because the futures price rises.

Conventional dated futures converge through expiration or are rolled to another maturity. A perpetual contract lacks that scheduled endpoint. Its funding mechanism transfers value between long and short positions according to exchange rules so the derivative price stays tethered to the underlying reference. Funding can change over time. A directionally correct view of Bitcoin’s eventual price can still lose money if carrying costs, intraday losses or forced liquidation overwhelm the account before the move arrives.

Kalshi’s educational material says its own application adjusts funding 3 times per day. That information describes the exchange’s current product documentation, not a promise that Webull will present every calculation or notification in an identical way. Before trading, a customer would need the actual contract specifications, funding formula, fee schedule and the timing of cash movements applicable to the position being opened.

Consider a simplified illustration without assuming the live margin rates. A customer has $1,000 in collateral and opens a $5,000 long exposure. A 5% fall in the futures price represents a $250 trading loss before fees and funding, or one quarter of the initial collateral. A 5% rise would yield the same gross gain, but leverage magnifies both directions. The account can face a maintenance call or liquidation before any full 5% move depending on the exchange’s actual thresholds, collateral and interim funding. The numbers illustrate arithmetic, not Webull’s announced leverage limit.

An approved contract is not approval for every client Webull states that initial access is for eligible U.S. customers approved for futures trading. Existing Webull stock or crypto access does not imply a futures account is approved. Futures products have separate disclosures, suitability or account-opening procedures, margin obligations and jurisdictional rules. The company has not disclosed how many existing customers meet its criteria.

Kalshi’s contract approval addressed exchange listing under CFTC Regulation 40.3. The exchange must operate under designated-contract-market obligations and its clearinghouse under a distinct derivatives regime. Brokerage access adds customer onboarding and the futures commission merchant relationship. Those layers do not vanish because the trade is shown alongside stocks and options in one application.

The arrival of Kraken’s U.S. crypto perps and the Coinbase route to global perp liquidity show that Webull is entering a market with multiple structures. Some products trade on U.S. designated exchanges; others route through arrangements involving foreign futures under CFTC staff guidance. Treating every offering labeled a perpetual as the same regulated contract would obscure differences in venue, custody, margin and legal claim.

There is a distinction even within Kalshi’s business. The company operates event contracts as well as crypto derivatives. Its Bitcoin perpetual is a futures contract referencing spot Bitcoin, approved under a specific CFTC order. A dispute about how states regulate sports event contracts does not change that instrument’s reference price, funding mechanism or futures-clearing architecture.

Funding can turn a winning direction into a losing trade Perpetual funding is often described as a small regular adjustment. Small rates compound when a position stays open, and a temporary spike can make holding expensive precisely when leveraged traders crowd into one direction. The funding payment is separate from the profit or loss caused by Bitcoin’s price movement. An account statement that combines them without explanation can give an incomplete account of why equity changed.

Suppose a $10,000 notional position pays an illustrative 0.01% funding rate at each of 3 daily intervals. The payments would total $3 a day, or $90 across 30 days if both notional and rate were constant. They rarely remain constant. At 0.10% per interval, the same calculation becomes $30 daily and $900 over 30 days. Neither figure is a forecast of Kalshi funding. The exercise shows why an advertised zero-expiry position has a continuing price even when the displayed BTC price is flat.

Margin creates a second clock. A long position can lose collateral as the market falls. If account equity drops below maintenance requirements, a liquidation process can close the position, leaving a trader unable to wait for a recovery. Kalshi’s margin explanation describes isolated margin in its own application. The account-level implementation and any brokerage-specific settings must be checked in the product terms when Webull goes live.

Kalshi and Webull emphasize regulated infrastructure and visibility into liquidation levels. Those features make a risk measurable, not absent. An investor can compare the maintenance requirement and expected funding payments before entering, then watch the live balance instead of assuming an evergreen contract can be left alone. The exchange’s rulebook, clearing notices and Webull’s customer disclosures will provide the controlling details.

The case for bringing perps into a brokerage Webull’s U.S. chief Anthony Denier cited substantial global demand for perpetual futures in the company’s announcement, stating annual volume exceeded $90 trillion in 2025. That is Webull’s industry estimate, not a volume figure for its planned November launch or for Kalshi’s Bitcoin contract. The argument for integration is straightforward: investors who already use a regulated futures account could reach an exchange-listed version without moving to an offshore venue.

A separate clearinghouse can net and manage obligations under established derivatives rules, while an approved customer sees information on margin and funding through a broker. Webull says access would sit beside other futures in the account, with stocks, options, spot crypto and event products elsewhere on its platform. The ability to see several assets in one application can simplify navigation, although consolidated presentation does not merge their protections or settlement methods.

Competition is real. Kalshi’s expansion into additional crypto perps gives Webull more than one prospective underlying; Kraken and Coinbase have their own client bases and liquidity routes. If regulated U.S. order books deepen, traders may have more choices about spreads, collateral, hours and execution. The announcement by itself supplies no comparative pricing data showing Webull will be cheaper or more liquid than its rivals.

The counterargument is that offshore venues have years of liquidity, deep order books and familiar collateral practices. A new brokerage distribution channel cannot recreate those conditions on launch day. Volume at a venue is not the same as open interest, and an exchange-wide figure says little about a specific contract’s depth at a volatile hour. The first published trading statistics after Webull launches will give a firmer basis for judging whether new access produces durable activity.

Price formation and the funding reference deserve scrutiny A cash-settled Bitcoin future needs a reference for the underlying spot price. The exchange’s specifications determine the index or calculation, funding intervals, disruption procedures and settlement-related payments. Even an investor whose view is on Bitcoin rather than the derivative has exposure to those contract rules while the position is open.

The spread between perpetual and reference price can widen in a fast market. Funding encourages convergence over time, but it does not guarantee a perp always trades at the exact spot price. Market makers can quote both directions when hedging is available; a thin book can produce a worse fill or a liquidation at a different price from a casual view of the reference chart. The customer’s execution price, reference level and funding rate need to be treated as separate observations.

On a 24-hour market, risk controls must operate outside conventional stock-market hours. Crypto moves on weekends; maintenance margin still applies while U.S. equities are closed. A brokerage user who assumes trades will pause when stock exchanges do may misunderstand the product. Webull has not yet published its precise launch timetable or any product-specific maintenance-window schedule for the new distribution route.

The CFTC approved Kalshi’s BTCPERP after reviewing the filing, but regulatory approval is not a government assessment that a leveraged position is suitable for every investor. Approval concerns the exchange-listed contract and applicable market rules. Customer eligibility, financing cost and individual losses belong to a different decision at the brokerage and account level.

JUST IN: CFTC approves BTCPERP as its first regulated perpetual futures contract. The approval relies on precedent that futurity does not require a fixed final delivery date pic.twitter.com/c7LXxNVNlC

— crypto.news (@cryptodotnews) June 16, 2026 What remains unannounced before November One unresolved question concerns exactly what a trader sees when the collateral in a futures account changes. The exchange calculates margin against its own rules, the clearer manages obligations after a trade, and Webull displays account figures to the customer. Those processes can be presented in one interface but are not the same calculation. A position-level screen needs to distinguish available cash, initial margin, maintenance margin, unrealized profit or loss and accrued funding. The company says it intends to give users visibility into funding, leverage and liquidation levels; the live display has yet to be observed.

An account holder comparing two perps should look at the units in which prices and funding are quoted. A percentage funding rate applies to a notional exposure, not merely to the dollars posted as collateral. In the earlier $5,000 example, a 0.10% funding charge would be $5 for one interval even if the customer put up only $1,000. Quoting that $5 as 0.10% of collateral would understate its effect fivefold. Changes in notional value or position size change the cash payment, so a flat historical funding rate is not an adequate forecast of carrying cost.

The clearing structure has a role when one side of a trade cannot pay. A registered clearinghouse maintains rules for collecting margin and handling defaults between participants. Its presence can reduce bilateral counterparty exposure within that system, but it does not insure a customer’s trading losses or promise a favorable fill during stressed conditions. The trade remains leveraged and can be closed by the applicable liquidation mechanism. A useful post-launch comparison would examine the actual customer agreement and exchange rulebook rather than assuming that the word regulated describes every risk a position faces.

There is an additional question about how the first audience is selected. Webull has said the initial group consists of eligible, approved futures customers. The number of such accounts is undisclosed, as is the fraction Webull intends to activate in November. Even if the exchange lists several underlying assets, the broker can stage customer access. First-week order flow is therefore a joint measure of exchange liquidity and distribution choices, not a clean measure of American appetite for Bitcoin perps overall.

Webull has given a month, not a date. It named Bitcoin but left its other starting assets unspecified. The company promised wider availability before year-end without disclosing how many eligible clients will receive access in the first stage. No launch-day bid-ask spread, open interest or Webull customer volume exists to measure yet.

The primary documents establish a sequence: CFTC approval in May, Kalshi trading beginning in June, and Webull’s distribution announcement in October for a November rollout. They do not establish that Webull will create a new Bitcoin futures contract, change the exchange’s margin rules or deliver Bitcoin into customer wallets. A prudent analysis of the planned product starts with the contract specifications and ends with the first observable account terms and market data.

Webull says eligible users will trade through their Webull Futures accounts. The exchange and clearinghouse are KalshiEX and Kalshi Klear, respectively. Its October 20 release says additional products will follow only subject to regulatory review and exchange listing requirements.

What to watch First trading day: Webull’s launch notice should identify the actual start date and customer eligibility. Contract list: Exchange notices will establish which assets beyond Bitcoin are initially available. Funding and fees: Published specifications can show the true cost of maintaining exposure through several funding intervals. Margin disclosures: Initial and maintenance requirements determine how far a position can move before intervention. Liquidity: Contract volume, spreads and open interest after launch can show whether brokerage distribution brings sustained trading. FAQ When will Webull offer Bitcoin perpetual futures? Webull says the initial rollout begins in November 2026, with wider availability expected before year-end. It had not published an exact launch date as of October 22.

Who can trade the new contracts? The company says access begins with eligible U.S. customers approved for futures trading through Webull Futures accounts. A standard stock account alone does not establish eligibility.

Does the Bitcoin contract ever expire? Kalshi’s BTCPERP has no fixed expiration date. Funding and margin obligations continue while a position remains open.

Do traders receive actual Bitcoin? No. The CFTC filing describes a cash-settled futures contract referencing Bitcoin’s spot price. A futures position is not a spot Bitcoin withdrawal.

Who lists and clears Webull’s perpetual futures? KalshiEX lists the contracts, and Kalshi Klear clears them. Webull provides the brokerage access described in its October 20 announcement.

What is a funding payment? It is a periodic transfer linked to the perp’s price relative to its reference. The payment is distinct from gains and losses caused by a move in Bitcoin itself.

Can a position be liquidated before Bitcoin recovers? Yes. If account equity falls below maintenance requirements, the exchange’s rules can trigger liquidation even though the contract itself has no expiry.

Is November’s full coin lineup known? No. Webull named Bitcoin and selected crypto assets but did not publish a complete starting list. Additional products depend on review and listing requirements. This is educational analysis, not investment advice.

Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. Figures reflect regulatory filings and reporting available at the time of writing and change with each disclosure. Nothing here is a recommendation to buy, sell, or hold any security or asset. Always do your own research. Information is accurate as of October 22, 2026.

The XRP Ledger now handles close to 3 million transactions per day and holds about 8.2 million accounts. It is also being used more for stablecoins, trading and tokenized assets.

The mix of activity is changing. The network processed 222.4 million transactions in Q2 2026, its second-highest quarter on record. Yet daily active accounts fell.

At the same time, order-book trading rose 79% year over year in Q2. The average value of tokenized assets on the network reached about $3.72 billion, and adding RLUSD lifted that to about $4.26 billion.

This article reviews the main XRP Ledger statistics for 2026 using data from Blockworks, Evernorth, DefiLlama, Bitquery and others. Providers measure activity in different ways, so we explain how each figure is counted.

XRP Ledger Statistics at a Glance Table of Contents

The table below collects the main figures for 2026. The source is listed for each one.

Metric Figure Source Total accounts About 8.2 million XRPL analytics New accounts, first half of 2026 About 490,000 XRPL analytics Q1 2026 transactions About 238 million (record) Blockworks Q2 2026 transactions 222.4 million Evernorth Current daily transactions About 2.9 million DefiLlama Payment share of Q1 transactions 51.3% Blockworks Q2 DEX volume per day 4.42 million XRP Evernorth Order-book volume growth, Q2 +79% year over year Evernorth Stablecoin market cap Above $1.1 billion DefiLlama Average RLUSD balance, Q2 $539 million Evernorth Average tokenized assets, Q2 $3.72 billion Evernorth Transactions since launch About 5.06 billion Bitquery XRP burned through fees About 14.4 million XRPL Dashboard There is no single accepted definition of an active account, a DEX trade or a tokenized asset. That is why figures from different providers can look far apart.

How Many XRP Ledger Accounts Are There? Current XRPL analytics put the number of accounts at about 8.2 million. At the end of Q3 2025, the total was about 6.9 million. The count grew 6.1% in that quarter alone.

Growth continued in 2026. About 490,000 new addresses were added in the first half of the year. XRP Ledger Dashboard recently recorded more than 22,000 account creations over a seven-day period.

Figure 1: XRPL accounts rose from about 6.9 million at the end of Q3 2025 to about 8.2 million. Account counts are not user counts. One person can control several addresses.

The reverse also happens. A single exchange address can serve thousands or millions of customers. XRPL supports destination tags, which let custodians identify each customer deposit without creating a new address for every user.

Account creation requires XRP An XRPL account must hold a base reserve before it is fully active. The reserve fell from 10 XRP to 1 XRP in December 2024.

Because each account needs some XRP, creating huge numbers of accounts carries a cost. That makes raw account creation harder to spam than on networks where addresses are free. The lower reserve did make accounts cheaper to create than in past years.

How Many People Use the XRP Ledger Each Day? This is harder to answer than it looks. DefiLlama reports about 39,000 active XRPL addresses in 24 hours, along with about 2,800 new addresses. A late-September snapshot showed more than 45,000 active addresses and 3,129 new ones in a single day.

Evernorth’s Q2 analysis found a lower average of 16,587 daily transacting accounts. Blockworks reported a similar figure of about 16,800.

Figure 2: Daily active account counts range from about 16,600 to 45,000 depending on the provider. Why the gap? Providers define activity differently. Evernorth’s measure focuses on addresses that start transactions, while broader datasets can include other kinds of ledger activity.

Provider Measure Figure DefiLlama Active addresses, 24 hours About 39,000 DefiLlama Active addresses, late-September snapshot More than 45,000 Evernorth Daily transacting accounts, Q2 average 16,587 Blockworks Daily active addresses, Q2 average About 16,800 The safe takeaway is not that XRPL has exactly 16,000 or 40,000 daily users. Address-based statistics do not translate directly into unique people.

Active accounts fell in Q2 2026 Even with strong transaction counts, daily participation weakened in Q2. Evernorth’s 16,587 transacting accounts per day was down about 24% to 25% from a year earlier. New accounts averaged 2,783 per day, also down about 25%.

Blockworks’ broader data showed a similar picture. Daily active addresses of about 16,800 were down 10.7% from Q1 and 24.5% year over year.

This sets up one of the main trends of 2026. Transaction counts and asset values stayed high while active-address measures fell.

XRP Ledger Transaction Statistics XRPL processed about 222.4 million transactions in Q2 2026. That was its second-highest quarterly total on record. Q1 2026 set the record at about 238 million, so Q2 fell about 6.5% from the prior quarter.

Q2 averaged about 2.44 million transactions per day. DefiLlama recently recorded around 2.9 million in a 24-hour period.

Figure 3: Average daily transactions rose from 1.83 million in Q4 2025 to about 2.9 million in the latest 24-hour reading. Q1 transactions jumped 35% The rise began earlier in the year. Blockworks reported that average daily transactions grew from 1.83 million in Q4 2025 to 2.48 million in Q1 2026. That is growth of 35.3% quarter over quarter.

Activity eased a little in Q2, but throughput stayed well above many earlier periods.

Period Measure Figure Q4 2025 Average per day 1.83 million Q1 2026 Total About 238 million Q1 2026 Average per day 2.48 million Q2 2026 Total 222.4 million Q2 2026 Average per day About 2.44 million Latest 24 hours Total About 2.9 million More than 5 billion transactions since launch Bitquery analyzed the full ledger through September 2026 and counted about 5.06 billion transactions. Few public blockchains have handled that volume over so long a period.

The same research carries a warning. In August 2026, just 793 accounts generated about 93% of transaction traffic.

That points to automated services, market-making bots and other machine activity. A high transaction count does not mean millions of people use XRPL by hand each day.

Payments and Fees on the XRP Ledger XRP was built mainly for moving value, and payments remain the largest transaction type. In Q1 2026, payments made up 51.3% of all transactions.

OfferCreate transactions place orders on the built-in decentralized exchange. They made up another 33.7%. Together the two types were about 85% of network activity.

Figure 4: Payments and OfferCreate orders made up about 85% of XRPL transactions in Q1 2026. Payments had passed OfferCreate for eight straight quarters by Q1. Before 2024, OfferCreate was often the largest category.

What counts as an XRPL payment? A Payment transaction does more than send XRP. It can move XRP, RLUSD, other stablecoins, issued currencies and tokenized assets.

XRPL also supports payment paths that can swap one asset for another along the way. A sender can hold one currency while the recipient receives another. This has been part of the ledger’s focus on payments and foreign-exchange settlement.

Transaction fees are very low The base transaction fee is 10 drops. One XRP contains one million drops, so the fee is a tiny fraction of an XRP. Network dashboards still show the 10-drop base fee.

Fees are not paid to validators. The XRP used for fees is permanently destroyed, and about 14.4 million XRP has been burned since the ledger began.

Against a maximum supply of 100 billion XRP, that burn is small. Its main job is to discourage spam, not to shrink supply quickly.

XRPL Decentralized Exchange Statistics Unlike many blockchains, XRPL does not need a separate smart contract app to run an exchange. A central-limit order-book DEX is built into the protocol. Users can offer to trade XRP for tokens, tokens for XRP or one token for another.

XRPL later added automated market makers, or AMMs, through XLS-30. Order books and liquidity pools now work side by side.

DEX volume averaged 4.42 million XRP per day Total DEX trading in Q2 2026 averaged about 4.42 million XRP per day. That is about 20% higher than Q2 2025 and about 16% below Q1 2026.

In dollar terms, Blockworks-based data put Q2 DEX volume at about $482.9 million. DefiLlama shows about $3.7 million over 24 hours and about $36 million over seven days. Daily volume moves with XRP prices and market conditions.

Order-book volume rose 79% Order-book trading averaged 3.57 million XRP per day in Q2, up from about 1.99 million a year earlier. That is growth of about 79%.

Order books made up 81% of XRPL DEX trading in Q2, compared with 54% a year before. AMMs therefore held a smaller share of volume, though they remain an important part of the network.

Figure 5: Order-book volume rose from 1.99 million to 3.57 million XRP per day year over year. Fewer traders are moving more XRP Trading became more concentrated. The number of accounts placing order-book trades each day fell from 1,864 to about 1,111, a drop of around 40%.

Average activity per account rose from about 1,072 XRP to 3,217 XRP per day. The typical active account moved roughly three times as much XRP.

Figure 6: Daily order-book accounts fell while average XRP traded per account nearly tripled. Order-book measure Q2 2025 Q2 2026 Volume per day 1.99 million XRP 3.57 million XRP Share of DEX volume 54% 81% Accounts trading per day 1,864 1,111 XRP traded per account per day 1,072 3,217 This fits with more activity from professional traders, market makers or institutions. But addresses do not reveal their owners, so the data alone cannot show that institutions replaced retail traders.

AMM pools and token listings XRPL.to indexes more than 30,000 AMM pools. It shows about 25 million XRP of liquidity in the pools covered by its trading statistics.

Many pools hold little liquidity or trade rarely, and a small pool is easy to create. The pool count should not be read as 30,000 real markets.

The same site lists about 20,000 tokens. Its tracked token market has recently shown 4 to 5 million XRP in daily volume, more than 120,000 daily trades and more than 7,000 unique daily traders, depending on the period measured.

As on other blockchains, many tokens have little liquidity. The number of listed tokens is not the number of projects with real economic use.

Stablecoin and RLUSD Statistics on XRPL Stablecoins may be the most important new form of activity on the ledger. DefiLlama estimates XRPL’s stablecoin market cap at about $1.11 billion. RLUSD makes up about 92% of that total.

Other stablecoins on XRPL include USDC, EURCV, USDB, BBRL, EUROP and AUDD. The network was designed to let issued currencies move alongside XRP, which suits stablecoins.

RLUSD balances rose more than 600% Ripple’s dollar-backed RLUSD is now the main stablecoin on the ledger. In Q2 2026, average RLUSD balances on XRPL reached about $539 million. A year earlier they were about $73 million, a rise of roughly 642%.

XRPL’s share of total RLUSD circulation grew from 20% to 34%. The value moved using RLUSD rose about 925% year over year.

Figure 7: Average RLUSD balances on XRPL rose from $73 million to $539 million in a year. RLUSD measure Q2 2025 Q2 2026 Average balance on XRPL $73 million $539 million Share of total RLUSD circulation 20% 34% Value transferred Baseline Up about 925% Stablecoin supply kept growing after Q2. That is why XRPL’s total stablecoin market cap now sits above $1 billion.

The other growth area is real-world asset tokenization. XRPL lets issuers put financial assets directly on the ledger without conventional smart contracts. The ledger supports fungible tokens, multi-purpose tokens, stablecoins, tokenized funds, bonds, Treasury products and other real-world assets.

Issued assets can also trade through the native DEX and AMM.

Tokenized assets averaged $3.72 billion in Q2 Evernorth calculated that tokenized assets on XRPL averaged about $3.72 billion in Q2 2026. That was more than double the Q1 level and more than 30 times the level a year earlier.

Adding average RLUSD balances of about $539 million brings the average network value to $4.26 billion. Six quarters earlier, the same measure was only $99 million.

Figure 8: Tokenization totals range from $21 million to $4.26 billion depending on the definition. Why tokenization numbers differ Tokenization figures change a lot with the method. One tracker reported about $4.10 billion of real-world assets on XRPL at the end of September 2026, but only about $499 million was classed as distributed. DefiLlama uses a narrower active RWA AUM definition and reports about $21 million.

These figures do not necessarily conflict. One may count the total value of tokenized products, while another counts only assets actively issued, distributed or used in DeFi. It is worth checking what any AUM figure measures.

Measure Source Value Average tokenized assets, Q2 2026 Evernorth $3.72 billion Average network value with RLUSD, Q2 2026 Evernorth $4.26 billion Real-world assets represented, end of September Tracker data $4.10 billion Real-world assets classed as distributed Tracker data $499 million DeFi TVL DefiLlama About $40 million Active RWA AUM DefiLlama About $21 million Tokenized Treasuries and institutional controls In Q2 2026, part of a tokenized U.S. Treasury fund was redeemed with the asset leg settling on XRPL in under five seconds. XRPL’s tokenization documentation names Ondo Finance, Société Générale, Ripple and Vert among firms using or building asset infrastructure on the network.

Compliance is a barrier for institutions, since a regulated firm cannot trade with any anonymous wallet. XRPL development has focused on credentials, permissioned domains, permissioned markets, multi-purpose tokens and issuer controls.

These tools let institutions limit access to approved participants while still settling on a blockchain. That is a different target market from fully permissionless DeFi.

Low DeFi TVL does not tell the whole story DefiLlama reports about $40 million in DeFi TVL on XRPL. That is small next to Ethereum or Solana, and it looks at odds with billions in tokenized assets.

The gap is one of definition. A tokenized Treasury issued or settled on XRPL does not necessarily sit inside a lending protocol or liquidity pool. TVL captures only one slice of the network’s economic activity.

More Value, Fewer Participants The clearest theme in the 2026 data is a split between participation and economic activity. In Q2, daily transacting accounts fell about 24% year over year. New accounts fell about 25% and daily order-book traders fell about 40%.

Over the same period, order-book volume rose 79% and total DEX volume rose about 20%. Tokenized asset value rose more than 30 times, RLUSD balances rose more than 600% and RLUSD transfer value rose more than 900%.

Figure 9: In Q2 2026, participation measures fell while stablecoin and trading value measures rose. This does not prove institutional adoption. It does show that the value tied to the active parts of the network is growing much faster than the number of accounts using them.

The Bottom Line The XRP Ledger handles more activity than its small DeFi footprint suggests. It has about 8.2 million accounts and processes roughly 2 to 3 million transactions per day. Q1 2026 set a record at about 238 million, and Q2 followed with 222.4 million.

Payments remain central at 51.3% of Q1 transactions, with DEX orders adding 33.7%. DEX volume is growing even though fewer accounts trade. Q2 volume averaged 4.42 million XRP per day, with order-book trading up 79% and daily order-book traders down about 40%.

The larger change is in stablecoins and tokenization. Average RLUSD balances reached $539 million in Q2, more than six times a year earlier, while tokenized assets averaged about $3.72 billion. Together that put average value on the network near $4.26 billion.

The 2026 story is less about account growth and more about what moves across those accounts. Whether institutional and tokenization use can lead to broader user growth is a key measure to watch.

Sources Blockworks Research: State of XRP Q1 2026. Network transaction totals, transaction-type mix, payments and active accounts. Blockworks Intel: XRP Ledger Analytics. Current transaction, account, stablecoin and DEX analytics. CoinDesk: XRP Ledger Has Fewer Active Accounts but Bigger Trades and More Value. Evernorth Q2 2026 data on order-book activity, accounts, tokenization and RLUSD. DefiLlama: XRP Ledger. Current transactions, active addresses, stablecoin supply, RWA AUM, DeFi TVL and DEX activity. XRPL.org: Decentralized Exchange. Official documentation on the native order-book DEX. XRPL.org: Automated Market Makers. Official documentation on XLS-30 AMMs, liquidity pools and LP tokens. XRPL.org: Real-World Asset Tokenization. Official documentation on tokenized financial assets and institutional use cases. XRPL.org: Stablecoin Issuer. Official information on issuing and trading stablecoins on XRPL. XRPL.to: Token Market Analytics. Live data on token trading, AMMs, traders and liquidity. XRPL.to: On-Chain Analytics. Token counts, AMM pools, trading activity and ledger analytics. Bitquery: XRP Ledger Adoption Audit. Full-ledger study of more than 5 billion transactions and traffic concentration. XRPL Dashboard: Live Ledger Statistics. Account creation, XRP burn, escrow and ledger statistics.

David Schwartz, Ripple’s Chief Technology Officer, recently drew attention to the Fuzzy Cards project by posting a photo on X of himself opening physical Fuzzy Cards booster packs at home. He publicly expressed his gratitude to the sender and cited the project’s official account in his post.

Schwartz’s engagement spotlights XRP-based card gameFor many in the cryptocurrency community, Schwartz’s gesture was seen as a sign of top-level interest in Fuzzy Cards, a physical trading card game linked to the XRP Ledger. Until this moment, the game had remained under the radar for a sizable number of XRP market participants.

Earlier in May, Schwartz opened a trustline to FUZZY, the meme token powering the project’s game ecosystem. The unboxing photo came just before the Ripple Swell 2026 conference in New York, where XRP supporters are planning a parallel gathering called FuzzyCon dedicated to the card game and its community.

Origins and development of Fuzzy CardsFuzzy Cards traces its story back to a historical event on January 1, 2014, when the FuzzyBear wallet listed an order on the XRP Ledger’s decentralized exchange to swap 1 XRP for 1 BTC. This trade went unfilled, but the anecdote later inspired the creation of FUZZY, launched as a meme token in early 2025. FUZZY had attracted more than 11,500 holders by October 2026.

The project is published by XPUNKS GmbH, a Zug-based Swiss firm led by Kai Leroy, which became the first to introduce a trading card game within the XRP Ledger ecosystem. The debut set offers 150 unique cards grouped into five in-game factions and split between Heroes, Relics, and Events. Of these, around 60 cards are released in special holographic editions.

Mini dictionary: XPUNKS GmbH — A Swiss company specializing in developing NFT and trading card projects on the XRP Ledger, known for its flagship NFT collection and pioneering hybrid Web3 products.

Distribution relies on a hybrid process where users purchase digital packs as NFTs compliant with the XLS-20 protocol. Players then burn these digital packs through a dedicated portal. After each burn is confirmed on the blockchain, the system delivers a sealed physical booster pack containing five randomly drawn cards. These cards are suitable for professional grading by CGC, PCA, and TAG.

AspectFuzzy Cards ProjectTraditional Trading CardsDistribution MethodHybrid (NFT burn-to-physical delivery)Physical sales onlyBlockchain IntegrationXRP Ledger (XLS-20 standard)Not applicableCard Set Size150 unique cardsVariesGrading SupportCGC, PCA, TAGMajor card grading companiesMarket adoption and outlookSo far, collectors and players have burned roughly 100,000 Fuzzy Cards booster packs. XPUNKS GmbH’s founder Kai Leroy assessed that this hybrid mint-and-burn mechanic is gaining traction as part of a broader trend in hybrid Web3 projects, where demand appears to be shifting toward assets with tangible value during the current market upswing.

“A 150-card set can generate trillions of combinations, which helps insulate the sector from rapid speculative launches,” project insiders emphasized, pointing to the challenge of balancing game mechanics with long production timelines.

The difficulty of replicating Fuzzy Cards on short notice is mainly attributed to the intricate balance required for gameplay and the extended timeframes needed for physical production.

Despite ongoing development, FUZZY remains a volatile meme asset, with its market price closely following the broader XRP trend. Meanwhile, efforts to expand retail access through partnerships with local board game stores are still in an early rollout phase, with commissions offered as incentives to partners.

While market activity around $FUZZY grows, most dealers and traders are just beginning to notice the game’s adoption in physical and digital spaces.

Cover image via depositphotos.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The XRP Ledger is showing a sharp rise in activity. Data from XRPScan indicates 25.7K active accounts on October 21, up approximately 12% in a single day. The 30-day average is 18.6K, so this is a clear jump above normal levels.

Are They Really New Users?Only 4.5K new accounts were created, a 35.6% increase. That means most of the 25,000 active accounts already existed. Many are probably older wallets that have become active again. The jump looks more like returning users than a flood of newcomers. Still, a rise in both new and returning accounts is a healthy signal for the network.

Source: XRP Ledger Other numbers support the picture. Transactions rose 55.9% to 3.5M, and successful transactions grew 67.8% to 2.9M. Transactions per ledger climbed 61.5% to 179.34, which indicates the ledger is handling more load. XRP burned as fees went up 20% to 747.6 XRP. More activity means more fees are destroyed, which slightly reduces supply.

HOT Stories

Not every metric is positive. Payments fell 4.4% to 741.9K, and payment volume dropped 49.6% to 350.9M XRP. Active users, a separate measure, fell 50% to 85.2K. This indicates the added activity is not necessarily coming from large payments. It may also come from smaller transactions, token activity, or bot-like behavior. The all-time high for active accounts is 106K, so the network is still far from its peak.

What the Price Chart SaysXRP trades near $1.33, after a daily range between $1.32 and $1.37. The price sits just below a key long-term average near $1.37 to $1.40, which has acted as resistance. Support is around $1.25, where the price bounced earlier this month.

You Might Also Like

The RSI is below the midpoint, which indicates weak momentum for now. Volume has also been low in recent weeks. If account activity remains high for several days, it may signal real growth.

A move above $1.40 would be the first sign that price is following the network data. A drop below $1.25 would weaken the outlook. For now, the XRP Ledger is busier, but the price has not reacted yet.